Last Week in Portland

Hi There!

Here's a brief breakdown of the latest real estate data in Portland and right below it,  my own hand-crafted list for easy scrolling through your neighborhood. See addresses & details re: what Sold Last Weekhow long it took, and for how much.

 

Latest/August Numbers for the entire Portland area:                                                      (Source: RMLS Market Action Report)

  • There were 4,203 New Listings in August which was down 3.9% from July, and up 8.3%from August of 2015.
  • At 3,001, August Closed Sales were up 8.1% from July's 2,776, and down 3.1% from August of 2015's 3,098.
  • August Pending Sales (Accepted Offers), at 3,325 were up  0.7% from July's 3,302, and were also  0.7% lower than August of 2015's 3,347.
  • The Average Sale Price in August of $400,100 was down $7,000 from July's $407,100, and also up around $35,500 from August of 2015's $364,600. 

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Average Sale Prices By Area for August were:                                                                                                   12-Month Appreciation:

  • North Portland:  $373,400                             12.8%
  • NE Portland:  $426,400                                     9.2%
  • SE Portland:  $369,400                                     11.0%
  • Gresham/Troutdale:  $311,600                     13.1%
  • Milwaukie/Clackamas:  $385,300                  8.6%
  • Oregon City/Canby:   $364,100                      12.8%
  • Lake Oswego/West Linn:  $619,600             11.8%
  • West Portland:   $572,100                                 9.8%
  • NW Washington County:  $495,200               7.0%
  • Beaverton/Aloha:   $350,300                            9.4%
  • Tigard/Wilsonville:   $402,200                      10.7%
  • Hillsboro/Forest Grove:  $328,100              12.4%

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On The Mortgage Front, Give a listen to one of my most trusted resources below:

We dodged another bullet this past week when the Federal Reserve Board kept the Federal Funds Rate (the Overnight Lending Rate) the same, despite three months of chatter in financial markets that the Board had waited too long to raise rates and would do it this month.   There were, however, unusually hawkish statements at the Fed Open Market Committee meeting, made by several members of the Board, to the effect that the rate should go up at the December meeting, and that there should be several rate increases in 2017.  The economy is clearly recovering, albeit slowly, and the Fed always wants to curb future inflation by raising the Overnight Rate to restrain borrowing.

Mortgage rates, still at historical lows, have always been immediately affected upward when the Federal Funds Rate has been raised.  If you intend to buy or refinance, be advised that you could be looking at higher rates very soon.

PETE CHRISTELMAN

Mortgage Originator
NMLS -  93499

Tel:         (503) 282 9000

Mobile:   (503) 381 7222

Email:     pchristelman@financeofamerica.com

_____________________________________________________________

MACADAM  I  4380 SW MACADAM AVE  I SUITE 560  I  PORTLAND, OR 97239

FinanceofAmerica.com/Macadam

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© 2015  Finance of America LLC I  I  Equal Housing Lender  cid:image003.png@01D16E57.477735A0 I  NMLS 1071

Mortgage Banker License #0910184 I  Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act  I Georgia Residential Mortgage Licensee  I  Illinois Residential Mortgage Mortgage Licensee  I  Kansas Licensed Mortgage Company  I  Licensed by the Mississippi Department of Banking and Consumer Finance I  Licensed by the New Hampshire Banking Department  I  Licensed by the N.J. Department of Banking and Insurance  I  Licensed Mortgage Banker--NYS Banking Department I  Rhode Island Licensed Lender

Last Week in Portland (N, NE, SE & W):

(***CDOM= Cumulative Days on the Market)

Here's the Scoop on What Happened in Portland Last Week (:

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
4763 N LOMBARD ST / Upper $165,000 $165,000 1 1 436 CONDO 5
8515 N PORTSMOUTH AVE $175,000 $165,000 4 2 2229 DETACHD 10
9120 N TIOGA AVE $150,000 $181,600 2 1 1000 DETACHD 12
184 N HAYDEN BAY DR / Upper $219,900 $205,000 1 0.1 728 CONDO 10
9045 N HAMLIN AVE $219,700 $225,000 3 1 836 DETACHD 35
5423 N COLUMBIA BLVD $254,900 $249,900 3 1 936 DETACHD 32
6662 N ASTOR ST $290,000 $285,000 3 1 828 DETACHD 37
3423 N LOMBARD ST $314,900 $305,000 3 1 1792 DETACHD 2
9114 N DRUMMOND AVE $350,000 $310,000 3 2 1196 DETACHD 78
2121 N DEKUM ST $329,000 $310,000 2 1 816 DETACHD 35
9406 N ALLEGHENY AVE $299,900 $320,000 2 1 1794 DETACHD 4
8538 N PENINSULAR AVE $369,269 $344,700 3 2 1750 DETACHD 23
7909 N SMITH ST $339,000 $347,000 3 2 2222 DETACHD 10
5639 N WILLIS BLVD $348,000 $360,000 3 2 1080 DETACHD 38
7824 N EMERALD AVE $350,000 $370,000 2 2 2074 DETACHD 6
7083 N BURRAGE AVE $339,900 $374,500 3 1 1486 DETACHD 15
8950 N BERKELEY AVE $349,950 $375,000 2 1 1727 DETACHD 6
3925 N ALBINA AVE $375,000 $380,000 2 1 824 DETACHD 11
10019 N JERSEY ST $409,000 $395,000 3 2 1402 DETACHD 94
8332 N FOX ST $324,900 $400,000 4 2.1 2002 DETACHD 5
7107 N IVANHOE ST $389,000 $419,000 3 1 1645 DETACHD 3
6804 N VILLARD AVE $395,000 $442,000 3 2 1322 DETACHD 7
6114 N MISSISSIPPI AVE $519,900 $490,350 3 2 2856 DETACHD 53
756 N Webster ST #4 $499,000 $499,000 4 3.1 1663 CONDO
6124 N GREELEY AVE $475,000 $500,000 3 2 2024 DETACHD 10
742 N Webster ST #3 $499,000 $510,500 3 3.1 1440 CONDO
722 N Webster ST #1 $499,000 $520,000 3 3.1 1663 CONDO 6
235 NE 61ST AVE #36 $185,000 $180,000 1 1 491 CONDO 42
839 NE 162ND AVE $189,900 $196,500 2 2 1187 ATTACHD 2
6819 NE BROADWAY ST /Grnd $225,000 $220,000 2 1 1050 CONDO 30
10725 NE SAN RAFAEL ST $214,900 $223,000 3 1 941 DETACHD 7
8421 NE WEBSTER ST $259,900 $279,000 2 1 768 DETACHD 4
3715 NE 42ND AVE $279,000 $279,000 2 1 1344 DETACHD 18
2338 NE 159TH AVE $299,999 $280,000 3 2 1736 DETACHD 105
2411 NE 134TH PL $289,900 $289,000 3 1.1 1300 DETACHD 20
3425 NE 89TH AVE $300,000 $320,000 2 1.1 1462 DETACHD 3
10436 NE GLISAN ST $349,900 $325,000 4 2 2280 DETACHD 107
6205 NE FAILING ST $299,900 $325,000 2 2 1029 DETACHD 4
2074 NE 134TH PL $325,000 $335,000 3 2 1735 DETACHD 19
8536 NE BEECH ST $299,999 $336,000 2 1.1 1415 DETACHD 5
5225 NE 26TH AVE $350,000 $336,000 2 1.1 1032 DETACHD 22
1103 NE 177TH AVE $350,000 $345,000 3 2 1672 DETACHD 25
9014 NE BENJAMIN ST $324,900 $348,000 3 1.1 1650 DETACHD 8
10665 NE WASCO ST $370,000 $350,000 3 2.1 2772 DETACHD 41
5302 NE SIMPSON ST $350,000 $350,000 3 1.1 1056 DETACHD 6
16684 NE RUSSELL ST $355,000 $355,000 3 2 1914 DETACHD 14
13260 NE SACRAMENTO DR $309,900 $360,000 3 2 1477 DETACHD 7
10924 NE MORRIS ST $349,000 $360,000 3 2 1734 DETACHD 12
15614 NE SISKIYOU CT $359,900 $370,000 4 3 2482 DETACHD 6
3311 NE 129TH AVE $385,000 $385,000 5 2.1 2431 DETACHD 13
8935 NE Everett ST $375,000 $390,000 3 2.1 1668 ATTACHD
11081 NE FREMONT ST $395,000 $395,000 4 2.1 2351 DETACHD 25
4615 NE 80TH AVE $400,000 $395,000 3 2 2344 DETACHD 3
7934 NE SCHUYLER ST $400,000 $400,000 3 2 2348 DETACHD 4
3214 NE WASCO ST $420,000 $405,350 3 1 1851 DETACHD 39
