Buyer’s listen up – have you noticed all the negative print and media ads about how tough the real estate market is? Don’t you find it unusual that when the prices of Central Oregon Homes were skyrocketing, homes for sale were getting multiple offers and so on everyone thought real estate was booming?
They have you scared; they have you thinking this is the wrong time to buy. What is so wrong with buying today versus buying a year or two ago? A year ago interest rates were low but prices were high and inventory of homes to buy was lower than it is now. Many of you had to offer higher than list price to even have a chance at an accepted offer.
Today, there are homes on the market ripe for the buying. Many sellers are offering to pay part or all of your closing costs. Mortgage rates are still low and there is still 100% financing available. Many homes are priced lower than you can build a home for.
Real Estate has always had peaks and valleys; Central Oregon Real Estate is no exception. Are we at rock bottom, will the prices continue to fall? I can not tell you – but are they going to go up? That I can tell you, yes PRICES WILL GO UP, the question is when?
Buyer’s this truly is the BEST BUYER’S MARKET IN 20 YEARS! Some of you are sitting back arguing this point with me… but think about this as a BUYER – interest rates are low, there are many loan options, inventory is high and sellers are motivated.
Hi Thesa; good food for thought; I think with the biggest investment of your life, you look at all aspects of it; can I afford the upkeep of a home as an owner instead of having a landlord do it? The interest rates are low and so are prices…yes, very good; can I stay in the house (or own it if it’s an investment house) long enuf to get the equity out if I ever do sell it? As long as people are smart about what they are doing (which they should do in any market!) then I say go for it!
Why buy now when things will be lower in a year. Seems foolish to me. Oh that’s right ,I’m not a real estate professional. Realtors have been saying prices never go down in central oregon, and then they said last year that things will turn around in the spring. You have absolutely no understanding of economics or the forces that have created this downturn.
Biscuts – I can not speak for all REALTORS® but if anyone told you prices do not go down in Central Oregon they were wrong. Real estate is local and driven by many factors, Central Oregon is no different than any other market, there will be up swings and downward swings. What we have that many areas do not have is the outdoor lifestyle so many dream of and when times get tough we tend to draw buyers that other areas may not.
Are we at rock bottom, no one knows, but I do know this… prices will go up – and those that buy while we are seeing prices lower will benefit from this market. Sellers are motivated, many will pay closing costs and are willing to work with buyers like we have not seen in years.
Our inventory is high, competition is high and mortgage rates are low. There is 100% financing available and low down payment options.
Hi Thesa, I figured it out your blog is on my Yahoo home page. It sounds like a good time to be buy a house in Central Oregon. You are right real estate is local.
It is funny how we are criticized for being self serving for saying it is a good time to buy. It really is a good time to buy many places. No one can guarantee where prices will be next year. But, at least in my market, interest rates are low and prices like this have not been seen in a decade. When prices go up, will these same people criticize us because they missed the boat?