Hi all: Up here in the Seattle area, things are still a little slow on the mortgage scene although I'm fielding more inquiries about purchases lately. I believe people are coming out of hibernation up here and it should be a good summer. I'd like to see more buyers get off the fence as it's a wonderful time to purchase a home.
There is at least 6 months worth of inventory up here and prices have barely moved in the last year. Coupled with very good interest rates (30 year fixed at 5.875% O.A.C.), it's an excellent time to buy if you're in the market. I expect that trend to continue for the next few months. After that, it's anyone's guess.
In the Seattle area. we've been largely immune to the brunt of the mortgage crisis that has hit other parts of the country hard. Part of that is because we're always the last to feel the effects. The other part is we've had strong job growth and wages are good.
Well, that's it. Thanks for reading my intrepid Pacific Northwest Market Report! Talk to you soon!
Paul
Paul McFadden
Portland is in a very similar situation to Seattle. The market is soft in parts, but overall home values are hanging in there. Lot of home inventory, but I'm anticipating a big summer as you are.
Good luck to you, Marc. I feel as if our 2 areas are very similar, except for the size difference. Take care.
Paul