Real Estate Blog

In a report posted on Realtor.com last week the Portland/Vancouver real estate market saw an 8.84% year-over-year increase in home values in April. The new median home value in the Portland/Vancouver market as of April is $244,900. The Portland/Vancouver market was the sixth fastest growing market out of 146 national housing markets tracked by the website.

The May 2012 RMLS Market Action report showed improvement across all real estate activity except new listings which were down slightly. May 2012 saw the highest number of pending sales in the month of May since 2007. Closed sales were up 20.4% over the same month last year. Median sale prices were up 6.6%.

Economics 101 at work… The Portland Metro housing market has a 4.2 month inventory, the lowest

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One of the keys to early success in my real estate career has been building a superior network of real estate professionals who my clients and I can turn to and rely on. There are several moving parts to any real estate transaction. It is important to use a team approach to make sure each part is fully evaluated and the best decision reached. Teaming with the industry’s best gives you the peace of mind that their knowledge and experience with be backing you throughout the process.

From home inspections to mortgage deadlines, I have built a network of professionals who are committed to going above and beyond to get the job done right the first time. Communication is vital. I work to facilitate the transaction and keep everyone on the same page throughout

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When I meet with a client for the first time I like to make it clear that I am not a typical broker. My goal isn’t to “sell” them anything. Real estate is unlike most products and services. Real estate should sell itself. You have your own wants and needs in a home or property. My only objective is helping you find the right property that speaks to you. You will know “the one” when you see it. You don’t need me to convince you of anything.

I showed homes in Eugene this last weekend to clients from California. Typically, I don’t work the Eugene market but I didn’t want to just hand these clients off because it posed a small inconvenience to me. My business model is about building a long lasting professional relationship and not being concerned with any

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Several of my clients have been in multiple offer situations over the last month, with properties coming on the market, typically not short sales, and the listing agent receives 3-10 offers, each offer outbidding the other, raising the ultimately accepted offer often over list price.  I closed a sale yesterday, where I represented the buyer on the purchase where there were four offers in the first four days on the market.  The seller countered highest and best and my client's offer was the best one by a small margin.  The nearby comparables were in the $225,000 range, yet the home sold for $242,000.  The appraiser came and was surprised by the $242,000 price.  He specifically asked the listing agent if there were multiple offers, and she told him there

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The latest Market Action Report released by the local RMLS today shows for sale housing inventory in the Portland Metro area has an inventory of only 4.7 months.  This is truly amazing considering that the inventory has not been this low since the peak of the market in May of 2007 when there was a 4.5 month supply.  Also, there is no $8,000 tax credit which is pushing buyers to purchase homes when they otherwise would wait, which pushed buyers to act in 2010 and artificially reduced the inventory from 12.9 months to as low as 7.0 months of supply. 

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In any real estate transaction both sides are trying to get the best deal to meet their objectives. Often time we think it is only about price when entering a negotiation. Price is just the beginning, and though important, may not be the key to a successful negotiation.

The first step in any successful negotiation is to define the objective. Every negotiation is different so defining the objective will set the stage for future success. The objective for the buyer and seller of real estate can be very different so it is critical to learn what is driving the other side.

It is essential not to get hung up on the other party’s stand or position. A skilled agent will ask questions to identify the right area of concern or issue or interest to determine the

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Rick Bean has been awarded the Certified Negotiation Expert (CNE®) designation by the Real Estate Negotiation Institute (RENI).  The CNE® is earned by real estate professionals after successfully completing formal negotiation training from the Real Estate Negotiation Institute.  Agents who receive this certification are in the top 1% of all agents nationally.

With professional negotiation skills, agents are able to help clients obtain better results in the sale or purchase of their home.  CNE® agents have a powerful competitive edge because of their ability to 1) communicate effectively to uncover more information, 2) help clients understand their options, 3) work collaboratively with others, and 4) resolve deadlocks.  CNE® agents have a thorough

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There is a new listing status on the RMLS called Short Sale Pending (SSP) on March 15, 2012.  This new status was needed for the vast amount of short sales on the market in the Portland Metro/Vancouver area - about 26% of all active listings currently are short sales.  

What has been happening, that was a real problem, was that our buyer clients would find a home online that they would fall in love with and then find out that it was a short sale that already had an offer on it.  There would always be a big emotional let-down when they would find out that someone else already had an offer on it.  This new status, SSP, covers that, so that the listing agents of short sales, who have received offers on their listings, would change the status from "Active"

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The reason why I bring this up is, I have been helping a fellow agent with her client in searching for a home. We found a great home that met all of their needs and we were preparing an offer when we ran into a snag with the lending company they had been  working with. They were not able to get the pre-approval through their underwriting department! Someone else closed on the house that they had spent over a year looking for. It ended up being a very sad affair. It is importnat to have a Real Approval in hand, not a verbal one. You can find Mortgage Lenderes on my website.
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You are not alone.  Short sales can be good deals, but require patience on your part.  You can anticipate waiting a minimum of four to six months for a response from the lien holders.  If the wait time is shorter than that, consider yourself lucky.  Once you get a response, usually it will be a counteroffer, increasing the purchase price.  If you are not in a hurry and do not mind waiting an additional month or three, then counter offer back at the price you are willing to pay.  We are seeing short sales being negotiated lower than the bank's initial counteroffer.  You have to have reasoning though... do not expect to get a $300,000 house for $225,000, without good solid evidence to support your price point, which involves several pages of researched

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