I am hearing it everywhere (Twitter, blogs, meetings, and from other agents) that real estate is picking up. Pending is the best gauge of the optimism even if the deals don’t close. Here are the recent Pendings for the Portland Metro Area (areas 141-152):
- Jan 1062 (470 the first half and 592 the second)
- Feb 1142
- March 1110 (with still a week to go in this month can we add 300 more?)
The reason? Great interest rates for one. One client locked in 4.3% with a point. Builders have worked with the banks to save their bacon and are offering 3.875% for 30 year loans which is just ridiculous.
Many are deciding that even if prices fall more, which I think they will, locking in good interest rates will make up for that in the long run. This market is best suited for long term buyers since the short term looks very murky.
I will post again at the end of the month to see if we added 300 more Pendings.
