There's activity, and in some markets some good improvements.
As a monthly feature, I'm uploading the Credit-Suisse Monthly Housing Survey . . . and here it is. A summary of the National trends in real estate -- January 2010.
In the Metro Portland market, we still are in recovery mode, page 36 of the report.
Traffic improves, but still below real estate agents expectations.
Prices on homes fell, on average, in January.
Length of time needed to sell increased, on average.
It's been a while since I've reblogged, but please take the 5 minutes and WATCH the video.
My comments to the original blog post was:
It is worth the time to watch this video. I'm reblogging! Reminds me of two things, Roberta Flack's song "Killing Me Softly" and the age old adage: If you can't dazzle them with brillance, baffle them with BULL$HIT!! I don't think the Federal Government likes Americans.
In July 2009 (last year) I blogged: The Banks Become Chefs and Cook the Books and the video posted by Gene really adds some more SPICE AND SEASONING the the SNAFU STEW!!
Do you want to know who is Screwing the Tax Payer and How?
Follow this link and watch this video. This is embarrassing to our government and just goes to show how off base we have gotten. We are being taken and robbed by the people who should be protecting us.
I have heard about this stuff before but here is an easy to follow and understand video. I cannot even begin to describe this stuff. You are paying for it. Where is the outrage? Pass it on!
NOTE: The Supra Lockbox is the magic access key that allows agents to open the doors on listed property. It also keeps statistics, and as you can see, there has been a INCREASE in activity, and this includes Portland, OR real estate activity. This does NOT mean that sales, closed transaction, inventory have INCREASED or DECREASED.
In last week's report I wrote: The activing level on home shoppers has had another INCREASE. At 6.1% this little, by little indicator means that buyers are heading out. The weather, which has been very mild in comparison to last year's mid-winter c-c-c-c-c-c-c-COLD is helping to bring the buyers out. There was slightly more than 1,000 more lock boxes opened, and this can only mean one thing: Houses are getting shown. While the competition for houses is really reflected with only the slight uptick, this is a 'wait see' for the months ahead, and the end of the $8,000 tax credit. Will the market activity increase?!?
Well, this week ending I was really suprised to see the statistics. Only a slight uptick of 1.6% INCREASE to the Supra Lockbox activity levels in Oregon. This does surprise me, only because the weather has been exceptionally mild, almost Springlike.
BUYERS: What that means for you . . . the properties you have interest in might / might not have the level of activity as expected. These showings are for the RMLS Supra lockbox in the state. The Portland, OR real estate market might have slightly higher levels of activity.
SELLERS: Check and see with your listing agent if the STAT above is holding true with your property. Are you getting any more showings, or has activity level dropped??
A few weeks ago, I posted a blog with some WACKY houses and architectural wonders.
This Sunday, let's go to Detroit to see another house . . . this one is encased in ice!
The artists photographerGregory Holm (who grew up in the area) and architecht Matthew Radune wanted to bring attention to the plight of Detroit's housing market -- which has one of the highest foreclosure rates in the nation. Their art piece is an 'installation' work which speaks to the 'frozen' state of the real estate market.
Currently, there are approximately 20,000 abandoned properties in Detorit
"During my time here I have explored the surrounding neighborhood extensively and I would estimate that nearly 1 in every 4 homes is either in a state of disrepair or completely abandoned. And although many have chosen to view these conditions with apathy, my point of view is one of optimism for the future driven by a sense of nostalgia for this neighborhood's past beauty. Amidst the soaring oaks that line these spacious blocks remains a modern and organic grid filled with possibilities that perhaps the fresh eyes of a new generation will bring to fruition. The Ice House project seeks to demonstrate that in much the same way -- as building materials are reclaimed from the many abandoned houses in Detroit, so to can the affected neighborhoods themselves be repurposed through the creativity, spirit, and sense of community clearly demonstrated by the residents themselves." -- Gregory Holm
Since 'short sales' are an increasing reality in the local Metro Portland market, I wanted to share some of the other realities.
