The first quarter of 2013 proved that the Portland real estate market continues to recover.  “Both accepted offers and closed sales earned ‘Best March since 2007′ honors,” according to the RMLS Market Action Report. You may remember that 2007 was the last boom year before the crash. In addition the median sold price for Portland homes was up a whopping 16.6% over the first quarter of 2012.

Talking About The First Quarter Of 2013.

Portland real estate activity is up. Sold prices are up, the number of sales and accepted offers are up. Mortgage rates remain low and inventory levels (the number of homes available to buy) remain very low. –See further on in this post for more information about inventory levels.

Here’s a quick look at the first quarter of 2013.

Sold Prices For Portland Real Estate:

For the metro area, the median sold price for Portland real estate for March was $250,000. (Half the Portland homes sold in March were below $250,000 and half were above it.) The highest median sold price was for Lake Oswego and West Linn homes. It’s median sold price was $433,000 for March 2013. For Beaverton and Aloha the median sold price was $233,800. For Tigard, Tualatin, Sherwood and Wilsonville it was $285,000.

Median and average sold home prices for Portland real estate are back up to 2005 levels.

Are you 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. Learn about Portland foreclosure trends here.

Thinking of selling your home in Portland? For the 1st Quarter of 2013 the average market time was 113 days. That’s down from the 1st Quarter of 2012’s 135 days by 16%.

(This report is a snapshot in time. To compare October with previous months, see my other reports on Portland Real Estate Market Conditions.)

Definitely A Sellers Market For Portland Real Estate

To see if it’s a buyers market or a seller’s market check out the chart. 

For Portland homes for sale, it’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions First Q 2013 appeared first on Portland Home Source.

Take a look at this summary chart. As we climb out of the housing recession, 2012 was a pivotal year. Portland real estate prices are up, number of closed and pending sales are up, market time is down. The main issue now is there are not enough Portland homes for sale to satisfy all the buyers.

Are you 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. Learn about Portland foreclosure trends here.

Thinking of selling your home in Portland? For December 2012 the average market time was 111 days. That’s down from December 2011’s 143 days by 21.5%.

(This report is a snapshot in time. To compare October with previous months, see my other reports on Portland Real Estate Market Conditions.)

Let’s talk about the December 2012 figures.

For Portland real estate in December, 2012 prices closed sales and are up, accepted offers are slightly down. The time it takes from new listing to accepted offer is down.

The median sold price for Portland real estate in December 2012 ($247,900) is 14.5% higher than the previous December.  The number of closed home sales are up 9.2% from the previous December.

Here’s a look at the median price for a Portland home

For December 2012 the median sold price in Portland was $247,900. That’s up 14.5% over the previous December. The highest median sales price was in Lake Oswego/West Linn: $452,500. The lowest median sales price in the Portand area was in Gresham/Troutdale/Sandy: $179,900.

Welcome to a Sellers’ Market for Portland Real Estate

What the Portland real estate market really needs now is more homes to sell. For 2012 there were 5.2% less new listings than there were in 2011. There are only 3.6 months worth of homes to sell with the current demand if no new homes came on the market. (see the chart below.)

How to determine if it’s a buyers market or a seller’s market:

For Portland homes for sale, it’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions for December appeared first on Portland Home Source.

The median sold home price ($243,300) is 11.7% higher than last October and 2.1% higher than last month. The number of closed sales is a whopping 42.7% higher than the previous October. Accepted offers for October 2012 are 15.9% higher than the same month of the previous year.

The only figure that is down is the number of listings available for sale. We now have only 3.8 months worth of homes for sale at the current rate homes are selling. We haven’t seen this few homes for sale since March, 2007.

In the Portland Real Estate Market

The median sales price for Portland real estate continues to rise. Currently it is $243,300. That’s 2.1% higher than in September and 11.7% higher than last year in October. Prices haven’t been this high for Portland real estate since 2008 or 2009.

In the Portland metro area the highest median sales prices can be found in Lake Oswego/West Linn ($369,100) and in SW Portland ($345,000). The lowest median sales price is in Gresham/Sandy/Troutdale ($187,500).

Are you 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. Learn about Portland foreclosure trends here.

Thinking of selling your home in Portland? For October 2012 the average market time was 102 days. That’s down from October 2011’s 136 days.

(This report is a snapshot in time. To compare October with previous months, see my other reports on Portland Real Estate Market Conditions.)

Is it a Buyers or Sellers Market for Portland Homes for Sale?

Is it a buyers market or a seller’s market? See the chart.

For Portland homes for sale, it’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland Real Estate Market for October appeared first on Portland Home Source.

The short answer is that the Portland real estate market continues to improve each month. Information from RMLS (Portland’s regional multiple listing service) for the first three quarters of 2012 show continued good news.

In the Portland real estate market distressed properties means homes that are sold as short sales or as bank owned foreclosures (sometimes called REO or “real estate owned” properties). A large number of distressed homes for sale make it harder for “non-distressed” sellers to hold buyers’ attention.

With three quarters of 2012 behind us, we see distressed properties becoming a smaller part of the Portland real estate market.

Comparing 2012 3rd Quarter

with the 2nd Quarter:

For new listings:

All distressed sales are down 1.4%. Short sales are just slightly down and bank owned new listings are down about 1%.

For closed sales: 

All distressed Portland real estate is down 5.3% over the previous quarter.

Home prices are up for the Portland real estate market during the first three quarters of 2012.

For  Portland home sellers this is very good news. Over the past few years distressed properties have brought home prices down and distracted buyers from non-distressed properties.  Finally we are seeing a reversal of that trend. The YTD median closed sales price at the end of September was 3.8% higher than the same time period for 2011.

For Portland home buyers the new is mixed. As we return to a more normal real estate market, competition among buyers is strong. Low interest rates and a smaller pool of homes to choose from make homes sell faster. Market time for Portland homes –listing date to accepted offer– for the same period has gone down 20.7% from 145 days to 115 days.

The post ​Portland Real Estate–Short Sales & Foreclosure Trends appeared first on Portland Home Source.

We now have data for the Portland real estate market for 3/4 of the year and all the stats are up compared with the first three quarters of 2011.

The median year to date sales price is 3.8% higher than the same time period last year. The time it takes to sell a home has gone down 20.7% –  from 145 days last year to 115 days this year (looking at the first 3/4 of 2011 and 2012).

This September hasn’t been surpassed for number of closed sales since September 2006–before the troubles began.

In the Portland real estate market

The median price for a home sold in the Portland real estate market is down just a tick (1.1%) from August 2012. I guess the summer buying frenzy is over. But prices are still trending upward. See the chart below.

Are you 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. Learn about Portland foreclosure trends here.

Thinking of selling your home in Portland? For September 2012 the average market time was 102 days. That’s down from September 2011’s 131 days.

(This report is a snapshot in time. To compare August with previous months, see my other reports on Portland Real Estate Market Conditions.)

Is it a Buyers or Sellers Market for Portland Homes for Sale?

Is it a buyers market or a seller’s market? See the chart.

For Portland homes for sale, it’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland Market Conditions for September appeared first on Portland Home Source.

Are you 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. Learn about Portland foreclosure trends here.

Portland real estate prices for August continue to rise.

There is a small (1.6%) decrease in median price from August 2021 compared with July 2012. All other price indicators are up.

Thinking of selling your home in Portland? For August 2012 the average market time was 97 days. That’s down from August 2011’s 134 days.

(This report is a snapshot in time. To compare August with previous months, see my other reports on Portland Real Estate Market Conditions.)

Is it a Buyers or Sellers Market for Portland Homes for Sale?

Is it a buyers market or a seller’s market? See the chart to the right.

For Portland homes for sale, it’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland market conditions for August appeared first on Portland Home Source.

Why? — Partly because of the tax advantages of home ownership; partly because rents on local homes seem to be rising faster than prices of Portland real estate.

When you buy a home you can lock in your house payment for 30 years. Rents can rise every year.

Here are some questions you need to answer in your rent vs buy considerations:

How much do Portland homes cost in your area? Check out our interactive map search here.

What would the monthly payment be? Feel free to use our mortgage calculator on the right.

Would you be able to qualify for a home loan? Find out here

Would you be staying in your Portland home for 3 to 5 years? Selling your home involves costs that may be covered by a few years of appreciation in the Portland real estate market. If you’re here for only 1 or 2 years, it may make more sense to rent.

Chart is courtesy of Portland Metropolitan Association of Realtors.

Want to discuss your options? Call us at 503 320-3163. We’ll share our ideas and 25 years of experience helping people buy and sell Portland real estate.

We’re here to help.

