Portland’s February numbers turned out better than both years prior.  Plus the number of new property listings was down from 2010.  Sales have been consistent overall running around 1600/mo for the Portland metro area.  This is good news for our housing market.  The amount of inventory overall is shrinking slightly and the rate at which prices are dropping is tapering off.  There was a 10.5% drop in prices when comparing February 2010 to February 2011 but figures only average 3% for the past 12 month period.

What’s the overall feeling of Portland real estate?  It’s stabilizing but has some distance to go before appreciation happens overall.  Buyers confident with their jobs are making moves that’ll pay off over time.  Big question is what’s going to happen as inflation kicks in and interest rates are no longer in the 4’s.  Hard to say for certain.  What drives home sales in Beaverton, Portland, Lake Oswego, Tigard and Hillsboro is mainly consumer confidence.  I doubt we’ll see much drastic change in prices or interest rates through the summer. 

Banks are still holding onto inventory and foreclosures are incredibly common so we’ll continue to see them in the MLS.  Houses for sale in Portland are led in price by foreclosures and short sales, nothing new here.  What is new is the amount of Realtors that are short sale certified and working with banks that are getting progressively better at dealing with offers, albeit, they’ve got a heck of a long way to go (banks).  80% of offers I write on short sales end up never closing.  Not saying to buyers that chasing them is not worth the effort but, rather, don’t get too emotionally attached to the property…

It’s a great time to purchase right now.  Prices are back to 2003 or earlier levels and interest rates are phenomenally low.  Investors should be paying close attention as cash flow numbers have never been better, at least in the 15 years I’ve been watching Portland real estate activity.  Rents are rising. 

Bottom line is that buyers can probably dilly dally through the spring but sellers are not gaining by holding off on the sale.  Hit the market with strong (not high) prices and you’ll net more overall than chasing prices downward.

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 Exclusive 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? We can help. Click here.

Dave’s Commentary on the Portland Real Estate Market:

• Listed home inventory took a slight bump up to 11 month’s supply, balanced market is 6
• Sale volume decreased over Augest by 25%, slight increase in listings
• Foreclosures are easy to find and continue to be heavy competition for sellers

Portland real estate continues to experience sliding prices.  Fantastic news for home buyers looking to score with 2004 prices in 2010.  Couple that with pheonominal financing rates and you’ve got a recipe for success long term.  FHA rates are still incredible at 4% and give first-time buyers their best option for low down payment.

Beaverton and Hillsboro real estate have seen slower sales rates now that school has started.  Projections are for prices to edge down slightly further by end of 2010, possibly another percent or two.  At the moment we’re looking at a 11 month supply of homes for sale.

Good news for landlords as rental prices are definitely on the rise.  It’s possible to purchase investment property in Portland and have it cash flow right out of the gate.  Unheard of in recent years.  Renters are having to scramble a bit to get the good homes.  Investors that keep rates slightly below competition will experience significantly less than a default 5% vacancy.

A recent investment property in Hillsboro turned over with a 9.2% cap rate.  Cash on cash return was over 10%, calculated with zero appreciation.  Wow!  Now is the time to get into investment housing around Portland, Beaverton, Hillsboro, Lake Oswego and other surrounding areas.

Sellers will continue to be frustrated with market performance and are best advised to incorporate staging and décor enhancing options to make that listing jump from the competition.  Realtors represent the market, not seller’s relationship with their equity.  Tough pill to swallow for sellers but the market will improve over time. 

Houses for sale in Portland are selling under the cost of construction.  This market will recover eventually and those whose purchase in 2010 will see a good appreciation over average home ownership time period.  Home ownership pans out on average when people stay in the house more than 4 years.

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 Exclusive 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? We can help. Click here.

Dave’s Commentary on the Portland Real Estate Market:

• Available inventory is at 7.3 month’s supply, pretty average
• Sales have slowed this month, another 2% drop anticipated before end of summer
• Bank foreclosures still lead the “good deal” market and will be through 2010

Closed sales were up through April significantly reducing the amount of homes for sale around Portland. Our Lake Oswego office in particular saw about the same number of sales this year as last. With about 70 agents in the office it’s a good gauge of what’s happening overall in Portland.

Website traffic remains constant to this site but the number of inquiries generated has dropped which tends to be a forecast of slowdown in sales. This same thing happened in November 2009… Wonder if it’s a pattern but too early to tell just yet.

Lockbox activity according to RMLS has dropped by comparison to last year and over the last 2 months. A reflection of no more first-time buyers going for the tax credit? Not necessarily. The number of buyers pulled into the marketplace because of this tax incentive was not as great as everyone believed. The $6500 credit for current owners to move did nothing as far as I could see. People were either purchasing or not, $6500 didn’t matter to them.

Money is still cheap with interest rates hovering around 5% and FHA remains quite attractive, more so than ever actually. 2010 will continue to be a great year overall for real estate investment.

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 Exclusive 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? We can help. Click here.

Dave’s Commentary on the Portland Real Estate Market:

• Available inventory is at 12.9 month’s supply, well above average
• Prices have stabilized on entry level pricing for regular resale houses
• Bank foreclosures still lead the “good deal” market and will be through spring

It was mentioned back in December than Portland’s housing market had hit bottom, now numbers are beginning to reflect than.  Home buyers willing to make the first-time buyer move will see great return on investment given a few years.  While Portland, Beaverton, Hillsboro, and surrounding area homes for sale have seen entry level pricing firm up, luxury home sales are still hurting.  Prices around $2ook are in demand as buyers scrimp competitively to get the good deals.  Want to sell?  Price it right.  Buyers are there.

