Optimism about the Economy

While snowed in over the holidays I had a lot of time to think and read about the economy, and I have reason to be optimistic! Not only are gas prices falling, which helps everybody in the short run, mortgage rates are also averaging very low, about 5.19%, and may go even lower. The Treasury Department might push rates even lower, for refinancing as well as new home buyers. The Federal Reserve is taking action, and with the Obama administration planning on making drastic moves as soon as he is inaugurated in January, the beginning of 2009 should see the first steps to economic recovery. Some key indicators of economic recovery will occur in real estate. Things to look out for are the bottom of the housing market, loosening of lending standards, and an increase in applications for building permits. All of us can do our part by being frugal, making wise investments, such as in real estate, and not getting too worked up by the fear mongering that can go on in the national media.

Preparation Time

The weather in Portland has been unusually snowy this past week, and most people have not had real estate on their minds. The market slows way down over the holidays, but don't let that keep you from planning out your next move. Now is the perfect time to seriously discuss with your family and friends any moves or changes you want to make in the coming year. A large part of buying or selling a home is being mentally and emotionally ready for change, so start preparing yourself now. There is a large increase in homes going on the market in January and February, is that going to be the right time for you to buy? What will the competition be if you need to sell your home? Education about the market is key for both sellers and buyers, don't let the snow stop you from learning about what's going on with real estate in your neighborhood!

Now is a great time to get make a real estate transaction

Housing prices in Portland Oregon are reflecting the market value of homes, which means that it can be a great time to buy a first home, or move into a larger one. While it is tempting to keep sitting back and waiting for the bottom to really hit, with interests rates so incredibly low this may be it. According to the latest market report from the Regional Multiple Listing Service for Portland, the average price for a house in November 2008 is down 10.5% from November 2007. Having a professional real estate broker guide you through this complex market can be the key to buying the right home for you.