We can’t yet count on Pending Home Sales, a predictor of closings in 60 to 90 days, to predict a boost to this year’s sales. They have been falling since last July, and the last spike in mortgage rates.
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, dipped 0.8 percent to 93.9 from a downwardly revised 94.7 in January, and is 10.5 percent below February 2013 when it was 104.9. The February reading was the lowest since October 2011, when it was 92.2.
Graph: Econoday
It could be the weather as NAR chief economist Lawrence Yun says, but there are still fewer homes on the market, and fewer being bought by all cash investors. Yun believes the recent slowdown in home sales may be behind us, while home prices continue to rise. “Contract signings for the past three months have been little…
At first glance you’d think these two imposing homes on NE Union Avenue at Knott Street are long gone. Surprisingly, they both still stand today, as does the third home in the background. It appears both have had the elevated ground excavated and the basements removed so the first floors sit at street level today.
Previous posts highlighting findings from the study What Home Buyers Really Want: Ethnic Preferences have shown that a buyer’s race or ethnicity can play a role in how he/she evaluates the characteristics and features of a prospective home. The analysis was focused on four racial/ethnic groups of home buyers:
White (Non-Hispanic),
African-American (non-Hispanic),
Hispanic, and
Asian.
Based on a list of almost 30 kitchen features that buyers got to rate as essential, desirable, indifferent, or ‘do not want’, the table below shows the 10 ‘most wanted’ kitchen features for each of the four racial/ethnic groups. Interestingly, the features that make it on this ‘most wanted’ kitchen list are identical across the four groups, albeit in different order. In fact, the top three are exactly the same among all groups (in slightly different order):
Table space for eating
Walk-in pantry
Double sink
Other features that appear in all four groups’ ‘most…
In business, the slogan “Just Do It!” rings true and will serve you well. In the world of Property Management this is applicable as well. After all, we are trying to grow our business and be successful when we manage your asset wisely and efficiently. However, more often than not our slogan is “Just Do the Right Thing!”
As property managers we work with many vendors who complete work on our properties. We want quick, quality repairs, and at a good price for our clients. Sometimes this requires tough conversations. Navigating this world is our expertise and it is part of why you rely on us. Our fiduciary responsibility is always you, the client.
The other piece of the puzzle we have to navigate is relations with tenants. Our job is to provide clean, safe, well-maintained housing. However, and this might come as a shock, sometimes tenants can have expectations that are out of line. Just because a kitchen counter has a scratch on it doesn’t mean we need to replace the entire counter top with new, beautiful granite from Brazil. Often times a property manager has to say “no” in the most professional and courteous way possible.
Real Estate management is an active, engaging industry. One cannot just buy an investment property and watch it appreciate or mature, like treasury bonds. Having the right management in place is just as important as buying the right property at the right price. We have the expertise and experience to navigate the difficulties and pitfalls for you. Here at Rappold Property Management we take our job very seriously and we manage your property as if it were our own.
Troy Rappold
Rappold Property Management, LLC
1125 SE Madison Street, suite #201
Portland, OR 97214 Phone: 503-232-5990 Fax: 503-232-1462 http://rappoldpropertymanagement.com
Having trouble qualifying for a home loan with your bank or local lender? Getting frustrated with tight underwriting rules? If so, seller financing might be for you.
Seller financing is when the seller allows you to make payments directly to them, bypassing the bank and Fannie Mae. If the seller does not need all their cash immediately, they might be happy to let you make payments and collect the interest for themselves.
Here is how a typical seller-financed loan works:
1) Most sellers will carry the contract for five years. After that, they want to be cashed out. Thus, the loan is amortized for 30 years with a 5-year balloon payment. This gives you the lower payment a 30-year loan would have, but at the five-year mark (or sooner), you would refinance with a bank loan. This gives you plenty of time to get your credit and debt ratio in…
As of March 17 2014 there were about 7,821 single family and condo homes listed for sale in Portland Oregon. The median asking price of these homes was approximately $299,000. Since this time last year, the inventory of homes for sale has decreased by 2.2% and the median price has increased by 10.8%.
March 17, 2014
Month/Month
Year/Year
Median Asking Price
$299,000
+3.3%
+10.8%
Home Listings/Inventory
7,821
-0.7%
-2.2%
Recent Asking Price and Inventory History for Portland
Date
Single Family & Condo
Inventory
25th Percentile
Asking Price
Median
Asking Price
75th Percentile
Asking Price
03/17/2014
7,821
$215,000
$299,000
$465,000
03/10/2014
7,819
$214,900
$297,565
$460,000
03/03/2014
7,870
$214,900
$294,900
$450,000
02/24/2014
7,818
$214,500
$289,900
$450,000
02/17/2014
7,874
$213,000
$289,500
$449,900
Portland Asking Price History
The median asking price for homes in Portland peaked in April 2007 at $354,740 and is now $57,585 (16.2%) lower. From a low of $239,125 in February 2011, the median asking price in Portland has increased by $58,030 (24.3%).
