Just a little history regarding the "old time" community that I serve. Columbia County in Oregon sits along the Columbia River between Portland and Astoria. We offer many outdoor festivals, salmon fishing, movie theater(s) new location in Scappoose to soon open, elk & deer, miles of dirt bike trails, and an awesome 4th of July fireworks display just to mention a few. This county is has a strong community bond - everyone pulls together in need and the support from our church communities is stunning.
We are mostly a bedroom community with many families driving into Portland or Beaverton for work. Our public schools are excellent and we even have several private options too. HTTP://www.sccchamber.org/contact.html
So where are the buyers? We have new subdivisions, older farm-homes with land, upscale properties, and even first time buyer properties on the market that are sitting - waiting for someone to buy. Sellers have reduced their prices, offering bonus after bonus. Yet no offers.
Are buyers scared? Confused? Being mislead? Is the media dictating the market?
Reasons to buy NOW:
1. Interests rates are low! Do you remember the rates back in the 90's. A person couldn't touch a loan for under 10% interest! (Sure the zero down programs that have left the industry, but they should not have been here to begin with.) A good investment (because that is what a house is) is best have equity right away. Save some money 5%-10% anything down is to your benefit. Rates are between 5.75% (15 year fixed) and 6.25% (30 year fixed). Financing is still available.
2. Sellers want to sell! This is a buyers market in the area. Sellers are negotiating and offering bonus' not only to buyers (closing costs, carpet credits, utilities) but also throwing extra money to Buyers Agents! Buyers are a hot commodity here. But be careful not to be overwhelmed by looking at everything on the market. You may get lost along the way and lose sight of your true desires in a home. Make offers - buyers want to buy and sellers want to sell - usually there is happy ground where everyone feels like they won.
3. Election year... typically rates are stable during the election year. It is what might happen after a new party hits the House that is a mystery.
4. Foreclosures are on the market! Local foreclosures are typically listed with Realtors at market value. So if you are holding out for that great deal - don't hold your breath (unless you hang out at the courthouse with cash for the non-financial homes).
5. Want to buy but your current home has not sold? You may be eligible for a bridge loan. These are short term loans with higher interest rate, but get the job done. Any mortgage broker should be able to equip you with the information on these programs. Even real estate brokerages have their own loan programs to assist their clients. One example is Windermere. Probably one of the best programs out there. Do your research and educate yourself.
Happy house hunting! Get out in the rain and see your next home. Visit Columbia County! Home-town feel just 30 minutes from the big city.