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 Portland 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!

Originally posted on West Linn Real Estate.

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..

Sales 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.

To view Portland 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!

Originally posted on West Linn Real Estate.

Let’s imagine Portland home buyers trying to find a home on their own.  For this post we’ll call them Mr. & Mrs. Buyerson.

Mr. and Mrs. Buyerson start their search online looking at every imaginable site out there.  I can already see the stress mounting.

They cannot find the phone number of the listing agent and when he does trying to get a callback can be challenging.  Imagine trying to get 10 different listing agents to show him their properties and lining up appointments……

They might also call only to find that the property is no longer on the market.  Many of these online sites are not up-t0-date.  They may have wasted time and got their hopes up by looking at properties that are not available.

Now, Mr. and Mrs. Buyerson may be sophisticated enough to recognize a property listed as a short sale and understand the some of the ramifications of buying one of these properties, but many other Portland home buyers don’t.

They may approach the listing agent on purpose thinking that he is going to get a deal by going directly because the listing agent does not have to split his commission.  Let me  take a second to point out who is paying that commission.  Mr. Sellersby is paying the listing agent to sell his home at the highest price.  Mr. Sellersby is paying the realtor who is listing his home whether that listing agent brings in the buyer or the listing agent pays a buyers agent to bring in a buyer.  In who’s best interest is it for Mr. and Mrs. Buyerson to go directly to the realtor listing the home?

There are way too many things that can go wrong when Portland real estate buyers try to buy a home by themselves.  I will point these out by showing what can go right if Portland real estate buyers use a Portland buyer’s agent.

Let’s see the benefits of using a Portland buyer’s agent:

Mr. and Mrs. Buyerson sit down with a Portland buyers agent and together they discuss the criteria for the search.  One of the first thing that the Portland buyers agent will ask is that the buyers talk with a lender and get a pre-approval.  Without this nothing can be accomplished.  The buyers agent will know the limits of the search and they buyers will not be disappointed by having set their heart on homes they can’t afford.

Their buyers agent will build a search that will update at least daily and send out new listings to him which will not include homes that have been sold.  And trust that most everything that is on the market will be on the MLS so the buyers don’t have to worry that they are missing something, although I am sure they are still going to peek.

The home buyers make themselves available to visit the homes at appointment times that the West Linn buyers agent has set up for them.

If any of the homes are a short sale, their buyers agent can find out the background.  How many liens are on the property; what kind of experience the listing agent has with short sales; has the process been started; all important things to know in order to decide whether making an offer on the property is viable.

Finally, and maybe most importantly, their West Linn buyers agent is going to be representing Mr. & Mrs. Buyerson alone.  When a listing agent is representing both sides of the transaction impartiality is a problem.  Remember who is paying the commission – the seller.  Put yourself in the position of someone trying to negotiate both sides of the deal while not divulging to one party what they know about the other one.

Last but not least, hiring your own Portland buyers agent is going to cost you nothing. Searching for you next Portland  real estate purchase with you own Portland buyer’s agent is the best money you will never spend.

To view Portland 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!

Originally posted on West Linn Real Estate.

Please note that as a result of the effort by RMLS to standardize the reporting of Short Sales, some areas may show unusual decreases in active listings and increases in pending sales

Portland real estate activity bounced back and increased the number of closings  and pendings from the prior month.  Closed sales increased from 1,709 to 1,805 (5.6%) while pending sales also went up from 1,928 to 2,187 (13.4%). For the second month in a row listings went down, this time from 2,942 to 2,879 (-2.1%)..

When comparing August of 2011 to August of 2010, closed & pending sales grew quite a bit.  A percentage shift of 30.7%  for closings and 29.6% for pendings.  Meanwhile, new Portland real estate listings dropped by 24% over last July.

At July 2011′s rate of sales, the 11,276 active residential listings would last about 6.2 months, just a little less than last month..

Sales activity was down when comparing January-August 2010 with the same period this year. Closed sales decreased a hair by only 0.5% (down just 71 sales), Pending sales increased by 2.8% (down 397 units), and new listings fell another 26% (down over8800 listings).

To see how last months data looked, click here.

To view Portland 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!

Originally posted on West Linn Real Estate.

