Is Now a Good Time to Buy a Property?

"Is it (now) a good time to buy a property?"

Let's address some common concerns:

1. Recession: if you look at home prices over the last 60 years, and account for recessions that happened during that time, you will see that home prices continued to appreciate over time. There's not a point in this timeline where home prices weren't higher 10 years later. Real estate is a long term investment and history shows it will weather recessions.

2. Interest rates: While it is predicted that interest rates may come down this year, there's no guarantee. A purchase now means you lock in your rate and cost of shelter for the long term. Assuming the payment is manageable now, if and when rates do come down you can refinance (some lenders are even offering to waive lender fees for refinance when rates do come down!).  

3. Over the long term, real estate is a winning investment. Back to #1 above, think of real estate in 10 year increments. What's on the horizon for us in the next decade? We are looking at a national housing shortage (actually short by about 4 million units!) and with only about 1/4 of that need being met with new home starts each year, it will take a long time to recover. Millennials are aging into prime home buying years, with limited inventory for them to buy. That's a simple supply & demand equation for any property you own over the next 10 years.

If you're on the fence right now, and your home purchase has been tabled for any of the above reasons, are you open minded to a conversation? Connect with Jennifer Schurter, a real estate agent in the Portland, OR Metro area.