25th, Median (50th) and 75th Percentile Asking Prices for Portland Oregon
Portland Housing Inventory History
Housing inventory in Portland, which is typically highest in the spring/summer and lowest in the fall/winter, peaked at 23,354 in July 2008. The lowest housing inventory level seen was 7,810 in February 2014.
Housing Inventory for Portland Oregon
Portland Asking Price and Inventory History
Date
Single Family & Condo
Inventory
25th Percentile
Asking Price
Median
Asking Price
75th Percentile
Asking Price
March 2014
7,837
$214,933
$297,155
$458,333
February 2014
7,810
$211,875
$288,950
$449,450
January 2014
7,857
$209,225
$286,975
$444,025
December 2013
8,570
$209,920
$289,144
$449,520
November 2013
9,392
$210,177
$289,350
$449,900
October 2013
9,929
$212,815
$294,463
$450,000
September 2013
10,167
$211,790
$296,780
$451,980
August 2013
10,119
$210,875
$297,000
$450,000
July 2013
9,490
$206,640
$296,560
$450,000
June 2013
8,858
$199,688
$288,694
$449,975
May 2013
8,527
$194,888
$281,850
$446,900
April 2013
8,075
$186,800
$274,540
$439,060
March 2013
7,969
$182,923
$267,425
$427,213
February 2013
7,981
$179,900
$262,450
$419,731
January 2013
8,250
$179,075
$259,217
$404,725
December 2012
8,627
$178,900
$259,720
$405,750
November 2012
9,408
$179,675
$260,950
$408,963
October 2012
10,259
$179,900
$267,160
$418,600
September 2012
10,828
$179,900
$268,975
$418,450
August 2012
11,102
$179,675
$268,725
$418,500
July 2012
11,140
$177,600
$266,598
$411,651
June 2012
11,362
$174,825
$259,675
$399,950
May 2012
11,227
$169,713
$252,463
$399,450
April 2012
10,820
$169,160
$249,910
$397,940
March 2012
9,683
$174,450
$259,450
$406,225
February 2012
10,549
$169,225
$248,250
$388,025
January 2012
10,833
$169,080
$246,960
$381,960
December 2011
11,461
$169,925
$248,375
$385,675
November 2011
12,018
$174,750
$250,972
$397,425
October 2011
12,846
$179,530
$258,720
$399,900
September 2011
13,509
$179,939
$259,900
$399,900
August 2011
14,672
$179,360
$256,590
$395,540
July 2011
14,772
$178,150
$253,188
$389,225
June 2011
14,762
$176,475
$250,970
$386,970
May 2011
14,582
$173,184
$249,160
$375,780
April 2011
14,748
$169,950
$242,400
$364,975
March 2011
15,458
$169,800
$239,675
$359,575
February 2011
15,531
$169,675
$239,125
$354,725
January 2011
15,001
$170,760
$239,158
$356,380
December 2010
16,118
$176,200
$242,700
$363,363
November 2010
17,018
$180,160
$249,330
$373,780
October 2010
17,614
$184,975
$253,375
$381,975
September 2010
18,282
$189,100
$258,925
$390,950
August 2010
18,579
$190,940
$261,150
$397,160
July 2010
18,160
$195,163
$267,475
$399,000
June 2010
17,488
$196,853
$268,875
$399,800
May 2010
17,035
$198,880
$269,620
$399,818
April 2010
17,279
$198,000
$266,750
$392,500
March 2010
16,495
$195,600
$264,460
$393,960
February 2010
15,382
$194,938
$264,450
$395,198
January 2010
14,895
$197,819
$267,425
$399,225
December 2009
15,329
$199,897
$272,038
$402,212
November 2009
15,902
$202,750
$277,760
$417,780
October 2009
16,573
$209,675
$283,646
$428,225
September 2009
17,165
$210,000
$289,475
$436,100
August 2009
17,595
$211,760
$292,880
$444,320
July 2009
17,819
$212,950
$294,950
$449,000
June 2009
17,870
$213,460
$294,920
$449,100
May 2009
17,713
$211,475
$293,291
$445,250
April 2009
17,978
$212,525
$289,925
$444,725
March 2009
18,506
$214,153
$289,930
$443,360
February 2009
18,449
$216,014
$293,968
$448,125
January 2009
18,872
$219,952
$297,855
$452,809
December 2008
19,842
$223,220
$302,773
$458,508
November 2008
20,983
$226,382
$307,532
$464,024
October 2008
22,086
$229,650
$312,450
$469,724
September 2008
22,973
$233,730
$319,580
$474,990
August 2008
23,314
$235,200
$322,000
$475,725
July 2008
23,354
$236,074
$324,550
$475,000
June 2008
22,657
$239,150
$324,920
$479,459
May 2008
21,505
$239,900
$325,000
$480,947
April 2008
20,669
$239,900
$324,937
$479,912
March 2008
19,381
$241,300
$324,860
$485,960
February 2008
18,409
$240,485
$324,925
$479,912
January 2008
17,659
$243,500
$324,962
$481,765
December 2007
18,584
$245,120
$327,975
$489,355
November 2007
19,926
$248,665
$330,475
$486,425
October 2007
20,762
$249,950
$337,260
$493,980
September 2007
20,656
$253,425
$339,900
$497,749
August 2007
19,837
$257,712
$342,975
$499,124
July 2007
18,710
$261,120
$349,120
$499,930
June 2007
17,670
$264,282
$349,950
$507,949
May 2007
16,386
$264,900
$350,975
$512,662
April 2007
15,059
$264,900
$354,740
$517,740
