Oregon Mortgage Broker: We’re All Good!
First, take a look at national headlines. They’ll scream, “Is the housing market getting worse?” or “Has the housing market bottomed out?”
Maybe it has everywhere else, but not in Oregon — and definitely not in Portland or its surrounding communities, including Tigard, Tualatin and Beaverton, according to local agents.
The trouble seems to be that not very many people realize this.
“What’s going on nationally is not necessarily relevant to the local market,” said Brian Bellairs, principle broker at Meadows Group.
Meadows Group is based in Tigard and Portland, covering both the west and east sides.
“Different states have their own different markets,” said Bellairs. The Portland housing market itself has “many, many markets.” What may be a problem in another state, or even another city, may not be such a big deal here.
“I think our market is OK now,” said Bellairs. “It’s a very good time for buyers to buy. Anyone who doesn’t get in right now will look back (and) they’ll say, ‘I should have bought then.’”
But she says there is always the challenge of making sellers understand that if they want their home to sell well, they have to present it well. Many sellers still think they live in a 2005 housing market when buyers were basically standing in line for houses.
“2005 was an incredible sellers’ market,” said Sanders. “In the east side, there were multiple offers on a single home. People thought, ‘I can get anything for my house and I don’t have to do anything to it.’ That has all changed.
“It’s not 2005. Now buyers have more inventory to choose from. It’s just like when you’re shopping; you can pick up and put back. Buyers now have the ability to comparison shop.”
Her rule: “If you compete you can sell, if you’re not willing to compete, you won’t sell.”
She says it’s been a struggle to convince sellers that there is a different Oregon mortgage market out there now.
Bellairs agrees it can be a challenge to show people how the national problems are not necessarily the local problems.
“We still have a good market,” he said. “But we don’t have a market like 2005 and 2006.” In fact, he said, “Oregon has one of the best markets. It’s steady and predictable.”
He says he usually doesn’t have a problem convincing sellers of the necessity of cleaning up their homes. With the exception of the “extremely hot market” in 2005 and 2006, this is what he has always advised.
Another part of looking at the home loan market locally instead of nationally is for sellers to understand exactly what sort of home they are trying to sell.“It depends on where you are and what you have,” said Sanders.
If, for example, it’s a townhouse up at Progress Ridge in Beaverton, Sanders says, “There are way more townhouses than we can absorb for a long time. It’s probably not going to sell.”
Here’s where the real estate agent come in.
“We take your house and look at it specifically,” said Sanders.
Bellairs says most sellers understand that this housing market is “not a market to sit back and hope your home sells. I’m having people coming to me . . . and saying, ‘You’re the expert. I need to listen.’”
SOURCE: The Tigard Times