Real Estate Blog

Patience is the Secret to Short Sales

 

Do you know how a real estate Short Sale works? It happens to be the number one song on the real estate top 40 chart, but not everyone listens to real estate radio every day and so the topic of Short Sales is still new to many.

 

A Short Sale, in real estate, is when a property is worth less than what is owed to the bank. If the home is sold for current market value, then there will still be a debt owed to the bank, known as a deficiency after the sale. In order for the sale to proceed, the lender and all other lien holders will need to approve any offer that is made before the property can actually close. The work involved in getting approval for a short sale varies from bank to bank and from one bank rep to

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December 2009 was much busier than December, 2008, with closed sales up 52.6% and only a slight decline of 4.2% in median prices. However, prices rose slightly when compared to November, 2009, with median prices up 1.3% in December. Inventory levels hovered at an almost stable supploy of 7.7 months of 11,597 active listings.

Looking back over the year, 2009 average sale prices dropped 12.2% compared to 2008 and median prices dropped 11.2%. Total sales volume for 2009 also dropped to $5.5 billion, down from $6.3 billion in 2008. It certainly was not an easy year for real estate.

If you would like further information or local market statistics specific to your neighborhood, please contact us.

All statistics are from Portland RMLS Market Action, December 2009.

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Negotiating The Right Deal For Our Client

Negotiating is not about winning and losing; it’s about getting the right deal for our client and it is what makes the Realtor most valuable.

My motto has long been, “The best results always happen to those who are best prepared.” The final price and terms of a deal are the end result of the negotiation, but it is the preparation and due diligence that dictates what is being negotiated in the first place. If done well, our client will have a solid basis for their position and a reasonable answer to any objection raised by the other side.

Is the price right? It takes a lot more effort than visiting web sites like Trulia, Zillow, or any of the others, to determine the proper price to ask or offer; it takes

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Year over year, this November 2009 was a very busy month for real estate when compared to last year. Closed sales were up 72.4% which is the largest percentage increase on record for this area. However, the seasonal trend is still downward with sales down 10.7% from last month of October, 2009.

Average prices are down 11.4% compared to November of last year and 3.6% compared to last month. Residential inventory for the Portland metro area is 12,697 which would take 7.1 months to sell at the current rate.

It would seem that prices are still on a downward trend but the pace of real estate activity has somewhat stabilized.

If you would like further information or local market statistics specific to your neighborhood, please contact us.

All statistics

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Comparing this month, October 2009, to last year in October, pending sales were up 64% and closed sales rose 37.1%. The inventory is also declining, with new listings down "4.5%".

Part of what is keeping sales on track is that prices have continued to decline, "The average sale price for October 2009 was down 12.6% compared to October 2008, while the median sale price declined 10.9%."

Inventory is down to an fairly balanced level of 13,101 listings which would take 6.5 months to sell at the current pace. 6 month is considered a balanced market.

If you would like further information or local market statistics specific to your neighborhood, please contact us.

All statistics are from Portland RMLS Market Action, October 2009.

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It may not be the boom times of a few years ago, but the pace of sales in the Portland Metro has actually picked up quite a bit from September of last year. "Pending sales were up 34.1% and closed sales rose 9.8% compared to
September 2008." The inventory is also declining, with new listings down "14.3%".

Prices on the other hand have continued to decline, "The average sale price for September 2009 was down 8% (to 290,100 vs 315,300) compared to September 2008, while the median sale price declined 9.6% (to 241,400 vs 267,000)/

Inventory is down to an almost balanced level 13,667 listings which would take 7.6 months to sell at the current pace. 6 month is considered a balanced market.

If you would like further information or local market statistics

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We have added a new feature to our quick search on the homepage. Now, when you type in the name of a city or neighborhood it will offer a menu of choices to help you quickly find the city of your choosing.

Note that if you have previously visited our site then you will want to refresh the page by pressing the F5 key to ensure that the new site is loaded correctly.

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As you may have noticed, we've added a number of updates to the website in the last few days. These features are driven by our goal to continue to provide the best website in the Northwest for your real estate search. Here's what we've done:

  • Larger photos- because we all love pretty pictures.
  • Faster photo scrolling- nobody likes to wait.
  • Get Local- our new "get local" tab offers maps of neighborhood amenities and demographics information

For those of you who are regulars to our website, you may need to "refresh" or "reload" the page for listings details to display correctly. A shortcut to do this is to press the "F5" key when viewing one of our listing details pages.

As always, keep in touch with your questions or concerns and feel free to contact

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Residential sales activity for the month of August 2009 was busier then last year with Pending sales up 13% and closed sales up 4%, however, new listings fell 14.1% and the median price for the trailing 12 months was down -9.4% to $255,000 vs. 281,600 in 2008.

Year-to-date numbers "comparing January-August 2009 with the same period in 2008, closed sales are down 15.6% and pending sales decreased 7.2%. New listings also dropped 22.4%."

Across the Columbia river in Vancouver / Clark County, "compared to the same month last year, pending sales rose 24.9% this August and closed sales increased 11.1%. New listings, on the other hand, dropped 21.4%.

If you would like further information or market statistics, please contact us.

All statistics are from RMLS

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The Portland market warmed up a little bit with the wonderfully sunny weather we've been enjoying and the continued low interest rates that are available.

Here's some highlights from the report:

"This June, same-month pending sales were up for the first time since December 2006 in the Portland metro area, and inventory reached its lowest point since August 2007.

Comparing June 2009 with the same month in 2008, pending sales were up 8.4%, while closed sales decreased 5.4%. New listings also dropped 18.3%.

The average sale price for June 2009 was down 14% compared to June 2008, while the median sale price also dropped 13.5%."

Please contact us if you would like more market statistics and information.

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