Real Estate Information Archive

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.

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.

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.

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!

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

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..  

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!

Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, Put Your Housing Cost to Work for You Homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord’s net worth.

The latest National Housing Pulse Survey from NAR reveals that 85% of consumers believe that purchasing a home is a good financial decision. Yun comments: “Though there will always be discussion about whether to buy or rent, or whether the stock market offers a bigger return than real estate, the reality is that homeowners steadily build wealth. The simplest math should not be overlooked.” reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). In a Forbes article, NAR’s Chief Economist Lawrence Yun predicted that by the end of 2016, the net worth gap would widen even further to 45 times greater. The graph on the left demonstrates the results of the Federal Reserve studies and Yun’s prediction.

The Portland metro area saw some mixed real estate activity this April, while the year to date still remains cooler compared to 2016.  New listings, at 3,759, fared 4.3% better than last month in March 2017 (3,604), but fell 7.9% short of the 4,082 new listings offered last year in April 2016.  Similarly, pending sales (3,088) were 10.0% cooler than in April 2016 (3,432) but showed a modest 1.5% gain over last month in March 2017 (3,043).  Closed sales, at 2,219, fell 11.0% short compared to last month’s 2,494 closings and 15% short compared to the 2,611 closings recorded last year in April 2016.  Inventory crawled upward in April, ending at 1.7 months. Total market time decreased by four days, ending at 42 days. There were 3,753 active residential listings in the Portland metro area in April.  

Comparing the average price of homes sold in the twelve months ending April 30th of this year ($406,500) with the average price of homes in the twelve months ending April 2016 ($365,200) shows an increase of 11.3%. In the same comparison, the median has increased 11.6% from $318,500 to $355,500.

Our home of the month is a condo off Macadam just south of the south waterfront in the coveted RiverPoint condo community.  This fabulous home is two bedrooms plus a den, and overlooks the river, downtown and Mt Hood, and its on the ground floor with a two car garage!  Check it out here at http://www.roblevy.com/Property/6116-SW-RIVERPOINT-LN-Portland-17683285

This article in the Oregonian last week talks about even though the Portland area has grown, we have recently been leapfrogged by both San Antonio, Texas and Orlando, Florida in population.  The Portland metro area's population now is over 2.4 million, up 1.7% from last year.  You can read the article here, which has information on other area cities and within the arcticle there is a fascinating link to the US Census bureau statistics which rate fastest growing areas all around the USA.  Its interesting reading!