South Hillsboro will be the largest master planned community in Oregon History. It’s 1400 acres and will take 20 years to complete.
One hour after President Donald Trump took office the Department of Housing and Urban Development suspended the pending insurance premiums planned rate cut. This shows the next administration is going to be very cautious and conservative. While this will restrict some borrowers from buying a more expensive home (or any home at all) overall it will help to insure that the FHA is still viable and able to insure these higher risk mortgages without needing another bail out. The new administration wants more time to evaluate and analyze the FHA mortgage insurance rates before agreeing to change the rates. See the article below for more details.
Watch the Schools – You can find out valuable real estate investing information through the school system. For example, look at: http://www.greatschools.org/oregon/portland/ There are multiple sites like this that rank schools. There are sites that rank them also on how well students fare on tests in math and English (in which most informed parents will be very interested).
What does this have to do with investing? These areas are desirable to parents. And new home buyers that are also new parents will often consider this to be one of their top criteria in finding a home. The homes in these areas go up in value quickly and often sell quickly.
Contact Geoffrey Pohl for all of your real estate needs.
Eighty percent of homebuyers say patios and decks are “essential” or “desirable” (source: “What Buyers Really Want” from the National Association of Home Builders).
Yet studies also show that the majority of home buyers do not use their backyard. Why? Digital devices of course.
Remember the good old days when children went outside to play because there wasn’t anything else to do? And then TV came along and our moms had to turn off the TV and give us a piercing glare to send us outside. Now there are video games, smart phones and tablets all vying to keep us indoors.
The fact is – your Mom was right. It’s much healthier for all of us to spend time outside and now you own a home with outside space. You no longer have Mom to encourage you to leave your home so you have to take matters into your own hands. What can you do?
False. Yes, there are higher maintenance and utility costs. Buying a home, though, is often as much of an emotional decision as a logical one. And there are ways to make a pool more appealing, such as sliding a sturdy canopy over the top which can turn your pool into a safe, walkable patio. Removing your pool before you sell may not be necessary. Rather than cater to a market that doesn’t want your home, you can cater to the market that does. And many families feel a pool adds value to the home rather than detracting. Before making decisions such as removing your pool – consult an expert. Talk with your trusted Realtor.
Tip: if you are considering buying a walkable pool cover simply search on Google for “Guide to buying pool covers you can walk on.”
Contact Geoffrey Pohl for all of your real estate needs.
Spring is here and it is easy to get spring fever and forget our home ownership responsibilities. However, a quick check on your home in the spring might very well save you time and even large amounts of money. Here’s what you want to look at:
Preparing your landscape for summer before your yard spirals out of control can save you time and hassle. Here are some quick reminders:
The housing market is on the upswing, the unemployment rate is ticking downward (5.2% in March, 2015) and the economy is improving. What this means is that many renters are once again eyeing the possibility of home ownership. There is one major hurdle to jump over however . . .
The median home price in Portland right now is $281,000 and the days of creative lending are, for the moment, a thing of the past. Most lenders want some kind of down payment and often the minimum required amount is 5%. If you just put 5% down on a $281,000 home that comes to $14,000 for your down payment.
Time to build up your savings account? Let’s get started.
Children. Change. Lives.
You may have seen the State Farm commercial recently with a father that says, “We’re never having kids.” Then, “we’re never moving to the suburbs.” Then, “We’re never having one of those (pointing to a mini-van).” And, of course, we see him move a little into the future after each statement and he is experiencing exactly what he said they would never experience. At the end of the commercial, he is sitting with his family of four on the couch, lights low, movie playing, everyone snuggled up together and he says, “I’m never letting go.”
The good news is that you have an array of options that is staggering. The raw material used to create your new floors ranges from old-fashioned hard woods to gin bottles, corn sugar, cork, bamboo and old wine barrels.
The bad news is that you have an array of options that is staggering. Trying to make a decision about which flooring works for which room can be daunting. In this article we will just have a quick overview of your choices and in later articles we will break down those choices and help you determine which flooring option work best in your situation.
When deciding on your future home, you have lots of decisions to make. But one of the most compelling decisions and the one you might want to start with is:
Modern or Traditional?
Now some might throw “Contemporary” into the mix and they would be right to do so. While some think Modern and Contemporary are the same there are some differences. But that is a discussion for a different article. In this article we want the champ and the best challenger to go head to head. And Modern and Traditional are the big hitters in 2015. (more…)
Why are fireplaces a hot topic (last pun – I promise) of conversation when buying or remodeling a home? The reason is that fireplaces are becoming the focal point of the “talking spot” within your house. Each house has an area where the family or guests gather to talk and enjoy each others company. Especially with the burgeoning technology that tends to pull us apart (cell phones, games, IPads, etc.) – more and more families are looking for technology that pulls us together. And now we have that technology encompassed in an age-old concept – the fireplace.
