Last week I attended the monthly CCIM Commercial brokers marketing session and the luncheon speaker was the State of Oregon economist.
My take on the report was that Nationally we are in a recession but in Oregon the majority of our business sectors are still in year over year and quarter over quarter growth. As a state there is an expectation that housing prices will go down 5-10%… BUT…. The Case/Shiller Index shows the metro market rebounding already over the last 3 months. Areas like Bend and the outerlying areas will likely fall more and Portland metro, especially the inner areas will stay strong. Timing any market is mostly good luck and guessing but keep in mind if you’re on the fence that we are experiencing very real inflation and that will likely trigger rate increases [which we are already seeing]. A small rate increase can completely remove any benefit of buying at a lower price. See this great article about cost vs. rates [paragraph #9 has the math for you]
Read the Executive Summary here