I wanted to chime in and encourage you that there are deals in every area of town simply because there are homes in every price range that are being sold at rock bottom prices due to the high numbers of short sales, REO's and pre-foreclosure status. In determining whether to proceed keep in mind that you are not subject to whether a market is a "buyer's market" by definition before you move forward. You set the perameters and are in the driver's seat. You make choices based on what you want to pay. You stick with it and don't get impatient. You will find what you will know is a good deal. Of course this will require that you choose an agent who is on the same page and not just trying to hurry you to decide.
If you desire to move into the area and would like to consult with me regarding the criteria of the home you desire I am happy to assist you in that endeavor. If you already have an agent just stick to your goal, set the realistic parameters for the search and don't give up. If time is a impeding factor you may have to adjust some of the criteria, such as enlarging the search radius, reducing some of the expectations regarding ammenities, or simply renting until the right place comes along. In any case, all the best to you!
June Lizotte, Principal Broker
Providing REAL Service
June Lizotte Real Estate
The most compelling reason to be a buyer is to take advantage of the high levels of affordability in our market which looks like has recently peaked.
The most compelling reason to sell into this market are the high levels of risk: PMI risk estimate of 86 suggests that therer is an 86% chance that market prices will be lower in Portland at the end of Q3 2011 than they were at the end of Q3 2009.
Now we just have to keep our fingers crossed that the FHA appraisal supports the buyer's loan...
Yes, I would agree that I am seeing great deal's close in SE. I have several buyers looking specifically in the Sellwood and Clinton neighboods. Most of what I am seeing are properties that need sweat equity. Meaning they are fixer's. If you don't mind a little work you can get a great deal!
I would also say about SE, that these neighborhoods are in demand. If it's priced really well the homes seem to be selling quickly.
Janeese Jackson, Principal Broker
Real Estate Resource
Best of luck and happy hunting Aut!
Re\max Circle of Legends
There is another way of looking at all of this. We are now years into the housing market decline. Most sellers are now aware they have to price their homes low and are doing so. Many are pricing their homes so low, they don't need to lower it further and it will sell at their price. As this recognition happens sellers enter into the market with much more knowledge and much less desperation making huge price reductions less frequent.
Tom Inglesby, Broker
RE/MAX Equity Group
ABR, CRS, Trade Ally of Energy Trust and Earth Advantage Broker