PORTLAND, Ore. – Portland REALTOR® David Somerville says recent housing stats released by S&P and Case/Shiller indicate that continued lower real estate prices in most markets nationwide along with sub-4% interest rates may mean buyers are getting more unprecedented opportunities to buy low. The nationwide study showed housing prices eased slightly in September on a year over year basis, meaning buyers are able to get more home now for less money.
Somerville says the benefit for Portland real estate buyers is compounded by the fact that interest rates on the 30 year fixed mortgage remain below 4%.
“This is truly an amazing time in the market for buyers who can get past the doom and gloom headlines. I believe many homeowners won’t see prices this low again in their lifetime.”
He says the market may not be good for everyone, though.
“Speculative money has left the market in a big way, but that’s mostly a good thing for those who intend to own their home for years. House flippers and other short term speculators could get hurt, but if you want to buy a home and live in it for a long time, this market is a godsend.”
Somerville says that in no other time in history have first time home buyers been able to get such low prices combined with low mortgage payments.
“Because of the speculative housing excesses that led to a peak in Portland home prices around 2006 and 2007, the banks still have a notable amount of foreclosures on their books. While the media like to see the negatives in this, it’s actually a good thing for the right kind of buyer, especially on luxury Portland real estate and waterfront properties.”
Asked what kind of buyer is the right kind of buyer, Somerville says “motivated ones.”
“There are a lot of potential buyers held back by doom and gloom headlines. Those who can see the silver lining beyond the headlines are a step ahead, in my opinion.”
About David Somerville
As resident of Portland for two decades, an owner of several Portland area investment properties, and 10 years a REALTOR¬Æ, Dave Somerville understands Portland real estatefrom the inside out. He has the ability to see a property‚Äôs potential, beyond its current condition and gives the buyer a vision of how a house could fit into their dreams through minor cosmetic changes or remodels. Dave covers all Portland area towns and suburbs, including Beaverton real estate, Hillsboro real estate, Lake Oswego real estate, West Linn real estate, and The Pearl District.
5 Centerpointe Dr. Suite 150
Lake Oswego, OR 97035