As they say, "One man's loss it another man's gain". Right now it is home buyers who have everything to gain. Just a few short years ago it was the sellers who were in control of the market and buyer's were pretty much at their mercy. If you wanted to buy a house, you often had to bid higher than the asking price, additionally, buyers were foregoing home inspections and were even willing to pay all the closing costs themselves. Portland home buyers were more than willing to jump through any and all hoops to secure a house at almost any price.

Now the market has shifted. Sellers calling the shots is a thing of the past and to get a home to move in this market it is the seller who has to be creative and accommodating. Buyers are calling the shots with offers that include home inspections; requests that the seller cover HOA association fees, other inspection fees and closing costs; decorating allowances; home improvement; and prices way below the sellers' asking price.

So why are buyers hesitating? Fear of the economic crisis, continued home price declines and rising unemployment are all concerns for a significant number of potential home buyers. However, if you are in a financially stable situation and you think you will stay in the same house at least five years, here are five top reasons why this is a good time to buy a Portland home:

1. The affordability of homes.
According to the NAR (National Association of Realtors) housing affordability index, in December, homes were more affordable than at any other time since the organization began the index back in 1970. This index is a measure comparing the relationship between home prices, mortgage rates and family income.
Recently, in a report from Moody's, they predicted home prices will stabilize by the end of 2009.

2. The supply of homes from which to choose is large.
The slow down in the housing market has caused homes to stay on the market longer, leading to an excess of inventory. When there is a large inventory, buyers have more choices, which drives prices down. As buyers start to jump back into the market, the inventory will shrink and cause prices to start going back up. The best time to get a great deal is before too many others get into the buying mode.

3. Home builders are offering perks.
New home builders are offering price reductions, free upgrades as well as other perks like free appliances, homeowners' fees being paid, special low interest rates and even decoration allowances. Perks like this will certainly go away once the inventory starts to go down.

4. Mortage rates are at historic lows.
Mortgage lenders aren't lending quite as easily as before, but if you have good credit and the needed down payment, mortgages are historically low and hanging right around the 5% mark.

5. There's an $8,000 tax credit.
If you are a first time Portland home buyer, you will qualify for the $8000 federal tax credit if you purchase before 12/1/2009. The nice thing about this tax credit compared to the one that was offered in 2008 is that this one doesn't have to be repaid. It's always nice to have that extra money, especially when buying a home.

If you are looking for more information about Portland Home Mortgages, Portland Refinance Help has mortgage information that you may find helpful.