/EINPresswire.com/ Portland, Oregon – Portland area real estate expert David Somerville sees buying opportunities in the current housing market that can be used by first time home buyers and trade-up buyers alike.
Somerville says that the dual combination of historically low prices and interest rates provides a once-in-a-lifetime opportunity for many buyers to lock in lower house payments on Portland real estate than ever before for a much nicer home than they ever thought possible.
“Many people just don’t realize how ideal the market is right now. There is an abundance of inventory which tends to bring prices down, of course, but it also provides a better selection of homes to choose from.”
He says bank owned inventory of Portland homes in particular is high, and that has served to make prices even more affordable for first time buyers. It has also made it easier for buyers needing to trade up as their family grows.
According to Somerville, to get the best deals on bank owned listings, it’s best to be pre-approved so buyers can act quickly to make an offer on undervalued properties.
“Since banks usually underprice their properties, they often get an offer quickly. The buyers that come prepared to make a serious offer generally get the best deals on the best homes, and can usually close escrow in as little as three weeks.”
He says that mortgage rates, which are tied closely to the bond market, are expected by many experts to resume a long uptrend soon, leaving this historic buying opportunity behind.
“I’d definitely recommend that anyone in a position to buy right now take a serious look at the Portland real estate market.”
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