Well 2007 is just gone but the memory of a year that started hot and fizzled has left buyers wondering if the Oregon real estate scene is falling or flat.  Seller’s are not sure if they should hang in there and wait or get aggressive and price to sell.  The year that was found most of us not expecting to get caught up in the national price drop phenomenon.

Oregon in general and especially the Portland area and the Tri County region have been strong in the past 5 years.  The National News reports Portland and Seattle and a few other markets like Salem to be among the leading cities in America where price appreciation is still being reported.  In general I agree with this assessment.  This is a great place to live and to do business.  Jobs are here and people are still showing up to the party.

I asked the local manager at the Hillsboro U-Haul if we had any net migration away from here and he said “No-way!”.  The yard there is full of trucks and it is clear people are still coming.  The reality is many of them are not flush with cash.  Even with a good job in hand buyers must have great credit and at leats 3% down payment in most cases to get a home. 

One of the frustrating things as an agent is trying to put these buyers together with a loan that will actually qualify them for a home purchase.  Money was so easy to get just a few short months ago and that has all changed now.  We are seeing the resurgence of some new products and FHA / VA Loan Limits are being raised and we should see that help soon.  The buyers are out there and want to make a move.  Some are watching the homes and trying to gauge the best time.

Sellers are now ready to deal and most have come off prices they were asking in the fall by as mush as 10% and in most cases 1-3% on average.  There are some exceptional deals out there but you have to look.  We are arming our buyers with lots of comps, market trends and data, and daily reports of the best new homes available.  This is really a great time to buy.

But there are signs of a comeback that started in December fo 2007.  January looks to be a good month and our brokerage is seeing a real increase in sales.  With our very tight land supplies, and an Urban Growth Boundary in place that simply prevents sprawl, the best buys will likely go down in the early part of this year.  Wit job growth in Oregon ongoing I see prices getting higher and sales increasing as the year goes along.

 In areas like Bethany and Tigard we see a few very good buys but realistically the number of new homes on the market is very small.  Any up tick will create a situation where there is a shortage again. 

Our message to our buyer clients…..get out and look now and get qualified now!  We can help in all these facets!  Call us today at 503-799-8383 to get started.   2008 is a great year to be a home buyer!

This entry was posted on Thursday, January 3rd, 2008 at 8:39 am and is filed under NWHomeCenterNews, Oregon Info, Portland Westside News, PDX Housing Trends, BUYER's Info, Bethany Area Neighborhoods. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.