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Say Cheese! It's Time To Take Pictures 2007-03-26 16:54:00 Whether you plan to move or not in 2007, this is a great time of the year to aid the future sale of your house… because landscaping sells.Spring is here and flowers have already started to bloom. Soon tulips will be sprouting and gardens will really start to shine. And while they’ll look great soon, they’ll disappear next fall and winter.Take some pictures of your front and back yards. Capture the beauty of your landscaping when it’s at its best. Save these pictures. Because one day, perhaps in the dead of winter when it’s raining and dark in Portland, your home will be for sale. Having pictures of your garden or yard out on display will help homebuyers see and feel what your home truly has to offer year round. If you can help them visualize what it’s like when your home is blooming, you might just help them write that offer. Read more:Cheese
, Pictures
, Say Cheese
Pre-Sold New Condos in Portland 2007-03-28 17:40:00 The sale of condos in Portland has been one of the headliners during the real estate boom. Primarily, the interest and growth has come in the Pearl District, downtown, Nob Hill & South Waterfront development.And with this growth came demand which led and leads to many condos being purchased before construction is complete. In fact, this tends to be the norm.Here is the percentage of units in condominium projects that were pre-sold. Keep in mind, some of these developments have already opened with residents living in them.PreSold = Condo100% = Meriwether97% = Eliot Tower94% = Civic86% = The Strand86% = The Vaux84% = The Metropolitan79% = Cambridge74% = John Ross73% = Benson Tower72% = Harrison57% = Casey55% = Waterfront Pearl47% = Ladd Tower30% = Westerly29% = Atwater24% = Pacifica16% = Wyatt2% = EncoreSource: The Oregonian
New Listings By Month 2007-04-04 17:42:00 What time of the year will most people in Portland put their homes up for sale? According to RMLS figures, when the weather is warmer and dryer.Here is how the number of new listings per month turned out in 2006:New listings - Month
3,692 – January3,397 – February4,240 – March4,429 – April5,620 – May5,530 – June5,292 – July5,529 – August5,085 – September4,845 – October3,476 – November2,349 – December
Month By Month Sales Prices 2007-04-12 18:43:00 The real estate market changes everyday, but 2006 was definitely a transition year from a strong seller’s market to a more balanced market. So far in 2007, that trend has continued.To learn how real estate values rose in Portland during 2006, here are the average & median sales prices of homes by month:Average & Median Prices
- Month
$297,700 & $245,800 – January$307,200 & $263,500 – February$307,400 & $262,000 – March$325,000 & $269,500 – April$329,500 & $275,000 – May$331,900 & $280,000 – June$325,700 & $274,700 – July$328,800 & $275,000 – August$332,500 & $275,500 – September$322,900 & $270,000 – October$322,400 & $278,000 – November$324,900 & $273,500 – December Read more:Sales
Lead Base Paint, Disclosing Needed 2007-04-13 17:13:00 I received an email from a homeowner in West Linn’s Renaissance Heights neighborhood who wanted a free market analysis.“No problem,” I said. This homeowner then explained that he wanted to know what his home was worth because he planned to sell it as a For Sale By Owner (FSBO).We talked a bit and I asked why he was going the FSBO route. He said he wanted to try and save some money on the commission. I understood, and I understand. I learned early in my real estate career that most people try selling their homes as FSBOs thinking they’ll save money, while some just don’t like real estate agents. There are 7,000 of us in the Portland area after all, so I’m sure we run the gamut.Regardless the reason, laws must be followed.One important law, which this homeowner was not aware of until I mentioned it to him, is the federal Residential Lead-Based Paint
Hazard Reduction Act of 1992.I’m going to really simplify this, but in other words, if you are selling a home built befor
