Portland, Oregon

Living in Portland, Oregon

 

May 15, 2012

Portland Real Estate Foreclosure Myths

Since mass foreclosures started hitting the Portland real estate market around the time of the real estate downturn, many misconceptions about foreclosures have been floating around.  The myths and rumors were spread and many Portland real estate buyers tried to understand what was real. Many misconceptions have come and gone, we still encounter a few myths on a regular basis.

1. The flood of new foreclosures to 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. Buy 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 way to get a 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. Appraisers don'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. The bottom end of the market is all that is being affected by foreclosures.

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.

  

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!

Originally posted on West Linn Real Estate.

Share This Post
May 8, 2012

From the Buyers Side - The Short Sale Process

Just like a traditional or equity real estate transaction, a Portland real estate buyer will make an offer to the seller. And as it is in a traditional sale, the seller may not entertain an offer unless it is written, has earnest monies and pre approval letters included. The seller then accepts, counters or rejects the offer.
Once the buyer and seller finish the negotiations on the terms of the agreement, the home is now short sale pending. In a short sale situation, once the seller has accepted the offer it is then sent to the lien holder (bank).  The seller can accept an offer, only to be rejected or counter offered by the bank.

The bank can take weeks even months to respond. Even though lenders are getting more systematic these days in their processes, there is no timeline for when the banks have to respond. In some cases with offers that are unrealistically low may not have any response of a rejection or counter offer.
While the bank is reviewing your offer, they will continue to market the property. Your offer may be one of several offers the bank will review on this property.  The bottom line is that the bank is trying to limit their losses. In addition, the bank is reviewing not only your offer on this property, but has many other properties and offers to review as well.

Since lenders want good quality buyers, many will require the buyer to be pre approved by them. The buyer does not have to make loan application with that institution (by law they cannot require this), but this is a safety net for them to know the buyer is qualified. Should your other financing fall through you would still be qualified with them and they can move forward to close the transaction.

Many offers will come back to the buyer in the form of a counter offer. The bank may have approved the price, but their boiler plate verbiage is different than most purchase sale agreements. The counter offer must be read very carefully, as it will override the original offer.

The transaction timeline starts when the lien holder (bank) has accepted the offer. Once your offer is accepted, the clock starts ticking your closing date can come quickly. Escrow can close in less than 30 days. The bank has made a determination using that closing date as part of the criteria to move it off their books. The penalty to extend the closing date can be expensive.

The seller and lien holder must provide clear title to the property at closing.  Since financially distressed sellers do not always realize the extent of their obligations, they may not understand the process and that they most convey clear title. The seller may have back child support, alimony, tax liens, or other attachments to the property, they all must be paid off to give clear title.

Every short sale transaction is unique, just like traditional sales.  Patience is the biggest challenge area for buyers in a Short Sale transaction. 

 

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!

 

Originally posted on West Linn Real Estate.

Share This Post
May 5, 2012

Why Renting Out Portland Real Estate Could Cost More Than Listing

In the Portland real estate market, homes for sale are selling for about the same as they were in 2003.  Selling and recouping your investment can be hard.  Some owners who have Portland homes for sale are turning to renting when their home is not selling.  Can doing so actually lose you money?

Renting may seem like an easy fix but,  it may not be a long-term solution. Not everybody is cut out to be a landlord.

The top reason why Portland  home owners turn to renting vs selling is that they have to sell but they will not "give it away".  They are in a tight situation and need to sell and sell quickly.  But the market is not letting them get what they "want" for the house. They are either getting low ball offers or no offers at all.  They cannot drop the price any lower. They feel they cannot sit around waiting for a decent offer.

These homeowners might think that becoming landlords will be a good solution.   Homeowners want to rent for just a couple years while waiting for the market to recover .  Then, they’ll be able to sell their house for more than they can today.   While  this plan seems like a good one, will renting really solve their problems? Maybe yes. And maybe no.

Lets look at some of the factors to help you before deciding whether renting will solve some of your problems … or if it will create more.  While you may have excellent reasons for renting your house, consider the following ten potential problems before giving up on selling your house.

