So, you’re relocating to Portland Oregon.  That’s awesome!  About 3/4 of Portlanders were either born here or relocated.  The other 1/4 were not sure about… just joking.  Attraction to this area can be attributed to several factors including entertainment, culture and cost of housing.  Believe it or not we’re ranked in the top 5 relocation destinations for the nation!

This blog focuses on Portland real estate and as luck would have it so will this article.  Surprise, surprise.  Coming from out of town has it’s difficulties so much research often takes place long distance before finding a suitable neighborhood to buy a home.  Here are 6 big tools to help with neighborhood research:

School ratings.  Whether or not you have kids is not the point.  Schools are one of the easiest ways to determine whether neighborhoods are going to be a good match.  There’s a fantastic website (www.greatschools.net) that rates schools on a scale of 1-10, 10 being the best.  Elementary schools pull from a small radius.  RMLS lists elementary schools as a required field.  Even the laziest agent has to fill in this information before a home listing goes public, therefore, house searches can be centered around specific schools.  While a home’s elementary school rating is not everything, it is a reflection of community.  Better school rating, nicer neighborhood.  Check it out if you’re familiar with a particular school location in the country and see for yourself, this is a national tool.

Very few neighborhoods in Portland actually feed into “10″ rated elementary schools.  Bethany, Cedar Mill and Laurelhurst are the only ones, last time I checked anyway.  Lake Oswego/West Linn ranks top in Oregon too, but it’s a suburb-type city.  Some of Beaverton’s schools are rated well too.  It’s amazing that within only a few blocks school ratings can vary significantly, so do the neighborhoods.

Food Shopping – QFC, Whole Foods, New Seasons, and other high-end grocery storesare an indication of neighborhood quality.  Also, check out Starbucks.  They put alot of research into store locations and won’t plant one in a sketchy area.  Stores mentioned above can only thrive in certain areas, areas of higher income mainly.  Money isn’t everything.  Check out crime stats, income levels and other census information at www.portlandmaps.com but look at grocery shopping more than just shopping.

Pictures – Every Realtor is now required to upload at least one front shot of the listed house within a few days of input into RMLS.  Searching Portland homes for sale from a distance has it’s hurdles, especially when not familiar with the city or surrounding locations.  Want to know what a neighborhood really looks like?  www.maps.google.comwill put you right in front of the house you’re looking at online.  It’a a tour right from your desk.  Pan around, look at surrounding homes, see how many cars are parked on the neighbor’s lawn, how many washing machines are on their porch?  www.earth.google.comhas similar aerial shots.  Many times, there’s waaay more to the story than what RMLS pictures stratigically leave out.  How close is the subject property to commercial buildings, apartments or a freeway?  Value is affected by such.  This is a great tool!

Visit the website for Portland relocation, Portland neighborhood information, and Portland homes for sale throughout the metro area.  www.maxwellsinclair.com

Metro Portland Area	Yr to date Avg Price	Avg Mkt Days	Avg Appreciation
North Portland	$232000	114	-2.0%
NE Portland	$296000	130	-2.0%
SE Portland	$239000	149	-5.1%
Gresham / Troutdale	$225000	144	-8.0%
Milwaukie / Clackamas	$292200	137	-7.3%
Oregon City / Canby	$287000	171	-5.5%
Lake Oswego / West Linn	$491500	141	-7.9%
West Portland	$522900	179	-1.7%
NW Portland / Washington County	$383000	163	-4.1%
Beaverton / Aloha	$255000	145	-5.0%
Tigard / Wilsonville	$322300	226	-6.9%
Hillsboro / Forest Grove	$246700	162	-8.2%

Data: March 20, 2009

Source: RMLS Area Report Metro Portland & Adjacent Regions

Dave’s Commentary on the Portland Real Estate Market:

Portland’s housing inventory is down from January’s record number to 16.6 month’s worth of supply. At the current rate of purchase it’ll take this long to buy up all homes for sale, if no others houses were to list in RMLS. This number is important because it’s a gage on our housing market.

If playing field was level between buyers and sellers there’d be a 6 month supply. Scales are heavily favoring buyers currently. Projections for growth in the Portland metro area are still optimistic. New industry has capitalized on Hillsboro’s industrial locations. The South Waterfront is still projected to grow immensely in coming years and condos for sale in the area are plentiful. Also, 3 luxury apartment buildings are being constructed at the moment.

Interest rates today are pushing 4.5%. Wow! Investors need to look at this opportunity as rare in the overall picture of real estate. Cash flow on investment properties has not been this good for the last 10yrs at least! While the rental market has softened a bit there’s money to be made. Hold out for a couple of years and watch what happens with house prices. People will look back at the summer of 2009 as an excellent time to get into real estate.

Sales picked up in February and the number of new listings decreased by comparison to 2008. This is good for market correction. Activity picks up as we head towards spring and number of days on market will improve historically. Look for opportunities to capitalize on Portland’s real estate situation. This is the year of the BUYER!!

Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers. Find YOUR HOME WORTH now.

To search for your home anywhere in the Metro Portland area, use our FREE Portland Home Search tool. For more information about living in Portland and finding your dream home, call Dave at (503) 789-7633, Toll Free (877) 629-5825 or email.

Learn about our Exclusive VIP Portland Buyer Services. Contact Dave now. Make informed decisions; make smart choices. Call Dave now at (503) 789-7633 or Toll Free (877) 629-5825 ext. 7.

Relocating to Portland, Oregon? Let us help with your Portland Relocation.

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Call us at 503-789-7633 (cell) or email us to see how we can help you with your Portland home buying and selling needs.

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Metro Portland Area	Yr to date Avg Price	Avg Mkt Days	Avg Appreciation
North Portland	$248300	88	-1.2%
NE Portland	$299800	129	-1.2%
SE Portland	$238800	142	-5.9%
Gresham / Troutdale	$218300	184	-8.3%
Milwaukie / Clackamas	$293900	140	-7.3%
Oregon City / Canby	$284500	145	-5.5%
Lake Oswego / West Linn	$499500	195	-7.2%
West Portland	$428200	208	-1.3%
NW Portland / Washington County	$401400	134	-4.7%
Beaverton / Aloha	$264900	138	-5.2%
Tigard / Wilsonville	$310400	181	-7.7%
Hillsboro / Forest Grove	$246400	121	-7.7%

Data: March 20, 2009

Source: RMLS Area Report Metro Portland & Adjacent Regions

Dave’s Commentary on the Portland Real Estate Market:

Portland’s housing inventory is down 14% from January. Couple the recipe of incredible selection and low interest rates and you’ve got a mix for historical buying opportunity. Question is, how quickly will buyers take advantage of the situation?

Although the number of homes available for sale is not at record numbers, pace of closings is slower than in years past and that’s what created the 19.2 month number. While this is a record high we need to put it inperspective.

Consider that historically every January inventory levels jump significantly. Last years numbers were up 33% over December 2007. 2009 numbers are up only 27%. Consider also that sales last month hit a new low and this means that it’ll take time to burn through our inventory. Nationally sales were up in December and Portland lags behind on U.S. trends.

First time buyers got a big boost from the $8000 tax credit, a welcome move by most. This should help push first-time buyers out of the rental market and into homes. Rental prices have softened with the economy somewhat but that $1200 rent payment easily translates into a $1400 house payment. Renters with stable jobs are going to see HUGE rewards by taking advantage of the situation.

Recent articles on Forbes.com list Portland in the top ten best long-term housing bets. We were also number 5 for move destinations according to a recent study by Relocation.com. Articles like this are overshadowed by negative news these days but buyers and investors who see through the hype are going to fare well overall!

Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers. Find YOUR HOME WORTH now.

To search for your home anywhere in the Metro Portland area, use our FREE Portland Home Search tool. For more information about living in Portland and finding your dream home, call Dave at (503) 789-7633, Toll Free (877) 629-5825 or email.

Learn about our Exclusive VIP Portland Buyer Services. Contact Dave now. Make informed decisions; make smart choices. Call Dave now at (503) 789-7633 or Toll Free (877) 629-5825 ext. 7.

Relocating to Portland, Oregon? Let us help with your Portland Relocation.

---

Call us at 503-789-7633 (cell) or email us to see how we can help you with your Portland home buying and selling needs.

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Dowtown Portland Oregon neighborhoods are feeling the same squeeze as other outlying areas and suburbs.  There are several condo developments in the South Waterfront; Meriwether Towers, Atwater Place, and The John Ross.  All buildings offer luxury living in this up and coming location.  Sweeping views of dowtown, Mt. Hood, and the Willamette river are features that can’t be matched elsewhere.

Portland Development Commission has grand plans for the area, located just south of the Ross Island Bridge along the Willamette river, and has been projecting 1000′s of future jobs.  With convenience to all endless downtown art, culture and dining location is everything. The South Waterfront is connected by street car making transportation easy and vehicle ownership optional.  Construction began in 2005 and both Meriwether buildings sold out very quickly.  Rapidly increasing real estate prices drove speculators into the area and great profits were common for those who purchased pre-completion and immediately resold 6 months later.

That was then, this is now.  Guess what’s available today?  Deals!  Occupancy is hovering around 50% altogether.  John Ross is about 60% sold and Atwater Place is currently 30% sold out.  Supply is in abundance and some speculators/investors who purchased in the Meriwether Towers are being forced to sell in this down market or face foreclosure. Check out RMLS 8112599.  It’s a 3100′ luxury condo with Mt. Hood and Willamette views, offers 2 large balconies, 3 parking spaces, 3 bathrooms… the list goes on.  All for a list price of $979,900.  This same unit sold for over $1.6m in 2006!  Keep in mind that Portland prices have dropped about 15% from peak and this place is offered at 40% less than it’s previous sale.  WOW!

