Portland Home Values - A Great Start for 2013

Portland’s winter weather this year has been mild, keeping the real estate market active.  There is much talk about the “tight” inventory of homes for sale, rising home values, and homes that are located-well selling quickly.

Click here for some Portland Real Estate Statistics produced by our Multiple Listing Service. 

In summary:

There is currently 4.7 months of inventory for sale - about 6,400 homes in the Portland Metro Area.  This is positive news as the number of homes For Sale is at historic lows and convincing home buyers to be decisive.  This could be the right time to sell your home.

The average sales price of a home in Portland is currently $288,000 - an increase of 5.4% over the past year.  The median price of a Portland home is $248,000 – an increase of 7.3%!  The median value represents a mid-point with an equal number of homes priced above and below this number.

Be sure to look at the Average and Median Sale Price Graph on page 5 of the link.  This graph displays the rise and fall in home prices between 2004 and today.  The average sale price of a Portland home is currently 30% higher than it was in 2004, and this takes into account the fallout in pricing between 2007-2012.  This is great news for long-term homeowners and testimony to the rewards of home ownership over the years.  A $200,000 home bought in 2004 could be worth $260,000 today based on this average sale price increase.  It’s hard to save that kind of money otherwise!         

Interest Rates are still under 4%.  These affordable rates won’t last forever, but will be remembered for a long time. 

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

Darin

503-784-7626

Happy Client Testimonials

When I decided to downsize, Darin helped me to accomplish what seemed impossible in a slow market; my house was sold and I was in an adorable new home in under three months!

-- Elizabeth Bird

I have never had a Real-estate agent work as hard as Darin did to find the perfect house for me. Not only did I get a "Larry house", I found Darin to be a very honest person with a great deal of  passion for his work… and after a few trips to Starbucks with him I discovered Darin also had a passion for Breve Latte's that matched my own! -- Larry Ginn

Darin helped me purchase my first home in Portland.  At that time it was a seller's market and he watched out for me to make sure I got what I needed.   Later when I was getting ready to purchase another home, there was no question about who I wanted to represent me.  Darin is a professional expert when it comes to real estate.  I highly recommend him.   When I get ready to buy another home, Darin will be my realtor! -- Jim Baker

Sure and prompt sales in a good market are common; Darin's combination of professionalism, affability, and strong work ethic promptly sold my property in a challenging, soft market at a return I was quite pleased with.  Moreover, too many brokers and companies expend more energy promoting themselves as much or more than the properties they sell . . . not the case with Darin and Hasson Realtors -- they marketed my property with a comprehensive and detailed knowledge, assuring potential buyers their questions were answered clear and certain. -- Phil Smith

My husband and I felt extremely lucky to have found Darin as our realtor.  He went beyond all our expectations and surprised us with a high degree of commitment, attention to detail and personal dedication.  Our deal went through so smoothly that it left us with a great sense of closure. -- Brian & Noemie Young-Studer

Having bought and sold real estate in Alaska, Oregon, California, and Nevada over the last 27 years, I have dealt with many agents and brokers, but Darin has been the best of all.  From the first day I spoke to Darin he was professional, knowledgeable, helpful, and his advice helped me greatly.  Darin tells the truth and his opinions are sound.  He was always there when I needed him.  But the best thing about Darin is that he became a friend. -- Jeff & Ellen Fancy

We worked with several Realtors before meeting Darin and he was hands down the BEST! We live out-of-state and purchased a property in Oregon. Darin led us smoothly through the transaction and we were able to close in less than 30 days.  Darin is very knowledgeable, he has great communication skills and most of all he is honest and reliable.  We'll definitely use him again for future purchases and we would refer him to anyone without hesitation. -- Jason & Joyce Dahners

You did a great job for me and went out of your way to help my property sell.  You were available every step of the way to answer any questions or accommodate any requests, and you even helped paint and clean my condo up to make it more attractive!  I would recommend you to anyone who is looking to buy or sell a property.   Feel free to use me as a reference any time. -- Mike Fazzolari

Our realtor Darin was an angel in a very sad time as we were in need of speed to find and move our daughter. Well, he helped in so many ways, was so kind. He is on the ball at every turn --thinks of things only he would know of. We felt very blessed to know this young man and to have his help. If and when we sell that property he will be the man for us. I would be happy to spread the word for him, he will treat you as if you were his family -- Mel and Lynda Chaufty

I must have been the smartest man alive to start a business in real estate 8 years ago.  (I say in jest.)  My career started off with a bang.  Back in 2004 and 2005 Portland home values rose just over 35 percent!  Every home listed sold within a month.  Buyer’s kept my phone ringing so much I wore one of those silly blue blinking ear devises as I darted through the office, restaurants, the gym, and even outside on my mountain bike or in route to kayak.  How comical in hindsight.  Where is that ear-piece now? 

