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PORTLAND AREA STILL A WEST COAST BARGAIN BASEMENT!

Wednesday, October 25, 2006
by Rob Levy, Prudential Northwest Properties
One of our buyer specialists, Sandy Morley www.roblevy.com/about.asp was telling me this last weekend she spent allot of time with some good friends from California and the big discussion was real estate here in Portland.  They were up here for a wedding of a couple that moved here almost a year ago and bought a large home in Tualatin after selling a small condo in Fremont, California.  Her friends daughter moved up here six months ago and bought a beautiful home in Wilsonville.  How strange life is sometimes when the babysitter for your kids is now a client living a mile from my house in Wilsonville.  Sandy had a allot of time to talk with them and other relatives from different parts of the country and a great deal of the conversation was in regards to several of the couples thinking of retiring here. 
 
Sandy herself moved to Wilsonville www.ci.wilsonville.or.us 5 years ago from Pleasanton, California and bought a home in Wilsonville that she could only dream of there.  The comment that kept coming up was that Portland was still the best deal on the West Coast...with it's close proximity to the Oregon Coast and also to Mt. Hood. During the course of the weekend she picked up one buyer for sure and two more that are still weighing their options.  They couldn't believe how clean downtown Portland is and the beauty of the Willamette River running through the city.   They were also amazed at all Portland has to offer with fantastic restaurants, theatres and the fine arts.  It is great to be a real estate agent in Portland as it sells itself!
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Portland Oregon Weather, good, bad or ugly, all the talk right now.

Wednesday, October 25, 2006
by Rob Levy, Prudential Northwest Properties
Portland Oregon always seems to get the brunt of the “depressing weather” talk around the world. It might not be true or deserve it?
 
I have been communicating with some buyers lately on the internet, one of them just told me “they got there first frost” yesterday, the other one said “what a crazy time in Hawaii, with the 6.6 earthquake and the big follow up tremors”! Another buyer told me that “the floods and steady rain in Southern California over the past 10 days are enough to make them move north”! The last couple were shocked to see 2 feet of fresh, wet, heavy snow in their city!

Portland has a very moderate climate with much less rain than many other cities such as Atlanta, Boston and even Chicago.  You can water ski until Halloween without a wet suit. You can snow ski at Mount Hood www.ski-hood.com and www.timberlinelodge.com/  year round, with fresh snow falling sometimes in September and October. The best part is the bike riding, walking or running on all of the hundreds of miles of bike paths and trails, most of the year, without freezing.
 
Most all of the buyers I work with are moving here because of all of the outdoor activities, the abundant jobs and the restaurant selections. The sellers I work with, if they have to move, are dreading the fact that they will not be able to take full advantage of the outdoor activities in the city they are moving too.
 
Last weekend, I met some folks at an open house that just moved here from Manhattan and up state NY. They mentioned to me that they were sitting outside at a sidewalk café last Friday afternoon, enjoying a beautiful Portland Oregon Fall day with temperatures at about 70 degrees and an early dinner, they were speaking with their folks in Buffalo, NY, their folks mentioned to them that it was snowing and that they expected to get 2 feet of snow!   But here in Portland my day lillies are still blooming and there is a good chance that the weather this year, will not provide one snow flake?!

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Timing Your Closing

Wednesday, October 25, 2006
by Rob Levy, Prudential Northwest Properties

One of the key pieces of an offer is the closing date.  In many cases, clients assume a standard 4-5 week closing is the only option when in fact there is much greater flexibility.  Factors for buyers to consider involve loan processing, school schedules, and relocation, in the event that a move is involved.  Generally speaking, lenders need 3-4 weeks to process loan applications, order appraisals, and obtain final approvals on loans so that documents can be ordered.  In the event that a buyer is funding their purchase with cash, they can absolutely request a quicker closing.  If school schedules and/or relocation timelines are involved, buyers can request extended escrow periods and negotiate with sellers based upon their flexibility.  As a buyer, it is important that you discuss these factors with your Buyer Specialist, as they will work diligently on your behalf if there are special needs.  Our Buyer Specialists are here to support and represent you.  In the current market, buyers have greater flexibility than in the past.  We also work with one of the best - Tammy LeMaire with Fidelity National Title - https://www.fntic.com/ much as we have for 18 years now.  Tammy is the best of the best and helps us close most all our transactions.

