When I picked up my copy of the Oregonian this morning, I was expecting my ritual dose of bad news. We’d spent the previous evening watching the Blazers nearly snap victory from the jaws of defeat so knew that story was going to be on the cover but the one below it really caught my eye, “Time May Be Right To Buy First Home.” Is it a turning point for local mainstream media? Clearly not a “BUY NOW” which is what I have been advocating for months- no matter what the market, the are opportunities out there for the right buyer- not every buyer.
Reasons to look at buying include:
- a recent drop in home prices.
- historically low interest rates.
- low down payments for FHA qualified loans and buyers.
- a historically large inventory of home for sale and motivated sellers.
- the $8000 first time buyer tax credit for those that qualify and close by Dec. 1, 2009.
Reasons to be concerned:
- no clear “bottom” of the market. It could continue to slide.
- high unemployment rates and the possibility of it getting worse.
- must be able to qualify for best case scenario.
- overall economic uncertainty.
Each individual needs to decide what is best for them. Start by asking yourself how you weigh each factor. Plan on talking to a Realtor, accountant and mortgage broker. Talk to an accountant to verify that you qualify as a first time buyer (check the details). Talk to a mortgage broker and see how much you qualify for and decide if that works within your budget. Talk to a Realtor (preferably us) about assembling all the pieces and putting them together.
The Blazers have proven they can come back, the housing market can do the same.
I’ll be holding 2356 NW Hoyt open today (4/25/09) from 1-4 this afternoon.