Good News/Bad News

The good news is that we are ranked #4 in the U.S. for best housing markets.

The bad news is that we still declined 14%, although the national average is 18%.

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Just had to share...

I am just so, so excited that I had to share. I just recently filmed another two episodes of "My House Is Worth What" for HGTV. On top of that exciting news I received a phone call to do an episode of "My First Place" for HGTV as well. I will try and keep you guys updated on when those will air.

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com

Portland Market Report

January Residential Highlights

Although closed sales dragged to a new low in January, pending sales rose 52.5% over December’s total. Comparing January 2009 with the same month in 2008, closed sales dropped 32.5%. Pending sales also fell 26.1%. New listings decreased 15%. On the other hand, when comparing January 2009 with December 2008, pending sales grew 52.5% (1,235 v. 810) and new listings increased 123.2% (4,196 v. 1,880). Closed sales continued to lag, dropping 25.8% (732 v. 987) – a new record low for closed sales in a month since record keeping began in 1992. As a result of the low sales total, and a rising number of active listings (14,076), housing inventory also hit a new high of 19.2 months.

Sale Prices

The average sale price for January 2009 was down 13.3% compared to January 2008, while the median sale price dropped 10.7%. Month-to-month, the average sale price and median sale price are both down when compared with December levels; the average sale price dropped 1.2% ($297,200 v. $300,800) and the median sale price was down 1.1% ($250,000 v. $252,900).

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Time To Buy A House

No matter what the market condition, there is always going to be a group whose turn it is to be in the most advantageous position. Right now it is the first-time home buyer. This is evident by the stat saying 41% of buyers at the end of '08 were first-timers.

This stroke of luck is for a few reason. With the new lower prices they are able to afford better than they could before, if they could afford anything at all before. Not to mention all that inventory just sitting there, sellers are negotiating.

Then there are the low interest rates that compliment the low home prices so perfectly. It's like stars are aligning.

Of course buyers right now have to have good credit and a significant down payment, but if a buyer has that in order they are in a great position to get a deal.

There is still a question of whether or not prices have hit bottom yet, but there will always be that risk. Perhaps it means a buyer can take the time to find the perfect deal.

http://online.wsj.com/article/SB123431356988570855.html?mod=rss_Today%27s_Most_Popular

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Westside Express Service

Yesterday, Monday, Feb. 2, the Westside Express Service commuter rail went on its first ride. The westside of the Portland Metro area now has its own commuter rail line. The 14.7-mile route has five stations in Beaverton, Tigard, Tualatin and Wilsonville, with trains running every 30 minutes during weekday morning and evening rush hours.

So far the busiest station has been the Beaverton Transit Center. Officials are hoping it will become popular so that it will reduce traffic on Pacific Highway, 217 and I-5.

The new commuter trains are equiped with free Wi-Fi, bike hooks and swivel seats; and the stations have some fun works of art.

It is hoped that in the future they will be able to offer some weekend hours, but that of course will depend on how much use it gets during commuting hours.

http://tigardtimes.com/news/story.php?story_id=123319608573742100

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