The post Rent Or Buy Portland Real Estate appeared first on Portland Home Source.

How’s the Portland real estate market?  July’s report  continues to show good news.

All areas of Portland real estate activity for July 2012 show improvement over July 2011. (See the charts below.)  Portland homes for sale are selling faster. The average market time for a home to sell is now 100 days. In the previous July (2011) it was 132 days. For June 2012 the average market time was 114 days.

Are you 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. Learn about Portland foreclosure trends here.

Sold prices for July show Portland real estate prices are rising.

See the chart below for prices of Portland homes for sale.

Are you 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. Learn about Portland foreclosure trends here.

Thinking of selling your home in Portland? For July 2012 the average market time was 100 days. That’s down from July 2011’s 132 days.

(This report is a snapshot in time. To compare July with previous months, see my other reports on Portland Real Estate Market Conditions.)

Is it a Buyers or Sellers Market for Portland Homes for Sale?

Is it a buyers market or a seller’s market? See the chart to the right.

For Portland homes for sale, it’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions July 2012 appeared first on Portland Home Source.

Check out the charts below. The last time there were this many sold homes in Portland in one month was August, 2007.

Home loan rates courtesy of Northwest Mortgage Group.

Sold prices for Portland homes for sale are up.

Take a look at the chart below for median sold price for Portland real estate.

Are you 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. Learn about Portland foreclosure trends here.

Thinking of selling your home in Portland? For June 2012 the average market time was 114 days. That’s down from June 2011’s 134 days.

(This report is a snapshot in time. To compare June with previous months, see my other reports on Portland Real Estate Market Conditions.)

Is it a Buyers or Sellers Market for Portland Homes for Sale?

Is it a buyers market or a seller’s market? See the chart to the right.

For Portland homes for sale, it’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions June 2012 appeared first on Portland Home Source.

Prices are up, closed sales are up and accepted offers are up too. Check out the chart below:

Portland home sale prices may have reached their low and begun to climb.

Here are the median sold prices for Portland real estate for the past 12 months.

Are you 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. Learn about Portland foreclosure trends here.

Thinking of selling your home in Portland? For May 2012 the average market time was 114 days. That’s down from May 2011’s 145 days.

Is it a Buyers or Sellers Market for Portland Homes for Sale?

Is it a buyers market or a seller’s market? See the chart below right.    

For Portland homes for sale, it’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

(This report is a snapshot in time. To compare April with previous months, see my other reports on Portland Real Estate Market Conditions.)

All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions May 2012 appeared first on Portland Home Source.

The trend for 2012 continues. Portland pending and closed sales are vastly improved  over April 2011. There are 18% more accepted offers (pending sales) and 13.1% more closed sales for April 2012 than the previous April.

Are you 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. Learn about Portland foreclosure trends here.

Thinking of selling your home in Portland? For April 2012 the average market time was 123 days. That’s down from March’s 138 days.

(This report is a snapshot in time. To compare April with previous months, see my other reports on Portland Real Estate Market Conditions.)

Portland Real Estate Market: Home Sales

For April the Portland home sales are up compared with March. Accepted offers for Portland homes for sale are up 4.1% and closed sales are up 7.6%. In addition, new listing are up 5.3% compared with March. That’s a great sign, since Portland real estate inventory has been going down steadily each month for the past few years.

Portland Real Estate Market: Home Prices

The price of Portland homes stayed almost constant when comparing April 2012 and 2011. There is less than one per cent difference in the median home price and the average home price.

Is it a Buyers or Sellers Market for Portland Homes for Sale?

Is it a buyers market or a seller’s market? See the chart to the right.

For Portland homes for sale, it’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions April 2012 appeared first on Portland Home Source.

It’s the best first quarter report for closed home sales since 2007.  Portland closed home sales are up 12.2% over the first quarter of 2011. Pending sales (accepted offers for Portland homes) are up 18.8% over Q1 of 2011. New listings, however, decreased 12%.

Are you 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. Learn about Portland foreclosure trends here.

Thinking of selling your home in Portland? For March 2012 the average market time was 135 days.

(This report is a snapshot in time. To compare March with previous months, see my other reports on Portland Real Estate Market Conditions.)

Portland Real Estate Market: Home Sales

Portland home sales for the 1^st quarter of 2012 were only slightly lower than 1^st quarter of 2011. The average sales price declined less than one half a per cent and the median price decrease 1.4% from the previous first quarter stats.

Portland Real Estate Market: Home Prices

Comparing the first quarter of 2012 with 2011, home prices barely changed. The Average sales price in Portland declined less than ½ a per cent. The median price for Portland real estate decreased 1.4%

Is it a Buyers or Sellers Market for Portland Homes for Sale?

Is it a buyers market or a seller’s market? See the chart to the right.

For Portland homes for sale, it’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions March 2012 appeared first on Portland Home Source.

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 into the perfect time to start real estate investing or to add a rental property to your portfolio.

Many would be real estate investors ask me how rental property financing differs from loans to buy an owner occupied property. Because I want to be completely accurate in my answer, I asked Leissa Gebert of Northwest Mortgage Group to blog about financing rental properties in Portland.

Here’s the link to her blog:  Five Basics About Rental Property Financing.

Now that you know about financing rental property, is it time to start looking at Portland real estate for sale? you can search the entire MLS right here on my site.

The post Five Basics About Rental Property Financing appeared first on Portland Home Source.

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, check out this article by Andrew Hill.

The Case for Building Green (in Portland Real Estate)

By Andrew Hill @ www.newhomesource.com

Going green- whether your heart reaches out for protecting mother earth or you despise recycling with a passion, the benefits of building green cannot be denied. So whether you’re partial to the idea or not, I invite you to lay aside your previous convictions and consider the advantages come with green construction.

-Some quick figures can put things into perspective for us:

In America, buildings are responsible for roughly 2/5 of total energy consumption, including nearly 70% of all electricity usage. Buildings are also major contributors to carbon dioxide emissions and water usage. Regardless of whether or not you care to cut back on the consumption of earth’s resources, these numbers should provide some new insight.

Considering the large amount of energy our buildings use, it’s easy to see how a home that is built without energy efficiency in mind can cost a fortune in the long run. The good news is you no longer have to live in the dark ages. Green building is readily available for anyone interested in saving money, improving health, and preserving the environment. With the large variety of ways to build green, reducing operating costs is no longer a thing of the future. “How do green products save energy (and my bank account)?” you ask. Through their lasting durability and by more efficient use of energy! In addition to saving energy and your wallet, green homes have also shown an enhancement of occupant comfort & health, contributing to a better quality of life. Many green options can also be very aesthetically pleasing.

Don’t forget all of the environmental impact of going green! By using products that are more sustainable, green projects contribute to the protection of ecosystems and biodiversity. Other benefits include preserving the great outdoors for years to come. After all, don’t you want your children, and your children’s children to enjoy the beauty of nature? By building green, you are part of a group that is striving to reduce waste and conserve our planet.

It’s never too late to build green! Whether you are looking at new green construction or renovating a century old mansion, incorporating green strategies is always an option. Whether that means replacing incandescent lights with more efficient CFL bulbs or opting for more efficient attic insulation. Oftentimes, going green is as simple as building smart.

The post Why Go Green With Portland Real Estate? appeared first on Portland Home Source.

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 your home before 2004, you should still have some equity.

Are you 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. Learn about Portland foreclosure trends here.

Thinking of selling your home in Portland? For February 2012 the average market time was 138 days.

(This report is a snapshot in time. To compare January with previous months, see my other reports on Portland Real Estate Market Conditions.)

Portland Real Estate Market: Home Sales

Portland real estate sales numbers are up. February 2012 closed home sales are up 17.5% over the previous February 2011.  Pending sales are also up by a huge 32.5%.

In comparing February2012 with the previous month (January 2012) closed sales are up 3.1% and pending sales are up 15.7%

Portland Real Estate Market: Home Prices

While the February average sold price for Portland real estate went up  4.3%  over the previous February, the median sold price went down 1.3%. Compared with January 2012, the average sale price for a home in Portland went up 2.4% to $255,000. That’s nearly $10,000 more than the average sold price in February of 2011.

Is it a Buyers or Sellers Market for Portland Homes for Sale?

Is it a buyers market or a seller’s market? See the chart to the right.

For Portland homes for sale, it’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS

The post Portland Real Estate Market Conditions February 2012 appeared first on Portland Home Source.

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 carrying out a short sale by yourself. Bring in a seasoned short sale agent. A seasoned agent would ensure that your interests are protected and that the sale is executed as fast as possible. There are numerous agents who will be quick to offer their services but you must insist on proof of past successful short sales.

