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NOW Is The Time To Buy!

Saving money until house prices come down is probably not going to do you much good in the Eugene/Springfield area of Oregon.

While buyers have been keeping a keen ear to news reports about falling house prices and a bust in the national housing market, the Pacific Northwest market is still going strong. According to the President of the Eugene Association of Realtors, John Hoops, "'The Pacific Northwest is about the most insulated place in the United States right now' in regard to fluctuating real estate values."

The Pacific Northwest is an amazing place to live; many people are relocating here, and the people who live here want to stay.

What that means for Buyers here is that you most likely won't see prices in our area go down, regardless of what you here from the media. The housing market will correct itself, but it doesn't usually go backward for very long, if at all. The amount you save by waiting will unlikely offset the appreciation you will gain by owning a home now.

For example, if a $200,000 home appreciated 5 percent in the next year, could you put away an extra $10,000 in after-tax savings to counter that gain? This savings doesn't even take into account additional tax savings from the mortgage interest deduction!

Real estate has been a remarkable, long-term investment and will continue to be, especially in a university town like Eugene, which has consistent rental clientele AND seems to have automatic business built into it.

Whether you are in the market to buy a primary residence, second home, or investment property: get your financing in order, buy it and hold on to it. I believe that you will be pleased with the results.

If I can help you in any way with your Eugene/Springfield home search, please call me at 541-359-8973 or 1-888-833-8690 or check out my listings at www.BridgetArmstrong.IntegrityHomesOnline.com

Posted by Eugene Oregon Real Estate ~ Bridget Armstrong on 09/22/2007 08:17 PM

Comments (11)

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11 Comments on NOW Is The Time To Buy!

If you have the credit or money to buy, it is a good place to buy wherever you want to live!

09/22/2007 09:11 PM

by Ronald Gillis, Southwest Florida Notaries, Port Charlotte, FL (Southwest Florida Notaries (Mobile Notary Signing Agent))

Ronald, you are right! I hope that your real estate market is thriving as well! Thank you for reading :)

09/22/2007 09:29 PM

by Eugene Oregon Real Estate ~ Bridget Armstrong (RE/MAX Integrity)

Great Blog Bridget! You definitely make a great point. People don't seem to see that they would have to save a great deal to save the same amount of money that they can gain from the appreciation alone. Not to mention the tax savings they can gain.

Way to touch on that subject.

09/22/2007 09:57 PM

by Rick Grand (RE/MAX Integrity)

Bridget -- True True True!

09/22/2007 10:22 PM

by Aziz Abdur-Raoof,Howard Co. Real Estate Scoop (RE/MAX Rewards)

Bridget, Great post and so true-now is the time to buy! Even if your property didn't appreciate in a year, you still made money with the tax savings--You have to pay rent to live somewhere and your are actually paying down the loan-building equity.

09/22/2007 10:44 PM

by Candy Henthorne- Spring Texas Real Estate (Results Realty)

So true! The Pacific Northwest just is slowing down, but not stopping! Here in the Portland area the prices went up 9% since last year, despite the houses sitting on the market longer than what they have in the past 5 years.

09/23/2007 12:09 AM

by Todd Clark (Realtor), GRI (Washington Co, Beaverton, Oregon) (Kastings & Associates, Oregon)

Bridget, I saw David Knox speak this week and he expressed this issue well. Buyers are telling us that they want to wait to buy at the bottom of the market. Well, how do you know when the market has reached bottom? You don't. You only know when it starts going back up again. So the buyers would be buying on the upward curve (which may be months from now). The buyer who waits is not really saving any money -- they are just shifting the time of the purchase and losing out on some time of owning and living in the home as well as the tax benefits.

09/23/2007 07:04 AM

by Brian Block -- Northern Virginia & D.C. Real Estate (RE/MAX Allegiance)

Great post Bridget and thanks for writing a supportive blog for the Pacific Northwest real estate market. Yes it is a wonderful place to live and I would not live anywhere else....You can put that in your diary Bridgett! LOL

09/23/2007 08:28 PM

by Boise Idaho Real Estate - George Tallabas (RE/MAX Advantage)

You are so right Bridget - even homes being sold on what may seem like the low side - the sellers are walking away with a nice chunk of cash - great observation

09/24/2007 01:16 AM

by Central Oregon Real Estate | Thesa Chambers, Broker (RE/MAX Sunset Realty La Pine)

Hi Bridget: I am so glad that your market is still brimming right along. The Pacific Northwest is a very special place, and I am sure it will always be in demand.

09/27/2007 12:50 AM

by Fort Worth Real Estate - Karen Anne Stone (RE/MAX Trinity)

Thank you, everyone, for reading and responding. Karen Anne, I've missed hearing from you! I hope you're doing well :)

09/27/2007 01:18 PM

by Eugene Oregon Real Estate ~ Bridget Armstrong (RE/MAX Integrity)