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Current Trends

Found 30 blog entries about Current Trends.

Portland's Lents neighborhood was featured in Huffington Post's article "12 Neighborhoods Across America That Are About to Blow Up"! Do you agree? Check out the foundation for the choice & the full article below!

  Lents Portland, OR

Seemingly ignoring the directive of Horace Greeley (and the Pet Shop Boys!) to go west, many of Portland's young(ish) are headed east, moving away from the city's center in search of more affordable housing. And where go Portland's hip, so go the bars. The neighborhood's nightlife is thriving with spots like O'Malley's (dive), N.W.I.P.A. (beer), Zoiglhaus (taproom), and the legendary strip club Devils Point.

The food scene is equally expansive: one of the nation's best burgers (Foster's) is served next door

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Here's an interesting graphic giving us a snapshot of the Portland Metropolitan region. Looking at the numbers, it gives us a good idea of why our housing inventory is so low at the moment. It points out that in the areas added to the urban growth boundary since 1998, only 8% of the planned housing has been built! 

A big takeaway from this is that with the combination of high rental rates & low interest rates, the affordability of purchasing a home makes a LOT of sense right now compared to renting. Purchasing a home will actually save you money!

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People typically think of the "spring buying season" as being the best time to list a home for sale and the time of year when we'll find the most traffic. However, the most recent Foot Traffic report from NAR (National Association of Realtors) shows us that there are currently more buyers out looking at homes than anytime in the last two years! This includes the past two spring buying seasons! This is great news for future sales, as foot traffic has a strong correlation with contracts & sales two to three months in the future. This will make for a different August, September & October than what we have seen as of late and one of the best years in real estate in over a decade!

Check out the charts below to see the details. The traffic in June showed a

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The numbers are in from last quarter and we are seeing a big change in the amount of distressed properties being listed and sold on RMLS!

Short sales account for only 1.6% of new listings and bank owned/REO 4.7%. This is down from 2.9% and 6.0% in the first quarter of 2015 respectively! Short sales accounted for 2.3% of total sales in the second quarter, and bank owned 6.0%, showing that we are selling through the current inventory of distressed properties. This is compared to 3.4% and 8.9% respectively in the first quarter. As the current inventory is sold through, we can see the clear trend of less and less distressed properties coming to market as we move towards a normal market.

This is great news as we see more and more home owners getting

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Here's a quick snapshot of the info that we saw in the latest NAR (National Association of Realtors) Existing Home Sales Report for the US. Here are a few quick highlights:

- Our local inventory is far lower than what we are seeing on a national level (1.7 months in Portland vs. 5.3 nationwide)
- The large buyer demand is causing a slight slowdown in sales due to lack of available product for immediate buyers
- The national average days on market for homes was 39 as of this report, the fastest since June of 2013!

 

Bottom line: As sellers, now is the perfect time to list your home and take advantage of the low inventory & large buyer pool!

 

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Have you ever wondered what is driving the Real Estate market in Portland? Perhaps you're also curious how it will continue to evolve over the next few years. Here are some thoughts from our very own Chris Suarez on what is driving the current market and where it's heading:


Our values are being driven not by intrinsic gains in prices or values, but rather based on a struggle with supply and demand.  With loosening in the lending standards at the end of 2014 and early 2015, our buyer pool grew dramatically.  Add in the historically low interest rates, and families that are “monthly payment driven” (which is most) have dramatically been able to increase their purchasing power…allowing them to get into homes that they may not have otherwise been able

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The RMLS Market Action Report details the current trends in our local market as a whole, focusing on last month. This report also gives us a visual representation of the active, pending and sold listings, average time on market, and average/median sale prices for individual areas as well as the entire local market. A few interesting highlights from this latest report are:

- There were 4,947 active listings in the Portland Metro area as of the publication date, down 49 from January's numbers at 4,996.

- Pending sales increased an astounding 37.1% over last February's numbers at 2,534 vs. 1,848.

- Closed sales improved 12.3% to 1,648 vs. February 2014 when we saw 1,467.

- The inventory decreased 3.0 months from 3.4 in January.

- The average

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In Portland, reports show that the median fixer-upper $354,928, just 6% lower than the median home price in good condition!  With inventory low, distressed properties are priced closer to real market value and may not be the deal you are looking for!

Check out the full article HERE.

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Today's interest rates have dropped further than where projections thought they would be, but why is that? Let's look at a recent Keeping Current Matters article which gives us a great overview of the siutation by breaking down the National Association of Realtors' (NAR) latest data.

The NAR highlighted a main reason lower-than-expected interest rates, falling crude oil prices. Lower oil prices mean a lower inflation rate, which pushes down interest rates. On the flip side, with an increase in consumer spending as the economy continues to strengthen, aided by low oil prices, rates could once again start climbing.

The article makes the point that we don't know exactly how long interest rates will be this low, but they certianly won't stay at this

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Check out this great chart explaining why buying in today's market can maximize your purchasing power! With mortgage rates currently sitting right around 4% and expected to rise, potential buying power is quite impressive compared to what monthly payments would look like at a 4.75% interest rate.