I Wish I Bought Back Then!
These are uncertain times for the housing industry. The negative news is overwhelming and can shake anyone's confidence in making a decision to buy a home. Oregon has weathered this housing crisis better than most of the nation. Don't let fear and negative thinking block you from buying a home now.
This could be the best time in years to buy a house. Interest rates are currently right around 5% for people with decent credit and banks are making loans. You can buy more house now, with the same payment, than you could 6 months ago.
When will you know that prices will hit rock bottom? Usually after prices start to go up. Maybe we are not at the absolute rock bottom, in our area, but we have to be very, very close to it. The government is taking all kinds of measures to support the housing industry and these generally have some lag time. Get on the wave now.
If you are buying a home in which to raise your family, do not concern yourself with short-term profits. Take the long-term approach and concern yourself with all the things you want in the livability of your new home: good schools and neighborhood, desirable floor plan, attractive landscaping, easy commute to work and shopping, pride of ownership, and getting out of the rent-paying-black-hole.
If you are a buyer, with financing, there are bargains to be had. You are in the driver's seat! There is no shortage of homes for sale. Negotiate on price. If sellers won't budge from their price, walk away. Another home, at a better price, may show up. Ask for closing costs or a rate buy down, a home warranty, and all the appliances. Sellers are much more willing to take care of all the repairs identified by the repair inspection, than they have been in the past. If the house needs some updating, it may be possible to get the seller to complete this work before closing.
Buying a house is a major decision in anyone's life and needs careful consideration. Think back on the times you regretted not taking action. If you have ever contemplated buying a home, this is one of those times you need to drop everything else that is occupying your mind, and give serious thought on making a home purchase.
Wayne B. Pruner is a Realtor® at Oregon First, who works in the Portland and Tigard, Oregon area. He is ready to help you with all your real estate needs. His phone number is 503-891-0795. Here are links to his real estate website and his real estate blog.
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