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2009 First Time Home Buyer Tax Credit Q&A
So many people have asked me how the federal $8,000 tax credit works. Basically it’s a once in a lifetime opportunity to buy your first home and get paid by the government. Here are some highlights. What is it? It’s a gift from the federal government to all you first time home buyers. It’s goal is to help stimulate home sales and make first time home buying more affordable. Who is a first time home buyer? If neither you nor your spouse have owned a residence in the last 3 years you qualify. What kinds of properties are covered? As...
read moreFive Basics About Rental Property Financing
Portland real estate investors are finding that today’s market creates excellent conditions for buying and owning rental properties. Vacancy rates are low right now. In addition to the normal pool of renters, previous homeowners who have had a foreclosure or short sale of their home need to rent for 2 to 4 years before they can again purchase a home. Then there’s the fact that the prices for Portland homes for sale are at about 2004 price levels. And have I mentioned how low interest rates are right now? This all translates...
read moreWhy Go Green With Portland Real Estate?
We’re a green city so it’s fitting that much of Portland real estate is beginning to employ green building technology. We’re seeing it in new construction and also green remodeling projects. The Earth Advantage Institute is working with the Portland real estate builders and remodelers to rate home energy performance, certify green buildings in the Portland real estate market, and inform builders and home owners about the many energy tax credits. Just in case you need encouragement or a rationale for going green,...
read morePortland Real Estate Market Conditions February 2012
How’s the Portland real estate market? We have good news. We are seeing slow but sustained growth in the Portland real estate market. For February 2012 the number of closed and pending sales are up. We also had higher average sold prices than the previous February and higher than the previous month (January 2012). The average market time for February is 138 days. It was 177 days in February 2011. So homes are taking less time to sell. Prices for homes for sale in Portland are currently at about 2004 to 2005 levels. So if you purchased...
read moreDon’t get the Short End of a Short Sale
The idea of foreclosure sends most homeowners spiraling into misery, and they quickly make the decision to opt for a short sale instead. It is no wonder short sales have become so prominent. However, this preferred solution might not always offer the best alternative, as it is not always easy to execute a short sale. In fact, some short sales have been unsuccessful, leading to the abhorred foreclosures and bankruptcies. Here are some highlights to ensure you don not get the short end of a short sale. As a homeowner, do not make the mistake of...
read morePortland Real Estate Market Conditions January 2012
How’s the Portland real estate market? January 2012 data is encouraging experts to predict the worst is over. Prices seem to be stabilizing. Sales are increasing. We’re finding multiple offers for competitively priced homes in Portland. Here’s why we may be seeing the beginning of a good Portland real estate market. Portland real estate sales continue to show improvement. There are more closed and pending home sales for January than there were a year ago. The time it takes to market a home has decreased from...
read morePortland 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...
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...
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% ...
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...
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?...
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