"Sunshine and Summertime" - Faith Hill
Portland Metro Real Estate Update
SUMMERTIME!Â As we inch towards our official Oregon Summer, our Springtime
weather has made a liar of me!Â I always say that summertime in Oregon
starts July 5th, but we have enjoyed a stellar springtime!Â And, a stellar
real estate market continues (with the caveat of lack of inventory).Â
Closed sales for the Portland Metro area increased by 2,682, which is a 26.2%
increase from April and a 27.8% increase over May of last year.Â Total market
time is also dropping.Â May saw an average market time of 85 days.Â
Historically, that length â€œtime on marketâ€ has not been seen since July 2008,
when market time was 72 days.Â Time on market indicates total time from
entering the marketplace till close of escrow!Â The average sales price is
now $299,900, up 14.9% from the same period in 2012.Â And, we are down to
2.5 months of inventory.Â This is the lowest since May 2006, when it stood
at 2.3 months!!!!Â WOW!
does this mean for buyers?Â Ouch!Â Inventory is so low that you can
almost assume you will be in a multiple offer situation if the property is
priced correctly, especially in certain locations.Â Federal Reserve
Chairman, Ben Bernanke has the economists very confused.Â The Fed officials
continue to warn that they will begin slowing the stimulus program and that
suggests that interest rates will rise.Â And, they have risen in the last
month. Â TheÂ benefits of owning your own homeÂ are
many! Â All I know is that â€œif the creek donâ€™t riseâ€ and our market
continues to repair and inventory stays this low, we will see a substantial
appreciation in home values this year!!Â
Itâ€™s basic â€œsupply and demandâ€!
does this mean for sellers?Â If you have wanted to make a housing change
but thought you might not be able to sell, you might want to check again.
Â Itâ€™s a sellers market again for those that are ready.Â You still
must beÂ â€œpriced rightâ€ and be â€œshow readyâ€.Â And,
if you areâ€¦.get ready to rumble!!
does this mean for investors?Â The rental market is also hot, hot, hot!
And, keeping up with rents is a full-time job!Â Just remember, one of the
most important things you can do if you own investment property, besides
maintaining the property, is keep the rents current!! Â TheÂ benefits of owning rentalsÂ are many!
Â As the tenants pay off your mortgage, you enjoy what cash flow and tax
benefits the property provides.Â You can self-manage to optimize cash-flow
or hire a property manager to minimize involvement!!
Selected by Portland Magazine as a
2011, 2012 Â and 2013 Five Star Realtor