That's great news, right? Unfortunately www.CNNMoney.com thinks the bottom won't hit Portland until the summer of 2010. That's a long way away for people hoping to buy right as we hit bottom, and people holding out to sell until after we start the upswing. http://money.cnn.com/magazines/moneymag/moneymag_realestate/2009/snapshots/28.html
This is a list of the top 100 real estate markets in the country, when they topped out their market, a prediction for this year, and a guess at when the bottoms are going to finally come. While I can't vouch for the quality of this analysis on other markets, I can say that for first time home buyers in Portland, not the suburbs, competition is getting stiff, not as many homes are on the market that aren't short sales or bank owned, and waiting around for an even better deal may not be a good idea.
The rest of the market in Portland may very well follow www.CNNMoney.com's well thought out analysis, though the idea that prices should drop another 24.4% makes all owners quake in their boots. But have no fear, the market will improve, historically it has always come back from these bottoms, but don't let the uncertainty of the market keep you from buying or selling if the time is right for you. The real value of a home has always been the memories you make and the experiences you have in it, not how much of a deal you think you got on it, or how much of a profit you think you made. Real estate is about living your life, and how you want to live it, not just pluses and minuses on a spreadsheet.
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