Portland Metro Real Estate News

NEW BLOG HOME!!!!

2009-09-30T07:20:00.000-07:00

Thanks for visiting our Blog. We have moved this blog to www.PDXRealtyNews.com. There you will find lots of new cutting edge features and enhancements, in addition to the local Portland real estate news that you have to come to expect. Please stop by and let us know what you think.

10 Best US Cities For Local Food (PHOTOS)

2009-07-29T21:30:00.001-07:00

10 Best US Cities For Local Food (PHOTOS)

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Housing market could start boosting recovery - Stocks

2009-07-23T21:59:00.001-07:00

Housing market could start boosting recovery - Stocks & economy- msnbc.com

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Portland Rocks!

2009-06-17T14:08:00.000-07:00

We already knew that there were millions of reasons to love Portland Oregon, but now we have one more. Portland has been ranked the #1 city for the most courteous drivers! We are less likely to curse, honk or run red lights. But don't you all move here at once!

http://www.katu.com/news/local/48210792.html

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com

Portland OR Market Report

2009-06-16T10:17:00.001-07:00

May Residential Highlights

Sales activity in May for the Portland Metro area continued to march upward compared to the prior month, but lagged behind 2008 levels.
Comparing May 2009 with the same month in 2008, pending sales were down 7.4% and closed sales decreased 23.4%. New listings also dropped 25.1%.
On the other hand, comparing May 2009 with April 2009, pending sales grew 5.8% (1,967 v. 1,860). Closed sales also rose 9.6% (1,427 v. 1,302). New listings increased 1.9% (3,879 v. 3,808).
Inventory dropped to 10.2 months, down from 11 months in April – the fourth straight month of decline. Active residential listings in May rose to 14,493 - up from 14,328 in April. Active listings appear to be increasing at a slower rate than usual for this time of year.

Year-to-Date

Comparing January-May 2009 with the same period in 2008, closed sales were down 28.1% and pending sales decreased 17.5%. New listings also dropped 23.8%.

Sale Prices

The average sale price for May 2009 was down 13% compared to May 2008, while the median sale price also dropped 13%. Month-to-month, the average sale price and median sale price both posted small gains when compared with April levels; the average sale price was up 0.1% ($291,400 v. $291,100) and the median sale price was up 0.04% ($250,000 v. $249,900).

Pending Home Sales on the Rise

2009-06-03T16:57:00.001-07:00

Due to low interest rates and an $8,000 tax credit for first-time home buyers, pending home sales have gone up for the third month in a row.

It varies greatly from one area of the country to another, here in the West the Pending Home Sales Index rose 1.8%, to 94.8, but is 2.9% below a year ago. A pending home sale is a contract for a home sale that has been signed but the home sale has not closed yet.

Total number of existing-home sales is expected to improve in general but some corners of the United States have already bottomed out and started to recover while others are still falling slowly.

Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future existing-home sales.

It has noted that pending sales have increased, which is a sign that we're moving in the right direction, but that we are still drastically below where we were at the peak of the market. We probably should not be comparing our numbers to the peak of the market though. That was just the extreme the other way and ideally we'd like to be plain ol' steady.

http://www.businessweek.com/bwdaily/dnflash/content/jun2009/db2009062_031070.htm

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com

Just HAS to be good!

2009-05-26T15:42:00.001-07:00

There is a new restaurant in town and I will be heading over to try it out as soon as I possibly can. A BBQ chain call Famous Dave's has just opened up in Tualatin, Oregon that is not only adding 150 jobs but providing much needed BBQ to the SW area of Portland Metro.

Oregon has always had far too few BBQ joints so it makes sense for one of the chains to finally make it's way out here because if they are any good, I guarantee it will be extremely popular.

http://tigardtimes.com/news/story.php?story_id=124287187716194400

http://www.famousdaves.com/

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com

Utilizing Lighting in Home Staging

2009-05-21T14:54:00.000-07:00

Highlight Your Home with Lighting

When preparing your home for the real estate market, few things are as important as a good first impression. Anyone who has sold a home in the past will tell you that few methods are as effective as home staging. Home staging is the act of presenting your home in the most appealing way possible. While there are many ways to take advantage of home staging, one of the quickest and easiest ways is through the use of home lighting.

