Oregon Economic Housing Summit Shows time to buy is Now!
December 3rd, 2007 by dirkknudsen
For you buyers sitting on the fence you have about 3-6 months to stirke while the iron is hot. Â
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Builder Briefs: Local economist predicts strong rebound in 2009 for Oregon housing market
Sunday, December 02, 2007
Oregon’s housing market is likely to weather the national housing storm, according to experts who spoke Nov. 29 at the Home Builders Association of Metropolitan Portland’s 2008 Housing Forecast. John Mitchell, a Portland-based economist, columnist and business analyst, predicts Oregon’s housing market will experience several market corrections in 2008, including declines in construction lending. Those corrections will lead to a smaller industry, he said, as well as tighter credit standards that will make it more difficult for marginal borrowers to purchase a home. But Mitchell said he also expects a strong rebound in 2009. “I’m betting we’re going to make it through this without a recession,” said Mitchell, who has 35 years’ experience in the Oregon market. “But it’s going to be a different world. It’s going to take time to work through all the pressures of the market. We went through a period that was abnormal. We’re now getting back to something more normal.” Jerry Johnson, a real estate market and regional economic development consultant with Johnson Gardner, and David Ludwig of Vista Market Intelligence also spoke to the sold-out crowd of 700. “For the past few years, people in housing markets all over the country came to see property as an investment, like stocks,” said David Nielsen, CEO for the HBA. “Housing ‘day-traders,’ buying homes to quickly flip them, are rapidly leaving this market. Housing is returning to what it used to be — buying a stake in your community, a place to call your own. “In 2008, buyers will have great selections and will likely be able to get more for their money than in the past several years,” Nielsen added. “People with good credit will have ample access to loans, and buying a home is going to be fun again.”
Message is: 2008 = Year to Buy at the bottom of this little dip we are in. John Mitchell is the most highly recognized and respected economist in Oregon and has been for years. If you have been looking lets get out there and make an offer while some sellers are still willing to deal!
Best wishes;
Dirk Knudsen
503-799-8383
Re\Max Metro
