7.Something Months of Inventory Holding Strong for 3 Months

We only have 7.6 months of inventory in Portland! That's great compared to last year at this time when it would have taken 10.4 months to sell everything on the market. That number has been at 7.something for 3 months now, we could use it going down to 6, which is a neutral market for buyers and sellers. Having about 7 months of inventory means that there is a slight buyers advantage. That is basically coming from the homes priced higher than $300,000, however, because anything less than that is in the range of first time buyers, who have tons of pressure to buy now and not miss out on the $8000 tax credit. More info later on the median sale prices for Portland neighborhoods

Spring

It has officially been spring for over a week now, but the first signs have only begun to show in Portland. I've seen some flowering trees, and people eating and drinking outside, but the wind and cool temperatures haven't given me that "winter is finally over" feeling yet. Does anyone else have that feeling? I'm ready for more sunshine than grey skies, more gentle breezes than chilly gusts, and definitely a little less mud when I'm showing houses to buyers!

Portland Market Update

Here's some great info from the RMLS, this is market info that only agents can get, so I'm passing it on so all you Portland home buyers and sellers can know what's going on in your area! The Median Sales Price for each area of Portland is just part of the data the RMLS compiles each month, but I think it is one of the most interesting pieces of data!

December 2008 Median Sales Price

NE Portland: $252,500

SE Portland: $239,000

N Portland: $249,900

West Portland: $363, 500

Lake Oswego and West Linn: $472,700

Milwaukie/Estacada/Boring/Gladstone/Clackamas: $247,500

Prices all over are down from December 2007. More statistics about Portland real estate are to follow!

Questions to Ask Yourself Before You Buy

The first question many people ask themselves before they begin looking for a house to buy is simply "Do I want to buy a house?" The answer is often "Yes!" The biggest financial decision of your life should have more thought put into it than that, however, and I have some good questions you should answer.
First, do you have a stable source of income, and a down payment saved up or promised as a gift?
Second, what do I need in a house? A yard for kids or a pet, a large garage, a great kitchen, close to work?
Third, can I get pre-approved for a loan? Figure out financing first, before you fall in love with a house you can't afford.
Fourth, Do I need a real estate agent? Buyer's who are represented can get what they need and want in a home.