Well, at everyone’s surprise things changed quickly in 2006 as the media drew massive attention to the bursting of the housing bubble.  This attention helped put a panic in the market as buyers drew weary and it seemed “everyone” wanted to put their house up For Sale with hopes of cashing out big returns.  Below is my brief highlight of the changes experienced in the years after 2004-05 I’ll call the “7-year Itch”:

2006 – The media’s relentless attack on the housing market crash…a national phenomenon.  Home buying slowed substantially as consumers drew weary of things to come.  The inventory of homes For Sale grew substantially as home owners and property investors tried to cash out with inflated home prices.  It was growing clear to everyone that home prices were too high.  Portland’s housing bubble began to deflate... notably a year after other US cities.

2007 – A continued rise in the number of over-priced homes placed up for sale.  Property investors disappeared and traditional home buyers drew increasingly wearing of pricing.  I believe at this time there was still denial by home sellers and people working in the industry that this draw-down would continue.

2008 – The inventory of homes placed up for sale peaked at over 18,000 homes in the Portland Metro area.  This was 3 times the inventory of homes For Sale back in 2004-05, and it seemed everything was overpriced.  The few home buyers that remained wanted to see 40 – 60 homes before making a decision.  I ditched the ear-piece!  Home buying was down over 60%.  A real fun time to be a real estate broker…  I had doubts of being the smartest man alive.

2009 – Home buying bottomed out.  Portland experienced a very cold and snowy winter that helped put the brakes on home buying.  On the bright side, the volume of homes placed up For Sale declined.  On the downside, this inventory was largely made up of distressed homes for sale at reduced prices (i.e. short-sales and foreclosures).  Homes sold at BIG discounts from original inflated asking prices.

2010 – Portland’s housing market was bloated with inventory including distressed homes.  Home sales were flat in all price ranges.  Home values continued to decline.

2011 – Home values bottomed out in the winter of 2011-12.  Home values were back to median prices in 2004 with all of the housing bubble gains disappeared - a loss of over 40% in home values.  On the bright side - the inventory of homes For Sale declined rapidly including distressed properties.  This tightening of supply combined with a rise in consumer confidence started a new trend for Portland’s housing market.  Property investors returned to the market with cash purchases buying at bottomed out prices. 

2012 – Consumer confidence and interest in home buying continued to rise.  This was coupled with a rapid decline in inventory of homes For Sale.  The media remained positive on the future of the housing market and buyers began to compete for homes in popular neighborhoods with multiple offers.  Portland’s home prices rose 6.3% in median values, and 4.4% in average values.  It became apparent to many economists the housing decline had bottomed out in 2010-11.  The stock market boomed and personal wealth began to rise after a 7 year decline.

2013 – Forecast remains positive for the housing market in Portland and abroad.  The number of homes For Sale will be at an all time low with a declining inventory of distressed properties that had plagued the market.  Consumer confidence shows improvements with increased buying in most consumer goods and services.  Economic indicators including Job reports continue to improve.  Interest rates remain incredibly low.  An increased interest in home ownership and tight inventory of homes for sale is projected to raise home values further in 2013.

What a cycle it’s been.  A test of endurance and lessons learned for everyone.  It really appears things are on the up-tick and to everyone’s amazement a marathon cycle that lead from excitement, to confusion, worry, denial, acceptance, and a cautious sigh of relief. 

I appreciate the business you’ve brought me and relationships made running this marathon.  Please stay in touch and keep me in mind when it comes time to move…again. 

Darin

503-784-7626

I also have a lender you can trust.  His name is Steve Welch at Northwest Mortgage Group, Inc.  His direct number is 503-805-6810.  Interest rates remain unbelievably low around 4%!     

Portland Home Values - Building Steam

Home sales this year are at their best for Portland since 2006.  This has put an upward pressure on Portland home values that has climbed an average of 3.4% over the year.  The down cycle experienced over the past six years appears to be ending with all reported measures of real estate activity improving.

Click Here for some Portland Real Estate Statistics produced by our Multiple Listing Service.

Buyer’s have re-entered the market taking advantage of affordable pricing and low interest rates.  This is a great turn for those who have been waiting to sell their house.  Home sales in the Portland Area were up 20% from the year prior, and 24% from the bottom Portland hit in 2010.  The number of homes placed up for sale also continues to be the lowest inventory at just 3.8 months since July 2006.  This increased buying and low inventory has put an upward pressure on home prices, and often homes that are located well are selling with multiple offers.  In the past six year cycle, it appears Portland hit a low point in home sales and pricing between 2010 and 2011. 

