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Metro Real Estate Market is HOT...here are the numbers for April
April 2014 Pending Sales: 2,825 (up 11.5%% from March 2014) Closed Sales: 2,143 (up 15.4% compared to March 2014) New Listings: 3,629 (up 17.4% over March 2014) Ave Sales Price: $332,600 (up from $328,100 in March 2014) Total Market Time: 77 days (down from 85 in March 2014) Inventory (months): 2.8 (down from 3.1 in March 2014) The real estate market is moving right along in the Portland metro area. Look at those numbers! All of the indicators are running hot and we are not even in the prime selling season yet. I expect the inventory level to rise a bit once school gets out and more sellers list their homes for sale. That said, we are still running very low on inventory locally. These trends seem to be consistent across the country. The U.S. housing market is improving at such a rapid pace that some experts are saying that home values are approaching pre-recession highs in many major cities. Contact me today to find out what your home is worth in the current [...]
If you own a home you should read this...
According to Ris Media, the declines in home values that most of the country experienced since late 2007 are close to being erased. U.S. home values have risen for nine straight quarters but they still remain approximately 13% off their 2007 peak. That said, housing prices in over 1,000 U.S. cities are close to reaching pre-recession levels and there are sixty (60) major metro areas including Dallas, Houston, Denver, Pittsburg and San Jose that are expected to actually exceed those levels. Chief economist Dr. Stan Humphries recently commented on the national real estate market, "the lows of the housing recession are becoming an increasingly distant memory as home values reach new highs and homes become more expensive than ever in many areas. This is a remarkable milestone coming only two and a half years after the end of the worst housing recession since the Great Depression, and is testament to just how robust this housing recovery has been." He continued, [...]
A Clean Kitchen Pays When Selling Your Home
Obviously each circumstance is different but there are many cases where a fundamental remodel is not necessary and a good cleaning will do just fine. Our primary residence is where people typically feel most comfortable. Hence, it is often a place where there may not be the highest attention to detail. That may be fine when you are hanging out on a regular Saturday but when you are selling your house it is game time and things need to look their best! This is a photo of a kitchen in a house that I sold in Lake Oswego a while ago. You will notice that, while there are still items on the counters, everything is in its place and there is not a lot of clutter. Clean doesn't necessarily mean desolate. Feel free to contact me with any questions that you may have about your kitchen! Click here to get some great tips on how to prepare your kitchen for market! Patrick Krause Owner/Principal Broker Soldera Properties, Inc. 503.807.4430
First Quarter of 2014 is in the books...and the Portland Real Estate Market is market is officially HOT!
March 2014 Pending Sales: 2,534 (up 37.1%% from February 2014) Closed Sales: 1,857 (up 26.6% compared to February 2014) New Listings: 3,090 (a 31.3% increase over the 2,354 new listings posted the previous month...and a 2.9% increase over March of 2013! Whew...we needed that!) Ave Sales Price: $328,100 (up from $299,000 compared to March 2013) Total Market Time: 85 days (down from 100 in February 2014) Inventory (months): 3.1 (down from 3.9 in February 2014) The first quarter of 2014 is in the books and things are moving along quite nicely. Double digit gains are becoming common across nearly every metric. One interesting stat to notice is that there was a 31.3% increase in listings from February to March yet inventory decreased in that same span of time. That is a pretty compelling indication of how strong and - dare I say hot - this market has become. As I mentioned last month, interest rates are not only staying at historically low levels but new loan [...]
Experts: Sputtering Economy = Rock Bottom Interest Rates
Lou Barnes recently wrote a piece for Inman News wherein he briefly analyzed economic data in addition to related remarks from Federal Reserve Chair Janet Yellen. The article is well written and perhaps more importantly, it is brief and to the point...something that many economic analysts seem unable to do since the topic lends itself to being complicated and vast in scope. According to Barnes, "this Fed is event-dependent, not following a calendar". Hence, if current events remain in tact, then historically low rates will also likely remain. This dynamic presents an obvious blessing/curse scenario since most Americans would probably prefer to see the economy improve. When and if that happens, it appears that rates will begin to rise which, of course, is not ideal. One takeaway from this news is that potential real estate buyers and sellers would do well to act sooner rather than later. Our current market environment is great for both buyers and [...]
