I stumbled upon a real estate story based out of Minneapolis the other day. It dealt with a homeowner who sold her home after a long time of being on the market. And while the seller was in the Midwest and not Portland, I thought her comments and lessons learned could certainly be useful to people here.
The homeowner's husband was transferred so Lucie Amundsen stayed behind to sell the house. Here's what she learned about selling in a tough market.
Make the commitment to sell. "This market eats wishy-washy sellers alive. Sellers should be prepared to let go."
Steer clear of useless feedback. "I should have had the real estate professional who listed my home turn off the electronic feedback feature. He could have passed along any helpful information, while filtering out the more hurtful and pointed comments."
Be prepared for the long haul. "Because I adore my house, I just assumed other people would, too. "
Respond to the market. "Long before the 40th showing, we should have dropped the price or taken the property off the market."
Source: Star-Tribune
Friday, July 18, 2008
Thursday, July 17, 2008
Current 2008 home prices in Portland
North Portland used to be the least expensive area in Portland metro, but this decade has seen an explosion in people wanting to live in some of its neighborhoods such as Arbor Lodge, University Park, Mississippi, and Kenton.
So with that desire, prices have gone up and North Portland no longer holds the “least expensive” title. That now belongs to the Gresham-Troutdale area.
Here are the average and median prices, year-to-date, for homes in Portland metro. They are listed from most expensive to least expensive:
Average & Median = Area
$553,800 & $455,000 = Lake Oswego, West Linn
$483,900 & $399,000 = West Portland
$399,300 & $375,000 = Northwest Washington County
$363,500 & $332,500 = Tigard, Tualatin, Sherwood, Wilsonville
$332,200 & $292,200 = Milwaukie, Clackamas, Happy Valley
$328,900 & $289,000 = Oregon City, Canby
$326,000 & $280,000 = Northeast Portland
$283,500 & $259,900 = Hillsboro, Forest Grove
$281,400 & $247,800 = Southeast Portland
$279,700 & $251,600 = Beaverton, Aloha
$271,300 & $255,000 = North Portland
$265,600 & $248,000 = Gresham, Troutdale
So with that desire, prices have gone up and North Portland no longer holds the “least expensive” title. That now belongs to the Gresham-Troutdale area.
Here are the average and median prices, year-to-date, for homes in Portland metro. They are listed from most expensive to least expensive:
Average & Median = Area
$553,800 & $455,000 = Lake Oswego, West Linn
$483,900 & $399,000 = West Portland
$399,300 & $375,000 = Northwest Washington County
$363,500 & $332,500 = Tigard, Tualatin, Sherwood, Wilsonville
$332,200 & $292,200 = Milwaukie, Clackamas, Happy Valley
$328,900 & $289,000 = Oregon City, Canby
$326,000 & $280,000 = Northeast Portland
$283,500 & $259,900 = Hillsboro, Forest Grove
$281,400 & $247,800 = Southeast Portland
$279,700 & $251,600 = Beaverton, Aloha
$271,300 & $255,000 = North Portland
$265,600 & $248,000 = Gresham, Troutdale
Wednesday, July 16, 2008
REMAX's Miles for Smiles
I love my company, especially my branch office.
It's filled with warm, caring, generous people and I'm fortunate to be a part of this group. One of the reasons I'm proud to be with REMAX Equity Group and my branch, specifically, is that it's so giving.
Right now, the Equity Group Foundation is in the midst of the 2008 Miles for Smiles campaign which benefits the Cleft Palate/Craniofacial clinic at OHSU's Child Development & Rehabilitation Center (CDRC).
The CDRC provides services for children with chronic disabling conditions and complex health, physical, communicative, educational, behavioral or emotional needs.
I'm proud to say that my branch office, as it normally does, finished first in my company for donations per agent. Coincidentally, my principal broker has good friends whose infant son is being treated at this clinic. This baby boy has already undergone one surgery; it left him more or less sedated for a week with his parents unable to hold during this time. We've been following his story at our weekly broker's meeting. It never gets old even though it's always sad. But it makes me feel good to know that we as a company are helping these local kids and babies in need.
I've seen cleft palate billboards around town. I see them in my Newsweek magazine and in The Oregonian. I urge you today to at the very least, click on this link to the CDRC and if you can donate to this organization to do so; every bit helps. You can donate by clicking on this link to the Equity Group Foundation.
Thank you for reading.
It's filled with warm, caring, generous people and I'm fortunate to be a part of this group. One of the reasons I'm proud to be with REMAX Equity Group and my branch, specifically, is that it's so giving.
