Oregon and Southwest Washington Real Estate Market Update

Posted in Oregon and Southwest Washington Real Estate Market Update byMatthew Gardner, Chief Economist, Windermere Real Estate 

The following analysis of the Oregon and Southwest Washington real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent.

ECONOMIC OVERVIEW

The State of Oregon has added 30,400 new jobs over the past 12 months, representing a reasonable annual growth rate of 1.6%. It is clear, however, that job growth in Oregon has started to taper, with the annual rate dropping below 2% in the early spring of this year. This is no great cause for concern as the state has essentially reached full employment, which tends to slow employment growth.

The Southwest Washington market area added 5,580 new jobs over the past 12 months, representing an annual growth rate of 2.7%.

Oregon’s unemployment rate was 4.0% in June, marginally below the 4.1% rate seen a year ago. In Southwest Washington, the unemployment rate was measured at 5.3%, marginally lower than the year-ago rate of 5.4%.

 

HOME SALES ACTIVITY

  • Second quarter home sales dropped by a modest 2.8% compared to the same period last year, with a total of 17,156 transactions occurring.
  • Sales rose the most in Skamania County, which saw a 40% increase compared to the second quarter of 2017. There were also noticeable increases in Cowlitz, Klamath, and Linn counties. Home sales fell the most in Tillamook, Klickitat, Crook, Josephine, and Jefferson counties.
  • Year-over-year sales rose in 10 counties and dropped in the other 16 counties contained in this report.
  • Sales continue to be a mixed bag in the region. I am not overly concerned by the drop in sales in several counties as they are all small markets that are prone to substantial swings. Inventory remains tight and this can drag home sales lower.

 

HOME PRICES

  • The average home price in the region rose 7.9% year-over-year to $391,725. That number is 6.6% higher than the first quarter of 2018.
  • Clatsop County led the market with the strongest annual price growth. Homes there sold for 22.6% more than a year ago.
  • All but four counties saw price growth relative to the second quarter of 2017, with 10 of them experiencing double-digit increases.
  • The takeaway from this report is that, in aggregate, price growth has started to slow but remains above the long-term average.

 

DAYS ON MARKET

  • The average number of days it took to sell a home in the region dropped by four days compared to the second quarter of 2017 and was down by 17 days from the first quarter of 2018.
  • The average time it took to sell a home in the region last quarter was 71 days.
  • Nineteen counties saw the length of time it took to sell a home drop or remain static when compared to a year ago. Seven counties saw market time rise.
  • Homes again sold the fastest in Washington (20 days), Clark (26 days), and Multnomah (26 days) counties.

 

CONCLUSIONS

The speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Housing markets throughout Oregon and Southwest Washington continue to benefit greatly from the healthy regional economy. Home sales remain solid; however, we are seeing some slowdown in prices, which I consider to be positive as affordability issues could start to taper. That said, housing inventory is still well below balanced-market levels. Sellers remain in the driver’s seat, but I am hopeful that inventory levels will start to increase, which will be a relief to home buyers. Because of this, the needle remains the same as last quarter.

 

 

Matthew Gardner is the Chief Economist for Windermere Real Estate, specializing in residentialmarket analysis, commercial/industrial market analysis, financial analysis, and land use and regional economics. He is the former Principal of Gardner Economics and has more than 30 years of professional experience both in the U.S. and U.K.


Posted on August 10, 2018 at 10:30 am
Windermere Community Realty | Posted in City of Portland, Finance, Market Trends, The Gardner Report |

Brewery & Pub for Sale

 

Portland, OR (Multnomah County)

Asking Price: $1,599,900

Established: 2015

Business Description:

Real estate, brewery, pub and FFM&E for sale in this facility, ready-made for your brewing talents. This is a sale of the facilities only and no value has been attributed to Good Will. The location could be described as fairly high-end niche.

>> Real estate listed for sale at $1,599,900.
>> FFM&E associated with the pub for sale at $320,000
>> FFM&E associated with the brewery for sale; value yet to be determined.

For further information, inquire with broker. For fastest response text your full name, email address and this listing’s header to 503-740-6300. Seller requires a Non-Disclosure Agreement be signed by all interested parties before disclosure of any further details.

Real Estate: Owned; Not included in asking price
Building SF: 4,000
Facilities: Inquire with broker.
Support & Training: Minimal.