Finally…A Clear And Organized Outline of the Primary Mortgage Options!
Many people feel that the financial component of the home-buying process is confusing, complicated and overwhelming. Unfortunately, with the seemingly never ending regulations (i.e. the Dodd-Frank bill) that continue to impact real estate transactions and procedures, the aforementioned sentiment will likely remain. However, there are certain things buyers can do to help clear the fog. Knowing your mortgage options is a huge first step in that regard. There are quite a few very informative articles, books and blogs that delineate the ins and outs of the various loan products. That said, reading through all of that information typically makes one's eyes roll into the back of their head because it is pretty dry stuff. I recently discovered an article that does a pretty good job of giving the reader the "bottom line" in a short, concise way that is still informative and cogent. The piece is directed toward first time home buyers but it certainly applies to anyone. [...]
Portland Area Real Estate...Year-End Numbers for 2013
December 2013 Pending Sales: 1,484 (up 7.2% compared to December 2012) Closed Sales: 1,782 (up 1.3% compared to December 2012) Ave Sales Price: $310,600 (up 12.9% compared to December 2012) Total Market Time (days): 87 (down from 111 in December of 2012!) WOW! What a great year we just had! 2013 was truly a breath of fresh air for the Portland Metro real estate market. During the course of the year prices went up, market time went down, inventory went down and interest rates stayed low. As I have been mentioning, there is an overall sentiment from "industry experts" that interest rates are likely to increase in 2014. That said, it is overwhelming held that the "recovery" will continue. For more information on real estate projections for 2014 read one of my recent blog posts. In the event that prices and rates continue to increase, things will get relatively more expensive for buyers as the year moves on. Hence, for those of you who are considering a real [...]
A Look Into The Future: Real Estate in 2014
USA Today just came out with a piece about what to expect from the real estate market in 2014. I agree with some of the things in the article but I suspect that we may experience a bit more growth than anticipated during this so called "recovery". In the Portland Metro Area, we are bursting at the seams with regard to the Urban Growth Boundary (UGB). Financing is loosening up again, interest rates are very low (and will continue to be - relatively speaking - even if they increase this year as expected), inventory is low and demand is high. Add to that an increasing level of housing starts and you have a recipe for success. Even so, the USA Today article makes some cogent arguments for caution that higher rates and higher home prices are on the way....even more reason to participate in the real estate market now. READ MORE HERE. Call today to find out what your home is worth in today's market and/or to find your next home! Patrick Krause Owner, Principal [...]
Why Wait Until Spring to Move?
I have been selling real estate for over 21 years and I can't tell you how many times I have heard the phrase "we are going to wait until spring". During spring, the flowers start to bloom, houses and yards look better, it stays lighter longer during the day and school gets out. Those are all certainly compelling reasons to move in spring. However, there are many reasons not to wait...especially now because rates are low, inventory is low, demand is high, toxic assets are on the decline and prices are on the rise. In fact, the case could be made that you may end up costing yourself money if you wait several months to buy a house because if rates go up and prices continue to climb, the same house that you want today will cost you much more several months from now. There are other reasons to move during wintertime as well. READ MORE HERE. Call today to find out what your home is worth in today's market and/or to find your next home! Patrick Krause Owner, [...]
Check out the latest numbers for November 2013
November 2013 Pending Sales: 1,827 (up 5.6% compared to November 2012) Closed Sales: 1,821 Ave Sales Price: $318,100 (up from $314,100 last month) Total Market Time (days): 80 (up from 76 last month) Inventory remains very low at 3.7 months and interest rates are also still at historically low levels. 2013 continues to be a fantastic year for real estate in the Portland Metro area. Contact me today to find out what your home is worth in the current market and/or to find your next home! Also, be sure to check out the new "Search By City" section of Metro Market News. I've added videos and a featured properties section for each city that updates new market activity for each area in real time. Patrick Krause Owner, Principal Broker Soldera Properties, Inc. 503.807.4430
Check out the latest real estate market trends....you may be surprised.
