Nine good points, from today’s NY Times. In my 14 years experience staging has two advantages for the seller: 1) higher sale price and 2) quicker sale. Many times staging can be done with the seller’s own furniture, as with this condo I recently listed which sold for 13% over list in a week.
This may not be a surprise to a lot of Portlanders, but our city has been included in a list of the top ten “next tech havens“
So you ask, “What does that have to do with real estate?”
With new jobs comes new population – people who don’t live here today. And those people buy things – groceries, cars, insurance, medical, accounting AND homes. Some will rent, of course, but the gap between the cost of renting and buying in Portland has grown pretty wide, so most will buy a home.
That adds to the number of home buyers, which already far outstrips the number of homes for sale, and keeps the upward pressure on home prices. Last month I listed a very nice condo in Tigard and had ten offers (all over list) in the first week. Maybe not ten, but for nice homes, multiple offers is the rule.
If you’re one of the nine buyers who didn’t get this one, that’s hard and I feel for you.
Of course none of us wants to live where jobs are disappearing (and home prices are going down). If you’re a buyer and your first thought is “Yes I would.”, while that does put you in an easier buying position, you wind up buying a major asset that’s worth less tomorrow than today. I’ve been in real estate in that kind of market and it’s not easy for buyers, sellers, or Realtors.
Today’s market in Portland is difficult but not impossible for buyers, and at least you’re buying a major asset that’s likely to be worth more tomorrow than today.
|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|
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
I just answered a question on a popular real estate site asking about the average amount of seller concessions for closing costs and repairs. Here's what I wrote:
You've mixed two different things when you include repairs with closing costs. A buyer's closing costs typically include some escrow & title fees, property taxes, and insurance. Repair costs are the price of repairing something significant that's defective or problematic. For example, if the sewer inspection finds a problem or if there's radon above actionable minimums. The Portland area is very much a seller's market today. The inventory of detached homes for sale in the entire 3-county metro area is down 28.1% from January 2015. We have only 1.8 months of inventory, which means if we continued to sell at the same rate and no new listings were added, in less than two months we would have sold everything. When inventory is about six months, it's considered an even buyer-seller market. What that means in terms of costs paid by the seller today is "not much", because any decent home has multiple offers, usually all over list price. In December 2015 I had a buyer write a $335,000 all-cash offer on a 2-BR 1100 SqFt home in NE Portland that was listed for $319,900. The seller received 21 offers and sold for $400,000 all cash with no inspection contingency . That's unusual but not unheard of. So if you're a buyer, and the house is decent (not a fixer, or in a bad neighborhood, or wierd floor plan), expect to offer at least list, don't expect any seller credits for closing costs and repairs are certainly negotiable.
Just got word from the National Association of Realtors on key legislation affecting home sellers and investors:
“The package of tax extensions approved by the U.S. House and Senate, and headed to the President’s desk for signature, includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014. NAR applauds Congressional leaders in both chambers for their effort to pass this legislation before adjournment.
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.
If that sounds strange coming from someone whose favorite activity is working with people who want to buy or sell a home, let me explain.
What I will do is help you find the right home for you. When you see it, you'll know it's the one. No "strong arm" needed from me. I write it because
If this seems like a strange post from a Realtor, it's because I think some people hesitate to ask a Realtor a question or talk about their dreams and desires for a home because they fear being pushed into buying something that's actually not the right home for them, or at the right time.
My clients will tell you what they most appreciate is my patience and my professionalism. I love to answer real estate questions, even if you're not ready to buy or sell right now…or ever ! What's your question? Call or text me at 503-505-9722, or Tweet @DaveSuttonHomes