Posted on August 9, 2018 at 3:13 pm
Windermere Community Realty | Posted in City of Portland, Just Listed |

Windermere Community Realty Supports Sauvie Island Center

Windermere Community Realty Supports Sauvie Island Center

We are excited to announce that Windermere Community Realty has donated their Windermere Foundation scholarship to the Sauvie Island Center this year. Join us at the 10th Annual Barn Dance, Picnic, Square Dance & Family Scavenger Hunt. on Saturday, July 28th from 4 pm – 8 pm. We will match every dollar of your donation to support this outstanding community organization.
 
The Sauvie Island Center provides local children with unique experiences on a working farm, helping them to make the connection between the food they eat, farming and the land.
More about the Windermere Foundation:

Windermere Foundation Donates Nearly $1 Million During First Half of 2018

Thanks to the generosity of Windermere agents, staff, franchise owners, and the community, the Windermere Foundation has proudly donated a total of $920,351 so far this year to non-profit organizations that provide services to low-income and homeless families. This brings the total amount of money that the Windermere Foundation has raised since 1989 to over $36 million. Each Windermere office has its own Windermere Foundation fund account that they use to make donations to organizations in their local communities.

To learn more about the Windermere Foundation, visit WindermereFoundation.com

Posted in Windermere Foundation by Christine Wood 


Posted on July 23, 2018 at 4:40 pm
Windermere Community Realty | Posted in Community Events & Classes, Uncategorized |

How Will the Real Estate Market Respond to Rising Interest Rates?

How Will the Real Estate Market Respond to Rising Interest Rates?


Posted on July 18, 2018 at 4:51 pm
Windermere Community Realty | Posted in Finance, Market Trends, The Gardner Report |

When Buying a Short Sale Home is the Right Fit

When Buying a Short Sale Home is the Right Fit

Posted in Short Sales by Richard Eastern 

 

Purchasing a home can feel overwhelming at times, but a short sale home offers a unique opportunity for a prospective buyer. A short sale occurs when a homeowner owes a lender more than their home is worth, and the lender agrees to let the owner sell the home and accept less than what is owed. Lenders may agree to a short sale because they believe it will net them more money than going forward with a lengthy and costly foreclosure process.

Short sales do differ in a number of ways from conventional home sales. Here are a few things to consider if you’re thinking about buying a short sale property.

    • Short sale homes sell for less, but not significantly less than market value.

    Buyers hoping to snap up a home for half the market value will be disappointed. The selling price for short sales averages about 10 percent less than for non-distressed properties. The bank is looking to recover as much of the value of the home as possible, so they will not accept offers that are significantly under market value. That said, with savings that can equal tens of thousands of dollars, a short sale is a great way to get more house for your money.

      • Short sale properties are sold “as is”.

      The lender will not be making repairs to the home. Any improvements that need to be made are most likely going to be the responsibility of the buyer. A savvy buyer’s agent/broker will get contractor bids for any necessary repairs and use those to help negotiate a lower sales price with the bank.

        • A short sale will take longer than a conventional home sale.

        Once you and the seller have mutual acceptance on an offer, you need to allow 60 to 90 days for the lender approval process. There are often long stretches when the offer is slowly winding its way through the bank’s system, so buyers need to be patient.

          • If you have to sell your home first, a short sale is probably not the best fit.

          Lenders generally will not take contingent offers on a short sale.

            • A short sale is one real estate transaction that you shouldn’t attempt on your own. 

            Short sales are complicated transactions that involve a different process and significantly more paperwork than a standard real estate sale. An agent/broker that is unfamiliar with short sales can write an offer in such a way that they inadvertently cause their buyers to lose the deal. An experienced short sale agent/broker will protect your interest and help the process move forward smoothly.

             

            The bottom line: As long as you can be patient, and are working with an agent/broker who understands the process, buying a short sale is a great way to purchase the house you want at a price you’ll love.


            Posted on July 17, 2018 at 4:44 pm
            Windermere Community Realty | Posted in Finance, Moving Tips |

            Vancouver’s $1.5 Billion Waterfront Transformation

            Vancouver’s $1.5 Billion Waterfront Transformation

            downloadNo one has ever accused Windermere agents of being out of the loop. Last week’s Premier Breakfast presentation is a good example as to why. The event featured Matt Grady, Vice President-Director of Development for Gramor Development, the company that is the driving force behind Vancouver, Washington’s largest commercial, urban development to date, valued at more than $1.5 billion.

