Related Posts:
]]>
1. New foreclosures set to hit the market.
This rumor has appeared just about every year since we have been talking about and has been routinely debunked. However, recent announcements that the Feds reached a settlement over the robo-signing scandal have reignited speculation. The idea is simple: Since the cork is now out of the foreclosure bottle, we’ll soon see another flood of REOs inundating the marketplace.
In reality, banks have learned that if they control inventory, they can affect local prices. By releasing homes in measured amounts, they realize higher prices than if they released a glut of homes. In addition, they’ve learned that if they can mitigate their losses by agreeing to a short sale, everyone wins.
2. Buying a foreclosure directly from the bank.
Everyone wants to know how to buy foreclosures direct from a bank. Someone always seems to know a friend being foreclosed on and they want to step in and grab the house before it hits the market. Who wouldn’t want to be able to do that? In the real world, banks have a simple system – they first offer properties on the courthouse steps. The rest they assign to asset mangers who then hire local real estate agents to put them on the market along with all the other homes. If you really want an REO? Pay cash at the courthouse steps. If you can’t do that, get in line witheveryone else when they hit the local MLS (Multiple Listing Service).
3. The best deal is low-balling foreclosures.
Just like Bigfoot/Sasquatch sightings, you would think this myth would be dead by now but, unfortunately, it just won’t go away. Most because banks want REOs sold in 30 days or less, so they typically appear on the market priced slightly under comparable properties. If the property doesn’t sell quickly, the bank will lower the price after about 30 days to get it sold. You might get a deal by offering a lower price on a foreclosure that’s been sitting on the market for more than 90 days, but remember that there are good reasons it’s gone unsold for so long. Lowball offers are ignored and are, to put it bluntly, a waste of everyone’s time and effort. And even if you have cash, the probability of your lowball offer being accepted is really low.
4. Appraisals won’t use foreclosures.
In fact, in many neighborhoods, foreclosures (and short sales) are all that’s there. Therefore, foreclosed or distressed sales represent the actual value of homes in the area and HAVE to be used to appraise other properties. Thanks to foreclosures and short sales, the way neighborhoods are valued have changed.
5. Foreclosures are only affecting the bottom end of the market.
While foreclosure rates on the lower end of the market have actually decreased, they’re actually increasing on the upper end. According to Daren Blomquist, vice president of RealtyTrac, the market share of foreclosed homes under $1 million is shrinking, but those among properties valued over $1 million are rising – up 115% since 2007. And foreclosures on properties valued upwards of $2 million have increased by 273%. While some of the higher end Portland real estate market owners have come close to losing everything, others are choosing to strategically default. They see it like liquidating a poorly performing portfolio – they have enough resources to cut their losses and move on. Historically, banks have been reticent to foreclose high-end homes and absorb a large loss, but defaulters are now forcing their hands and mansion foreclosure rates are moving on up.
To some extents, myths control behavior, and this has never been truer than in the Portland housing market. Good agents will work hard to debunk the myths that are out there, explain the current market trends, all while educating their clients on the market with solid facts.
To view West Linn real estate listings, click on the map
Rich Peralta is a real estate professional in the Portland Metro Area, including Lake Oswego, and West Linn Real Estate.
He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com
Contact him for more information on Portland, Lake Oswego or West Linn Real Estate!
Related Posts:
]]>
Before buyers were able to use their own representation, all agents in the transaction represented the seller. Regardless of what broker the agent worked for, they were a sub-agent for the seller. So, even if you thought you were being represented you were not. Sort of like having one lawyer represent both parties in a lawsuit. Buyers were not represented, at all!
Many buyers are unsure of where the loyalties of a Portland buyer agent are since in Oregon, the seller pays all real estate fees. The reality is that Portland buyers agents get paid from listing agent. Listing agents share a portion of their commission with Portland buyers agents who bring a buyer to their listing.
The vast majority of listing agents use the Multiple Listing Service(MLS) to advertise the home they are listings. The MLS was created to share listing data between real estate brokers. It behooves a listing agent to use the MLS to get more potential buyers eyes (and hopefully feet) on their listings. So regardless of how big or small the brokerage is, any home listed on the MLS will be seen and marketed to buyers by all buyer agents in every company.
