In Portland The Debate Changes: Should I Sell?
In Portland, home prices are rising and rents are falling. Which is going to change? "Portland's median home price has grown from $170,100 in 2000 to $210,000 at the end of 2004. By the end of March, it had surged again, to $223,000, according to the Regional Multiple Listing Service. That's a 31 percent gain since 2000."
"The average monthly Portland rent over the same period dropped 14 percent, to $704 from $801. Vacancies at some apartments are at 20-year highs."
The writer does what most do these days; ask a realtor. " Brad Vincent, president-elect of the Portland Metropolitan Association of Realtors says, 'You'll lose the chance for potential growth and tax benefits. Overall, the benefits for owning are clearly better.'" Realtor Brian Pienovi agrees, 'Our appreciation is real, 10 percent. If you figure that on a $250,000 home, that's $25,000 in one year.'"
"Jim Straub, a Eugene owner of rental houses and duplexes said, 'I see an advantage to selling my home now because the market is red hot, people are paying ridiculous prices for property. "If your goal is to buy low and sell high, you should get out while the getting's good."