Your Portland Oregon and Lake Oswego Oregon Real Estate Expert!

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.

The Portland housing market has felt the same pressure as everywhere else in the US and prices have slid 20% off the 2006 peak in many cases.  RMLS figures for January just came out and there’s a 19 month supply of homes for sale, this is a record amount.  Fantastic time to be purchasing if your job is secure!

Tax credits for first-time home buyers will help stimulate Portland real estate.  Driving renters into homes pushes our housing market forward.  As money conscious renters see advantages of home ownership the market will change.  Couple that with an $8000 check and renting doesn’t look nearly as attractive.

Watch Oregon’s unemployment rate and as numbers plateau, not necessarily improve, this can be a sign of market bottom.  Many fence sitters are going to jump off, make the decision to purchase, and start the pendulum swinging towards a traditional appreciation trend for homes.  One thing’s certain in all this economic mess… Portland’s house prices will go back up!

Check out an outline of the Tax Credit for buyers. government_affairs_tax_credit_chart_021308

Data: January 21, 2009

Source: RMLS Area Report Metro Portland & Adjacent Regions

Dave’s Commentary on the Portland Real Estate Market:

Portland is still lagging behind on foreclosure rates and market decline based upon national numbers. Keep in mind that current published rates of sale and prices are a reflection of 3 months earlier. As the season pushes towards spring buyers are emerging and will continue to do so, absorbing inventory. Good news for anxious sellers.

First-time home buyers are seeing the advantage of owning over renting with rates so low. It’s quite possible to get a house now with payments very close to rents. The $7500 tax credit stimulous seems to be brought up on a regular basis with buyers.

The metro area rental market is softening with rents plateauing after several quarters of dramatic increase. As unemployment numbers continue to grow we’ll see vacancies potentially increase slightly due to people doubling up and wallets tightening. Rents will not go down any time soon however.

Interest rates are bouncing around 5%, dipping into the 4’s. Some forecasts predict low 4’s within the next 60 days. As the feds buy mortgage backed securities on a steady basis rates potentially lower.

Get out there and look for that fantastic deal on a bank owned property while the opportunity is good. From an investor’s standpoint this is a dream market. With a bit of searching you’ll come up with a winning combination of finance and purchase price to beat any deal in recent history!

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.

Data: December 18, 2008

Source: RMLS Area Report Metro Portland & Adjacent Regions

Dave’s Commentary on the Portland Real Estate Market:

Portland’s real estate has seen a dramatic change over the last few months. RMLS numbers now reflect a 15 month supply of available homes for sale throughout the metro area. Sellers are averaging 135 days to get their homes sold. Buyers are loving this!

Sellers who are not upside down in their house have a tough battle, competing against neighboring short sales and a relatively small percentage of foreclosures. Entry priced homes are commonly selling short of what’s owed and this affect trickles uphill into higher end properties. Luxury homes in areas like Lake Oswego are deeply discounted and not immune to similar circumstances. Bank owned properties can be picked up cheap!

What does this mean for the average homeowner in Portland? Don’t sell unless it’s absolutely necessary. If you do have to sell price it 5% lower than the competition and it’ll move. Currently homes are selling at a rate of about 40 per day. Sellers must be aggressive!

Buyers are able to reap benefits of today’s incredibly low interest rates. FHA borrowers can get a historical low of 4.5%. Conventional mortgage rates are the same as of this writing. If loan-to-value (LTV) is 60% or less it’s possible to lock in 4.375%. Wow!!

Interestingly enough guidelines have changed for investors. Fannie and Freddie underwriting requirements only allow a total of 4 mortgages, 3 investments. Makes it tougher for those who would love to take advantage of the buyer’s market and already own several properties. Good news is that there’s no shortage of Portland investment property with upside potential and cash flow is better than ever.

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 in 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 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.