The buyers agent must work or act in the best interest of the buyer. That is logical, many buyers don’t realize by dealing with the listing agent without representation the listing agent is working in the best interest of the seller. Think about it, who is paying the listing agent?
The buyer agent must make an on-going and continuous effort in good faith to find the buyer a home. Just because they find you one
A buyers agent must keep all your information confidential. If you are unrepresented and use the listing agent, anything you disclose to the listing agent can and should be revealed by them to their seller if it helps the sellers position.they think is right does not mean they stop offering you homes. Even when you write an agreement on a home they should be making you aware of any homes that might be of interest. Although you might be in an existing contract a good agent will keep you informed just in case something crops up with this property under contract that causes the deal to fall apart. The listing agent for a property that interests you has no interest in telling you about other properties and only wants you in this deal.
Still today, many buyers want to remain un-represented as long as they can. They ignore all the benefits that a Portland buyers agent can give them.
- Confidentiality of their motivations and finances
- Negotiation skills
- Customer service
- Lists of services (contractors, doctors, groups, etc…)
- Process of a Portland real estate purchases
- Relationships with other agents and how that will facilitate a transaction
- Accessibility to ANY home listed in the MLS
- Portland buyer agents local knowledge of neighborhood/area/city
While the list of benefits is much longer than above, the most important factor is that a Portland Buyers Agent is working for you and your best interest. They do not work for the seller!
To view West Linn real estate listings, click on the map
Rich Peralta is a real estate professional in the Portland Metro Area, including Lake Oswego, Tualatin and West Linn Real Estate.
He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com
Contact him for more information on Portland, Lake Oswego or West Linn Real Estate!
Related Posts:
]]>Are you a potential home buyer that watches the Lake Oswego real estate market and waits from the sidelines?
Are you someone who does not want to contact an agent, won’t ask for more information or go as far as request a showing?
Are you really just snooping or browsing and hoping somehow that the price will come down dramatically (more than they are) or hoping that a particular seller will become desperate?
Don’t be one of those people that get disappointed when their dream house sells without taking action. Don’t be the guy that keeps saying, “I’m going to buy that place!”, but doesn’t move quite fast enough.
Don’t wait until its too late.
I admire the cautious buyer, I truly do. But it’s possible to be overly cautious.
After a sale has closes, you’re done. You have waited too long to get serious about that particular property.
Someone else scheduled a showing, signed an offer, wrote a check for earnest money, had an inspection and showed up at the closing table. While you were daydreaming about buying the house at that unbelievably low price you were hoping for, someone else took action.
So by all means, take your time. Do your homework. Check your bank account. Take all the necessary steps required to give yourself that level of comfort with the idea of buying one of the many homes for sale in Lake Oswego.
But don’t wait too long. Others are doing the same things you are… and they might not want to wait much longer.
To view West Linn real estate listings, click on the map
Rich Peralta is a real estate professional in the Portland Metro Area, including Lake Oswego, Tualatin and West Linn Real Estate.
He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com
Contact him for more information on Portland, Lake Oswego or West Linn Real Estate!
Related Posts:
]]>The median list price in West Linn, OR this last week was up at $499,000. The per square foot asking price was at $156 per square foot. 30% of listings had a price decrease and none reset their DOM (Days On Market) by re-listing. The average DOM was at 232 days.
Median home specs are as follows; 3142 sq foot home with 4 beds, 3 baths on a 1/4 to 1/2 acre lot. There were 9 new single family detached homes for sale in the West Linn real estate market this week with 16 being absorbed. This brings the active listings to a total of 199.
The most expensive 25% of listings have a median home price of $999,950. The median specs for these homes are 14 years old with 4856sq ft, 4 bedroom and 3.5 baths on 1 to 2.5 acre lot. Two new listing hit the West Linn real estate market this week with 3 listing being absorbed from the West Linn real estate market bringing the total in this range to 49. The West Linn homes for sale in this range are on the market for an average of 357 days.
