Real Estate Resource

Is it always a good time to buy real estate?  There is, of course, no absolute answer to this question as there are a million stories in the city!  Real estate stats & numbers are useful, but don’t paint the personal picture that we individually may need.  The particulars of any one person’s situation dictates the answer for the moment!  The first question is:  do you have to sell to buy?  It is definitely more of a buyer’s market than we’ve seen in years.  There is actually “negotiation” taking place in our local real estate market.  And, the Portland real estate market, in general, has not been hurt like some other markets.  But, don’t try to convince someone who is trying to sell a condo, for instance, of that fact.  As with a lot of life processes, it’s all about timing.  We can’t rely on general statements about the market without knowing the personal details of the individual’s situation.  It might be a good time to sell & buy, but it depends.  For instance, if you purchased a condo in the last couple of years you most likely do not have enough equity built into your home to be thinking of trying to trade in this market if you don’t have to sell.  The condo & townhouse market is stuggling presently.  Not to worry, the condo market will rejuvenate with time and the right opportunity will surface!  However, if you’ve owned your condo for a while and you can price for the 2008 market, not 2005, then you’re golden.  Detached housing needs to be priced competitively, staged properly and positioned in the marketplace to be perceived, at the very least, as a deal!  Having owned the home long enough to have acquired some equity definitely allows the seller to “price to sell”!   If you are an investor, there are some “steals” and “deals” out there.  If you are a first-time buyer, this is YOUR market!  In my opinion, this is one component that our present market adjustment is all about.  We needed to get the first-time buyer back into marketplace thru affordability and inventory to start the tiered progression of real estate sales!

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