Portland Home Values - July 2017

Summer is in full swing! The longer days and warmer weather is getting people outdoors including home buyers. It's a perfect time of year to catch up on those house projects, and if the timing is right for you get your house on the market to sell.

For home buyers, the unseasonable cooler spring gave some reprieve to the competition. While it's still a Seller's market with just 1.6 months of inventory for sale, the number of homes sold this year is down 4%, and in many cases we're seeing price reductions from Sellers a little over zealous. If you've been thinking about buying a home, this is probably the best summer you've had since the market rebounded in 2013. 

    
Click here and read below to see how this can benefit you. I’ll be sending this email periodically to a large group of clients and friends. Just let me know if you’d rather not get this.

The average price of a Portland home is currently $440,600 - an increase of 10% over the past 12 months. It was in 2012 when I reported to you the average price of a Portland home hit a bottom of about $245,000!

New Listings are on the rise as expected for June and July by 8%. June was the strongest month for homes put up for sale since 2008.

30-year fixed mortgage interest rates are about 4% to 4.5%.

I've finally found out how to make a million dollars in the real estate business. You start out with two million!

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
503-784-7626

  

Portland Home Values - April 2017

Hello -

Spring-like weather is just around the corner...right!? The longer days and warmer weather coming will get people outdoors - including home buyers. It's a perfect time of year to catch up on those house projects, and if the timing is right for you get your house on the market to sell.

For home buyers, the unseasonable cooler weather has given some reprieve to the competition they'd expect in the Spring.  While it's still very much a Seller's market with just 1.7 months of inventory for sale, the number of homes sold is down 7% from the same time last year.     

Click here and read below to see how this can benefit you. I’ll be sending this email periodically to a large group of clients and friends. Just let me know if you’d rather not get this.

The average price of a Portland home is currently $428,800 - an increase of 11% over the past 12 months. It was in 2012 when I reported to you the average price of a Portland home hit a bottom of about $245,000. Portland has really hit the map for desirable places to live around the country. Population in the metro area is now approximately 2.4 million residents with about 100 new people arriving every day. That is equivalent to two Trimet busloads of people. Ok, everyone, squeeze in!

Condominium sales are strong.  The low inventory of houses for sale has kept an upward pressure on condominium sales. Condo sales in the past two months have averaged over 90% of available inventory = a very high absorption rate. The low inventory of houses has also allowed many hard to sell homes to get some action. It's a great time to put that house on a busy street up for sale.

30-year fixed mortgage interest rates are 4% to 4.5%.

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
503-784-7626

  

Portland Home Values - March 2017

Hello and Happy Spring!

Portland's real estate market is kicking off similar to last year with a low supply of houses on the market at just 1.3 months of unsold inventory (a balanced buyer/seller market would have between 4 to 5 months).

So, it's going to remain a seller's market and when the spring-like weather arrives so will many more eager buyers. Conditions couldn't be better for a home seller. Buyer's, with few options will likely bid prices higher this summer as they have over the past 5 years (see graph below). 

Click here for market information including your neighborhood. I’ll be sending this email periodically to a large group of clients and friends. Just let me know if you’d rather not get this.

The average price of a Portland home is currently $428,400 - an increase of about 12% over the past 12 months. It was just six years ago when I reported to you the average price of a Portland home hit a bottom of about $245,000. Market reports suggest a rise in prices of about 5% for 2017. This could be higher in the Portland metro area as inventory remains so low.

The graph below displays the average and median sale prices of Portland metro area homes between 2009 and today. During this period, the average price of a house rose 75% from a market bottom in 2011!


How are homes selling in your neighborhood? 

Portland's close-in neighborhoods in N, NE and SE continue to sell quickly. Home prices in N Portland have risen an average of 11.7% in the past 12 months. Portland's NE rose 11.6% and the popular SE increased 11.2%.

SW Portland including Tigard, Beaverton, Ahoha and Hillsboro are also selling well. Homes are selling the quickest in Beaverton and Aloha. House prices in the West Hills have led the way in price with an annual increase of 14.4%.

Area's outside of Portland including Gresham, Troutdale, Oregon City and Milwaukie have seen price increases of 11% to 12% over the past 12 months. Gresham and Troutdale continue to be the most affordable locations with an average house price of $292,500. More and more Portland buyers are asking to see homes further east including Gresham.

