Are you or someone you know considering selling your home after December 31st, 2017?
Chances are yes, eventually...so no matter what chapter of homeownership you are in, you're going to want to listen up! The City of Portland has issued a mandated Home Energy Score Assessment and Report* to be provided by the sellers of single-family homes and townhomes starting January 1st, 2018 within the Portland jurisdiction.
What is it? A Home Energy Score (HES) is the measurement of energy efficiency a home has based on an onsite evaluation of the physical characteristics of the house and where it is located on a scale of 1-10. It's similar in concept to the MPG ratings for automobiles. The score is not determined by current energy usage influenced by…
As the temperature drops, our heating bill goes up as we fight the chilly season change. It's time to prep your home for the winter months ahead so you can save money and remain cozy. Here are some ways to prep your home before winter arrives, your wallet will thank you.
1. Defend against drafts.
According to the U.S Department of Energy, drafts can waste 5 - 30 % of your energy use! A simple solution is a draft snake to line the bottom of your doors, which you can make or buy for super cheap. Don't feel like crafting a draft snake? Roll a bath towel and wedge under the drafty door -- problem solved.
2. Install storm windows.
Installing storm windows can increase energy efficiency by 45% by sealing drafts and reducing airflow. Look for…
Thirty years ago today, October 19, 1987, the stock market fell 23%, the largest single day loss in history. The equivalent today would be a 5,300 point drop in the Dow Jones Industrial Average.
So where do we stand now in comparison to 10/19/1987?
The DJIA has risen from 1,783 to over 23,000, a thirteen-fold increase.
Portland housing prices are now 433% above their October, 1987 levels.
Median income for a family of four has gone from $32,900/year to $74,700/year, a 127% increase
Thirty year mortgage rates have gone from 11.26% then to 4.16% today, 37% of what they once were.
In terms of housing affordability, a family of four earning the median income in 1987 could not afford a median priced home in…
I wanted to follow up Phil's October 10th blog post declaring our market a "screaming buy" and our 10/13 podcast with Phil's prediction of a 10% market rise in next year's first half with some additional context.
This chart shows data from RMLS statistical reports for the Portland market. Over the past two years, most of the price appreciation has happened in the first half of each year. The market has been essentially flat in the back half of each year. Part of the explanation is that inventory tends to build in the second and third quarter (see boxes in chart above), and get sold off over the back half of the year.
The other part of the explanation is the mix of home sales: larger, family, homes at higher price-points tend to be more…
In a few days, the RMLS Market Action Report will tell us about Portland's real estate market in September. We predict that the report will be seen as negative, and in that is opportunity.
Here is what has happened: In August the number of Portland properties that went under contract was 7.6% lower than August 2016, and also 7.6% lower year-to-date in 2017 compared with a similar period in 2016. These numbers will result in fewer reported closings last month compared to September 2016, August 2017, and year-to-date 2016 vs 2017 through September.
Those that closed in September will probably also be at lower price points. OregonLive and a few talking heads will claim that tight supply and affordability issues mean the market may have peaked, that…
Portland Home Team is excited to announce our most recent addition to the team of agents. Kyung Kim has been a Portland resident for 25 years and loves the Pacific NW. A committed community member, Kyung is a long-time volunteer with Compassion First, as well as her children’s schools and church. Entertainer extraordinaire, she’s happiest when feeding friends and family.
Kyung believes everyone deserves a home, and she is passionate about sharing homeownership as a path to financial stability. She earned a Bachelor of Science in General Business and Finance from the University of Massachusetts at Amherst and brings years of experience in financial services to her real estate business. Whether you’re buying your first home, selling your empty nest, or…
Wondering which step to take in your buying and selling process? There's a lot to consider, so we've weighed out the options for you:
Buy the Home You Want Before Selling?
Benefits: This approach permits you to wait until the right home becomes available. You will have plenty of time to shop without the pressure of an impending move date.
Risks: Significant financial risk with this approach. You could end up owning two homes for a long period of time. Your loan fees may be higher, especially if a bridge loan is necessary. Your purchasing power may be limited, restricting your home choices.
Your Best Choice When: it is a seller’s market – you can make the purchase with some confidence that your home will sell quickly. Also, a good…