1304 NE 53RD AVE $425,000 $420,000 2 1 1440 DETACHD 10
1005 NE 80TH AVE $399,900 $426,000 4 2 2024 DETACHD 5
614 NE 61ST AVE $449,900 $440,000 3 1 2380 DETACHD 14
4626 NE 29TH AVE $440,000 $450,000 3 1.1 1980 DETACHD 5
3025 NE WEIDLER ST $498,000 $456,000 2 2 2284 DETACHD 21
1718 NE 11TH AVE #201 $450,000 $460,000 2 2 1519 CONDO 9
6024 NE 55TH AVE $495,000 $495,000 3 3 2234 DETACHD 11
5828 NE 18TH AVE $499,900 $495,000 4 2 2291 DETACHD 4
4016 NE 15TH AVE $495,000 $502,000 3 1 1804 DETACHD 10
2119 NE WASCO ST $525,000 $505,000 2 1.1 2232 DETACHD 8
6725 NE CLEVELAND AVE $489,900 $510,000 4 2 2330 DETACHD 6
2027 NE MASON ST $549,000 $520,000 4 2 2916 DETACHD 20
3205 NE 63RD AVE $539,000 $545,000 3 2 1835 DETACHD 28
5217 NE 18TH AVE $549,900 $549,900 3 1.1 2508 DETACHD 17
1020 NE SKIDMORE ST $517,000 $575,000 4 2 1689 DETACHD 8
1335 NE GOLF COURT RD $599,000 $575,000 3 2.1 3772 DETACHD 4
3616 NE 43RD AVE $574,900 $583,900 3 2.1 1865 DETACHD 38
5425 NE 31ST AVE $595,000 $595,000 3 2 2756 DETACHD 10
5335 NE 12TH AVE $649,900 $599,000 3 3.1 2180 DETACHD 51
2024 NE 37TH AVE $600,000 $600,000 3 2 3025 DETACHD 59
3719 NE 37TH AVE $634,900 $605,000 3 2 1926 DETACHD 41
4014 NE ROYAL CT $699,000 $649,000 4 2 2524 DETACHD 42
3301 NE SHAVER ST $699,000 $649,000 3 2.1 2268 DETACHD 19
2535 NE 22ND AVE $695,000 $649,000 3 2 3454 DETACHD 36
3407 NE 16TH AVE $699,000 $720,000 3 1.2 3786 DETACHD 6
5246 NE 32ND AVE #B $749,000 $725,000 3 2.1 1845 ATTACHD 0
3445 NE 51 AVE $799,900 $750,000 4 3.1 2377 ATTACHD 79
5628 NE 30TH AVE $825,000 $790,000 5 3.1 3104 ATTACHD 83
4028 NE 26th AVE $750,000 $810,000 5 2.1 3153 DETACHD 7
2736 NE 12TH AVE $1,295,000 $1,260,000 4 3.1 4011 DETACHD 43
14987 SE GRANT CT /Grnd $105,000 $89,900 1 1 724 CONDO 33
2720 SE 138TH AVE / Main $119,950 $119,950 2 1 814 CONDO 5
12847 SE STARK ST / Upper $154,900 $147,000 2 2 1003 CONDO 25
2322 SE 139TH AVE $199,900 $175,000 2 1 1064 DETACHD 46
10259 SE HAROLD ST $210,000 $197,900 2 1 1686 DETACHD 65
327 SE 139TH AVE $227,500 $230,000 2 1 1440 DETACHD 3
14430 E Burnside ST /Grnd $239,900 $231,900 3 2.1 1428 CONDO
16003 SE TAYLOR ST $239,000 $235,000 3 1 1012 DETACHD 29
8218 SE 74TH AVE $236,000 $240,000 2 1 772 DETACHD 39
13727 SE CLINTON CT $249,950 $245,000 3 2 1160 DETACHD 15
3920 SE 149TH AVE $239,950 $250,000 3 1 903 DETACHD 4
12640 SE REEDWAY ST $234,950 $250,000 3 2 1448 DETACHD 13
10003 SE KNIGHT ST $250,000 $250,000 3 1 1026 DETACHD 11
3713 SE 174TH AVE $259,950 $257,500 3 2 1413 DETACHD 106
11937 SE SCHILLER ST $264,900 $258,500 3 2.1 1649 ATTACHD 39
4914 SE 52ND AVE $259,900 $259,900 3 1.1 1704 DETACHD 2
16208 SE RHONE ST $259,900 $260,000 3 1.1 1325 DETACHD 7
1414 SE 172ND AVE $250,000 $261,500 3 1.1 1406 DETACHD 18
13539 SE KNIGHT ST $250,000 $265,000 3 2 1306 DETACHD 3
6026 SE 138TH PL $249,000 $265,000 3 2 1296 DETACHD 4
4431 SE 58TH AVE $295,400 $266,000 3 2 1440 DETACHD 75
17454 SE HAIG DR $259,900 $275,000 4 2 1558 DETACHD 27
8514 SE 63RD AVE $269,900 $275,000 4 1 1484 DETACHD 12
8822 SE KNAPP ST $274,900 $279,900 3 1.1 960 DETACHD 7
5028 SE 86TH CT $265,000 $280,000 3 1 1184 DETACHD 6
1324 SE 151ST AVE $284,900 $280,000 4 2 2000 DETACHD 12

