The Market is Back or is it? Yes we all have been waiting for this day when we all could see things return to a little normalcy. Yet some of us still have a long way to go.
How is that you say! The Market is booming, we are getting multiple offers in just hours!
For some that's true but still for others " not quite so much ".
I do quite a few evaluations for lenders. In the greater Portland Oregon real estate market here is what I am seeing. In the under $250,000 range in some neighborhoods mostly close in Portland that price range is as hot as it gets. Multiple offers and one of the lowest inventory rates in Years if not decades.
In the under $250,000 range for the most part those folks have regained all if not more than there previous values were in 2007 when our market first hit the skids.
But what about the million dollar homes? Here are a few examples:
Bought in 2007 $1,570,000. Sold in October of 2012 $975,000.
Bought in 2007 $1,795,000. Sold in December of 2012 $1,450,000.
Bought in 2007 $2,050,000. Sold in July of 2012 $1,530,000.
So for these folks they are not feeling the exuberance as many others are. Now these of course are some examples and there are those who have done ok but not the majority.
Once you drop down below $750,000. the news gets a little better. These folks are just losing a little:
Bought in 2007 $820,000. Sold August 2012 $740,000.
Bought in 2007 $799,000 Sold May 2012 $765,000.
Bought in 2007 $717,000 Sold November 2012 $699,000.
And in the $500,000 range and below they look like this :
Bought in 2007 $554,700 Sold in September 2012 $525,000
Bought in 2007 $451,900 Sold December 2012 $432,500
Bought in 2007 $424,900 Sold September 2012 $425,000
The lower you go the better the outcome seems to get. Yes the market is Back. Unfortunately for some it is just not back enough.
But if you are a High_End_Home_Buyer then Baby this is your Market! And for those in the Lower range then you Better get kicking or you will be kicking your self all the way to the Bank and back for missing out on some really great deals for prices are rising. For some they are rising really fast! Find_Your_Next_Home_here_today!
Comments(2)