Are you interested in buying or selling a home in or near Eugene, Oregon? The confusing thing about knowing the best time to buy is that even though one area of a city is drastically falling in value just next door the prices may be holding steady or even climbing. That is why when someone says the market is beginning to turn around some are left with confusion. What are they talking about?
Just last month home values in East Eugene Oregon were $15,000 higher than the years overall values. But then glancing at West Eugene Oregon values were $20,000 less than the years overall values. Our economy is confusing. Buyers interested in East Eugene were all thinking that the market was growing and West Eugene sellers were in a panic. Other areas that values are growing are River Road, North Gilham, the Mohawk Valley, the Hayden Bridge area, Pleasant Hill, Oakridge, and Cottage Grove. Fairly steady areas are Junction City, Thurston, Ferry Street Bridge area, Danebo, and Springfield. Areas that have been feeling the frost(fallen values) are McKenzie Valley, West Lane County areas, Santa Clara, and Southwest Eugene.
The housing market is very similar to the stock market. Values climb and values fall. There are so many things that influence the housing market from mortgage rates to available jobs in the area. The reason no one can point a finger at the exact cause of a drop or rise is no one can see everything affecting each area. You can watch certain areas and guess that the values are going to rise or fall, but each day holds a different hand of cards. Our economy is just a description for all the numbers that equal up to our current situation. The best advice on buying or selling a home in a certain area is to spend a couple months to a year watching its trends. Watch to see if values are climbing, what kinds of jobs are available, how secure is the job industry in the area, is the area growing or holding steady, are local businesses solid or are office spaces coming and going, is the community able to afford community recreation? There are so many more facts to watch for; these are just a few.
If the area’s values are falling then as a buyer you may be interested in picking up some investment property. Real estate is definitely not something you would ever want to rush into. Do your research. If values are dropping then selling may not be the best idea. The great thing about the housing market is that it always seems to turn around. It just depends on the time you have to wait.
If the area’s values are rising then as a seller you may be gearing up to go on the market. Selling your home in a prime market means you may get a great profit from your home and buyers may be grabbing at that last good deal. As long as only a few sellers go on at a time then the market values will continue to climb, but as soon as sellers catch on that it is a great time to sell and too many join the market then home values steady out and may even fall.
Use your research tools and watch carefully before you make that all too delicate decision of where you invest your money. The housing market is definitely a great place to invest if you make the right decision. Just like the stock market a bad decision can leave you empty handed, and a good decision can fill your pockets.
Information Dated: June 15, 2009
