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Portland Real Estate Market Conditions December 2011
How’s the Portland real estate market? Comparing all of 2011 with 2010, there are mixed signals in the mls numbers. The good news is that closed home sales are up 4% over 2010 and pending sales are up 6%. However the 2011 median sales price for a Portland home is down 7.9% from the previous year. And the number of new listings is down 25.4%. Theses conditions could push Portland real estate prices higher in the coming months. Here’s why. The small amount of new listings coupled with a small increase in sales means less homes for sale to choose from. (We call it inventory.) December 2011 had 5.3 months of inventory (See the chart below from Portland’s mls.)...
Read MoreForeclosure Homes — 2012 Trends for Foreclosures in Portland
Foreclosure homes in Portland (also called bank owned properties) will continue to drive the Portland real estate market for the coming year. Here’s why you need to know what is anticipated for foreclosures in Portland. For the short term Portland home buyers and investors should see the Portland real estate market improving. Long term, home sellers may see the beginning of the end of the foreclosure homes bloating the market. (Although it may take most of 2012 to begin to see strong results. There are still a number of foreclosures in Portland to be sold.) For home buyers and investors 2012 is the year of opportunity. The number of foreclosure homes will keep...
Read MoreHow Much Down Payment Do I Need to Buy a Home
It’s easier than you might think to buy a home in Portland. There has been so much news about stricter lending requirements over the past few years. Many folks who could be first time home buyers think they are unable to buy right now. Some folks think you need 10% or 20% of the sales price to buy a home now. Some think there are no loans for first time home buyers. Well I’m here to tell you that is just wrong information. You too can take advantage of historic low interest rates and low prices for Portland real estate. 3.75% is the current FHA loan interest rate for buying a home. (Click here to get more complete information including APR.) Call me...
Read MorePortland Real Estate Market Conditions November 2011
How’s the Portland real estate market? There were more closed home sales in Portland in November than there were in October or in the previous November. Sold home prices are also up. A home purchased in January, 2011 would cost about $10,000 more in November. Do you want to buy a home in Portland? Can you believe these interest rates? Fixed rate FHA loans and conventional loans are still under 4%. Now if buyers just had a few more homes to choose from… (Looking for Portland homes for sale? You can search the entire Portland MLS from this web site. Customize your search according to your house criteria, schools and lifestyle needs. Give it a try.) Thinking of selling...
Read MorePortland Real Estate Market Conditions October 2011
How’s the Portland Real Estate Market? Portland home sales this year are shaping up to be an improvement over 2010. According to the latest stats from RMLS, closed sales are up again compared with last year. For October 2011 closed sales are up 14.1% compared with October 2010. Pending sales are also up 15.1% compared with last year. Thinking of buying a home in Portland? Last week the 30 year fixed rate for an FHA loan was still 3.75%. Amazing! Who knows how long these low rates will last. Thinking of selling your home in Portland? For October the average market time was 136 days. (This report is a snapshot in time. To compare October with previous months, see...
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