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
Bob Marley and the Wailers – “Keep on Moving”
August 2011 Portland Metro Real Estate Update!
“Summertime and the livin’ is easy”! Or, perhaps it just feels “easier”. After all, the summer season took it’s sweet time getting to the Portland area so we deserve whatever “easiness” we can scrounge! Otherwise, if you’re suffering from a bit of motion sickness, it’s probably the wild ride we experienced with our stock market! So, how’s the real estate market, you ask? The end of 2010 and the first part of 2011 definitely saw an upswing in real estate activity (not prices, just activity) in the greater Portland Metro! I’m hoping this last round of erratic economic news doesn’t dampen the level of enthusiasm. Closed and pending sales were both up in July 2011 compared with July 2010. Also, the inventory level in July 2011 was down 3.8 months compared with the same month a year ago. However, inventory is now at 7 months, up from 6 months of inventory last month! Both the average sales price (up 3%) and the median sales price (up 1.9%) increased from last month. Like I said: erratic!! I believe the increase in activity is directly related to the diminished pricing and the low interest rates!! I’m seeing/hearing about more cash offers, as people feel that “parking” their cash reserves in real estate could be a good alternative.
BUYERS: So, what does this mean for buyers? Interest rates are low, low, low!! They’ve been hovering in the high 3’s/low 4’s. There are a myriad of mortgage calculators available on the web (one at www.fabulousportland.com located in the right hand navigation bar). So, just play with the numbers. If you want to make a housing change, pick an arbitrary loan amount and see what the difference is in your mortgage payment at a 4%, 5% or 6% interest rate. Now see the difference in payments over 30 years! The Federal Reserve is promising to keep interest rates low for awhile in hopes of spurring our economy, but I just wouldn’t want to miss these rates. It would definitely be one of those “coulda, shoulda, woulda” moments at a later date. Just don’t overbuy for your financial situation. Look at your long-term goals and consider real estate as a long-term investment.
SELLERS: So, what does this mean for sellers? I sound like a broken record, but buyers are looking for competitive pricing! So, it’s all about pricing, pricing, pricing! If priced aggressively, properties are moving and I’m even seeing multiple offers! The condition of the property will also affect how long it takes to sell. Sharp, turn-key properties that are priced correctly move relatively quickly. “Fixers” or cosmetically challenged properties are harder to price and, thus, will take longer. The average total market time is 132 DOM (days on market). Total market time is the number of days from when a property is listed to when an offer is accepted on that same property. So, 132 DOM shows you there are still lots of overpriced properties that are “chasing the market down” in their asking price.
INVESTORS: So, what does this mean for investors? A recent report that just came out says that now it is actually cheaper to buy than rent. This hasn’t been the case for many years. And at the same time, the demand for rentals has greatly increased due to less buyers in the market. My personal experience with my rentals is that Portland area rents are increasing. So if you already own a home, this may be an amazing time to buy rental property and be able to cash-flow them. You can get into an investment property for 20% down. Real estate investments could help off-set the wild roller coaster ride we’ve experienced in the stock & bond markets!
OVERALL: If you look at the numbers and factor in the economic situation of the world, you have to ask how long will it take to get out of this real estate slump? We may have to consider this the “new normal”. We currently have 7 months of local inventory (our 2011 high was 11.3 months) plus an unknown amount of “shadow inventory” of foreclosures from the banks (they are slowly foreclosing and releasing this inventory so as not to have too many foreclosures on their books and not saturate the markets), not to mention more short-sales. From our local statistics and the national and international economic indicators, I don’t see any dramatic upswing in values ANY time soon and believe it will at least 5 more years with possibly more diminished pricing in some areas. However, if a life change is desired and/or necessary…what you lose on the sale of a property should be gained on your purchase. Sometimes you just have to move on……
About the Author | Janeese Jackson
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