Real estate experts: Wait till market cools to buy

Portland and the metro area is in the midst of a real estate boom, but approaching the end

A for sale sign on a home. (Portland Tribune)
A for sale sign on a home. (Portland Tribune)

PORTLAND, Ore. (KOIN) — Real estate professionals gathered in downtown Portland on Thursday morning to discuss the forecast for the next few years.

Maria Sicola, the CEO of Integrity Data Solutions, says Portland is in the midst of a real estate boom, but approaching the end.

“I think we’ll see a slowdown in 2019, but I don’t think that we are in a position economically to have the great recession or anything like the great recession that we saw in 08 and 09,” Sicola says.

Christopher Lee, President of CEL & Associates, has predicted the previous two housing cycles, and says that if you think of this real estate boom as a baseball game, we’re probably in the 7th or 8th inning.

“We’re in a place where we’ve got a little more oversupply, we have not enough demand for that supply, and so we’re gonna slow down,” Lee says.

Oversupply would be a flip for Portland, where they’re trying to keep up with increasing demand.

“You have to buy for an affordable priced home, way out, an hour away from downtown, an hour away from your work,” Lee says.

The experts say that although interest rates are low, it may be best to wait a few years before purchasing a home.