Existing home values and new builds on the rise in Portland, Oregon
The housing market in Portland, Oregon is surpassing the national average. According to Zillow, a home and real estate website designed to provide consumers with the information needed to make an educated decision about purchasing a home, the value of a home in Portland is much higher than other areas of the country. It found a median home value of $248,300. This translates to a 12.8 percent increase over the last 12 months. Other areas of the country experienced an increase as well, but at a rate closer to six percent. Projections have home values in Portland continuing to rise, topping off with an additional 5.2 percent over the next year.
The value of existing homes is not the only thing on the rise in Portland. Construction of new homes and businesses are also thriving, as evidenced by the increase in construction jobs throughout the area. The Portland Business Journal reported a 0.10 economic activity increase, pointing to construction jobs providing the most opportunities for employment.
Real estate and construction are on the rise in Portland. As a result, those who are looking at purchasing property should take a moment to consider whether or not they should enroll the expertise of professionals prior to entering a purchase agreement.
Type of professionals that may be involved in a real estate transaction
Depending on the type of property, a wide range of professionals may be involved in the transaction. This can include:
- Real estate agent or Realtor: if agent is licensed and a member of a National Association of Realtors, than the professional is referred to as a Realtor.
- Real estate lawyer: provides advice on the many laws surrounding a real estate transaction.
- Broker or loan officer: representative of a financial institution, such as a bank, that can help the purchaser receive the money needed to purchase the property.
- Appraiser: generally works for the lender and inspects the property to determine an approximate value.
Purchasing a piece of property is often the largest transaction of a person’s life. As a result, involving the right professionals can help better ensure the process goes smoothly.
The role of an attorney in a real estate transaction
Whether purchasing a piece of real estate for residential or business purposes, it is important to be aware of the fact that many issues can arise during the transaction. These issues can include title or boundary disputes, environmental contamination, foreclosure actions and breach of warranty or construct defects.
If you are considering entering a real estate transaction or are currently dealing with real estate or construction litigation, contact an experienced Portland real estate lawyer to discuss your situation, legal rights and potential remedies. Use of a legal professional can help to better ensure a more favorable outcome.