Secondly, you need to be very keen when pricing your home for a short sale. Most sellers get the price of their homes wrong on the listing. Even though pricing is not always easy, make sure it is not below market value. A slight disagreement on the pricing with your lender may cause the rejection of your short sale offer resulting in foreclosure. To ensure you don’t get the short end of a short sale, you must be committed to this process right from the beginning and provide all relevant documentation.

You might think that buying a short sale home would be easy since you would get the home at a cheaper price than the seller had actually paid for it. However, you need to be prepared for a few hiccups. For instance, be prepared to wait as short sales tend to take longer than normal sales. It might take you up to six to seven months before the sale is complete mostly due to a hold up by the bank.

During short sales, homes are sold ‘as is’ meaning you have to be willing to buy the home in the state it is. Lenders, understandably, are never keen to incur any more costs in this transaction. So, they will not make any repairs to the home, if they can avoid it. It is good to remain impersonal with the home because if the repairs needed are too much to handle, you can easily walk away and consider another option.

To make sure you don’t get the short end of a short sale, be tactful, and consider any underlying legal problems with the home. Even though lenders handle tax and insurance, there may be other issues with the title. Bring in a lawyer to tackle these problems.

About The Author: Hughes Real Estate Group is a Boise real estate agent servicing buyers and sellers in Idaho. If you’re looking for a great home in Idaho, you can visit Kevin’s website where you can search real estate including Boise homes, Meridian homes , Nampa homes , and Eagle homes.

The post Don’t get the Short End of a Short Sale appeared first on Portland Home Source.

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 160 to 136 days in the Portland area. The price of a Portland home for sale seems to be stabilizing. The average sales price for January 2012 is about the same as January 2011. (The median sales price did go down a little bit for that time period.)

Are you 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. Learn about Portland foreclosure trends here.

(This report is a snapshot in time. To compare January with previous months, see my other reports on Portland Real Estate Market Conditions.)

Portland Real Estate Market: Home Sales

January 2012 closed home sales are up 18.3% over the previous January 2011.  Pending sales are also up 22.4%.

In comparing January 2012 with the previous month (December 2011) the holidays distorted the pattern as it always does this time of year.  Buyers making offers (pending sales) in December generally close in January. Many buyers wait until after the holidays, so January closed sales are usually smaller than the previous month of December. That is true this year too, as closed home sales are down 24.1%. However our upward trend for Portland real estate continues as pending sales for January are up 26.3% over the previous month.

Portland Real Estate Market: Home Prices

The January median sold price for Portland real estate is down 4.2%  over the previous month. However, the average price of a home sold in Portland is $249,100 for January 2012. It was nearly the same–$248,900– for January 2011.

Is it a Buyers or Sellers Market for Portland Homes for Sale?

Is it a buyers market or a seller’s market? See the chart to the right.

For Portland homes for sale, it’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions January 2012 appeared first on Portland Home Source.

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.)  Four to six months inventory is generally accepted as a “neutral” market favoring neither buyers nor sellers. Less than 4 months is a seller’s market. All through 2011 the number of months of inventory has been trending down. (Again, see the mls chart below.) We started 2011 with 11.3 months of inventory.

We are expecting more foreclosed Portland homes to enter the real estate market in the coming months. Read more about Portland foreclosure trends here.  If so, buyers will have more homes to choose from. But sellers will continue to have low priced competition.

Are you 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 your home in Portland? For December the average market time was 142 days.

(This report is a snapshot in time. To compare December with previous months, see my other reports on Portland Real Estate Market Conditions.)

Portland Real Estate Market: Home Sales

December 2011 closed home sales are up 10.3% over the previous December 2010.  Pending sales are also up 19.3%. In comparing December 2011 with the previous month (November 2011) closed home sales are up 6.0% and pending sales are down 14.4%

Portland Real Estate Market: Home Prices

The median sold price for Portland real estate is up 0.5%  over the previous month. We closed out the year with a December median sold price of $216,600. That’s just a bit higher than January 2011’s median price of $215,000.

Is it a Buyers or Sellers Market for Portland Homes for Sale?

Is it a buyers market or a seller’s market? See the chart to the right.

For Portland homes for sale, it’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions December 2011 appeared first on Portland Home Source.

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 Portland home prices low. The number of foreclosures in Portland and short sale properties should increase a bit over 2011 numbers. The increase in inventory means more choice for buyers and less multiple offer bidding war situations. Lenders are likely to approve more short sales. This will also increase the number of homes in the Portland real estate market. (See below: Effect of Delayed Foreclosures in Portland for 2012)

Portland home sellers need to realize that foreclosure homes and short sales will still be an inconvenient reality of the Portland real estate market for at least another year.  (See below: Delayed Foreclosures in Portland for 2012) Learn more about buying bank owned properties here.

Foreclosure homes – Foreclosure filings

For 2011, foreclosure filings were down over 30% from 2010 filings. They were also down over 30% from 2009 filings. In fact, the number of foreclosure homes filed in  December 2011 were the lowest since 2007.  Nationally, less than 2% of U.S. houses had a foreclosure filing in 2011. That’s lower than in 2010, 2009 or 2008.

So for 2011 the number of foreclosure homes decreased. That’s good, right? Well possibly, but lower foreclosure filing numbers may have more to do with legal issues and challenges for financial institutions than with the amount of home owners not making their house payments.  That leads us to the issue of delayed foreclosures and what that means for foreclosures in Portland.

What are delayed foreclosures, how do they affect bank owned properties for sale?

During 2011 institutions with bank owned properties faced a number of document and legal issues. Remember “robo signing”? Many foreclosure homes were removed from the real estate market while financial institutions dealt with these challenges.

Industry watchers agree that the number of foreclosure filings for 2011 was artificially low while these legal issues were being dealt with. Expect the number of 2012 foreclosures in Portland to rise as financial institutions foreclose on homes that were delayed in 2011.

Effect of delayed foreclosures on the 2012 Portland real estate market

1. The amount of delayed foreclosures is expected to be smaller than the number of foreclosure homes in previous years. So the resulting decline in home prices should be smaller than in previous years.  This may be the light at the end of a very long tunnel for home sellers.

2.  More foreclosure homes to sell means more housing inventory for buyers. That means more choice and less multiple offer situations on foreclosures in Portland. This Realtor will be happy to have her clients not forced into bidding wars on bank owned properties.

3.  Many industry watchers feel lenders are likely to approve more short sale offers rather than deal with the legal issues of foreclosure homes and the hassles of owning, maintaining, and selling foreclosure properties. If this is correct, it should also move the glut of potential foreclosure homes through the real estate market.

The post Foreclosure Homes — 2012 Trends for Foreclosures in Portland appeared first on Portland Home Source.

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 and I’ll show you the way to buy a home!

How much down payment do I need for buying a home in Portland? That depends on the type of loan you will use.

3.5% of the sales price for FHA loans

0%    of the sales price for Veterans loans or

0%     of the sales price for USDA (rural property) loans

Let’s talk about the FHA loans for buying a home in Portland.

I am not generally an advocate of zero down payment for my home buying clients. (Although  in some situations zero down payment makes sense.) Using an FHA loan to buy a home in Portland and the metro area can be the best route for first time home buyers  (and also for move up buyers who have little equity in their current house but are interested in buying a home).

If you want to use FHA to buy a home in Portland or the metro area,  your price range is <$418,750 for a single family home or <$536,050 for a duplex.  Those loan limits should make home buying easy. The current median home price in the Portland area is $225,000.  (Educate yourself before buying a home. Learn about the current Portland real estate market.)

Use the buttons to the right to search the Portland MLS and find homes for sale in your price and area.

FHA loans are made by banks and mortgage bankers and other financial institutions. The loans are guaranteed by the federal government against default. This means less risk to lenders. Less risk means lower down payment for the home buying public.

You may qualify for an FHA loan if you are:

• a lawful residents of the United States
• of legal age to sign
• able to show enough income to qualify
• going to use the home as a residence

Want to know the current FHA loan limits in Multnomah, Washington, Clackamas, Marion or Yamhill County?
Use the arrows on this widget to change county.

Home buying takes a bit of thought and preparation.

Call me if you’d like a copy of my home buying information packet.  It contains information I’ve compiled in my 25 years of guiding clients through the home buying process. There is information for first time home buyers and more experienced people buying a home in Portland.