While the least expensive 25% of listings have a median price of $291,750 and have an average DOM of 154. This range of West Linn homes for sale are on average of 35 years old on 1/4 acre lots, 2134 sq foot homes with 3 beds and 2.5 baths. One new listing came up for sale with 9 being absorbed by the market bringing the total West Linn homes for sale to 50 for this range.
To see the stats from last week, click here. Data from Ticor Title – Lake Oswego.
To view West Linn real estate listings, click on the map
Rich Peralta is a real estate professional in the Portland Metro Area, including Lake Oswego, Tualatin and West Linn Real Estate. He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com Contact him for more information on Portland, Lake Oswego or West Linn Real Estate!
Related Posts:
]]>
- The most important step is pricing your house properly. If your price is too high you won’t get buyers or other Realtors to see it. The longer it stays on the market, the more potential buyers might wonder what’s wrong with it? This is where I should say, ”If you list low, then you’ll always wonder if you lost money on the deal.”. The problem with that statement is that I have yet to see a For Sale By Owner (FSBO) that is under priced. They seem to all be chasing the market.
- You need to understand the Portland Metro Real Estate market. Even more you suburb or neighborhood. Your Portland Realtor can give you up-to-date information on what is happening in the marketplace, and the price, financing, terms and condition of the competing properties. Most sellers believe their home is worth more than it actually is and will remove many potential buyers because it’s not priced competitively.
- An experienced Realtor will not only list your home on MLS, but will have other resources and marketing strategies for increased exposure for your house. How much traffic can having a sign on the property and a craigslist ad generate? By not getting your home on MLS, you are already eliminating the vast majority of at least pre-qualified buyers who are working with a real estate broker to find their next home.
- Even if you do generate enough interest, buyers are not going to write up an offer if they cannot get in it to look around. You have to be willing to be available to show the house at different hours of the day to make sure everyone that may be interested in it will get to see it. If you hire a Realtor who will give explicit instructions(per you) to other Realtors on when and how to show your home, and place an accessible lock box at your property so other Realtors can get their potential buyers in to see the house. By maximizing your showings you have a greater chance of having a successful closed transaction. A Portland Real Estate broker can even take care of scheduling the appointments for you.
- If you don’t use a Realtor, how are you going to attract out of state buyers? Very few relocating buyers will try to go the FSBO route. A large percent find homes for sale in their new destination by using a Realtor and the local MLS database of listings. You might be eliminating a whole group of buyers that will never see your house because relocation buyers won’t know about it.
- Now that you have gotten a buyer in your home, can you be patient and understanding with criticism that you will receive? You will need to be able to handle all different types of personalities and be able to keep your “cool” under pressure. You need to have patience and the right temperament for criticism, questions, repeat showings and especially negotiations. Buyers do not care how many wonderful memories your home has created for you, nor what you think of it, they just want to pay rock bottom price. By trying to sell your house on your own, buyers will be looking for a deal from you.
- Let say for the sake of argument that you have gotten past all of the above pitfalls that I have noted above. You have a “buyer” in your home who wants to make you an offer. How do you know they are pre-approve a buyer? What if they want a home inspection? What if there are repairs or updates that the buyers wants to have done before they purchase? What of they need to sell there house first? What if they are waiting for their “upcoming” job offer to come through? Do you want to get through all the stress of listing your Portland home and then find out something that could have been avoided when writing up the offer is now a deal-breaker? A Portland Real Estate broker will have experience with contracts, forms and negotiations. An important function of a Realtor is to make sure that all the paperwork is handled correctly.
- Realtors network with other professionals in the industry, many who can provide services that you will probably need. Realtors can give you a list of references with whom they have worked and provide background information to help you make a wise selection.Can you close the sale of your home without be overwhelmed?
- Your Realtor should be with you throughout the entire process and is the best person to objectively help you resolve any unforeseen issues and move the transaction to closing.A good Realtor will work with you through every step of the home selling process to save both your time and your money.
To view West Linn real estate listings, click on the map
Rich Peralta is a real estate professional in the Portland Metro Area, including Lake Oswego, Tualatin and West Linn Real Estate.
He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com
Contact him for more information on Portland, Lake Oswego or West Linn Real Estate!