We all know 'short sales' are anything but . . . short. They take a lot longer to close, and the number one reason is lenders' response time.
That said . . . the other costs (since time is money) are topics agents need to discuss with their clients before considering whether it would be cost effective for buyers to consider the short sales in their local area.
In our local market, I'm seeing more and more addendas linked to the listing sheet. And in those addendas are the costs that BUYERS are going to be required to pay to the sellers' appointed "SHORT SALE NEGOTIATORS." For the most part, they are written as:
"Instructions For Submitting Offers on Our Short Sales"
And they include:
"The Consultant Fee will need to be included on the Purchase Agreement, payable by the buyer. On Page 2, Line 22, in the Earnest Money Agreement under Additional Provisions, include "Buyer to pay $3,999.00 to XXXXXXXX."
Keep in mind: With a short sale the lenders aren't going to want to pay BUYERS' CLOSING COSTS and/or Prepaids, they will probably NOT want to negotiate repairs (property is typically sold "As Is / Where Is"), and now the "consultant fee" are trending!
On a SALES PRICE of $200,000 short sale . . . let's add that up:
$3,999 - "Consult Fee"
$5,000 - Closing costs (which may very and the amount used is ONLY an EXAMPLE)
$6,500 - 3.5% FHA down payment (ONLY used an an EXAMPLE)
$4,250 - 2.25% FHA MIP Fee
The Buyer would be responsible for $19,749
On a $200,000 "traditional" purchase, let's assume I can negotiate the $5,000 in a Seller concession for closing costs, and no there would be NO "consult fee." A $200,000 'traditional" purchase might bring the totals the Buyer is responsible to: $10,750
NOTE: This is an EXAMPLE. But YOU GET THE IDEA!!
My buyer clients' budgets ARE something I am mindful of!
* I'm blogging from a coffee shop, and don't have my calculator. I hope I can "do the math"
I've assisted many buyers relocating to Portland, OR from all areas of the nation: San Diego, Chicago, Los Angeles, Baltimore, Boston and parts in between. The majority of buyers relocating to Portland typically move up from California. Even with families "down south" relocating to Portland, OR makes sense. Travel is relatively inexpensive forth/back, and it's a short commute . . . about 4 hours from start to finish (airport to airport.)
Buyers relocating to Portland move for a variety of reasons. But the main reasons are: job relocation, retirement, housing prices.
Things to consider when relocating to Portland for housing prices:
The Metro Portland market has always been more affordable them similar areas on the West Coast. Many people (job relocation or retirement) have opted at relocating to Portland just for this reason alone.
The inventory of suitable housing is good now, and since I began my real estate practice, inventory has been level. The demand doesn't undermine supply. Sometimes, this does help in keeping pricing down.
Prices are always determined with what a buyer is willing to spend. Relocating to Portland is no different. Finding a good Exclusive Buyers Agent to show you the best bang for your buck makes sense.
Things to consider when relocating to Portland, OR for employment/job relocation:
Make sure you have your job lined up. Proof of employment will be required by your lender
Make sure you acclimate yourself to the daily-life nuances: shopping, schools, transport (traffic, bus and/or MAX routes, walk ability in neighbors, etc.). A good Exclusive Buyers Agent can help get you familiar with the lay-of-the-land.
Make sure you align your move with your interests; dining, restaurants, funky/eclectic neighbors, etc.
Things to consider when relocating to Portland for retirement:
Your lifestyle is very important at this juncture. Do you want to golf, attend the wonderful theater district we have downtown? Being close to family / friends might be another reason you're relocating to Portland.
Will you be paying cash? If not, it's essential you talk with a lender about your move beforehand. Fixed incomes are handled differently, and a good lender will assist you with this element of your move.
Do you want to stop driving? A lot of former clients just didn't want to use their car that much, and it's understandable.
Do you want to live in a 55-older community? We have them.
There's certainly a lot to think about when making ANY home purchase . . . and when contemplating a big move, such as relocating to Portland, you want to talk with someone who will assist and help make your move a pleasurable one. I relocated to Portland in 1990 . . . I can help!!
