DO you think that homes in south portland will appreciate in price within the next 5 years? A lot? A little? THANKS!

Asked by Susanna, Austin, TX Thu Nov 7, 2013

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Eileen Phelan, Agent, Portland, ME
Tue Jan 28, 2014
It depends upon the location. There are certain neighborhoods that are very 'hot' and others that are not. The prices have remained relatively flat over the past several years, but are approaching the 2007 top of the market prices in the Willard Beach and Meeting House Hill neighborhoods. More importantly, properly priced homes are selling very fast and often in multiple bid situations.
1 vote
Murphy Team, Agent, Portland, ME
Mon Jan 27, 2014
Appreciation is always a guessing game. While the pundits are predicting appreciation for 2014 equal to 2013 (about 12%), we never recommend to our clients that they invest with these figures in mind. Figuring a steady 2.5% - 3% rate of appreciation over the long run is usually a safe assumption. That said, if you are figuring an investment into multi-family housing in the area, we recommend you do not include appreciation when factoring Return on Investment. This way, if there is appreciation you are ahead of the game and, if there is not, you are prepared.
0 votes
Richard Yost, Agent, Auburn, ME
Fri Nov 15, 2013
I think that the general consensus of economists and realtors alike is that home will appreciate for the next few years , but not at the fast pace we have seen over the last 10 months. So if home appreciated 6 to 7 percent this year, you might expect 2 to 4 percent appreciation per year. Over the next few years.
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