Even the most beautiful home may come across as mundane without the proper lighting. You want to create an inviting atmosphere for prospective buyers. The trick is to avoid relying on a single lighting source. If you combine both overhead lighting with accent lights, then you avoid the risk of your lighting becoming too harsh or too dim. Multiple lighting sources will help you achieve that warming glow you desire to help create the perfect ambience.

When lighting your home for potential buyers, you should also utilize the help of Mother Nature by incorporating as much natural light as possible. Sunlight is an instant mood lifter, so leave the curtains open and make sure your windows are clean. Sadly you canít always rely on the sun to help you showcase your home, but it is important to make the most of it when you can.

While the inside of your home is very important, you canít forget the outside as well. Use flood lights to shine a spotlight on your home and make it pop against the night sky. Not only will this help your home look more striking, but it will also make it easier to find at night. Sometimes address numbers can be hard to spot, especially at night. By illuminating your home once the sun goes down, you can assure that prospective buyers can find your home with little effort.

By utilizing simple home staging tips, you can easily get a leg up on the housing market. By sprucing up your home for buyers, you can be sure that you make a great first impression every time. Take a look at your home lighting scheme before your next open house. With a few simple tricks, you be able to make your home shine brighter than the competition.

Portland OR Market Report

2009-05-18T11:06:00.000-07:00

April Residential Highlights

While sales activity continued a steady month-over-month increase in the Portland metro area, it still fell short of 2008’s same month marks for April. Comparing April 2009 with the same month in 2008, pending sales were down 10.1% and closed sales decreased 17.7%. New listings also dropped 28.1%. On the other hand, comparing April 2009 with March 2009, pending sales grew 13.6% (1,860 v. 1,637). Closed sales also rose 10% (1,302 v.1,184). New listings increased 3.3% (3,808 v. 3,685). Pending sales continue to rise month-over-month at a steeper than usual rate (13.6% in 2009 vs. 6.8% in 2008 and -2.3% in 2007).

Inventory also dropped to 11 months and this is the first time it has dropped from March to April since 2004. Active residential listings in April numbered 14,328 - up from 14,158 in March.

Sale Prices

The average sale price for April 2009 was down 10.4% compared to April 2008, while the median sale price dropped 9.1%. Month-to-month, the average sale price and median sale price were mixed when compared with March levels; the average sale price decreased 2% ($291,100 v. $297,000) and the median sale price was up 1.4% ($249,900 v. $246,400).

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com & OUR NEW PORTLAND METRO BLOG AT pdxrealtynews.com

Great News For First Time Home Buyers!

2009-05-14T14:53:00.000-07:00

GREAT NEWS FOR FIRST TIME HOME BUYERS!

Great news for first-time home buyers. This week, Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development stated that the Federal Housing Administration (FHA) is now going to permit it's lenders to allow home buyers to use the $8000 tax credit as a down payment. Previously, buyers had to wait to file their taxes to take advantage of the tax credit, which hindered some home buyers from buying.

By allowing buyers to utilize the tax credit as a down payment, money will now be freed up for the buyer that would otherwise be needed at closing. This will allow the first-time home buyer to save their money for a rainy day or for home improvements.

I believe this new program will further stimulate the already improving real estate market, attracting even more first-time home buyers.

There couldn't be any more incentives for first-time home buyers, considering that interest rates are at an all time low, home prices are not over inflated and there are plenty of homes to choose from. Sellers would have to give the home away for free for there to be a better deal. This is the absolute best time to be a first-time home buyer.

Consumer confidence needs a boost and I feel that this is just the news that will do it or at least light a fire. Now, if only the news media such as the TODAY Show would report on this great news instead of always reporting on the negatives about the real estate market, consumer confidence would increase.

If you are a first-time home buyer, get out there and find your home before this tax credit is gone in November.

