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Latest & Greatest Portland-Metro Real Estate Stats- November 2019

How’s The Market?

Below is an excerpt from the Regional Multiple Listing Service’s most recent “Market Action” report that comes out monthly and is e-mailed to all member Realtors. This is data specific to the Portland Metro Area market.

October Residential Highlights

Oregon City/Canby is leading the pack right now at 4.9% appreciation! Winds of change are a blowin’. It still is a really good time to make a move if you’ve been kicking it around. Most people don’t know the Winter months are great times to move. Less completion if your a seller, and if your a buyer there typically have been many houses that have been sitting on the market ready for negotiation. Here are some stats;

Pending and closed sales saw gains this month in the Portland metro area, compared with October 2018. Pending sales (2,575) rose 3.7% over the 2,484 offers accepted in October 2018, falling 4.1% short of the 2,686 offers accepted last month in September 2019.

Closed sales (2,588) rose 6.1% from the 2,440 closings recorded last year in October 2018 and increased 8.9% compared with the 2,377 closings recorded last month in September 2019.

New listings, at 3,064, decreased 1.2% from October 2018 (3,100) and 11.7% from September 2019 (3,470).

Inventory decreased slightly to 2.4 months this October, while total market time rose by two days to land at 54 days.

Average and Median Sale Prices

Comparing 2019 to 2018 through October, the average sale price has increased 1.2% from $453,600 to $459,000. In the same comparison, the median sale price has increased 2.5% from $400,000 to $410,000.

For more information on what these numbers mean to you, please call, email or text. I’m here for you and your!

IT’S A GOOD LIFE!

Rachel Sheller, 503.380.9634, rachel@rachelsheller.com

Oregon First-Principal Broker, Washington First-Managing Broker

CRS, CSA, ABR, GRI, SRES, Diversity Specialist

FIVE STAR AGENT IN PORTLAND-METRO 2011-2020
***I’M ALWAYS HAPPY TO HELP YOU AND YOUR REFERRALS***

Licensed in the State of Oregon and Washington

Portland-Metro Real Estate Stats 10/2019

Monthly Local Market Report

How’s The Market?

Below is an excerpt from the Regional Multiple Listing Service’s most recent “Market Action” report that comes out monthly and is e-mailed to all member Realtors. This is data specific to the Portland Metro Area market.

September Residential Highlights

Pending and closed sales saw gains this month in the Portland metro area, compared with September 2018. Pending sales (2,686) rose 8.7% over the 2,471 offers accepted in September 2018, falling 8.3% short of the 2,929 offers accepted last month in August 2019.

Closed sales (2,377) fared similarly, rising 4.6% from the 2,272 closings recorded last year in September 2018 but showing cooling of 18.1% compared with the 2,901 closings recorded last month
in August 2019.

New listings, at 3,470, decreased 3.8% from September 2018 (3,606) and 7.6% from August 2019 (3,757).

Inventory increased slightly to 2.8 months this September, while total market time rose by four days to land at 52 days.

Average and Median Sale Prices

Comparing 2019 to 2018 through September, the average sale price has increased 1.1% from $453,800 to $458,900. In the same comparison, the median sale price has increased 2.5% from $400,000 to $410,000.


The above table with data from the RMLS for specific areas. Note that Appreciation is based on a comparison of the rolling average sale price for the last 12 months with the 12 months prior. Days on Market is the number of days from when a property is listed to when an offer is accepted on that same property. If a property is re-listed within 31 days, DOM continues to accrue; however, it does not include the time that it was off the market:

For more information on your neighborhood, and property (each neighborhood is valued differently) call, email, or text me for more information.

IT’S A GOOD LIFE!! RACHEL SHELLER
Principle Broker,Realtor,CRS, ABR, GRI, SRES, CSA (Staging Agent)
HOWNW, MASTERS CIRCLE
Five Star award 2011-2019
Oregon First Realty
Direct-503-380-9634
Email~ rachel@rachelsheller.com
123 E Powell Blvd. #101
Gresham, OR 97030

***I’M ALWAYS HAPPY TO HELP YOU AND YOUR REFERRALS***

Licensed in the State of Oregon

Home-buying affordability rule

The 36 percent rule is a guideline for consumers to help determine how much money they can comfortably spend on monthly debt payments, according to NerdWallet.com. The rule is based on dividing monthly mortgage payments (principal, interest, taxes, and insurance) and other monthly debt (vehicles, credit cards and student loans) by gross monthly income.

For example, an annual household income of $89,000 divided by 12 months equals a gross monthly income of $7,417. The 36 percent rule means the maximum monthly spending on all household debt should be about $2,670.

While lenders use the 36 percent rule in evaluating mortgage applications, they also consider other factors such as the amount of cash available for the down payment and closing costs, the borrowers’ credit scores and the amount of unsecured debt.

When buying a home, rely on an experienced real estate professional who will ensure that you are making the best purchase for your current need and household budget.home-167734__340

To get started on your journey to home ownership please call, email, or text anytime.

Five Star award Winner 2011-2018 honoring the top 7% of real estate professionals in Oregon.

IT’S A GOOD LIFE!!

Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE, Earth Advantage Broker, Diversity Specialist-HOWNW, CSA-Certified Staging Agent, Oregon First, Washington First

Direct 503.380.9634, Email- rachel@rachelsheller.com

View ALL available properties on the market on my website.

Licensed in the State of Oregon and Washington

My business is referral based.
If you’ve enjoyed my service, please refer me!

 

A low home appraisal can stall mortgage approval

What happens when a buyer and seller agree on a price, but then the lender’s appraisal comes back lower than the agreed-upon amount? Until the financing is approved, the deal can fall through. This is why you see the words “Contract Pending” on the agent’s yard sign.