If you are selling your home or other property, be sure to consider your timelines as well.  In the event that you're selling your home, it is likely that you are purchasing a new one and/or relocating, which means you'll need some flexibility from your buyer.  If you are selling an investment property, you may be exchanging your proceeds into a new investment or making other plans for your newly acquired cash.  Often these types of reinvestments have deadlines and restrictions, so be sure to discuss these concerns with your tax professional.  If you're selling your home and have these concerns, be sure to discuss them with Rob Levy, who will be your primary contact in the initial phases of the listing process.  Rob will ensure that when an offer arrives, your timelines are given particular consideration as we negotiate on your behalf.  Remember, whether you are selling or buying a property, The Rob Levy Team is here to represent you!

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Family Friendly and a Dog Parks in Portland, Oregon and surrounding areas!

Wednesday, October 25, 2006
by Rob Levy, Prudential Northwest Properties
OK, I'll admit it, I was born and raised until I was 11 in the UK, Leicester, England to be specific. So like most all Brits, I love dogs. Recently, I was working with some buyers who were moving to Portland Oregon from out of state because of the way of life, cost less to live in Portland Oregon, the schools are better and as they put it and as they continued to say, "Family Friendly and lot's of dog parks! In fact, Portland even has it's own dog park site (www.portlandpooch.com/dogparks.htm)This site includes a map of all the sites. As we were driving around Beaverton Oregon, Tigard Oregon and Hillsboro Oregon. All they kept saying was, look, there is another park, there is that school I looked up on the internet that had a great report card and good scores. They were so excited to find a home that was priced $20,000 lower than they were ready to pay, in better condition, in a better location and had a bigger backyard than they were expecting to get! Needless to say, we wrote an offer for a few thousand dollars below the asking price, asked for the appliances to stay, the seller accepted it, it closes in 27 days. Both the buyer and seller are very excited! But most of all their dog will be when he gets to visit Gabriel Park dog park (www.portlandpooch.com/dogparks/gabriel.htm)
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BUYING INVESTMENT PROPERTY IN PORTLAND

Wednesday, October 25, 2006
by Rob Levy, Prudential Northwest Properties

In the last couple of weeks I have noticed that our out of state investors have really started calling again. Our market has always been popular with California investors in particular, and that is one reason we developed our investor education site at www.InvestInPortlandRealEstate.com .  

I think these investors were  taking a wait and see attitude as to what the market was going to do.  Now that they have seen that the market is not going to take the huge hit that had been forecasted they are seeing it just stabilize back to what it should be.  With that being said, Portland and the surrounding areas such as Beaverton, Tigard, and Tualatin just to mention a few that are still a good investment.

 

The Portland market over the last 18 years has gone up each and every year although not with the huge increases that such places as California, Florida and Arizona have had, on the up side of that is we don't have the drastic dips in prices that these markets experience.  An investor can still find a 3 bedroom, 2 bath home that rents out nicely in the 250K range.  Portland is still the most affordable West Coast city.  If you own an investment home here in Portland, you can check it's value and get auto-emailed with all the active, pending and sold comps at www.roblevy.com or www.emailhomevalue.net 

 

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On The Road Again - Speaking at STAR POWER’S Dallas Success Summit

Wednesday, October 25, 2006
by Rob Levy, Prudential Northwest Properties

In Willie Nelson’s popular song, On The Road Again, he says: “The life I love is makin’ music with my friends, And I can’t wait to get on the road again.” While I miss my family each and every time I hit the road, I also treasure that part of my life where get to share best practices and related life lessons with other Real Estate industry professionals (to me, it’s like makin’ music).

I have the pleasure of sharing the stage ( OK, following Ralph Roberts) on this speaking engagement as we did recently in Indianapolis, Denver, Chicago, and New York City.  All of us presenting are delighted and honored to be asked to speak at such an event, and to be able to "give back" to the industry which has given us so much.

Star Power systems ( www.gostarpower.com ) truly is THE place to go for Realtors to get non-brand specific general training as you hear from the best of the best about how they do what they do, and run their businesses.  I look forward to this event as I did all the others, and will see you next in New Orleans in November Ralph !   The other speakers, for this week’s event are:

Thursday’s event provides Real Estate professionals from around the Dallas area to tap into the latest thoughts and trends related to:

  • Pricing strategies
  • Creating urgency for buyers
  • Scripts and dialogues that get results
  • Thriving in a slow-paced buyers market
  • What it means that “sellers buy image” and “buyers buy houses”
  • Using facts, data, and logic to overcome emotional objections
  • Marketing approaches that factor in current and anticipated market conditions
  • Educating sellers that it is a mistake to believe that they will get more by asking more

If you’d like to know more about this week’s Success Summit, visit GoStarPower.com and click on the “Events & Seminars” link in the top nav bar.

