Rick Bean has been named a 2013 Five Star Real Estate Agent. He received the same award in 2012. This award recognizes a level of excellence achieved by fewer than 7 percent of the real estate agents in the local market.
The Five Star Professional award program is the largest and most widely published award program in North America. Award candidates are measured using an objective, in-depth research methodology that focuses on customer satisfaction and a thorough regulatory review.
Have you noticed the increase in new construction starts? It's certainly a good sign. Increasingly, my clients are wanting to compare resale homes with new homes. It was not even six months ago that I was showing buyers new homes and there was good inventory of completed homes. With the increased demand , be prepared look at a model home and choose a location that is in the framing stage. You could have a 4 month or longer wait to move in to your new home.
Wendy Culverwell wrote in the Business Journal:
New home sales account for about eight percent of the market, compared to five percent at the market low. New construction had claimed 16 percent of the market share in the mid-1980s and as much as 12 percent as recently as 2003, according to…
New construction has been down in the last couple of years, but recently there has been an increase in new home sales. This is great news for the home building industry in the Portland metro area. In previous years, new construction sales have been 5% of the market and in 2012 it has increased by 3%. According to the Regional Multiple Listing there have been 10,802 closed sales through June 2012. Another great indication of the increase of new home construction is the amount of permits that have been pulled. The Construction Monitor reports that there has been 2,426 permits pulled in the Portland Metro area which includes Salem, Vancouver and Portland. The amount of permits accounts to approximate $574.8 million total combined value.
Vancouver’s home resale inventories have decreased slightly. Distressed properties, such as foreclosures and short sales remained almost the same in September. The median listing price in Vancouver went up from August to September. There was a total of 90 price increases and 324 price decreases. Now is the time to buy. With the change of seasons upon us and school starting, sellers are anxious to sell before the cold winter weather hits us and would also like to be moved before the Holidays are here. So…if you have thought of buying, contact Sandy now for a list of properties. Also, this is a great time to sell! The off seasons bring out the serious buyers!
Clark County real estate activity showed some improvement when comparing July 2012 to the same time period in 2011. Offers increased 3.0% comparing with July this year and last dropped 11.2% from the previous month this year. The pending sales numbers are the highest since 2009 for the month of July. Sales increased 6.5% since July 2011 and a 1.5% increase compared to June 2012. Year-to-date closings have increased 5.3% when comparing the first seven months of 2012 to 2011. July also Inventory in months is unchanged from the previous month and is holding steady. At the July rate of sales, the active listing count of 2,628 would be exhausted in 5.4 months. This continues to be the lowest inventory in Clark County since June 2006 when it was 4.7. Sale Prices Home sale prices…
Residential loan rates continued to rebound from recent record lows, rising for the 4th straight week in response to stronger data in the real estate markets. Freddie Mac announced that for the week ending August 23, 30-year fixed rates rose to 3.66% from 3.62%. The average for 15-year loans increased slightly to 2.89%. Adjustable rates were mixed with the average for one-year adjustables falling to 2.66% and five-year adjustables increasing to 2.80%. A year ago 30-year fixed rates were at 4.22%.
Many of my clients ask me for referrals for qualified home inspectors that I have used in the past. I always give my clients a choice of three different home inspectors that my previous clients have had success with. If they decide to find their own, this is the advice I like to give them when looking for a qualified home inspector. This is a crucial decision; there are some many aspects of the home that need to be fully inspected to insure that they are purchasing a sound property.
What are the inspector’s qualifications?
The National Association of Home Inspectors is a great resource to find out the background of the inspector and other involvement within the industry.
What is their experience? Do they specialize in residential inspections?
Many people come through my website searching for real estate all over the Portland area. I received a lead one morning and I promptly responded to their questions and started helping them with their new home search. They are a husband and wife and they have two small girls. Since they were relocating from Syracuse New York, they wanted to find a home in the 400-500k range near Intel in Hillsboro. So I began my search and after months of sending them properties they contacted me to go visit a listing in the Century High School District. This particular property had all the wonderful interior features that they wanted but the backyard was extremely small. In the Syracuse area where they lived prior to moving here, they have much larger plots of land.
The Portland Metro residential real estate market improved slightly in July. All measures are better than last July but down slightly from last month. There were 2,372 accepted offers and 1,973 closed sales. This was the highest number of closed sales in July since 2009. The unsold inventory in months ticked up slightly from 3.9 in June to 4.6 in July and is lower than any July since 2006; it would take only 4.6 months to sell the 9,041 active listings at the July rate of sales. Sale prices were up 7.8% from last July and up 1.2% from June.
Mortgage rates rose slightly but still remain near record lows.
Please feel free to call or e-mail with any questions. I am available at your convenience.