Mortgage interest rates are about 4%.

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
503-784-7626

  

Portland Home Values - February 2017

Portland's real estate market has had a "slight" cooling for 2017. The weather has been much cooler and wet through mid-March, and things don't typically pick up until the Spring-like days arrive.

There has also been a slight rise in the inventory of homes for sale over the past couple of months, and the number of homes sold between January and February are down 4.5% from the same period last year. Admittedly, I haven't wanted to be outside much either. Spring is just around the corner with brighter days ahead!

The average price of a Portland home is currently $407,000 - an increase of about 13% over the past 12 months. Market reports suggest a rise in prices of about 3% to 5% for 2017.

Click here for market information including your neighborhood. I’ll be sending this email periodically to a large group of clients and friends. Just let me know if you’d rather not get this.

Best Months to Sell A House

"May & June" are the magic months to list a house. Everyone selling wants it over quickly, for as much money as possible. According to a new Zillow analysis, listing a home toward the end of Spring significantly increases a seller's chances of making this happen.

The low supply of homes for sale has also pushed the ideal window later in the Spring. Many buyers who start their search early may have already made multiple offers. By June, some of these buyers will be anxious to avoid more disappointment or eager to get settled into a new home before the next school year - and may be willing to pay a premium to close the deal. All in all, the longer, brighter, warmer days bring out more buyers and more money for sellers.

Thinking about Selling? Please call me. I've got the experience you can trust.

Fed's Raise Key Interest Rate - What This Means For You

The Federal Reserve raised its short-term interest rate by a quarter percentage point - a third rate increase since December 2015. Consumers with credit card debt, adjustable-rate mortgages and home equity lines of credit are the most likely to be affected. People thinking of a new car may also see a slight rise in their borrowing rate. This short-term rate increase shouldn't have much of an impact on 30-year fixed mortgages predicted to remain around 4.5% in 2017.

Hope this helps. 

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
503-784-7626

Portland Home Values - January 2017

Hello!

And Happy Winter.

The new year for selling homes has started off a little mixed from where 2016 ended. The number of homes placed up for sale rose in January by almost 56% from December, but the number of homes sold fell short by almost 30%. This gave us a slight rise in inventory of homes for sale to 1.7 months. The holidays and winter weather made for an interesting two months. (Heck, I was out of town for most of it including the snow!)

The average price of a Portland home is currently $409,900 - an increase of 12% over the past 12 months. Market reports suggest a rise in prices of about 3% to 5% for 2017 - See Predictions for 2017 below.

Click here for market information including your neighborhood. I’ll be sending this email periodically to a large group of clients and friends. Just let me know if you’d rather not get this.

Predictions for 2017

We have a new Administration that'll have an impact on the housing market. It's too early to predict what the impacts will be for 2017, but reasonable to feel alert to how new policy changes will affect the market for years to come. Stay tuned!

Here are a few indicators we can rely on for now -

An Ongoing Housing Shortage
Lawrence Yun, Chief Economist of the National Association of Realtors says there's nothing on the horizon in the coming year that will likely bring any relief or improvements to the housing shortage. Sigh... A low inventory of homes for sale should maintain an upward pressure on home prices through 2017. Market report suggest a rise in the Portland Metro Area of 3% to 5% this next year.

New Housing Construction
Nationally, single family new construction increased 9% in 2016. This is low considering the lack of new construction over the past 10 years. One big reason housing construction hasn't returned to normal levels, despite increased demand, is lack of labor. A lot of workers left the industry when construction jobs dried up in 2007. Interesting statistic, about one in four construction workers are foreign born. New immigration policies might make this problem worse.

Mortgage Rates May Increase, But Not by Much
Experts predict 30-year fixed mortgage interest rates to be about 4.5% in 2017.

Slower Market Growth Due to Affordability Pressures
Availability of affordable homes for sale has declined over the past 4 years and won't likely be much different for 2017. Redfin is predicting median home sale prices to increase nationally 5.3% year over year and the volume of homes sold up just 2.8% in 2017.

More People Will Have Access to Home Loans
It seems mortgage lending has relaxed some from the height of the housing crisis. For those with particularly good credit, some lenders are introducing mortgages that require down payments as low as 3%.

