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List your house EARLY in the year to decrease competition!
It is common knowledge that a large number of homes sell during the spring-buying season. For that reason, many homeowners hold off on putting their homes on the market until then. The question is whether or not that will be a good strategy this year. The other listings that do come out in the spring will represent increased competition to any seller. Do a greater number of homes actually come to the market in the spring, as compared to the rest of the year? The National Association of Realtors (NAR) recently revealed the months in which most people listed their homes for sale in 2016. Here is a graphic showing the results: The three months in the second quarter of the year (represented in red) are consistently the most popular months for sellers to list their homes on the market. Last year, the number of homes available for sale in January was 1,820,000.
That number spiked to 2,140,000 by May!
What does this mean to you?
With the national job situation improving, and mortgage interest rates projected to rise later in the year, buyers are not waiting until the spring; they are out looking for a home right now. If you are looking to sell this year, waiting until the spring to list your home means you will have the greatest competition for a buyer.
Bottom Line
It may make sense to beat the rush of housing inventory that will enter the market in the spring and list your home as soon as possible. We would love to come and take a walk through with you to help with items to spiff it up for sale. Call us any time!
Spotlight on 97229 zip code
Statistics for the 97229 Zip Code through February 15, 2016
- Properties for sale: 108
- New Listings: 110
- Sold Properties: 89
- Pending: 97
- Months of Inventory based on closed sales:112
- Months of Inventory based on pending sales: 1.1
- Absorption Rate (Closed Sales) %: 82.4
- Absorption Rate (Pending Sales) %: 89.8
- Average Active Listing Price: $818,000
- Average Sold Price: $479,000
- Average Price/Square Foot (Sold Listings): $211
- Sold Price/List Price Diffential: 100%
- Sold Price / Original List Price Diffential: 98%
- Days on Market: 39
- Medial Sale Price $475,000
New homes for sale are down 29% current -vs- same quarter 1 year ago and up 11.2% in the last month
Sold homes are up 36% current -vs- same quarter 1 year ago and down 25.7% in the last month
Pending sales are down .7% current -vs- same quarter 1 year ago, and up 4.8% in the last month
It's a great time to sell in 97229!
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Cary Perkins,Windermere Top ProducerFun With Real EstateCurrent Portland Oregon Real Estate Information,Highlights of Portland Oregon, House IdeasPortland Oregon Homes
Portland Real Estate, Portland Oregon Top Producer, Windermere Top Producer, Portland Realtor, Portland Homes for Sale
Windermere Top Producer Cary
Do I need a permit when remodeling?
This gorgeous kitchen remodel was entirely permitted by Washington County!
When it’s time to remodel or make improvements to your home, you may wonder whether you need a permit.
For many projects, having a permit from the city government is crucial because the changes to your home will then go on record with the city, plus it ensures inspectors will check for any red flags. If you were to rewire your home incorrectly, there could be potential for short circuiting and even electrocution! Also when you try to sell or refinance your home, buyers and lenders want to know that your remodels comply with building codes, so you need to have proof via the permits from the city. I'm kind of a stickler for this, so please don't try to cheat the system! It's for your protection!
How do you determine which remodels and renovations require permits? Most contractors will know ahead of time, but it’s good for a homeowner to be aware and avoid fraud or future repairs. The general rule of thumb is that structural, electrical, plumbing or mechanical work will require a permit, but here’s more information:
Remodeling with a Permit
When speaking with a general contractor about permits, here are some projects that will always require one or more:
Fencing Installation or Repair: When you install or repair a fence, it’s important to check with your city to see if there is a height restriction. Some cities and even suburbs have certain heights that fence height can't exceed. Be sure to have a fencing contractor check these restrictions to avoid having MAJOR headaches / corrections after the fact.
Window Installations: When you install new windows that are bigger than your old windows, a permit is required to cut holes for them. This will also include cutting holes for skylights and new doors with windows, so a window professional will need to acquire those permits.
Plumbing and Electrical Work: When installing or replacing plumbing, you will most likely need a permit. The same rule applies when installing or replacing electrical wiring
- Electrical Changes: Whether it’s an outlet, switch, ceiling fan or overhead lighting. The cases where you won’t need a permit include smaller projects like repairs and light fixture installations.
- Structural Changes: When you make any kind of structural changes to your home, the contractor will need to get a permit. This may include changes to the load-bearing walls, balconies, decks, porches, roofs or foundation flooring.
- Heating Maintenance: If you replace the water heater, you heating contractor will need to get a permit. Changes to the ventilation system, gas and wood fireplaces and ducts will also require a permit. This does not include filter changes, motor lubrication or equipment cleaning.
- Additions and Remodels: Additions, new construction, remodels, repairs, replacements, upgrades and any other additions and remodeling projects totaling $5,000 or more will require a permit. This will include detached structures like garages, sheds and platforms. Exceptions to this rule include construction that’s less than 200 square feet, as well as painting, carpeting and wallpaper.
Renovating Without a Permit
There will be some projects that won’t require a permit ahead of time, like small plumbing and electrical projects. Other projects you can do without a permit include:
- Painting and wallpapering
- Installing flooring like hardwood, carpeting, linoleum or vinyl tile
- Minor electrical repairs
- Installing new countertops
- Installing or replacing a faucet
- Landscaping work
Trust in the Pros
If you aren’t certain whether or not you need a permit, you should hire a professional. A pro will have the background and experience to determine if your project is extensive enough to require an inspector to check for any red flags afterward. Professionals will usually be the ones to acquire the permit, so they also know what kind of paperwork to fill out and the type of permit to obtain. Relying on a professional will allow your project to be completed in a timely manner.
