|A 2016 study from Josh Lehner (Oregon Office of Economic Analysis) illustrates Oregon is currently underbuilt by 24,000 units. In other words, we need to build 24,000 units just to equalize the supply/demand curve. Until we reach a period of hypersupply, Oregonians will continue to feel the pinch of the real estate supply/demand curve https://www.oregon.gov/das/OEA/Pages/forecastecorev.aspx|
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Not necessarily the best for quick return (important if you're selling in the next year or so), but the best value in the long term. HouseLogic's "8 Most Financially Savvy Home Improvements are here
the question is how to do it so the value holds up for the long run.
Here's HouseLogic's list of the seven "Kitchen Remodeling Decisions You'll never regret"
The $20,000 figure is from the 2016 "Cost vs. Value" report* that shows costs in Portland for 27 popular remodels . It's for a "minor" kitchen remodel, (a "major" is $61,927 and an "upscale" $122,359). It also estimates how much each project will return in short-term sale price. The "minor" kitchen remodel will increase your short term sale price by $23,197 – 11% over your cost, so a pretty good investment. The "major" adds $48,371 and the "upscale" $87,667, but neither returns more than their cost. Still, if you're going to live in the house for many years, there's no dollar value on the enjoyment you'll get from the new kitchen. The report has figures on 26 other remodels. Want a copy? Let me know and it's on its way.
If prospective buyers could spend a week in a house they're thinking about buying, it would give them a good feel for the neighborhood, including how noisy (or quiet). Now there's a tool that can help with that. Enter the address at HowLoud and you'll get a SoundScore – a 50 to 100 rating (higher is quieter) on the ambient noise level. While it won't tell you about the neighbor who leaves for work at 5:00 AM on his Harley, it will give you a look into noise produced by trains, airplanes, traffic, commercial sites and the like. If this "takes off" it will become similar to a WalkScore as one independent tool to evaluate a neighborhood.
Oregon property taxes can by confusing. Especially due dates and how they are prorated when you buy or sell. Click Here for a simple chart from our friends at Ticor Title
At a Windermere meeting last week we heard Windermere's Chief Economist.
Here's the takeaway in plain English: http://www.bizjournals.com/portland/blog/real-estate-daily/2016/02/is-the-economy-going-to-be-better-this-year-brian.html
While the chart shows Oregon as less than 30 days, the reality is that any decent Portland home that's fairly priced will be gone in a week. My last listing went live on MLS at 8:00 PM on a Saturday night. We received 10 offers by Wednesday and accepted $56,000 over the list price.
Besides the fact that the market is hot, this seller had wisely decided to have a home inspection before it went on the market, and fixed everything the inspection report turned up. I recommend the pre-listing home inspection to all my sellers. Even if you don't want to fix everything, you get the time to generate multiple estimates for the work, instead of being presented with the buyer's bid late in the standard 10-day inspection period when you can't realistically get a contractor to show up in time to get any competing estimates. It's almost like agreeing to the highest repair estimate before you even see it. Much better to have the time to get your own and either do the repairs or credit the buyer the amount of the lowest estimate.
According to HSH.com it takes $60,307 income to qualify to buy a median price ($271,900) home in Portland.
If you don't make that much, don't give up on home ownership. First that's a broad brush using national figures for interest rates and other things. Working with a good local mortgage broker (ask me for a recommendation) can probably improve on that. Second, there are a lot of nice homes for less than the median price (Median is just the number for which half the home sales are more, half are less).
As I write this (May 28) there are 26 3-bedroom Portland homes for sale priced between $190,000 and $200,000. What income is required to buy one of those? Did I say I could recommend a top notch mortgage broker?
To see what's available in Portland in any price range just let me know your price range and I'll send you the listings right away. Want to know how much home you can buy on your present income? Did I say I could recommend a top notch mortgage broker?
Want to know how Portland compares to 26 other metropolitan areas? Click here
Courtesy of our friends at Chicago Title, here are Portland's 25 Hottest Neighborhoods: Number of Homes Sold, Days on Market, and Most Expensive.
In the "Property Search" tab on my web site you can search homes by Portland Neighborhod and now you can also search by drive time. Enter your work address and desired drive time along with other requirements (price range, # of BR, BA, etc) and you'll see all the homes for sale that meet your criteria within that drive time range. Or if you'd rather, let me know and I'll be happy to do the search for you.