Numerous buyers for properties that are a bargain

It’s interesting.  Listen to the local and national news coverage and you’d swear that the sky has fallen in the Portland real estate market.  Just this week I ran into 3 examples of properties where home my buyers saw value.  Two listed homes were short sales and already had offers on them within days of input into RMLS.  The third went into a sale pending status before they could even look at the house but RMLS had not yet been updated.  My clients were bummed.

This situation is not uncommon in today’s market.  Countless buyers are sitting on the fence waiting for that great bargain to come along.  Once it does, several of them jump on the opportunity and force a multiple offer situation.  Is our market really that bad?

Portland’s housing market is experiencing a significant adjustment

Home prices have slid in all areas.  Higher end locations like Lake Oswego, West Linn and Forest Heights are seeing adjustments back towards pricing seen in 2005.  Many of the homes in these areas are listed in the $600k price range.  A quick look at tax records will show assessor’s values over $750k.  Not that too buyers should be concerned with what the county thinks but rather note that home prices are adjusting from market peaks.  Looking at tax statements is one key way of evaluating home prices.

Prices have decreased 10% this year alone.  Recently I evaluated a Lake Oswego home for sale.  Sellers purchase the home in 2001 and were looking to relocate.  Taking a broader look at appreciation rates showed a tradational 6% overall increase (comparison of purchase price in 2001 to today’s potential sale price).  Buying in Lake Oswego proved to be a decent investment overall.

Unrealistic sellers need to lower price in order to compete

A huge factor in what’s driving down Portland real estate prices is the shear amount of short sale and foreclosed upon properties.  Banks actually taking homes back through foreclosure are very few, relatively speaking.  Owners who have the fore site to see their financial position may find it beneficial to do what’s known as Deed in Lieu of Foreclosure (give their house directly back to the bank).  This allows banks to unload homes quickly through the Portland MLS.

Whatever method is used to obtain the property doesn’t really matter.  Point is that bank owned real estate will be marketed at an aggressive price.  Benefit is to the buyer.  Buyers purchase properties at very attractive prices and are able to close within a standard 30 day period.  Short sale properties very often take 3 months to actually close, if they ever do.  Bank owned (foreclosures) and short sales are competing against the average seller, driving down their market value.  Sellers have to step up to the plate and lower their price to stay competitive!

Search all Portland Real Estate for sale at www.MaxwellSinclair.com

Data: June 30, 2007

Source: RMLS Area Report Metro Portland & Adjacent Regions

Commentary on the Portland Real Estate Market:

The Portland real estate market appreciation, for the first time in the last 36 months, has dropped below 10%. The market has turned into a buyer’s market. That’s great news since our market definitely needs some correction to get soft landing. The Portland real estate market grew 8.9% in the month of June as compared to the same period last year. Though it is not good news for home sellers that the market has slowed and that there’s excess inventory out there, it is great for buyers and for the economy in general. Reason, a gentle slow down is way better than a crash. This soft landing gets our real estate market back to normal.

However, if you were to compare our market with other markets throughout the US, our performance of an almost 9% growth is still stellar.

Cities that were hit hardest were predominantly on the west side including West Portland, Beaverton, Tigard and Wilsonville (around 4.5% growth). These areas had had rapid growth in the last few years and it’s finally calming down.

Despite our cautious tone, we still estimate that the 2007 real estate market will continue to be strong for Portland. We are projecting a growth rate at around 8% throughout the year instead of the 17% of the last few years. Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers.

To search for your home in 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 Max at (503) 805-5173, 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 Max now at (503) 805-5173 or Toll Free (877) 629-5825 ext. 7.

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

Call us at 503-805-5173 (cell) or email us to see how we can help you with your Portland home buying and selling needs.

Data: April 30, 2007

Source: RMLS Area Report Metro Portland & Adjacent Regions

Commentary on the Portland Real Estate Market:

The Portland real estate market in April 2007 grew another 11.1% for from the same period in April last year. This follows the similar trend we’ve seen in the last few months. We’re still seeing some healthy appreciation overall. Closed sales increased 1.4%, but the number of new listings also grew 23% and pending sales dropped about 7%. At this point, our inventory will last approximately 4.4 months.

