I have been reading a lot lately from people talking about pricing. Homes are only less subjective than art and collectibles. What is the White House worth? I got into an online discussion with an appraiser from the Southwest. He believed that only a licensed appraiser can determine the value of a home. Asking a Realtor®, in his opinion, was like asking your tax attorney to take care of your divorce. Sure. This from an industry that only needs three comparables to justify a price. Continue reading →
The city of Beaverton and the Biggi family have been arguing/negotiating over some land in Beaverton that the city would like to use to build a stadium for the Portland(will they change the name to Beaverton) Beavers. Negotiations broke down and the Mayor started talking about eminent domain. Once he agreed to back off that idea the Biggi family went back to negotiations. What is eminent domain? The Fifth Amendment grants the federal government the right to exercise its power of eminent domain, and the due Continue reading →
UPDATE: A new study shows that hands-free cell phone laws had no effect on accidents. “The Highway Loss Data Institute (HLDI), an affiliate of the Insurance Institute for Highway Safety (IIHS), examined insurance claims for crash damage in New York, Connecticut, California and Washington, D.C., before and after handheld bans took effect and found no reduction in crashes.” Now on to my rant. House Bill 2377, which was sponsored chiefly by Reps. Carolyn Tomei, D-Milwaukie, and Sal Esquivel, R-Medford, prohibits driving while talking or texting Continue reading →
HOA’s (Homeowner Associations) are a necessary evil for attached homes – row homes and condos. They make sure the homeowners follow the rules that they agreed to when they bought the house. They also keep up the standards for yards and exteriors which includes replacing the roof and siding when needed. Part of the issue is, when there is a problem even with just some of the homes, all have to pitch in. And if you don’t agree with the need for the repairs you Continue reading →
The Portland Real Estate Market Action We have an uptick in sales price but are still down 14% compared to June 2008. Same-month pending sales were up for the first time since December 2006, and inventory reached its lowest point since August 2007. New listings are down 18.3%. That certainly helps our inventory numbers. RMLS has closed sales up 1776 vs 1427 comparing May 2009 with June. Here are some other charts from the RMLS Market Action for June 2009. Also the full Market Action Continue reading →
Should Portland rename streets in honor of people?
Only 78 more homes went pending than in March and 146 more than April. I don’t expect a large jump for the rest of this Summer but Fall might be interesting. If they don’t extend the $8000 tax credit, there could easily be a rush this Fall to get the credit before the dealine. The tax credit is still an abstract idea to a lot of people which is why most people contribute to their IRA in December. So let’s hope for an irregular Fall Continue reading →
Seth Godin had a post about the damage that can be done by asking. Real estate is a slightly different situation where people don’t get a chance to connect usually and it is a “cold” request. Seller’s can take low offers personally which I have seen many times. Low ball offers in this case are unreasonably low offers just to get the seller to come down. Sometimes they reject the offer, other times they accept begrudgingly, not giving up anything on the inspection. What low-ball Continue reading →
We are only halfway through May but we are close to a full month of Pending for January or February. As of tonight 906 homes have went Pending this month. January gave us 1062 and February 1142 so we are well on our way to beating last month though we are still below January 2001. Though I don’t like how Pendings are consistently outpacing the Solds.
This is the updated chart for April 2009. Once again these are my numbers, I only have detached homes, condos, and townhomes. Late afternoon on April, 30th there were 1628 Pending homes. The updated numbers show 1713 Pending listings for April. Almost 200 more than March which doesn’t sound like a lot but that is 20% of the sales January. Since sales always lag behind it will be a few months before we see how many of these deals hold together. I will be working Continue reading →