Residential Real Estate sales are slightly down this year so far for the Portland Metro Area compared to this time last year. If you compare solds for 2011 year to date 1/1/2011 to 3/18/2011 (2755 units) with the same time frame of last year 1/1/2010 to 3/18/2010 (2,825 units) you will see that solds are down approximately 2.5%.
Not bad considering all the doom & gloom in the news about the real estate market and the economy as a whole. It is also important to remember what was going on at this time last year to keep things in perspective. Last year there was a huge push in the real estate marketplace to take advantage of the soon to expire $8,000 tax credit incentive. Many buyers who would have waited until this year to make a purchase felt pressured to act back then, so they wouldn't lose the tax credit.
Personally I am seeing my business picking up from last year. My buyer clients are very happy with the deals out there.
For example; there is a wonderful young family, I've had the pleasure of working with for the last couple of months. We just signed final docs on their purchase and will be closing escrow tomorrow. They purchased a FHLMC owned, foreclosure home that was in great condition. We feel that they got a great deal which was re-enforced by the bank appraisal, which came in at $25,000 over the sales price! WOOHOO!!!
The deals are out there if you team up with a knowledgeable real estate broker, educate yourself, map your strategy out, have the financial ability and are prepared to take action to achieve your goal. Interest rates will not stay down at these historically low (4.81%, 30 year fixed) levels forever. If you are in it for the long haul (5-7+ years), you will be fine buying now. You can buy a home for a monthly cost that is less than renting right now, so what are you waiting for?
Donn
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