Are We Hitting Another Real Estate Bubble?

Buying a home? Click here to perform full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (503) 594-0805 for a FREE home buying or selling consultation

A lot of people have been asking if we are approaching another real estate bubble. In certain areas in Portland and Southwest Washington County, it seems that we are close to or above the bubble in 2006 or 2007.

So, are we in a bubble? My answer is no. Back in 2006 and 2007, 42% of investor purchases were new construction. Right now, less that 2% of investor purchases are new construction. In the previous bubble, investors were buying new construction and banking on appreciation. Today, investors are buying properties that need to be fixed up, so they are building equity instead of banking on appreciation.

Also, about 35% of the market was being purchased by investors in 2006 and 2007. Today, only 11% of the market is comprised of investor purchases.

The next thing I would like to point out is availability of credit. Our government went from one extreme to the other. Before, anyone could get a loan; even people who were deceased were approved for loans. Now, there is a lot more criteria that has to be met. While I'm not 100% sure I like how tough the criteria is, it is definitely keeping people who shouldn't be buying homes from buying them, therefore reducing the risk of default.

In addition, Portland and Southwest Washington is the number one relocation market in the country. Our population growth continues to get better. Why? Liveability. In Money magazine, Portland was listed as the number one business area for telecommuters. If people want to work from home, they move to Oregon.

Even with our growth, we are still the cheapest West Coast city to live in. With liveability, population growth, and affordability, we are not getting close to a bubble. Appreciation will slow down, and I predict we will be back in a normal 3%-4% growth rate for the next four years.

If you have any questions about today's topic, or about real estate in general, please give me a call or send me an email. I'd love to help you!

How Can You Take Advantage of Portland and SW Washington Real Estate?

Buying a home? Click here to perform full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (503) 594-0805 for a FREE home buying or selling consultation

Today I'd like to provide you with a brief real estate market update for the Portland/SW Washington area. People are always asking me about the market, so hopefully this can sum up what's happening.

We're seeing a strong seller's market right now because inventory is extremely low. We only have 1.8 months of inventory right now. This is creating extreme demand and raising sale prices.

With this being said, we're also seeing a lot of appreciation in this market. Oregon and Washington are actually in the top 10 of home value appreciation in the nation. For example, the average sales price in Portland has increased by $15,000 since last year ($327K to $342K).

In southwestern Washington the average sale price increased by $22,000 ($261K to $283K).

Additionally, some of the hottest areas right now are Wilsonville and Fisher's Landing. If you have a home in this area or if you know someone that does, have them contact me if they would like to sell for a nice profit.

As always, please don't hesitate to contact me with any questions you may have about real estate in Portland.

Important News for Buyers and Sellers in Portland and SW Washington

Buying a home? Click here to perform full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (503) 594-0805 for a FREE home buying or selling consultation

The Portland real estate market is moving very quickly, so I'm going to give you a brief market update today to help you make better decisions when you're buying or selling.

In Clark County and in the Portland metro area there is only 2 months of inventory available. This creates problems for buyers because there is a lot of competition around homes, and sellers can reap the benefits.

If you're a seller, you need to comb through those offers and decide which one will benefit you the most because the offer with the highest price is not always the best. Look at the terms, the financing, and the actual company that is financing the loan for the buyer. Make sure to check how quickly the buyer can close as well because time is always important.

As a buyer, you need to make sure the seller knows that you're qualified to purchase the home. You should write a personal letter to the seller that explains why you want the home and how you can afford it. It never hurts to have your lender contact the seller, too. 

Communication is also important whether you're buying or selling. Your agent needs to speak with you and also the other parties that are involved. You need to find out what it takes to get a deal done, because in this market you need as much help as you can get when you're buying a home. 

Thanks for tuning in again, I hope this information will be helpful to you in the future. If you have any questions about these things, don't hesitate to reach out to me.

What Makes Portland Better Than Other Big West Coast Cities?

Buying a home? Click here to perform full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (503) 594-0805 for a FREE home buying or selling consultation

Portland real estate conditions are rather strange right now. Despite the fact that the market is on fire, there are still a lot of bargains to be found. Today, we address why this might be.

In Los Angeles, the average home sale price is $534,600; in San Diego, the average home sale price is $500,000; in San Francisco, the average price is $1 million; and in Seattle, the average is right around $478,000. In Portland, prices are much more affordable: the average home sale price is just below $300,000! If you're looking to live in a big city on the West Coast, Portland is still a bargain! 

As you probably know, we were ranked the third weirdest city in America, behind Austin and New Orleans, and we're proud of it! We're also the #1 relocation and pedestrian-friendly market in the country! What we have here is pretty rare: a vibrant and desirable environment where it's relatively inexpensive to live! 

If you plan on moving to the Portland area, however, there are some things you need to be aware of. For one, we only have 1.9 months of inventory; closer to the city center, we have only 1 month of inventory. In other words, we have an incredibly competitive market. 