Portland Real Estate, Ten Year Recap 2007-04-16 16:29:00 Last Friday night I was at a birthday party when real estate became the topic of choice. Some friends of some friends mentioned that they had bought a home in NE Portland’s Beaumont neighborhood about five years ago and they were so happy they purchased when they did.Some other people at the party said they regretted not buying when they could have years ago.Portland real estate has definitely appreciated and risen in cost during the housing boom. Here’s a look at just how much during the last ten years:2006 = $322,600 Avg. = $270,500 Median = 43 days on market time2005 = $282,900 Avg. = $237,500 Median = 43 days on market time2004 = $246,000 Avg. = $204,500 Median = 56 days on market time2003 = $222,500 Avg. = $185,500 Median = 63 days on market time2002 = $210,700 Avg. = $176,900 Median = 67 days on market time2001 = $201,000 Avg. = $169,900 Median = 72 days on market time2000 = $198,600 Avg. = $166,000 Median = 78 days on market time1999 = $188,600 Avg. = $160,200 Median = 74 Read more:Estate
, Recap
Correction: New Figures Change Market Outlook 2007-04-19 00:33:00 This afternoon, the RMLS announced that it had issued faulty figures this week regarding housing inventory for Portland.Specifically, housing inventory is now 3.8 months and not the 4.9 months as the RMLS stated and I reported (earlier today). This means that housing inventory has fallen more than previously stated. In other words, Portland’s real estate market is not quite as balanced as thought. It is currently favoring sellers more than buyers, but still not to the degree as past years such as 2004, 2005, or 2006.All other figures posted to this blog earlier today are correct. Read more:Figures
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Balance Reigns In Portland's Market 2007-04-18 16:31:00 Portland’s real estate market is fairly balanced this spring of 2007, as housing inventory has dipped enough to create a seller’s market, technically speaking.Housing inventory is now at 4.9 months. In other words, if no other homes were listed for sale, the supply of listings would dry up in 4.9 months. This is a small dip from the previous month’s supply of 5.2 months.The National Association of Realtors states that a balanced market between sellers and home buyers is 5.0 months of inventory. Now that Portland is just under 5.0 months, it’s technically a seller’s market, but that’s in general terms.Some neighborhoods and price ranges continue to witness fast, strong sales and act like strong seller’s markets. Other neighborhoods and price ranges, meanwhile, have numerous homes for sale where the market belongs to buyers.Regardless, it is not a strong seller’s market throughout the Portland area. In fact, a year ago at this time in 2006, housing inventory was only Read more:Market
, Balance
National Article Features Portland Sights & Sounds 2007-04-17 17:58:00 So this post isn’t much about real estate at all; it has more to do with visiting Portland and what to check out.A homebuyer from California that I’ve been helping relocate, recently stayed at the Kennedy School while house hunting. And over the weekend, The New York Times ran an article about Portland which caught my eye because it mentioned the Kennedy School.Here are some excerpts from the article (which kind of, sorta mentions Portland’s neighborhoods): “NICE” is an adjective that Portland, Ore., can't seem to shake. But below the fleece-clad and Teva-wearing exterior lurks a cool and refreshingly unneurotic city that marches to its own cosmopolitan beat. Truth is, Portland doesn't want to be Seattle, its highly caffeinated neighbor to the north. With less traffic, better public transportation and Mount Hood in its backyard, this self-styled City of Roses doesn't stand in anybody's shadow. Its vibrant downtown overflows with urban pleasures like chic restaurants, fu Read more:National
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What homes are selling for in Portland 2007-04-20 16:57:00 It seems lately that I’ve discussed Lake Oswego’s First Addition neighborhood with many buyers who are relocating to Portland. It’s a great little neighborhood close to the village and lake. And it was named a top ten neighborhood by Cottage Living.Yet First Addition is only one the many draws to Lake O. The school district also has a stellar reputation, which is part of the reason the suburb is Portland’s most expensive area (on a whole).Here are the average and median sales prices, year-to-date, for homes throughout Portland:Average - Median = Area$518,900 - $445,000 = Lake Oswego, West Linn$431,100 - $368,700 = West Portland$380,400 - $350,000 = Northwest Washington County$378,200 - $336,000 = Tigard, Tualatin, Sherwood, Wilsonville$350,200 - $310,000 = Milwaukie, Clackamas, Happy Valley, Damascus$315,500 - $294,600 = Oregon City, Canby$304,400 - $266,900 = Northeast Portland$298,600 - $268,000 = Hillsboro, Forest Grove$288,200 - $261,200 = Beaverton, Aloha$279,300 - $253 Read more:selling
