Agent Profile
My job is service...service to you and your real estate transactions! How can you benefit from my 25 years of experience and expertise? What can I offer to make the process more productive?
* Current information on available housing...comparative and competitive market pricing and analysis
* Daily involvement in the local real estate marketplace.
* Thorough, comprehensive knowledge reflecting years of helping others complete their real estate business.
* Extensive network of professional resources to make the process as smooth as possible.
My commitment is to you! Being available to you...returning your calls...answering your questions...addressing your concerns...respecting your money...matching your timeline...meeting your expectations...helping accomplish your real estate goals!!
JANEESE JACKSON: 503-709-0802 or jj@janeesejackson.com
“Just Breathe” by Pearl Jam
AUGUST 2010 PORTLAND METRO REAL ESTATE UPDATE!
Well, it was a late summer to arrive but it’s definitely here!!! August can traditionally be a slow real estate month in the Portland Metro market due to last minute summer vacations while the weather holds and prior to school starting! However, the slowdown started earlier than usual this year and our market activity has been trending down. When comparing sales activity in the Portland metro area in July 2010 to the same time last year, July 2009, closed sales declined 29%. Pending sales also decreased 24.9% and new listings rose 3.1%. Our average total market time has decreased from an average of 143 days on market in July ’09 to 121 DOM July ’10. I believe that part of what is influencing DOM is that some sellers are finally seeing that this IS the new market and the new normal and getting their properties priced aggressively! To date in 2010, according to the Realtor’s Multiple Listing Site, there have been 30,051 new listings, 12,733 pending sales and only 11,717 sales that actually closed. It doesn’t take a math wizard to analyze these numbers. We are currently back up to 10.8 months of available inventory (we started the year at 12.6 months, dropped to 7 months in May…probably mostly due to the tax credits). It doesn’t matter what business you’re in, supply affects demand and demand affects pricing!!
Now, let’s talk about short-sales (attempting to negotiate with the bank to accept less than what is owed on the property) and foreclosures (already bank-owned properties). In “short”… my most recent experience with short-sales is that many banks are not being cooperative. They have always been and continue to be very time-consuming. But, now it seems harder to get the SS negotiated and closed. I have experienced ridiculous BPO’s (Broker Price Opinions) that have squelched deals and/or banks demanding that strapped sellers bring money to the table. However, bank-owned homes where the lender has foreclosed and wants that real estate “off the books” tends to be a better buy and in my experience, an easier closing! SS’s and foreclosures have definitely impacted the value and pricing of homes. Unfortunately, none of us are immune to the ramifications simply because we don’t fall into either category.
So, what does this mean to sellers? It means you can’t price your home based on what you have invested in improvements. It means you can’t price your home based on how much you need to get out of the sale. It means you can’t price your home for what your neighbor’s sold (unless it just sold). It means you can price your home to undercut the competition. It means you can price your home to entice the reluctant buyer to take a chance. Remember, there is a smaller pool of willing buyers (willing to venture out in a challenged market) and able buyers (able to secure necessary financing). So, you must be at the top of your game. If your home needs staging, do your best to get the proper advice. If you home needs “reconstructive surgery”, do your best to price to reflect the work needed. If your home is on the market and not getting shown, you are most likely overpriced. If your home is on the market and getting lots of showings and no offers, you are most likely overpriced!! The biggest challenge to homes that ARE priced correctly is that potential buyers must often sell another home in order to complete a transaction. So, I’m seeing contingent offers (contingent upon the sell of another property), which sets up a whole other set of challenges!! Contingent offers, of course, don’t affect homes that could meet the first-time buyer price point.
So, what does this mean to buyers? It means you must get your finances in order. It means you must get a pre-approval from the lender of your choice. It means you must try not to get overwhelmed. It means you must try not be too overly analytical (and I understand how hard this is). It means you have historically low interest rates and interest rates often trump price! It means you have lots of inventory from which to choose and choice is a good thing! The challenge here is to use the present market conditions to your advantage without getting greedy and losing what you want (balance). I’ve always believed a successful real estate transaction is when you get what you want!
So, what does this mean to the current property owner? I guess we all just have to “breathe”! Real estate is a long-term investment and one that can afford financial gain, tax advantages as well as personal satisfaction. I, personally, appreciate having investment real estate to round out a financial portfolio. It is work and not for everyone but offers financial rewards.
Basically, this is “survival real estate”! As someone recently stated: “it takes a village to sell a house”. Trust in your professional team of advisors is a must. We are all in this together! Sellers must embrace reality, buyers must “step up to the plate”, Real Estate Brokers must do what the situation demands, Mortgage Brokers must struggle with daily changes to their industry, Title & Escrow companies must “bite the bullet” and other subsidiary service industries must “feel the pinch”. So, don’t feel alone in your struggle. I’ve seen multiple markets “come and go” over my 25 years tenure and “this too will pass”!
About the Author | Janeese Jackson
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