Tips & Tidbits

Tips & Tidbits

 

Tips & Tidbits

I find that lots of Buyers are a bit confused about Earnest Money and what its purpose is, how they might be at risk for losing it, etc. It is basically to compensate the Seller for taking their home off the market in the event you violate the terms of your Sale Agreement, but there are nuances to it in addition to that. Here are a few pieces of info & pointers in that regard:

A Few Notes About Earnest Money:

  • Earnest Money is a deposit you make at the time you make your Offer. This is to show that you are “earnest” or serious about your Offer, and to compensate the Seller for removing their property from the market  (while you perform your inspections & due diligence)  should you violate the terms of the Contract/Offer/Sale Agreement.
  • Talk to your Realtor about how much an Earnest Money Check should be….  It varies from situation to situation. The ultimate choice, however, is yours. A substantial amount of Earnest Money can demonstrate to the Seller that you are serious about the purchase, and shows a certain amount of stability, though this is not necessary or even advisable in all circumstances.
  • Earnest Money goes toward your closing costs & other transactional terms. It is held usually by Escrow as your neutral 3rd party and applied to the bottom line of your transaction, generally speaking. By virtue of its definition as Earnest Money, its NOT an additional fee.
  • There are several ways for a Buyer to cancel a sale and receive their Earnest Money back (during specified & agreed-upon timelines & specific acceptable reasons that are all outlined in the Offer itself). This action is not to be taken lightly, and/but, there are definitely provisions for it.
  • The Earnest Money check (a photocopy of it) accompanies the Approval Letter, a Cover Letter your Buyer’s Agent will create, and the Offer when your Realtor submits it to the Seller’s Agent (at least… that’s how   always do it).  In the event you are unable to physically hand your Realtor a check prior to when you want to get your Offer in to the Seller, you may have the option of using a Promissory Note redeemable/sent to Escrow in check form within a specified number of days following mutual acceptance of your Offer.  ***I advise my clients that a check is always preferable. A photocopy of it going along with your Offer makes a statement to the Seller that you are serious. This is especially true in a competitive situation. Again, though, each situation is different. Discuss YOUR best options with your Realtor.
  • Carefully study the Sale Agreement (Offer) wording to make sure you understand how and under what circumstances you are allowed to have your Earnest Money returned, and under what circumstances you are not. Basically, staying within outlined timelines and giving notice in writing within those timelines assures your Earnest Money is protected. It is important that, with your Realtor’s assistance and advice, you stay on top of timelines as outlined in the Sale Agreement. ***Bring ANY questions you may have to your Realtor’s attention.