Looking at the average sale price of Portland real estate for July 2011, you see an upswing of  3% from the prior month of June 2011.   The $9000 increase in average sale price ($267,100 to $275,100) is the second month in a row prices went up.  The median sale price increased from $222,900 to $227,200 (1.9%). When comparing July 2011 to the same month the prior year (July 2010), the average sales price were down 7.4%.

The number of closings of Portland real estate could not continue its increase for a second month.  Closed sales decreased from  from  1,958 to 1,709 (-12.7%) while Pending sales decreased from 2,001 to 1,928  (-3.7%). The good news for sellers is that listings went down again  from 3,143 to 2,942 (-6.4%).

When looking at July of 2011 to July of 2010, closed & pending sales grew, 21% and 18.4% respectively.  New Portland real estate listings dropped by 27% over last July.

This months home inventory is down 3.8 months from July 2010.  At July 2011′s rate of sales, the 11,970 active residential listings would last about 7 months.

When looking at January-July 2010 with the same period this year, home sales activity was down. Closed sales went down by 4.3% (down 500 sales), Pending sales decreased by 1.4% (down 183 units), and new listings fell 26% (down over 7600 listings).  The average sale price fell 5% and the median sale price dropped 5.4%.

To see how last months data looked, 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!

Also posted on Lake Oswego Real Estate.

Portland real estate continued its increase in the number of closings  for the second month in a row.  Closed sales increased from 1,742 to 1,958 (12.4%) while pending sales decreased from 2,167 to 2,001 (-7.7%).  New listings also went down from 3,338 to 3,143 (-5.8%).  When comparing June of 2011 to June of 2010, closed sales were down 2.7% and pending sales were up 23.7%, while new listings dropped 22.4%.

At Junes 2011′s rate of sales, the 11,817 active residential listings would last about 6 months.  That is the lowest it has been since 2007.

When comparing sales activity for April-June 2010 with the same period this year, the numbers were up and down. Closed sales decreased by 11.8% (6,191 v. 5,462). Pending sales went up by 2.3% (5,842 v. 5,978), and new listings fell 21.6%. the average sale price fell 6.1% ($282,300 v. $265,200), and the median sale price dropped 8.3% ($240,000 v. $220,000).

To see how last months data looked, click here.

To view Portland 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!

Originally posted on West Linn Real Estate.

Portland real estate had an increase in the number of closings and pendings for May 2011.  Closed sales increased to 1,742 from 1,615 (8.1%) and pending sales also increased to 2,167 from 2,005 (8.1%) compared to the month before. New listings went up to 3,338 from 3,099  and increase of only 7.7%.  When comparing May 2011 to May 2010, closed sales were down 15% and new listings dropped 4.1%.  During the same period, pending sales  climbed by 45.1%. That could mean there will be a large number of closings in June 2011

At May 2011′s rate of sales, the 11,825 active residential listings would last about 6.8 months.  That is the lowest it has been in 19 months.

Sales activity was still down when comparing January-May 2010 with the same period this year.  Every category was lower than the prior year.  Closed sales decreased by 9.3% (8,069 v. 7,321). Pending sales went down by 9.6% (9,792 v. 8,853), and new listings fell 26.4% (21,583 v. 15,878).Additionally, the average sale price fell 7.3% ($278,500 v. $258,300), and the median sale price dropped 9.1% ($239,900 v. $218,000).

To see how last months data looked, click here.

To view Portland 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!

Originally posted on West Linn Real Estate.

When you work with a real estate agent to help you find a home, you either hire a  buyer’s agent, one who works for you not the seller or a dual agent. You have a dual agent if your real estate agent is both representing you as a buyer and the seller of the home you want to buy. This is usually is a conflict of interest even though it is legal here in Oregon.

When you use a buyers agent you eliminate the dual agency.  This also ensures you have someone who is working only for you and not the seller.  Click here to read a post about myths in using a buyers agent.

Now, imagine a realtor working with a seller for quite some time.   The listing agent has invested quite a bit of time and money to get the sellers to list their home with that agent.   Numerous meetings with the seller, emails and phone conversations, essentially forming an important relationship with the seller.  That listing agent has promised that seller the highest possible price, and in fact the agent owes his client a legal and fiduciary duty to the sellers during the entire course of the real estate sale.

