Home buying will remain competitive, especially early in the year.
Early 2014 and going in to 2015, shopping wasn’t for the faint of heart. Multiple offers on homes and even bidding wars were common, especially in Portland’s central neighborhoods. Buyers know prices and interest rates are going up, while the supply of homes on the market is staying relatively low. We're still in a strong seller's market and when really serious buyers see prices and interest rates rising, it really motivates them to make a move. Investors,cash buyers who are buying to rent or flip the home for a profit are still active in Portland. They’ll start to drop out of the market as prices rise, but in the meantime they’re still competing with traditional homebuyers, especially on the lowest priced homes. Home prices made record gains, moving faster than most economists had predicted. Mortgage rates near record lows brought out buyers whose biggest problem was finding a home to buy -- and beating out competing bids.