            Before getting a glimpse of the property, we learned about the project’s challenging history. Matt joked that his team had to perform various “acts of craziness” in order to get the project off the ground. Without roads and with an active railway standing in the way, you couldn’t physically access the land, which delayed construction for at least 3 years.

            However, nearly 32 acres and 20 city blocks of available property was eventually reclaimed. It is being transformed into a mix of retail, living and green spaces featuring 3,300 housing units, 10 park acres, 1.25 million feet of office space and 250,000 square feet of retail and hospitality space.

            Matt speculated that half of the residential units being built will be condominiums, with two luxury condominium towers underway. Most likely be priced in the 1 – 3 million dollar range, the units will probably start at an average of $800 per square-foot, moving upwards to $1,000 per square-foot. More than 1,000 people have registered online showing their interest in purchasing a condominium. The first of the condominiums, 40 units within the “Residences at Kirkland Tower,” will be marketed in roughly 14 months.

            Living spaces aside, the entire property is a homage to the Pacific Northwest outdoor way of life. “No project is complete without having a park,” Matt said of the picnic and sandy beach areas, trails and water features that will be highlighted throughout the project. But the triangular Grant Street Pier, dramatically jutting over the Columbia River, will be the showstopper. This project will undoubtedly succeed in meeting its tagline of being “where the city meets the river.”


            Posted on July 10, 2018 at 4:06 pm
            Windermere Community Realty | Posted in Market Trends |

            Introducing the NEW Windermere.com

            Around the halls of Windermere, we’ve decided that 2018 is the year to hit #refresh; it started with the launch of the refreshed Windermere brand earlier this year and today it continues with the unveiling of our refreshed website! The new Windermere.comis a result of a lot of research and input from our agents, franchise owners – and most importantly – consumers. As you can probably tell, we couldn’t be more excited! Let’s dig in.

            Where we innovated:

            Through the research process we discovered that over 85 percent of all traffic on our website occurs on our home page, search results, and property detail pages. This made it fairly easy for us to figure out what we wanted to focus on with the refresh. Plus, we heard from our regular site visitors that they felt those were the areas that needed the most improvement. Done, done, and done.

            A much happier homepage:

            We started with a total redesign of the Windermere.com homepage, which now better reflects the updated Windermere brand that we invested so much energy into earlier this year. The homepage is also now “location-aware” which means it will display listings that are geographically located closest to you. Because if you’re in Fort Collins, Colorado, you probably don’t want to be looking at listings in the suburbs of Boise. Catch our drift?

            Mobile site, fast as lightning:

            Next on the list to fix was our mobile site. We threw the proverbial baby out with the bathwater and started from scratch. The result is an ultra-fast, highly-optimized mobile site that we think might even offer a better user experience than our desktop site (although it’s next to impossible to pick which is better; please don’t make us do it).

            Sexy search results:

            OK, you probably wouldn’t normally describe search results as sexy, but it’s arguably one of the most important pages on our website, so we spent a lot of time here. What you see in your search results, and how those results are presented, has a major impact on your home search experience. We completely revamped how search results show up, as well as what you see when you click through to see a specific home. Is it the greatest search makeover of all time? Possibly.

            Major eye candy:

            As we all know, photos and videos are the beginning and end of everything these days, so we’ve placed even greater emphasis on those stunning images on our new property detail pages. We’ve also made it super easy for you to share listings that you love with your friends via social media, email, etc. because #sharingiscaring.

            That’s it, go check it out:

            Without further ado, we cordially invite you to check out our brand new website for yourselves by going to Windermere.com. If you’re someone who regularly uses our site, we hope you love it. If you’re someone who doesn’t typically use our site to search for homes, we hope you’ll give us a shot. If you feel like it’s completely on point, please let us know by emailing friend@windermere.com. If you don’t, we’d still love to hear from you! After all, any feedback is good feedback – but please, play nice.

            Happy home searching!

