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RSS FeedThe Market is Adjusting - Don’t Panic |
Oct. 21, 2007
Categorized in: Real Estate Dealings news
October 8th, 2007 by Bert Waugh, Jr.
Lately, we've seen a slowdown in the greater Portland/Vancouver real estate market. Not necessarily because of economic woes, but more so because consumers are listening to the national media reports of a crumbling housing market and fear is creeping in. Yes, there are parts of the country where housing is upside-down, but our market has remained largely insulated from a serious downturn. Home prices are still stable or appreciating at a steady single-digit rate. They're still selling, though not as quickly as they have in the last few years. The market is experiencing a cyclical adjustment, just as it always has and always will continue to do.
Real estate is still an excellent investment opportunity in our area. Interest rates are low, inventory is plenty and the sub-prime meltdown has not had a dramatic effect here. We have high employment rates and low mortgage delinquency rates, and Oregon has one of the lowest foreclosure rates in the entire country. Our market does not mirror other pockets of the country where the housing market is less stable.
To give our home buyers a greater sense of security, Prudential Northwest Properties provides a guarantee called The Buyer's Advantage. We've partnered with Columbia Mortgage, our wholly-owned mortgage broker, and leading title companies to offer buyers written service guarantees - including the ability to close on the loan for which they have qualified. If for any reason we can't live up to those guarantees, we pay the buyer in cash.
Sellers benefit too. If we can't come through with a full loan approval guarantee, we pay the seller $1,000. And if we don't close on time we pay the buyer and the seller $500 each. The program is a win-win for our clients: it guarantees the loan and closing documents will move swiftly throughout the transaction process and it gives our clients the security they are looking for in this shifting market.
It's important to consider all the facts when you are thinking of buying or selling a home, and to look at the market data in your area. If you live in northwest Oregon or southwest Washington and would like to receive a monthly report on the value of your home, visit: Property Investment Profile and register for an automated report on your local market activity. This information is provided at no cost or obligation, and your personal information will not be disclosed to anyone else.
Don't be alarmed by what you hear about the housing market from the national media, it's the news from your own backyard that matters most.
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