2017 Will Be A Very Fast Moving Market
We've had a persistent inventory shortage for 4 years in Portland, especially in lessor expensive starter homes. These homes are selling very quickly. The development of new technologies via the internet and smartphone applications is also contributing to homes disappearing quickly. It's been commonplace to arrive at a new listing with someone already inside viewing it, and 1 to 2 parties arriving behind my clients and I. Another Sigh... Oh, and you should see how FAST a millennial buyer can find a home for sale! 

Hope this helps. 

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
503-784-7626

  

Portland Home Values - June 2016

Hello - Hope you're having fun outdoors!

The longer days and warmer weather gets people outside - including home buyers. It's a perfect time to catch up on those house projects, and get your house on the market to sell. Home sales are up 4% from last year, while the number of homes for sale has dropped another 25%! This has put a real tight squeeze on things and continues to put an upward pressure on home prices. The average price of a Portland home this past month rose to $402,500 - an increase of almost 12% over the past 12 months. Portland has become a destination city and is catching up in price to it's west coast neighbors in California and near-by Seattle.      

Click here and read below to see how this can benefit you. I’ll be sending this email periodically to a large group of clients and friends. Just let me know if you’d rather not get this.

The graph below displays the average and median sale prices of Portland Metro Area homes between 2008 and today. During this period, the average price of a house has risen almost 65% from a market bottom in 2011!
 

Condominium sales are on the rise too.  The low inventory of houses for sale has put an upward pressure on condominium sales. Condo sales in the past three months have exceeded new inventory = a very high absorption rate. Condo prices have risen almost 20% this year alone.

How are homes selling in your neighborhood?  

Portland's close-in neighborhoods in N, NE and SE continue to sell quickly. Home prices in N Portland have risen an average of 14.4% in the past 12 months. Portland's NE increased 10.8%, and SE rose 10.3%.

SW Portland including Tigard, Beaverton, Ahoha and Hillsboro are also selling well. Homes are selling the quickest in Beaverton and Aloha with just 22 days of average market time. House prices in Tigard and Willsonville have led the way with an annual increase of 11.8%.

Area's outside of Portland including Gresham, Troutdale, Oregon City and Milwaukie have seen price increases of 9-15% over the past 12 months. Oregon City has led the year with an average price increase of 14.6%. Gresham and Troutdale continue to be the most affordable locations with an average house price of $282,400.  Buyer's are thinking very positive about moving to Gresham and Troutdale right now.

Mortgage interest rates are below 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
503-784-7626

  

Negotiating On Your Behalf

Hello!  

The new year appears to be kicking-off where 2015 ended. There was another rise in pending home sales in January and the inventory of homes for sale remains low at just 1.8 months (a more balanced market would have between 4 to 5 months). The continued demand combined with very few homes for sale should maintain an upward pressure on home prices. Market reports suggest a rise of between 3 to 4 percent for 2016.

The average price of a Portland home is currently $355,500 - an increase of 6.7% over the past 12 months, and a combined 30% over the past 3 years!

Click here for market information including your neighborhood.

Negotiating On Your Behalf

I recently completed a real estate course on Negotiating.  "Negotiation skills are the bread and butter that lead to caviar and champagne."  So, I thought I'd share with you some tips that might benefit you.

First, let's identify the two leading Negotiator styles -

A COLLABORATIVE negotiator will have a win-win mindset and focus on interests rather than position, be open to explore alternatives, and will have interest in building trust to meet a better ending. A collaborative negotiator will ask questions, and generate positive emotions.

A COMPETITIVE negotiator will have a win-lose mindset and focus on their position, hide information, may speak aggressively, and likely have little or no interest in building trust. A competitive negotiator may use intimidation tactics to pressure the other party into agreement.

A most effective negotiator can be Collaborative and sometimes use Competitive “tactics.”
 
Do you see yourself in either of these descriptions? Keep reading to sharpen your Negotiating skills.

Characteristics of a Skilled Negotiator

Skilled negotiators ask questions, speak positively, explore options, plan ahead and stay organized, argue less, negotiate from a position of strength and moral code, and have a win-win mentality.

