Category Archives: Portland Real Estate

Housing Shortage Fix

PDX Metro Housing Problem? Well, there isn’t a problem if you are living in a home you own and plan to stay in, or if you own rental properties. Both are reaping the benefits of an approximate 11.4% increase in appreciation over the past 12 months. (Check out my  Audio Market Action Report  for these and other market stats)

Portland area landlords are enjoying an annual yearly increase in rental rates of approximately 9%. In the past six months alone, rents have raised 7% which suggest an increase rate of 14% for this year! (Here is a link to a recent Oregonian article regarding these numbers)

Unfortunately, buyers and renters are struggling with the higher costs and lack of choices. That is a problem. Thankfully, loan interest rates still remain low. It is still possible for first-timers to buy. However, sacrifices in location, age or condition may need to be made. Renters should contact a local preferred lender and find out if they can qualify. If they can’t qualify now, ask the lender what steps to take to make it happen in the future.

So what’s the fix? Oregon and Portland metro have been discovered. We are now known to be one of the best places in the world to live. Those of us that live here are fortunate, regardless of whether we rent or own. That said, we need to solve the housing problem. It seems obvious that we need to build a wall and have California, Nevada, Idaho and Washington pay for it!  Just kidding of course… we may need to pay for it ourselves.   🙂   Have a safe & spooky Halloween!

spooky-super-summa-man

 

Kevin G.                                                                                 KevinGormanSells.com

 

 

 

 

 

Questions about the market?  Give me a call  503-367-4869

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Filed under Buying a Home, Investment Properties, Oregon Real Estate, Portland Real Estate, Uncategorized

We’ll Take It!!

Gotta GoHome buying in the Portland metro area remains fast and competitive. Most buyers have learned from their agent or from experience that there really is no time to “sleep on it” once they find a home they like. Sellers continue to receive multiple offers within a day or two of hitting the market. I sometimes tell my buyers to wear slip on shoes during our tours because they won’t have time to tie laces!

It’s a wild ride for sure. There does not seem to be a major slowing on the horizon. Low inventory and big demand continues as people from out of the state and country continue to move here, many flush with cash. The urban growth boundary also will continue to limit new construction of homes and apartments.

In case you have been traveling the outer galaxy and didn’t know…prices have escalated quickly. First time buyers under $300k price point ($200k for condo & townhomes) are struggling and being forced to sacrifice from their original wish list. Many are needing to push their search further out (more commute time) than they had hoped. They are also considering homes that are smaller, have fewer features or are in less desirable condition.

It’s definitely not a piece of cake out there for buyers, sellers or real estate professionals. It’s extremely fast paced, demanding and emotional for us all.. That said, it still continues to be one of the best times to buy in Portland metro for two main reasons. (2) Home values are projected to continue to increase due to supply and demand. (1) Low interest rates. Real estate is a long term investment, and 10 years from now, homeowners will be grateful that they battled this market and bought a home at under 4% interest rates… and in one of the most beautiful places in the world.

Okay, that’s it for now … gotta run!

                   Kevin  G.           KevinGormanSells.com

carry-money-house

 

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Filed under Buying a Home, Oregon Real Estate, Portland Real Estate, Selling a Home

Are You Rich Yet?

Want to know your home’s approximate appreciation percentage for 2015? Cool, no problem! The information is within…and here’s how I obtained it for you:

We Realtors in the Portland and SW Washington areas subscribe to the Regional Multiple Listings Service (RMLS) which is one of our main tools in helping us list and sell properties. In addition, the RMLS provides us a monthly report entitled the “Market Action Report” which details tons of local real estate data. We use this data to help us inform and advise our clients on the state of the current market.

The RMLS has divided the region into separate areas and assigned each area a number. This allows statistics to be extracted that are specific to the individual areas.

So what’s your number? You can check the map below to find what area and number your home is located within. Then, you can check the 2015 year end report link (also below) to see your appreciation rate and other interesting market data.

Since this report is available monthly, I can provide this information to you upon request, just say the word!

2016 will be another “Seller’s Market”. I would be happy to answer your questions about listing or buying a home in 2016.

RMLS Area Map

Area Report Click here for the 2015 year end data on your area.

 

Cheers!      Kevin G.

www.KevinGormanSells.com 

PEAK

 

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Filed under Buying a Home, Portland Real Estate, Selling a Home