Related Posts:
]]>Portland Metro Area Real Estate Market Data by RMLS Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $364,800 | $300,000 | -1.3% | 176 |
| West Portland & Downtown | $366,300 | $290,000 | -5.5% | 176 |
| NW Washington County | $339,100 | $311,000 | -0.9% | 118 |
| Tigard / Tualatin / Sherwood / Wilsonville | $260,900 | $235,400 | -8.6% | 166 |
| Northeast Portland | $268,300 | $219,800 | -6.2% | 109 |
| Milwaukie / Clackamas | $230,600 | $204,300 | -7.9% | 113 |
| Oregon City / Canby | $222,700 | $200,800 | -7.2% | 159 |
| North Portland | $195,700 | $200,100 | -3.1% | 67 |
| Southeast Portland | $225,400 | $170,500 | -8.4% | 110 |
| Beaverton / Aloha | $206,900 | $173,000 | -8.8% | 154 |
| Hillsboro / Forest Grove | $183,800 | $173,500 | -8.7% | 145 |
| Yamhill County | $158,800 | $139,800 | -9.8% | 121 |
| Gresham / Troutdale | $216,600 | $165,900 | -7.1% | 121 |
| Columbia County | $140,500 | $115,000 | -12.8% | 165 |
Portland Real Estate Market Data for January 2012
| January 2012 | Prev. Month - December 2011 |
Last Year – January 2011 |
|
| Median Sale Price | $207,500 | $216,000 | $215,000 |
| Average Sale Price | $249,100 | $260,800 | $248,900 |
| Closed Sales | 1,224 | 1,612 | 1,035 |
| Pending Sales | 1,823 | 1,443 | 1,489 |
| New Listings | 2,613 | 1,700 | 3,128 |
| Active Listings | 8,514 | 8,612 | 11,697 |
| Distress Sales | N/A | 35% | 43% |
| Total Market Time * | 136 days | 142 days | 160 days |
| Inventory (in months) | 7.0 | 5.3 | 11.3 |
To view West Linn real estate listings, click on the map
Rich Peralta is a real estate professional in the Portland Metro Area, including Lake Oswego, Tualatin and West Linn Real Estate.
He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com
Contact him for more information on Portland, Lake Oswego or West Linn Real Estate!
Related Posts:
]]>
The average sale price of Portland real estate for February 2012 rose 2.4% from the prior month of January 2012. That is a $6000 increase in average sale price ($249,100 to $255,100). When comparing February 2012 to the same month the prior year (February 2011), the average sales price were also up 4.3%.
Portland real estate sales activity showed improvement with an increasein the number of closed sales (3.1%) as well as the number of pending sales (15.7%) in February compared to the prior month. Closings climbed from 1,224 to 1,262 while pending sales jumped from 1,823 to 2,109. With new listings dropping from 2,613 to 2,492 (-4.6%), you have a full year (March 2011 – February 2012 with inventory levels less than 7.2 months.
When comparing February of 2012 to February from last year, closed & pending sales were up. A percentage shift of 17.5% for closings and 35.5% for pendings. Meanwhile, new Portland real estate listings dropped by 13.6%.
At February’s rate of sales, the 8,612 active residential listings would last about 5.3 months. That is the lowest February inventory level since 2007.
Comparing year to date Jan-Feb of 2012 to the same period of last year closed sales increased 17.9%. Pending sales also increased 26.3% while new Portland real estate listings decreased by 15%.
To see how last months data compares, click here.
To view West Linn real estate listings, click on the map
Rich Peralta is a real estate professional in the Portland Metro Area, including Lake Oswego, Tualatin and West Linn Real Estate. He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com Contact him for more information on Portland, Lake Oswego or West Linn Real Estate!
Related Posts:
]]>
The average sale price of Portland real estate for December 2011 rose 0.5% from the prior month of November 2011. That is a $1200 increase in average sale price ($259,400 v. $260,800). When comparing December 2011 to the same month the prior year (December 2010), the average sales price were down 6.2%.