March 2007
13,897
$264,450
$353,850
$523,425
February 2007
13,814
$258,517
$349,800
$516,750
January 2007
13,726
$255,810
$349,637
$507,441
December 2006
14,746
$257,149
$348,246
$499,949
November 2006
15,671
$258,837
$348,750
$499,900
October 2006
16,027
$259,640
$348,834
$499,900
September 2006
15,239
$261,098
$349,675
$499,937
August 2006
14,029
$264,925
$350,737
$518,587
July 2006
12,864
$264,920
$350,470
$525,980
June 2006
11,261
$264,925
$349,975
$530,937
May 2006
9,804
$262,340
$350,940
$532,360
April 2006
8,701
$256,433
$346,433
$526,224
Data on deptofnumbers.com is for informational purposes only. No warranty or guarantee of accuracy is offered or implied. Contact ben@deptofnumbers.com (or @deptofnumbers on Twitter) if you have any questions, comments or suggestions. Privacy policy.
Construction is underway on the northwest corner of N. Stanton Street & Kerby Avenue in 1955. What could have been going on here, and when were the rest of the homes, which likely fronted on N. Morris Street, razed?
By: Darnell Grisby, Director of Policy Development and Research for the American Public Transportation Association (APTA)
As reported by many news outlets over the last two weeks, public transportation reached a new milestone in the United States in 2013. Ridership reached the highest level since 1957, representing shifting attitudes and public transportation’s increasing influence in daily life.
However, there are false assumptions that the recent growth in public transportation ridership occurred in New York City. Contrary to this inaccurate view, while New York City has lead the way, dissecting the ridership data shows that three categories of communities, also played a major role in national ridership growth. The growth in public transportation has occurred across regions and city types. The Great Recession offered opportunities to reset behaviors and occurred during the rise of the Millennial Generation. Due to the combined shocks of economic dislocation and generational change, long lasting…
We are learning just how much mortgage fraud was committed by 17 national and international banks and other financial entities that the Federal Housing Finance Authority (FHFA) originally sued to recover some $200 billion in losses to the GSEs that it regulates, Fannie Mae and Freddie Mac.
This tells us where the real faults lies for the credit bubble that led to the housing bubble. The once private stock corporations and now wards of the government, Fannie Mae and Freddie Mac, didn’t precipitate the housing bust. They weren’t even the main issuers of faulty mortgages that imploded with the Great Recession. It was the federally-supervised commercial banks themselves that misrepresented many of the mortgages it sold to Fannie and Freddie, thereby giving them the cover of AAA rated assets, when they were much closer to junk bond quality.
Fed Chairman Alan Greenspan had lowered short term interest…
This parking structure was already over 20 years old when this photo was taken in 1949. It still stands at SW Pine and Broadway, and with the exception of no glass in the windows now, still looks much the same as it did then. The sign has changed slightly, now reading, “Enjoy Downtown While Parking. Broadway Garage”
Download the complete Notice of Default list for Multnomah County and other counties inOregon or use the Multnomahforeclosures.com search engine to identify distressed properties.
An assessment of the physical condition of the house itself is a complicated part of purchasing an existing house. Costly repairs to structural or mechanical systems can be avoided or at least anticipated by a preliminary inspection of the property before a purchase offer is signed. Even if you are looking for an older house that needs repairs, you will be in a better position to negotiate if you are familiar with the extent of repairs that will be needed. The inspection of a house is a job that requires specific technical skills. This Fact Sheet will explain some of the most important areas examined during the home inspection process and things prospective homeowners should be looking for. While you can become familiar enough with common problems that will enable you to eliminate certain houses from the purchase consideration, a professional home inspection usually occurs after a purchase offer is…
Oregon Real Estate Round Table 