This year is shaping up to be another year of decline for the Tigard Housing Market for Existing Single Family House Sales. Many Portland Realtors may be trying to soften the blow a bit but the numbers speak for themselves. Short Sales and Foreclosures continue to put downward pressure on home values as buyers fear further home value declines. The prices of today are making it hard for Oregon home sellers specifically in Tigard Oregon because of the amount of Tigard Short Sales and foreclosures. Tigard and Bull Mountain short sales and foreclosures make up over approximately 70% of all Tigard home sales. As Tigard Short Sale Realtors we have first hand experience is seeing current Tigard short sale pricing. About 32% of home buyers are first time home buyers and their entry purchase price point is lower than the traditional up-sizing or down-sizing consumer.
The stock markets downward spiral is not helping buyer sentiment much and the weak jobs reports compounds the resistance to buy as fear of losing a job is real. With the stock markets’ mercurial rising and falling those consumers with disposable income and perhaps even the desire to purchase a home are often convinced otherwise by negative media stories, dwindling stock portfolios and lack of security in investments in general. Many purchasers wish to buy below fair market value in order to hedge against the possibility of further price declines making short sales and foreclosures front page news.
The global market fears of debt accumulated by European countries continue to haunt equity markets. This is good news for bonds as mortgage rates as we have record low interest on new and re-financed mortgages. You would think more buyers would enter the market but many household’s wealth has wiped out by declining home values and the equity markets.
Investors are present in the buyer field but there are only so many of them in total number. Even with home values expected to drop another 5% before years end it is still a great time to buy a home especially a Tigard Oregon Short Sale.
The number of deals gone bad nationally or terminated transactions has risen to 16% with many of them being cancelled at the last minute.
The bottom line is; as Tigard Short Sale Agents we continue to stay busy and are maintaining our exceptional National Rating as Short Sale / Foreclosure Resources Agents