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The Lending Timeline

Wednesday, October 18, 2006
by Rob Levy, Prudential Northwest Properties
So you found the house of your dreams, have an accepted offer, and are ready to move in as soon as you get a loan, right? It is important to have realistic expectations of the time frame to complete the loan process, appraisal and reach the closing date. Once you have applied for a loan, the lender will request an appraisal, work through all the numbers and prepare your loan documents for the title company who will handle your escrow account. Depending on your lender, this can take a few weeks or over a month. Sometimes this can be the hardest part of the home buying experience because you will not have an active role in this and you just have to sit back and wait.
 
Some lenders will be able to expedite the loan process and assure the buyer that all documents will be in order. This greatly helps the title company, real estate agent and home buyer to feel confident that the house will close on the correct date. Once again, this is a reminder of how critical it is to choose a trusted lender who will work for you, the buyer. While waiting in this limbo of time between selecting a home and receiving the keys, I recommend you relax, stay busy and let your lender do the work.
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FINDING THE RIGHT CONDO IN PORTLAND

Tuesday, October 10, 2006
by Rob Levy, Prudential Northwest Properties
Over the last couple of weeks I have been working with a client that currently lives in SW Portland and is considering selling her home and downsizing to a condo.  When looking over her wish list we are finding that there may have to be some compromises either in location or the year the condo is built or converted.
 
While this client would like to live in Lake Oswego or the John's Landing area what we have looked at so far doesn't seem to fit the bill.  We have found many nice condos in Lake Oswego and John's Landing but the lack of updating in these units is not desirable.  Lake Oswego which fits the criteria of walking to shops and restaurants with its quaint downtown area might be a bit out of the price range with the updates they desire.   John's Landing also has the amenities of shops and restaurants within walking distance but there is not much inventory there as condos in both these area tend to move quickly.  My client has the luxury of time and with our Prudential Transaction Platform they have immediate notification of anything new that comes on the market immediately and we can get them inside that day.  If you think that this is something that would help in your search for a home please contact us.
Blog entry submitted by Sandy Morley, Sandy Morley - Broker / Buyer Specialist with The Rob Levy Team
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FINDING THE RIGHT CONDO IN PORTLAND

Tuesday, October 10, 2006
by Rob Levy, Prudential Northwest Properties
Over the last couple of weeks I have been working with a client that currently lives in SW Portland and is considering selling her home and downsizing to a condo.  When looking over her wish list we are finding that there may have to be some compromises either in location or the year the condo is built or converted.
 
While this client would like to live in Lake Oswego or the John's Landing area what we have looked at so far doesn't seem to fit the bill.  We have found many nice condos in Lake Oswego and John's Landing but the lack of updating in these units is not desirable.  Lake Oswego which fits the criteria of walking to shops and restaurants with its quaint downtown area might be a bit out of the price range with the updates they desire.   John's Landing also has the amenities of shops and restaurants within walking distance but there is not much inventory there as condos in both these area tend to move quickly.  My client has the luxury of time and with our Prudential Transaction Platform they have immediate notification of anything new that comes on the market immediately and we can get them inside that day.  If you think that this is something that would help in your search for a home please contact us.
Blog entry submitted by Sandy Morley, Sandy Morley - Broker / Buyer Specialist with The Rob Levy Team
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Lower interest rates and more, making buyers start to buy again

Tuesday, October 10, 2006
by Rob Levy, Prudential Northwest Properties

Last week and this week I have been working with a number of buyers that have determined, based on the market from the past 60 days, current market news, positive state of the economy, lowering interest rates and the comfortable level of inventory, they are all starting to buy again.

 

I have 5 buyers that have been in a "holding" pattern for the past 20-40 days, waiting to see what the market would do, they have all started buying again.  I have written 5 offers in the past 9 days, twice the amount from the previous 40 days.  The buyers are looking at the increased inventory as a positive sign.  They are also seeing positive signs from the national news, job growth, consumers spending money and the price of a gallon of gas is way down.

 

Many areas are attracting interest right now in Portland, Oregon.  Close in SE, Sellwood, Hawthorne, Belmont and a bit more East in SE.  We are also seeing many buyers wanting to move from very close in SE and NE Portland to close in SW Portland, getting more home, larger lots and from what they are telling us, better schools and lower taxes!


From what we are hearing and reading, we are expecting the interest rates to continue to fall, have more buyers move from the sidelines and become more active in the next 60 days, we expect to see a strong finish for 2006 and 2007 start very strong!


This blog entry submitted by Bruce Hecht - Broker/Buyer Specialist with The Rob Levy Team

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Displaying blog entries 1-10 of 17

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