Today I sat an open house in Albany. Nice house. Well kept. Very clean. Great price. Good location. Nice neighborhood. For three hours I enjoyed the company and conversation of one of my favorite lenders, Michelle Maddux of Mission Hills Mortgage Bankers. Only thing was, nobody else showed up. Granted, it was a gorgeous day today in the mid Willamette valley, and there was that football game on that I'm sure EVERYONE just had to see... Still, I wonder what's keeping people from getting into that first, next or last home - or even going out shopping for a home now?
I realize the media is constantly bombarding people with news that the real estate market is in dire straights - thing is, that's just not true. We have more homes on the market now than I've ever seen in my five years in the business here in Linn/Benton counties. Prices of those homes are remaining fairly stable. In other words, there's not a significant downward trend in home prices either in Corvallis or Albany (the two largest markets here in Linn/Benton). Sure, the prices aren't going up as fast as they were last year, but they haven't started dropping precipitously. There are homes available in all price ranges from entry level "starter" homes all the way up to the million dollar plus dream estates. So, availability is certainly not the issue.
Are you waiting for interest rates to come down? Well, the fact is interest rates are still at historic lows. Sure, rates aren't in the low 5's or high 4's any longer, and they probably never will be again - at least not in anyone's foreseeable future. Interest rates are fantastic - loans are available now for less then 6%, 100% financing is still available, and if you're really strapped for cash, I can help you structure an offer to purchase where the seller will pay most or all of your closing costs for you. All you'll need is available cash for an earnest money deposit, decent credit, earned income and you CAN buy a home!
So, tell me, why wouldn't you buy a home in today's market? Drop me a line at Chuck@Corvallis-Homes-for-Sale.com and give me your thoughts. If you allow it, and I feel the question you ask is remotely relevant to others, I'll post both your question and my response. Help me understand, and I'll help you. It's a win-win for both of us!
Until next time...