Tips to Becoming a Skilled Negotiator

Remain emotionally rock solid - like the storm chaser who flies into the eye of a hurricane, remain calm, cool and steady. Manage your emotions. And please, don’t fly into the eye of a hurricane :).

Be funny - generates higher levels of trust and mentally disarms people.

Be willing to walk away - single most powerful element of negotiation.

Let the other party speak first - giving you the ability to define the mid-point of the negotiation.

Know your leverage.

Be nice, polite, and optimistic.

Listen more, talk less - learn to “pause” in a conversation.

Constantly seek common ground.

Always get the last concession - by always asking for, and getting something in return, the other party may shy away from asking for more. Might work with your kids or parents.

Check your ego at the door - stay focused on interests, not positions. Stay collaborative.

There is much more to all of this. The bottom-line - helping you reach agreement on the sale of a property, and maximizing the outcome for you. Surprisingly, the National Association of Realtors says only 5% of home sellers want help in negotiation and dealing with buyers while 99% of buyers believe Negotiation Skills are important in their purchase.  Either way, I am ready and better educated to help you.

Hope this helps. 

Mortgage interest rates have fallen below 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
503-784-7626

  

Portland Home Values - October 2015

Hello Winter!  

Good news continues as we head into the holiday season. The average price of a Portland home is currently $353,000 - an increase of 6% this year, and a combined 29% over the past 3 years!

It also remains a seller's market with the supply of houses for sale at just 1.8 months of unsold inventory. A more buyer/seller market would have between 4 to 5 months. The number of homes placed up for sale this year has risen almost 9% from last year, but unfortunately hasn't kept up with demand.   

Click here for market information including your neighborhood. I’ll be sending this email periodically to a large group of clients and friends. Just let me know if you’d rather not get this.

What can we expect over the next few months?   

Well don't be fooled, the holiday season and wet winter months are mistakenly considered the worst time of year to buy or sell a house. In reality, these distraction-packed-months (November - February) carry benefits for determined buyers and sellers. Here are some things to think about:

• Buying a home in the wet winter months can tell you a lot about what to expect from a property. Visit a house during a hard rain and you'll see for yourself. Drive by houses after a fresh snowfall and discover which are well insulated (snow on roof) and which are losing costly heat (no snow on roof). Tour a house on a very windy day and discover how drafty those old windows and doors can be.

• A seller listing their home for sale in the wet winter months is committed to selling.  They understand what they're up against, and have decided to go for it in what is traditionally a stronger buyer's market. Buyer's who brave the wet winter months are also committed to their task. These buyer's typically "need" to find a home.

• A buyer could join the "herd" of buyers who are active during the traditional "good weather" months - and this competition for properties can mean buyers pay more, lose out on good-value listings, and receive less attention from swamped real estate agents and mortgage help.

These wintry months can be a terrific time to be out home shopping. So, what do you get from sitting on the ice too long? ...Polaroids!

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
503-784-7626

  

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
503-784-7626

  

Portland Home Values - August 2015

Portland's real estate market saw slightly cooler activity in August but overall remains the most productive summer on record. (A slight dip in home sales in August is common as people find more fun things to do!) The volume of homes sold is up 22% this year, and the average price of a Portland home has risen between 6% to 7%.

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. I’ll be sending this email periodically to a large group of clients and friends. Just let me know if you’d rather not get this.

The Federal Reserve is getting closer to increasing short-term interest rates.  

In 2008 the Federal Reserve put its benchmark rate close to zero to help boost the economy.



This rate is likely to increase soon as the economy has improved enough to return borrowing costs to more "normal" levels and keep future inflation from accelerating to much. A decision could be announced this week, mid-December, and or March 2016. I've read rate increases will be slow and gradual, with a minimal impact on our home budgets for the first 12 to 18 months. Ultimately, the impact may be felt on future mortgages, credit cards and bank loans. It could be a great time to refinance an existing adjustable-rate mortgage, and or chip away at any variable-rate debt including credit cards, student loans, and home equity lines of credit. For savers, it could signal higher returns on bank balances. Savings account rates could top 1%...whew hew!  

How can this impact the housing market? 

Projected home sales aren't likely to face any major setbacks due to a gradual rise in interest rates. There may be some volatility in home prices at the start if the media gets carried away, but there are too many other forces driving the housing market including a serious back-log of pent-up demand for housing and extreme low inventories of homes for sale. Home ownership is driven more by need and life events (new job, pay raise, getting married, kids), than by interest rates.      

