BEST TIME TO BUY A HOUSE IN PORTLAND

My monthly newsletter Jung’s Journal to my clients always included the Inventory of Houses for Sale in Portland, Oregon (the chart below).

This is a simple chart yet very telling. For instance, you can see exactly when our Portland real estate market started slowing down in September 2007. You can also see from this chart when the market was “red hot” during which time houses were selling even before they were listed and with multiple offers in May 2004 and taking on steam in March of 2005.

There are a couple of other things this chart shows you as well. It shows when the best times to sell were and again that time period was from March 2005 – June 2006, when the inventory was at its lowest.

The Best Time To Buy A House In Portland

Likewise, the best time to buy a house is when the inventory levels are at their highest, which is right now. Another good time to buy a house is when you really want to!

• The MLS in the area you live also has these numbers for your market. The total inventory of houses for sale represents how many months it would take to sell all the houses for sale now if no other houses came up for sale. Obviously each month’s numbers change depending upon how many sold houses there were and how many new listings came on the market within the past 30 days.

• It’s almost impossible to “time” the market because we are always behind a month in our statistics. For example, our May statistics won’t become available until mid-June, etc. However, your Realtor® can give you the statistics for your real estate market and it should help you to decide when it’s a good time to buy. Here in Portland, Oregon, the time to buy is definitely now when inventories are at all-time record high levels.

• Nationally, I heard the average # of months it would take to sell all the houses (inventory) throughout the U.S. is now at 11 months. A balanced market that is good for both buyers and sellers is when the inventory of homes for sale is between 5-6 months.

• Interest rates are still low. Now’s the time to buy!

PORTLAND REAL ESTATE INVENTORY OF HOUSES FOR SALE JANUARY 2004-APRIL 2008

INVENTORY OF HOUSES FOR SALE IN PORTLAND, OREGON

FROM JANUARY 2004 to APRIL 2008

LOOKING TO BUY A PORTLAND HOME?

Need some help purchasing a house in Portland?  Give me a call at 503-804-9685.

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