By: dj

dj — Tue, 02 Feb 2010 15:05:44 +0000

I think activity should start picking up over the next 3 months. With low interest rates, tax credit expiring April 30, and homes at 30% discounts off their peak, I would be very surprised if we don’t see the pending and sales numbers increase over the next few months, especially in the sub $400K range. The only thing that might affect sales activity is Oregon’s unemployment rate, which is at around 11.4%. However, that still leaves a significant 88.6% of the working population that can potentially make a deal on a home, especially if they are current renters. What’s the likelihood that the Obama administration will extend the tax credit ? I think it is very unlikely as it was not a very popular measure to begin with and the administration has recently been very sensitive to populist outrage. Specifically to this week’s numbers, the property on 2350 Haskins appears to be one of the new Icon homes. How is it that the home can sell for $48K above list price ? Was there a bidding war, or was there some kick-back to the buyer ? I seriously doubt the bidding war scenario – Icon homes have been sitting on the market forever, and in this market environment, I doubt there were that many bidders that would have bid up the property 8% above list price, especially when there are plenty of other available lots where a buyer with that much cash can just get their home built to their specifications.

Comments on: West Linn Real Estate Market Activity — January 25 – 31, 2010

By: dj