Portland Oregon Real Estate Sales
Going through my Google Reader the other evening, I noticed a theme. The theme throughout all the blogs was that Portland real estate
is all doom and gloom, that foreclosures are increasing, rates jumped
up, inventory is increasing, sales are slow, etc. etc. Even the
late-night news recently said the media is portraying the real estate
market to be all bad and the public is believing it while the bad news
isn't all true and there is some good news out there.
Multiple offers are being written on real estate in Portland, OR.
The other day I wrote an offer for a client, we were the 4th offer and
we prevailed. On Facebook there was also a post by a local mortgage
lender saying clien
ts were in bidding wars as well. It's not all doom and gloom. There are multiple offers being written in parts of Portland.
A while back I posted this graph showing the real estate cycle. We are
on a slow upward trend. Note where the "buy" is posted. I say we're
about at that point.
- Lawrence Yun, Chief Economist for the National
Association of Realtors® expects to see choppy waters in regards to real
estate. He said, "A housing recovery is taking place but will be
choppy at times depending on the duration and impact of a foreclosure
moratorium. But the overall direction should be a gradual rising trend
in home sales with buyers responding to historically low mortgage
interest rates and very favorable affordability conditions." The NAR reported home sales were up 10% in September.
- The National Association of Home Builders reported strong
results for new construction. New Home Sales rose 6.6% in September to a
seasonally adjusted annual rate of 307,000 units, their best pace
since June according to data released by the U.S. Commerce Department.
- Moody's chart shows at the start of 2011, prices
etc. will start to go up along with a recovery. You don't want to buy
at the peak of another housing cycle do you? With low rates, and there
are indications rates could go lower, with prices at bottom (or very
close to bottom), and an abundance of inventory, you would want to buy
low and not at housing's peak when prices have gone up and interest
rates are high. Even Mark Zandi has recently said there's plenty of
reason for optimism in the real estate market. You can read what he
said here. He also said, "We aren't quite at the bottom yet, but we are getting close"
All these arguments indicate now's one of the best times to buy.ALL ABOUT.....Portland.Oregon.Real Estate
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