  • Buying again – You might need some of the equity from the sale of your house to purchase a new one.
  • Property management – Managing receipts, maintenance, repairs, emergencies, and other requirements associated with renting requires time, money, and effort. You can choose to do it yourself or you can choose a property manager to do it for you.
  • Market recovery or market bust – It may take longer than you think for real estate prices to recover. Right now, the economy remains weak. Downward pressure on home values will continue for the foreseeable future. Who can say how much longer … or steeper … prices will sink before an eventual upswing. Once the market is on an upward trajectory, it will take years forprices to return to previous highs.
  • Depreciation – Since tenants are unlikely to treat your home as well as you would, physical depreciation is a very real aspect of turning your home over to tenants.
  • Capital gains tax – If you rent your house for only two years, you can still sell your house and be exempt from paying IRS taxes on up to $250,000 of capital gain (when single) or $500,000 (when married). However, the depreciation you took against rental income may have to be recaptured. Be sure to consult your tax accountant.
  • Re-lease or try to sell again – In this climate, you’ll find tenants quickly. Once the first year’s lease is over, you’ll have to decide whether to continue renting your house or try selling. Either way, you’ll have to invest in cleaning, painting, landscaping, replacing carpet, upgrading appliances, and making repairs before the next tenants or buyers move in.
  • Damaged goods – When you’re ready to sell, your house may be considered ‘damaged goods’. Homebuyers can immediately tell if a house has been lovingly cared for or simply lived in. And they will take this into consideration when making offers.
  • Selling with tenants in place – Let’s face it, tenants don’t care if you sell your house or not. They don’t have a stake in the outcome. They only know it disrupts their schedule. They won’t keep the house as neat and clean as you would. They won’t be as flexible to accommodate showing appointments as you would. And they may hang around the house during showings, making homebuyers uncomfortable and eager to leave. Once their lease is up, you’ll find yourself in a negative cash-flow position and may very well be forced to rent once more.
  • Rental merry-go-round – After renting your house for what was supposed to be no more than a year or two ... just until the market turned around ... could turn into a long-term commitment. You may get stuck on the rental merry-go-round, unable to jump off. The window between leases will leave you with only a short time to list and sell your house. Before you know it, you’ll be back on the rental merry-go-round, still waiting for the opportunity to unload a monumental burden.
  • Rental prices may go down – Right now rental prices are what they are, and they may be just fine for your needs. But renting your house as a short-term solution may not be a long-term solution. With so many homeowners turning to renting as an expedient to selling, tenants will have more homes to pick from. In time, instead of facing a ‘Buyer’s Market’ on the selling end, you may very well face a ‘Renter’s Market’ on the rental end. Such a circumstance would drive rents down year to year. After factoring in rising insurance rates and property taxes, you may eventually find yourself in a negative cash-flow position.
  • Mortgage rates – Mortgage rates are the lowest they’ve been in recent history. But they can’t stay low forever. When the economy recovers, the Federal Reserve will start raising key interest rates. Mortgage rates will climb in lockstep, making homeownership more expensive. To make up for higher monthly costs, buyers will bargain that much harder, forcing prices down once again.

Really there could be more reasons.

If you have a pressing need to move out and move on, and don't want to be weighed down with renting your house, there is a way to sell quickly.  Its listening to the Portland  real estate market and price your house accordingly.

 

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!

Originally posted on West Linn Real Estate.

Share This Post
May 5, 2012

Portland Real Estate Types of Sales

There are three main types of Portland real estate sales.

  1. Traditional / Fair Market / Equity
  2. Short Sale
  3. Bank Owned / REO (Real Estate Owned)

While there are many other "types" of home sales in the Portland Metro area, I just want to point out the  most common.  Lets take a look at some of the similarities and differences between the three.


 

Traditional Sale
Usually easy to find, finance and close
Not always the easiest to negotiate
May be overpriced, but not always.
Most Realtors are well versed in the fair market process
Properties are often occupied (not vacant)
Owner impact on the property will be more obvious
Owner may be willing to make repairs
Owner may be willing to add closing costs

 

 

 

 

Foreclosures
Relatively easy to find in today's market
Financing may be hindered by property condition - may require a renovation loan
May be damaged by previous owner - or may need more repairs due to previous owner's inability to keep the property up during their financial struggle
REO companies do not like to do repairs - normally sold "as is" - may do system repairs due to necessity
Prices tend to be lower because it's a foreclosure
More room for price negotiation than short sales
Closing is about the same as Fair Market once a contract is ratified
REO companies may be willing to add closing costs
REO companies want things to move swiftly once the contract is ratified - they don't like contingencies
Buyer may be subject to per Diem fees if he/she is responsible for a delayed closing
Not all Realtors are familiar with the REO process, but it is easier to learn on the job

Short Sale

Also easy to find in the current market
Listing price may not have been approved by the lender prior to listing
Will require more time to secure contract acceptance and ratification - can be as long as 3-6 months, and beyond.  There are signs that banks are finally accepting the inevitable and are processing short sales more quickly.
Just because a seller says yes to a purchase offer doesn't mean that the buyer has a good contract.  The third party may not accept the buyer's offer.  Then again, the third party may counter the offer.
The buyer cannot fall in love with the property.  There are numerous things that can go wrong.
Financing is similar to fair market financing
If the buyer has the time, patience and money to buy, it can be a great option.  Many short sales are equal to and/or lower than foreclosure prices.
Not a good choice if time is a factor
Houses tend to be in better condition
The short sale lender will almost never do repairs.
Short sale lenders do not like any contingencies
Short sale lenders do not like to offer closing costs
Short sale lenders may try to change the rules at the last minute affecting Realtor compensation and seller contributions to the sale
Not always vacant
Not all Realtors are familiar with the short sale process - this can hinder the entire process

 

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!

