Posts Tagged ‘housing market’

McDonald Group Real Estate Trends: It’s Still a Buyer’s Market in Portland

Wednesday, September 15th, 2010

The latest market report for the Portland Real Estate market shows a steady level of continued price reductions on homes for sale around the Portland Metro area. Back in August we talked here on the McDonald Group Real Estate blog about the Portland Business Journal article stating that thirty-two percent of Portland homes for sale in early summer experienced at least one price reduction, ranking  Portland No. 16 on Trulia’s list of price reductions in America’s 50 largest cities. Those numbers are sticking around.

A buyers market is one in which there are more homes available that there are people ready and willing to purchase them. With so many options to choose from in the Portland Real Estate market, buyers have the opportunity to pick up ridiculous deals on homes for sale in Portland that would otherwise be snapped up for much more. The buyers market means more options, lower prices, and higher competition amongst sellers, which makes homeowners and Portland real estate agents more willing to compromise and negotiate price reductions on all types of homes.

Signs of a buyers market in Portland are everywhere – this is the time to upsize or move into a more desirable area, as there are literally hundreds of gorgeous homes at rock bottom prices, including luxury foreclosures, high-end short-sales, bank-owned homes, and affordable listing prices on homes priced well below their previous market value. A balanced buyer/seller market has around 5 or 6 months of inventory. The Portland Real Estate market is currently just below 11 months. If you’re trying to sell a home in Portland, you’re going to need to price competitively and think about upgrades to make your house more attractive to the increasingly savvy buyers. The average sale price in the Portland Real Estate market is around $297,000 and homes for sale in Portland typically stay on the market for around 121 days. There’s really no good way to tell how long this buyers market will last, so be sure to take advantage of these record low prices, record low interest rates, and the amazing supply of affordable dream homes out there on the Portland Real Estate Market.

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Portland Realtor Guide: NEW Buckman Neighborhood Profile at Your Road Map to Home

Friday, August 20th, 2010

Check out the new neighborhood profile detailing the neighborhood of Buckman in Southeast Portland, filled with quirky culture, classic Old Portland homes, and some of the best dining and shopping in town. The Buckman neighborhood is progressive and proud, and provides easy commuting access downtown via the Burnside, Hawthorne, and Morrison bridges. Buckman includes parts of two of the most popular retail districts in town, Hawthorn and Belmont Streets, complete with vintage stores, great brunch spots, and open parks.  Combining the best of urban accessibility and comfortable, small-neighborhood atmosphere, Buckman is quintessential Portland.

If you’re looking for homes, condos, or other real estate in Buckman or other Portland neighborhoods, check out this information page filled with the best restaurants nearby Buckman, top hikes and green spaces, and neighborhood resources. Relocating to a new area can be hard, but it’s a lot easier when you’ve got the best real estate agents in Portland on your side.

Contact the McDonald Group realtors to find out about homes for sale in Buckman, or Click here for more information!

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Portland Real Estate Trends: Homeowners Slashing Prices

Thursday, August 12th, 2010

In a report published in the Portland Business Journal yesterday, we learned that thirty-two percent of Portland homes for sale, listed since the beginning of this month, experienced at least one price reduction. That ranked Portland No. 16 on the website Trulia’s list of price reductions in America’s 50 largest cities.

The average reduction for Portland homes was 9 percent, just under the national average of a 10 percent reduction on 25 percent of newly listed homes. With historically low interest rates, cutting-edge sustainability renovation rebates and low remodeling costs, and a high supply of beautiful homes for sale with great Walk Scores, this is a perfect time to grab a great deal.

As Scott McDonald of the McDonald Group said back in June, “We all know mortgage rates are low right now, but Freddie Mac really put a light on it by saying they are currently lower than they have been since they began tracking this data in 1971 and MSNBC.com states the last time they were this low was in the 1950′s. Yup, the economy stinks right now, but if you’re in a position that’s somewhat insulated from economic trends and are thinking of buying a home, now really is the time.”

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Pending Home Sales up for 3 Months in a Row. Also a little Real Estate Advice.

