Monday, October 19, 2015

Portland Home Values - September 2015

Portland home sales remain steadfast!

The average price of a Portland home has risen between 6% to 7% this year, and a combined 29% over the past three years! Who would have guessed this three years ago? The average cost of a home in the Portland Metro Area is currently $352,500.   

The supply of houses on the market is also at just 1.9 months of unsold inventory. A more balanced buyer/seller market would have between 4 to 5 months. The low supply of homes for sale continues to put an upward pressure on home prices. It's a great time to sell a house! 

Click here for market information including your neighborhood.

Know someone running into obstacles trying to buy?

Here's a few tips to pass along -  

Get a Financial Leg Up 

In a seller's market, cash is definitely king. More than one-third of Portland homes sold in the past three years were all cash purchases. If you're like me, that's not an option! The next best thing is get "underwritten pre-approved" with a legitimate lender. This type of pre-approval goes further than a standard pre-qualification phone call because you submit all the required paperwork up front. The lender verifies the amount you can afford to pay and shows a seller you can back up your offer with real money.

Stay Patient and Don't Wreck Your Budget 

Patience can be hard to come by when you feel pressure to beat other buyers to the punch. Prices can rise very quickly when there are competing offers on the adorable homes, and all cash buyers are more willing to increase the price in their favor. Stay focused on the big picture and stay within your financial goals.  

Gain Some Knowledge

Get really familiar with the areas you want to buy and what homes are selling for (not asking prices). Take your time and have some fun. The knowledge acquired = an advantage above others. A determined home buyer should feel confident when they find their home to make a quick decision and write a smart offer. 

Keep Calm and Carry On

Buying a home is stressful in any market, but a seller's market cranks up the pressure on all sides. Get some experienced help. A home buyer in this market needs someone who will be honest, wise in ways of negotiations, and experienced in navigating the process. I am happy to help!

If You're Also Selling a Home...

Selling will be easier than finding a new house to call home, and scrambling to find a new place will add stress. Home sellers should be negotiating a rent-back of their home from their buyers of not less than 2 extra weeks, not rule out moving into an apartment or other short-term rental, or even crashing with family (and saving extra money in the process!). Moving twice can be no fun, but it's better than rushing into a purchase that may be regretted later.

Hope this helps. 

Mortgage interest rates are about 4%.  Call Brent Schreiber with Consolidated Community Credit Union at 503-872-9455 if you think it’s time to refinance or buy. You’ll be happy with Brent’s experience and commitment to serving his clients.

Call me when it’s time to buy or sell a home. I’ll work hard for you!

Darin Provost, Broker
Portland Digs Real Estate