Portland real estate activity increased %6 the number of closings in December compared to the prior month from 1,521 to 1,612. New listings fell from 2,026 to1700 (-16.1%) and pending sales were down (14.4%) from 1685 to 1,443.
When comparing December of 2011 to December from last year, closed & pending sales were up. A percentage shift of 10.3% for closings and 19.3% for pendings. Meanwhile, new Portland real estate listings dropped by 11.7%.
At December’s rate of sales, the 8,612 active residential listings would last about 5.3 months. That is a three-year low in inventory and a 72% drop from the three-year high of 19.2 months in January of 2009.
Summary of 2011 Sales Data
Looking at 2011 compared with 2010, the total sales volume was about $5.2 billion. This was down a notch from the $5.3 billion in 2010, and the $5.5 billion in 2009. In 2011, Closed sales rose 4% and pending sales rose 6% while new listings fell 25.4%.
To see how last months data compares, click here.
To view West Linn real estate listings, click on the map
Rich Peralta is a real estate professional in the Portland Metro Area, including Lake Oswego, Tualatin and West Linn Real Estate.
He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com
Contact him for more information on Portland, Lake Oswego or West Linn Real Estate!
Related Posts:
]]>
The average sale price of Portland real estate for Ocotber 2011 fell 3.5% from the prior month of September 2011. The $9500 decrease in average sale price ($268,200 to $257,800) is typical for this time of year. Portland real estate sales will start to slow in October and remain slow until at least February. When comparing September 2011 to the same month the prior year (October 2010), the average sales price were down 6.5%.
Portland real estate activity decreased the number of closings and new listings from the prior month. Closed sales decreased from 1,586 to 1,474 (-7.1%). New listings fell from 2,501 to 2,433 (-2.7%). Pending sales were up a bit (0.9%) from 1,861 to 1,878.
When comparing Ocotber of 2011 to October from last year, closed & pending sales were up. A percentage shift of 14.1% for closings and 15.1% for pendings. Meanwhile, new Portland real estate listings dropped by 22%.
At October’s rate of sales, the 10,012 active residential listings would last about 6.8 month up a tenth of a percentage point from last month.
When comparing January through October of 2011 to the same time period last year we see an uptick of closed and pending sales. Closed sales were up by 2.1% and pending sales increased by 4.5%. New listings fell 26.3% nearly 11,000 in that same time frame.
To see how last months data compares, click here.
To view West Linn real estate listings, click on the map
Rich Peralta is a real estate professional in the Portland Metro Area, including Lake Oswego, Tualatin and West Linn Real Estate.
He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com
Contact him for more information on Portland, Lake Oswego or West Linn Real Estate!
Related Posts:
]]>The median list price in West Linn, OR this last week held on at $459,450. The per square foot asking price was at $150 per square foot. 49% of listings had a price decrease and 12% reset their DOM (Days On Market) by re-listing. The average DOM was at 210 days.
Median home specs are as follows; 3158 sq foot home with 4 beds, 3 baths on a 1/4 to 1/2 acre lot. There were 13 new single family detached homes for sale in the West Linn real estate market this week with 15 being absorbed. This brings the active listings to a total of 252.
The most expensive 25% of listings have a median home price of $900,000. The median specs for these homes are 11 years old with 4600sq ft, 4 bedroom and 3.5 baths on a 1/2 to 1 acre lot. One new listing hit the West Linn real estate market this week with two listing was absorbed from the West Linn real estate market bringing the total in this range to 63. The West Linn homes for sale in this range are on the market for an average of 272 days.
While the least expensive 25% of listings have a median price of $276,500 and have an average DOM of 182. This range of West Linn homes for sale are on average of 33 years old on 1/4 acre lots, 1988 sq foot homes with 3 beds and 2.5 baths. Five new listing came up for sale with 7 being absorbed by the market bringing the total West Linn homes for sale to 63 for this range.
To see the stats from last week, click here. Data from Ticor Title – Lake Oswego.
To view West Linn real estate listings, click on the map
Rich Peralta is a real estate professional in the Portland Metro Area, including Lake Oswego, Tualatin and West Linn Real Estate. He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com Contact him for more information on Portland, Lake Oswego or West Linn Real Estate!