Wednesday, June 17th, 2009

happy-dance(No, that is not me in the picture). Below is a link to a recent article referencing the commonly heard of  Lawrence Yun , NAR Chief Economist, stating that the housing market is improving. I can’t speak for other states or cities but I can tell you what we’re seeing in Portland. Homes under $250,000 that are in good condition and located in good areas (especially those in inner NE/SE) are moving. Homes priced under $185,000 are selling even better. In fact it’s become very competitive. Homes above the $300,000 aren’t moving nearly as fast and of course the higher the home price from there the longer to sell. My advice?

If you have property to sell that will be priced under $250,000 get it on the market.

If you are a first time home buyer, get a move on and avoid wasting time on short sales, with the 12/1/09 close date deadline you may get left with worst inventory.

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What we’re seeing: Market activity picking up, homes priced right are moving

Friday, May 29th, 2009

We’re seeing lots of new activity in the market and RMLS’ posting of Oregon and Washington lockbox activity numbers shows the increased activity:

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Heading into summer we normally see an uptick in activity, but we didn’t see such a significant uptick as we are seeing now last summer.

Competition is gaining in the market and while it’s still primarily bank owned homes and short sales priced to attract multiple offers getting the buyers, from what we’re seeing it doesn’t appear to be limited to the rock-bottom-jaw-dropping priced homes any longer; we’re seeing homes priced a bit closer to market asking prices getting multiple offers now too. To give you an idea of what I mean, when asking prices are around say $130 per square foot in a given area, listings that are priced around or under $100/psf have been moving fast for months and are usually bank owned or an occassional short sale. Now however, we’re seeing $115-$120/PSF getting multiple offers as well; it’s not a massive increase but we’re seeing it regularly now. Buyers a year ago weren’t across the board savvy in terms of going after short sales and bank owned homes, but they are now. The demand for “bank owned” and “short sales” (in quotes as they are obivously buzz words at this point) seems to be generating a lot more competition out there, at least from what we’re seeing.

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Still waiting to buy a home? Your ship is sailing…

Thursday, May 28th, 2009

Here’s a cartoon that says it all:

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We’ve been talking about it here for a few months now and even though a few months ago it was primarily optimism on our part speaking now it’s the majority of economists and media outlets speaking, about:  Hitting bottom, recovery, the end of the recession. If you haven’t taken the hints by now you’ve probably missed the boat because one of the signs that the “best time to buy” boat is sailing is interest rates going up and guess what, they’re climbing – FAST. Been hearing of 4.5% rates? They’re gone now and are not likely to return anytime soon, from 4.98% last week (which by the way was up from the week before that), to over 5% now (according to bankrate.com). Home prices? Yup, those are climbing again too and housing inventory is decreasing which shows we are moving to a more stable market, take a look at our RMLS Market Action Report commentary page on our main site to get those reports.

It’s easy to think that when the Realtor you look to for real estate advice says they think we’ve hit bottom, now is the time to buy that it may just be that Realtor wants you to buy so they can get another paycheck, problem is we don’t work that way. We frequently tell people NOT to buy or NOT to sell if we don’t think it’s in their best interest to do so in their situation; we’ve converted a lot of home owners into landlords in the last two years with our advice. Regardless people should always look to multiple sources for information so here’s a few:

http://www.msnbc.msn.com/id/30988937/

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December 2008 RMLS Market Action Report – My Take

Friday, January 16th, 2009

RMLS released the latest RMLS market action report for December 2008 yesterday and I just posted my take/summation (call it what you will) on our website. Take a peak at it as of course the report is overall negative, sales down, appreciation down etc but there are some positive notes as well primarily in that inventory actually fell last month. Also with the coming inaguration of Obama I think there’s a decent chance to see a market uptick in the numbers for the February report; take a few moments to read my take on it to see why.

Top 10 Best Performing Housing Markets

Monday, September 22nd, 2008

“He who parties the most suffers the worst hangover”.. or something like that.  Regardless, we’ve weathered the foreclosure storm very well!  Portland, According to Forbes.com places Portland, Oregon as #10 in a list (more…)