RMLS listing # 8037567, located at 5226 NE 21ST AVE.
It's listed at 2664 sq ft, but if you look at the assesor data on Portland Maps, it clearly shows 1146 sq ft for the main floor, 400 sq ft for a finished attic, and 1122 for an unfinished basement. Add them together and you get the 2664 which the RMLS lists, which obviously includes the unfinished basement (see the photos, this is definitely an unfinished basement suitable only for storage and not much else). I'm not saying that the space isn't valuable, but that it's not as valuable as true finished space, with walls, lights, flooring, etc. I'm pretty sure nobody here would call that livable space at the moment, therefore I believe it should not be included in the RMLS listing.
I agree with you that some people "finish" a space without reporting it., but I want no part of it. I've seen the results of this, and it's usually pretty poor. I'm not willing to risk my families lives to shoddy wiring or structural changes that are not to code, are you?
"Buyers I would advise to take the outsider's information with a grain of salt because it sounds like he might be misinformed. Now is the best time to buy in several years. This is just logic again PDX. It is the same as the stock market, buy low sell high. The inventory is high so buyers can negotiate a great deal and interest rate are still very low. "
Here your'e comparing apples and oranges. Yes you should buy when PRICES are low, not when they are high. Prices are at near record highs, and I for one believe they will fall further. It's definitely a better time to buy than last year, but I believe next year will be even better.
"The market in Oregon is not declining much and it likely will not."
I have two data sources (RMLS and Case Schiller) that show that prices have declined over 8% from their highs last year, and they are still declining. I'll wait. Real estate markets don't rebound quickly like the stock market, they flatline for a few years. It will be easy to find the bottom.
And finally, If I'm misinformed it's because most realtors I keep hearing from won't face the reality that the Portland market is overvalued and prices are dropping. I got tired of rely on their biased analysis, so I went and did my own. And my analysis says to wait.
Good luck weathering the downturn.
The assesor records list the finished size in their summary. ALL the RMLS sites I see list the TOTAL size, including unfinished space. I'm tired of having to constantly go check the assesor records to know the true size of a house and I wish the RMLS would change their policy.
For other potential buyer's out there, come check out my blog where you'll get an objective view of the market, not the usual "it's always a great time to buy" spin.
The looney loans are gone. Incomes in PDX can't support current price levels without that easy credit. Our economy here tends to be rather fagile (we were one of the last regions of the country to come out of the Tech Wreck - it was about 2005 before we made it out of that one) and we appear to be in a recession. Credit continues to contract. These are not bullish indicators.
I hope the "Real Estate Pros" here saved up a good amount of money during the good years so they can weather a few more bad years to come. Either that or they need to have a different profession they can fall back on for income.
Sam, I'm not comparing McMansions and bungalows. I'm comparing houses in similar neighborhoods in inner Portland. But I was trying to get at whether the heat map measures total size, or just finished size.
Squeezed, you're right, I've published the S&P data on my blog linked below if anyone cares to see it. I'm still waiting to buy, but doing my research in the meantime!
Stats recorded and documented show the actual first decline in average sale price since August 2002 occurred in April 2008. And the first decline in median sale price fell slightly for the first time since May 2001 when comparing April of the current year to the same month the year prior. Average sale price dropped 3.9% and the median fell 3.5% but only in certain areas of the Metro area; specifically NE Portland as defined by RMLS and SE Portland as defined by the RMLS. One major factor in this price decline may be that a 51.2% (21 v. 43) decrease in the number of homes sold for $1 million or more, when comparing April 2008 with April 2007. Year-to-date, sales in this price range are down 31.9% compared with the same time last year. All other areas show the average sales price year to date are up month over month except for this last month as I indicated in NE PDX and SE PDX.
Everyone is entitled to an opinion. Thank you for yours. If I as a realtor, relied on my opinion based on a national report or doom and gloom skeptics (rather than actual stats that are researchable) I would not be much good to my clients. That's why we have to look at local (not national) documented statistical reports. Just as all speculators have known for years, the numbers don't lie...people do. I'll stick to the numbers and hopefully that will keep me on track. Yes, many are moving on to other jobs- the reasons are many; however, that isn't to say there isn't a good real estate market here. One thing is clear, people will go on buying and selling real estate. I hope it is done with a little less speculation and a lot more knowledge, accountability and carefulness.
Anybody from Trulia care to comment?
It's listed as 2422 sq ft. But if you look at the assesor records,
they show that 1000 sq ft of that is the unfinished basement.
I'm not saying the assesor records are perfect, but at least they call a spade a spade. Damp basements and attics with 4 ft celings are not what I would call "living space".
I also regularly see listings misrepresent neighborhoods, so the "Code of Ethics" doesn't seem to strict these days. If you know where I can report these rogue agents let me know, I'd be glad to.