The Green Buyer's Makeup 2007-04-19 16:56:00 The city of Portland is earning a nice reputation nationwide for building green and buying green. Just last month, Portland’s RMLS system became the first in the country to implement “green” categories, allowing Realtors to search for homes with these features.Obviously the demand is increasing. But who is the "green" buyer?A new survey by the National Association of Home Builders and McGraw-Hill Construction reveals some information about the green buyer.The majority of consumers — 63 percent — who recently purchased “green” homes say their key motivation was lower costs to operate and maintain the residence. Nearly 50 percent were motivated by environmental concerns and their family's health.The survey also paints a picture of today’s green home owners: They're usually affluent, well educated, in their mid forties, and married. They're more likely to be women, and to be from the Southern or Western states. The biggest obstacles to buying green? A lack of consume Read more:Green
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Portland's Real Estate Market Favors... 2007-04-23 16:55:00 “It’s a buyer’s market, isn’t it?”I was asked this question by a homebuyer last weekend. The homebuyer is actually working with another Realtor in my office, but this Realtor is out of town so I’m helping him out.Anyway, this buyer asked the question because there was already another offer on a house in SE Portland that he liked.He was actually the third homebuyer last week that I was helping that ran into multiple offer situations… and I’ve run into one more since then.Portland’s real estate market has been fairly balanced lately, but this time of the year is an active one and that’s caused housing inventory to fall. It’s technically a seller’s market based on inventory, yet in general, homes are taking longer to sell.When they sell quickly as with the multiple offers situations I’ve seen, the houses have been priced very well. They’ve also been in high demand areas.On the flip side, I’m still seeing a lot of overpriced homes that do sit on the market Read more:Estate
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Green Remodels Keep Growing 2007-04-27 17:15:00 A friend of mine bought an old Portland home near the Council Crest neighborhood. Unlike the majority of people I’ve met lately with an interest in fixers, she didn’t plan to flip the house, but fix it and live in it instead.My friend installed bamboo floors in the kitchen and also used “green friendly” insulation, among many of her changes. The remodel was more costly than it could have been, buy my friend is very conscious of the environment. And she’s not alone.Green
construction and renovation is growing popular, and second-home owners are among the largest group of proponents of the trend, developers and remodelers say.The prospect of going green is appealing because a green weekend home can mean lower heating bills and simpler maintenance. Plus, second-home owners can generally afford premium prices.''You are not going to find the price-sensitive shopper in our stores,'' says Lisa DiMartino, the vice president for marketing of Environmental Home Center, a green-h Read more:Growing
1st Quarter 2007 Foreclosures, Portland 2007-04-26 17:29:00 Comparing the largest metropolitans in the country, Portland ranks 84th out 100 in foreclosures rates according to RealtyTrac. In other words, it’s near the bottom.For the first quarter of 2007, Portland had one foreclosure filing for every 704 homes; only sixteen markets had smaller foreclosure rates. Overall, Portland had 1124 foreclosures during the first three months of this year.To better understand the ranking, Detroit, Michigan ranks first in the country in terms of foreclosures with one foreclosure for every 55 homes, followed by Las Vegas with one foreclosure for every 57 homes.Here are the cities with the highest foreclosure rates in the country:1. Detroit, MI2. Las Vegas, NV3. Riverside, CA4. Sacramento, CA5. Stockton, CA6. Atlanta, GA7. Denver, CO8. Bakersfield, CA9. Forth Worth, TX10. Dallas, TXAs a state, Oregon ranks 27th in the country with one foreclosure filing for every 664 homes. This represents and increase of almost 20% from the 4th quarter of 2006 and an increa Read more:Foreclosures
