I just wanted to share with people a really great Portland blog by Ron Ares. It just has some good stuff on it so I encourage you to check it out. Particularly the sections, NAR Releases Q3 Numbers and Oregon Holds Head Above Water. Both great reads!
http://www.repdx.com/
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.comCHECK IT OUT! Someone thinks this is one of the Top 10 Hot Vacation Sites!!! But of course!
Located about an hour’s drive south of Portland and spread out on the banks of the Willamette River, this up-and-coming wine region has been making waves of late in wine glasses across the nation. Billing itself as the "place for pinot,” this slumbering grapevine district is home to more than 200 wineries, most of which beckon visitors with tasting rooms and even eco-wine tours. Visitors can also opt to take in the vineyard-covered landscape from a hot-air balloon ride, trot along farm-dotted trails on horseback, or take home a one-of-a-kind find from one of the many antique shops.
Why Go In 2009: Although enthusiasts forecast that this area will be the next Napa Valley, the less-commercialized Willamette Valley remains — for now — a much more affordable vino-centric destination than its southerly California neighbor. Plus, new developments are on the horizon for those looking for an alternative to the area’s charming B&B circuit — in August, for one, the region’s first luxury inn, The Allison Inn & Spa, will be unveiled, featuring extras like a restaurant dishing out regional cuisine and a working vineyard.
http://travel.yahoo.com/p-interests-24784785;_ylc=X3oDMTIxbjk0YXU3BF9TAzI3MTYxNDkEX3MDMjcxOTQ4MQRzZWMDZnAtdG9kYXltb2QEc2xrAzIwMDlob3RzcG90cy0yMDA5LTExLTI1
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.comOctober Residential Highlights
Market Activity continues to be on the decline when compared to 2008. Pending sales fell 39.6% when comparing October 2008 with October 2007. The number of closed sales and new listings also fell, 21.4% and 21.6% respectively. Comparing October to September, we also saw a decline across the board, although not as intense as the comparison above. There were 25.6% (1,268 v. 1,705) fewer accepted offers in October. Additionally, there were 14.2% (3,605 v. 4,200) less new listings added to the inventory. Further, there was a 10.7% (1,465 v. 1,640) drop in closed sales. At the month’s rate of sales, the 16,257 active residential properties would last approximately 11.1 months.
Year-to-Date
Comparing January-October of 2008 to the same time period in 2007 there have been 31.3% fewer closed sales and 30.2% less accepted offers this year. In addition, there was a 7.5% decrease in the number of homes added to the market.
Affordability
Due to a decrease in the median home price in the Portland Metro Area ($267,000 in September) and a drop in the average interest rate (6.04% per Freddie Mac) a family earning the median income ($67,500 in 2008, per HUD) can afford 109% of the monthly mortgage payment on a median priced home according to a formula from the National Association of Realtors®. The formula assumes that the buyer has a 20% down payment and a 30 year fixed rate of 5.97% (per Freddie Mac).
Real Estate Market Trends in Tigard
According to the latest Zillow Real Estate Market Reports, home values in Tigard decreased -8.05% in the third quarter of 2008, compared to the third quarter of 2007. Nationally, home values decreased -9.7% during this same period.
The housing market has been in the news quite a bit lately. You would have to have been on another planet to not know that home prices have fallen far and fast. All the resulting foreclosures from the bad market have caused the entire U.S. economy to turn sour, which in turn, has caused more foreclosures and falling prices.
Yet the prices continue to fall and cannot seem to find bottom. One of the reasons it is taking so long is denial. Home owners across the country are well aware of the state of things but refuse to believe that their home is affected along with everyone else's.
No matter how many facts and figures their real estate agent throws at them they are listing their homes at or above the price they paid for it.
The problem is everyone think they are special, unique and therefore immune, and following that logic, their house too is special, unique and immune. Besides, no one wants to buy the most expensive house in the area.
Owners seem to be choosing to ignore the severity of the market. Especially home owners who did upgrades and expect to see that money back. Not only do they not want to loose the investment but they put a lot of work in and see their home as better than the rest, and therefore worth paying for. The problem is they are just plain wrong. Buyers in this market don't care what you paid or what work you put in, the only people buying right now are looking for deals.
The effect is even more pronounced when the owner knows what the neighbor's house sold for, because there's has got to be better than that. Someone telling you that you need to significantly drop your listing price is like someone calling your kids ugly.
The irony is that putting your house on the market for an inflated price could end up costing you more money. The longer you wait the lower prices get and putting your home up for too much extends the time your home will be on the market.
http://www.msnbc.msn.com/id/27648884?GT1=43001
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.comI just wanted to let everyone know that the episode I filmed of My House Is Worth What? will be airing December 21st at 7pm. I'd love for you guys to check it out and tell me what you think. I'll send out a reminder when it gets closer. I'm pretty excited and it gives me the chance to do even more HGTV shows. Stay tuned!
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.comWe are now dealing with the aftermath of tons of mortgage loans that should never have been given that are now going bad. These loans not being paid piled on top of each other until the economy collapsed. Now it is not just those with bad mortgages foreclosing. Even those who took out reasonable, responsible loans are in big trouble because the down economy has caused them to be let go at their job, or in some cases, jobs.
In 2006 the percent of delinquencies caused by job loss was 36.3%. In June of this year it was 45.5%. Falling home prices are certainly still a factor but job loss is on the rise and has not yet stopped. Nearly a million Americans lost their jobs this year. It is a vicious cycle. The housing crisis is driving unemployment, which in turn has exacerbated the housing crisis.
http://money.cnn.com/2008/11/04/real_estate/job_losses_fuel_foreclosure/index.htm?postversion=2008110705
PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.comThe rental market has felt the squeeze due to all the people who fell victim to foreclosures, laid-off workers and young adults starting out who are all out there searching for affordable lodging. Because of this competition, rents have been on the rise and the number of vacancies is on the decline. For many years the average of available apartments in Portland Metro was 5.6 percent, but last month it was only 3.6 percent.
To make matters even more difficult for those in bad situations, landlords are in a position to be picky, unlike before. So now your bad credit or pet can keep you from a place to live. At the same time, rents have been going up which makes things even harder.
The alternative people have been turning to is roommates. There are plenty of home and condo owners out there that are having trouble with their bills who are looking to rent out a room to supplement their income.
This year, people looking for a roommate on Craigslist, in
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