If you’ve decided that purchasing an investment property is right for you, the next step is to figure out what constitutes a good investment. You can check what we look for in an investment property here – the post is older, but the idea is the same. Once you know what type of property you...
Portland Real Estate Blog by the Turner Team Inc.
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Last update: February 26th, 2015 at 12:17 pm
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The latest RMLS Portland Market Action data was released last week, and our latest infographic is below. Two notable points in this data are the inventory level and the average sales price change. As the infographic notes, there was an increase in new listings and a decrease of closed sales compared to December 2014, which
One reason it is recommended to get pre-approved for a mortgage early in the home buying process is to reduce barriers once you find a property. However, the pre-approval process is not a guarantee. While it is not common, there are occasions when a client has their home selected and is ready and willing to sign,
Is Buying a Home Right for me? Buying a home used to be the default American Dream. The real estate market crash/bursting of the bubble changed the market to some extent. Whereas buyers that could afford $300,000 wanted to spend $350,000, and often could, today’s buyer might be able for afford $300,000 and only be...
Are Portland distressed properties on the upswing? The current data, provided by RMLS and shown on the right, shows that the final quarter of 2014 revealed an increase in distressed homes – markedly in Bank Owned/REO properties. In September 2013, we wrote a blog about a downshift in Portland distressed properties
The RMLS Portland Market Action report recently released for December 2014 offers insight not just to last month, but as a year-in-review. Our most recent infographic (shown below) provides a visualization of the trends of the last three years. The main theme? It’s a seller’s market so buyers need to position t
NBC Nightly News just aired a segment on mortgage interest rates and a renewed refi craze. 30 year rates are down from 4.5% this time last year to 3.81%. The experts crystal ball is that rate will remain low but now is the time to act if you are thinking about a refi. Does a...
Before the year even started, 2015 was deemed the “Year of the First-Time Homebuyer.” If the latest changes to the FHA Mortgage Insurance Premium (MIP) is any predictor, this moniker is likely to ring true. The FHA mortgage insurance changes coming into effect on January 26, 2015 will save first time homebuy
If you’re considering purchasing a home, you’re likely to be asked “have you been pre-approved?” For some, the answer is an easy “yes.” However, for others, it may leave you wondering what the fuss is about – especially if you’re in the “looking” phase. So, why
The Environmental Protection Agency (EPA) has designated January as National Radon Action Month. If your home tested positive and you haven’t begun mitigation, or you have made recent changes to your home that may warrant re-testing, we encourage you to take this opportunity to take action. Portland radon issues are r
What a difference a couple of years makes! In February of 2011, I ran a search in RMLS that resulted in 4208 active listings in Portland. 441 of those were bank owned (REO) and 750 were short sales. REOs made up 10.4 of the market and 17.8% were short sales. I ran the same search...
RMLS Market Action for November was released yesterday and we have our new infographic ready! The Portland real estate market has slowed some but we expect that with the holidays. We typically expect to see fewer buyers and sellers in the market at this time of year but they are usually more motivated- it’s not...
Case Shiller’s September 2013 housing report was released yesterday. The two-month lagging report show that the Portland real estate market edged up from August. The 160.18 is up less than a point but more importantly has rebounded 30 points from the March 2012 low of 129! That means that the pool of underwater
RMLS Market Action for October 2013 is hot off the press and it shows that housing inventory in the Portland Metro area dropped to 3.4 months. Inventory was 3.7 months in September and 3.8 months this time last year. The average sales price is $314,100 which is a slight drop from September but up 13.5%...
I got a call today from a home buyer asking if there are any view ordinances preventing neighbors from planting trees that will eventually block their view? The answer would logically apply to an existing tree as well. I wasn’t entirely satisfied with my Google search to figure out the answer but I was leaning...
We’re trying something new this month with September’s RMLS Market Action: an infographic (click the image to enlarge): Please note- image is copyrighted. Feel free to share, please do not edit our contact info out or yours in.
RMLS Market Action for the Portland Metro real estate market just went to to press. Inventory, the ratio between the number of active listings and the number of closed listings, continues to hover around three months. Previously, pundits have said that six months of housing inventory is the neutral point between buyer a
Is the distressed property era over? In Portland, the answer appears to be, “yes” but keep reading as to why that’s not entirely true. “Distressed Properties” are those that are either short sales or bank owned (also know as REO- Real Estate Owned) In October 2011, I wrote that 20% of all a
What’s my home worth? The answer is the foundation for intelligent decision making. No matter what type of evaluation is done, the result is a matter of opinion. There are three basic types of home valuations: Completely automated reports like those from Zillow (Zestimate), Trulia or our Market Snapshot, which is a Re
July 2013′s RMLS Market Action was published yesterday. Inventory remains tight and consistent at 2.8 months and other metrics are in positive territory as well. The average sales price is $326,500 compare to $287,000 this time last year. Here’s a metric we’ve never looked at before: the ratio of acc
The Portland Case Shiller Index continues its upward trajectory. The latest report, March 2013, was released this morning. Portland’s index has climbed to 145.52. That’s a 16 point game from where the index was at this time last year! The rapid increase borders on being a little scary but it also is a hu
Remember mixed tapes? My ex-girlfriend from college made me one that included Barenaked Ladies ‘If I had a Million Dollars” which include the lyrics, “If I had a million dollars / well, I’d buy you a house.” If you decided to buy a million dollar house in Portland today you’d have a c
On May 7th, the Atlantic & Pacific Real Estate name went the way of the dinosaurs and we rebranded to Carrington Real Estate Services. Over the last 18 months you’ve grown accustomed to the orange and green signs outside of our listed properties. Now you’ll see our fresh new look of the Carrington Real E
Bad blogger, bad blogger. When you realize your last post was March’s RMLS Market Action report and April’s came out two days ago it’s time to start typing. So here we go. There’s no real surprise the inventory is low. At 3.1 months that mean that if we stopped taking new listings, the 6498
How low will it go? RMLS Market Action for Portland real estate was released yesterday. Metro inventory dropped to 3.2 months which is the lowest it’s been since June 2006. “Metro” is a five county area so when you look at the closer-in areas the picture changes: North Portland: 2.6 months Northeast
You can’t buy a house if you can’t find the house. Finding a Portland address is pretty easy if you remember these tips. In an era of GPS navigation, Google Maps and cell phones we may spend less time not knowing where we are but it’s still nice to have a basic understanding of the...
When the Portland Business Journal’s January 2013 Case Shiller Index headline is, “Housing recovery starts to look like a boom,” y’all better be paying attention. Long the messenger of doom and gloom Portland’s 8.3% year over year increase is something that’s hard to ignore. That said
A little tardy with regarding last week’s December 2012 Case Shiller Index but here we go. The Index in Portland dropped .78 of a point in December. Even though that’s more than the .5 it lost in December 2011 and many areas posted positive December 2012 numbers the reason for the title of this post...
All of the conversations I have been having with Realtors lately center around a the theme, “I am loving this market, just wish there were more houses to show my clients.” December gave us the lowest Portland housing inventory we’d seen in years. Inventory climbed to 4.7 months in January but there were only six..
A few weeks ago I found a reference to an 1997 HUD directive for the creation of FHA Bridal Registry Gift Fund accounts. Google was little help in uncovering what the in-and-outs about the program. There are lots of references to it on Realtor websites, recent blog posts and the like but not one of...