Who Is Required To Disclose? 2007-04-25 17:10:00 “Has the roof ever leaked?”That’s one of the questions a seller of residential real property in Oregon must answer in disclosure papers provided to a homebuyer. There are many more questions, but did you know that not everyone has to answer them?Oregon law excepts the following parties from providing a statutory disclosure form:* Sellers of a dwelling never occupied, provided that it is the first sale of the property and the sellers provide the buyer with a the following statement: "THIS HOME WAS CONSTRUCTED OR INSTALLED UNDER BUILDING OR INSTALLATION PERMIT(S) #___, ISSUED BY_____."* Financial institutions (defined as licensed trust companies, mortgage bankers; mortgage brokers; and consumer finance companies) if the institution acquired the property as a custodian, agent or trustee, or through foreclosure (even if the prior owner deeded the property to the institution in lieu of foreclosure);* Court-appointed receivers;* Court-appointed trustees;* Court-appointed personal Read more:Disclose
SE Portland Homes Selling Fastest, Average Times 2007-04-24 17:02:00 Right now, the quickest area of Portland to sell a home is in SE Portland. Just the opposite, the Tigard area is taking the longest.Here are the average market times (days on the market) to sell real estate properties in Portland:DOM - Area78 – Tigard, Tualatin, Sherwood, Wilsonville,77 – Oregon City, Canby75 – Gresham, Troutdale72 – Lake Oswego, West Linn72 – West Portland65 – Northwest Washington County64 – Milwaukie, Clackamas, Happy Valley, Damascus62 – Beaverton, Aloha58 – Hillsboro, Forest Grove54 – North Portland54 – Northeast Portland51 – Southeast Portland Read more:Homes
, Average
, Times
Sales comparison between 2007 & 2006 2007-04-30 17:51:00 Even though activity is picking up, as mentioned previously, homes sales are down in most areas of Portland. There are a few parts of the city and its’ suburbs where sales are actually up.Here is how pending sales currently compare between 2007 and 2006 in Portland:2007 % Change = Area+7.1% = Hillsboro, Forest Grove+3.8% = Northwest Washington County+3.7% = Northeast Portland+1.3% = North Portland-1.9% = Southeast Portland-4.0% = Lake Oswego, West Linn-5.0% = Oregon City, Canby-7.2% = West Portland-8.4% = Gresham, Troutdale-9.7% = Beaverton, Aloha-12.8 % = Tigard, Tualatin, Sherwood, Wilsonville-15.6% = Milwaukie, Clackamas, Happy Valley, Damascus Read more:Sales
, comparison
Understanding Underground Oil Tanks 2007-05-02 16:56:00 As I've mentioned before, real estate is local. A national trend, for better or worse, may not occur in Portland's real estate market. Acknowledging that, there are issues to buying and selling homes in the Portland area that may not be issues elsewhere (I find this fairly common with people who relocate here).One of these issues is the abandoned underground oil tank. The state of Oregon says there could be 150,000 – 200,000 active or abandoned oil tanks in the state that could or have leaked. With such abundance, you could be involved in a real estate transaction either as a buyer or seller.What should you know? A local Portland company that services homes with oil tanks during real estate transactions was kind enough to allow this post from its’ website’s FAQs. Here is the Q&A from Ecotech:Q: What does Oregon law require an owner to do with an underground heating oil tank in the yard?A: If the tank is no longer in use, the contents of the tank must be pumped out. Oregon l Read more:Understanding
, Tanks
Portland's Qualty of Life Ranks High 2007-05-04 16:58:00 Portland ranks among the world’s best cities, according to a new survey based on “quality of living.”The Rose City came in 46th this year, and is only one of eight U.S. cities to make the top 50. Rankings are based on various quality of life issues such as safety, stability, city attractiveness, etc. Portland also ranked in the top 50 cities for health and sanitation.Here's the survey. Read more:Ranks
