I stole the headline from the Washington Post because it is so good. Buying a home with real or perceived flaws can allow you to be in a neighborhood at a discount. It is just best that you understand why there is a discount. Powerlines are often an issue for many. No one has determined conclusively whether or not it is bad for you and for the conspiracy leaning folks, would the government admit to it and incur the cost of burying the lines? In 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 →
Here were are at the end of Summer almost. For a lot of people school controls home buying. Unless you are moving a small distance, if you buy now you will have to move your kid just after school starts. Parents don’t often like that. This is in part why June and July are the big sale months usually. But with the $8,000 tax credit, I predict we will still have a healthy sales number compared to most Fall seasons. So here’s the July Market Continue reading →
Fortunately Debt-to-Income ratios allowed by banks have been lowered. At one time people could have 62% of their income paying debt each month. Take out the taxes at just 25% and you have 13% of your income to pay for utilities, food, and gas. Doesn’t make much sense does it. Typical ratios now are 43%. Experts say you shouldn’t have your house payment more than 33% of your income. I have advised my clients to keep their payments under control and low so they can Continue reading →
I always found this commercial to be funny. “It’s a sellers market. It’s a buyer’s market.”
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 →
As of April, 14th we had 755 home change their status to Pending in the Portland Metro area. In the next 15 days we had 873 homes turn Pending. The activity is increasing as we get further into Spring. I was really hoping for a larger difference between this month and last but that wasn’t the case. I will be working on some more charts over the weekend most likely but wanted to post this even though the day isn’t done.