Spring

It has officially been spring for over a week now, but the first signs have only begun to show in Portland. I've seen some flowering trees, and people eating and drinking outside, but the wind and cool temperatures haven't given me that "winter is finally over" feeling yet. Does anyone else have that feeling? I'm ready for more sunshine than grey skies, more gentle breezes than chilly gusts, and definitely a little less mud when I'm showing houses to buyers!

Mortgage News

With the all the economic indicators and the stock market fluctuating up and down all day, every day, it can be tough to figure out if this is the beginning of the worst, or the beginning of the turn around. One thing that is really important to remember is that while the general economy is not doing well, to say the least, your own financial situation may be secure, and even improving. I heard a great interview on NPR a few months ago with a analyst who focuses on shopping, and he said that many people are doing just fine, or even better than ever, and yet they aren't spending because they are embarrassed not to be suffering with the rest of the country. If you fall into that category it is great to curb frivolous spending, but investments, such as real estate, should not be put off for a sunnier day. Mortgage rates are as low as they have ever been, and may not be dropping much farther. The Fed has done everything it can to bring the rate lower and lower, and now they don't have many other options. In Portland, the market is becoming very competitive for first time buyers and investors in small homes. Multiple offers are being made on many homes, and prices have stopped dropping as dramatically as they have.

Sales are up!

It's all over the news today, I've already heard it on more than one radio news update and seen multiple articles, sales of existing homes are up 5.1% from January to February. So, what does that even mean? New homes built by developers are not seeing the same kind of action, so buyers are focusing on purchasing olders home that they can afford, not the biggest, newest, McMansion in the gated community. All buyers are sticking to their budgets, and taking advantage of the historically low interest rates, the $8,000 tax credit, and the market. As I have said before, we will not be able to identify the bottom of the market until long after it has passed, but this is another sign that it may be now, or it may have been in January and February.

Market Action Report February 2009

The latest is in on the Real Estate Market in Portland, and the news is a little different this month, which can only mean that it's good for once! The average and median sale prices in Portland in February were UP from January. This means that people are spending a little more, and that January might have been the bottom of the housing market. We won't actually know when the bottom was until 6-8 months afters it has passed, but this is a good sign that it has come, or that it's getting close. For those who have been following this blog, you know that my favorite part of the monthly report is the median home prices in each area of Portland, so here they are for February 2009:

North Portland: $235,000

NE Portland: $260,000

SE Portland: $212,500

West Portland: $335,800

Milwaukie, Gladstone, Boring, Clackamas, Estacada: $280,000

Lake Oswego/ West Linn: $365,000

This biggest changes from last month were Lake Oswego/ West Linn, where the median home price dropped from almost $450,000 to $365,000!

We are #4!!! In the nation!

If you want to get some free information about how to spot and avoid fraud in real estate and mortgage transactions, there is a meeting from 6:30-8:30 tonight. Go to this site to get some more info!
http://www.oregonlive.com/news/index.ssf/2009/03/police_sponsor_mortgage_fraud.html

Forbes magazine named our lovely city as the fourth-best market housing market in the nation. The rating was based on the S&P Case-Schiller 20-city home price index, which examines a lot of the important factors in the market, such as declines in home prices, repeat home sales, and price-drop momentum, but it does not look at new construction, which has been dropping, and foreclosures, which has been rising.

Forbes Top Five markets are:
1. New York, N.Y.
2. Washington, D.C.
3. Charlotte, N.C.
4. Portland, O.R.
5. San Diego, C.A.

The Bottom Five markets are:
1. Las Vegas, N.V.
2. Phoenix, A.Z
3. Detroit, M.I.
4. Minneapolis, M.N.
5. San Francisco, C.A.

So the good news this week is that we rock, Portland!

Buying a house for the first time? Live in Portland Oregon?

Here's a great resource for first-time home buyers in Portland Oregon: The Portland Housing Center. They offer classes on home buying, personal budgeting advise to prepare for buying a home, and counseling. Find out more at www.portlandhousingcenter.org. Also check out the City of Portland's Bureau of Housing and Community Development at www.portlandonline.com/bhcd/index.cfm?c=defec. If you are thinking about what schools your children would go to, or might go to in the future be sure to visit www.pps.k12.or.us/, you can check the address of the home you are interested in, what's on the listing is often inaccurate, and find out more about each school. www.portlandmaps.com has info about each neighborhood of Portland, and you can check to see if any additions or improvements on specific homes have been permitted by the city. No matter which part of the city you decide to live in, having the most information that you can get is always important, especially as a first time buyer.