So you think buying homes is about "makeing money" off of the less fortunate.
"The fewer people that realize that they are missing the boat the better for my clients that are seeing what is on the horrizon."
As a "pro" would you care to let us know whats on the horizon.
"believing the gloom and doom "
What gloom? Prices are dropping! Surely thats good news...right?
The RMLS is not for realtors it is for clients.
Wow that really cool!
But when I called and asked asked the lady at the RMLS if a private citizen could join she hung up on me. And then I noticed that there are only two options on the member search menu: realtors (TM) and appraisers.
What gives Bob?
Unlike the RMLS (which is run by "realtors" for "realtors") the S&P Case-Shiller index specifically measures repeat sales. Also I am trying to remember the last time a realtor was punished for fudging an RMLS listing.
To address whether to wait to buy or to buy now; there are stats available through the RMLS calculated monthly showing the market flow. There are various areas where the fair market value is down and there are areas where the market is still rising (appreciating). It totally depends on the type of home you are looking to purchase and when the current homeowner purchased. The higher dollar homes are harder to find buyers for now. The homes for investors are moving. But even with both of those there are variables (because any who purchased in the last two years at the height of the market are not seeing the equity growth). The market has been adjusting, however the stats clearly show a decrease in number of months of inventory month over month for the last 2 months. The pending and closed sales are still down if looking year over year, however, those who know a good deal when they see one are buying now rather than waiting because deals abound. Waiting to buy until the market ticks up is crazy; gambling that it will continue to go down is a choice that may come back to bite you. Waiting can do one of two things; get you a slightly better sale price and a higher interest rate or will give you a lower interest rate and a higher price. It won't be both by the way the stats are reading right now according to the RMLS data. Let me show you a real example of why buying now is a good idea.
Price now while interest is good:$210k price with 40K down@ 5.5% for 30 years = 965.00 P&I
Price later (if you can get it lower) while interest goes a little higher: $205K price with 40K down @ 6.% for 30 years=989.00 P&I
Same house in a couple months: 210K price with 40K down@ 6% for 30 years=1010.00 P&I
So any way you cut it NOW is the best time to buy. The sure bet is now. The gamble is to wait. And if you wait both the price needs to be lower and the interest rate needs to be lower to make waiting worth it.
Last I heard REALTORs (TM) just lost their RMLS monopoly in a recent court case. Gooodbye 6% say hello to Redfin.
"In my area for 2007 our stats actually showed a 1.5% increase in the average and median home sale. "
Its 2008, Ron.
This has been issue for home buyers for a long time. In real estate it is so hard to compare homes because no two houses are alike (location, upgrades, lot size, maintenance of the property and so on). Most realtors use a disclaimer to protect them self against giving out the wrong information, but we (Realtors) are bond to disclose the most accurate information that we can. And if there is a discrepancy we usually state it.
My recommendation is to do your own do diligence when buying a home. That is, perform inspections and even get a profession to check the square footage if that is a concerned the information is wrong. The variance of sq ft. can differ from county records to city plans to appraisers. I would recommend calling your local building department, county records and compare it with what is listed on the MLS and base your price accordingly when writing the offer. If the numbers differ hire a 3rd party to calculate the sq ft of the property.
In most contracts you have a specified period of time to perform your do diligence of the property Checking the square footage could be one of many inspections you can done during this period.
I hope this helps.
Truckee / Tahoe Real Estate
As for the assessorsâ€™ records excluding sq ft, this is incorrect. REALTORS pull the info from a few main sources, most of which are tied directly to the assessment for the home. In fact, REALTORS could be in jeopardy of losing their license if they did measure the property.
As for the assesors records exluding these, this is incorrect. REALTORS pull the info from a few main sources, most of which are tied diretly to the assesment for the home. In fact, REALTORS could be in jeoperdy of losing thier license if they did measure the property.
You can answer directly to my e-mail email@example.com
if you're interested in finding out what your home is worth I do have the Property investment profile (PIP) it's free, and it shows you active pending and sold listings in your area, time on market, list price to sold price, and market appreciation. The report is generated off of my server and is relevant to your house, and your neighborhood specifically.
Also I could provide you with a complimentary market analysis via e-mail. Let me know if there is anything I can do to help you.
my website has real time information on active and sold homes, you get free RMLS access, and map searches. It's very useful, I use it in fact.
As a Buyers Agent I rarely look at price per square foot. The best valuation comes from looking at similar homes that have sold in the same area and in the last 3 months and adjusting for differences.
Realtors(R) are bound by state licensing laws and subscribe to a Code of Ethics which very clearly specify the importance of providing accurate information to the client, the consumer and all parties involved. To inflate the square footage strikes me as misrepresentation and/or fraud...