Please let me know if you'd like help finding a reliable contractor, who will save you from the pitfalls of remodeling without necessary permits! I have a roster of highly capable professionals, and am happy to refer you to them – just ask!
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Cary Perkins,Windermere Top ProducerFun With Real EstateCurrent Portland Oregon Real Estate Information,Highlights of Portland Oregon, House IdeasPortland Oregon Homes
Portland Real Estate, Portland Oregon Top Producer, Windermere Top Producer, Portland Realtor, Portland Homes for Sale
Portland Real Estate Market Now, and What’s to Come
I've observed that there are a lot fewer agents in the office this month, as a lot of clients and their real estate brokers are on vacation. Houses in certain price points are still flying off the market with multiple offers. Homes over $1,000,000 are slower than they were in the spring. I'm preparing for new listings that will hit after labor day, or early in 2015. What does this mean for you, buyers and sellers?
The spring and early summer brought a very robust real estate market in many areas and many price points. Multiple offers became the norm in many markets and agents found themselves busier than they had been in years. The market was moving, buyers were out looking and sellers who previously couldn’t sell were finally getting the offers they needed to make a move possible. Pending home sales rose consistently and real estate was back in the media in a positive way.
However, agents in many areas may have noticed a slight slowdown in August prompting concern about whether the market was taking a turn downward. To answer this question I want to address some key things that we need to look at to answer that question.
HOUSING AFFORDABILITY INDEX
The housing affordability index is measured looking at median home prices, median family incomes and the mortgage interest rate. The higher the index, the more buying power a buyer has. As the index reduces, so does the buyer’s buying power. The recent increase in home sale prices nationally and regionally has caused the Housing Affordability Index to decline from 196.5 in 2012 to 175.8 in 2013. It is going down even further in many areas. The West Coast has been particularly affected because of the high price gains in the past 18 months.
NEW CONSTRUCTION
Even though the market has picked up, we still have not seen enough new construction development to keep up with the demand. It is still difficult for builders to get financing and although it is better than it was, it is still not where it needs to be. That is why some areas are having such dramatic price gains; there just isn’t enough inventory. In many areas we are seeing a shortage of new construction which means that prices will continue to be pushed upward if this shortage is not filled with new homes. Our new home product is built by two different types of builders: the production volume builder and the small builder. The small builder still struggles to get financing because they have not yet made up for their losses from the past economic challenges.
CONSUMER CONCERN
We have also seen recent dips in the stock market which always brings up questions and concerns for consumers, when consumers are concerned they stop buying. When consumers stop buying it creates a domino effect. As weather begins to change and kids return to school I am fully confident that the real estate market will continue to move along at a very healthy pace. Consumers will soon forget about the stock market declines and the change in the weather and they will once again settle in and put their attention back to buying or selling real estate.
WHAT THIS MEANS FOR BUYERS
Buyers who buy right now will benefit from the temporary slowdown in the market because they won’t be competing with as many other buyers. Buyers who are serious need to take advantage of this temporary distraction in the market.
WHAT THIS MEANS FOR SELLERS
Sellers who need to sell right now need to get serious about their price. “Market” priced homes ARE selling and if sellers want to sell there are plenty of serious buyers out there right now taking advantage of the timing in the market.
The real estate industry is a moving market. It expands contracts, corrects and grows. Trust that any slowdown you may be experiencing is only a very temporary “breather” that is healthy for the market to take.
by Denise Lones on August 14th, 2014
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Cary Perkins,Windermere Top ProducerFun With Real EstateCurrent Portland Oregon Real Estate Information,Highlights of Portland Oregon, House IdeasPortland Oregon Homes
Portland Real Estate, Portland Oregon Top Producer, Windermere Top Producer, Portland Realtor, Portland Homes for Sale
Buying a Home Sight-Unseen
While not for the faint of heart, some out-of-town home buyers just can't be there to see every new listing, and have to make the offer without having seen the house. This requires a high level of trust, and the Realtor must be very careful to guide, but not sell. (Though it helps to have spent considerable time with the buyers on at least one previous visit.) Obviously, there is a distinct possibility that once the buyer sees the home, it may not be exactly what they had envisioned.
This is why mobile devices are so useful in the home buying process. With a portable hot spot, a realtor can use Facetime to walk through the home with a live feed to the buyer. Questions can be asked real time, and Realtors can show nooks and crannies that aren't normally photographed. Panoramic photos can show the entire yard and its surrounds, so buyers can see whether there are homes peering into their private spaces. Videos of the street, and all the neighboring houses can help the far away buyer to get a good feel for the neighborhood. Texting, phone calls and email from the home make for instant answers to any questions the buyer may have. Once they've "seen" the home in this way, they can feel a level of comfort in buying a home sight-unseen because they've actually "seen it."
The home above looked like a nice, private new construction option for my buyers. When I previewed the home, it was sandwiched between one large home that overlooked the entire site, and another too close for comfort. One panoramic photo told the tale better than any telephone conversation.
The Wall Street Journal has just published an interesting article on the use of mobile phones and buying homes.
I'm in the middle of one such transaction at the moment, and I'll have to share the details once it's concluded!
