Realtor News

The statistics for December sales nationwide and in the West have surprised many, including the National Association of Realtors. In an article on their magazine website, http://www.realtor.org/rmohome/home, I found that the rise of existing home sales across the country last month, especially in the West, helped the market. Sales of not new homes and condos were up 6.5% from November 2008. In our region, the West, sales jumped 13.6%, and were up 31..5% from December 2007. This is great news for owners wishing to sell their home, buyers are in the market for homes that have been lived in! Buyers should also know that the market is right for them, as well. With low interest rates, a large inventory, and prices that are on average down from last year. The real estate market also takes time to rebound, so by the time first time home owners are ready to sell (on average they plan on staying in their first home for 10 years) the market will be right for them.

First-Time Buyer Tax Credit FAQ

There is a great tax credit available to first time buyers, and I found an informative FAQ on coldwellbanker.com
Follow the link to
http://www.realtor.org/gapublic.nsf/files/hbtaxcreditqa2008.pdf/$FILE/hbtaxcreditqa2008.pdf
for a ton of information about who qualifies, what you get, and how it all works. This is a great tool for anyone who is in the process of buying, looking, or considering become a home owner in the first half of this year.

Summary of 2008

As I posted last week, the Regional Multiple Listing Service analyzed and released information on the Portland housing market for last year. They summarized that when comparing 2008 to 2007, new listings fell 8.7%, pending sales fell 30.8% and closed sales dropped 32.1%. The total volume in 2008 was $6.3 billion, down from $9.7 billion in 2007. The 35% difference statistically proves what we have all known, the boom times of the Portland real estate market are over, but many people have not known just how much things dropped in 2008, compared to 2007. 2009, however, can be a great year, with many predicting that the market will even out, if not begin to bounce back over the next 12 to 18 months.

Foreclosures

Not all the real estate news can be good.
http://money.cnn.com/2009/01/15/real_estate/millions_in_foreclosure/index.htm

Portland Market Update

Here's some great info from the RMLS, this is market info that only agents can get, so I'm passing it on so all you Portland home buyers and sellers can know what's going on in your area! The Median Sales Price for each area of Portland is just part of the data the RMLS compiles each month, but I think it is one of the most interesting pieces of data!

December 2008 Median Sales Price

NE Portland: $252,500

SE Portland: $239,000

N Portland: $249,900

West Portland: $363, 500

Lake Oswego and West Linn: $472,700

Milwaukie/Estacada/Boring/Gladstone/Clackamas: $247,500

Prices all over are down from December 2007. More statistics about Portland real estate are to follow!

Questions to Ask Yourself Before You Buy

The first question many people ask themselves before they begin looking for a house to buy is simply "Do I want to buy a house?" The answer is often "Yes!" The biggest financial decision of your life should have more thought put into it than that, however, and I have some good questions you should answer.
First, do you have a stable source of income, and a down payment saved up or promised as a gift?
Second, what do I need in a house? A yard for kids or a pet, a large garage, a great kitchen, close to work?
Third, can I get pre-approved for a loan? Figure out financing first, before you fall in love with a house you can't afford.
Fourth, Do I need a real estate agent? Buyer's who are represented can get what they need and want in a home.

Happy New Year

2009 is starting out great for real estate. Interest rates are at a record low for the second week in a row. 30 year conventional fixed loans have interest rate around 4.8%, and 30 FHA loans are only a little higher at about 5%. This is great news for well qualified buyers and those who want to refinance. For sellers, the market is full of competition, so being realistic about the value of the house you are selling is important. Remember, the worth of a house is not found in how much you love it, how much effort you put into projects, or the memories you have created, but in what a buyer is willing and able to pay for it.