There are three reasons why NOW is the time to buy a home in Portland. One, Interest rates are at a 40 year low. Two, home prices have hit bottom and the affordability index for Portland Real Estate is equal to that of 2004. Third, the government will give you up to an $8000 Tax Credit to purchase a home by April 30, 2010. In November Congress extended this to repeat buyers who have owned their current or last home for five years, and with certain income limits may qualify for a $6500 tax credit.
The volume of homes sold in Portland has increased steadily since January. The inventory stated in months has dropped from a high of 19.2/months in January 2009 to a low of 7.6/months by the end of 2009. 6 months of inventory is a balanced market, anything over favors the Buyer and under favors the Seller. Homes priced under $300K are moving at a fairly fast rate. Homes over $500K are still lingering on the market 4-8 months. Homes priced at "Market" for their area are selling well. Over priced homes are not selling or getting offers. We still have a number of short sales but foreclosures are selling well if they are in reasonable condition or priced appropriately if they need TLC. Short Sales have a close rate of about 25% due to the overwhelming cooperation of the Banks. I expect to see most of the short sales coming back as bank owned foreclosures in the coming months. Many times sellers are not starting early enough to complete the short sale negotiation process with thier lenders before a foreclosure takes place. Unfortunate because admitting it's time to get out from under a home you can't afford early is the best way to avoid foreclosure.
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