Tag Archives: Distressed Properties

Gloom, Doom and Zoom – A Piece of My Journey

Thinking back on it, I probably could have picked a better time in American history to become a Realtor. When I passed my license exam in 2006, I remember the real estate news headlines were mentioning topics like sub-prime mortgages, short sales, foreclosures rising, possible housing bubble burst and the U.S. economy faltering. Hmmm…

A couple of years later, an agent in my office showed me the sign he made from a cardboard box that said “HUNGRY REALTOR- WILL WORK FOR LISTINGS”. He was joking….right?

During that first five and a half years of my RE career, I think I learned more about what a “distressed market” is than anyone would care to. I had to quickly educate myself on short sales, foreclosures, loan modifications, government programs, legal issues, tax consequences, local market issues, the overall economy. I distinctly remember that none of those topics were on the real estate exam! Hmmm….

I found myself sitting on prospective clients couches numerous times, watching them tear up as they talked about the fear of losing their home. My job had become one  Realtor, and counselor as people shared their emotions and reached out for my opinion. People were truly in distress. Many of these meetings resulted without a paycheck for me, but I was proud to have played an important role in guiding them with their options. 

…and then January of 2012 came. There were not as many clouds in the sky, even here in Portland…did you notice? The news headlines started using phrases like “market stabilizing” and “sales increase”, “possible bottom” and even  “Inventory Shortage”…go figure!

My business is much, much better this year. This will be my best year yet as a Realtor. My clients include active investors, excited first time buyers and optimistic sellers, all expressing hope. On top of that, I’m seeing that all of the professionals associated with the real estate business are very busy… realtors, lenders, contractors, title companies, appraisers, home inspectors, etc.  I realize the market and many people still have healing to do, but all I can say right now is…whew, what a relief.

Thanks for reading FRESH BLOG….Oh, and here are a few 2012 headlines:

HOME PRICES CONTINUE TO RISE

US HOME PRICES EDGE UP IN MAY

HOME VALUES RISE FIRST TIME IN 5 YEARS

HOUSING MARKET TURNS CORNER

MORTGAGE RATES DROP AGAIN

PORTLAND’S RESIDENTIAL MARKET IS SIZZLING

BANKS SPEEDING UP SHORT SALE PROCESS

BUILDER CONFIDENCE EDGES UP IN JUNE

KEVIN GORMAN –    www.KevinGormanSells.com

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Distressed Listings and Sales Breakdown

Portland Metro when comparing percentage share of the market  1st quarter of 2011 to 1st quarter of 2012

  • When comparing the first quarter of 2011 to 20112 distressed sales as a percentage of new listings decreased by 0.5% (31.5% v. 31.0%).
  • In a comparison of the first quarter of 2011 with the same period in 2012, distressed sales as a percentage of closed sales decreased by 2.5% (41.7% v. 39.2%).
  • Short Sales comprised 16.1% of new listings and was down 0.2% from 2011. However, the percentage of sales rose from 9.9%  in 2011 to 13.5%  in 2012, a 3.6% rise.
  • Bank Owned properties comprised 14.9% of new listings and 25.7% of sales in first quarter 2012, down 0.3% and 6.1% from 2011, respectively.

RMLS coverage area is defined in map below:

                               * All information provided  by the RMLS.

As a Certified Distressed Property Expert (CDPE), I have specialized training and experience helping people buy and sell distressed properties. Please contact me if I can answer your questions.

All my best,

          Kevin

KevinGormanSells.com  

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www.KevinGormanSells.com UP AND RUNNING!

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Please visit my new website for all of your real estate needs. If I can help you assess your home’s value, just shoot me an email. Thank you for your patience while my website was under construction.

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 All my best,     Kevin      www.KevinGormanSells.com

 

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