If you are a first time homebuyer, looking for a home without a 30 year mortgage or even a downsizer, manufactured homes could be your answer. These homes no longer come with the stigma of " trailer living". Manufactured homes are energy efficient, cost effective and affordable alternatives for people who want a home with a smaller lot, less upkeep and in a safe community. They are built in-doors, out of the elements which starts the process with dry products. These are built to code specifications for different areas of the country. Most homes are now built with vinyl dual paned windows, 2x6" walls which hold more insulation and are incased in vapor barriar materials to keep the home dry and energy efficient. They come in all sizes, and can have…
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Market Recap and Mortgage Rate Update - June 2012
June Portland Residential Real Estate Recap
All residential real estate indicators were positive in June 2012 when comparing them with a year ago. There were 2,435 accepted offers, 21.7% more than reported in June 2011, although down slightly (-3.4%) from last month.
The 2,244 closed sales represent a 14.6% increase over the same month last year, when 1,958 were recorded, and 7.0% more than the 2,098 sales in May. This represents the highest number of closed sales since August 2007 when there were 2,554 closings.
The unsold inventory in months dropped again in June and continues to be the lowest it has been since March 2007 when it was 3.8. It would take only 3.9 months to sell the 8,799 active listings at the June rate of sales.
Home sale price…
And the winner is...
A June 21st Oregonian news headline, “Tight Portland-area housing market brings stiff competition, bidding wars,” sums it up.
This weekend I had the opportunity to make an offer for clients of mine who had been watching the market and waiting for “the one.” On Thursday, the same day as the article in the Oregonian, a home was listed for sale on a nice neighborhood street in Lake Oswego. On Saturday, two days later, my clients saw the home and fell in love! It was the one. Immediately after seeing the home they wanted to make an offer. I called the listing broker and learned there were already 5 offers!
During my call with the listing broker, I gathered as much information as possible about the owner and the owner’s motivation in moving and selling the…
Real Estate 101: Oregon property taxes
Most sensible people would think that as home values decrease their property tax bills should too. Unfortunately, this is not often the case. In most cases, property taxes will increase in 2012 regardless of any real market value decline of their property.
While market decline may reduce a property’s real market value property taxes are based on the assessed value of the property. In most cases, assessed values are significantly lower than the market value. Taxes will only be reduced if real market value falls below assessed value. Taxes are based on the lesser of the two amounts.
Passed by Oregon voters in 1997, Measure 50 increased the predictability of tax rate increases with slow steady growth in property taxes, reducing the influence of sharp…
Have we reached the bottom?
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…
The importance of a strong real estate network
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…
I don't "sell" real estate
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…
Multiple offers on Multiple homes
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…
The Portland Area is in a Seller's Market!
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.
Are you getting the best deal?
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…