The recent listings/sales numbers are in from Portland Multiple Listing Service for December and for year end 2009.

 

Notice pending sales were up 266% this December compared to last December! The market made a turn for the positive in July and has continued on through the rest of the year at a steady pace. December saw 13 closed sales for the month.

There was a surge of inventory this year although only 125 properties are currently for sale right now. 2009 saw 333 properties for sale over the year. Nearly one third of the properties on the market sold this year.

The first part of 2010 will probably continue at the current pace with the first time home buyer and repeat buyer stimulus packages driving the market. Interest rates will go up slightly probably by mid year.

Financing will contiue to be a challenge. FHA requires a 3.5% downpayment and if your credit score is 580 or less you will need 10% downpayment. Other FHA fees are going up too. Reserves are falling so the premium for an FHA loan is going from 1.75% to 2.25%.

Major changes with lending are difficult to keep up with. What may be ok one week gets changed the next so if you are getting a conventional loan, put your seat belt on!