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Market Conditions in Portland : Real Estate Advice

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  • Home Buying372
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Activity 84
Wed Dec 21, 2016
Derek Goude answered:
Hope you are well Ariel

I have not heard of a purpose built tool for the public to use. I have done hundreds and hundreds of valuations for different lenders. I have two valuations that I need to finish up later today. For a professional grade valuation of a specific property, it takes experience. The lenders understand this and require an agent to have been licensed for at least 2 years before they will even consider your application as a vendor. There needs to be a human involved to increase the accuracy of a valuation.

Experience has taught me that there are many characteristics of a property that a data dump doesn't measure. Location and condition in particular. For a simple example, two potential comparables are in east side of Eastmoreland with similar locations to your subject. Do you pick the comp with Duniway Elementary or Lewis with your subject having Lewis? If you pick the comp with Duniway what adjustment do you apply to the comp, if any? To compound it further, the comp with Duniway is on Cesar Chavez Blvd. Now what do you do?

For the majority of the lenders that I work with they have very broad criteria for acceptable comps. They then rely on you to pick the most applicable of potential comps to the subject. They are trusting your experience. Sometimes you have a list of 50 comps to choose 3 from. At other times you have 1 potential comp, but still need to choose 3. Which criteria do you choose to expand more than others?

If you would like a *.csv of potential comps for a particular address, send me an email. derekgoude at gmail. You could then extract the data for calculations. I have the tools and don't mind sharing.

Take care of yourself
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0 votes 1 answer Share Flag
Thu Aug 11, 2016
Angelica P answered:
Hello,

To start, I would like to note that the Trulia estimate is an estimate derived from our proprietary algorithm. Our estimates use a ton of info, including recent sales of similar homes and home facts like number of bedrooms and bathrooms, square footage, and more to provide insight into what a home is worth. This data is compiled from public records and other sources for counties across the US. Please know that we do not intend for the estimate to replace a comparative market analysis as they can take into account market intricacies that the Trulia Estimate cannot. The Trulia Estimate is really meant to be a starting point in determining a home’s value and is not an official appraisal. To learn more about the Trulia estimate, we encourage our users to follow this link: http://www.trulia.com/trulia_estimates//.

Please also note that we do not directly edit or remove Trulia estimates. While we monitor customer feedback for systematic issues with the algorithm, we do not change individual estimates in response to customer feedback. We understand however, that some homes may be unique in ways that are not well captured by existing data. To provide more information on your estimate, we encourage you to claim your home and update its facts if you notice any information is outdated.

Updates to your home facts will be factored into your home's Trulia estimate, however, if the updates are not significant enough to impact the home's value, your estimate may not change.

If you're looking for a precise value for your home, we recommend you talk to a real estate professional.

http://www.trulia.com/directory/

One thing to consider is that when you do put your home on the market, the Trulia estimate will disappear as it is a feature only available for off market properties.


Thank you for suing Trulia!

Angelica
Consumer Care Advocate
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0 votes 1 answer Share Flag
Mon Oct 20, 2014
Dan Tabit answered:
Waughcie,
Yes, Portland Community College is very close, about 1.4 miles. I've attached a link to Google Maps that show the apartments and the school.
0 votes 1 answer Share Flag
Mon Oct 6, 2014
Tim Burke answered:
R5 density is generally considered more desirable by buyers. The economic value depends on your house. On the standard 50X100 lot in Portland, you can't actually build 3 houses because there are other restrictions, it least in theory. The city has a bad habit of bending the rules to allow development where it typically would have been more restricted (no park apartments, skinny houses, etc.). There are in theory restrictions on how many dwellings can be developed per acre, and restrictions on set backs that can limit the number of houses you can put on a property beyond the zoning limit.

It also depends on the value of your house. From a developers perspective, what do they have to pay to get the land? Developers are only in it to make money, and it is only valuable for them if the house is not worth a lot relative to the other houses in the area (small, few bedrooms, 1 bath).

R5 really mostly benefits home owners in that R5 is the most restrictive of the residential zonings. If you want to own and live in the home and sell it as a single family dwelling, R5 is more desirable for these buyers. If you want to develop a duplex or multi-housing, or sell your property to someone who wants to do these things, R5 will decrease the value to those sub set of buyers. So it depends on the specifics of your property. Hope that helps.
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0 votes 2 answers Share Flag
Thu Oct 2, 2014
Cassie Devenport answered:
This house is financeable, it is not bank owned. The property size is incorrect on this site. It is listed as 2500 sq ft lot. It is actually on a 5000 sq ft lot and a 2500sq ft separated street front tax lot that is on west side of property is included! Total square feet is 7500 sq ft. Lots of added value! ... more
0 votes 4 answers Share Flag
Mon Jul 21, 2014
Derek Goude answered:
I'm really surprised nobody mentioned http://www.portlandareahomesales.com/

If you click on the market insider tab at the top you can see community stats, info about median age, income, even education level in the area, and tons more. If you select the spas/beauty under the attractions/recreation menu and see your potential competition on the map. Also easily compare areas side by side. I use it all the time. There is a map view on market insider that will let you see restaurants, shops, grocery stores, churches, parks, museums... Its all there. You can also freely search all of the Oregon MLS to see whats for sale. This includes commercial and mixed use.