Not all foreclosures make a great investment so here are 3 suggestions for evaluation of  property:

1. Run comparable sales within a 1/4 mile radius, and more specifically, only those with the same legal description.  Every subdivision gets a legal description for identification purposes in public records.  Let’s say you’re interested in purchasing this condo in The Meriwether Tower. Running comparable sales in the Atwater or John Ross building is a good comparison for the South Waterfront area but if you want to gauge the potential purchase a bit more accurately search only legal descriptions with the word “meriwether.”  Same theory applies with Beaverton or any Portland neighborhoods.

2. Look at the tax record.  Although property taxes are not based upon sale price the assessor’s no slouch when it comes to real estate value.  I’ve found their opinion of market value somewhat helpful as another angle when gaging investment potential.  Records are updated every couple of years so, depending upon what current market conditions are, an adjustment factor needs to be figured.  Current sales are running somewhere around 15% under tax market value… just a quick rule of thumb for the moment.

3. What does Zillow.com say? Type in the address and find out what their “Zestimate” shows.  Although you have to take everything it says with a grain of salt they do have great algorithyms giving theoretical value based upon several factors.  It provides another bead on the deal anyway.

Review of all three factors on RMLS #8112599 show this:

• Comparable sales are running around $383/ft for sold listings, $402/ft for active.  Our subject is priced at $313/ft
• Tax assessor’s opinion adjusted 15% puts value over $1.3m
• Zillow.com calculates current market value at $1.5m

All 3 factors weigh in on the equation and heavily tip the scales toward $980k being a screamin’ good price!  This particular condo listing has entertained numerous offers and will most likely close slightly above asking price.  It’s not that buyers don’t have money and can’t get financing, it’s that they’re waiting for bargains like this to take advantage of.  Homes for sale in Portland priced agressively move quickly and buyer outlook for the near future is amazing.  Opportunities will not last.

For more information on the Portland Oregon real estate market and homes for sale please check out www.maxwellsinclair.com!

What could be better for sellers in this market than selling?  Nothing! Keeping your deal together is incredibly important.  Like it or not, buyers control transactions when it comes to Portland Oregon real estate.  One of the ways they control the deal and potentially leverage a lower sale price is to nit-pick details brought up during home inspection.  So, how about a few tips to help minimize the list of piddly concerns that buyer’s inspector will inevitably bring up?!

After being on hundreds of inspections Stefan McGuire from A-Team Home Inspections shared with me a list of seven incredibly common problem areas:

1. Vegetation – To help deter wood rot and/or insect infestations keep vegetation 12″ away from structure.  Soil should be sloped away from the house and not be any closer than 6″ below start of siding material.

2. Exterior Paint & Caulking – Keeping surfaces sealing with caulk and painted helps minimize moisture damage and water intrusion.  Pay particular attention to bottom edges of wood siding near the ground as this is a leading cause of failure due to Portland’s wet climate.   This is often completely overlooked by painters and the first areas to show rot.

3. Crawlspace vents- Eliminate possible entry of rodents and your neighbor’s cat.  Check foundation vent screens for looseness and around protrusions from air conditioning lines, cable TV, etc. for holes larger than 1/4″.  Animals love to make tear down floor insulation, shred duct work and then die under your house.

4. Roof Repairs- Missing shingles generally result after heavy winds.  3 tab roofing is much more subject to damage than architectural styles.  If roof is visible from the street missing shingles can be very eye catching, showing that the owner may not pay attention to detail.  Even though initial damage doesn’t necessarily cause a noticeable leak problems may surface down the road and result in underlayment (roof plywood) or interior Sheetrock damage.

5. Gutter and Valley Cleaning – Treed neighborhoods in Lake Oswego, Forest Heights and others will product gutters clogging material on a regular basis, especially during fall leaf shedding periods.  Pain in the neck that it is keeping debris out and rain water flowing freely really limits damage to rafter tails, facial, and house trim in general.  Roof valleys are notorious for pine needle buildup which causes water to wick up under shingles and cause leaks.

6. Hot Water Tank Connections- Comes up on almost every inspection.  Small leaks occur at the galvanized supply line connections and water soaks into a tank’s insulation.  Potentially this causes irreparable damage long before drips appear below the heater.  Consider replacing galvanized fittings (pipe nipples) with brass to minimize chances of a disastrous water heater blow out while you’re out on vacation.

7. Exterior Faucets – Properly winterizing exterior hose bibs/faucet relieves pressure and limits chances of pipe breakage.   Many home sales happen during winter months and inspectors will test these faucets looking for leaks and correct shut off valving.  Shut off valves are often under kitchen sinks, bathroom or utility sink and on garage walls.  Closing these and opening exterior faucets to drain the line can save a lot on the plumbing bill.

Check out more seller tips, search all homes for sale in Portland and find Portland neighborhood information at www.maxwellsinclair.com