The average cost of a home in the Portland Metro Area is currently $353,200.    

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
503-784-7626

Portland Home Values - A New Housing Bubble? Perhaps Not.

Portland's real estate market has remained very active this summer. Home sales are up 22% from last year including the most productive July in Portland on record. This is real amazing. The average price of a Portland home has risen between 6% to 7% this year, and the supply of houses on the market are at just 1.7 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 really is a good time to sell a house. 

Click here and read below to see how this can benefit you. 

Are we experiencing another housing bubble? Some analysts have suggested that we've entered a new housing market bubble. Lawrence Yun, Chief Economist for the National Association of Realtors has said hard facts suggest otherwise. Mr. Yun says underlying conditions today are fundamentally different from the bubble of a decade ago. Back then, credit was easy to obtain and the volume of home sales were 40 percent higher than now. By comparison, credit is still very tight, which has led to an unusually high level of all-cash sales. Mortgages balances are falling, home owners are paying their mortgages on time and few are seeking cash-out refinances and equity lines of credit.

It's fair to ask, though, whether at some point affordability problems will slow this pace down. Home prices are expected to rise continuously as long as mortgage rates remain under 6%. Rates have been averaging about 4% for some time, though analysts say them may rise to 5.5% by the end of next year. Robust job creation and meaningful increases in income levels will help. Mr Yun says for now, no bubble or impending crash in sight.

The average cost of a home in the Portland Metro Area is currently $351,600.

The graph below displays the average and median sale prices of Portland Metro Area homes between 2006 and today. During this period the average price of a house rose 51% from a market bottom in 2011.



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
503-784-7626

  

Hello - Portland's Real Estate Market is on Fire!  The supply of houses on the market is lower than it's been for 10 years. There is currently just 1.8 months of unsold inventory in the Portland Metro Area with some popular close-in eastside neighborhoods fewer than a month. A more balanced market would have between 4 - 5 months. Home sellers can expect multiple offers. 

Click here for RMLS statistics and read below to see how this can benefit you.
 
It really is a good time to sell a house. Home buyers are plentiful. It's quite a seller's market and likely to continue this year with an upward pressure on home prices. I wrote an offer this month for a close-in N Portland house that competed with 26 offers! This was an extreme, but not unheard of in popular neighborhoods. The average cost of a home in the Portland Metro Area is currently $347,500, up 4.8% so far this year.  

The graph below displays the average and median sale prices of Portland Metro Area homes between 2006 and today. During this period the average price of a house rose 42% from a market bottom in 2011.

 

Condominium sales are on the rise again.  The low inventory of houses for sale has put an upward pressure on condominium sales. Condo sales in the past two months have averaged almost 60% of available inventory = a very high absorption rate.  The low inventory of houses has also allowed many hard to sell homes to get some action.  It's a great time to put that house on a busy street up for sale!

How are homes selling in your neighborhood? Portland's close-in neighborhoods in N, NE and SE continue to sell quickly. Home prices in N Portland have risen an average of 9.6% in the past 12 months. NE Portland rose 5.9%, and Portland's popular SE increased 10%.  N Portland is becoming a market leader to watch.

SW Portland including Tigard, Beaverton, Ahoha and Hillsboro are also selling well. The number of homes sold in Beaverton and Aloha rose just over 56% from last year. House prices in Hillsboro and Forest Grove have led the way with an annual increase of 9.4%.

Area's outside of Portland including Gresham, Troutdale, Oregon City and Milwaukie have seen price increases of 6 - 8% over the past 12 months. Gresham and Troutdale continue to be the most affordable cities with an average house price of $245,600. Milwaukie is leading the way in popularity with a house costing about $318,000 - up 32% from the market bottom in 2011.

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
503-784-7626

Portland Home Values

Portland's real estate market is feeling like 2007 again returning to levels achieved before the national housing downturn. February home sales outpaced last year's same month by 12.3%. In fact, similarly pending sales bested last years February by 37.1%! The inventory of homes for sale has fallen to 3 months (a more balanced market would have between 4-5 months). This demand combined with very few homes for sale should maintain an upward pressure on home prices.  
 