The average market time to sell a home in the Portland Metro Area is currently 102 days – a decrease of 29% from this time last year.  The market time to sell a Portland home that is priced right and located in a popular close-in neighborhood is just under ONE-week!

The average sale price of a Portland Home is currently $284,600.  The median price $243,300.

Homes are affordable and there are great investor opportunities.  First-time buyers can find quality homes priced around $200,000.  Higher-end homes are affordable to middle-income wage earners.  And, Mortgage Interest Rates are still hovering 4%! 

Do you know someone looking to buy or sell a home?  Please have them call me at 503-784-7626.

Hope you’re staying dry!

Darin

Home sales this past summer were at their best for Portland since 2006.  This has put an upward pressure on Portland home values that has climbed an average of 3% over the year.  The down cycle experienced over the past six years appears to be ending with all reported measures of real estate activity improving.  Read my summary below to see how this may benefit you.

Click Here to view some Portland Real Estate Statistics produced by our Multiple Listing Service.

Buyer’s have re-entered the market taking advantage of affordable pricing and low interest rates.  This is a great turn for those who have been waiting to sell their house.  Home sales in the Portland Area were up 18% from the year prior, and 22% from the bottom Portland hit in 2010.  The number of homes placed up for sale also continues to be the lowest inventory since July 2006.  This increased buying and low inventory has put an upward pressure on home prices, and often homes that are located well are selling with multiple offers.  In the past six year cycle, it appears Portland hit a low point in home sales and pricing between 2010 and 2011. 

The average market time to sell a home in the Portland Metro Area is currently 115 days – a decrease of 21% from this time last year.  The market time to sell a Portland home that is priced right and located in a popular close-in neighborhood is just under ONE-week!

The average sale price of a Portland Home is currently $281,400.

Homes are affordable and there are great investor opportunities.  First-time buyers can find quality homes priced around $200,000.  Higher-end homes are affordable to middle-income wage earners.  And, Mortgage Interest Rates are still hovering 4%! 

Call Steven Welch at Northwest Mortgage Group if you think it’s time to refinance or buy.  And please, if you know someone looking for help buying or selling have them call me at 503-784-7626.

Summer is in full swing!  Hopefully you’re outside enjoying the warm weather.

Click Here for some Portland Real Estate Statistics produced by our Multiple Listing Service.     

Home sales in the Portland Area continue to improve.  Every measure of real estate activity is positive when comparing July 2012 to the prior year.  The number of homes sold this past month had increased 15% and the median sales price increased 7.8% (see the Average and Median Sale Price Graph below).  

The number of homes placed up for sale continues to be the lowest inventory since July 2006.  It would take just 4.6 months to sell the 9,041 active listings – substantially less than the 19.2 months of inventory we had in Portland in 2009.  Buyer’s have re-entered the market taking advantage of affordable pricing and low interest rates. 

The average market time to sell a home in the Portland Area is currently 100 days – a decrease of 25% from this time last year.

Homes are affordable and there are great investor opportunities.  First-time buyers can find quality homes priced around $200,000.  Higher-end homes are affordable to middle-income wage earners.  And, Mortgage Interest Rates are still hovering 4%!

Do you know someone looking to buy or sell a home? 

Please have them call me at 503-784-7626.

Darin

Every measure of real estate activity is positive when comparing June 2012 to the prior year.  The number of homes sold increased 22% and the median sales price rose 8.6%.  This represents the highest number of homes sold since August 2007.  

The number of homes placed up for sale dropped again in June and continues to be the lowest inventory since March 2007.  It would take just 3.9 months to sell the 8,800 active listings – substantially less than the 19.2 months of inventory we had in Portland in 2009.  Buyer’s have re-entered the market taking advantage of affordable pricing and low interest rates. 

The average market time to sell a home in the Portland Area is currently 114 days – a decrease of 25% from this time last year.

Profile of Home Sellers

On July 13, 2012, in Did You Know, by Meredith Dunn, Research Communications Representative

Here are some interesting characteristics of today’s home sellers: 

• About half of home sellers traded up to a larger sized and higher priced home and 60% purchased a newer home.
• The typical seller lived in their home for nine years.  In 2007,the typical tenure in a home was only six years.
• Eighty-seven percent of sellers were assisted by a real estate agent when selling their home.
•  Recent sellers typically sold their homes for 95% of the listing price, and 61% reported they reduced the asking price at least once.
• Forty-one percent of sellers offered incentives to attract buyers, most often assistance with home warranty policies and closing costs.

 Homes are affordable and there are great investor opportunities.  First-time buyers can find quality homes priced around $200,000.  Higher-end homes are affordable to middle-income wage earners.  And, Mortgage Interest Rates are still hovering 4%!

Do you know someone looking to buy or sell a home? 

Please have them call me – 503-784-7626.