Buying a home that needs repairs using an FHA loan

It can be done. Here’s what FHA has to say at http://www.fha.com/fha_article.cfm?id=191:

One question many newcomers to the FHA loan process ask: Is it possible to purchase a fixer-upper with an FHA home loan? This basic question makes all the difference for some applicants–those willing to put in time and effort to remodel or repair a property could find major savings on their initial home purchase. The FHA does allow borrowers to locate a fixer-upper; under what is known as HUD’s 203(k) program, a qualified borrower can not only purchase such a home but also include the cost of repairs or improvements into the loan.

The post How Much Down Payment Do I Need to Buy a Home appeared first on Portland Home Source.

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 your home in Portland? For November the average market time was 135 days.

(This report is a snapshot in time. To compare October with previous months, see my other reports on Portland Real Estate Market Conditions.)

Portland Real Estate Market: Home Sales

For November 2011 closed home sales are up 18.9% over the previous November 2010.  Pending sales are also up 18.2% over November 2010.

In comparing November 2011 with the previous month (October 2011) closed home sales are up 3.2% and pending sales are down 10.3%

Portland Real Estate Market: Home Prices

The median sold price for Portland homes for sale is up 3.3%  over the previous month. For November 2011 the median sales price is $10.000 higher than the median sold price for January 2011.

Is it a Buyers or Sellers Market for Portland Homes for Sale?

Is it a buyers market or a seller’s market? See the chart to the right.

For Portland homes for sale, it’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions November 2011 appeared first on Portland Home Source.

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 my other Market Conditions Reports.)

Portland Real Estate Market: Home Sales

Closed sales for October 2011 up 14.1% over the previous October 2010.  Pending sales also up 15.1% over October 2010.

Comparing October 2011 with the previous month (September 2011) closed sales are down 7.1% and pending sales are down slightly 0.9%

Portland Real Estate Market: Home Prices

The median sold price for Portland real estate is down  5.6%  over the previous month. For October 2011 the median sales price is $2,800 higher than the median sold price for January 2011.

BUYERS MARKET? OR SELLERS MARKET?

Is it a buyers market or a seller’s market? See the chart to the right.

It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions October 2011 appeared first on Portland Home Source.

Yet refinancing to today’s low, low rates has been all but impossible for many home owners trying to avoid foreclosure.

If you are trying to avoid foreclosure by making your payments more affordable, changes to the Obama administration’s Home Affordable Refinance Program (HARP) could help you stay in your home. The changes coming out by the end of the year are expected to help you refinance even if you owe more than then current market value of your home.

Here’s how the Wall Street Journal describes the original HARP program in their blog.

What is HARP? The Obama administration in 2009 rolled out HARP to refinance borrowers whose loans were backed by Fannie Mae and Freddie Mac and who were current on their payments. The idea was simple: If you were making your payments on time but didn’t have enough equity to refinance, you would be able to lower your rate without having to pay down your mortgage balance or take out mortgage insurance.

Initially, the program was limited to borrowers who owed between 80% and 105% the value of their homes. In mid 2009, the program was opened to borrowers who owed up to 125% the value of their homes.

But some of the  HARP program requirements for lenders and borrowers made it very difficult for home owners to use the program to refinance and try to avoid foreclosure. That’s why the President and his administration are making changes to the program. The details are to be announced mid November.

The changes coming at the end of the year will allow home owners to refinance even if their loan is higher than 125% of the market value of their home. There is one important catch, your home loan must be owned by Fannie Mae or Freddie Mac. If you’re not sure, you can click on these links.

If reducing your monthly mortgage payment by a couple of hundred dollars will help you avoid foreclosure and keep you in your home. This program could be a life saver. In the new rules to be announced soon, lenders will face less risk in refinancing the loans. Home owners will have a streamlined set of requirements:

• Show you’ve made your last six house payments,
• Verify you haven’t missed more than one payment in the last year and
• Prove you have a source of regular income

These changes to the HARP guidelines should be made clear around the middle of November 2011. Expect the banks to have their revised programs in place by the beginning of December. Although the HARP program was set to expire in June 2012, one part of the change is to extend the program through 2013. But don’t wait till then… the program is designed for home owners trying to avoid foreclosure to take advantage of our extremely low interest rates. Who knows when rates will go up, so act as soon as you can!

The post Could Obama’s Plan Help You Avoid Foreclosure? appeared first on Portland Home Source.

Closed sales and pending sales are up over last year this time. Comparing closed sales for the third quarter of 2010 with the third quarter of 2011 closed sales were up a whopping 21.5%. (Pending sales increased 21.6% and new listings were down 27.6% over third quarter last year.)

Thinking of buying a home in Portland? Last week the 30 year fixed rate for an FHA loan was 3.75%. Amazing!  Who knows how long these low rates will last. (This report is a snapshot in time. To compare September with previous months, see my other Market Conditions Reports.)

Portland Real Estate: Sales

Closed sales for Sept 2011 up 13.4% over the previous Sept 2010.  Pending sales also up 17.5% over Sept 2010.

Comparing September 2011 with the previous month (August 2011) closed sales are down 12.1% and pending sales are down 14.9% (The pending sales figure is slightly skewed for August 2011 by a change in the way RMLS reports pending short sales.)

Portland Real Estate: Prices

 The median sold price for Portland real estate is up just a small amount (2.6%)  over the previous month. For September 2011 the median sales price is $15,800 higher than the median sold price for January 2011.

BUYERS MARKET? OR SELLERS MARKET?

Is it a buyers market or a seller’s market? See the chart to the right.

It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions September 2011 appeared first on Portland Home Source.

judging by the August 2011 numbers from our local MLS. Closed sales are up dramatically (30.7%  over the previous August) and pending sales are also up. Portland home buyers must really be taking advantage of the extremely low interest rates. Last week the 30 year fixed rate for an FHA loan was 3.8%. Amazing!

(This report is a snapshot in time. To compare August with previous months, see my other Market Conditions Reports.)

Portland Real Estate Market: Sales

Closed and pending sales are up for August 2011. Compared with the previous August (2010), closed home sales in the Portland metro area are up 30.7% and pending sales have increased 29.6%

Compared with the previous month (July 2011) closed sales are up 5.6% and pending sales are up 13.4%/ (The pending sales figure  is slightly skewed for August 2011 because of a change in the way RMLS reports pending short sales.)

Portland Real Estate Market: Prices

Sold prices for Portland real estate are down just a small amount over the previous month. That’s the first time in 2011 that the month to month sold price change has decreased.  Even so, the median sold price for August 2011 is $10,000 higher than the median sold price for January 2011.

BUYERS MARKET? OR SELLERS MARKET?

Is it a buyers market or a seller’s market? See the chart to the right.

It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market.

All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions August 2011 appeared first on Portland Home Source.

Lesley B

The post “..strongly recommend her to anyone..” appeared first on Portland Home Source.

Rick V

The post “..you rewarded my decision to use you.” appeared first on Portland Home Source.

So take a walk across the street and take a good look at your house. Look at nearby houses, too, and see how yours compares.

1.  Landscaping  Is your landscaping at least average for the neighborhood? If it is not, buy a few bushes and plant them. Do not put in trees. Mature trees are expensive, and you will not get back your investment. Also, immature trees do not really add much to the appearance value of the home.

If you have an area for flowers, buy mature colorful flowers and plant them. They add a splash of vibrancy and color, creating a favorable first impression. Do not buy bulbs or seeds and plant them. They will not mature fast enough to create the desired effect and you certainly don’t want a patch of brown earth for home buyers to view.

2.  Lawn  Your lawn should be evenly cut, freshly edged, well watered, and free of brown spots. If there are problems with your lawn, you should probably take care of them before working on the inside of your home. This is because certain areas may need new sod, and you want to give it a chance to grow so that re-sod areas are not immediately apparent. Plus, you might want to give fertilizer enough time to be effective.

Always rake up loose leaves and grass cuttings.

3.  The Front Door & Entryway  The front door should be especially sharp, since it is the entryway into the house. Polish the door fixture so it gleams. If the door needs refinishing or repainting, make sure to get that done.

If you have a cute little plaque or shingle with your family name on it, remove it. Even if it is just on the mailbox. You can always put it up again once you move. Get a new plush door mat, too. This is something else you can take with you once you move.

Make sure the lock works easily and the key fits properly. When a home buyer comes to visit your home, the agent uses the key from the lock box to unlock the door. If there is trouble working the lock while everyone else stands around twiddling their thumbs, this sends a negative first impression to prospective home  buyers.

4.  House Exterior  The big decision is whether to paint or not to paint. When you look at your house from across the street, does it look tired and faded? If so, a paint job may be in order. It is often a very good investment and really spruces up the appearance of a house, adding dollars to offers from potential home buyers.

