Q: Why is now a good time to buy and why Northeast Portland?
A: Well, you’ve obviously heard the hype if you’re asking this question. There is so much going on in the market right now, but the top three reasons why now is a good time to buy are motivated sellers due to inventory, availability of FHA loans and historically low interest rates.
Let’s start with sellers and inventory. Affordability is high and there is an abundance of inventory in most areas. A modest recovery for existing home sales was seen in 2009 and is expected to continue through 2010. There are many options out there for buyers and sellers who are willing to negotiate and work towards a win-win situation.
The FHA single-family loan program is alive and well. As specialty mortgages have faded away, the FHA is stepping in. In fact, the FHA market share is up to more than 30% from just 6% in 2007. Find out about loan programs at www.hud.gov/buying/loans
All in all, now is an ideal time to buy. As far as the neighborhood, that is a personal decision and you should spend quality time in each location. Each quarter of Portland has a personality. I think it is described perfectly on Travel Portland’s site. They describe the different personalities and give you a taste of each one. Northeast Portland has character, an active arts scene and an abundance of diverse local coffee houses and restaurants lining the streets.