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Category: Resources

As the snow and ice melt away… so do the distressed sales

Posted on by Eric Hagstette

New research from RMLS shows that the percentage “distressed” property sales & listings in our local and regional market continues to dwindle, making up just a small portion of our sales. “Distressed” properties, often referred to as “foreclosures” (technically named REO or bank owned) and short sales (when debt on a property exceeds market value) were certainly a factor in the market a couple years ago. However, in the Portland metropolitan area, urban planning from years past and lack of sprawl have somewhat insulated our property owners from the total devastation that other over built markets experienced as a result of the housing meltdown.

With that said, we continue to hear rumors and rumblings of “the shadow inventory” (the stock piles of foreclosed properties that the banks might be sitting on). Does this shadow exist? Who knows??? But with barely 3 months of housing inventory and the voracious appetite of the buyers shopping the market, we feel pretty good about the stability of our market. At Inhabit, we coach our clients to play by the #1 rule of real estate: LOCATION, LOCATION, LOCATION! Purchasing property in the right location should keep you liquid and “in demand” in good markets and bad.

Portland metro when comparing percentage share of the market 2012 to 2013:

  • Comparing ’12 to ’13, distressed sales as a percentage of closed sales decreased from 28.2% to 13.2%.
  • New listings rose from 32,011 to 35,524 which is a 11.0% increase.
  • Short sales comprised 6.4% of new listings and 8.0% of sold listings in 2013, down 5.7% and 4.3% from 2012 respectively as a percentage of the market.
  • Bank owned/REO properties comprised 3.3% of new listings and 5.2% of sales in 2013, decreasing from 10.4% and 15.9% respectively in 2012.

Below is a chart showing  the number of bank owned/REO and short sales in all areas of the RMLS system during 2013.

For more numbers and information, visit http://rmlscentral.com

To Airbnb or Not to Airbnb?

Posted on by Eric Hagstette

Portland’s close-in pocket neighborhoods are a perfect market for the AirBnb concept. Many of our clients are taking advantage of this short term rental demand and converting underutilized space to create passive income. We’ve seen this trend grow stronger and stronger as Portland becomes a wildly popular urban, vacation destination.

Here is a recent article Dale came across on oregonlive.com that discusses the city of Portland’s willingness to ease some of it’s restrictions on the short-term rental market laws.  

News & Events – Prices and rates expected to rise in ’14

Posted on by Eric Hagstette

Rare, Double-Whammy

There’s a lot of excitement in the air in anticipation of a very strong 2014 nationally and locally. Check out this Portland Business Journal article ranking Portland in the top 10 of the countries hottest markets next year. Fasten your seatbelts and get ready. Prices up and rates too….this will be interesting.

If you’ve been on the fence to buy or sell, now may be the time.

5 Reasons to Sell in the Winter

Posted on by Eric Hagstette

5 Great Reasons to Sell During the Winter

Many of our sellers ask us if they should sell now or wait until the spring market to sell. At Inhabit, we encourage our sellers to list their house during the winter as long as their house is market ready. Here are 5 great reasons to get on the market NOW instead of waiting for the Spring market:

1. Inventory is lowest from November through February. Take advantage of that! Fewer homes on the market means less competition.

2. Buyers out looking during these months are serious buyers. They’re out shopping in the rain and the dark because they need and want to find a house!

3. Interest rates are still historically low. The holidays seem to bring less volatility as  well, making it less stressful to pick a time to lock your rate.

4. Home sales in the greater Portland/Vancouver area are now up 15% year-over year on average sales price. Who knows if that significant growth rate will be sustainable through next Spring?

5. The area rental market is very tight right now; such that even with just 5% down, a 30-year mortgage payment has become cheaper in most inner Portland neighborhoods for someone with good credit.

Here’s a great example of one of Chylese’s clients taking advantage of the winter selling market. 5 bedroom/2.5 bath Victorian in the Alphabet District – $795,000

For further information on this house, contact Chylese Austin 503-703-3303 | chylese@inhabitre.com

Who to notify

Posted on by Eric Hagstette

The Mover’s Directory has a great list of people to consider notifying about your move. Notify businesses at least one month ahead of time.

  • Friends and Family
  • Church
  • Post Office
  • Utility Companies: Home phone, Cell phone, Trash, Cable, Water, Electric, Internet
  • Insurance Companies
  • Banks and Financial Institutions: Checking, Savings, Loans
  • Creditors
  • Government agencies: IRS, DMV
  • Health Providers: Doctors, Dentists, Veterinarians, Pharmacy
  • Schools, Colleges, Universities
  • Subscriptions: Magazines, Newspapers, Book/Wine Club
  • Travel/Auto Club

Planning your move

Posted on by Eric Hagstette

Here are some resources to help you plan your move:

  1. Week by week moving plan
    This is an excellent plan that breaks down your moving tasks starting two
    months before your move.
  2. Budgeting your move
    This worksheet helps you itemize the expenses of your move so you can get a handle
    on its total cost. It also provides some tips on how to save money on your move.  
  3. Choosing a moving company
    This thorough guide includes the right questions to ask moving companies as well as how to do your research.