Home prices are forever in flux.
Almost always, property values appreciate in the long term.
But, of course, there are no "sure things" in real estate.
When your home appreciates you have a more valuable asset to borrow against, and you'll generate a bigger profit when you sell.
There are different reasons why property values in Portland change. So, how will you know what you're investing in presently will appreciate over time?
The most important thing is that you pick a real estate agent in Portland who is familiar with the factors that affect local prices.
Many think that the economy is the most crucial factor affecting real estate appreciation.
mortgage rates, unemployment, job growth, government programs and several other national determinants have a noticeable impact on your home's value.
But the most influential factors that determine your home's value are specific to the local Portland economy and housing market.
Access to services - Convenient access to schools, work and amenities like shopping, restaurants and entertainment is a priority to a lot of us and will greatly influence home values.
So when it comes to retaining their value, these areas consistently appreciate better than others.
Recent sales - Your agent should give you statistics on the recent real estate sales in the areas that you're interested in. You'll want to know average time on market, selling versus listing price and more.
The appreciation history - Is the community considered desirable because of its location or affordability? Have home prices gone up or down over the last 5-10 years?
Local economy - Is there a nice mixture of work in an area, or does it depend on just one industry? Have companies moved into or away from an area? Are local businesses hiring?
These items play a part.