So, is THIS the Time to Buy in Portland, Oregon?

By: Yasmin Khajavi
Stewart Title of Oregon
Eight Centerpointe Dr. Ste B
Lake Oswego, OR 97035
503-290-5543

There is a positive undercurrent in Portland real estate right now. Our population continues to grow. Housing affordability is the best in years. Mortgage rates remain low. According to the National Association of Realtors, existing home sales rose 6.5% in December. In fact, ShowingTime (a real estate software tool) reports that showings were up 10% over the year before.
So is this the time to buy? It is certainly the time to be looking for great deals and preparing your current home if you decide to sell. With flexible sellers and historically low interest rates, it may be smart to sell now and buy up to the neighborhood or home you’ve always wanted. Even if you don't get as much as you would like on your current sale, if you buy up you save more on your purchase.
National statistics show that a typical buyer plans on staying in their home for at least seven years. Buyers are taking advantage of great deals by focusing on long term prospects for housing in our area.
JUST ASK
Q: Is there such a thing as a billion-dollar property?
A: Not yet. Of course, there are some who remember when a million-dollar home was a big deal. Even with prices dropping, a million-dollar home is the norm in many areas. But have you ever thought about how much a billion is?
A billion seconds ago it was 1959.
A billion minutes ago Roman centurions walked on earth.
A billion hours ago it was the Stone Age.
A billion days ago no one walked on the earth.
A billion dollars ago was only 8 hours and 20 minutes at the rate our government is spending it.
Those are some fun factoids that help us to put the concept of "billions" into perspective.
OUR TOWN
A recent study from Pew Research found that Portland was one of the top 10 cities where people want to live. This is one of the reasons why our long term housing prospects look better than many other areas.
FYI
Although we have seen a slight bump, rates are still extraordinarily low and offer tremendous buying opportunities.