            Posted in Windermere by Shelley Rossi 


            Posted on July 5, 2018 at 9:43 am
            Windermere Community Realty | Posted in Technology Trends |

            What to Expect From Property Taxes in Washington State in 2018-19


            Posted on June 27, 2018 at 1:18 pm
            Windermere Community Realty | Posted in Market Trends |

            Just Listed! Argay Terrace Neighborhood

            Active
            $415,000
            3 Bed / 2 Bath
            2,536 SQFT
            MLS #:   18533405 Taxes:  $5,208
            Lot Size:  8,276 SQFT Type:  Single-Family Home
            Year Built:  1965 Style:  Ranch, Daylight Ranch
            Views:  Seasonal, Territorial, Mountain(S) School District:
            County:  Multnomah County Community:  Strathmore

            Comments

            Well-maintained, move in ready day ranch located in the desirable Argay Terrace neighborhood. Only walking distance from Luuwit View Park. This home is an entertainer’s delight featuring 3 bed, 2 bath, hardwood flooring, quartz countertops, and lovely seasonal mountain views directly from the living room. Enjoy the full wet bar downstairs with direct access to the backyard that includes a large deck and swimming pool.

            Exterior Features

            • Yard
            • Storm Window(S)
            • Storm Door(S)
            • Porch
            • Pool
            • Patio
            • Garden
            • Fenced
            • Deck
            • Covered Courtyard
            • Roof: Composition
            School Information

            • Elementary School: Shaver
            • Middle School: Parkrose
            • High School: Parkrose
            Utility Information

            • Sewer: Public Sewer
            • Fuel: Gas
            Property Features

            • Fireplace: Gas
            Heating and Cooling

            • Forced Air
            Interior Features

            • Quartz
            • Soaking Tub
            • Wall to Wall Carpet
            • Hardwood Floors
            • Garage Door Opener
            Basement Information

            • Full Basement
            • Finished
            • Daylight
            Kitchen

            • Nook
            Subdivision

            • Strathmore
            Garage

            • Attached

            Dominique May, Licensed Real Estate Broker with Windermere Community Realty

            Listed by Dominique May

            Direct: 503-866-2761


            Posted on May 29, 2018 at 9:49 am
            Windermere Community Realty | Posted in Just Listed |

            How to Get Started in Real Estate Investing

            How to Get Started in Real Estate Investing

            Posted in Buying by John Trupin 

            Investing in real estate is one of the world’s most venerable pathways to building wealth. When properly managed, income from renting or real estate investment trusts can provide you with the financial security to plan out the rest of your life. The conclusion is easy to envision, but knowing where to begin can be overwhelming, particularly for anyone who has never previously owned a home.

            At Windermere our goal is always to improve and support our communities, so we’ve put together a few key things to keep in mind as you enter the world of real estate investment.

            Know the right type of investment for you

            Investing in real estate needn’t commit you to being a landlord. A Real Estate Investment Trust (REIT) is a low-maintenance way to get involved in real estate with next to none of the day-to-day monitoring required of direct property management. REITs are trusts that typically own multiple properties, and investors may purchase shares within the REIT. Typically, as the value of the property rises, so too do the values of your shares. If you’d like to dip a toe into real estate investing before diving in fully, a REIT is a great place to start.

            Start with your own home

            Owning the roof over your head is a basic step towards investing success. Even better, when you plan to live in the home you’re buying (rather than renting it out), you will likely benefit from lower mortgage rates and a cheaper down payment. The reasoning is straightforward – lenders see a loan to people purchasing the home they live in as an investment in people highly committed to the property.

            Once you’ve owned your own house for a few years, you can look to purchase a new home to move into. By purchasing the new home with the intent to move in, you’ll be eligible to receive more favorable financing once again. After you’ve secured your new home, your first home is primed to be transformed into a rental property, and you can continue to see a return on your investment. If you’re seeking further support with buying a first, second, or third home, our website and our agents are full of information.

            Cast a wide net

            The best investment opportunity isn’t always going to be right underneath your nose. While there are logistical benefits to focusing locally with your investment, you may miss more profitable opportunities in another burgeoning market. Real estate is a long game, and patience tends to be rewarded. There’s no cause to rush a decision of this magnitude, so investigating other states and regions to find the property that best fits your situation is a process worth considering.


            Posted on May 21, 2018 at 5:00 pm
            Windermere Community Realty | Posted in Finance, Market Trends |