About the real estate market and why it's the best time to BUY a home...

Much has been said about the real estate market in the last 12 months. It is virtually impossible to turn on a television set or pick a newspaper and not be confronted with unpleasant news. nationally the real estate market has changed. Skyrocketing prices and a run on speculation drove market in Florida, nevada, Arizona, and california into a frenzy. Buyers were experiencing a double digit appreciation and investors eager to turn a quick profit jumped into the market. Speculative building and development happened in record numbers.... many builder/developers in these states said...."just one more house, just one more subdivision and just one more development." And then the bubble burst. the collapse of the sub-prime mortgages, in some cases fueled by Wall Street greed, hit Main Street with a vengeance. the news created fear and uncertainty that lead to a slow down that is now leading to a correction in the market activity.

So where do we sit in Oregon, given all of this news? Not so surprisingly, we sit in a tremendously stable position given the news from our neighbors in the Southern states. many, many things have contributed to the stability of the market in the greater Portland metropolitan Area. Among those things: An Urban Growth Boundary that prohibits expansive growth and development, job stability combined with continued commercial and industrial growth. Large corporations continue to see this area of the state as a great place to locate their growing companies. Sandwiched in between the high end markets in both San Francisco and Seattle we continue to see an influx into the state from our neighbors to the south. They come in search for quality of life. Historically our prices have stayed well below the median pricing in both Seattle and California. This has created an insulating effect for our market. Additionally, real estate investors have been incredibly pleased with their return as occupancy rates on residential renters is high and the demand for rentals continues to grow as the availability of credit has shrunk... creating a huge pool of high quality of tenants.

Certainly the trouble with financial institutions has had its affect on the real estate market everywhere. While lenders are re-shuffling many buyers are feeling uncertain as to whether they qualify for a loan. As a result, while properties are not having substantial drops in value, they are taking longer to sell. Building has pretty much come to a halt. All of these factors have left people unsure as to what to do.

Smart buyers take advantage of the market, because market conditions in the Pacific northwest remain more favorable as compared with the rest of the nation, there's no better time than Right Now to buy. With building of new homes slowing to a crawl, yet the influx of people continuing to grow, this is a formula that will lead to a housing shortage by 2010. Those who had the foresight and wisdom to buy now, will reap the benefits in the coming years. SMART first-time home buyers should take advantage of the new stimulus plan of up to $8,000 tax credit, especially when interest rates are low, now is truly the best time to buy.

For a FREE foreclosure and short sale list, FREE investment analysis and for a FREE Home Buyer's/Seller's Guide, please contact Theresa.

Thank You Very Much and I wish you all the best!

Theresa Deardorff - Real Estate Broker
Direct: (971) 244-2125
TheresaDeardorff@JohnLScott.com