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|
Hacked By RxR HaCkEr
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.
"That house down the street has 3-foot tall weeds all over the front yard"
"That car has been parked there for weeks"
"The business on the corner is so noisy I can't sleep"
"The neighbor's dog barks all day and night"
"I don't think that apartment being built over their garage complies with code"
In the City of Portland, there is a place to file a complaint for all these issues and more.
Click Here for a list of the right phone numbers for each of these issues, and many others. You can also file a complaint on line for almost all.
Personally, I've only filed one complaint like these. It was for a home under construction that had stopped the building process and let the weeds get 3-4 feet high. I filed an on line report and in two weeks they had been mowed.
Beyond removing an irritation to living, some of these things actually affect the value of all the homes in your neighborhood. So among other things, you're protecting your home's value when you file a legitimate complaint.
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
Come see this bargain in person
8627 N. Seward Ave., Portland, Or
Most home buyers need to transfer money to the escrow company to complete the down payment the day before closing. The common way to do that is with a "wire transfer" – an electronic transfer from the buyer's bank to the escrow company.
The escrow company will send "wire transfer instructions" to the buyer to send to their bank well in advance of the transaction. The instructions consist of routing and transit numbers, account numbers and lots of other numbers and information to be sure the money gets to the right account at the escrow company.
The fraud begins when the escrow company sends an email to the buyer with new wire transfer instructions, except it's not really from the escrow company (even though it looks like it is). The email has actually comes from a criminal who has hacked the buyer's email account. If the buyer gives their bank the "new" instructions, the money is transferred to the hacker's account, usually in a foreign country and impossible to recover. .
Escrow companies almost never change wire transfer instructions. If you received such a communication, call your escrow officer directly.
I often hear people say they'd like to buy a house,"but everything's so expensive now." It's true that median sale prices of detached homes in Portland are around $300,000, but there are plenty of nice homes for less, sometimes a lot less.
Yesterday a friend was amazed at a listing I showed him for a very nice 1120 SqFt 2-BR condo – $150,000. It had granite & stainless upgraded kitchen & bath, two decks and is in a very attractive neighborhood. My penciling some numbers showed you could probably buy this home for mortgage payments of less than $1400, and if you didn't have a lot of other debt (like huge car payments or whopping credit card bills) you would likely qualify if you made about $55,000.
So don't let the "everything's so expensive now" trap keep you from buying now. The place to start is with a good lender, and I'd be happy to introduce to a great one.