….. And quickly moving into winter.

So what does that mean for real estate? It means it’s a great time to buy. Despite all the dooms day press out there, Portland is holding strong, we have lots of inventory, and there are some great deals being made out there. Fall/Winter is typically more of a buyer’s market, and with the recent downturn in the market it is an especially good year to get in to a new home or investment.

Sellers are definitely having a harder time of it, but those sellers who are pricing their property right and doing all they can to present their property in it’s best possible condition are selling their homes in a relatively short period of time.

I recently sold a remodeled, 70’s traditional, near Murray in about 10 days. I also sold another listing in Beaverton, Hiteon area, that had been FSBO for about 8 months. We got is sold in about 6 weeks despite the long history in RMLS. Sellers need to remain open minded and willing to negotiate. I’m not saying give away the farm, but definitely know your flexibility and be realistic about the market. Your mortgage company can supply you with your payoff amount, and be sure and ask about any penalties for paying the loan off.

Recent statistical data from RMLS indicates that inventory is up, and prices are slipping slightly, a fairly normal trend for this time of year. Most of the folks I talk with at open houses and in my normal course of business are all planning on “after the first of the year”. Folks are tucking in for the winter and/or watching the market.

In a nutshell, if you are buying, get out there and make a great deal. If you absolutely must sell, then know that it is possible to do so in this market. If you can wait until February and March, then you may get a better deal all the way around. I think the January and early February will be very telling as to how the rest of 2008 is going to unfold.

In the meantime, if you would like information on buying or selling, please do not hesitate to contact me.

Opinions expressed in this article are the opinions of author, and not to necessarily the opinions of Meadows Group Inc.
All rights reserved on all original content, non-original content is given credit | Michelle Berry | 2009