Is Now the Right Time to Buy a House in Portland?
Feb 13th, 2008 by Jody McLeod
Good Question.
Yes, the market has slumped, and yes, it might even go a little lower, but if you plan on keeping the home for several years, history tells us that homes will continue to appreciate. A look at RealEstateabc.com’s chart of median prices in the US since 1968 will give you a good idea of what I mean. It shows that, on average, homes have appreciated 6.34% annually. And with interest rates so low and an abundance of homes on the market, conditions are good for buyers to come out ahead.
In my humble opinion, I think now is a really good time to buy a house for those buyers that meet certain criteria. Jack Burnette does a good job of creating a list of indicators you can use to find out if now really is the best time to be buying your first home. Here are the main points to consider from his article:
- You need a steady, stable job
- You have some money stashed away, 3-5 months worth would be good
- Your debt is under control
- You have a strong, reliable credit history, (a.k.a. good credit score)
- You have something for a down payment - 10% is okay, 20% is better
- You are ready for the responsibility of owning a home - it’s a good fit for your family
With over 16,000 properties (as of 2/12/2008, a 10-12 month inventory) for sale in the Portland area , buyers have a lot of choices out there and sellers are more willing to “wheel and deal.” It’s an opportunity worth some serious consideration.
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