From coffee shops, to Blazer games, the Max, or Powell's Book store it seems EVERYONE is having a conversation about the Real Estate Market. Foreclosure numbers up, the economy in limbo, housing prices down...the conversations and news articles go on and on and on.
However, what people seem to be skimming by is the fact that there are multiple offers being presented everyday. With the housing inventory up, some may think this is "unlikely", or "impossible", maybe just another ploy by the listing agent to get buyers to "act now" or "raise their offer price". To those people I say, "think again".
In the past 30 days I have run into numerous situations where clients have decided to postpone a home preview to another day, due to schedules, or the weather or....? To their surprise when they are ready in a week to look at the home the house already has an offer or even two on it. Short sales and bank owned homes it is expected to have 6 offers waiting to be presented.
I've been in the situation where a client of mine absolutely LOVED a house, but he did not want to make an offer. The size, location, finishes, and price were all perfect, but he couldn't help but feel that their just may bea better deal out there. When we had originally looked at the house 2 offers were being presented the next day and 3 other agents were bringing clients through. He shrugged his shoulders and said, "let's keep looking". Three days later he decided this house was "The One". Much to his surprise it was in pending escrow with a back up offer.
Now on my clients behalf, I have been working with him off and on for a year and a half now. We have looked at....?????.....many homes that I cant remember. After submitting an offer and having it rejected, it opened his eyes to the fact that if there is a house out there that he wanted he needs to act. Multiple offers are happening and people are out there buying the deals. His story does have a happy ending, as 2 weeks later he found a house to make a home (which another couple was interested in purchasing as well), instead of waiting on the fence he submitted an offer, got his terms, and price accepted and it will close with-in the next 14 days.
My advise to those that are waiting for the right time to buy. Stop thinking and do it. Talk to your trusted Mortgage Professional, and Realtor. Ask them about current market statistics and the rates. Event though the prices are going down loan rates are continuously going up. Whats the point of purchasing a home today and $200,000 with a 5% interest rate versus waiting 6 months buying a home at $190,000 and a 6% interest rate? You hear all of the time about people who "just missed" the big housing market boom. If you are serious about investing in the Portland Real Estate Market, there is no better time to do it than today.
Work with a trusted professional in the industy. If there are multiple offers on a home, or the chance you will be competing. The best you can do is put your best offer forward. Don't let a good opportunity pass you by!
More info. Visit Top 10 Real Estate Predictions 2009:http://homebuying.about.com/od/marketfactstrends/ss/110708_2009-RE_4.htm
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