Mortgage Interest Rates*
Rates as of Wednesday, 13th May, 2009:

Conforming APR Payment per
$1,000 Jumbo APR Payment per
$1,000
Conforming FNMA Fixed 5.0% 5.088% $5.37 % 0.000% $0.00
FHA 97% Fixed 4.875% 4.962% $5.29 % 0.000% $0.00
Conforming 15 Fixed 4.625% 4.711% $5.14 0% 0.000% $0.00
Conforming 3 year ARM 4.5% 4.585% $5.07 % 0.000% $0.00
Conforming 5 year ARM 4.5% 4.585% $5.07 % 0.000% $0.00
Jumbo Fixed 7.0% 7.099% $6.65 % 0.000% $0.00
Jumbo 5 year ARM 6.125% 6.219% $6.08 % 0.000% $0.00
*Rates are subject to change due to market fluctuations and borrower's eligibility.

Information provided by...

Kevin Donahue
Executive Mortgage Advisor
Wealthbridge Mortgage
Phone: 503.501.6468
Fax: 503.597.7525
kevin.donahue@wealthbridge.com
http://www.wealthbridge.com/ <http://portal.mxlogic.com/redir/?FTujKDuX8USDtYQsEEIEzzhOr016fQ-pcx6i17-nMTvHTLuX3XNEVsdTdPZlo_p_g57RS4WRf8l3-ndEIe9I6QkS4QSbI9LCQNNIb7Xek6Rkzh02ZDVEw2qO6PYQg0LZgb6V-7PNo_pgdECQjqtTPhOyyOyMyrD06O>

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com & OUR NEW PORTLAND METRO BLOG AT http://pdxrealtynews.com/

A Sign of the Times

2009-04-29T08:43:00.001-07:00

Unemployment is sky high now-a-days and getting a plain ol' part-time receptionist job will have you competing with hundreds of other applicants. What can you do to stand out from a crowd of overqualified job-seekers? Now is the time to get a little creative and get people to remember you. It's common knowledge that you tend to get a job through who you know. Nick Willard decided he needed to expand his network and get his face out there. He stood at the freeway exit and handed out his resume and cover letter to those who showed interest. With a family at home to support he thought it was time for potential employees to see Nick, not just a piece of paper. Those who overcome in tough times are those who don't sit at home feeling sorry for themselves.

http://tigardtimes.com/news/story.php?story_id=123984496254591400

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com

Taking Advantage of Interest Rates

2009-04-22T15:49:00.000-07:00

It seems like everywhere you turn there is some letting you know how amazing rates are now and how you MUST take advantage. At the same time you will hear story after story of people with decent to great credit not being able to get one of these amazing loans because of stricter standards. So how do you give yourself the best chance possible?

To start you are going to want to see if you qualify for a refi. Banks are currently wanting a credit score of at least 740 and 20% equity. These are not hard and fast guidelines but if your credit score could use some help, now is the time to work on it. If you don't have the 20% equity there are some programs out there but your loan must be held by Freddie Mac or Fannie Mae.

Next you are going to want to get rid of any home equity loans or lines of credit. Otherwise you can be adding significant time to the loan process and/or some interest could be tagged on.

You will also want to know where to look by shopping around. Where one bank may reject you, another might see you as a perfect candidate. Lately the best rates seem to be coming from small local banks and credit unions.

If you have the option, it is a really good idea to pay a point up front. A point is 1% of your mortgage and paying one off up front can buy your loan down an eighth to a quarter of a percentage point off your rate. Some lenders will even take off a full half of a percentage point just to avoid serial refinancers. This could also help you lock in a rate. Before you really only need about a month so locking in your rate wasn't so difficult. Now it can take closer to two months and paying a point can get that rate locked in for 45 days.

The loan application process has gotten a lot harder and more complicated, but not only will it be easier if you know what you are getting into but also completely worth the effort to get these historical rates.

http://money.cnn.com/2009/04/17/real_estate/low_rate_loan.moneymag/index.htm?postversion=2009041711
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com

Homes In Portland Seem To Be Selling Faster!

2009-04-22T09:13:00.000-07:00

HGTV

2009-04-03T15:51:00.000-07:00

Hello, all:

At long last, the House Hunters special that I got to participate in, "House Hunters' Guide to House Hunting", is airing this Sunday, April 5th, at 8 PM EST. I would advise you all to check your local listings for specific times in your area, just in case, because sometimes the different cable or satellite providers air the shows at slightly different times.

