Real Estate Information

That really is the million dollar question.  Should I buy a house now, or should I wait and see if prices fall ?  But what if interest rates go up (per Bernanke's 60 Minutes interview in March, 09) then where do I stand ?   This chart REALLY shows the benefits of buying a home now vs waiting.

For more information or to find some homes that really make sense to buy now, give us a call.  As Portland's top selling Prudential Real Estate team for two years running and with over 20 years experience.

I sold a house this week that made me really think.....  A young couple were buying their first home, and they bought the house for more than $50,000 less than what it first went on the market for, and got the sellers to pay some closing cost assistance.   The net out of pocket for the buyers will be about $7,000.   Then - the US Government will pay them $8,000 as first time home buyers meaning they actually make $1,000 when the house closes!   Add to this the 4.875% interest rate they locked in and could there really be a better time for a first time home buyer to buy a home ?

Please listen to my podcast all about the $8,000 credit at http://www.roblevy.com/agent_files/talkrealty/player.htm

CLICK HERE to see the actual IRS form to claim the credit

We had a busy few weeks at the RobLevy team and again were #1 in the Portland area for Prudential Real Estate.  In fact, we have written more offers in the last 10 days than in the last 90 days.  It does seem to be picking up and the information above validates this.

If you know of anyone who could qualify as a first time home buyer (generally meaning someone who hasnt owned a home in more than three years), please

 Well, its that time of year again......  After a somewhat below normal winter the snowpack has been accumulating at a rapid pace on Mout Hood, and as you can see me snowboarding on the right, its the dry stuff too.

Portland Oregon offers great skiing...  The Mount Hood areas are 45 minutes to 1.25 hours away and offer all types of terrain, spectacular views, and lots of night skiing too.  In fact, one area has the largest lighted night ski area in North America.

The three main areas are Mount Hood Meadows.  This is my favourite and where I have my pass.  Its the farthest from Portland but I think has the best combination of lots of lifts, varied terrain and lighted night areas.

There is also historic Timberline lodge, this area also has several high speed lifts, and the historic lodge too.

Last but not least there is Mt Hood Ski Bowl.  Lower down the snow is sometimes damp, and the lifts are slower but thre is a combination of challenging terrain and beginner terrain.

We are lucky to live where we do here....  Its so close, I often leave work early and go up and snowboard for a while, then eat dinner, go out some more and come home.  Other days I head up early get in a couple of hours and come back and am at work by lunchtime.

There are of course many cross country areas too, its all in the Mount Hood National Forest...

So if you are thinking of moving to Portland or are a current resident, think about our gorgeous extinct volcano to the east...  We see it every day but not so many of us use it.

Lawrence Yun, chief economist at NAR (National Association of Realtors) spoke recently about the stimulus package, and that it might be too confusing in buyers minds not knowing what is, and what isnt available for prospective home buyers today.

Here is a direct quote from Mr. Yun....   . “Given so much stimulus package discussion in January, some would-be buyers simply sat out for clarity and certainty on the nature of housing stimulus,” he said. “The housing market will soon get a lift from very favorable buying conditions – not only from improved affordability, but also from the stimulus of an $8,000 first-time home buyer tax credit, and higher conforming loan limits that will allow more people to tap into 50-year low mortgage rates.”  The entire article can be seen by clicking here.  

As Portland's top Prudential Realtor, we are (finally) starting to see some movement in the starter home market which has been slow of late due in part from buyers not knowing about what is available to them, and also from investors not being able to buy due to the new limits on loans available for owners of more than four homes.  Both these issues have been alleviated somewhat in recent days.

For more information on the Portland, Oregon real estate market or to receive a list of homes available that meet your needs, or even a list of bank owned homes, contact us today.

Yet another accolade for Portland, Oregon.....

Forbes Magazine has listed Portland as the 5th best city to buy a house in the United States for 2009.   Its an interesting list in that they excluded many cities where prices have plummeted such as Phoenix, or Las Vegas as they want areas where buyers can build equity in a stable area. You can read the Forbes article here.

To see the actual index, click on this link  and you can scroll through the cities listed.

The Portland area continues to win awards or be selected from everything as the greenest city in the US to the best city to raise a family.  Recently Portland was listed as one of the fastest growing cities from in-migration particularly from the educated early 30's crowd.

If you want more information on the Portland area and are considering a move here, email me and I will send you a link to our relocation guide.

I have spoken with many of my clients over the years about the issues both with having escapable windows (meaning how to get out in a fire) in basements.   The issue has been both the height of the window sill from the floor, as well as the size of the window and there being an area well to escape from.

Here are the facts....