When choosing a color, it should not be something garish and unusual, but a color that fits well in your neighborhood (and with your neighborhood association). Of course, the color also depends on the style of your house, too. For some reason, different shades of yellow seem to illicit the best response in home buyers, whether it is in the trim or the basic color of the house.

As for the roof, if you know your house has an old leaky roof, replace it. If you do not replace a leaky roof, you are going to have to disclose it and the buyer will want a new roof, anyway. Otherwise, wait and see what the home inspector says. Why spend money unnecessarily?

5.  The Back Yard  The back yard should be tidy. If you have a pool or spa, keep it freshly maintained and constantly cleaned. For those that have dogs, be sure to constantly keep the area clear of “debris.” If you have swing sets or anything elaborate for your kids, it probably makes more sense to remove them than to leave them in place. They take up room, and you want your back yard to appear as spacious as possible, especially in newer homes where the yards are not as large.

The post Five Areas To Evaluate Outside The House appeared first on Portland Home Source.

1.  Kitchen and Baths  If your home is dated, remodeling the kitchen and baths will give you the most dollar for dollar return on your investment. There are many levels of updating from repainting or re-facing cabinets to a complete kitchen re-do with cabinets, counter top and appliances. Consider your home’s competition (other homes for sale near by) and your budget.

When deciding how much to update, give me a call. We can assess your home’s condition, evaluate your home’s competition and determine the best ways to use your updating budget.

At the very least, be sure the kitchen and baths are clean, clean, clean plus uncluttered and sweet smelling. This may be all you need.

2.  Plumbing and Fixtures  All your sink fixtures should look shiny and new. If this cannot be accomplished by cleaning, buy new ones where needed. If you don’t buy something fancy, this can be accomplished inexpensively and they are fairly easy to install. Make sure all the hot and cold water knobs are easy to turn and that the faucets do not leak. If they do, replace the washers. It is not difficult at all.

Check to make sure you have good water pressure and that there are no stains on any of the porcelain. If you have a difficult stain to remove, one trick is to hire a cleaning crew to go through and clean your home on a one-time basis. They seem to be wonderful at making stains go away.

3.  Ceilings, Walls and Painting  Check all the ceilings for water stains. Sometimes old leaks leave stains, even after you have repaired the leak. Of course, if you do have a leak, you will have to get it repaired, whether it is a plumbing problem or the roof leaks.

You should do the same for walls, looking for not only stains, but also areas where dirt has accumulated and you just may not have noticed. Plus, you may have an outdated color scheme.

Painting can be your best investment when selling your home. It is not a very expensive operation and often you can do it yourself. Do not choose colors based on your own preferences, but based on what would appeal to the widest possible number of buyers. You should almost always choose an off-white color because white helps your rooms appear bright and spacious.

4.  Carpet and Flooring  Unless your carpet appears old and worn, or it is definitely an outdated style or color, you probably should do nothing more than hire a good carpet cleaner. If you do choose to replace it, do so with something inexpensive in a fairly neutral color.

Repair or replace broken floor tiles, but do not spend a lot of money on anything. Remember, you are not fixing up the place for yourself. You want to move. Your goal is simply to have as few negative impressions upon those who may want to purchase your property.

5.  Windows and Doors

Check all of your windows to make sure they open and close easily. If not, a spray of WD40 often helps. Make sure there are no cracked or broken windowpanes. If there are, replace them before you begin showing your home.

Do the same things with the doors – make sure they open and close properly, without creaking. If they do, a shot of WD40 on the hinges usually makes the creak go away. Be sure the doorknobs turn easily, and that they are cleaned and polished to look sharp. As buyers go from room to room, someone opens each door and you want to do everything necessary to create a positive impression.

6.  Odor Control  For those who smoke, you might want to minimize smoking indoors while trying to sell your home. You could also purchase an ozone spray that helps to remove odors without creating a masking odor.

Pets of all kinds create odors that you may have become used to, but are immediately noticeable to those with more finely tuned olfactory senses. For those with cats, be sure to empty kitty litter boxes daily. There are also products that you can sprinkle in a layer below the kitty litter that helps to control odor. For those with dogs, keep the dog outdoors as much as possible. You might also try sprinkling carpet freshener on the carpet on a periodic basis.

7.  Take A Room By Room Tour  Your buyers will. Make note of items that need to be fixed or replaced. Then tackle the list. Does the garbage disposal sound as if a plane is landing in the back yard? Does the window blind in the den come off the wall when you raise and lower it? We all live with things like this in our homes. My kitchen cold water faucet works in reverse. It’s one of the things I’ll fix before I sell my  home.

8.  Costs of Repairs  Do not do anything expensive, such as remodeling. If possible, use savings to pay for any repairs and improvements – do not go charging up credit cards or obtaining new loans. Remember that part of selling a house is also preparing to buy your next home. You do not want to do anything that will affect your credit scores or hurt your ability to qualify for your next mortgage.

The post Eight Areas Sellers Should Evaluate Inside the House appeared first on Portland Home Source.

Make cosmetic improvements, particularly on the front of the house.  Potential buyers are trying to eliminate houses from consideration, make yours one they can’t.

The interior of your home is important as well.  Thin out your possessions with the same ruthless determination you’d bring to weeding your garden.  The fewer things you have in a room or closet, the larger it will appear.

1.  First Impressions are lasting.  Your first step should be to walk across the street and look objectively at your property.  Consider what you can do to make the place more appealing from the outside. The front door greets the prospect.  Make sure it is fresh, clean, and scrubbed looking.  Keep lawn trimmed and edged, and the yard free of refuse. Plant flowers and have a pot of posies on the front porch. Fix leaking gutters and do some touch-up painting – especially around the front door.

2.  Decorate for a quick sale.  Faded walls and worn woodwork reduce appeal.  Repaint rooms that need it and if the cost is not too great, replace badly worn carpeting. Why try to tell the prospect how your home could look, when you can show him by redecorating?  A quicker sale at a higher price will result.  An investment in new kitchen wall treatment will pay dividends.

3.  Let the sun shine in.  Open draperies and curtains and let the prospect see how cheerful your home can be (dark rooms do not appeal).  If it’s a normal Portland day with no sun at all—turn on your lights!

4.  Fix that faucet!  Dripping water discolors sinks and suggests faulty plumbing.

5.  Repairs can make a big difference.  Loose knobs, sticking doors and windows, warped cabinet drawers and other minor flaws detract from home value.  Have them fixed. Make sure all appliances are scrupulously clean and operating properly.

6.  From top to bottom.  Display the full value of your attic and other utility space by removing all unnecessary articles.

7.  Safety first.  Keep stairways clear.  Avoid cluttered appearances and possible injuries.

8.  Make closets look bigger.  Neat, well-ordered closets show that space is ample.

9.  Bathrooms help sell homes. Check and repair caulking in bathtubs and showers.  Make this room sparkle.

10. Arrange bedrooms neatly.  Remove excess furniture.  Use attractive bedspreads and freshly laundered curtains.

The post Ten Inexpensive Ways to Prepare Your Home For Sale appeared first on Portland Home Source.

Pricing your home correctly:

• Can save you thousands of dollars on your family’s largest investment

• Reduces risk because an overpriced home may eliminate some buyers if it is out of their price range

• Ensures that other agents will show the home

• Is good when it comes time to appraise.  Your home must appraise at the selling price for the buyer to get financing

With this in mind, here is what you need to know:

1. Market value is determined by the price a buyer will pay and a seller will accept in an “arms length” transaction. It is not determined by the amount you need to net from your home plus selling expenses or by the price you paid plus your upgrades and repairs. I know sellers like to think this way, but buyers could not care less. They just compare the price and amenities to other homes for sale.

2. Your prime marketing time, i.e. greatest number of showings, comes when your home first hits the market. At this point your home attracts the most attention from serious buyers. “Testing the Market” with an above market price can waste this precious marketing time.

3. When your home is priced above fair market value, you limit the amount of buyers who can and will view your home. (See number 2 above.)

4. You’re likely to receive a higher price for your home if you list it at fair market value than if you list it above fair market. Why is this? With above fair market pricing, buyers perceive your home is over priced and they “over compensate” on their offer amount. Remember, buyers see many more homes in your price and area than sellers do. They quickly become pricing experts. You should too.

5. If your home is on the market a long time, buyers perceive it as over priced or has “issues.” They make their offering price based on this belief.

The post Five Things You Need To Know About Pricing Your Home appeared first on Portland Home Source.

Thank you for being the best Realtor there is. I could not have closed the deal on the house so hassle free without you. Thank you for all the trouble you took by going the many extra miles.

Shammy J

The post “..being the best Realtor there is.” appeared first on Portland Home Source.