Read below to see how this can benefit you.
 
It really is a good time to be a home seller. Our office tours homes on Tuesday's, and this week we made a visit to a classic Eastmoreland craftsman near Reed College listed at $689,000.  We all agreed the house will sell quickly, and had to laugh at how spoiled we've become when the listing agent spoke with grave concern that the house hadn't yet sold after being on the market a week and a half!

What does it cost to rent in Portland? You may want to sit down... Units at a recently opened complex at NE 32nd & Broadway (seen traveling on I-84 near Lloyd Center) range from $1,194 for a studio to $2,619 for a three-bedroom. At a newer development on N. Mississippi rents range from $1,100 to $2,590.  And, in North Portland a newly built apartment next to the St. Johns Bridge rents from $973 for a studio to $1,576 for a two-bedroom. According to Zillow, the Portland Metro area's median rent is $1,587 a month. The average price of a Portland home is currently $328,000 - roughly $2,000 a month (loan with 3.5% down payment, 4% interest, property taxes, insurance).

According to Oregonlive.com, rents in the Portland Metro area rose 20.5 percent over the last five years, giving the area the sixth-fastest rise in the nation. Rents rose faster in New York, Seattle, San Jose, Denver, and St. Louis. In a somewhat surprising note, incomes of Portland Metro area renters aged 25-44 nearly kept pace with the rise in rents. I once rented a 2 bedroom house in NE Portland for $190 a month! ...I won't tell you when.  

Mortgage interest rates have fallen below 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
503-784-7626

Portland Home Values - 2014

Portland Metro Area home sales rose again this past month!  In fact, the number of homes sold were up 25.6% from the same month last year, and the strongest December since 2005.

The good news continues as we finish 2014. Combined with a very busy December, the number of Portland homes shown by agents also rose over 71% the first two weeks of January!  This is a very good indication of things to come.  2014 was a terrific year for existing home owners in building equity.  The average price of a Portland home ended the year at $333,000 – up 7.2% for 2014, and 21% over the past two years.

What can we expect for 2015?
 
A stronger economy and solid job growth is expected to boost home sales even higher in 2015.  According to the National Association of Realtors Chief Economist Lawrence Yun, “the volume of sales are forecast to rise about 7 percent, and the median home price between 4 to 5 percent.”  Over the past two years, Portland has out-paced the national average.

It's a great time to sell a house!  There is currently just 2.3 months of inventory for sale which should maintain an upward pressure on home prices.  It's been a great time for home sellers - a more balanced market would have between 4 to 5 months of inventory.

Buying a home?  Thinking about buying a home this year but think it’s best to wait until summer?  The wintery months can be a great time to look.  A buyer could join the “herd” of buyers who are active during the traditional “good weather” months – and this competition can mean buyers pay more, lose out on good-value listings, and receive less attention from swamped real estate agents and mortgage help.  Buying a home in the wet winter months can tell you a lot about what to expect from a property.  Visit a house during a hard rain or cold windy day and you’ll see for yourself.

Mortgage interest rates are below 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.

You might have notice I changed offices?  I joined a group of very smart and busy agents at Portland Digs Real Estate. We've got a terrific office located at 2737 SE 21st Avenue, Portland – next to the popular Division & Clinton streets.  Please stop by and say hello.  I’d love to see you and treat for lunch!

My new email address – darin@realtor.com

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
503-784-7626

  

Portland Home Values

Portland Metro Area home sales rose again this past month!  In fact, the number of homes sold were up 13.6% from the same month last year, and the strongest October since 2006.

Click here and read below to see how this can benefit you.

Hello Winter!

The good news continues as we head into the holiday season. The average price of a Portland home has risen 7.4% this year, and a combined 21% over the past two years!  What can we expect over the next few months?  Well don't be fooled, the holiday season and wet winter months are mistakenly considered the worst time of year to buy or sell a house.  In reality, these distraction-packed-months (November - February) carry benefits for determined buyers and sellers. Here are some things to think about:

• A seller listing their home for sale in the wet winter months is committed to selling.  They understand what they're up against, and have decided to go for it in what is traditionally a stronger buyer's market. Buyer's who brave the wet winter months are also committed to their task. These buyer's typically "need" to find a new home.

