Wednesday, January 20, 2016

'Silicon Refugees' Will Keep Pouring into Seattle and Portland in 2016


by Spencer Marona, Managing Director

Seattle's online real estate company Zillow (Nasdaq: Z, ZG) forecasts another robust year for Seattle home values and rents. According to Aaron Terrazas, Zillow's senior economist, employment opportunities and investment activity from international buyers will continue to be driving factors in Seattle's economic boom. Terrazas stated that many people from other parts of the country continue to see Seattle as a bargain.

In the past couple of years, we have seen a similar outlook on the greater Portland-Beaverton-Vancouver market from out of state investors and new residents. The infusion of tech companies and 'Silicon Refugees' over the past two years have put 'Silicon Forest' on the tech hub map.

Zillow recently ranked Seattle #2 and Portland #10 among the hottest housing markets in the country for 2016. Clearly, it is a opportunistic time if you own multifamily property in the Pacific Northwest; however, a 'bull market' does not always mean it makes sense to sell. It may make more sense to hold and refinance, or hold and improve operations vs. selling and cashing/out or selling and exchanging.

Contact an HFO team member with any questions. Or call to learn more about how we can assist with your investment goals at (503) 241-5541. You can also visit our website at www.hfore.com.

References:

'Silicon Refugees' will continue to flood Seattle in 2016, Zillow economist says - Puget Sound Business Journal

Zillow: Here are 2016's hottest markets - HousingWire.com