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NAR Chief Economist Speaks about Stimulus

Wednesday, February 25, 2009
by Rob Levy, Prudential Northwest Properties

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.

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Portland #5 on Forbes List for 2009

Wednesday, February 25, 2009
by Rob Levy, Prudential Northwest Properties

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.

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Oregon Updates Window Sill Heights in Code

Monday, February 23, 2009
by Rob Levy, Prudential Northwest Properties

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

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$8,000 First Time Buyer Credit Good for Portland Real Estate

Saturday, February 21, 2009
by Rob Levy, Prudential Northwest Properties

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.

 

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Clearwire 4G Wireless Blankets Portland

Saturday, February 21, 2009
by Rob Levy, Prudential Northwest Properties

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. 

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