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com

How Long Is It Taking To Sell A Portland Home?

2009-03-30T14:23:00.000-07:00

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com

How Did it Happen?

2009-03-25T18:13:00.000-07:00

Fantastic documentary, by CNBC, on how the housing crisis developed and crashed.

Stats From A Friend At Umpqua Bank

2009-03-25T10:08:00.000-07:00

House Still Buyable

The economic climate has been a bit stormy lately, but that doesn’t mean your dream of buying a cozy cottage by the seaside has to go by the wayside. Learn more about what’s still possible when it comes to home buying.

PERCEPTION REALITY
Banks Have no money for mortgage Loans Umpqua Bank has plenty of money to lend, and we’re ready to use it to help you get settled into your new home
No one can get a home loan right now We’re closing nearly $60 million in new mortgage loans every month; our customer are building, buying and financing their homes.
You must have 20% into the deal not Government – sponsored loan programs can require as little as 3.5% down, and loans with a 95% loan-to-value with out on finance are still available. We’ll help you evaluate what you can borrow and connect you to the program that makes sense for your specific situation.
Down payment assistance programs have disappeared Some down payment assistance programs have disappeared, but many are still available through city, state and local community development organizations
You must have stellar credit to get a mortgage loan Though the industry overall has seen a tightening of credit criteria, our lending practices have not dramatically changed. Talk to us to see where you stand.

THERE ARE NUMEROUS LOAN PRODUCTS AVAILABLE:

Conventional - fixed and arm products with a loan amount less than $417,000.
Non-Conforming - fixed and arm products with a loan amount greater than $417,000.
FHA - 3.5% down payment (can be gifted by acceptable source). Flexible downpayment sources.
Oregon Bond - Loan must be conventional, FHA or Rural Housing. Income restrictions and designed for first time homebuyers
Rural Housing - Must be in rural housing area. 100% financing based on appraised value. Adjusted household income can not exceed the maximum allowable income
VA - Guaranteed by federal government based on the amount of entitlement to the veteran in the conjunction with loan amount.
ODVA - loans are conventional fixed rate designed for veterans.
All-in-One Construction - Must be for primary or second home

http://jimhungerford.com/

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com

New Rules Could Cost Oregon Sellers

2009-03-18T16:46:00.000-07:00

According to this article, when a home's soil is test to see if the oil tank is leaking they are testing for a carcinogen call benzene. If too much benzene is found the oil tank has to be decommissioned. This just means making sure that chemicals are not leaking to the home or groundwater. Most of the time this does not require much soil removal to comply with guidelines but two new chemicals have been deemed carcinogenic by the Environmental Protection Agency.

Naphthalene and ethylbenzene are now considered carcinogens and are a part of the updated screening test for leaky oil tanks. Now more and more home owners are finding that the amount of work needed to fall within the guildelines can be more like $7,000.00 instead of $2,000.00.

Usually these types of things get tested when trying to sell or buy a home and since this is a buyers market sellers are getting hit with an unexpected expense.

It is very much a case-by-case scenario but home owners should know that passing this "test" has gotten a little tougher.

http://www.oregonlive.com/news/index.ssf/2009/02/new_epa_and_oregon_rules_doubl.html

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com

2009-03-16T14:06:00.000-07:00

The PORTLAND market is currently quite strongly in the Buyer's Market zone (below 30). The 90-day Market Action Index stands at 16. With several months of inventory available at the current sales rate, buyers should find ample choice. The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

Bull Mountain - Tigard Gem

2009-03-16T13:20:00.000-07:00

Sherwood Stand Out

2009-03-16T13:19:00.000-07:00

Rare Tigard Home

2009-03-16T13:18:00.002-07:00

New Price! Bull Mountain Value

2009-03-16T13:18:00.001-07:00

New Hillsdale Listing

2009-03-16T13:08:00.000-07:00

New Tigard Short Sale

2009-03-16T13:07:00.000-07:00