Right now, the Equity Group Foundation is in the midst of the 2008 Miles for Smiles campaign which benefits the Cleft Palate/Craniofacial clinic at OHSU's Child Development & Rehabilitation Center (CDRC).
The CDRC provides services for children with chronic disabling conditions and complex health, physical, communicative, educational, behavioral or emotional needs.
I'm proud to say that my branch office, as it normally does, finished first in my company for donations per agent. Coincidentally, my principal broker has good friends whose infant son is being treated at this clinic. This baby boy has already undergone one surgery; it left him more or less sedated for a week with his parents unable to hold during this time. We've been following his story at our weekly broker's meeting. It never gets old even though it's always sad. But it makes me feel good to know that we as a company are helping these local kids and babies in need.
I've seen cleft palate billboards around town. I see them in my Newsweek magazine and in The Oregonian. I urge you today to at the very least, click on this link to the CDRC and if you can donate to this organization to do so; every bit helps. You can donate by clicking on this link to the Equity Group Foundation.
Thank you for reading.
Tuesday, July 15, 2008
Have Portland price declines slowed?
The RMLS released its latest report late Monday with no, quite frankly, earth shattering news. It’s more of the same old, same old which means Portland’s feeling the housing slowdown, but not as badly as other major cities.
Looking at the data, what I found interesting was that homes prices were down, but to a lesser degree than earlier this year even though housing inventory ticked up again.
The median sales price of a Portland area home fell 2% June 2007 to June 2008. The median sales price is now $289,000 compared to $295,000 a year ago. This is actually an improvement from May’s data which showed a decline of 3.2% year-to-year.
Meanwhile, the average sales price of a Portland area home fell 1% from June 2007 to June 2008. The average sales price is now $348,800 compared to $352,400 a year ago. Again, this is an improvement from May’s data which showed a decline of 4% year-to-year.
It’s too early to know what this means. I can understand an argument that it’s seasonal, but prices have been dipping until now- season or no season. Also, inventory went up to 9.5 months (from 9.2 months). This means that if no other homes were listed for sale in the Portland real estate market, the supply would dry up in 9.5 months.
We’ll see if this was a blip or with time, a trend.
As for the average amount of time it takes to sell, the average in June 2008 was 76 days- an increase of three weeks, 55 days, in 2007.
I’ll post average & median sales prices, average market times, etc. for inner city Portland and the suburbs in the coming days.
Looking at the data, what I found interesting was that homes prices were down, but to a lesser degree than earlier this year even though housing inventory ticked up again.
The median sales price of a Portland area home fell 2% June 2007 to June 2008. The median sales price is now $289,000 compared to $295,000 a year ago. This is actually an improvement from May’s data which showed a decline of 3.2% year-to-year.
Meanwhile, the average sales price of a Portland area home fell 1% from June 2007 to June 2008. The average sales price is now $348,800 compared to $352,400 a year ago. Again, this is an improvement from May’s data which showed a decline of 4% year-to-year.
It’s too early to know what this means. I can understand an argument that it’s seasonal, but prices have been dipping until now- season or no season. Also, inventory went up to 9.5 months (from 9.2 months). This means that if no other homes were listed for sale in the Portland real estate market, the supply would dry up in 9.5 months.
We’ll see if this was a blip or with time, a trend.
As for the average amount of time it takes to sell, the average in June 2008 was 76 days- an increase of three weeks, 55 days, in 2007.
Other tidbits:
Average home prices rose from May 2008 to June 2008 by 4.1%, while the median sales price increased 0.5% during the same period.
Closed sales were down 31.3% in June 2008 compared to June 2007. Pending sales, those under contract, fell 30%.
I’ll post average & median sales prices, average market times, etc. for inner city Portland and the suburbs in the coming days.
Open house today in Ladd's Addition
I will be hosting a broker’s open house today in Ladd’s Addition. It’s from 11am-1pm and I invite any Realtors with buyers (or buyers for that matter) wanting to live close-in in SE Portland to attend. The address is 2044 SE 12th Avenue; a property that… oh just see for yourself in this video tour:
Monday, July 14, 2008
The caller said 15% off! Hmm...
Someone in California, who said he was an investor, called me the other day. Portland's real estate market was about to tank, he read.
This investor had read a report somewhere that prices would fall by almost 15% in Portland. And he was wondering if I thought this would be a good time to scoop up property. What do you think I said?
I told him 15% seemed kind of high. I told him that home prices are down about 4-5% from 2007. I told him that close-in, inner city neighborhoods are faring better than suburbia. I told him 15% didn't feel right, but I also said, "Maybe I'm wrong."