October 2013 Pending Sales: 2,125 (down 4.2% from last month) Closed Sales: 2,189 (up 1.4% from last month) Ave Sales Price: $314,100 (down from $321,900 last month) Total Market Time (days): 76 (up from 72 last month) As I mentioned last month, this is typically the time of year that the market activity begins to slow down. The market numbers always seem to decrease a bit during the months around the holidays. However, this year has been so positively active, there are still some trends that you should consider: New Listings: Up 5% from October of last year. Closed Sales: Best October since 2006 Pending Sales: Decreased 2.4% from October 2012 (primarily due to low inventory) Average Sales Price % Change - 12 Previous Months: +12.8% (this is quite remarkable considering that figure was +2.3% last October) Contact me today to find out what your home is worth in the current market and/or to find your next home! Also, be sure to check out the new "Search By City" [...]
CNBC: The Housing Stat You Need To Watch
While most major market indicators continue to soar, there is another trend developing that is often overlooked - the lack of Household Formations. Household Formation is defined in this piece by CNBC as follows: when a person who lives with someone else (parents, roommates, etc.) moves into another housing unit on his or her own, creating a new household. Interestingly enough, recent calculations have revealed that the number of new Household Formations is currently only about 1/3 of the traditional average. The article points out that a lot of that probably has to do with the fact that people in the millennial generation are living with their parents longer than other generations have and, in the wake of the recent recession, more people are living, and staying, with roommates - often in rental properties. One result of the aforementioned trends is a decline in home ownership. It seems almost counter-intuitive that, in the midst of what looks like a [...]
More positive news about the Real Estate Market...
A recent piece by Inman News states that home prices are rising in most metropolitan areas across the country. According to the National Association of Realtors (NAR), the national median sales price is rising at its fastest pace in nearly eight (8) years and existing homes sold at the fastest annual rate in six (6) years. Experts contend that rising prices and slight increases in interest rates are making houses less affordable. That said, there are still more buyers than sellers in the market which they feel will equate to lower sales volume resulting in slower price growth and may ultimately mitigate concerns of another "bubble". Bottom line: national inventory is low, prices are increasing, interest rates are inching up but are still at historically low levels and demand is relatively high. READ MORE HERE Call today to find out what your home is worth in today's market and/or to find your next home! Patrick Krause Owner, Principal Broker Soldera [...]
High-End Home Flipping is on the Rise
Rising home prices and low inventory are fueling high-end home flipping across the country. Typically, a home is considered to be "flipped" when it is bought and sold inside of approximately six (6) months with the intention of making a profit. According to a recent CNBC report, Low-range and mid-range flipping is down 13% from one year ago but high-end flipping is up 34% in the same period. The report considers a home to be high-end when it is priced at over $1,000,000. Many venture capitalists, hedge funds and other real estate investors are moving away from toxic asset acquisitions (i.e. bank-owned properties (REOs) and short-sales) and are backing some prominent high-end home flippers in search of big pay-offs. Such investors certainly realize that with the lure of higher rewards comes much higher risk but they are increasingly convinced that it is worth it. The potential profits are quite appealing. Consider the following: CNBC reports that the average [...]