• In 1998, 120 children ages 14 and under died from falls. Children ages 4 and under accounted for more than half of these deaths. 
• Each year, more than 2.5 million children ages 14 and under are treated in hospital emergency rooms for fall-related injuries. Children ages 5 and under account for more than half of these injuries. 
• Nine percent of fall-related injuries associated with products (e.g., baby walkers, windows, playground equipment) result in hospitalization, more than two times the hospitalization rate of all other product-related injuries.

Now Oregon has revised the height requirement for window sills on floors that are above ground.  This is in direct relation to a series of deaths from small children falling from windows in 2008.  While this code isn't backwards enforceable, it's a good idea to review it if you have small children and make sure you have emergency escape mechanisms.   The full code can be read HERE

The state of Oregon also has a page dedicated to this and discloses the following facts.  So again, if you have small children or if you are an investment property owner, please read this article by clicking HERE

Well, the dust has settled and what are we left with after President Obama, congress and the senate fought out the stimulus package and housing bill.

For Portland its pretty good stuff.  What we didn't get is the $15,000 of assistance the Senate passed, and that's a shame because it would have applied to everyone who buys a home as a personal residence.  Its good for us because we have many good houses in the $230k - $300k range where the new credit makes sense.

What we DID get though is good.....  All first time buyers now have a one time $8,000 tax credit if they buy a house this year. This IS NOT A LOAN like last year's plan, but a true credit.  The house must have been closed between January 1st 2009 and December 31st 2009.   A first time home buyer according to the IRS is anyone who hasn't owned a home in the last three years.    It is income guided, so as a single person you have to have earned less than $95,000 or $170,000 if married, and you should check with your tax advisor to make sure you qualify.

I have already been contacted by a few of my clients who have children who are in the 21-24 year age range and are looking to buy a house.  This is a fantastic program for them to use.

Portland, Oregon has become one of the first cities in the nation to be blanketed by "Clear" - a wireless product from Clearwire.   What they have provided is what is known as 4G service (vs current 3g or 2.5g from the cell companies).  You can check out the coverage areas here.

I have been using sprint's 3G Rev-A service for about 3 years and have been delighted with it.  In fact, I am writing this article watching the USC/Washington basketball game with my tablet PC in my lap on my Sprint Broadband modem.

Yesterday I went snowboarding in the morning with a fellow Realtor and friend and while I drove he kept checking to see how far out of town he could get a reliable clear signal, and it went just past Gresham.  Pretty impressive really as the signal handed off from tower to tower as we drove and he had a signal several times more powerful than my 3g.  Coverage doesn't seam to be seamless, but its become a pretty good alternative to Comcast, Verizon or Quest - the old Portland standbys for coverage.

I do think this offers a viable alternative to Comcast, although for now I'm sticking with my Comcast cable and Sprint Modem.  The issue I have is I use Comcast at home and I can't share the Clear with a USB antenna they provide, so I dont see a way my wife and I could use it at the same time.   As for my Sprint Rev-A modem, I have to say I have been really impressed.  I use a tablet PC and visit many clients in their homes, and am continually using the service to sign and then email/efax off forms as needed.  I also travel somewhat as a real estate speaker and have yet to go anywhere in the USA where I cannot use the Sprint modem and get 3G coverage.  I'm continually impressed.

Having these services is important for Portland as a "tech" city.  So I thank Sprint, Verizon, T-Mobile, ATT and Cricket - and now Clearwire - for making us a leader in coverage for American cities. 

Looks like we are near the top of the list again.....   Money magazine has rated the Portland area #6 in the USA out of the 100 best places in the USA to "live and launch".

The article says we have a "thriving urban scene" and of course what are always known for, abundant outdoor recreation.  Being also ranked the #1 most sustainable city in the USA for 2006 this latest award simply adds to our continuing list of accolades.

To see the Money magazine article click HERE

To see the remaining 99 cities - the full list, click HERE

As always, you can search for homes in our fair city at any time by clicking HERE and see a map of all the homes that meet your criteria.

The reports are in, and as expected Oregon is weathering the storm much better than 42 other states.  According to Money.com's article Oregon is 43rd in the nation when it comes to home owners owing more on their homes vs. what they are worth.

This is actually skewed by the Bend, Oregon market which was rated at one point as the most overpiced market in the USA and has seen prices drop a huge amount.  While THIS article is dated, it also was written about when prices started to fall.

Bottom line;  As I reported earlier, the Portland market is doing OK.  We are down from 2-7% depending if which data you are reading (NAR-Natiional Assn Realtors vs. Case-Shiller) but people are moving here.  My team and I are doing well.  As Portland's #1 Realtor for Prudential Northwest Properties, I can report that while our sales are down from last year, we are still selling houses.  Even NAR is reporting close to 5,000,000 home sales in 2008 and while that is down from close to 8,000,000 in recent years, it is still 5m people buying and selling homes.