Thank you so much for being our Realtor throughout the process of acquiring our dream house. You have been most helpful and efficient (and pleasant!) and we can’t thank you enough. We can’t believe today we’re getting the keys –its all been a blur! Can you believe we weren’t looking to move and now here we are? Funny how things work out. Thanks again for helping to make our dream come true.

Sincerely,

Glory & Jeff N.

The post “You have been most helpful and efficient (and pleasant!)..” appeared first on Portland Home Source.

I don’t know if this is the right way to leave feedback, so please let me know how to correct it, if necessary.

We want to thank you for helping us find the right home at the right price in the right time. From beginning to end, we were constantly impressed by the quality of service and attention to details received. Your concern to find the best home for us never stopped. Even after we signed the offer, you were still searching and showing us other properties. At closing, everybody, except you, forgot about the house warranty negotiated with the seller and that proves one more time that you did an excellent job and you were truly dedicated to us. We are looking forward to do business with you again and we highly recommend you to any house buyer. Thanks again!

D&V

Daniel L.

The post “..constantly impressed by the quality of service..” appeared first on Portland Home Source.

Thank you for all that you did to make this amazing “Dream” a wonderful reality! Your energy and support all along the way was so appreciated. We had a lot of fun sharing this experience with you…

With gratitude and love,

Monica

The post “Thank you for all that you did…” appeared first on Portland Home Source.

To compare July 2011 figures with June 2011 check my previous blog.

A snapshot of the Portland real estate market for Buyers and Sellers:  Remember July? That’s the month the entire country (the entire world?) held its breath waiting for the US Congress to raise the nation’s debt limit.  Uncertainty abounded.  Hardly a time to make the biggest purchase of one’s life. And yet July 2011 saw more closed home sales and more accepted offers (pending sales) than the previous July. Inventory levels of homes to choose from are also down. Home prices in Portland continue to rise. Read on for more details.

Comparing July 2011 Portland real estate numbers with July 2010:  Close home sales were up 21% over the previous July. Pending sales were also up 18.4%. There are 27% less homes available to buy in Portland than there were in July 2010.

The average market time for a home for sale in Portland is 132 days. It was 121 days this time last year.

July 2011 compared with June 2011 Portland home sales:  June had more closed sales and pending sales. In July the closed sales went down 12.7% and pending sales also went down 3.7%. New listings decreased by 6.4% compared with June. Maybe we can blame it on Congress?

At the current rate of sales the Portland real estate market has 7.0  months of inventory. (In June there were 6.0 months of inventory. See the chart and explanation below for more details.)

Sales Prices  are still lower than the previous July. The average sales price for July 2011 was 7.4% lower than July 2010 and the median price is down 7.6%. But here’s the interesting thing, prices continue their gentle rise since the beginning of the year. The average sales price for July 2011 is 3% higher than June 2011. The median sales price is 1.9% higher than June. This is the seventh straight month of price increase. (See the Portland Metro Residential Highlights chart below for more details.)

In January 2011, the median sold price for Portland homes was$215,000. In July it is $227,200.  That’s a $12,200 increase in median home prices for the year so far.

Is it a buyers market or a seller’s market? See the chart below.

It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market. All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions July 2011 appeared first on Portland Home Source.

To compare June 2011 figures with May 2011 check my previous market conditions blog.

A snapshot of the Portland real estate market for Buyers and Sellers: Portland home prices continue their  gradual rise. Since January 2011 the median sold price for Portland homes has increased $7,900. (See the chart below.) As prices start to rise and interest rates remain at near historic lows, the number of homes available to buy has shrunk. There are getting to be fewer homes to choose from, and they are costing a little more each month. If you are waiting to see the bottom of the market, you may have to look in the rear view mirror. There are still lots of great homes to buy. Call me. I’ll help you set up an on-line search for homes for sale.

Comparing June 2011 Portland real estate numbers with June 2010: Closed home sales were down a little bit (2.7%) this June over last June. However pending sales were up a huge 23.7% over the previous June. Pending sales are homes where an offer has been accepted but the sale has not yet closed. June’s pending sales are July’s closed sales in many cases. New listings of homes for sale in Portland dropped 22.4% compared with June 2010.

The average market time for a home for sale in Portland is 134 days. It was 121 days this time last year.

June 2011 compared with May 2011 Portland home sales: Closed home sales are up 12.4% over last month while pending sales are down -7.7%. New listings are also down 5.8% from last month.

At the current rate of sales the Portland real estate market has 6.0 months of inventory. (In May there were 6.8 months of inventory. See the chart and explanation below for more details.)

Sales Prices: Compared with the previous June, the average sales price is down 7.8% and the median price is down 7.1%. However, we continue our 2011 trend of gently increasing the median sales price each month. The median sales price for Portland real estate is up for June 2011 by 1.3% over May 2011. (See the Portland Metro Residential Highlights chart below for more details.)

I’ve graphed the median sales price for Portland real estate for the past 13 months. You can see our slow but steady rise in prices. Does 6 months price increase make a trend?

For June the average price for buying a home in Portland is $267,100 and the median price is $222,900.

Is it a buyers market or a seller’s market? See the chart below.

It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market. All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions June 2011 appeared first on Portland Home Source.

We’re talking buying a home in distressed condition (fixer-uppers) or distressed terms (short sale ). Frequently it’s both (cash only terms due to condition). Here’s more about buying Foreclosures. Here’s more about buying Short Sale Properties.

Maybe the home needs a new roof and electrical panel. The owner took the furnace with him when he was forced to leave. And the septic system is “iffy.” (I don’t have to make this stuff up. Reality is crazy enough.) Possibly the seller needs his lender to go “short” on what is owed, or the bank owns the home and just doesn’t get it that a major rehab is required.

If you can just figure out how to finance this piece of Portland real estate, you know you can increase its value and turn into a beautiful home.  You just need a lender who thinks like you do.

Traditional lenders must follow regulations that make it near impossible for owner occupied buyers and investors to get financing at all or on terms that makes sense for these kinds of properties.

That’s why I’m so glad I attended the class “Financing Tools for Difficult Times” presented by John DesCamp Sr. of The Legacy Group. His company operates two divisions: one is a traditional mortgage bank, and the other is a private institutional lender that has solutions to many of the challenges traditional lenders throw in the path of buying distressed property.

Some of those traditional lender challenges include:

• large down payment requirements;
• loan to value ratios (loan amounts) computed on the lower of purchase cost or market value;
• tight limits on the amount sellers can contribute on behalf of buyers;
• restrictions on gift funds and other forms of collateral buyers may use.

The end result is that traditional loans on distressed properties require so much cash down payment from buyers that most distressed properties just don’t make financial sense to purchase and most buyers don’t have enough resources to make the purchase.

Non-traditional loan structures (typically, loans from a capital company like Legacy Group Capital) don’t use one-size-fits-all federal rules. They look at each project individually to provide funding that makes sense. It may involve a short term construction loan while the property is being put back into shape and then a permanent loan on the rehabbed property. Or it may mean one loan based on the value of the property after it is improved, taking into account the completed value of the home rather than just the costs to make those improvements.

There is even an alternative to the rehab loan FHA 203(k) that can save the borrower thousands of dollars over the course of the loan.

If you think you want to reap the equity benefits of buying a home in Portland that needs fixing, call me. Or call John DesCamp. Mention my name and he’ll work extra hard for you.

Here’s how to contact Anne Kadin, Meadows Group, Inc., Realtors: 503 320-3163

Here’s how to contact John DesCamp Sr., The Legacy Group

Phone: 503.224.4033; Cell: 503.780-7743 Email johndsr@legacyg.com (MLO-114798)

The post How to Buy Distressed Properties appeared first on Portland Home Source.

It’s a slow but steady upward trend in the Portland real estate market. The median sold home price has shown a small but consistent upward trend every month of 2011. January 2011’s median  price was $215,000. In May the median  price  is $220,000.  Portland home buyers: It’s time. Let’s go look at homes!

To compare May 2011 figures with April 2011 check my previous market conditions blog.

A snapshot of the Portland real estate market for Buyers: In general, May figures (as reported by the RMLS) are improved over April’s numbers. There are more closed sales than in April, more pending sales, and the number of new listings increased 7.7% That means more homes for you to choose from. Interest rates are still well below 5% for most borrowers.  It’s a great time to buy a home in Portland.

Comparing May 2011 Portland real estate numbers with May 2010: The number of closed homes are down for May 2011 by 15%. But pending sales are up a huge 45.1% over the previous May. New listings are 4.1% less than the previous May.

May 2011 compared with April 2011 Portland home sales: Closed homes are up 8.1%, pending sales are up also 8.1% and there are 7.7% more new listings.

