Monday, January 28, 2008

Market Bust or Market Boon?

Contrary to most news stories, there is an awesome opportunity in the real estate market right now. The CAP item this month has some national numbers which are very interesting and probably something you won’t see in the news.

Our local story is even better. Right now in Portland, there are a number of circumstances that have aligned to make this an “awesome” opportunity especially for a particular segment.

Portland-area market conditions include:
Interest rates are in the mid-5 percent range…the best in years.
Homebuilders have overbuilt in specific areas and price ranges.
Our local economy is doing well.
There is a minimum supply of homes in the entry to lower-midrange in price.

What does this mean for you? If you are selling a home in the entry-to-mid price range and are planning on moving up, you have the best opportunity of all. You should be able to get top dollar for your home and if you move up, there are more houses to choose from and more negotiating room than there has been in decades. The more someone moves up, the more dramatic the opportunity is.

This is a much better market than even the “Red Hot Market” a couple of years ago. Back then it was great if you were selling and moving away or not going to purchase another home. If you were moving up or buying any home in Portland, you would have to compete with a number of other buyers for the same house sometimes paying more than the asking price. You won when you sold, but were on the losing end when you were the buyer.

In today’s market, you can win when you sell as well as when you buy. This type of market is very rare and doesn’t happen in the industry very often.

If you think this might be you, give me a call and I can run the specific scenarios for your situation and show you how best to take advantage of this opportunity.

Best regards,

Nick Rossi, P.C.

PS: If this sounds like something a friend or loved one should take advantage of, I would love to show them how it would work for them. Call me with their number or share my information with them!

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