Now imagine the same agent begins working with a buyer.  They want to use this same Realtor to purchase their Portland real estate.  The buyer likes that same house the agent is listing for the seller mentioned above.  Now that agent has a legal and fiduciary duty to get his new buyer the lowest possible price and represent them in the transaction.

Here is something to think about, who will the agent fight for the most?  Is this agent going to try and get the lowest price and best terms for the new buyers?  Or will he be looking out for the sellers best interest, who hired him in the first place?   Could there be any conflict of interest?

Here are a few points to why using a buyers agent to represent you in a home purchase will help you avoid that conflict of interest. Making contact and “hiring” a buyers agent from the start of your home search can benefit you when you close your deal.

1.  You have an agent who represents only your interests without a conflict with the seller.   If you hire an agent to represent you as your buyer’s agent, you eliminate those conflicts that can work against your best interests.

2.  You can find and hire a buyer’s agent who has the experience and professional abilities you need as you get ready to spend hundreds of thousands of dollars. The best part is that you as a buyer do not pay for their services. The listing agent is the one who pays the buyers agent who bring in a buyer.  In dual agency, the buyer agent commission (also known as BAC) would be kept by the listing agent essentially doubling his commission.

3.  A buyer’s agent has a focused interest in protecting you, and that means using all of their resources, knowledge and experience to help you find the best home, negotiate the best price, handle all contingencies appropriately, protect you from legal liabilities and contract ambiguities, and in being your transaction coordinator until the close of the sale.

4.  Because your buyer’s agent does not have a legal or fiduciary duty to protect the seller, he can negotiate the price and terms entirely with your interest and preferences in mind.

5.    If your buyers agent is not trying to represent the seller, they will be in it for you and you alone.  Since they don’t represent the seller, there is no dual agency and no conflict of interest from dual agency.

6.  A Portland real estate buyer’s agent has a desire to help you do your due diligence on the home you wish to purchase to help avoid problem areas that may not be completely pointed out to you by the  agent representing the sellers.

A  professional buyer’s agent will help you find the ideal home without biases, provide you information to help you make and informed decisions about location, help you negotiate the best possible price and terms, and guide you through the transaction in its entirety all the way to closing.

To view Portland 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!

Originally posted on West Linn Real Estate.

While February to March 2011 had a large jump in the number of closed sales, the numbers were pretty stable looking month over month.  Closed sales dipped from 1,615 to 1,611 (-0.3%) and pending sales also decreased from 2,014 to 2,005 (-0.5%) for April 2011 compared to the month before. New listings went up from 3,056 to 3,099  and increase of only 1.4%.

Sales activity was down when comparing January-April 2010 with the same period in 2011.  Closed sales decreased to 5,513 down from 5,900.  A 19.7% drop in pending sales (8,476 v. 6,806) was large amount.   A larger number of new listings fell to 12,378 from 17,918 (30.9% ).  In addition to those figures, the average sale price fell 8.1% ($279,700 v. $257,000), with the median sale price dropped 10.4% ($239,900 v. $215,000).
With the 11,621 active residential listings for the month of April 2011, it would take about 7.2 months to clear these homes from the market.

To see how last months data looked, 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!

Originally posted on West Linn Real Estate.

How much do you need for a down payment?

If possible, 20% of the purchase price is a good down payment. Anything less than will usually give way to Mortgage Insurance which can equal hundreds of dollars a month on your mortgage payment. Absolutely none of the mortgage insurance premium will go to the principle balance of your loan. If you can save a 20% down payment, you should be able to avoid mortgage insurance altogether.  Your payment goes down because you don’t have to pay mortgage insurance, but also because you are financing less.   Not having to get mortgage insurance will significantly lower your monthly payment. While it could allow you to qualify for more home, you have to take into account that, if you raise up the cost of the home, you will need also need to bump up your down payment.

To many people, 20% would be out of reach in the time to purchase a home. If one cannot save the 20% as a down payment, try to shoot for 5-10%. While the minimum amount required for common financing is 3.5%, anything less than 20%, you will likely have mortgage insurance up-front, monthly, or even both.

What to do before the house hunting starts?

Talk with a Buyers Agent

When do we start getting serious?

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!

Also posted on West Linn Real Estate.