I've assisted many buyers relocating to Beaverton, OR from all areas of the nation: San Diego, Chicago, Los Angeles, Baltimore, Boston and parts in between. The majority of buyers relocating to Beaverton typically move up from California. Even with families "down south" relocating to Beaverton makes sense. Travel is relatively inexpensive forth/back, and it's a short commute . . . about 4 hours from start to finish (airport to airport.)
Buyers relocating to Beaverton move for a variety of reasons. But the main reasons are: job relocation, retirement, housing prices.
Things to consider when relocating to Beaverton for retirement:
Your lifestyle is very important at this juncture. Do you want to golf, attend the wonderful theater district we have downtown? Being close to family / friends might be another reason you're relocating to Beaverton.
Will you be paying cash? If not, it's essential you talk with a lender about your move beforehand. Fixed incomes are handled differently, and a good lender will assist you with this element of your move.
Do you want to stop driving? A lot of former clients just didn't want to use their car that much, and it's understandable.
Do you want to live in a 55-older community? We have them.
Things to consider when relocating to Beaverton for housing prices:
The Metro Portland market has always been more affordable them similar areas on the West Coast. Many people (job relocation or retirement) have opted at relocating to Beaverton just for this reason alone.
The inventory of suitable housing is good now, and since I began my real estate practice, inventory has been level. The demand doesn't undermine supply. Sometimes, this does help in keeping pricing down.
Prices are always determined with what a buyer is willing to spend. Relocating to Beaverton is no different. Finding a good Exclusive Buyers Agent to show you the best bang for your buck makes sense.
Things to consider when relocating to Beaverton for employment/job relocation:
Make sure you have your job lined up. Proof of employment will be required by your lender
Make sure you acclimate yourself to the daily-life nuances: shopping, schools, transport (traffic, bus and/or MAX routes, walk ability in neighbors, etc.). A good Exclusive Buyers Agent can help get you familiar with the lay-of-the-land.
Make sure you align your move with your interests; dining, restaurants, funky/eclectic neighbors, etc.
There's certainly a lot to think about when making ANY home purchase . . . and when contemplating a big move, such as relocating to Beaverton, you want to talk with someone who will assist and help make your move a pleasurable one. I relocated to Beaverton in 1990 . . . I can help!!
In Lise's lighter side of spamming marketing efforts from spammers companies urging her to earn ZILLIONS . . . I had wanted to blog about a call I received recently.
Thanks for the kick in the butt inspiration, Lise.
My tale goes back a week, when the phone rang.
A spammer marketing genius picked ME. . . over all the other agents in the Metro Portland area. GEEZ, was I flattered.
They were ONLY looking for 2 (two) agents in the area. They had a top position with Google, and she gave me the site. And sure enough . . . they were hogging placing in high ranks.
Which really pissed me off.
Some spammer techie got a website, got good Google poll position, probably NEVER bought OR sold a house other than when they were playing Monopoly®.
They handle relocations to Portland. And I was told, they could send me 800 leads. And, the nice spammer marketing lady told me that they "scrub" all of them!
I find that rather hard to believe too! If they have 800 leads in just ONE market, how do they have time to spam market?!?
In my ire, I went outside in the Rain. I wrote two blogs:
Relocating to Beaverton - and thanks to Active Rain, it is first page Google (not top position, but I got some good Google Juice out of that spam call squeezed lemon.
The point is . . . spammers marketing companies gobble-up Google-up the SEO, then try to sell back the leads, that should be coming directly to a real estate professional.
CONSUMERS TAKE NOTE: Lead spammers generators do not work in YOUR best interests. A licensed Realtor® does! When you're surfing the net trying to find a qualified agent to help you, try to find a Realtor® and cut out the spam. Referrals are from one bone-fide agent to the other. SPAMMERS want up front cash, and can not REFER to other agents because they are NOT LICENSED.
They wanted $2,500 for 6 months and 800 "scrubbed" leads. I did a little SCRUBBING of my own!!