Why Real Estate Could Be the Next Hot Investment…Even Now
U.S. housing starts rose less than expected in August. Starts for multi-family properties actually dropped approximately 11% last month but single family home starts rose by 7% during the same period. Many experts contend that strategic real estate investments in today's market offer a relatively low risk and high yield. Some investors feel that real estate can mitigate the more volatile swings of the stock market. The article below not only provides an interesting recap of current market trends but it also delineates some target returns that savvy investors are getting for their clients and themselves (i.e. 20% short-term gains and 8% returns in addition to capital appreciation). Read more here: Why Real Estate Could Be the Next Hot Investment, Even Now
Metro Market Report for August 2013
August 2013 Pending Sales: 2,614 (down 4.5% from last month) Closed Sales: 2,623 (down 5.2% from last month) Ave Sales Price: $321,900 (down from $326,500 last month) Total Market Time (days): 69 (up from 63 last month) On the face of it, August looks like it was a bad month since market time slightly increased and closed sales, pending sales and the average sales price were all down from the previous month. Even so, there are two main reasons why there should be no cause for alarm just yet: 1. Annual Cycle - August is typically the time of year that the market starts to cool off (sales usually start to increase Feb through mid-Aug each year and then start decreasing through the holidays). 2. Statistics for closed sales, pending sales, new listings, inventory and average sales price were all significantly better when compared to August of last year. 2013 has been a fantastic year for real estate both locally and nationally. Now that things seemed to have [...]
Interesting info on interest rates...
When the Fed buys U.S Treasury securities and mortgage-backed securities, it typically results in low interest rates. On the face of it, that sounds like good news but many feel that “tinkering” by the Fed means that the “experts” believe artificial manipulation is still necessary to prop up what some still feel is a fragile and unstable real estate market. You may recall when interest rates began to rise a few months ago. That trend began when the Fed hinted that they may begin reducing the aforementioned “tinkering”. When rates increase, real estate activity typically decreases…which is what happened. Add to that the already low inventory across the country and a slowdown in housing starts and you end up with a “not so fast” attitude from the Fed. Many believe that some of the seemingly negative trends discussed above are natural – and necessary – economic consequences and that the Fed should just “rip of the band aid” and let the [...]
Inventory of Distressed Homes is on The Decline
I have contended for a while now that it will be difficult for a significant and sustained recovery to take place in the real estate market if toxic inventory (bank-owned and short sales) continues to pour into the marketplace. Well, it looks as if that trend is receding and the housing market across the country is improving. Click here to read a recent article on this topic. This is excellent news! Consider the current trends in our local metro market: inventory is down, demand is up, interest rates are at historically low levels, market time is decreasing and prices are increasing. Bottom line: it is a great time to participate in the real estate market. Feel free to contact me at 503.807.4430 with any questions and/or if you are ready to buy, sell, build or invest in real estate. The time is now! Scroll down to the bottom right-hand corner of this page to view the rest of my contact information.
CNN: Rapid Home Price Gains Will Slow
Well...it looks as if the "experts" aren't ready to crack the champagne just yet with regard to the real estate market recovery. The overwhelming majority of cities across the country have recently experienced consecutive months of double-digit gains in pricing and there are quite a few people who expect that the rate of appreciation will slow and come down into the mid-single-digit range. Even if that happens, it is nice to be talking about a potential slower rate of appreciation rather than an uncertain rate of depreciation. READ MORE HERE The Urban Growth Boundary and the extremely limited supply should keep our local market fairly stable throughout the rest of the year however we will probably experience the typical slowdown after Halloween. Things seem to really cool down around here in November as the weather begins to gets worse, the daylight decreases and the holidays arrive. Our market is still very strong so if you are considering buying or [...]
Check out the latest real estate market trends for Portland, Oregon
June 2013 Pending Sales: 2,804 (down from 2,978 last month) Closed Sales: 2,511 (down from 2,682 last month) Ave Sales Price: $313,900 (down from $316,900 last month) Total Market Time (days): 70 (down from 85 last month) Well...the HOT real estate market cooled down a bit in June. Closed sales decreased by 6.4%, pending sales decreased by 5.8%, and the average sales price fell slightly. That said, market time continued to decrease and was down from 85 days to 70 days and the numbers are still considerably up across the board when compared to 2012. Pending sales, closed sales and pricing are all up between 10% and 15% over last year's numbers at this time. Many experts suspect that the sharp rise in interest rates recently played a big part in the "slowdown" however rates have fallen back down again and the market is still fantastic. We are also right in the middle of the most active time of the year with regard to real estate sales. It is a very good time [...]