Luxury homes in Lake Oswego, West Linn and other locations where prices lead overall stats are still feeling the pinch.  Market times for these properties are around 153 days on average.  With economic improvement homes for sale in the $500k+ category will pick up.  Summer’s coming and so are the movers.  Expect increased sale volume but also increased home listings.  New construction will not play a big part in 2010.  Inventory needs to be bought up.  Now is the time for purchasing!

Multi-family sales around the Portland metro area also finally seening some activity.  2009 was not the year to unload property for financial gain, that’s for sure.  Sales were very stagnant.  In the last month or two plex sales have began to show signs of improvement.  Investors are gaining confidence in real estate again and rents have stabilized.  Portland’s rent rates followed real estate sales as tenants buckled down and did more conservative moves to save money.  Vacancies are back around 6% again now.  Don’t try and gain top rental dollar for an investment unit, vacancy is not worth the lost income!

Go buy real estate in Portland, that’s the bottom line.  Does anyone honestly think this is a bad time to purchase?  Look at prices and interest rates.  You tell me…

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 Exclusive 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? We can help. Click here.

Data: June 8, 2009

Source: RMLS Area Report Metro Portland & Adjacent Regions

Dave’s Commentary on the Portland Real Estate Market:

RMLS numbers reflect a reduction in Portland’s housing inventory. We’re down to an 11 month supply for April’s final figures. This is a good sign that the market is starting to improve. Typically the amount of homes for sale rises in spring as do the number of closed sales. A reduction in overall inventory means that buyers are purchasing at a faster rate than homes are being listed for sale.

Working with buyers provides me an opportunity to interact with listing agents when out showing homes. I always ask other agents what their offices are seeing and what that person’s take on the market is. Lately it’s all been the same. Business is up!

Comments vary across the range of course but the majority of agents I’ve spoken with are raving about the amount of buyers they’re currently working with. While May’s inventory numbers are not out yet it’s exciting to anticipate. My guess is that it’ll be down even more, showing more market improvement.

RMLS data shows dwindling appreciation figures so keep in mind that these are a reflection of activity 3 -6 month’s ago. Forecasts are still fairly abundant that late 3rd quarter/early 4th will show we’ve reached a plateau. By the time the media starts reporting on such buyers will start seeing sellers being less desperate.

Dave’s prediction; We’re getting very close to bottoming out or may have already done so. Buyers closing in 2009 will reap huge benefits 5 years from now. Fence sitters need to make their move.

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.

Data: June 8, 2009

Source: RMLS Area Report Metro Portland & Adjacent Regions

Dave’s Commentary on the Portland Real Estate Market:

RMLS numbers reflect a reduction in Portland’s housing inventory. We’re down to an 11 month supply for April’s final figures. This is a good sign that the market is starting to improve. Typically the amount of homes for sale rises in spring as do the number of closed sales. A reduction in overall inventory means that buyers are purchasing at a faster rate than homes are being listed for sale.

Working with buyers provides me an opportunity to interact with listing agents when out showing homes. I always ask other agents what their offices are seeing and what that person’s take on the market is. Lately it’s all been the same. Business is up!

Comments vary across the range of course but the majority of agents I’ve spoken with are raving about the amount of buyers they’re currently working with. While May’s inventory numbers are not out yet it’s exciting to anticipate. My guess is that it’ll be down even more, showing more market improvement.

RMLS data shows dwindling appreciation figures so keep in mind that these are a reflection of activity 3 -6 month’s ago. Forecasts are still fairly abundant that late 3rd quarter/early 4th will show we’ve reached a plateau. By the time the media starts reporting on such buyers will start seeing sellers being less desperate.

Dave’s prediction; We’re getting very close to bottoming out or may have already done so. Buyers closing in 2009 will reap huge benefits 5 years from now. Fence sitters need to make their move.

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 home buying and selling needs.

Data: April 21, 2009

Source: RMLS Area Report Metro Portland & Adjacent Regions

Dave’s Commentary on the Portland Real Estate Market:

Inventory has significantly dropped and at a faster pace than over last two years given the same time period. What does this mean? It means that buyers are seeing the light and taking advantage of short sale and foreclosure home deals. As supply of available homes for sale decreases our market improves. Keep in mind that a balanced amount of listed home favors neither the buyer nor seller at 6 months, we’re currently at 12. That number is way down from January’s record 19!

What we’re experiencing is no movement in secondary price levels, those above $250k or so. The reason our market is slow for anything over $250k is that first time buyers are displacing sellers who are in tough times. Normally these folks would move up in price to a new home, pushing the higher end. Entry level home sellers who overextended finances are now renters. Working through this inventory is again, a sign of market recovery.

First time buyers are looking to convert from renters into owners and take advantage of the federal tax credit of $8000. This money is available to most who close a home before December 1st 2009 and who have not owned in the last 3 yrs.

Sellers in the $400k+ price ranges need to be super agressive on pricing. Look at comparable sales within the last 6 months and subtract 10%. I’m not joking… you’ll move your house and make it up on the purchase!!

The bottom line: If your job is secure take advantage of this situation. Correction to our values was required and 2009 is the year for it. Money is made in real estate on the purchase… not the sale.

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: 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.

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: 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.