Case-Schiller States House Price Decline is Moderating

Standard & Poor’s Case-Schiller index has just been announced for April and the numbers are somewhat encouraging.

New York Times interpretation and Case-Schiller original report.

While house prices are still declining across the nation, in April, the pace of the decrease levelled off slightly.  Indeed, 13 out of the 20 metropolitan areas the index tracks actually showed improvement in their annual return.

If we add the local results for May to these numbers, I think we might actually start thinking a few good thoughts. 

May 2009 RMLS statistics for Portland Metro market saw average and median sales prices both posting small gains when compared to last year. (see Kori’s previous post on this blog – June 16th – RMLS Market Action Report – May 2009)

Keep your fingers crossed for June, local numbers will be out on June 12th.

 - Maria

Lake Oswego Festival of the Arts

The 46th annual Lake Oswego Festival of the Arts begins tomorrow, Friday June 26th and runs through Sunday.

This is a very pleasant event, with local artists, music, special events for children and good food. Special feature this year is the largest Mosaic Art Exhibit ever seen in the United States.

Allow plenty of time to tour and park far away and take the shuttle in.

For more information go to the offical website.

See you there.

 - Maria

National Register of Historic Places – July Open Houses

Are you one of those people who pops into open houses – not because you’re looking to buy a new home but because you just love looking?  If you’re that voyeur, don’t miss out on the July line up of the historic homes that will be on tour.

• Tuesday, July 8 from 9 AM to 1PM – the Charles F. Adams house – 2363 NW Flanders 
• Friday, July 17 from 12 PM to 4 PM – the Tannler-Armstrong house – 4420 NE Alameda
• Friday, July 24 from 9 AM to 1PM – the Rosenfeld-Schnitzer house – 1011 SW Vista Avenue
• Sunday, July 26 from 2 PM to 6 PM – the H.C. Keck House – 53 NE Thompson
• Monday, July 27 from 9 AM to 1PM – the University Club – 1225 SW 6th Avenue

Click here for a complete list of historic homes (or other private buildings) on tour, statewide, during the month of July.

Do you live in an old house and have thought about registering your home on the National Register?  If so, check out the State of Oregon’s site, to learn more about the process and the benefits of listing your home on the National Registry.   

~Kori

A Garage Sale? Must be summer!

The 24th ANNUAL EASTMORELAND GARAGE SALE will be taking place this weekend, Saturday, June 27th and Sunday, June 28th.

Approximately 140 families will coordinate their annual “cleansing” ritual by participating in what many people have called “The Northwest’s Largest Garage Sale”

For details on how to get involved, go to Eastmoreland Garage Sale or visit the main Eastmoreland Neighborhood Association website at Eastmoreland.org

- Maria

North Portland “Sunday Parkways” – June 21, 2009

This Sunday launches the first of three Sunday Parkways taking place this year in North, Northeast and Southeast Portland.  Blocking off 7-8 miles of city streets to create “temporary parks”, Sunday Parkwarys provide an opportunity to get out and be active right in your own neighborhood. 

Take a look at the video from last year’s Sunday Parkways in Portland and other events around the world.

This Sunday, June 21st kicks-off the first of the three events – North Portland Sunday Parkway from 9 AM – 4 PM.

Click on map for larger image

Have a great weekend!

~Kori

Summer Home Projects

Great ideas to help your home and its systems last longer – from the Portland Curbsider.

Make your outdoor structures last longer.

Save energy and lengthen the life of your appliances with a little maintenance.

• Vacuum filters in your furnace, fridge and clothes dryer.
• Have your furnace serviced – it is often cheaper this time of year.
• Hang laundry on an outdoor clothes line to avoid using your dryer during the warm months.
• Use smart power strips for your computer, TV, DVD player and stereo; they have  specially marked outlets that keep appliances and equipment with clocks powered on while shutting off all other electronics not currently in use.

Reduce waste and toxins when you do summer cleaning.