Your Credit Score…and How to Improve It
I recently came across a very informative article on credit scores. Most of us are affected by them but many people do not really know much about them. Hence, you will probably find this information useful. Click here to read the full piece.
Where are all of the homes for sale???
May 2013 Pending Sales: 2,978 (up from 2,942 last month) Closed Sales: 2,682 (up from 2,125 last month) Ave Sales Price: $316,900 (up from $302,600 last month) Total Market Time (days): 85 (down from 91 last month) Where have all of the houses gone??? That is the question that many buyers are asking themselves. The available inventory in the Portland Metro area continues to decrease. To give you an idea of how dramatically the local supply of homes has shrunk, consider the following: the inventory of homes for sale in January of 2011 was 11.3 months and in May of 2013 it was at 2.5 months! That means that, as of last month, if no more homes were to come on the market, it would only take 2.5 months to sell through our entire inventory. Pending sales, closed sales and home prices are increasing while market time and inventory are decreasing. Interest rates are still at near record lows and the toxic assets in the marketplace (i.e. short-sales and [...]
More Good News About Real Estate...
As you can see from my recent Metro Market Reports, almost every market indicator is burning hot and trending upward right now. Just imagine if the underwriting restrictions loosened up a bit - not to the point of being dangerous (as they had been in past years) - but to a reasonable level. According to Lawrence Yun, chief economist of the National Association of Realtors, that just may be a possibility for two primary reasons: most banks are flush with cash right now and the quality of recently underwritten mortgages has been high. In a recent article, Yun said that "these conditions could persuade banks to start easing overly strict requirements" and that "the additional demand in a more "normal" lending environment potentially would mean even faster price growth." If Yun is correct and demand continues to outpace supply, we could be in for quite a year! Feel free to contact me anytime about real estate! -Patrick Krause
CNN: The Cards Are in Your Favor for Selling a Home
The real estate market is really starting to gain momentum across the nation. Inventory levels seem to be fairly low across most micro markets which tilts the scales toward a "seller's market". That said, pricing is still quite a bit off peak (2007) but they are rising daily. Hence this recent CNN piece: THE CARDS ARE IN THE SELLER"S FAVOR
More Positive News About the Real Estate Market...
Well....we just may be hearing the news that many of us have been waiting for: the national housing market looks like it is beginning to recover. Industry analysts contend that increased demand for investment properties will likely lead the charge which will, in turn, help clear inventory and ultimately bring down the national surplus of properties for sale. That, coupled with pent up and increased demand to participate in the market (statistics show that over 80% of people polled say that they think real estate is still a solid investment), will probably also help fuel the recovery. Moreover, interest rates still remain at historically low levels and prices are still overwhelmingly very affordable. Other trends that have been forecasted indicate that the average size of the American home will shrink and that the market recovery will not be uniform across the country. Read more by clicking [...]
Is this a good time to buy real estate?
This is most likely the best time to buy a home in (and for) generations. Here’s why: Average home prices across the country are approximately 1/3 lower than they were at their peak a few years ago. It is often cheaper to buy than to rent a comparable property…this is true for about 98% of America’s major markets. Interest rates remain at historically low levels (and they can be locked for 30 years). Buying a home is a hedge against a weak dollar…if the dollar falls after your home purchase, than it will take more dollars for someone else to purchase the same [...]
Metro Market Report For February 2012
General Market Data for February 2012 New Listings: 2,492 Pending Sales: 2,109 Closed Sales: 1,262 Average Sale Price: $255,100 Average Market Time: 138 Days Average Sale Price for February 2012 by Metro Area North Portland $202,100 NE Portland $273,200 SE Portland $211,200 SW Portland $379,600 NW Portland $350,900 Lake Oswego/West Linn $379,400 Beaverton/Aloha $205,100 Tigard/Wilsonville $255,300 Hillsboro/Forest Grove $198,300 Oregon City/Canby $221,800 Milwaukie/Clackamas $233,800 Gresham/Troutdale $200,800 As always, feel free to contact me at 503.807.4430 with any [...]
