Contributed by Kevin Harper
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Historically Low Interest Rates Means Portland Real Estate is More Affordable For First Time Buyers
PORTLAND, Ore. – Continued easing from the Federal Reserve is driving historically low interest rates for Portland OR real estate buyers says local REALTOR® David Somerville.
According to Somerville, the Fed's attempts to revitalize the economy with low interest rates should be seen as a gift for anyone wanting to buy a home right now, because low interest rates significantly lower the cost and risk of buying a home.
"I know from experience that some buyers won't decide to purchase Portland real estate until interest rates start to rise again. By that time, prices are likely to have already started to rise as well."
He says that means buyers who wait too long may get neither the lowest rates nor the lowest prices.
"I've never seen the national average for interest rates this low at only 3.85%. Someone who buys a $200,000 home can have a mortgage payment of less than $1000. You can buy a lot for $200,000!"
Somerville sees more first time homebuyers and investors entering the market for Portland homes for sale as a result of lower interest rates.
"This is a great time to get into a new home, in my opinion. No matter what the Fed does in the future, I think we'll look back on this period as a great opportunity for buyers."
About David Somerville
David Somerville is a full time REALTOR® with an extensive knowledge of the entire Portland Oregon metro area. His knowledge of local neighborhoods proves valuable to Portland real estate buyers and sellers alike, whether they are in the Downtown area, or suburbs such as Lake Oswego real estate, Hillsboro real estate, West Linn, Beaverton, and Tigard.
David Somerville
5 Centerpointe Dr. Suite 150
Lake Oswego, OR 97035
503-789-7633
http://www.maxwellsinclair.com
dave@maxwellsinclair.com
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Kevin Harper, SEO's Posterous
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Kevin is a real estate web developer specializing in real estate SEO, IDX integration, and press release writing and distribution.
