Real Estate Blog

February Residential Highlights

While there were fewer active and new listings on the market, sales activity in Metro Portland showed an improvement in closed sales in February 2011. Closed sales this month were above levels from both last February and the month prior, January 2011. Also notable in February was a slight decrease in inventory, down from 11.3 last month and the lowest of the previous two Februarys.

Closed sales were up 5.8% in February 2011 compared to February 2010. Pending sales were down 13.9%, and new listings dropped 26.1%. Comparing the previous monthof January 2011 with February 2011, closed sales grew from 1,035 to 1,074 (3.8%). Pending sales also increased from 1,489 to 1,592 (6.9%).New listings dropped from 3,128 to2,883

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Do Open Houses Really Work?

By Marc Rasmussen - Sarasota Condos

Take a drive around some neighborhoods on a Sunday afternoon and you most likely notice a few OPEN HOUSE signs. They have been used by Realtors for a very long time. However, you probably don't know the real reason why a Realtor will hold a house open to the public.

Most people think that a real estate agent will hold their listing open to sell the property but that is not the primary reason they do it. Of course, if they do sell the property that is an added bonus but the main reason they hold their listing open is to start a relationship with the buyers that come through the open house. They are essentially looking for new clients.

Statistically, the odds of anyone buying a home this

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Working mostly with buyer representation in the current market, we have been noticing several developing trends that are worth mentioning.

First of all, several listing agents of short sale properties are switching the listings to pending once an offer is accepted by a seller, even if the bank has not accepted the offer yet.  This trend is noticable in the chart below, where there are only a few short sale listings closing, while nearly double are currently pending sales.

Secondly, we continuously tell our buyer clients that bank owned homes are the best deals on the market.  Some of them can be real "fixers" but overall they are a good deal for buyers who are willing to see past the grime.  Not all are grimey - Fannie Mae owned homes tend to have

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1.5 Acre Prime Developable Property for Sale

7006 NW 25th Avenue, Vancouver, Washington

Awesome 1.5 acre lot located on the only waterfront cul-de-sac peninsula in Vancouver, Washington.

Remodeled Interior Features:

  • New heating system - energy efficient forced air heat pump for heating and air conditioning,
  • New vinyl dual-paned windows,
  • Re-finished hardwood floors;
  • Freshly painted interior;
  • Upgraded trim throughout home;

Kitchen Re-Done:

  • New high-end cabinetry with dove-tail construction and self-closing drawers;
  • Marble tile countertops;
  • Stainless steel appliances;
  • Kitchenaid Counter-depth side-by-side refrigerator;
  • Fresh paint;
  • Double-undermount sink overlooking the lake;
  • Glass-front doors.

Open floorplan

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January Residential Highlights

Sales activity in the Portland Metro area showed mixed results in January 2011. Closed sales began the year at a higher level than January 2010 and January 2009. Inventory also saw a lower level than the fi rst month of 2009 and 2010, dropping 1.3 months compared to January 2010.

Closed sales were up 5% in January 2011 compared to January 2010. Pending sales were down 3%, and new listings dropped 20.5%. Comparing the previous month of December 2010 with January 2011, closed sales fell from 1,462 to 1,035 (-29.2%). However, pending sales grew from 1,210 to 1,489 (23.1%), and new listings jumped from 1,925 to 3,128 (62.5%). At the month’s rate of sales, the 11,697 active residential listings would last about 11.3 months.

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Reflecting back over the last several months in dealing with a hostile tenant, I felt it was important to share with home buyers out shopping right now.  The simple fact is that a hostile tenant does not want to leave and enjoys living in the home.

Top 12 List for Recognizing a Hostile Tenant 

1.  The tenant tells you about how the house has so many problems. 

2.  The tenant tells you how unsafe the neighborhood is.

3.  The tenant refuses to show the home to potential buyers/ does not answer their phone/ does not call you back.

4.  The tenant is purposely damaging the house or landscaping to make it unappealing to potential home buyers.

5.  The tenant tries to guilt-trip you into not buying the house, "because we've lived here for four years."

6. 

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December Residential Highlights

Looking at the Portland Metro area market in 2010, December continued the trend of decreased activity toward the end of the year. However, closed sales underwent an uptick in December, reaching the highest monthly level since June. Inventory also saw its lowest level since June. Closed sales were down 2.9% compared to December 2009, but pending sales were up 6%. New listings dropped 8.5%.

Comparing the previous month of November 2010 with December 2010 shows closed sales jumped from 1,279 to 1,462 (14.3%). However, pending sales fell from 1,426 to 1,210 (-15.2%), and new listings dropped from 2,437 to 1,925 (-22.2%). At the month’s rate of sales, the 11,611 active residential listings would last about 7.9 months, a 2.3-

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November Residential Highlights

The Portland Metro area market continued to show decreases in activity in November. However, while closed sales were the lowest since February of this year, they decreased by only 1% from the previous month. Pending sales were also higher than November of the past two years. Closed sales were down 28.7% compared to November 2009, but pending sales were up 7.4%. New listings dipped down 1%.

Comparing the previous month of October 2010 with November 2010 shows closed sales decreased from 1,292 to 1,279 (-1%). Additionally, pending sales fell from 1,632 to 1,426 (-12.6%), and new listings dropped from 3,119 to 2,437 (-20.7%). At the month’s rate of sales, the 13,103 active residential listings would last approximately 10.2

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Beautiful Vancouver Heights Home for Sale

716 SE Sherley Court, Vancouver, Washington

Premier 0.52 acre lot located at end of quiet cul-de-sac. 

flyer_front_1200  
  
Entertainer's kitchen with:
  • Granite slab countertops;
  • Island with bar sink and breakfast bar seating;
  • Built-in refrigerator;
  • New solid oak cabinetry;
  • Stainless steel appliances;
  • Gas 5-burner cooktop; 
  • Undermount sink;
  • Double wall convection ovens;
  • Built-in desk.

  
Gracious floorplan features: 
  • 2,950 square feet all on one level;
  • Attached 2 car garage;
  • 4 oversized bedrooms plus bonus room;
  • 3 bathrooms; 
  • Gas forced air heating;
  • Central air conditioning;
  • Jetted tub;
  • Dual sinks; 
  • Utility room with sink, built-in cabinetry and windows;
  • Vaulted
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When I started in Real Estate a decade ago foreclosures were few and far between, and were certainly not something you would find in any neighborhood that you wanted to live in.  It is a whole different ball game now, with short sales and foreclosures making up a huge bulk of the sales.  There are pro's and con's to buying a foreclosure or a short and I love having a chance to discuss it with homebuyers.  Of all the news and uncertainty surrounding the housing market these days one thing is for sure; foreclosures will likely be a dominant force in the market for the foreseeable future. Here is a link to an interesting article on Forbes magazine discussing the new rise in strategic defaults and some predictions on the comeback of a more 'normal' market. …
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