Approximately 10 percent of real estate agents report on a monthly basis that a low home appraisal negatively impacted a sale, according to the National Association of Realtors®.

Here are some ways that sellers and buyers can protect themselves from a low appraisal.

Sellers

  • Before you list your property, pay to have an appraisal done. In a seller’s market where some buyers are making offers significantly above the listing price, sellers need to understand how critical the appraisal is to closing the deal.
  • Do your homework and use a qualified appraiser who has a membership designation such as SRA or MAI from the Appraisal Institute.
  • Be sure the appraiser is comparing your home to the latest data about homes just sold or under contract in your area. Also, highlight any improvements to your home or landscaping that may positively affect the selling price.

Buyers

  • Ask your lender to choose one name among 2 or 3 qualified appraisers that you recommend.
  • Meet with the appraiser when the inspection is being done, and ask questions about the process.
  • If you receive a low appraisal, follow up and ask questions. The appraiser or supervisor may have overlooked the newest information.

I anticipate this happening more in the future. For information on pricing your home, or buy strategically to do all possible to prevent appraisal woes, please call, email, or text me to talk more about it.

IT’S A GOOD LIFE!

Five Star award Winner 2011- 2018 honoring the top 7% of real estate professionals in Oregon. 

Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES,  Diversity Specialist-HOWNW, Earth Advantage Broker, MASTERS CIRCLE, CSA-Certified Staging Agent, Oregon First, Washington First

Direct 503.380.9634, Email-    homesforyou@frontier.com

View a current list of ALL available Houses on the market go to my website

Licensed in the State of Oregon

My business is referral based.
If you’ve enjoyed my service, please refer me!

 

Your offer has been accepted: what’s next?

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Learning that your offer for your new home has been accepted is one of the most exciting times in the purchasing process. But, that excitement can be short-lived if you are not prepared for what comes next. Here are a few things to do after your offer has been accepted:

Celebrate!
You found your new home. Don’t let the moment slip by without acknowledging this major accomplishment.

Communicate with your agent.
After the excitement settles, try not to panic when you see your to-do list. Your agent will guide you through the process. There are so many steps to take after an offer has been accepted, and unexpected issues can pop up. So, prepare yourself to maintain a positive mindset.

Closing considerations.
Prior to the closing, you’ll have to schedule inspections and appraisal, work out the cost of any necessary repairs, and confirm financing. Don’t worry, though, you are almost there.

Remember, an experienced real estate professional will be there every step of the way to help you with all the details. You’ll be unlocking the front door of your new home before you know it!

For more information on buying or selling a home, please call,e mail, or text Rachel.

Five Star award Winner 2011-2018 honoring the top 7% of real estate professionals in Oregon.

IT’S A GOOD LIFE!!

Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE, Earth Advantage Broker, Diversity Specialist-HOWNW, CSA-Certified Staging Agent, Oregon First, Realtors

Direct 503.380.9634, Email-    homesforyou@frontier.com

View a CURRENT & ACCURATE list of ALL available Houses on the market on my website

***I’M ALWAYS HAPPY TO HELP YOU AND YOUR REFERRALS***

Licensed in the State of Oregon and Licensed in the State of Washington

What is the appreciation in your location? Take a look!

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How does your area stack up? Keep in mind each City has many neighborhoods that are priced differently than the average. You can call me for a detailed estimated sale price for your home. Appreciation rates are in the positive numbers all across the board. West Portland may be a little sluggish on appreciation, but prices are generally higher in that location, so you can only increase so much….

Days on the market are looking good too. That is the time it takes to sell your home, on average. Even though we are in a sellers market still (but that is changing-more in another blog) you can still over price your home and it will sit on the market  longer, or worse, not sell at all.

This was a quick peek at the latest real estate numbers. For more information specific to you, please call, email, or text. I look forward to hearing from you!

IT’S A GOOD LIFE!!

Five Star award Winner 2011-2018 honoring the top 7% of real estate professionals in Oregon.

Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE, Earth Advantage Broker, Diversity Specialist-HOWNW, CSA-Certified Staging Agent, Oregon First, Washington First

Direct 503.380.9634, Email-    homesforyou@frontier.com

View ALL available Houses on the market go to my website.

Licensed in the State of Oregon and Washington

My business is referral based.
If you’ve enjoyed my service, please refer me!

 

 

 

Old house vs. new house?

old house, new house

Old house vs. new house?

One of the primary decisions for buyers is whether to choose a newer home or an older “fixer-upper.” The correct answer really reflects your personal preferences. Consider these questions:

Upfront costs: How much can you afford? You’ll probably pay more for a newer home, but that extra cost might be made up in the long term by not having to pay for repairs and maintenance on an older home.

Maintenance: Love it or loathe it? Older homes inevitably need repairs, replacements and upgrades. If you’re handy and enjoy working on projects around the house, then an older property may be just what you want.

Home design: Vintage or modern? In an older home, you get a sense of historic tradition and attention to detail. Newer homes tend to offer the latest and greatest trends, such as open floorplans and energy efficiency.

If you want the best of both worlds, consider buying an older home with “good bones” (foundation, plumbing, electrical) and renovating it, depending on your budget of course.

For more information on getting started please call, email, or text me.

Five Star award Winner 2011-2018 honoring the top 7% of real estate professionals in Oregon.

IT’S A GOOD LIFE!!

Rachel Sheller, Principal Broker, Realtor, CRS, ABR, GRI, SRES, MASTERS CIRCLE, Earth Advantage Broker, Diversity Specialist-HOWNW, CSA-Certified Staging Agent, Oregon First, Washington First

Direct 503.380.9634, Email- homesforyou@frontier.com

View ALL available Houses on the market on my website.Licensed in the State of Oregon and Washington

My business is referral based.
If you’ve enjoyed my service, please refer me!