Bonjour,
Should anyone buy today?
That is a million dollar question isn’t it?
Properties in Portland Oregon have dropped between 15% and 20% in the past 16 months or so and most people are wondering what’s next!
The Portland area has actually been spared the grant of this real estate bubble mainly because of the urban growth boundary that was put in place in the early 70s which prevented builders from overwhelming the area with new construction. Does this mean that the area is not going to see another 5% to 10% depreciation in the next 12 months? Possibly, but real estate has always been a long term investment and those who have hold on to their real estate over a long period of time have always done well. I travelled the world as well as the US and very few cities offer what Portland has to offer.
Here is why I am I am optimistic about buying now in Portland Oregon:
1. Interest rates today are at 4.75%, 30 year fix
2. It is a buyer’s market (15 months inventory)
3. We may be at “the bottom” right now!
4. Portland is the greenest city in the world
5. There is little traffic congestion
6. It is located 1 ½ hour drive from the ocean and it offers
a. Great beaches
b. Outstanding walks on the sand
c. Fantastic diving
7. It is located 1 ½ hour drive from a major ski resort with
a. Many challenging ski slopes
b. Cross country and snowshoe trails.
c. Fantastic hiking
8. Lots of people are expected to move to the area in the next 5 years
When you will look back 10 years from now, you will be glad that you took advantage of this market. If we aren’t at “the bottom” right now, that means that there are more sellers right now competing for you. After we have hit “the bottom”, there will be more buyers competing for the properties that are on the market. Given the fact that it is impossible to time “the bottom”, which market would you rather be a buyer in? Now is the time to negotiate a terrific deal when more sellers are competing for you, vs. waiting for a market where sellers are getting multiple offers on their listings. It has happen and it will happen again!
I encourage you to call me with any questions.
Merci,
Posted by paulkerkar 