Undoubtedly, price increase is going to slow down in light of the increased inventory. Having said that, the Portland real estate is still stellar as compared to the national average at 2.9%.

Despite our cautious tone, we still estimate that the 2007 real estate market will continue to be strong for Portland. We are projecting a growth rate at around 10% throughout the year instead of the 17% of the last few years. Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers.

To search for your home in 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 Max at (503) 805-5173, Toll Free (877) 629-5825 or email.

Learn about our Exclusive VIP Portland Buyer Services. Contact Max now. Make informed decisions; make smart choices. Call Max now at (503) 805-5173 or Toll Free (877) 629-5825 ext. 7.

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

Call us at 503-805-5173 (cell) or email us to see how we can help you with your home buying and selling needs.

Data: March 31, 2007

Source: RMLS Area Report Metro Portland & Adjacent Regions

Commentary on the Portland Real Estate Market:

The Portland real estate market in March 2007 grew another 12.2% for from the same period in March last year. This follows the similar trend we’ve seen in the last few months. We’re still seeing some healthy appreciation overall. However, here’s a cautious note: the number of new listings went up by 24% and closed sales declined by almost 10%. Undoubtedly, price increase is going to slow down in light of the increased inventory. Having said that, the Portland real estate is still stellar as compared to the national average at 2.9%.

Despite our cautious tone, we still estimate that the 2007 real estate market will continue to be strong for Portland. We are projecting a growth rate at around 11% throughout the year instead of the 17% of the last few years. Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers.

To search for your home in 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 Max at (503) 805-5173, Toll Free (877) 629-5825 or email.

Learn about our Exclusive VIP Portland Buyer Services. Contact Max now. Make informed decisions; make smart choices. Call Max now at (503) 805-5173 or Toll Free (877) 629-5825 ext. 7.

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

Data: February 28, 2007

Source: RMLS Area Report Metro Portland & Adjacent Regions

Commentary on the Portland Real Estate Market:

The Portland real estate market in Feb 2007 follows the similar trend we’ve seen in the last few months. We’re still seeing some healthy appreciation of 12.8% overall. However, here’s a cautious note: the number of new listings went up by 18.9% and closed sales declined by 7.9%. Undoubtedly, price increase is going to slow down in light of the increased inventory. Having said that, the Portland real estate is still stellar as compared to the national average at 2.9%.

Despite our cautious tone, we still estimate that the 2007 real estate market will continue to be strong for Portland. We are projecting a growth rate at around 11% throughout the year instead of the 17% of the last few years. Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers.

To search for your home in 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 Max at (503) 805-5173, 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 Max now at (503) 805-5173 or Toll Free (877) 629-5825 ext. 7.

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

Call us at 503-805-5173 (cell) or email us to see how we can help you with your Portland home buying and selling needs.

Data: January 31, 2007

Source: RMLS Area Report Metro Portland & Adjacent Regions

Dave’s Commentary on the Portland Real Estate Market:

The Portland real estate market started off with a cautious tone at the beginning of 2007. We’re still seeing some healthy appreciation of 16% overall. The actual closed and pending sales actually went down as compared to last year of the same period. This signifies that our property market is hot, but it’s unlikely to be as hot as the previous two years. Undoubtedly, price increase is going to slow down in light of the increased inventory. Having said that, the Portland real estate is still stellar as compared to the national average at 2.9%.

In January 2007, the number of closed saled decreased by 9.4% and pending sales fell by 2.2%. These numbers are still within a resonable tolerance level given the slower winter months.

From the encouraging results in January, wWe estimate that the 2007 real estate market will continue to be strong for Portland. We are projecting a growth rate at around 11% to 12% throughout the year instead of the 17% of the last few years. Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers.

To search for your home in 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 Max at (503) 805-5173, 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 Max now at (503) 805-5173 or Toll Free (877) 629-5825 ext. 7.

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