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You might have heard the news - it will be on the TV tonight and I wanted to point out the small print that will likely be overlooked by much of the media.

For 20 years the Case/Shiller index has tracked the rise and fall of the housing market nationally. Of the 20 areas they look at all were down except 3 - some like Miami are down as much as 17%. Three areas went up: Charlotte, N.C., 2.3%; Portland, Ore., 1.2%; and Seattle, at 0.5%.

Read the entire article here: CNN/Money

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I want to share two new tools that I think are going to become widely used by both buyers and investors.

1. Google Street View : This amazing new tool allows to walk around a neighborhood or an entire city virtually. Many of my clients are using this to further explore areas before viewing homes.

2. Zilpy.com : This great new site allows you to see what homes or apartments are renting for in any given neighborhood. This is great if you’re planning on buying a rental or keeping your home and turning it into a rental. I also suggest you look at Craigslist to see what your competition as a rentor or landlord is going to be.

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News broke this past Friday that inventory had skyrocketed to 12.8 month in the Portland Metro area, the highest level since 2000. For the previous 4 months we’ve been hanging in around 8 months which is just on the buyers side but not too much. The tipping point is considered to be 6 months.

Like many other people this new inventory report was a bit shocking to me. So I ran my own numbers based on detached homes in close in neighborhoods. I looked at inventories based on the last 6 months of sales and here are the results:

Detached homes:
97202 = 2.5 months
97214 = 3.6 months
97212 = 4.8 months
97232 = 3.5 months
97210 = 5.3 months
97209 = 12 months
97203 = 4.75 months
97201 = 8.4 months
97227 = 7.6 months
97217 = 3.6 months

Condos:
97202 = 14 months
97214 = 9 months
97212 = 11 months
97232 = 7.5 months
97210 = 10.5 months
97209 = 9.6 months
97203 = 14 months

So the news as I see it is that if you own a home close in then you are largely unaffected by the metro statistics. My only concern is that people will see the overall market conditions and mis-interpret those numbers. There are categories of properties and areas with the majority of the inventory that are skewing the numbers. Close in = OK. The big exception is condos as you can see by the higher inventory. If you’re thinking of buying a condo now is a great time to be a buyer.

Non-Conforming loan limits: You might have heard about the change in “jumbo” Loans - until last week it was any loan over $417,000. Some areas with high median prices benefitted from the change but Portland with a median price of $280,000 is too low to see any change. This would have helped buyers and sellers in the higher price ranges but no change for us in Portland.

For everyone who get’s my quarterly newsletter and gift you have already heard the good news that I am now a Principal Broker! I have also hired a full time assistant so if you hear from Yvonne LeGrice welcome her to my team!

With all the changes going on it’s a great time to buy - give me a call sometime - 503.901.8100.

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Just a couple turns off of McLoughlin on a private and quiet cul-de-sac sits this remodeled ranch on a extra sized lot. Granite and Stainless kitchen, hard wood floors, multiple decks and hot-tub included! Don’t miss your chance to get a 4 bedroom home for a 3 bedroom price!

15582-se-patricia-ct-listing.pdf

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For everyone who isn’t satisfied with my one or two page updates I am presenting to you 58 glorious pages of information about the Portland Real Estate Market. The news is good again for us in town as one of the few places still appreciating in the USA. If you’re only interested in residential info skip to page 42.

Enjoy Here: First Quarter 2008 Report

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I read an article this morning from one of my favorite columnists, Carol Lloyd, who writes a weekly column called “Surreal Estate.” In the column she talks about a recent study asking children and adults what their “dream” home was.

The results?: A place with Love, Family, Good neighborhoods and Good schools topped the list. Little mention was made of Appliances, Appreciation or Square footage.

I think this article is a great reminder of why we buy homes… To have a place of our own, one we can make special. A place where we make memories, play our music, and make our families and our future.

You can read the entire column here: Surreal Estate

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Well - In a word, YES.

We have had a resoundingly crummy week here in Portland and it has definitely affected the number of people that are getting out there and looking at houses. We’ve also had a very small amount of new listings hit the market in December which means there really isn’t much class A inventory to look at right now. If you have a unique or nice close-in home you’d likely be pleasantly surprised by the speed of the market for good homes right now.

So back to the issue of what you can do about the weather:

1. LIGHT: In the winter it’s dark - add as much light as possible to your home. You can paint dark rooms with brighter and warmer colors. I recently installed new lights in my kitchen and it made a HUGE difference in the feel of the room at a very low cost. If your home is vacant make sure there are lights on timers for agents bringing people by after work in the dark.

2. WARMTH: Leave the heat on! It is a very good feeling to come in out of the cold… not out of the cold into a different cold. People will not spend time or think favorably about a cold house.

3. DOORMATS: I do not like having to take off my shoes to show a house. I recommend doormats at all outside doors both inside and outside. People are generally very considerate so don’t make them wear those little blue bootie things.

A couple little changes can make a big difference and that will help you sell your home faster. Now, come on everyone with very nice houses in close-in PDX - people want to buy your home but you have to get on the market first!

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