p.s.
It's like a user friendly version of the census on steroid and caffeine.
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0 votes 6 answers Share Flag
Wed Jul 2, 2014
Mason Saxton answered:
Hi Joe,

The latest RMLS market action report shows a general average of 82 days on the market for the Portland metro residential listings, though this will vary greatly depending upon the specific neighborhood or price point. Listings which are priced right (which have an available pool of buyers) are lasting days, not weeks. Low inventory has created seller's market conditions. ... more
0 votes 1 answer Share Flag
Mon Jun 16, 2014
The Stephen FitzMaurice Team answered:
Yes you can offer whatever you want, but most sellers are offended if you offer less than 90% of asking price.
1 vote 5 answers Share Flag
Thu May 8, 2014
sonicktruth asked:
This question was asked from http://www.trulia.com/rental/3143218432-5420-NE-19th-Ave-Portland-OR-97211
0 votes 0 Answers Share Flag
Wed Apr 30, 2014
valentina answered:
Take a load of this one:

My husband and I bought 9 yrs ago in a residential area with some light industrial up the road a way. The lot directly across from our house was zoned R1 and had 2 homes on it. A few yrs ago one home was torn down quickly due to a legal matter.

Apparently in 2008 (without any signage or door to door consultation that anyone can remember) the lot got zoned by the OCP to "I3"...On the current map and the Chase River Neibourhood Assoc. map it still says R1.

Regional Recycling now wishes to bulid a 10,000 sq foot bottle depot on 2.5 acres of land with 27 parking spaces literally a streets' width away from my home. It is important to note that none of theresidents areagainst recycling, far from it, we are opposed to the ZONING... I bet they will let Mr. Shorting of Regional Recycling destroy this area, even though ALL of the residents have written letters.

Interested in this story?

Check it out at the Public Hearing
May 1
7:00pm
80 Commercial St in Nanaimo BC

So, I guess I'm saying in Nanaimo if you want to live here it doesnt matter if you do your research or have proof to back up your claims. The OCP rules and neibourhoods can be destroyed.
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0 votes 8 answers Share Flag
Fri Apr 18, 2014
Edwin Kargbo asked:
This question was asked from http://www.trulia.com/rental/3152100025-2743-SE-98th-Ave-9-Portland-OR-97266
0 votes 0 Answers Share Flag
Mon Mar 10, 2014
Lorne Martin answered:
Go To Portlandmaps.com and put in the address or intersection of the property you want information on. This website is an invaluable asset and information source.
0 votes 5 answers Share Flag
Fri Jan 17, 2014
The Stephen FitzMaurice Team answered:
I think they have plans to start providing an estimate. Though of course, your best resource is a real estate agent.
0 votes 4 answers Share Flag
Thu Jan 16, 2014
Tom Inglesby answered:
Are you looking to rent or buy. Send me a text I can help you. Tom inglesby, broker remax
0 votes 2 answers Share Flag
Mon Jan 6, 2014
Mohammed Ali asked:
This question was asked from http://www.trulia.com/rental/3141901409-3245-NE-49th-Ave-Portland-OR-97213?ecampaign=con_day_propertysearchforrent_bk&eurl=www.trulia.com%2Frental%2F3141901…
0 votes 0 Answers Share Flag
Sun Dec 22, 2013
Jason and Michelle Merritt answered:
Katherine, A real estate broker doesn't order criminal backgrounds on our buyer clients and there are no laws or rules that require that we not sell to buyers based on criminal history. The buyer may be required by law to avoid purchasing in certain areas based upon their legal standings. For example some individuals are required to live outside of a certain radius around elementary schools and such. It is not required of real estate brokers to ensure that a buyer follow the rules of their release. ... more
0 votes 1 answer Share Flag
Tue Dec 17, 2013
Derek Goude answered:
I'm really surprised nobody mentioned http://www.portlandareahomesales.com/

Along the left side there is a link to Sellwood. It will show ALL property in that neighborhood for sale, then you refine for what best fits you. I just checked and there are 96 properties on the market in Sellwood. ... more
0 votes 6 answers Share Flag
Sat Nov 30, 2013
Jean Rychlik answered:
It looks like the middle school for this address is Ron Russell, at 3955 SE 112th Ave. It is about 1 mile. I couldn't find specific bus information, but the school phone is (503) 256-6519. I hope that's helpful. ... more
0 votes 1 answer Share Flag
Sat Nov 23, 2013
Ricker Opp Realty Group answered:
Trulia pulls the information off of the RMLS information submitted by the listing agent. In the body of the listing it is listed as a SFR, however somewhere in the input a box may have been checked incorrectly - agents are human and can make a mistake. It will most likely be pointed out and the the change made. Then within 24 hours Trulia will update and the property type will change on their site. ... more
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Sun Aug 11, 2013
Tom Inglesby answered:
This condo is for sale not sure if for rent? contact the agent could be a scam there are many out there. here is listing agent.

John Van Loo
(503) 495-3122
Broker
RE/MAX EQUITY GROUP-GRESHAM OFFICE
(503) 666-2020

Tom Inglesby, Broker, RE/MAX
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