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Oregon Ducks Schedule
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Football means food. CLICK HERE for exciting tailgating recipes.
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Check the rubber water hoses on your washing machine for any sign of wear or weakness. Most manufacturers recommend replacing the hoses every 5 years. An alternative is to replace the rubber hoses with high quality stainless steel fill hoses which are more rugged.
With rise in buyer demand and shortage of inventory, the need for new homes is evident. According to the National Association of Realtors, If homebuilders do not build, especially single-family homes, then they just don’t have enough to sell. Local government officials need to approve a greater number of housing permits for ownership homes. Recently, most of the gains in housing permits have been for apartments. Currently it takes only four months to find a buyer for a newly constructed home on average, which is still a good fast pace considering it took over a year to find a buyer during the market downturn.
I wanted to take this time to spotlight on one of my favorite custome homebuilders in Oregon, OsterCraft Homes. OsterCraft Homes has been an Oregon homebuilder since 1974. OsterCraft home is one of the oldest and more successful building companies in Portland that is family-owned and operated.
OsterCraft builds a wide range of homes that truly offer a unique blend of exceptional quality and creative design, setting the company apart from other local builders.
To find a list of available homes by OsterCraft, please CLICK HERE.
Three Statistics that Indicate We’re in a Seller’s Market
- Mortgage applications have increased 6.6%.
According to the National Association of Realtors, “this increase in applications reflect stronger interest in home ownership through strong gains among young adults.” These young adults represent fist-time home buyers that are taking advantage of low interest rates while they still can. Housing market data indicates that interest rates have remained relatively low, but are projected to increase over 4% by spring of next year. This affordability has led to a spike in home loan applications, particularly buyers purchasing FHA loans – low down payment loans typically used by first-time home buyers. Loan programs like this, steady job growth and an improving economy have given prospective buyers the financial wealth and incentive to buy a home. - Homes are selling 13% above their original purchase price.
According to Zillow, the median home sale price is $215,177. Positive developments in the economy have brought a new pool of buyers to the market. In addition to first-time home buyers, home owners whose home were originally foreclosed on, and traditional owner-occupant home owners. This rise demand have caused home prices to skyrocket. Along with a boost in home prices last month, existing-home sales have reached the highest pace in more than eight years, according to Lawrence Yun, NAR’s chief economist. - Homes are on the market for 34 days.
Inventories of for-sale homes remains tight, which has forced buyers to have to compete for the limited supply. “Limited inventory amidst strong demand continues to push home prices higher,” according to the National Association of Realtors. “With inventories still low, properties are selling faster. Forty-seven percent of homes sold in less than a month in June, according to NAR. Properties typically stayed on the market for 34 days in June, the shortest number of days since NAR began tracking in May 2011.
Call me TODAY to find out what your home is worth in this market.
Providence Bridge Pedal
August 9th
It’s time to dominate Portland’s bridges (except Jeff): this huge bike race limits auto traffic to let bikers take over the bridges. And it doesn’t matter if you’re a kid, a walker, or want to cycle all 11 bridges: you’ll find a course option.
CLICK HERE for more information.
Bite of Oregon
August 7th, 8th & 9th
From coast to Cascades to canyons, the Bite of Oregon is a stunning celebration of Oregon, its food, its people and its extraordinary quality of life. Come join the fun at the best summer party on the Portland waterfront and discover Oregon’s Bounty!
For more information, CLICK HERE.
Providence Bridge Pedal
August 9th
It’s time to dominate Portland’s bridges (except Jeff): this huge bike race limits auto traffic to let bikers take over the bridges. And it doesn’t matter if you’re a kid, a walker, or want to cycle all 11 bridges: you’ll find a course option.
CLICK HERE for more information.
Soap Box Derby Car Races
August 15th
Portland’s PDX 2015 Patch Final WebAdult Soap Box Derby is a 100 + volunteer-fueled grass roots community event traditionally held the third Saturday in the month of August. Once a year a brave group of racers convene on the daunting slopes of Mt. Tabor to test their metal to their mettle. These pages are dedicated to all those who have spilled their blood, or even worse, spilled their BEER. We thank the community and our beloved volcano for allowing us to tickle her spine.
CLICK HERE for more information.
MUSICFESTNW
Aug. 21 – 23
MusicFestNW is Portland’s largest multi-venue musical festival. More than 150 bands across many of Portland’s most popular music venues including the Crystal Ballroom, Roseland Theatre and Mississippi Studios. This year’s lineup includes Foster the People, Beirut, Modest Mouse, Misterwives, Danny Brown, Milo Green and many more bands and musicians.
PDXPipeline is giving away a free pair of tickets to MusicFestNW. For more information, CLICK HERE.
Italian Festival
Aug. 27 – 29
Join Portland’s Italian community in feats of eating and drinking in The Square. Live music, dancing, and more meatballs than you can shake a breadstick at. Oh, and it’s free to get in.
CLICK HERE for more information.
Summer is a great time to take exterior photos of your home. Gardens are in bloom and everything is more colorful. Snapping multiple pictures throughout the day will give you a variety of lighting options to work with. Upload, edit and save digital copies. Having these pictures on file will come in handy when it’s time to sell your house.
Contact ME for more tips about selling your home!
This Summer is a Seller’s Market
The state of Oregon has continued to show a strong pace of growth throughout the year in jobs, wages, and labor force participation. According to an economic outlook quarterly report produced by Portland State University Center for Real Estate, the Portland Metro area unemployment has continued to decrease over the first quarter with a March rate of 5.2%. Jobs are increasing in by 3.3%, and wages are increasing at nearly 7% per year. These are all positive factors that affect our local housing market.
Foot traffic data measured by SentriLock showed an 8.2% increase from last year indicating a high demand for housing in Portland. Local market data shows little relief for Portland-area home shoppers trying to navigate a crowded market.
Home sales are climbing, but the inventory can’t keep up with the demand. Comparing each year through May, the average sale price rose 4.6% from $327,200 to $342,300, and the median home price sold in the metro area was $313,000, a 7.9% increase from last year. Homes are selling as fast as the signs are going up. This data indicates a strong seller’s market.
Call me TODAY to find out what your home is worth in this market.
The Economy is Improving; Good News for the Housing Market.
June marks the year’s halfway point. It’s a good time to reflect and analyze the latest market data to determine where the market is headed for the remainder of the year.
According to a report released by Fannie Mae early June, the 2015 Housing Marketing has undergone some positive developments since the beginning of the year. Moderate rebound in economic growth has been driven by continued strengthening in employment and household income.
After a slow start, existing-home sales rose 5.1% in the second quarter to an adjusted annual rate of 5.35 million homes. According to the National Association of Realtors, sales have increased year-over-year for eight consecutive months and are 9.2% above a year ago (4.90 million). First-time home-buyers attributed to these numbers as the result of many economic factors including; low mortgage rates, job growth coupled with low unemployment rates, and wage growth.
Average home prices climbed 7.9% over the past 12 months to $228,700, about $1,700 shy of the July 2006 peak. The higher home prices will continue to climb if inventory does not pickup to match demand. Currently, the market has just 5.1 months’ supply of homes, versus an average of six months in a healthy market.
Contact me today for a free market analysis of your home!
Tom Kerr Homes 