More Positive Real Estate News...
Kerri Panchuck has written an interesting piece for Housing Wire about recent trends in the mortgage industry. The article notes that mortgage applications rose 4.9% in October of 2011. It also breaks down several other very interesting statistics and trends that are taking place across the country. For instance, did you know that the average interest rate on a 30-year, FRM backed by the FHA fell to 4.11% from 4.12%, while the 15-year, FRM increased to 3.62% from 3.61%? Read more by clicking [...]
Recent Market Data From MLS
Here is a quick glance at some important market trends and stats in the Portland Metro Area for September 2011 as reported by the local MLS: Compared to September 2010, closed sales increased 13.4%, pending sales increased 17.5% and new listings dropped 29.5%. The average sale price declined 4.2% and the median sale price fell 3.8%. When compared with the previous month (August 2011), closed sales decreased 12.1%, pending sales decreased 14.9% and new listings fell 13.1%. The average sale price went down from $271,800 to $268,200 (-1.3%) while the median sale price increased from $225,000 to $230,800 (2.6%). At the time of the report there were 10,666 active residential listings. At the month’s rate of sales, that inventory would last approximately 6.7 months. Comparing the third quarter of 2010 with the same period in 2011, sales activity was up. Closed sales increased by 21.5% and pending sales were up 21.6%. New listings fell 27.6%. The average sale [...]
Some Good Info...
According to experts, the economy grew at an annual rate of 2.5%, personal consumption increased by 2.4% and the threat of a doubled-dip recession is on "hold" for now. Click HERE for more information. As I have mentioned before, we are continually seeing signs of a slow but evident recovery and there is finally some reason for optimism! Locally, closed sales, pending sales and the median sales price are all UP while interest rates remain at historically low levels. Please contact me at 503.807.4430 with any questions or concerns about real estate. -Patrick [...]
Is it safe to buy a house yet?
We have all heard the talk about the real estate "bubble". We have also been hearing (and in some cases experiencing) how bad things have been over the last few years. Hence, many people are wondering if we have hit bottom yet. In other words...is it safe to actually participate in the market again? The Wall Street Journal recently published a pretty informative article that helps answer that question. Here it is: http://online.wsj.com/article/SB70001424052970203914304576630891758741406.html Feel free to contact me with any questions about this information and/or about how this pertains to our local [...]
Check Out My New Condo Development!
Welcome to the Crosswater Condominiums...a custom-built and very well appointed new construction project in one of Portland's most desirable neighborhoods! The custom design and décor combines the rustic look of the Pacific Northwest with an urban chic vibe and offers new owners high-end materials and amenities in a very reasonable price range ($274,900-$289,000). Completion is scheduled for mid-December. Please visit www.crosswatercondos.net for more [...]
Soldera Properties Was Recently Featured in a TV News Clip About The Portland Real Estate Market!
Cindy Sehorn-Singh is one of our top brokers at Soldera Properties and she was recently on the news in a very informative segment about the Portland Real Estate Market: http://www.kgw.com/news/business/Portland-bucking-lower-home-sale-trend-130609408.html Great job [...]
Check out these stats for the Portland Real Estate Market
Many people have asked me the following questions: "What type of home is selling in the Portland area?" "Given the current condition of the real estate market, is it still possible to sell a home quickly?" "What is the average sales price of homes in the Portland Metro area?" Well...as of August 2011, here are some interesting answers to those questions and more: Average price for a single-family home in Portland: $237,499 52% of the homes that were sold in Portland had 3 bedrooms 36% of Portland homes closed in 30 days or less 25% of pending sales in Portland closed in 121 days or more Click here for more [...]
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