• A buyer could join the "herd" of buyers who are active during the traditional "good weather" months - and this competition for properties can mean buyers pay more, lose out on good-value listings, and receive less attention from swamped real estate agents and mortgage help.

• Buying a home in the wet winter months can tell you a lot about what to expect from a property. Visit a house during a hard rain and you'll see for yourself. Drive by houses after a fresh snowfall and discover which are well insulated (snow on roof) and which are losing costly heat (no snow on roof). Tour a house on a very windy day and discover how drafty those old windows and doors can be.  Or spend some time in a house on a cold day and study how well it heats up everywhere, or not.

These wintry months can be a terrific time to be out home shopping.  So, what do you get from sitting on the ice too long? ...Polaroids!  Happy Holidays :)

Mortgage interest rates are super low at about 4.0%.  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.

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

Darin Provost, Broker
Vintage Real Estate
503-784-7626

  

Portland Home Values

Portland Metro Area home sales have surpassed last years' sudden boom!  The average price of a Portland home has risen 7.4% this year, and a combined 21% over the past two years.

Click here and read my summary below to see how this can benefit you. 

In Summary

While home sales cooled slightly in September as expected, the number of homes sold this year continue to be at their best. Approximately 2,200 homes have been sold each month this year - an increase of 2% from last year and 43% from when the market hit bottom in 2010!

The increase in sales has created a challenge for home buyers as the inventory of homes for sale is at an 8 year low.  It's a seller’s market in many Portland Metro Areas especially within popular close-in neighborhoods.  There is currently just 3.1 months of inventory - a more balanced market would have 4-5 months of inventory. 

Continued demand combined with very few homes for sale has put an upward pressure on home prices.  The average cost of a home in the Portland Metro Area is currently $338,100 - an increase of 7.4% this year. Many economist had predicted a 3% - 5% increase this year, and are projecting home prices to rise another 5% - 6% through July 2015.

Mortgage interest rates are about 4.25%.  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.

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

Darin Provost, Broker
Vintage Real Estate
503-784-7626

  

Portland Home Values

Home sales in the past two summers have been their best for Portland since 2006.  The average price of a Portland home rose 7.6% this year, and a combined 23% for the past two years.  The number of homes sold this year also increased by 37% from when the market bottomed-out in 2010.

Click here and read my summary to see how this can benefit you.  

In Summary

Home sales cooled just slightly in August as people were likely pursuing other summer adventures.  Home sales through the year however have been terrific, and combined with last year at their best since 2006.  The inventory of homes for sale remains low at just 3.0 months - representing a strong seller’s market.  A more balanced market would have 4-5 months of inventory, and try to imagine how hard it was to sell a home in 2008-09 when the inventory of homes for sale in Portland peaked at 19.2 months!  Continued demand combined with very few homes for sale should maintain an upward pressure on home prices.  The average cost of home in the Portland Metro Area is currently $332,600.

The graph below displays the average and median sale prices between 2005 and today.  

    

How are homes selling in your neighborhood?

Mortgage interest rates are about 4.25%.  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. 

Hope your summer was fantastic! September and October are also great months to enjoy the outdoors.  Make it a great adventure...

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

Darin Provost, Broker

Vintage Real Estate

503-784-7626

Portland Home Values

Hope you’re enjoying the sunny days! 

Portland’s real estate market has remained active this summer.  Home sales have been almost identical to last year and the strongest in Portland since 2007.  The number of homes for sale continues to be lower than ideal at just 2.9 months of unsold inventory in the Portland Metro Area and some popular area’s fewer than a month.  This has put an upward pressure on home values as determined buyers are often competing with others.

Click here and read my summary below for an update on Portland Home Values. 

In Summary

The most compelling news remains with an overall 8% increase in the average sales price of a Portland home this year.  Many locations as displayed below have been considerably higher.  This is combined with an approximate 12%-13% increase last year, and overall 33% increase since the market hit its lowest point in 2010-11.  The average price of a Portland home right now is about $330,000.  A median priced home is $285,000 (a median value represents a mid-point with an equal number of houses priced above and below this number). 

How does your neighborhood compare to the rest of Portland?  I've compiled the following list of median sale prices by geographic area:

Interest Rates are about 4.25%.  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.