Who knows, really?
I will say that if you plan to sell your home in 2008 or if you need to sell your home, this is the time. Portland is in the midst of the hot, buying and selling season. Real estate sells in October, November, & December, but less buyers are buying that time of year. Activity slows down. Also, buyers should note that the recent trend has been in increase of interest rates for mortgages- not a decrease. A mortgage banker I trust told me recently he expects rates to continue climbing, not drastically, but slowly and steadily. That hit home when former Federal Reserve Chair Alan Greenspan also said recently that interest rates would probably rise in order to keep inflation under control.
I’m not saying buy or sell right now… or else. You can sell your home in December. It's just harder. 15% harder? I don't think so, but (here comes the cliche)... only time will tell.
p.s. The latest RMLS market report should be out later today reflecting new activity, values, and inventory. I'll update it here later today or tomorrow morning.
This investor had read a report somewhere that prices would fall by almost 15% in Portland. And he was wondering if I thought this would be a good time to scoop up property. What do you think I said?
I told him 15% seemed kind of high. I told him that home prices are down about 4-5% from 2007. I told him that close-in, inner city neighborhoods are faring better than suburbia. I told him 15% didn't feel right, but I also said, "Maybe I'm wrong."
Who knows, really?
I will say that if you plan to sell your home in 2008 or if you need to sell your home, this is the time. Portland is in the midst of the hot, buying and selling season. Real estate sells in October, November, & December, but less buyers are buying that time of year. Activity slows down. Also, buyers should note that the recent trend has been in increase of interest rates for mortgages- not a decrease. A mortgage banker I trust told me recently he expects rates to continue climbing, not drastically, but slowly and steadily. That hit home when former Federal Reserve Chair Alan Greenspan also said recently that interest rates would probably rise in order to keep inflation under control.
I’m not saying buy or sell right now… or else. You can sell your home in December. It's just harder. 15% harder? I don't think so, but (here comes the cliche)... only time will tell.
p.s. The latest RMLS market report should be out later today reflecting new activity, values, and inventory. I'll update it here later today or tomorrow morning.
Friday, July 11, 2008
Retire in Portland for golf?
U.S. News & World Report continues its love affair with Portland. The magazine has listed Portland among the top 10 great retirement spots for golf nuts:
Here’s the top ten list in alphabetical order:
Auburn, Ala.
Bonita Springs, Fla.
Charlotte, N.C.
Georgetown, Texas
Lemont, Ill.
Mount Pleasant, S.C.
Portland, Ore.
Rancho Mirage, Calif.
St. George, Utah
Sun City, Ariz.
Here’s the top ten list in alphabetical order:
Auburn, Ala.
Bonita Springs, Fla.
Charlotte, N.C.
Georgetown, Texas
Lemont, Ill.
Mount Pleasant, S.C.
Portland, Ore.
Rancho Mirage, Calif.
St. George, Utah
Sun City, Ariz.
Thursday, July 10, 2008
Portland sees low offers take norm
"There is a lot of s**t offers out there."
Those are the direct, unsubtle remarks of a real estate agent in my office. It was echoed by many at our weekly broker's meeting.
Is that the state of the market in Portland? To some degree, yes.
Buyers read the headlines. They know it's a buyers' market. So they put in low offers. Sometimes low offers work; sometimes they don't. It depends on the individual seller's need, time on the market, pricing, etc.
We talked about low offers for a while. The consensus was not earth-shattering. People are still in the market to buy houses. It's just more complicated today between buyers and sellers (and lenders).
The real estate agent who made the lovely comment; he eventually helped put the sale together, but it took about seven counteroffers.
Then there's the Realtor in my office who said she surprisingly received multiple offers on a new listing. Sometimes you never know.
Those are the direct, unsubtle remarks of a real estate agent in my office. It was echoed by many at our weekly broker's meeting.
Is that the state of the market in Portland? To some degree, yes.
Buyers read the headlines. They know it's a buyers' market. So they put in low offers. Sometimes low offers work; sometimes they don't. It depends on the individual seller's need, time on the market, pricing, etc.
We talked about low offers for a while. The consensus was not earth-shattering. People are still in the market to buy houses. It's just more complicated today between buyers and sellers (and lenders).
The real estate agent who made the lovely comment; he eventually helped put the sale together, but it took about seven counteroffers.
Then there's the Realtor in my office who said she surprisingly received multiple offers on a new listing. Sometimes you never know.
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