Portland Ranked 3rd Best City In Country 2007-05-08 16:44:00 Portland is the number three city in the country, according to a new book Cities Ranked & Rated, 2nd Edition.Number three for what? Number three as in third best city out of 400.The book analyzed dozens of variables such as cost of living, jobs, climate, education, healthcare, crime, and transportation. And after all that, Portland ranks third in the country.Here are the top ten cities:1. Gainesville, FL2. Bellingham, WA3. Portland, OR4. Colorado Springs, CO5. Ann Arbor, MI6. Ogden-Clearfield, UT7. Asheville, NC8. Fort Collins, CO9. San Luis Obispo, CA10. Boise City, IDBy the way, Modesto California ranked last.Here is the press release. Read more:Country
, Best City
The Most Homes Being Sold in Portland Is In... 2007-05-07 16:10:00 I mentioned the other day that Southeast Portland is the area of town where homes are currently selling the fastest (51 days). Well, SE Portland also happens to rank highest so far this year for actual number of homes sold.Here are the number of homes closed and sold so far this year for the Portland metro area.No. - Area of Portland869 – Southeast Portland705 – Northeast Portland653 – West Portland638 – Beaverton, Aloha527 – Tigard, Tualatin, Sherwood, Wilsonville497 – Hillsboro, Forest Grove415 – Gresham, Troutdale413 – Milwaukie, Clackamas, Happy Valley, Damascus313 – Lake Oswego, West Linn310 – North Portland272 – Oregon City, Canby260 – Northwest Washington County Read more:Homes
Vacant Houses Attract All Kinds 2007-05-11 16:18:00 Just a thought…. If you’re selling a vacant house, you may want to pop by every once in a while.I was showing homes the other day in some of the “charm and character” neighborhoods that Portland is famous for. It was a Thursday around lunch time. Anyway, I parked the car in the driveway and a few seconds later the homebuyer I was with said “It looks like the homeowner is here.”Only it wasn’t. It was a high school kid on his lunch break. He bristled past my car from behind the house. A few seconds later, a second teenager ran by covering his face with a hood. Then a third kid followed. I could see them running down the street towards their high school.We guessed this trio was up to no good and when we walked into the house our initial thoughts were correct. Let’s just say there was a certain smell in the air probably from some illegal activity. They hadn’t been in the house, but the smell was everywhere.My point is they knew the house was vacant. And while th Read more:Kinds
Portland Appreciation: The Last 2 Years 2007-05-10 19:35:00 It seems I’ve run into a good number of people lately interested in North Portland. The area has seen great change during the last few years in terms of real estate, especially once the MAX arrived.In 2006, North Portland appreciated 17.5% from the previous year. Here’s how North Portland compared with the other areas that make up Portland metro.2006 Appreciation & 2005 Appreciation17.5% in 2006 & 18.4% in 2005 = North Portland15.3% in 2006 & 15.8% in 2005 = Northeast Portland15.5% in 2006 & 9.5% in 2005 = Southeast Portland15.3% in 2006 & 13.1% in 2005 = Gresham, Troutdale20.4% in 2006 & 17.0% in 2005 = Milwaukie, Clackamas, HVally15.5% in 2006 & 18.9% in 2005 = Oregon City, Canby16.7% in 2006 & 14.0% in 2005 = Lake Oswego, West Linn10.1% in 2006 & 14.3% in 2005 = West Portland7.6% in 2006 & 14.5% in 2005 = Northwest Washington County12.7% in 2006 & 13.9% in 2005 = Beaverton, Aloha8.5% in 2006 & 24.6% in 2005 = Tigard, Tualatin, Sherwood15.9% in 2006 & Read more:Years
Why You Shoud Be Pre-Approved 2007-05-14 16:19:00 The number one thing you can do and should do if you’re serious about buying a home in Portland, or anywhere else for that matter, is to get pre-approved.Here’s why:1. Getting pre-approved by a lender will give you a realistic idea of what you can afford. Knowing your price range will help you focus on certain neighborhoods and save you time. In fact, this will speed up your home search because you’ll have a target.2. Being pre-approved before you find the right home will improve your chances of getting the home! Pre-approval letters from lenders or mortgage brokers typically accompany offers. Submitting this letter with the offer will show the homeowner or seller that you are serious and that, at least initially, it appears you’re financially capable of buying the home.3. Most homeowners or sellers won’t accept your offer unless they know you’re pre-approved; hence the letter.4. You’re not buying a car, but a house or condo. When you buy a car, you pick a model,