At the current rate of sales the Portland real estate market has 6.8 months of inventory. (In April there were 7.2 months of inventory. This is the lowest number of months of inventory since October 2009 when there were 6.5 months of available homes for sale. See the chart and explanation below for more details.)

Home Prices Comparing May 2011 with May 2010, the average sold home price is down 4.8% and the median home price is down 7.9%. In a month to month comparison of April and May 2011, the average sales price is down just a tiny bit (-1.8%) while the median sales price increased just a tiny bit (0.1%)  (See the Portland Metro Residential Highlights chart below for more details.

For May 2011 the average home price is $262,400 and the median home price is $220,000.

Is it a buyers market or a seller’s market? See the chart below.

It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market; 4-6 months is a neutral market; and more than 6 months inventory is a buyers market. All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions May 2011 appeared first on Portland Home Source.

To compare April 2011 figures with March 2011, check my previous blog.

A snapshot of the Portland real estate market for Buyers: If you are thinking of buying a home in Portland, now is a good time to act.  The number of homes to choose from is shrinking and prices are starting to rise. They are currently at 2004 home price levels. With interest rates still under 5% for many borrowers, there are many good opportunities to buy a home in Portland.

Comparing April 2011 Portland real estate numbers with April 2010: closed sales decreased 17%, pending sales were 33% less and new listings also are less by 34.2%.

April 2011 compared with March 2011 Portland home sales: again closed sales are down, but only by 0.3%. Pending home sales are also slightly down –by 0.5%. But new listings are slightly up over last month by 1.4%.  On the whole, April looks pretty much like March.

At the current rate of sales the homes for sale in the Portland real estate market would last about 7.2 months. (In March  there were 7.1 months of inventory. See the chart and explanation below for more details.)

Portland Home Sale Prices: Home prices are now at 2004 to 2005 price  levels.

The average sales price for a home in Portland dropped 5.2% compared to April 2010 and the median price went down 8.4% to $219,900. (See the Portland Metro Residential Highlights chart below for more details.)

However, the average sales price for April 2011 increased 2.4% over March 2011 average; and the median sales price increased 2.3%.  In fact the median sold price has slowly but steadily increased every month this year. I’ve graphed the median sold prices for the past 12 months. Here it is:

Median sold price for Portland homes May 2010 through April 2011

Here’s more information from RMLS.

Is it a buyers market or a seller’s market? See the chart below.

It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market; 4-6 months is a neutral market; and more than 6 months inventory is a buyers market. All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions For April 2011 appeared first on Portland Home Source.

To compare March 2011 with February 2011, check my previous market conditions blog.

A snapshot of the Portland real estate market for buyers: The median price for a home in Portland is $215,000. Prices in the Portland real estate market may be starting to bottom out. Here’s what’s happening. First there is a significant drop in number of homes for sale in Portland. More buyers are closing on their new homes and less sellers are putting there homes on the market in these uncertain times. That means less “inventory” or homes for sale in Portland. When there is less for sale, demand pushes prices up. And we’re starting to see a very small increase in prices. The figures for March 2011 are just a small piece of information. Is it a trend or a fluke? Stay tuned.

Comparing March 2011 with March 2010: We had 10.2% less closed sales than last March. Pending sales are also 16.2% less, and new listings are way below March 2010. They are down 38.7%

March 2011 compared with February 2011: Closed sales are up 50.4%. Pending sales are up 26.5%. And new listings are even on the increase—up 6% over last month.

At the current rate of sales the homes for sale in Portland and the metro area would last for 7.1 months if no new homes came on the market. See the chart below for more information about what this means.

Sales Price: are up. I haven’t written that in a while! Compared with February 2011, the average sales price for Portland real estate is up 6.8% and the median price is also up slightly (0.6%). Compared with March a year ago the average sales price is down 6.8% and the median is down 10%.

With the first quarter of 2011 competed, the average sold price of a home for sale in Portland dropped 9.2 % compared with the first quarter of 2010.

Is it a buyers market or a seller’s market? See the chart below.

It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market; 4-6 months is a neutral market; and more than 6 months inventory is a buyers market. All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions for March 2011 appeared first on Portland Home Source.

To compare February 2011’s numbers with January 2011, check my previous market conditions blog.

A snapshot of the Portland real estate market for buyers: While the number of Portland homes for sale to choose from is going down (through homes being sold and less homes coming on the market to replace the inventory), prices appear to be stabilizing. The median sale price is now $213,700. The last time the median price was nearly this low was in 2004. Current interest rates hover around 5% and below depending on your credit score.

Comparing February 2011 with February 2010: Closed sales were up 5.8%, but pending sales and new listings are both down (13.9% and 26.1% respectively).

February 2011 compared with January 2011: The Portland real estate market increased in closed sales by 3.8%. Also, pending sales were up 6.9%. Again, new listings of homes for sale in Portland dropped 7.8% compared with January.

At the current rate of sales, if no new homes for sale in Portland came on the market it would take 10.9 months to use all the inventory for sale. (See the chart below.) These 10.9 months of inventory for February 2011 is considerably lower than the 12.9 months for February 2010 and the 16.6 months of inventory for February 2009. The Portland real estate market is definitely moving in the right direction!

Sales Prices: are lower than February 2010. The average sales price is 10.5% less and the median sales price is down 9.1%. Compared with the previous month of January 2011, the average sales price is down just slightly, 1.8% and the median price is down 0.6%.

See the Portland Metro Residential Highlights chart below for more details.

Is it a buyers market or a seller’s market? See the chart below.

It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market. All information is courtesy of RMLS.

The post Portland Real Estate Market Conditions for February 2011 appeared first on Portland Home Source.

That’s what most people say when I ask the question. (I frequently write about the Portland real estate market. Check out my other blogs here.)

There has been so much bad news in the media about falling values. Everyone thinks we’ve lost the entire decade’s worth of home appreciation. Buyers think they should be able to purchase a Portland home for the same price as in 2000.  Sellers who bought their home in 2001 or 2002 think they would have to sell at a loss today. It’s just a case of too much negative news about the housing market. And the misconceptions make it hard for buyers and sellers to come to agreement on price.

If you think we’re down to median sold home prices for the year 2000, you’re wrong.

2002? Wrong. 2003? 2004? Wrong again.

The 2010 median sales price for Portland real estate was $239,900.That’s just a bit above the median sold price for 2005 of $237,500.  There were such huge gains in Portland real estate value in 2006 and 2007 —in 2006 the median price jumped to $270,500.  Even the bleak years of 2008-2010 did not wipe out all the value gains of the decade.

See the chart below from the RMLS to get the full picture.

Confused about what “median” means? Check the definition below the Summary Table chart.

What does median sold price mean? It means of all the homes sold in Portland during 2010, half sold for less than $239,900 and half for more. It’s a better gauge of price than the average home price, which gets skewed when a multi-million dollar home is sold. (Yes a few of them have sold.)

But the median or the average home price are both meaningless numbers without a perspective to the past. So be sure to take a look at this chart from RMLS.

The post How bad is bad? The drop in Portland real estate values appeared first on Portland Home Source.

To compare January 2011 figures with December 2010 check my previous blog.

Comparing January 2011 Portland real estate numbers with January 2010: closed sales increased 5%, pending sales decreased 3% and new listings are really down—20.5%. The average sales price for Portland real estate dropped 11.9%

January 2011 compared with December 2010 Portland home sales: closed sales dropped 29.2%, but pending home sales increased 23.1%. This bodes well for February closed sales. New listings also increased a huge 62.5%.

At the current rate of sales the Portland real estate market has 11.3 months of inventory. (In December there were 7.9 months of inventory. See the chart and explanation below for more details.)

The inventory in months chart doesn’t go back far enough to see the real trend of decreasing inventory of Portland homes for sale. January 2011’s 11.3 months of inventory is the lowest January inventory figure since January 2007 (the beginning of the real estate demise) when there was 6.2 months of inventory.

Sales Prices are still declining. This is the bad news for sellers. For buyers, let’s get together and take advantage of the low prices and low interest rates.

The average sales price for January 2011 compared with January 2010 declined 11.9% and the median price of Portland real estate declined 10.4%. Compared with December 2010, Portland home prices also declined by 10.5% for the average and 6.5% for the median sales price. (See the Portland Metro Residential Highlights chart below for more details.)

Is it a buyers market or a seller’s market? See the chart below.

It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market; 4-6 months is a neutral market; and more than 6 months inventory is a buyers market. All information is courtesy of RMLS.

The post Portland real estate market conditions January 2011 appeared first on Portland Home Source.

