To me, this is an easy answer...depending on your timeline. If you are looking at a shorter time frame, renting may be the answer. If you are looking to settle down for a longer period, no question, now is a good time to buy. I say this not because I would like to help you buy a condo (which I would!) but because of the current market dynamics. Rentals are at a premium right now and several new apartment buildings are in the works in the NW area. This is not the case with buying though. There are no new buildings in the works so current demand will remain high for the already low inventory. Yes this could change over time, but remember, it takes time to build new buildings. The other thing to keep in mind are the current interest rates. Money is cheap right now!!! The amount of square footage that you are able to buy is much greater now because of lower prices and financing that is half of what it was not that long ago! If you decide to wait before you buy you could be facing higher prices and higher rates, this could be the difference in whether you could afford a 2 bedroom unit right now or only a 1 bedroom unit in the future...depending on your needs of course.
The best thing you can do right now is get out and take a look at what is available in the market. Inventory is low right now so your "dream condo" may not even be on the market right now. But having patience and working with a good agent who knows the market could lead to you finding the perfect place in the near future!
Best of luck!
The buildings are always rented when built years ahead of time. They are just bringing one one line now in South water front. There is some rule that the city has but it is not followed. Like the south waterfront building is I think 3-4 years behind. It really doesn't have an impact since there are buildings down there that are city subsidized now and it is the highest price area in Portland for condos.
Tom Inglesby, Broker
RE/MAX Equity Group... more
The Pearl District only has so much space. That is the difference between the pearl and say....the south waterfront. The pearl district has been planned for the past 10yearrs or so and the development is actually almost finished. When they building stops because there is no where left to build, prices will increase. And with gas at a premium I think we will see the opposite of the 50's era consume us. Most folks will want to live within walking distance of work, max, groceries, restaurants, entertaiment & parks. The Pearl has it all.... more