Of course I'm biased but I've spent some time with the new Windermere iPhone app and it offers lots of tools that make home searching at least as easy as on a desktop, and in some ways better.
Just one way it's better is that after you've found several homes you want to drive by, it will optimize the route for you and display it in either map or list (with turn by turn directions) form. Saves you time and gas, too. I could go on too long, but download and then tell me what you think. Search for the "Windermere Real Estate Search App" (that will keep you from getting a similar one that's just for Spokane, WA)
iPhone only, so far
The real estate community is often criticized for seeming to have a Pollyanna attitude about the housing market. Many believe that the industry’s current call to 'buy now’ is nothing more than a scare tactic with the sole purpose of creating more commissions. Let’s look at whether or not that was good advice over the last year.
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. According to the most recent Case-Shiller Home Pricing Index, home values have risen over 10% in the last year. If we look at Freddie Mac’s Weekly Primary Mortgage Market Survey®, the 30 year mortgage rate has increased from 3.67% to 3.91% during that same period.
The table below compares the cost of buying the average price home in the Portland Tri-County area in May 2012 with May 2013. The key number is in the lower right: $116. That's the increase in monthly payment given these increases in prices and mortgage rates.
|Purchase Price||20% down||Loan||Rate||Payment|
What that means for most people is that, unless your income has increased significantly (and you've found another $3,400 for the down payment), you'll be buying "less house" than last year.
Do you want to risk that happening again in the next year, or is now the right time to look at buying? I work with a couple of mortgage pros, and between us we'll work very hard to find you the right home with the right financing.
Call, text or email and let's get started!
Now the answer is right on my web site. From the detail listing for any home, simply click on "Maps & Directions", enter the address of your work (or any) site, and the Inrix calculator will show you. It's interactive so you can see the effect of leaving at 7:30 vs. 8:00 - and the same for work to home. Try it now!
That's the article title in Business Insider. My last post compared a couple of real estate industry yardsticks for Portland with the nationwide numbers. Here's a graphic look at the inventory numbers nationwide
It's from Business Insider and the whole article is here
I frequently read news stories about nationwide real estate markets and trend statistics, but I know the old adage about real estate and location is true. So I put together this chart comparing the same nationwide numbers I read this morning with those for the Portland Metro (Tri-County) area.
While home prices nationwide are up 12.10% from a year ago, they are up 22.0% for Portland. Nationwide April home prices are up 3.10% from March, but in Portland it's been 8.36%.
That's in part because while inventory nationwide is down 14% from a year ago, Portland is down 27.2%. For every four homes for sale a year ago, there are only three today.
|Comparing Portland to National Real Estate Trends|
|April 1, 2013||March 1, 2013||Change||April 1, 2012||Change|
|Home Price, Nationwide||3.10%||12.10%|
|Home Price, Portland Metro||$272,000||$251,000||8.36%||$223,000||22.00%|
|Inventory, Portland Metro||4498||4252||5.46%||5723||-27.20%|
The chart shows rates trending up, but what caught my eye was all the white space at the top (which even at 5.50% would historically be a pretty good rate). Combined with historically low home prices makes this a great time to buy your next home. Moving up, sizing down, or just changing neighborhoods is easier now than in years. If you don't know what your current home would bring, ask me for a Competitive Market Analysis. No charge, no obligation.