That’s right – summer is coming. Fun in the warm sun. Fun in the outdoors. Fun on a picnic. Fun on a boat. Fun with high energy bills . . . wait, what? That’s not fun. But you know what? Maybe we can make it fun when that energy bill comes in much lower than expected. Here are 20 tips you can implement today:
When buying a home there are 5 main questions – let’s take a look at them:
1. Do I buy a home?
After the housing crash, there are still many buying situations you will find out there from foreclosures to short sales to tighter lending standards. Do you understand your options and the advantages and disadvantages of each option? A realtor can be a great resource to walk you through the options and ultimately help you decide if now is even the best time to buy a home considering your personal situation.
Rueters recently reported that Home Depot posted its strongest-ever fourth quarter in terms of sales growth, driven by demand for home renovations, including paint, flooring and appliances. The pickup in home renovations can be explained in part by the improved financial position of many households over the past three months due to an improving jobs market and lower gasoline prices. To what is all of this data pointing?
Guess what is coming to Portland next? A company that claims to be able to accomplish with refinance loans what Turbo Tax accomplished with tax services.
The company is called Lenda. Mike Francis with the Oregonian reported on 02/25/15 that Lenda has just launched its service in Oregon.
Today, we continue our look at the hottest real estate trends of the year. The third contender represents a trend in society where we see websites that allow you to take off-the-shelf legal documents to use for your business, off-the-shelf websites services with ready-made websites you can adapt to your personal or business use and now . . .
What is trending in real estate this year? What has everyone talking? Let’s take a look.
In real estate, trends are slow to arrive and they often hit commercial spaces first. And though they may entice buyers and sellers, it is worth remembering that trends are just that – trends. They might stay awhile, they might not. But while they are here they certainly are appealing and create a buzz – and when selling a home a buzz certainly doesn’t hurt. In this post, we will look at the first two:
Watch The Fringe. The Sellwood area, just outside of Portland, was not always in demand. However, when it came into demand, there was a very easy way to note the change – property values skyrocketed. As we watched this happen, you knew one thing for sure – the fringe areas (the ones right next to Sellwood) would be jumping up in price soon. As an investor, you want to look for areas that are overpriced. Other factors are areas close to major transportation like the new light rail in Milwaukie. Milwaukie is close to Sellwood and has a new rail system. That is definitely an area to watch.
To find out what’s planned, you can check with the local light rail, railroad or bus company to see if they will be expanding service in the area. The local town hall or planning department will also have this information. Investors use their money wisely. They look for the indicators. And even first-time home buyers can make good buying decisions using the tools of the investors. Watch here for more articles on investing.
– Geoffrey Pohl, your expert on Portland Real Estate and Portland
Real Estate Myth #2: Even when the housing market recovers, home price growth will be only 4 to 6 percent per year — much less than historical average returns for the stock market.
Lawrence Yun, Chief Economist of the National Association of realtors addresses this myth and helps to debunk it. Most buyers put less than 20 percent of their own money into a home purchase; this borrowing power can translate to a greater rate of return. This is how Yun explains it: Home price appreciation historically has been about 1 to 2 percentage points higher than consumer price inflation, which translates into about 4 to 6 percent per year. But this growth rate cannot be viewed as a rate of return like the stock market. The reason is that most people do not buy a home for all cash, instead making a cash down payment and borrowing the rest. The leverage this borrowing creates can magnify returns — and losses. If price growth returns to historic norms, the price growth of 4 percent can easily turn into 20 to 30 percent rate of return if the home buyer makes a down payment of 10 or 20 percent. Conclusion: make sure you understand your real return on your what you are investing (your monthly mortgage), factoring in tax advantages as well.
- Geoffrey Pohl, expert on Portland real estate and Portland
There are many reasons why you might want to find out the value of your home and we at Pohl Real Estate would love to help you with an update. Even if it is not yet time to sell, knowing the value of your home can bring peace of mind and help you understand one of the most important pieces in your financial portfolio.
Take advantage of this free service by calling 503-488-5848 or e-mail firstname.lastname@example.org.
Geoffrey Pohl, offering expertise on Portland real estate and Portland
Image courtesy of scottchan at FreeDigitalPhotos.net
FOR A DETAILED BREAKDOWN OF THE REVIEWED BULLETED ITEMS BELOW CLICK HERE TO READ OUR FULL REPORT.
