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
“Good News, Bad News” w/George Strait & Lee Ann Womack
June 2011 Portland Metro Real Estate Update!
So, do you want to hear the “good news” or the “bad news” first??? Despite the recent bout of less-than-stellar economic news, the momentum in real estate sales in the Portland Metro area continues. Short-sales and foreclosures continue to put pressure on pricing and there is no denying that those prices are determining market value! As always, every neighborhood is affected differently. But, I am still seeing well-priced investment properties and aggressively priced homes/condos in good condition sell quickly and even experience multiple offer situations! Pricing correctly is still the challenge. No one wants to leave $$$ on the table, but over-pricing will stall the sales process. Year over year, closed sales were down, but inventory hit the lowest level since October 2009! However, year-over-year, the average sales price fell 7.3%, but we are now down to 6.8 months of inventory!! I believe this market is fueled by a “crisis of confidence” for the consumer and the lending institutions.
BUYERS: What does this mean for buyers? Mortgage rates have leveled off at 2011 lows to date! Low mortgage interest rates definitely benefit the first-time buyer, investors and repeat buyers (if they can sell their home). If something is priced right, “priced-to-sell” or under-market, you may be forced to quickly view the property and make your very best offer! That could even mean an over-sales-price offer. I have this theory that “winning” in real estate is getting what you want (within reason, of course). I always tell everyone (that will listen) that I have paid full price or OVER asking price (due to multiple offers) on every piece of real estate I’ve ever purchased! When you know what you want and why you want it (and you know you can afford it), you don’t quibble over minutia! Just one gal’s theory…..
SELLERS: What does this mean for sellers? Buyers are in the market and they want to buy. Cosmetically and structurally challenged properties have a narrower market, especially in some areas. But, you still have to be careful not to over-do renovations for marketing, as you may or may not recoup the money. So, it’s a fine line. Pricing is tough! Real Estate Brokers are experiencing issues with appraisals NOT coming in at value on properties under contract and/or demanding more $$$ down or higher interest rates on investment properties. This makes competitive pricing not only necessary to attract buyers, but indispensable when it comes to getting the mortgage approved! Perhaps offering incentives such as seller paid closing costs (very typical in the first-time buyer market) or interest rate buy-downs could entice a buyer to make a move?
INVESTORS: What does this mean for investors? Again, decent properties that offer cash-flow (or the potential for getting the rents up to market), location and appeal are being “snapped up” by investors with the means to get financing. Again, mortgage requirements for investors are getting more and more stringent, especially if you own more than four total properties. Perseverance is key, be ready to make a larger down-payment and/or higher interest rate and steady yourself for rejection with the resiliency to keep trying! I love that you use a smaller amount of your money + a larger sum of someone else’s money to purchase an investment and, then, the tenant pays the borrowed amount. Remember “leverage” is not a dirty word!
About the Author | Janeese Jackson
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