Portland Homebuyers Make Small Gain 2007-05-17 18:56:00 Score one for Portland Homebuyers
.Just when it seemed that the annual trend towards low housing inventory in the spring was taking place, inventory actually increased.Right now, housing inventory stands at 4.4 months meaning that if no other homes were listed for sale in Portland, the supply would dry up in 4.4 months. This is an increase from the previous month’s supply of 3.8 months. It also momentarily stops the trend of seeing inventory drop since January.What’s this mean?There’s fairly good balance in Portland’s housing market because, according to the National Association of Realtors, a balanced market between sellers and buyers has 5.0 months of inventory.To get an idea of how 2007 is shaping up, let’s compare housing inventory from previous years. At this time in 2006, housing inventory was only 2.4 months- a clear seller’s market. And in 2005, inventory in Portland was 1.8 months- a very strong seller’s market.Since there is more balance, the rush to buy home Read more:Small
Let's Clear The Air 2007-05-16 16:50:00 The Portland metro area is one of the cleanest in the country when it comes to ozone air pollution, according to a new report from The American Red Cross.The report also shows Multnomah County and Clackamas County amongst the cleanest in the country for ozone air pollution.Here is a link showing the cleanest cities. Read more:Clear
Portland Home Prices 2007-05-19 20:03:00 People who are not from the west coast (or east coast for that matter) often get sticker shock when they see what real estate in Portland sells for. It’s not cheap, but for west coast living, it’s more affordable than not.Here are the current average and median sales prices of homes in Portland:Average - Median = Area$540,100 - $455,500 = Lake Oswego, West Linn$445,900 - $365,000 = West Portland$390,600 - $351,500 = Northwest Washington County$374,900 - $336,000 = Tigard, Tualatin, Sherwood, Wilsonville$341,300 - $307,500 = Milwaukie, Clackamas, Happy Valley, Damascus$313,800 - $294,200 = Oregon City, Canby$307,400 - $270,000 = Northeast Portland$298,400 - $269,000 = Hillsboro, Forest Grove$293,700 - $259,500 = Beaverton, Aloha$281,900 - $257,000 = Gresham, Troutdale$278,900 - $245,200 = Southeast Portland$263,000 - $245,000 = North Portland Read more:Prices
, Portland Home
Appreciation Rates for Portland 2007-05-23 09:38:00 A little more than half of the Portland metro area is still experiencing double-digit appreciation. Here are the current real estate appreciation rates for Portland and the suburbs:14.9% - Gresham, Troutdale14.1% - Lake Oswego, West Linn14.0% - Hillsboro, Forest Grove12.9% - Southeast Portland12.6% - Milwaukie, Clackamas12.0% - North Portland10.4% - Northeast Portland9.8% - Oregon City, Canby9.4% - Beaverton, Aloha7.2% - Northwest Washington County6.7% - West Portland3.9% - Tigard, Tualatin, Sherwood, WilsonvilleAppreciation percents are based on a comparison of average price for the last 12 months with the 12 months before Read more:Rates
Portland Tops For West Coast Relocations 2007-05-22 09:27:00 A new study ranks Portland as the 24th best city in the country among major metropolitans for relocating families. And while the report didn't rank cities by area of the country, Portland did top the list for west coast cities.The study was performed by two companies associated with relocation, as well as Sperling's BestPlaces. Factors that made up the study included cost of living, crime rates, education, climate, housing market, appreciation rates, SAT/ACT percentile, population growth, etc.Most of the top ranking cities were in the Midwest with Forth Worth, Texas, leading the way followed by Nashville, Kansas City, and Indianapolis.Here is a link to all of the rankings. Read more:Coast
Portland, A Top 5 Real Estate Market 2007-05-21 09:22:00 A national media outlet ranks Portland as one of the top five real estate markets in the country, in part because of a booming local economy and land scarcity.CNBC has issued a report card dealing with the best and worst markets in the U.S.Seattle, Portland, Charlotte, Miami, and Atlanta were scored highly using “real estate report cards.”Detroit, San Diego, Boston, Washington, and Cleveland were scored low.Here’s the story. Read more:Estate
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