Tuesday, August 28, 2012

Buy Now or Rent?

Often people ask if they should rent in Florence before buying. Typically I would say that is fine, but today is NOT the time to be standing on the sidelines. Historically low interest rates together with a very large inventory of “motivated sellers” tell me to buy now. Prices are now at 2003 levels and in some cases are even lower.

As of this posting, we currently have 445 residential listings in the Florence Oregon real estate market with a median asking price of $169,000 and an average of
320 CDOM (cumulative days on market).

In the last 12 months we have sold 282 homes at a median sale price of $155,000 and 298 average/179 median CDOM.

I the last 6 months we have sold 146 homes at a median sale price of $156,000 and 335 average/194 median CDOM

In the last 30 days we have sold 27 homes at a median sale price of $150,000 and 373 CDOM.  A 30 day snapshot should not be relied on to predict the future!

It still feels to me like we are at the bottom. Now is the time to negotiate your best price as the winter season will soon be upon us and sellers are aware that the market will go flat as the rain draws near.
All in all, inventory is up and asking prices are down slighlty.The secret to success is to work with a
local experienced buyer's broker.

Please feel free to call 541-997-5926 or email me at
dale@florencere.com if you have nay questions!