2014 is starting off with a bang! Prices are up, multiple offers are being made on desirable, well priced properties (especially in the close in neighborhoods), a fresh breath of hope is emerging for the Portland real estate market.  December sales closed just a bit higher, but it looks as if 2014 will be a great year in real estate.  We have some ground to make up (excuse the pun) and I don’t think the current frenzy will hold as a base point. Sales were up over 12% for 2013.

Buyers: Get prepared to make your purchase. Unlike the last year or so, you won’t have time to reflect on your new home choice; if you find the house, be prepared to move forward. Have your lender organized and your paperwork in. Make a decision on your price range and neighborhood. We still have low mortgage rates available, but this will not last. Lenders are looking at your employment longevity, status and income, your credit scores and current tax returns. Act now to get the best terms.

Sellers: What does this mean for sellers? Your values have increased, and market desirability is moving towards the heavens. Don’t adopt the attitude of testing the waters to see how much your home is worth; get it ready, set a price and start packing. Curb appeal is super important. Pricing correctly is absolutely necessary. Use your instincts, the data available on current sales and timing.

Investors:  What does this mean for investors? I am seeing the re emergence of the 1031  exchange so investors are likely to put their properties into the market mix. The rental market is still very strong in Portland, and with values increasing, this is a good time to increase your portfolio.  Finding new investments that will cash flow will be challenging, but work with you CPA to determine to overall benefit to your financial worth including depreciation, tax advantage and property appreciation.

Bottom Line:  Overall, real estate has been a historically wise investment in spite of the serious turn of events over the last few years. Buying and holding; maintaining an investment, whether it be your own home or a rental or a commercial property, is a long term good idea. I started investing in real estate when interest rates were 18% and even then it turned out to be a solid choice of where to increase my net worth. Work out a strategy, live wisely (meaning fiscally conservatively), and pay attention to the details to take advantage of the awesome opportunity to participate in the Portland market.

More about the author: Karla Divine

My work is to help people buy and sell their homes or investment properties. How can you use my lifetime of real estate experience to help you reach your goals of buying a new home or selling the home you love? What can I offer you to make your experience more productive and less stressful?   Current information on available properties* Competitive Market Analysis and Pricing information* Investment property analysis* Current & knowledgeable immersion in the real estate market* 30 years of experience in buying and selling real estate* Professional negotiation skills* Extensive network of resources to smooth the wrinkles in any transaction.   My promise to you is to give you the best, most professional, service available to help you accomplish your goal, just as I have done for many other happy clients. I will put YOUR business first! Return your calls, answer your concerns, provide resources to you so you can make the best decision for you, respect your time and money, exceed your expectations.