With the observance of Martin Luther King Jr’s birthday upon us, perhaps we should get out into our community and help others, just like MLK encouraged. Hands of Greater Portland is an organization that gathers volunteer opportunities from across the greater Portland area. To get involved, check out these kid-friendly suggestions, great for the whole family!
It is true. The internet has had a tremendous impact on the real estate industry with buyers using the internet to find their home. This article states that in the last four years 90% of homebuyers use the internet as their primary research tool.
The first week of 2013 proved to be a good one for mortgage rates! With 3.34% for a 30 year fixed conventional loan. Analysts expect that 2013 will be the year for the housing and mortgage industry to gain momentum.
A 30-acre riverfront parcel, now called Zindell Yards, is about to undergo a metamorphosis. This parcel is situated allong the banks of the Willamette River and according to architects, it shall be transformed into an urban space of tranquil greenery, or a park disguised as a vibrant city.
Make sure to check out the article regarding whether or not to invest in a remodel or just sell.
The Portland real estate market is appreciating so here are ten ways to increase the value of your home. Some will be easy and some more complicated but use your budget accordingly to gain the highest dollar value sale.
1. Clean and Declutter. Increase your homes inside square footage … visually that is. You would be surprised at how often this is overlooked. I always tell my clients to pack first and commit to the sale. Removing the wall of family photos, the collections of horses or pigs or cows, and the extra furniture will go along ways towards giving it a larger cleaner look and feel.
Being a Realtor in Portland, Oregon sure feels like the real estate market is stabilizing. Every month there are more and more areas and suburbs of Portland that are appreciating in value when compared to a year ago and more and more areas the Average Sales Price Percent Change are also moving into positive territory at a rapid pace. The inventory in Portland has dropped from January to July every single month and the time on market has decreased significantly as well. All indication is yes the market is stabilized and poised for some long term steadiness rather than the sharp falls and rises that we have been accustomed to since 2008.
On December 15th, the Portland Aquarium officially opened their doors to the public. Located in Milwaukie off of McLoughlin Blvd, the aquarium is home to some of nature’s most precious and fascinating animals. With activities such as birthday parties, sleeping with sharks or an exclusive behind the scenes tour, this new attraction will surely be a hit with Portland folks.
With the State of Washington topping the ranking at number 1, Oregon slides in at number 13. The report categorizes Oregon as an over achiever in the index that uses broadband adoption, network quality and economic structure as indicators on how to rank each state.
Close to 94% of homes located in the Portland Metro Area are occupied, ranking number 5 nationally. According to the Business Journal, there are 872,423 occupied homes out of a total of 930,446.
Due to a combination of rising prices and falling inventories, Portland ranks number 6 in the nation for strength for home sellers. Asking prices average $167 per square foot, which is up 12.8% to a year ago.
Are you looking to buy your very first home? If so, there has not been a more perfect time than now. You can find incredible deals on short sales and foreclosed homes and will see very low interest rates.
Portland joins 75 other metropolitan areas on a list compiled by Freddie Mac as an improving market. This index uses cities that have seen a 6 month growth in employment, new home construction and prices of homes. There are now a total of 201 metropolitan areas on this list.
Willow Tufano made news last year purchasing a house in Florida for $12,000 after saving up a downpayment from selling property from foreclosed homes. Well she did it again and not only that she is in the process of making a reality television show highlighting her new knowledge.
At number 97, Beaverton offers its residents access to natural surroundings, not to mention is home to both Nike and Columbia Sportswear’s.
Coming in at number 95, the gorgeous community of Hillsboro, just 20 miles west of Portland offers expansive spaces, an array of year round outdoor activities and big technology companies to add to the charm of living here.
When a seller is actually wanting as low of a price as possible on their home that is called flopping. The idea is that if a seller can show that they have tried to sell their home, to no avail, the bank might be willing to lower the value of the property in order to unload it.
The Federal Reserve Bank in NY reported that banks owned approximately 4,452 foreclosed homes in Oregon. The inventory has been shrinking and if trends continue, foreclosed homes owned by the bank could be cut by 45% around this time next year.
Great news for the construction industry within the Portland Metro Area, 4700 construction jobs have been added between August 2011 and August 2012. This is a 10% growth in employment puts Portland at number 5 in the country for gains in the construction industry.
Portland’s Silicon Forest ranked number six in the nation for the amount of technology jobs posted online from January to August 2012. This ranking confirms Portland’s status as a hot spot to technology jobs. In addition this jump in tech jobs, tech salaries are up too, specifically 12% in 2011 to an average of $82,000.