The Portland housing market has felt the same pressure as everywhere else in the US and prices have slid 20% off the 2006 peak in many cases.  RMLS figures for January just came out and there’s a 19 month supply of homes for sale, this is a record amount.  Fantastic time to be purchasing if your job is secure!

Tax credits for first-time home buyers will help stimulate Portland real estate.  Driving renters into homes pushes our housing market forward.  As money conscious renters see advantages of home ownership the market will change.  Couple that with an $8000 check and renting doesn’t look nearly as attractive.

Watch Oregon’s unemployment rate and as numbers plateau, not necessarily improve, this can be a sign of market bottom.  Many fence sitters are going to jump off, make the decision to purchase, and start the pendulum swinging towards a traditional appreciation trend for homes.  One thing’s certain in all this economic mess… Portland’s house prices will go back up!

Check out an outline of the Tax Credit for buyers. government_affairs_tax_credit_chart_021308