NOTE: The Supra Lockbox is the magic access key that allows agents to open the doors on listed property. It also keeps statistics, and as you can see, there has been a INCREASE in activity, and this includes Portland, OR real estate activity. This does NOT mean that sales, closed transaction, inventory have INCREASED or DECREASED.
In last week's report I wrote: Only a moderate increase in Supra Lockbox activity. We had a large percentage increase in the past few weeks, and it was ADJUSTING to the drop offs which can be expected during the year-end Holidays. What this slight INCREASE of 4.8% means is that it really wasn't a busy week at all. Please consider that this is about the same level off Supra Lockbox activity that we experienced week ending October 18, 2009 (click to view). Levels dropped considerably after mid-October (again, due to the weather and upcoming holidays).
The activing level on home shoppers has had another INCREASE. At 6.1% this little, by little indicator means that buyers are heading out. The weather, which has been very mild in comparison to last year's mid-winter c-c-c-c-c-c-c-COLD is helping to bring the buyers out. There was slightly more than 1,000 more lock boxes opened, and this can only mean one thing: Houses are getting shown. While the competition for houses is really reflected with only the slight uptick, this is a 'wait see' for the months ahead, and the end of the $8,000 tax credit. Will the market activity increase?!?
BUYERS: What that means for you . . . the properties you have interest in might / might not have the level of activity as expected. These showings are for the RMLS Supra lockbox in the state. The Portland, OR real estate market might have slightly higher levels of activity.
SELLERS: Check and see with your listing agent if the STAT above is holding true with your property. Are you getting any more showings, or has activity level dropped??
I started thinking about this, and realized how amazed I am that some short sales, but mainly foreclosures are coveted by Buyers.
Why?
Because Buyers think that a Foreclosure, mainly, is a great bargain. The lure of getting something for nothing, or a lot of house for a little buck.
Sometimes that's the case. Most times, it's not.
The main thing to consider when you are representing a Buyer, or are a Buyer, is condition. The condition of foreclosure property might be in dire straights -- a tear down -- or, it might need some sweat equity.
Rarely, and I mean rarely have the foreclosed homes I've toured been move-in ready.
If you're a Buyer, or representing a Buyer who is interested in Foreclosures, try to be realistic.
Do you have the funds to fix the place up?
Is the property going to fund?
Is the property going to be a money pit with unforeseen headaches (Netflix "The Money Pit")
Will the money you put in to it pencil out in the long-run?
Do you have the time and INCLINATION to make updates?
REPEAT: Do you have the FUNDS to fix the place up?
I toured a Foreclosure on Sunday. It had gone PENDING, but was back on the market. I took my clients out to see it. From the photos it looked fine. Upon closer inspection: the roof needed replacing, the garage door was dry rotted, the rain gutters were rusted (leaked), the flooring needed to be replaced, there were no appliances, and the siding (which the listing agent noted as "OTHER") might have been LP . . . the kiss of death in our local area.
This might have seemed like SUCH a DEAL on paper. It required a lot to make it move-in ready and that = MONEY!!
Looked GREAT in the photos! A lot do.
I hope the Buyers didn't waste spend money on a home inspection. Maybe what Charles is blogging about happened? And that would have been a shame! A good, experienced agent -- such as YOURS TRULY -- would have pointed out the issues, prior to writing an offer. Perhaps, saving the Buyers $300 to find out the OBVIOUS!!
Keep in mind, Foreclosures are sold "AS IS" in most cases. And "AS IS / WHERE IS" aka: What you SEE . . . IS what you get!"
And most Foreclosures are: YOYO (You're On Your Own!)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
The housing market is STILL in recovery.
A few weeks ago, I posted a blog with some WACKY houses and architectural wonders.
Since 'short sales' are an increasing reality in the local Metro Portland market, I wanted to share some of the other realities.
Relocating to Portland, OR
Relocating to Beaverton, OR
This blog is inspired by Lise Howe's recent blog:
This blog was inspired by 
Posted by 
;)
;)
