The high inventory of foreclosures in Portland, including pre-foreclosure short sales and REO bank owned properties, is a driving factor in home prices and sales according to local REALTOR David Somerville.
Online PR News – 14-July-2011 – – Portland, Oregon – The high inventory of foreclosures in the Portland market, including pre-foreclosure short sales and bank owned homes, is driving prices and sales according to local REALTOR David Somerville.
"Prices are at historic lows right now, and the large inventory of bank owned Portland real estate seems to be the biggest factor."
Somerville, who has been listing Portland homes for sale for 10+ years, says that sellers have a lot of competition from banks whose primary goal is to sell their inventory fast.
"In analyzing the real estate market, many times people make the mistake of focusing only on the demand for homes, not the supply. What they're missing in this case is a fantastic buying opportunity due to oversupply."
According to Somerville, supply will dwindle and buyers will become financially ready to buy a home again.
"The time to have bought a Portland home is obviously before the prices and demand return to boom levels. In my opinion, that means buying from the banks right now."
He says that with each passing year of the housing market instability, the inventory of Portland foreclosures will have less impact on the overall market because banks will eventually close out their bad loans.
"I believe that when the foreclosure inventory is bought up, we're going to see significant price increases again."
He says that in the meantime, investing in this market may turn out to be the best financial decision some people make in their entire lifetime.
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