Window of Opportunity
The Oregonian (Portland's newspaper) this morning had a realistic article on how current lower home prices and lower mortgage rates are opening a window of opportunity for first time homebuyers. The article indicates that while we may see home prices fall, possibly into early 2010, that the old adage in real estate, 'location, location, location' is very applicable at this time.
Homes in some Portland Metro areas are holding their value very well at this time, others in more depressed areas may continue to see falling home prices. This is key for new homeowners, as you will want to ensure you are getting a good deal in an area that you will want to live for the next 7-10 years - not just focus on 'getting a good deal'.
Read the full article at: http://tinyurl.com/covbra