Real Estate Information

Rob Levy's Portland Real Estate Blog

Rob Levy

Blog

Displaying blog entries 1-10 of 284

Why Housing Supply Matters in Oregon

by Rob Levy

This article recently published by the Oregon office of Economic Alalysis talaks about the importance of housing supply in Oregon. In particular there is a good section on the affordability issue in Portland, in particular the last graph shows our issue...  no builders can afford to build in the lower 3rd of pricing, so its hard to buy a home as a rental.  There are many reasons for this...  For one when I started as a Realtor the City of Portland charged about $2,000 for a building permit and you could get it in a few days. Now, its just under $50,000 and it takes almost a year.  In addition to this the cost of lots has gone through the roof.  There are many reasons for this too; builders leaving the business in the recession, developers also leaving the business in the recession, a huge delay in getting new lots and subdivisions approved, and of course the large influx of residents to the Portland area.   You can view the entire article here... https://oregoneconomicanalysis.com/2017/12/14/why-housing-supply-matters/

This interesting story shows how much money you need to make in the top 50 real estate markets in the USA.  Its interesting to see in San Jose, CA where the average home price is $1,165,000 you need to make over $216,000 to buy the average priced home!  At the bottom end of the list is Orlando, Florida where the average home is only $247,900 and the salary required is $54,148.  This survey of course does not even consider smaller towns, as a long time well connected top Realtor I have dear Realtor friends all over the USA where homes average less than $100k, these are nice, liveable homes!  Check out the full story at https://www.hsh.com/finance/mortgage/salary-home-buying-25-cities.html#most_expensive_25_metros

Portland, Oregon Real Estate Update 12/17

by Rob Levy

In November, 2017 the Portland metro area saw gains in the number of listings compared to November of last year.  There were 2,416 new listings, a 16.2% increase over last year BUT a 19% decrease compared to last month.  Pending sales also increased 4.6% compared to November 2016, but fell 12.3% compared to last month (October 2017).  Closed sales at 2,387 fell 1.9% short of the 2,434 closings recorded in November last year and also 6.9% short of the 2,565 closings in October 2017.  

Inventory is still tight....  1.9 months supply of homes with the total marketing time increasing to 51 days.  In fact, 2017 has been cooler this year as a whole with closed sales down 3% (29,098) and pending sales also down 6.2% (29,628).    Prices though continue to rise in the metro area, comparing November to November the average sales price rose 8.7% from $394,800 to $429,000.  The median sales price in the same period rose 9.5% from $347,000 to $379,900. You can download the entire 7 page PDF MLS report byCLICKING HERE.  Inside you will see charts and graphs all relating to specific areas of metro Portland.

Veterans Affairs Loans in Oregon

by Rob Levy

Most people are aware of the VA's veterans loan department, where active duty and retired veterans can use a federal guarantee to purchase a home for as little as $1 down.  But living in Oregon, the only state in the USA without a large full time active duty military base we dont see that many VA loans.  With veterans returning from overseas duty we are seeing more of them.  This is one of THE BEST loan programs available and given the constant rise over time of housing since the end of WW2 this is a tremendous opportunity for veterans young and old to obtain a home loan.  THIS SITE from the VA shows all the loan types availab

City of Portland REQUIRES an Energy Audit

by Rob Levy

Thats right, if you own a home in the CITY of Portland and want to sell it, starting in January 2018 you must get an energy audit performed prior to your home going on the market.  This applies to single family homes and attached homes too.  This means you must have this audit perfomed before you start marketing the property, which of course means while listing it.    The city projects this to cost $250 - $300 but of course as more inspectors come online, the cost may vary. 

The audit is designed to allow home buyers to compare the expected annual costs of energy and is also now up and running in a few other cities such as Austin, Texas and Berkeley California.   You can see an article about it here from The Portland Tribune, and also here a link to the City of Portland site. Note, if your home is listed before December 31st 2017 you are not required to have this performed.

Portland's 15 fastest price growing areas

by Rob Levy

The Portland Oregonian recently released a report showing the 15 neighborhoods in metropolitan Portland/Vancouver where the average prices are growing the fastest.  I'll bet you are guessing inner SE, or maybe NE Portland but you might be surprised!  in fact Woodburn prices are up over 22%, and Lake Oswego's lofty average price of over $500,000 is up over 18%.  CLICK HERE to see the full list of all 15 neighborhoods.

Portland's 15 fastest price growing areas

by Rob Levy

The Portland Oregonian recently released a report showing the 15 neighborhoods in metropolitan Portland/Vancouver where the average prices are growing the fastest.  I'll bet you are guessing inner SE, or maybe NE Portland but you might be surprised!  in fact Woodburn prices are up over 22%, and Lake Oswego's lofty average price of over $500,000 is up over 18%.  CLICK HERE to see the full list of all 15 neighborhoods.

Myth: You Need a 20% Down Payment to Buy a Home

by Rob Levy

Gone are the days of 20% down or no loan, but recent surveys reveal that many Americans are not aware that programs exist to put down less. Fannie Mae’s article, “What Consumers (Don’t) Know About Mortgage Qualification Criteria,” revealed that “only 5 to 16 percent of respondents know the correct ranges for key mortgage qualification criteria.” The survey results revealed that consumers often overestimate the down payment funds needed to qualify for a home loan; 76% of respondents either don’t know (40%) or are misinformed (36%) You Need a 20% Down Payment to Buy a Home Myth 2: about the minimum down payment required. Many believe that they need at least 20% down to buy their dream home, but many programs actually let buyers put down as little as 3%. On the right are the results of a Digital Risk survey of Millennials who recently purchased homes.  Since Millennials make up the largest share of first-time buyers, it should come as no surprise that 97% of this generation financed their home purchase, compared to 86% of all buyers. What may come as a surprise to many who have not yet purchased, however, is that 16% of those who financed their home put 0% down! 61% of Millennials who purchased a home in 2016 put down 10% or less! According to data from the last 12 months of Ellie Mae’s Millennial Tracker, the average down payment for a Millennial was 10%. Your dream home could be within your reach much sooner than you ever thought if you only need to save up 3-10% instead of the 20% that you may have thought you needed!

Millenials Guide to Home Ownership

by Rob Levy

If you know any millennials thinking about buying a home, or want to understand the process they are going through, then this 23 page PDF report is a must read.  This report is loaded with information and multiple useful infographics showing what has caused the millennial generation to wait so long to buy homes, what has changed now and also provides an easy path to discovering how you can obtain that American dream of home ownership. No forms to fill, no names or email asked for, and no obligation. Simply download the report here http://www.roblevy.com/millennials  Please let me know what you think, and PLEASE pass along to any millennials you know who may be looking f

What Colors Help Sell a Home?

by Rob Levy

The Zillow home color survey is back for 2017!

I'll bet you didnt know a bathroom painted in powder blue sells on average for $5,400 more than any other color. Or how about homes with a "greige" exterior sell for $3,496 than other colors.

Check out the survey here..  

Displaying blog entries 1-10 of 284