National Media: Now is a Good Time to Buy Homes and Real Estate Property in Portland Oregon

There is little doubt that it is a buyer’s real estate market, and this includes Portland, Oregon homes and other Oregon real estate property throughout the state and in Southwest Washington. In fact, it is such a competitive buyers market that some would-be new homeowners, even in the most perfect scenario, are not getting into the homes that they are looking at. The competition for homes that are priced to sell in a buyer’s market can be pretty daunting. This is true even in the Portland, Oregon and Southwest Washington real estate property market as a whole.

The HBA was recently quoted in The Oregonian as saying, "All indications point to this year being a great one for those looking to buy a home. While Portland remains one of only three markets in the country where homes are appreciating and the market is holding steady, the national housing crisis is felt to some degree everywhere."

If you need even more convincing that now is a good time to buy a home in the Northwest, The Seattle PI recently published a top ten list of the reasons why now is the time to invest in property. Here’s a portion of the list without definitions. Read the full list for more:

REAL FINANCING IS AVAILABLE

SELECTION, SELECTION, SELECTION

LOCATION, LOCATION, LOCATION

NEW CONSTRUCTION

What does this all mean? Well, if you were waiting for the market to hit the absolute bottom before buying, you’ll have lots of competition. And there is every likelihood that the market isn’t going to drop much more. The Oregonian reported in April that the Oregon market is only down 2% from this time last year. The Oregonian also reported in June 2008 that "Oregon and the Portland region continue to fare better than most states and cities in home values and foreclosure rates. Due, in part, to Oregon's status as "...a destination for out-of-state residents..."

And the National Association of Realtors (NAR) announced that US Pending Home Sales Were the highest in April since October 2007: Pending home sales unexpectedly increased in April to the highest reading since October (2007)...

NAR Chief Economist Lawrence Yun noted that pending sales contracts have ticked up in areas with the largest price declines such as Detroit and Las Vegas.

"Bargain hunters have entered the market en masse," he said. "Sharp price reductions are leading to a quicker discovery of price equilibrium points."

"The downturn is a short term phenomenon," National Association of Realtors chief economist Dr. Lawrence Yun told attendees at the Realtor Association of Greater Miami & the Beaches' annual international congress, assuring the audience that key economic indicators remain strong.

"The good news is that [the market] appears to have stabilized," the NAR economist said.

Statistics suggest a sizeable pent-up demand for homes, according to NAR Chief Economist Lawrence Yun, which will be released into the marketplace as excessive home-buyer pessimism about the market begins to subside.

Yun believes existing home sales will start showing a sustained increase within a few months. High mortgage loan limits should translate into more sales in high-cost markets, while wider access to affordable credit should increase sales activity this summer as pent-up demand begins to be met.

The time to buy a home that will soon be appreciating in value is now. Think of it as your opportunity to take cuts in the line to your new home.