I hope this information was helpful!

Very Best,

Linda

Tips & Tidbits

Linda Rossi – October 3, 2016

Seasonal Changes –

Sellers~The market has been unusually activated since about January of this year. In the summer (starting approx July 4th weekend) things typically slow down just a teensy bit as people leave for vacation and many have found the homes they were looking for prior to the school-year-start in September (ie the pool of Buyers lessens some).  Sellers who put their homes on the market now will still find plenty of interest as you can ascertain from our Market Activity Reports, and/but may be disappointed if they do not have a bidding war as they’ve been hearing about for awhile now.  I’m not saying the market is not still good for selling, (and, there ARE ways to encourage multiple Offers at any time of year) …just be prepared for the slight change in atmosphere, which sometimes translates to not quite as much leverage when you’re the Seller.  ***That said, it is all case-by-case. Why is the Buyer buying?  Do they need to be settled before the school year starts?  Have they lost out on other deals due to competitive bidding? You may or may not be able to find out, but if you DO know the answers to some of these questions, it can help you respond to your highest advantage. Trust your Realtor, or if you don’t have one, give me or one of us a call and we’ll be happy to help you through the changing landscape.

Buyers~A Buyer’s perspective is a little different.  If you’ve been out looking and fighting for houses and losing, now may be your moment.  As I mentioned above, the market has been hyper-active for a while now.  As we move toward Fall, a couple of factors are in your favor. The first is that the pool of Buyers is lessening a bit for the reasons I mentioned above. This means you may not  be in a competitive situation, or it may be with fewer Buyers if you are. Use the lessons you’ve learned already through trial and error. Make your Offer as strong as you are comfortable with.  Talk to your Realtor (or to myself or one of us if you do  not have a Realtor) and we can walk you through some ways to do that. Talk to your lender once again and revisit your strategy.  If you are unsure of how your Offer price would impact you as far as your monthly payment is concerned, I always suggest having 3 dollar-amount scenarios drawn up.  I find that most Buyers are surprised at how little their monthly payment is affected by making what seems to them to be a big jump in their Offer price. Bottom line: you need to be comfortable with your Offer.  AND, you may be surprised at what the possibilities are for you, and sometimes this can make a difference in getting the home you really want in a still-competitive market.

Other Factors~Appraisals are really becoming more of an issue than even a month or so ago when Dianne mentioned them in a post herein.  I advise my Buyer clients to talk to their lender about expediting their Appraisal in nearly every case. This costs money, so you need  to assess what you can and are willing to do, but it is often a hundred or two dollars, and can mean the difference between Closing on time or not. ***That said, I have heard multitudes of horror stories in the last few weeks about Appraisals taking **weeks or months** longer unless someone pays an exorbitant amount sometimes in the thousands of dollars.  I don’t mean to scare anyone. I just averted a near-disaster in this regard, and having a Realtor and lender with their eyes on the ball in this market is imperative, but this is apparently happening if there are any variables at all in a transaction that will limit the appropriate Appraisers who might be available/qualified etc. Sometimes the type of loan (VA, FHA, USDA) can limit the pool of Appraisers (I’m told) as can location of the property (is it outside of the metro area?).

