It’s been a changing year for real estate in the Portland metro area. We’ve moved away from wildly speculative asking prices, and appreciation has held a healthy pace of 6.7% (from Oct 31, 2006 to Oct. 31, 2007). Add that to the double digit appreciation of the previous few years, and you can see your home is still a wise investment. AND you have equity that is still growing.
The Portland area outshines the nation in real estate values and sales. Due to national stories on the nightly news about other cities, many Portland viewers believe our local market is in bad condition. But that is simply not true. There is great financing available, hovering between 5.5% and 6.1% in the first week of Dec. 2007, for a 30 yr fixed or VA. Call or email me any time….I get daily mortgage rates emailed to me, and I will gladly pass them on to you. Asking prices are competitive, so there are some good buys and room to negotiate on your next home. If you’ve owned your home for a few years, you have plenty of equity, and it’s still growing.
The latest news from Washington DC, is that there will be legislation soon that will freeze those ARM loan teaser interest rates for several years….how long, is being discussed, but they are saying 5-7 years. This will give borrowers with ARMs about to have a higher interest rate go into effect, a chance to build equity and improve credit, refinance or sell and move up.
If you have a need for more space, to downsize, or move closer to work this is as good a time as any. Real estate has always, through history, been a great investment, and with low interest rates, plenty of equity and asking prices in line with true market value, there is no reason to wait for what you really want in a home. In fact it is an ideal time to make a move.
If you have any questions about real estate, current market values, if you’d like to see if there are any “really good deals” for the sort of home you’d like to move up to, contact me and I’ll help you make your real estate work for your future.
Mary A. Tinkler – Real Estate Broker
Shattuck & Co. Real Estate, Inc.
P.O. Box 2261 Gresham, OR 97030
Direct: 503-663-6502 – Office: 503-663-2336
Email: tinklerm@msn.com
http://marytinkler.point2agent.com
http:////marytinkler.blogspot.com
Merry Christmas & Happy New Year
Monday, December 10, 2007
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