Tuesday, July 1, 2008

Portland Homes: West Coast Bargain

From Realtor Carla Muss-Jacobs:

I realize that I'm writing about the dirty "F" word. And I sincerely don't want to appear smug, but this just in: OREGON has the lowest foreclosure rate in the nation!This is according to Dr. Lawrence Yun, Chief Economist of the National Association of Realtors(r). Second in the nation is our neighbor to the North, Washington state.There are reasons for this, in my humble opinion. I practice selling in the Metro Portland area. I've been an Exclusive Buyer's Agent for a long time, and I've seen a few "seller's" markets . . . I've written my share of offers that had "escalation clauses" because the offer was presented with OTHER offers (multiple offers). But, this was rare and not typical.When I heard about the other "west coast" states' markets I realized that we weren't jumping through that same hoop. Yes, we had appreciation. Yes, we had some good equity built in some properties. But no where near some markets, e.g., San Diego, Los Angeles, San Francisco, Seattle. Up and down the West Coast prices were going and going and going UP!
We held a steady pace. Not sure why. But we did. I would tell my customers and clients that the Metro Portland market was the "West Coast Bargain Basement" price-wise. Now, my summation is substantiated with the latest news. Oregon has the lowest foreclosure rate in the nation BECAUSE we were prudent in our pricing. At least that's my opinion!Sure, we are way off from last year-to-date stats. Sure, we have properties that are lingering on the market. Sure, we have foreclosures . . . but . . . we didn't go nuts in the years of the Seller's market, and our bubble wasn't blown up to burst so hard and fast!