There is a lot of talk about the Real Estate market, mortgage issues and so on, most of it negative. I wonder, why? Rates are low, the real estate market in La Pine and Three Rivers South has a lot of inventory to choose from and homes are selling. Maybe not in record numbers but they are selling.
Lenders have multiple programs that are very suitable for first time home buyers. Rick Grand a lender in Eugene recently wrote an article about one such program called P.A.L. Rick states that some borrowers can receive up to $10,000 towards the purchase of their new home.
Tamra of CountryWide also states that they still have 100% financing for qualified buyers too.
Currently La Pine and Three Rivers South have a lot of different types of properties that qualify for many different lending programs. There are sellers that are motivated and willing to pay for closing costs or really negotiate a lower purchase price.
The market is not nearly as bad as the media makes it out to be here in Central Oregon. According to the Bend Bulletin last week the real estate market has hit a plateau. The good news of this is that Bend is no longer seeing a downward trend.
La Pine and Three Rivers South has not seen a declining market, although the average days on market are longer and there are price reductions, actual sales prices for 2007 are still higher than those of 2006. This means when a property is appraised the appraiser does not have to check the dreaded declining market box. La Pine and Three Rivers South have not seen a declining market. There are a few areas in Bend where appraisers have had to check this box.
Gena Riede a REALTOR® in Sacramento, California recently wrote an article titled “When Should a First Time Home Buyer Buy a House?” In Gena’s article she says
“There are some great homes for sale and great buys on the market for sale right now. Don’t wait until the homes are picked over and the good ones are gone or until the real estate market heads back up or worse yet, until interest rates go back up with severe tightening on loan restrictions.”
I find it encouraging that although she is in Sacramento and I work the Central Oregon market that the same is true for both areas.