If you're looking to sell, now would be a great time to get top dollar for your home, as we have a ton of demand and almost no available homes! If you are a buyer, you need to get creative: you or your agent should be knocking on doors! There are so few sellers out there you really have to hit the streets to find a desirable place to live! 

If you have any questions about our market, or if you need real estate assistance of any kind, don't hesitate to give us a call or shoot us an email. We would love to hear from you! 

What a Hot Portland Market Means for You

Buying a home? Click here to perform full home search
Selling a home? Click here for a FREE Home Price Evaluation 
Call me at (503) 594-0805 for a FREE home buying or selling consultation
The hot spring market is just around the corner, so there's no better time to talk about the inventory of available homes!

In Clark County there are 3.4 months of inventory, which is 2 months fewer than this time last year! This means we have more buyers than we do sellers, and the market is favorable for homeowners looking to get top dollar for their homes! 

April, May, and June are the absolute best times to list, so if you plan on selling in the near future, you need to start doing everything you can to get your home ready for the market! 

In the Portland Metro area, we are under 3 months of inventory! Some areas are as low as 1.2 months of inventory, which is about as low as it gets. With interest rates as low as they are, we're not expecting demand to diminish any time soon. That's why now is the IDEAL time to list your home!

Make sure your landscaping looks good, declutter the house, and fix all major issues if you want to get the best possible price for your home. Since you have no competition, if your home is in great condition, you can basically set your price!

If you're looking to buy, you must have your financing ready, make sure your offers are clean and tight, and ensure the home inspection period is short and sweet. Working with someone like myself who has a wealth of expertise will go a long way toward making the best of what the current market has to offer. 

If you have any questions, or would like real estate assistance of any kind, please give me a call or shoot me a quick email. I would love to help you in any way I can! 

You Won't Get Top Dollar for Your Portland Home if You Don't Start Preparing NOW!

There are many great Portland area homes for sale. Click here to perform full home search, or if you're thinking of selling your home,click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (503) 594-0805 for a FREE home buying or selling consultation to answer any of your real estate questions.
The spring real estate season will be here sooner than you know it - but is your home market-ready? Today, we share what you need to do in order to prepare for the biggest season of the year. 

1. PLAN! Preparing your home for sale can be a bit overwhelming. If you know you're going to be selling, now is the time to start preparing. Statistically, more and more homes will be put on the market beginning in March. If you can plan ahead and beat the rush, you'll be at a great advantage in the marketplace.
2. Landscaping: Outdoor projects yield the biggest return on investment when it comes to repairs and renovations. The grass needs to be green, the yard clean, and the sidewalks and driveways cleared. You want to have a lot of color in the landscaping as well! 
3. Declutter: Your taste and the taste of potential buyers are probably different. You want to keep it simple when selling, so clear the walls of personal items, and make sure all surfaces are free of knickknacks and reading materials. You want your home to feel as spacious as possible!
4. Simple touch ups: Fix dents in the walls, repaint areas that need it, and do other little things that will make your home look brand new. These fixes are usually cheap, but can make a huge difference.  
5. Beat the market! With rates as low as they are, and a general lack of inventory, beating the competition to the marketplace could help you sell your home quicker and for more money!

We hope you found these tips helpful. If you have any questions about the process, or would like assistance with selling your home this spring, don't hesitate to give us a call or shoot us an email. We would love to hear from you!

What Makes Oregon Such a Popular Destination for Movers?

There are many great Portland area homes for sale. Click here to perform full home search, or if you're thinking of selling your home,click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (503) 594-0805 for a FREE home buying or selling consultation to answer any of your real estate questions.
We have some exciting news for you today! For the second year in a row, Oregon was the second most moved-to state in 2014, which is great news for our real estate market.

Why are so many people moving to our great state? Well, the study found that Oregon ranks highly in both livability and affordability. As far as livability is concerned, we have great coffee shops, wine, restaurants, art, and entertainment. When thinking about affordability, it's hard to match the value of our homes. In the San Francisco metro area, the average price point is $700,000+, while Seattle's is a much better $364,000. However, the Portland metro area beats them all, as our average price point is only $287,000!

What does all of this mean for sellers? 

For one, demand is high! We still have a strong demand for properties in our area. When comparing Portland properties to the rest of the West Coast, of all the big cities, ours is the cheapest place to live! Additionally, our lack of inventory is driving prices in a positive direction for sellers; roughly 90% of the homes we're currently listing are receiving multiple offers right now. It's clearly a great time to be a seller in our area!

As far as the future is concerned, we're not expecting to see any deflation any time soon. Experts predict the Portland area will experience appreciation rates between 3% and 5% until 2018. The Oregon market is back to normal, and has finally stabilized after the rapid growth we saw in 2013. Other than the lack of inventory, we are seeing very solid conditions here in Portland!

If you have an interest in taking advantage of these great selling conditions, or would like real estate assistance of any kind, don't hesitate to reach out to us. We would love to help you in anyway possible!