Data: January 21, 2009

Source: RMLS Area Report Metro Portland & Adjacent Regions

Dave’s Commentary on the Portland Real Estate Market:

Portland is still lagging behind on foreclosure rates and market decline based upon national numbers. Keep in mind that current published rates of sale and prices are a reflection of 3 months earlier. As the season pushes towards spring buyers are emerging and will continue to do so, absorbing inventory. Good news for anxious sellers.

First-time home buyers are seeing the advantage of owning over renting with rates so low. It’s quite possible to get a house now with payments very close to rents. The $7500 tax credit stimulous seems to be brought up on a regular basis with buyers.

The metro area rental market is softening with rents plateauing after several quarters of dramatic increase. As unemployment numbers continue to grow we’ll see vacancies potentially increase slightly due to people doubling up and wallets tightening. Rents will not go down any time soon however.

Interest rates are bouncing around 5%, dipping into the 4′s. Some forecasts predict low 4′s within the next 60 days. As the feds buy mortgage backed securities on a steady basis rates potentially lower.

Get out there and look for that fantastic deal on a bank owned property while the opportunity is good. From an investor’s standpoint this is a dream market. With a bit of searching you’ll come up with a winning combination of finance and purchase price to beat any deal in recent history!

Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers. Find YOUR HOME WORTH now.

To search for your home anywhere in the Metro Portland area, use our FREE Portland Home Search tool. For more information about living in Portland and finding your dream home, call Dave at (503) 789-7633, Toll Free (877) 629-5825 or email.

Learn about our Exclusive VIP Portland Buyer Services. Contact Dave now. Make informed decisions; make smart choices. Call Dave now at (503) 789-7633 or Toll Free (877) 629-5825 ext. 7.

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Call us at 503-789-7633 (cell) or email us to see how we can help you with your Portland home buying and selling needs.

1.         Not getting pre-approved for a loan before the home search.   In this real estate market deals are on every corner and if you think multiple offers situations don’t exist anymore, think again.  Backing an offer with solid pre-approval letters can make the offer stand out and give sellers a confident feeling that it’ll close.

2.         Not being honest with your Realtor or lender up front about your credit.  Credit– whether good, bad, or limited–affects everything from your down payment to interest rates.  Your Realtor or a professional mortgage consultant can often advise how to get credit problems cleared up or completely eliminated.  Higher scores translate into more house for the money! 

3.         Not negotiating with the owner to provide a home warranty.   Sellers will provide such when asked.  A typical warranty covers the electrical, plumbing, heating and air conditioning systems as well as major home appliances.  Buyers, ask for this!

4.         Not requesting a market analysis of the home.  Compare to similar homes in Portland neighborhoods or throughout the city from your Realtor before you make an offer.  A home is not just a place to live—it’s an investment in your future.  View several homes before making an offer and know what’s on the market.  Be certain this is a wise investment not overshadowed by emotion.

5.         Not inspecting a home before you buy it.  Hire a professional to inspect every aspect of the home thoroughly.  This can save you thousands of dollars in costly repairs and hundreds of headaches in the future.  A thorough inspection report can open the door to negotiation of repairs prior to close.

6.         Not being aware of who the Realtor works for.  The agent you are working with does not necessarily work for you.   Unless your agent is working as your buyer representative, they are working for the seller.   Usually, home buyer agent services are free since commission is paid by sellers or homebuilders. 

7.         Not taking into account your present homeowner or renter status.    If you already own a home and must sell before buying a new one, it’s best to get a Realtor to do a complete market analysis.  Often sellers have pie-in-the-sky ideas of what their home will sell for.  Today your home better be in top shape, staged well, and most importantly priced below the competition.  If you are leasing or renting, the lease’s expiration date will give you a timetable for your new purchase.