Best Buyer’s Market in 20 Years!

I am tired of all the negative press about our real estate market so I was really excited to get an email this morning from Bill Robie about the new marketing campaign being launched. The combined efforts of the Central Oregon Chamber of Commerce,  Central Oregon Builder’s Association, Mortgage Professionals (OAMP), and Realtors (COAR) are partnering to spread the word that it’s a great time to buy! Of course I agree and never miss an opportunity to share this view but it will be wonderful to have an alliance with the same mission. The message is pretty clear:

 

Interest rates are at near historic lows, 100% financing still exists as do interest only loans, and more homes of all types are currently available. It’s a great time to buy your first home or upgrade to the home of your dreams. The long term market is sure to appreciate. It’s all about the buyers! Will you be able to look back and say you took advantage of it or will you regret that you missed out?

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7 comments

  1. mindyallen · · Reply

    This is a great point point! The advantages of the current economic climate are being almost completely over shadowed by negative press. I have seen a few post online going as far as to accuse the NAR of being deceptive when they try to combat the negative press with the truth & statistics of the situation and say that Realtors are living in a “fantasy land” of denial when trying to convey the reality that we are in a full fledged buyers market!
    Mindy Allen
    http://www.mainehomesforsaleonline.com

  2. you are a clueless koolaide drinker. Don’t you run stats everyday to see the truth about our market? Just drink what is served to you. You will be out of business before years end. Unless you don’t need to work. If so you can play office and webmaster for the next 3 years and then leave.

  3. Sally Heatherton · · Reply

    Oh Cheri. I’m so sorry. But it’s all over.

    It was so marvelous while it lasted, wasn’t it?

  4. mindyallen · · Reply

    I choose to look at the upside. Sure I can read stats and I do…because it helps me tailor my business to stay effective and relevent regardless of the market. As the market goes down, my own business has actually increased. The difference is that the people who got into this business without having to work at the business due to the thriving market of recent years don’t have systems in place to handle the changes and suffer. Mostly from a pissy attittude that will hasten their exit from the business, but in the end it will only raise the quality of agents left behind so I really have no problem with this idea…

    This market is a benefit if you choose to see it that way…
    1. People are bailing out of this business in record numbers which decreases competition…pretty big plus for those of us left standing and 2. If you are smart about your business and change with the times and conditions of the market than you will survive regardless. If I were a new sales agent I would be more concerned but I am not. Nor do I feel I am a “koolaid drinker”, though kudos for the snappy quip. For the record I am a single mother so yes, I do need an income…and I am making one now because I have a good attitude. As old niches in the market slow down, others pick up. If what you’re doing isn’t working change and adapt your methods until they do!

  5. Ladies, I can understand how this might be the “best buyer’s market in 24 months.”

    But explain to me why this is a better buyer’s market than any of those other 18 years, when the ask price/income/equivalent rent math was much, much different.

  6. mindyallen · · Reply

    I am in Maine so I can’t speak for your market but when you take a first time home buyer out with a healthy price range of 170,000 for their first home (which is a good range here) and you can’t find anything that doesn’t require substantial work, is under 100 years old or located in the middle of nowhere…it is a sad state of affairs (at least in my market and in my opinion).
    NOW buyers in that same range are getting much better houses for the same price range and in better locations and at the same if not lower interest rate as when the market was peaking…lower prices…good interest rates, both give buyers more options now and that is good.
    As I said your area might be different but it is comparable no matter the price range because the lower the price the more affordable they become to the people who had begun to get shut out of the home buying market due to the high prices driven by the high demand.

    Yes, they may be able to save money montly by staying in a rent but do they own it? They’re paying a mortgage it just happens to be for someone else benefit and not their own.

  7. cherismith · · Reply

    First I’d like to say Thank you to Mindy Allen. I appreciate your well thought out comments.

    Mookie, I’d say the difference is interest rates. 18 years ago, the index was nearly 9%.

    Marge, I do not appreciate posts that do nothing to add to the content of my blog, let alone insult other people that take the time to read my blog and post legitimate comments. As for being out of business by years end, my business so far this year has been wonderful and if this trend continues, this year will be a far better year than last year. The same is true for many, many agents I talk to.

    Finally, I was not the one to come up with the “Best Buyer’s Market in 20 Years” slogan. That was a joint effort by the above mentioned groups/organizations. I like the message it sends though and since I choose to focus on the positive rather than the negative, I decided to use it.

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