translateTranslate

RE/MAX Equity Group Real Estate

Portland Market And Neighborhood Updates - Week Ending April 15th
 
Welcome To My Weekly Update!
 
I hope you are having a peaceful and productive week so far.  Great news -  we are promised much brighter and warmer days ahead!. This might be a perfect time to get out in those gardens and maybe even visit some of the many properties that are starting to hit the market.
 
Even on cloudy days Portland offers many fun places to hike. Check out ten of some great trails which include amazing views of wild flowers! http://www.oregonlive.com/travel/index.ssf/2016/03/10_beautiful_wildflower_hikes.html
 
Market And Neighborhood Updates
Many professionals in our industry felt the number of sales have slowed down within the last couple of weeks, perhaps as buyers wait for the inventory of homes for sale to increase. There has indeed been an obvious increase this week of new listings entering the market. It is anticipated that we will have a very active rest of our spring.
 
The latest Portland Metro Market Report from the RMLS was received this week. The report showed that compared to March of 2017:
--New Listings of properties for sale rose slightly
--The numbers of sale pending and officially sold properties were less, but more than in last month
--The inventory of homes for sale and average market time both decreased from last year at this time
 
Other points contained in this report included:
--The average price over the 12 months prior to March had risen by 7.6% to $435,000
--The suburb of Gresham rose above the rest with over 12% appreciation from last year
--The next largest value gains were experienced in Hillsboro, Beaverton and Milwaukie areas which had over 9% appreciation since March of 2017
 
Update On Borrower's Debt To Income Ratios
Courtesy of Economist, Elliot F. Eisenber, Ph.D.
"As house prices relentlessly rise, the percentage of conventional loans this past winter going to borrowers with debt-to-income (DTI) ratios above 45% hit 20%, almost triple what the percentage was 12 months ago, but less than the housing boom peak of 36%. Meanwhile the share of buyers with DTIs between 46% and 50% is near where it was in 2004-05 but remains well under the 2007 top."
 
Mortgage Assistance
Speaking of Mortgages...if you are struggling to get that down payment, check out some great neighborhood and loan programs that offer credits and/or financial assistance when purchasing a home. There are two lenders that I recommend that can offer you details on some great financing options:
 
Carol Flanagan
Guild Mortgage
(503) 528-9800
team@carolflanagan.com
This lender also offers free down payment assistance - Program ends in June
 
Julee Felsman
Guaranteed Rate
503-894-7428
503-799-3711
Oregon Bond For 1st Time Buyers - http://vid.us/vv741g
 
Values In The Suburbs Are Growing
Portland Monthly Magazine recently provided some great information on the areas outside of our city core:
--Camas and Cornelius had the largest appreciation rates with 16%-17% appreciation from 2016 to 2017
--The highest average sales prices were in Happy Valley ($504,000), Camas ($504,000) and in Lake Oswego with an average price of $738,000
--The lowest average sales prices were found in Fairview ($293,000) and in Cornelius with an average purchase price of $307,000.
 
Many of these suburb locations were included in the Portland Business Journal's list of the 'Top 50 Metro Neighborhoods'
 
Energy Score Update
Since January 1st 2801 sellers have fulfilled the requirement for all seller's in Portland to have an energy audit and provide a score to buyers. This week's report from Earth Advantage showed the overall average score for the last week was 4.4, down from last week's average of around 5. For more information about this requirement visit https://earthadvantage.us3.list-manage.com/track/click?u=0ce73db45e7e6bdefbd967753&id=84ebfc6a20&e=cda840e9b4
 
Upcoming Outer East Side Brewery
Those homeowners who live further East especially near Glendoveer Golf Course have certainly missed the Ringside Grill on 140th and NE Glisan which had closed down months ago. I was excited to hear that the previous local owners of The Pearl district's Fat Head Brewing will be opening a new place called Von Ebert Brewing at this location!
 
Having watched the commercial areas expand further from Downtown over the years, I have witnessed the surrounding property values increase as they became the next popular places to buy! This new Brewery will be a great alternative to those who might want to escape the congestion and parking issues of the closer in establishments
 
There is always so much more to tell about neighborhoods and our current market. Be sure to contact me with any questions you might have.
 
In closing I would like to encourage you to reach out to me for any questions you might have. I am happy to be here for you and those you know as a real estate resource.  Also, don't hesitate to contact me if you would like to receive the RMLS Monthly market reports or a list of properties that will soon be coming onto the market.
 
Warmest wishes for a great rest of your week!


keyboard_arrow_up