Attention Portland home buyers. Here’s a great opportunity to make buying a home in Portland affordable. You’ll need to be a first time home buyer and you’ll need to act now to take advantage of the Oregon Bond Loan program. If you qualify and want to search for homes in Portland, use this link to see all the Portland homes for sale in the MLS.

Rodd Miller of Pacific Residential Mortgage, LLC sent me the information about this state program. It’s only available for a little while, so call me or call Rod quickly to see if you qualify. Here’s what Rod has to say:

The Oregon Bond Loan helps consumers in Oregon buy their first home by providing two borrowing options. This Residential Loan Program, available for a limited time, helps eligible families increase their home purchasing power and lower their monthly house payments for greater affordability.

The Oregon Bond Loan offers eligible borrowers a choice between the following options:

Cash Advantage Home Loan option*

• Low, fixed interest rate

• Cash grant up to 3% of the borrowed amount

• Minimal cash-to-close

Rate Advantage Home Loan option*

• The state’s best fixed interest rate

• With Low down payment and closing cost option

*Qualifications are similar for either program option.

Qualifications

• Must be a first-time homebuyer (or not have owned a primary residence during the three-year period prior to the date the note and mortgage is signed).

• The first-time homebuyer requirement (above) may be waived if they are purchasing in a targeted geographical area.

• A qualified Homebuyer must be (or intend to be) an Oregon resident and must agree to occupy the home being purchased as their primary residence.

• Eligible income levels and other qualifying criteria for this program are available through your PRM Mortgage Banker.

The post Buying a home in Portland? See how to buy more home with less money appeared first on Portland Home Source.

For January 2011 Bank Owned or foreclosure properties were 11% of homes for sale in Portland yet they were 28% of  all transactions in escrow. Why? Buyers may perceive foreclosure properties as the best value without the hassles and uncertainty of buying short sales. Non-distressed sellers need to fight for attention in today’s housing market. They are 70% of the market and  58% of the sales. (See below for definitions of types of sellers.)

Why is this important to know? Sellers should know who their competition sellers are. Buyers should know which market segments have the most buyer competition. Let’s work together to devise your own personal home buying or home selling strategy. Go with the flow or be a Contrarian. It’s your choice. I can help.

This January 2011 data is courtesy of RMLS

These days there are 3 categories of home sellers:

1. Short Sale Sellers. These are folks whose home loans are higher than the market value of their homes. They need their lender(s) to agree to take less then owed on the property. Short sales can take a lot of time to close. Some never get lender approval, so they never close (Learn more about Short Sales here)

2.  Banked Owned. Homes lost to foreclosure are sold by banks. They are listed by Realtors and sold through the MLS.  These sales close in the normal 30 to 45 day escrow period.(Learn more about Foreclosures here.)

3.  Non-distressed Sellers. These are the regular sellers who have put their homes on the market. They need to be competitive with the prices of short sales and foreclosure properties. They also need to stress the advantages of buying a non-distressed property: ability to help buyers with closing costs and do minor repairs that may come up on inspection reports. Short sale and many bank owned properties can not or will not do this.   (Search the MLS here)

The post Why do Portland home buyers prefer foreclosures? appeared first on Portland Home Source.

To compare December with the previous month, check my previous market conditions blog.

Comparing December 2010 with December 2009: there were 2.9% less closed sales. However pending sales increased 6% and new listings were down by 8.5%. (Remember, December’s pending sales are generally January’s closed sales. So expect brighter news next month.)

December 2010 compared with November 2010: There were big increases in closed sales over November—14.3%. But pending sales dropped 15.2% and new listings were down a whopping 22.2%. But then, December always has that effect on the real estate market. Sellers don’t generally put their house up for sale just before Christmas. They prefer to wait until after the holidays.

At the current rate of sales the Portland real estate market has 7.9 months of inventory. (In November there were 10.2 months of inventory. See the chart and explanation below for more details.)

Sales Prices: For December 2010 the average sales price for a home in Portland went down 5.2% compared with December 2009. The median home price was down 5%. But looking at December 2010 compared with November 2010, the average sales price went up 2.2%. (See the Portland Metro Residential Highlights chart below for more details.)

Is it a buyers market or a seller’s market? See the chart below.

It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market. All information is courtesy of RMLS.

The post Portland real estate market conditions December 2010 appeared first on Portland Home Source.

The November figures continue a downward trend but only by 1% compared to the previous month. Does this mean the downward slide is slowing??

To compare November with the previous month check my previous market conditions blog.

Comparing November 2010 with November 2009, let’s remember that first time home buyers didn’t know the tax credit deadline of November 30, 2009 would be extended into 2010. Because of this many buyers who normally would have bought in a later month timed their purchases to close in November. This inflated Nov. 2009 figures.

Now back to the November 2010/November 20o9 comparison. Closed sales were down 28.7%. (See the paragraph above.) Pending sales were up 7.4% and new listings fell about 1%.

November 2010 compared with October 2010: all the numbers were down. Closed sales fell 1%, pending sales were down 12.6% and new listings were down a whopping 20.7%. These are raw figures, not seasonally adjusted ones. New listings always decrease around the holidays as new sellers prefer to wait for the beginning of the new year to market their homes.

At the current rate of sales, the Portland real estate market has 10.2 months of inventory. See the chart and explanation below.

Interest rates for buying a home in Portland have gone up a little but are still below 5% for the majority of buyers. Economists expect mortgage rates to slowly increase during 2011. Better lock in your 30 year rate before your buying power erodes.

Is it a buyers market or a seller’s market? See the chart below.

It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market. All information is courtesy of RMLS.

The post Portland real estate market conditions November 2010 appeared first on Portland Home Source.

To compare with last month, check my previous market conditions blog.

Comparing October 2010 with October 2009, closed sales are down 35.7%, pending sales are down 21.5% and new listings are also down by 9.4%. These numbers seem terrible. But think about what was happening last October. The First Time Home Buyer Tax Credit was set to expire after November 30, 2009.  Many, many buyers already had their new homes in escrow to take advantage of the credit. The tax credit artificially inflated October 2009 real estate sales figures. So of course the Oct. 2010 statistics look terrible compared with last year.

Looking at October 2010 compared with September 2010, shows a much smaller decline (and a decline we would expect in any real estate market as we approach the holidays). Closed sales are down 7.7%. Pending sales are up 3% over September. And new listings are down12.1%.  Even in normal real estate markets many would be sellers prefer to list their homes after the holidays rather than start a listing in October or November. Let’s see if the stats for the beginning of 2011 bears this out.

At the current rate of sales the Portland real estate market has 10.7 months of inventory. See the chart and explanation below.

If you’re ready to buy and plan to be in your new home for a couple of years, there are great opportunities for buying a home in Portland. Interest rates remain around 4.25% for 30 year fixed loans. Don’t miss out on these great rates. As interest goes up, your buying power erodes. This would make a great blog topic. I’ll work on it.

Is it a buyers market or a seller’s market? See the chart below.

It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market;  4-6 months is a neutral market; and more than 6 months inventory is a buyers market. All information is courtesy of RMLS.

The post Portland real estate market conditions October 2010 appeared first on Portland Home Source.

To compare with last month check my previous market conditions blog.

Looking at September 2010 compared with September 2009, closed sales are down by 22.3%, pending sales decreased 30.7%. New listings are down 1.4%. The average sales price is down 3.5% and median sold price is down just a hair—0.6%

Comparing September 2010 with August 2010, closed sales are higher by 1.3%, but pending sales are down 6.2% and new listings decreased 7.3%. The average sales price compared with August is down 6.4% and the median sales price is down 4%

At the current rate of sale activity, the existing inventory would last 10.5 months. See the chart below.

I’m late getting these figures into my blog and October numbers should be out in the next few days. I’m hoping to see improving numbers. But I won’t be surprised if the market stays in the doldrums until the beginning of next year. It’s dark. It’s rainy. And the Portland real estate market frequently slackens off for the holidays.

I do think we have pent up demand that will bring the market (slowly) back once it is unleashed.

People still dream of owning their first home. Others want to move up to a bigger home or downsize to something more manageable. Prices are low, interest rates haven’t been this low since the 1950’s. Once buyers feel the prices are somewhat stabilized, demand will grow again. I do believe it.

Is it a buyers market or a seller’s market? See the chart below.

It’s all based on the number of months of inventory. How many months would it take to sell all the homes currently on the market if no new property came up for sale? Less than 4 months inventory is a sellers market; 4-6 months is a neutral market; and more than 6 months inventory is a buyers market. All information is courtesy of RMLS.

The post Portland real estate market conditions September 2010 appeared first on Portland Home Source.