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
Queen & David Bowie “Under Pressure”
July 2011 Portland Metro Real Estate Update!!
Despite the fact that summer refuses to join us this year, our Portland real estate market marches on. Nationwide, 2011 thus far is the worst year for home sales in history! However, locally it doesn’t necessarily feel that way. Closed sales were definitely down in June 2011 compared with June 2010, but pending sales jumped compared with last year. And inventory is the lowest it’s been since July 2007! At the current rate of sales, the Portland Metro area has only 6 months of inventory!! Builders broke ground on more new homes than expected last month and U.S. housing starts reached a 6-month high according to Reuters News. Which indicates some optimism on the part of home builders. Of course, our lack of inventory is two-fold, I believe. In part, we are seeing reduced homes on the market due to pricing getting to the point where buyers are willing to venture into the market and absorb the existing inventory. Low numbers are also a result of less homes being willing and able to go on market due to lack of equity! Are we at the bottom in the Portland marketplace? Some areas are definitely still dropping, some appear to have stabilized somewhat.
SELLERS: What does this mean for sellers? I have never been a big proponent of “losing” money on real estate. However, if life changes demand the sale of a home where equity is non-existent, keep in mind that you may lose money on your sale but you will gain on your purchase. Homeowners are still having trouble accepting just how much the values of their properties may have fallen, says a new report from the Zillow real-estate site. Current sellers who bought their homes in 2007 or later, an analysis of the site’s home listings shows, are overpricing their properties by an average of 14 percent. Sellers who bought their houses before the bubble, and those who bought during the big run-up in home values, also are overpricing their homes, but not by as much. Those who bought before 2002 are pricing their homes roughly 12 percent over market value, while those who bought from 2002-06 price them about 9 percent over market value. Keep in mind these are national statistics and real estate varies neighborhood by neighborhood! But, it’s not just sellers. As a Realtor, I find pricing correctly and low appraisals to be my biggest current challenges!
BUYERS: What does this mean for buyers? Mortgage rates continue at record lows and opportunities definitely exist! There are definitely tougher lending guidelines but more loan products are being slowly introduced (or re-introduced) into the mortgage marketplace. FHA gives many buyers options like a low 3.5% down payment and the option for seller-paid closing costs. You can even set up your Bridal Registry with a bank and use the funds for a down payment. VA financing still offers 100% financing to qualified veterans. Don’t labor under mortgage misunderstandings, it’s free to find out if and for what you might qualify. If interested, you might as well inquire…last I heard the worst they could do is say “NO” (they can’t shoot you, you know).
INVESTORS: What does this mean for investors? The local rental market continues to be hot, hot, hot (even tho’ our weather is not, not, not)!! I’m in the midst of another duplex remodel and already both sides are rented, tho’ only one side is ready! Financing for investment properties can be a challenge, especially for the self-employed (like myself). A lot of patience and perseverance is required!! A home or investment property is a “leveraged investment”! Leverage is the ability to control a larger asset with a smaller amount of cash through the use of borrowed funds. Paying cash is not always “King” when figuring your yield on an investment. Leverage is not a dirty word, it’s a be-U-tiful thing!
About the Author | Janeese Jackson
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