March 2014 Portland Metro Real Estate Update

March20
A Medley of Songs about Spring “Spring has Sprung” (on the calendar anyway).  And, our real estate market has a spring in its step also.  February saw an increase in closed sales in the Portland metro region!  As a matter of fact, a 5.1% increase over January.  It was the best February closings since 02/2007!!!  And, remember that RMLS (regional multiple listing service) statistics record March 2007 as the “height of the market”!!  Inventory fell slightly to 3.9 months of inventory.  Portland area prices are still rising.  The average price of homes in February 2014 shows … Read More

Bi-Weekly Mortgages vs “Over-Paying” Your Mortgage!

March11
"I Dreamed a Dream" - Susan Boyle You may have received offers in the mail from various lending institutions regarding setting up a bi-weekly mortgage payment, thus, paying down your mortgage at a faster rate.  Of course, any way you can contrive to pay less interest and/or pay off your mortgage loan more quickly can be a good thing (but, not always, there are a lot of factors)(I believe it's a good financial move IF it's your primary residence; investment properties give a better ROI/return on investment by using OPM/other people's money)!!  Lending institutions will generally charg… Read More

Updated Waiting Periods for Obtaining New Financing After Short-Sale or Bankruptcy!!

March6
Tony! Toni! Toné! - Feels Good   CONVENTIONAL LOANS | DETERMINED BY CREDIT REPORT DEROGATORY ITEM WAITING PERIODS Foreclosure Home was given back to the bank - No owner participation. • 7 years from date foreclosure completed and transferred back to bank. Short Sale Deed in Lieu of Foreclosure Short Sale: Home sold but sales price didn’t cover amount owed. Deed in Lieu: Home returned to lender in exchange for canceling loan. • 7 years from date sale closed an… Read More

What Property Buyers Regret in Portland, OR Real Estate!!!

March4
"Uncertainty" - The Fray I've been doing this for soooooo long that I do have some stories to tell.  I'm speaking of consulting with buyers and sellers on a pretty big decision...buying or selling a home.  You've heard of "buyer's remorse", I'm sure.  That phrase refers to buyers who make an offer and, then, suddenly have a bout of regret or anxiety (perfectly normal when making the largest purchase most of us make).  And, though it may have happened more than I know, that's not what I'm writing about (and, I have to say that my personal experience indicates that it's more rare than s… Read More

February 2014 Portland Metro Real Estate Update!!

February25
"Promises, Promises" - Broadway With 2014 well on its way, we’ve experience sun, rain, sleet, snow and the promise of Spring!  Our local real estate market promises to be varied and interesting as well.  We are “off the races”, so to speak, with an early market rush!  Well, to be quite frank, it never really slowed down as is usually expected during the holiday season.  Then, the real estate market was ready and anxious to get right to it in 2014!  It was the best January for new listings since 2007, but it’s still not enough to satisfy the buying market.  Lack of inve… Read More