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

Darin Provost, Broker

Vintage Real Estate

503-784-7626

Portland Home Values

Portland’s real estate market has remained active this summer.  Home sales in June increased slightly more than 4% from last year.  In fact, it was the strongest June in Portland since 2007.  There is currently just 2.8 months of unsold inventory in the Portland Metro Area with some popular close-in eastside neighborhoods fewer than a month.

Click here and read my summary below for an update on Portland Home Values.

In Summary

The most compelling news is an 8.7% rise in the average sales price of a Portland home this year.  This is combined with a 34% increase in the average sales price since the market hit its lowest point in 2011-12.  The average priced Portland home right now is about $329,000.  A median priced home is $303,000 (a median value represents a mid-point with an equal number of houses priced above and below this number). 

An average home sold in 2011 of about $245,000 would be worth $329,000 today.  This is great testimony to the rewards of home ownership.  It is also a great time to sell!

Has a new housing bubble formed in Portland?  Perhaps not.  According to Lawrence Yun, Chief Economist for the National Association of Realtors.  The acceleration in home prices has slowed in comparison to last year.  This is viewed as a positive and more healthy trend.  This is also good news for first time home buyers who have struggled to enter the market.  There are significant differences right now, compared to 2005-06.  Borrowing standards are much tighter.  People who get mortgages are meeting very strict standards.  Second, there are large cash purchases.  People are cashing in stock options and property investors are coming in with all cash.  Any time there are cash transactions and higher down payments, the risk of decline is reduced.  Lawrence suggests prices have not set new highs yet, and that the market is still in recovery mode. 

     

How are homes selling in your neighborhood?

Close-in neighborhoods in North, Northeast, and Southeast Portland continue to be popular with houses selling quickly.  Inner-SE prices lead the pack at 14.6% this year!  The inventory of homes for sale is about one-month, while the Portland Metro Area is 2.8 months.

Southwest and Northwest Portland, Beaverton, Aloha, and Hillsboro remain active.  Beaverton and Aloha prices have risen almost 13% this year.

Area’s more rural East and Southeast like Gresham, Troutdale, Oregon City, and Milwaukie have seen their best price increases since 2006.  Gresham and Troutdale continue to be the most affordable with a median priced home of $227,000.  Milwaukie home prices have risen almost 13% this past year with a median price of almost $284,000.

Interest Rates are about 4.25%.

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

Darin Provost, Broker

Vintage Real Estate

503-784-7626

And 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 very happy with Brent’s experience and commitment to serving his clients.

Portland Home Values

Portland’s real estate market continues to see seasonal gains.  New listings are up almost 16% over last month and just over 9% above the same month last year.  This is like a day of rain following a long drought.  Homes sales have also increased almost 16% from last month!  It is a great time to sell your house.

Click here and read my summary below for an update on Portland Home Values.

In Summary:

The most compelling news is a 37% rise in the average sales price of a Portland home since the market hit its lowest point in 2011-12.  The median price of a home rose 34% from the low-point as well.  A median value represents a mid-point with an equal number of houses priced above and below this number.  This is great news for long-term homeowners and testimony of the rewards to those who purchased 2-3 years ago.  An averaged priced home of about $245,000 in 2011 would be worth about $335,000 today! 

Condominium sales are on the rise as well.  The median price of a Portland condominium is about 20% higher than it was two years ago, and about 44% of the active condominium listings were sold last month. 

How are homes selling in your neighborhood?

Close-in neighborhoods in North, Northeast, and Southeast Portland continue to be hot zones with houses selling quickly and often with multiple offers.  The inventory of homes for sale is about one-month, while the Portland Metro Area is 2.8 months.

Southwest and Northwest Portland, Beaverton, Aloha, and Hillsboro are also selling quickly.  Beaverton and Aloha prices have risen almost 14% in the past year.

Area’s more rural East and Southeast of Portland like Gresham, Troutdale, Oregon City, and Milwaukie have seen their best price increases this past year since 2006.  Gresham and Troutdale continue to be the most affordable with a median priced home of $224,000.  Milwaukie home prices have risen almost 13% this past year with a median price of $280,000 – higher than Portland.    

Interest Rates are about 4.25% – 4.5%.

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

Darin Provost, Broker

Vintage Real Estate

503-784-7626