Not a Seller’s Market or a Buyer’s Market

by Dual Income No Kids on April 7, 2009 · 0 comments

I wanted to update our readers on our progress towards our goal of buying an investment property in Portland, Oregon.

My assessment of the real estate situation right now is that while it might not be a seller’s market it certainly isn’t a buyer’s market either.

The bottom line is that things have been slowly progressing. The money has been sitting in the bank since the beginning of the year but the economy is paying its toll.

Last week I was in Portland and took the opportunity to spend an afternoon looking at a shortlist of potential properties. Nothing piqued my interest.

Given the current economic situation no one is putting anything on the market unless they really have to. This means that what is on the market isn’t all that appealing. I’ve been watching the market nearly daily since August and there are plenty of properties that are sitting there unsold.

Those that have any real appeal are few and far between. The good news if you are selling means that anything that has any cute appeal may go faster than you think, as there is a demand for properties that are hard to come by.

Good luck unloading a condo in the Pearl, a new trendy loft district in Portland, but you’d be surprised at the demand for first a cute little bungalow ideal time home buyers interested in the tax credit that Obama has established.

In fact, our real estate agent reported that times were busy for their office. They have a record number of sales in escrow, 12 as opposed to the 8 they had in the height of the real estate boom. She says that people are there to buy, but it is hard for anyone to put something up on the market unless absolutely necessary.

Right now patience is the name of the game. We want to make the right choice for our long-term wealth, and especially not make a poor purchase that will haunt us for years to come.

Happy house hunting!

Miel

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