Can you believe that we're already one month into the new year? Time sure flies when you are having fun, and what a fun ride the Portland real estate market has been so far. We're off to a great start with increased activity on showings, as well as sales in the Portland Metro area.
Economic indicators suggest that we will start to see interest rates climb to over 5%, sometime in the first quarter of 2011. Some lenders are starting to loosen up guidelines, to allow borrowers with low credit scores to possibly qualify for a home loan, states Shelby Bishop, a mortgage professional with Prospect Mortgage in the Portland area. The key to purchasing a home is finding a loan program, and a home that meets your needs both financially, and for your individual lifestyle.
In January, the average detached single family home in North Portland was listed at $243,000 and sold for $230,000 in 73 days on the market. In Northeast Portland, the average was listed at $292,000 and sold in 89 days for $266,000. And the average in Southeast Portland was listed at $236,000 selling for an average of $202,000 in 81 days. These prices, coupled with low interest rates mean that owning a home could cost less than rents in most Portland areas, which is good for both buyers, and sellers.
Every market is different and your local real estate expert can help you detemine what house values are in your neighborhood. If you or someone you know is thinking about buying or selling a home in todays market, talk to your trusted REALTOR to help guide you through every step of the process
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