• Concentrated cleaners and detergents create less container waste, last longer and stretch your dollars.  Look for cleaners that don’t have toxin warning labels, or you can make them yourself.  www.oregonmetro.gov/greencleaners
• Purchase zero-Volatile Organic Compound (VOC) paint, readily available at paint stores.  Zero-VOC paints are healthier for you, your family and the planet.
• Turn old clothes or linens into rags instead of using disposable paper towels or pre-moistened cleaning pads.
• Properly dispose of unwanted paint, cleaning products, compact fluorescent light bulbs, batteries and other materials at Metro’s hazardous waste facilities.  www.metro-region.org

~Kori 

Hump Day Humor

We all need a little laugh every once in a while… as doggie people we thought these were funny, enjoy!

Happy Hump Day – Enjoy the rest of the week!

~Kori

Is 6% Still A Good Mortgage Rate?

There’s been a lot of talk about interest rates rising – this past week rates have ”jumped” up as high as 6% but have dipped back down to around 5.25% (depending upon the exact moment you check) but historically speaking, it wasn’t until April 2002 that rates dipped below 7% where they’ve remained for the past seven years (in the 1980’s rates hovered between 10%-18%).  So, I’d say, YES, 6% is a great fixed mortgage rate – remember, everything cycles and as the economy improves rates must increase.

Check out the chart below to put current low interest rates in the perspective of the last 30 years.

~Kori

RMLS Market Action Report – May 2009

Once again we are seeing an upswing in the residential real estate market in the Portland Metro Area.  For the forth consecutive month inventory levels dropped from 11 months of inventory to 10.2 months while new listings increased 1.9%.  What does this mean?  Houses are selling!

Home prices are still soft, when you compare May 2009 over May 2008 – home values on average were down 13% and when compared month-over-month (April 2009 vs. May 2009) values were basically flat - up 0.1%.

Again, this tells us it’s still a buyers market but you better move because the good ones are selling and selling quickly.

Click here for a complete review of the current RMLS Market Activity for the Portland Metro Area.

~Kori

Finding the PERFECT Realtor? Really?

Have you noticed how everything has to be PERFECT these days?

I blame Martha Stewart. 

Anyway, there is an interesting article in the Homes & Rentals section of today’s Sunday Oregonian that discusses the benefits of working with a realtor.

Obviously, Kori and I would have to say that we do not understand why anyone would not use a realtor to get them through the trials and tribulations that can come with the sale or purchase of real estate, but we might be biased. (?)

From a seller’s point of view, in this market, the market knowledge and experience of a licensed realtor is absolutely critical and necessary. 

We are in a “Price war and a Beauty Contest”. Sounds glib? I don’t think so.

Even with all the doom and gloom news, there are plenty of houses selling in under a week with multiple offers.  There are also plenty sitting silent for months. 

Proper pricing and preparation of your house for sale right now is critical and you cannot do that unless you are deeply involved in the local real estate market and can back up your opinions with solid numbers and facts.

As to being a buyer, WHY WOULD YOU NOT HAVE A REALTOR WORKING FOR YOU?  It costs you NOTHING.

I repeat, it costs a buyer nothing to have their own realtor to represent them.

In Oregon, in general, all commission is paid by the seller. The seller pays their listing realtor’s company.  That listing realtor then advertises the property within the Realtors’ Multiple Listing Service and agrees right there to pay any realtor from any other real estate company a commission if they bring in a buyer that a completes a transaction.

This does not mean that both realtors work for the seller.  THe listing agent works for the seller and their goal is to get the best possible deal they can for the seller.
The buyer’s agent works for the buyer and their job is to get the best possible deal they can for the buyer.

Can a realtor represent “both sides” of the transaction? 

Yes, that is allowed in Oregon.

However, just like some of the agents mentioned in the article, neither Kori nor I will represent both sides in a transaction mainly because we do not see how a realtor can work both sides and still get the best deal for both buyer and seller.  Just doesn’t make any sense to me AND it is a very risky position to be in if something goes haywire in the transaction and one side feels the other was favored.

The buyer, just like the seller, should do some research, interview some realtors, get referrals from their mortgage advisor, friends, family, co-workers, and make a selection based on the facts and feelings that the realtor they are working with will help them find the right property and be with them every step of the way to closing and beyond.

Call or email Kori or me, and we will be happy to sit down with you, FOR FREE, to discuss listing your home or helping you find a home.

- Maria

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