Leonard Cohen sings “The Future”.

Today is the last day to get in contract on the purchase of a new home and receive either the “First-Time Home Buyer Credit” or the “Repeat Home Buyer Credit” .  Since many experts feel that these tax credits (especially the 1st-Time buyer credit) have fueled sales in the national and local Portland metro area real estate market, will there be a backlash in the market? I have read arguments on both sides and don’t really feel I have a clear picture. Locally, I’ve spoken to Realtors who feel it has been a substantial boon to their sales and others have not experienced as much affect.  Of course, that could be a direct result of the average age and/or income of each particular Realtor’s client base.  I do feel we will now see what our “real market” might be without artificial stimulus.  One piece of good news from the Fed last week was that they intend to keep the mortgage interest rates low for an extended period of time.  No one knows how long but we all know that interest rates do make a huge difference in our ability to purchase!  There have been multiple positive reports on the state of the recovery of our economy, so there are indications we are slowly digging our way out of a hole.  I believe one of the most critical elements of the recovery of our Portland real estate market will be mortgage availability and jobs.  (And, the real estate market often leads any economic recovery but we must have job security to have a real estate recovery and so it goes round and round).  I have seen the tightening of the mortgage market as the biggest deterrent to my client base moving forward with their next real estate adventure!  What do you think?

About the Author | Janeese Jackson

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My job is service...service to you and your real estate transactions! How can you benefit from my 20 years of experience and expertise? What can I offer to make the process more productive? * Current information on available housing...comparative and competitive market pricing and analysis * Daily involvement in the local real estate marketplace * Thorough, comprehensive knowledge reflecting years of helping others complete their real estate business * Extensive network of professional resources to make the process as smooth as possible My commitment is to you! Being available to you...returning your calls...answering your questions...addressing your concerns...respecting your money...matching your timeline...meeting your expectations...helping accomplish your real estate goals!!