Originally posted on West Linn Real Estate.

Posted in Featured
Share This Post
May 5, 2012

Portland Buyers Agents: Looking Out For the Buyers Best Interest

 

 

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 the 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?

Porltand Real Estate - OR Agency Disclosure Pamphlet

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!

 

 

 

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!

Share This Post
April 13, 2012

Why are you waiting on Portland Real Estate?

Are you a lurker?  Bench warmer? A Watcher?  Fence sitter?

Are you a potential home buyer that watches the Portland 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?

Portland Real Estate Homes For Sale 

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.  Basically, someone else ate your lunch.

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 Portland.

But don't wait too long.  Others are doing the same things you are... and they might not want to wait any longer.

 

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!

Originally posted on West Linn Real Estate.

Share This Post
March 23, 2012

For Sale By Owner (FSBO) vs. Listing with a Portland Real Estate Broker

Listing with a Portland Realtor vs For Sale By Owner (FSBO)

Lets take a look at trying sell your home as a For Sale By Owner (aka FSBO) vs. hiring a professional Portland Real Estate broker to get your home sold.  While there are some deals that have gone smoothly without the services of a professional Realtor, your chances of selling faster and for market value are greatly increased by going with someone who does this everyday.Portland Realtor vs FSBO For Sale by Owner
  • 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.

 

Portland Home Buyers

  • 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.
Real Estate transactions involve one of the biggest financial investments most people experience in their lifetime so shouldn't you have the best possible advantage in selling your house?
If the founder of ForSale ByOwner.com hired a Realtor to sell his condo, trying to sell your Portland real estate without a Portland Realtor just might be a bigger challenge than you might think.

 
 
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!

Originally posted on West Linn Real Estate.

Share This Post
Nov. 16, 2011

Portland Real Estate – October 2011 Market Update

 

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 October 2011 12-month sale percent change 

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.

Inventory levels of Portland Real Estate October 2011 

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.

 

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!

Originally posted on West Linn Real Estate.

Share This Post
Oct. 17, 2011

Portland Real Estate – September 2011 Market Update

In Portland real estate, for September 2011, the average sale price fell 1.3% from the prior month of August 2011.   The $3600 decrease in average sale price ($271,800 to $268,200) was offset a little by the median sale price rising from from $225,000 to $230,800.  That is a 2.6% increase.   When comparing September 2011 to the same month the prior year (September 2010), the average sales price were down 4.2%.

Portland real estate activity decreased the number of closings, pendings and new listings from the prior month.  Closed sales decreased from 1,805 to 1,586 (-12.1%). Pending sales also went down from 2,187 to 1,861 (-14.9%). New listings fell from 2,879 to 2,501 (-13.1%).

When comparing September of 2011 to September of 2010, closed & pending sales were up.  A percentage shift of 13.4%  for closings and 17.5% for pendings.  Meanwhile, new Portland real estate listings dropped by 29.5% over last July.

At Septembers 2011's rate of sales, the 10,666 active residential listings would last about 6.7 months, just a little less than last month..

Portland Real Estate Market update Percent Change of 12 month saleSales activity was down when comparing the third quarter of (July-September) 2010 with the same period this year. Closed sales jumped up by 21.5% (4,340 v. 5,275), while pending sales also increased by 21.6% (4,725 v. 5,747). New listings fell 27.6% (11,582 v. 8,380).

In the same quarterly comparison, average sale price fell 6.9%, while median sale price dropped 7.5%.

To see how last months data looked, click here.

[caption id="attachment_1865" align="alignleft" width="134" caption="To view Portland real estate listings, click on the map"][/caption]

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!

Originally posted on West Linn Real Estate.

Share This Post
Oct. 14, 2011

Wonderful family home for sale in Lake Oswego!

This spacious home (2632SF, 4BR, 21/2 BA) is in wonderful shape and has all the basics and more for a family of 4-5, tucked away in a quiet Lake Oswego neighborhood where the schools have the highest ratings.  In addition to an upstairs bonus room for rainy day play, I am most impressed with the outdoor access for energetic kids....a large deck off the eating area and family rooms, a fenced yard for the dog and a private play structure off to the side.  Just up the street is a small public park with additional play equipment and a block beyond is a flat street perfect for bike riding.  The whole family can hike in the huge forest park of trails a few blocks away.   Then they can come home to a relaxing soak in the outdoor hot tub!

Call me for details on this wonderful Lake Oswego home for sale!

[gallery link="file" columns="5"]

 

 

 

 

Share This Post