If youâ€™ve found a decent-sized 2-bedroom home in nice, move-in condition in a good Hawthorne location, for under $350,000, you and your agent have done well. Hopefully by now you've closed the transaction and are happily moved in and enjoying your new home!
This answer, then, is more for others who are considering purchasing a home in this market.
Thereâ€™s an excellent article from Willamette Week on the subject: http://wweek.com/editorial/3322/8789/
, and another on the challenges of renting, especially in our close-in Eastside neighborhoods: http://wweek.com/editorial/3421/10750/
Bottom line, whether you rent or buy, youâ€™re buying a house, either your own home, or the landlordâ€™s house. The difference is, short-term, your exit options are simpler and less costly if youâ€™re renting. You have less exposure to short term home price downturns.
Compared to the national figures, and the metro Portland figures, the Hawthorne area, Zip 97214 in particular, is holding up well. Hereâ€™s a link to market statistics for that Zip code: http://www.trendgraphix.com:80/ORE/charts/7214-01-02-0134-1-
No one can predict the future, but, in my opinion, should gas prices stay high, demand for homes in the good close-in neighborhoods will lend a lot of support to prices there. I think it's no coincidence that, in the greater Portland metro area, some of the areas hardest hit in the downturn are in the suburbs.
Hereâ€™s an interesting recent article from the New York Times on the subject: http://www.nytimes.com/2008/06/25/business/25exurbs.html?adx
And an article in The Oregonian: http://blog.oregonlive.com/breakingnews/2008/04/economist_sa
If youâ€™ve read this far, you might be interested in other articles and links posted on my website: http://edburnham.mywindermere.com/
Rent or buy, happy home hunting!
Ed Burnham, Real Estate Broker
Windermere/Cronin & Caplin Realty Group, Inc
825 NE Multnomah Street, Suite 120
Portland, OR 97232
Visit my website: http://www.edburnhamhomes.com