Avoiding the Real Estate Market Stampede

Are you one of those that avoids the day after Christmas sales? The lines are too long .. the ridiculous traffic .. and who wants to get up early when it is your day off. The Portland Real Estate market is shaping up to be like those day after Christmas sales that if you are a potential buyer you may want to avoid. Why get involved in bidding wars, or having to wait days in line getting in to see your favorite mortgage broker. Today the November real estate market statistics were released and show that there are over 15,000 homes on the market in the Portland metro area. If only 1,000 of those sold per month, our present inventory would last us a good 15 months. That much housing inventory on the market has not been seen in years Will it last? Sales have also been sluggish in the Portland market. The 1041 sold listings during November was the lowest sales volume since 1993 and a 39.9% decrease from last November. But what does any of that have to do with your avoiding bidding wars, and waiting in mortgage traffic?

As the news media daily reports, and you can't avoid hearing, mortgage interest rates are in the low 5's and perhaps even lower depending on your credit and the day. These rates can and do fluctuate daily. There is no question that the interest rates are in your favor at this time. Check with a mortgage broker who knows your particular situation and credit score for the very latest. Housing prices have also declined on the average 10.7% since November 2007. Now .. how long will those declines continue? How long with the interest rates continue to go down? No one exactly knows. We may well bounce a little at the bottom for a while, but once word gets out that the market is changing for the better, then everyone who has been sitting on the fence all tend to jump off at the same time. Don't wait until the crowd all decides to move at once,

By waiting for the stampede, you may think you will be able to snatch the "best" deals - the best prices, or the choice properties, but in reality, you just may miss out. Don't take that chance that the property in Ladds Addition or the Riverfront property in West Linn that you had been watching is now sold or pending. Perhaps you have been trying to convince your parents to downsize and live in a one level home in Summerplace, a 55+ community. Don't wait until those one-level homes are gone.

Jump now , start your Portland Real Estate search now while you still have time and room to actually acquire those choice properties.

Norm Rice

1-800-339-0980