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Portland Housing Prices are going up
Home prices, including distressed sales, rose 4.6 percent nationwide in August compared to a year earlier, the largest year-over-year increase since July 2006. The August increase marks the sixth-consecutive monthly home price increase.
In the Portland-Vancouver-Hillsboro metro area, home prices, including distressed sales, were up 4 percent in August compared to a year earlier and up 1.1 percent compared to July. In SW Portland, the area that runs from downtown to Beaverton, and south to Tigard, prices were up over 8%.
If you'd like to know what's happening in your neighborhood, check in at caryperkins.com. I'll keep running statistics available so you know when it's time to go!
Sneak Preview of the New Eastside Streetcar
Portland’s newest streetcar line (and the first on the city’s eastside in more than 50 years) opens in less than a month on September 22, 2012. In anticipation of this substantial expansion to the existing streetcar network, Mayor Sam Adams, along with members of the Portland Streetcar board and Bureau of Transportation, rode on the first passenger-carrying train to traverse the new alignment earlier this month.
The eastside expansion will bring passengers over the Broadway Bridge from NW Lovejoy Street, connecting to the Lloyd District, the Oregon Convention Center, the Central Eastside’s Produce Row, and OMSI. When the new segment opens, streetcar service will be divided into two lines, which will overlap on 10th and 11th avenues in NW Portland and downtown. The opening of the eastside line will bring enhanced service to the most heavily used section of the Westside alignment (on 10th and 11th between Portland State University and the Pearl District). This section will see trains arriving every 7 minutes, down from the current 12-13 minute wait times. Trains on the eastside, NW 23rd, and the South Waterfront will arrive every 14 minutes. For a map of the new two-line system, click here.
To watch the video of the first ride, click here.
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How’s the Portland OR real estate market doing?
The National Association of Realtors has released the following stats for the 2nd quarter of 2012. I continue to be busy, but never too busy to help someone new.
Where are housing prices headed?
Everyone seems to be asking their professional Realtor’s prediction is on where home values are headed.
To answer this question I want to quote three separate reports that have been published in the last 60 days: the Home Price Expectations Survey (HPES), the Urban Land Institute Real Estate Consensus Forecast (ULI) and the Demand Institute’s Report (DIR): The Shifting Nature of U.S. Housing Demand. Here are their projections:
A slow but steady return is projected by all. If you plan to stay in your house for 5 years, you can expect appreciation – not like the good old days in the rush, but a good, modest growth at a pace that’s a welcome relief after the last few years.
With thanks to the KCM Blog.
Rent or Buy?
Each quarter, Fannie Mae releases their National Housing Survey. They survey the American public on a multitude of questions concerning today’s housing market. We like to pull out some of the findings we deem most interesting each time it is released. Here they are for the most recent report:
84% of the general population believes that owning a home makes more sense than renting.
The Most Important Reasons to Buy a Home
When we talk about homeownership today, it seems that the financial aspects always jump to the front of the discussion. However, the study shows that the four major reasons a person buys a home have nothing to do with money. The top four reasons, in order, are:
- It means having a good place to raise children and provide them with a good education
- You have a physical structure where you and your family feel safe
- It allows you to have more space for your family
- It gives you control of what you do with your living space (renovations and updates)
The Home as an Investment
Though most people purchase a home for non-financial reasons, everyone realizes there is a money component to homeownership. Here is what they said on this issue:
- 63% of the general population believes that homeownership is a ‘safe’ investment.
- 53% believe that homeownership has more potential as an investment than any other traditional asset class.
Rent vs. Buy
We are always interested in the difference people see in renting vs. owning.
- 64% of renters have aspirations to someday own their own home
- 70% of renters think that owning is superior to renting
Bottom Line
Our belief in the value of homeownership grows each time this survey is released.
How to Furnish your First Place
So you’ve finally moved into your first place that you care about as an adult, and you want to really put the time and effort into making it a home, but then you start adding up the costs of doing so…
We have all been there, and although you may not have the cash roll to go on a shopping spree at all your favorite furniture stores to make your dream home just yet (and, really, when is that ever the case?), with some patience, research, and shopping in unconventional ways you can turn your first adult apartment into a breathless beauty on a budget.
Shop at Home: The first stop is your parents’ home. Start hunting around the house for your favorite items or things that have been tucked in the garage for years. See what they are willing to give up. Don’t just stop there — hit up immediate family and friends as well and send out an email asking if anyone has or knows of items that you need or they are getting rid of. Have them over for a nice home cooked meal to say thanks.
• Favorite Family Furniture and Heirlooms
• In the Family: The Value of Antique & Heirloom Furniture
• Antique Shopping at Mom’s House
Garage, Estate Sales and Auctions: This is another place to score some one of a kind treasures for next to nothing. Check local listings or drive around town on the weekends and follow the signs.
• All About Estate Sales: A Crash Course & Tips for Newbies
• What You Need To Know: Furniture Shopping at Estate Sales
• What You Need to Know: Furniture Shopping at Auctions
TJ Maxx, Marshalls, Home Goods: All of these stores have some great finds at incredibly marked down prices and often get overlooked but they shouldn’t.
They are good places to get towels and odd accessories, etc.
Ikea: Ikea has helped out many a home with keeping a modern style at good prices. If you don’t have a brick and mortar store in your area you can always shop with them online.
• 5 Places To Shop For IKEA When There Isn’t One Around
Thrift and Consignment: Score some great finds or bring things home that you can re-make to fit your space and style. Great way to get kitchenware, vases, rugs, and appliances, as well as furniture.
• Readers’ Favorite Vintage, Thrift, & Secondhand Shops
Craigslist, Freecycle and Ebay: Look at free sections first and see what people just need to get rid of asap. Keep your DIY eye open for the stuff you might at first pass over and try to see what potential is there. If you can be patient and not rush to fill the space, you can furnish your apartment with the most incredible finds.
Just remember it’s really all about your style, choices, and imagination, not about how much it costs. And lucky for you the Apartment Therapy archives are always here to help you tackle those design dilemmas and give you some inspiration along the way.
(This post is dedicated to Alex, Jackie, Jessica, Andy, Leslie, Whit, Shane, and all the other young buyers in my recent past…. you’re amazing for starting so young!)
source: apartmenttherapy.com thanks!
and source: Shelby’s Sophisticated Studio for more photos and information
Excellent article on the Real Estate Rebound
Maybe you think Realtors are being optimistic when we say that the market is coming back. We are, I believe, optimists by nature. This job isn’t for the faint of heart, especially in the last few years when up to 40% of the Realtors left the business. But here is Barrons joining in our argument that we are on the mend.
Not only that, the article predicts 30% growth in the next 10 years. Payback. If you were waiting for the bottom, wait no longer. Let’s go house shopping.
Gorgeous House Pictures to Drool Over
Source: Houzz Ideabook
Moving to Portland Oregon
What better way to explore Portland than through pictures? I’ve been collecting scenes from Portland, and have started to keep a file on a Pinterest page. You can find it by clicking here.
Check back often, or subscribe to my Pinterest page. You’ll also find pages on mid-century love, do-it-yourself ideas, restaurants, and awesome looking spaces to dream about in your next home in Portland, Oregon. Obviously, I’m also the person to help you find it. I love Portland, and I’ll show you nooks and crannies that will help you to love it too.
