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 $8000 Tax Credit (First time home buyers only) to purchase a home before December 1, 2009.
Interest rates (for Portland/Metro) are holding between 4.5% and 5% for a conventional loan with 10-20% down payment and 5% for an FHA loan with just 3.5% down payment.
The volume of homes sold in Portland over the last five months, has increased every month. Volume is often a better indicator of the real estate market than the average sales price. Except for foreclosures, home prices for non-distressed properties should hold steady. Once the foreclosures are gone (they are selling fast), home prices will begin to rise.
The Home Buyer Affordability Act set in motion on March 4, 2009 could be a once in a lifetime opportunity. Never before has the Government offered a financial incentive to buy a home.
We specialize in foreclosures and bank owned homes. As Exclusive Buyers Agents we have advance access to lists of homes in all areas, and can help you get the best deal possible.
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Quick Search Foreclosure Properties available now in the Portland Multiple Listing System (MLS). This pre-configured search will list all properties that are foreclosure, REO, or Shortsale status currently on the market. For daily updates to this list use the previous link above. Or for more help and tips call us at 503-678-2020.
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