The reasons for this mess are varied, but it apparently boils down to supply and demand, coupled with the newer regulations on mortgage companies. No longer can a mortgage company call an Appraiser they happen to know is familiar with a particular neighborhood or area of town. For everyone’s protection (to prevent collusion/nefarious behaviour/trying to get a particular value out of the Appraiser) mortgage companies now have to put the order in to an “Appraisal Scheduling” company. That company has a stable of Appraisers, and it is all handled mechanically.  There is apparently a dearth of Appraisers due to more stringent requirements for becoming an Appraiser (I’m told), and therefore the stacks on Appraisers desks are getting higher and their time and availability to run out to more rural areas or even here in town is more scarce.

Giving

I thought it might be a good idea to take a look at things we might be wanting to include on our to-do lists & consider taking care of before the end of the year. Namely…Giving! Its fall and we're heading into the Celebrating & Giving time of year pretty soon. Many want to think ahead about tax time as well.  If you’re going to give anyway…. this is definitely the time to do it!

Here are some worthy ideas for your consideration:

  • Here’s a great resource  site to help you evaluate the most worthy recipients of your donations based on their research:  The Portland “Give Guide”
  • If art is important to you, consider donating to the Regional Arts Council.
  • Speaking of giving, I know from my days in my son's school's Booster Club, that every community has needy families.  Some of your kids’ friends may very well have parents who’ve lost a job, or are in some sort of upheaval and wondering how they’re going to be able to pay their bills let alone create a semi normal-feeling holiday for their household .  Your favorite local school probably has names of families in need. Give a call to the school of your choice and think about donating a holiday roast or turkey, or just dropping off a few gifts.  The school counselor usually knows just what to do with this kind of generosity, and you’ll know you really made a difference for some needy family in your own neighborhood.
  • If animals are near and dear to your heart, there are lots of options for donating.  The Oregon Humane Society is an obvious choice, and/but some smaller outfits that take up the slack and don’t have quite the visibility of the OHS would be heart-warmed to receive your donation.  One that is recommended to me by someone in the know is the Family Dogs New Life Shelter. It is a no-kill shelter that does excellent work.

There are so many great choices, I thought I’d highlight just a few and give you some links to resources that offer many options. Enjoy your holidays, and the Joys that come with the season!

June Market Action Report

Linda Rossi – June 15, 2016

June 2016:

According to the RMLS Market Action Report for the Portland Metro Area, June, 2016:

  • There were 4,501 New Listings in June which was up 8.6% from May, and up 5.2% from May of 2015.
  • At 3,158, June Closed Sales were up 9% from May’s 2,896, and down 4.4% from June of 2015’s 3,302.
  • June Pending Sales (Accepted Offers), at 3,390 down  4.9% from May’s 3,563, and were also  6% lower than June of 2015’s 3,605.
  • The Average Sale Price in June of $412,000 was up $9,500 over May’s $402,500, and also up around $42,500 from June of 2015’s $369,500.

May Market Action Report

Linda Rossi – May 21, 2016

5/21/16

April is seeing, generally, Price and New Listings increases over March, and a decrease in overall productive activity (Closed & Pending Sales) compared to April of last year.

Here are the latest/April numbers for the entire Portland area:

According to the RMLS Market Action Report for the Portland Metro Area, April, 2016:

  • There were 4,082 New Listings in April which was up 19.7% from March’s (3,409), and up 3.4% from April of 2015 (3,949).
  • At 2,611, April Closed Sales were up 1.8% from March’s 2,565, and down 4.5% from April of 2015’s 2,734.
  • April Pending Sales (Accepted Offers), at 3,432 were up  11.6% from March’s 3,076, but were   5% lower than April of 2015’s 3,613.

The Average Sale Price in April of $397,700 was up $12,600 over March’s $385,100, and also up around $50,200 from April of 2015’s $347,500.

My Post

12/2/15  

Here’s The Year-To-Date (Thru End-Oct Is The Latest Data Available) Local Real Estate Stats. Hmmm… Appreciation Looks Interesting…. Check Out Your Neighborhood!