10 Markets Feeling the Housing Crunch

Here are the 10 U.S. markets in the U.S. with the lowest inventory of homes for sale, according to Realtor.com:

  1. Seattle, Washington

Percentage of housing stock for sale: 0.4 percent

Decrease in for-sale homes in 2016: 13.4 percent

Impacts: Only one in every 263 homes in Seattle is for sale. Around 65 percent of Seattle’s land is zoned only for single-family homes, limiting high-density apartment buildings and foreign investors are holding on to property with no immediate plans to inhabit it.

“Buying houses without occupying them is really bubblelike behavior,” says Peter Orser, chairman of the Runstad Center for Real Estate Studies at the University of Washington. “Right now it’s not at its peak yet, but it’s certainly a growing concern.”

  1. Eugene, Oregon

Percentage of housing stock for sale: 0.6 percent

Decrease in for-sale homes in 2016: 27.3 percent

The Ducks hometown has its strongest housing market since 2006 and low inventory has homes selling within 24 to 72 hours, says Karen Church of Re/Max, who predicts some relief from an increase of ready sellers.

  1. Grand Rapids, Michigan

Percentage of housing stock for sale: 0.7 percent

Decrease in for-sale homes in 2016: 24.7 percent

Workers are being hired by data warehouse company Switch and the city has net in-migration for the first time in a decade.

  1. Buffalo, New York

Percentage of housing stock for sale: 0.6 percent

Decrease in for-sale homes in 2016: 15.9 percent

The city’s large population of 45- to 64-year-olds, mean fewer homeowners willing to sell.

  1. Fort Wayne, Indiana

Percentage of housing stock for sale: 0.8 percent

Decrease in for-sale homes in 2016: 24.9 percent

Prices jumped 14 percent last year as the unemployment rate dropped to 3.6 percent with robust advanced manufacturing jobs in aerospace, auto and medical devices. New construction hasn’t kept pace, leading the number of homes on the market to drop 24.9 percent.

  1. Sacramento, California

Percentage of housing stock for sale: 0.6 percent

Decrease in for-sale homes in 2016: 5.5 percent

Redevelopment funding has improved the state capital, says Tom Gonsalves, owner of Gonsalves Real Estate Properties, but low construction activity is causing a housing shortage

  1. Detroit, Michigan

Percentage of housing stock for sale: 1 percent

Decrease in for-sale homes in 2016: 25.7 percent

Housing prices spiked last year and downtown neighborhoods saw the sale of $300,000 condos and a rare $1 million loft. From 2015 to 2016, for-sale homes dropped by 25.7 percent. Homeowners in neighborhoods where home values have yet to recover can’t afford to sell.

  1. Portland, Oregon

Percentage of housing stock for sale: 0.6 percent

Decrease in for-sale homes in 2016: 24.7 percent

California and other transplants moving to here means the housing crunch gets more intense. Skyrocketing rents, including for pricey microapartments, create a sense of urgency among buyers. Developers are replacing modest dwellings with bigger homes or multifamily rental units, creating even fewer homes for entry-level home buyers.

  1. Santa Rosa, California

Percentage of housing stock for sale: 0.4 percent

Decrease in for-sale homes in 2016: 1.8 percent

The city in Sonoma wine country is a modest alternative in pricey Northern California, which results in three to five offers, says Realtor Kimberly Sethavanish of Kimberly James Real Estate.

  1. Omaha, Nebraska

Percentage of housing stock for sale: 0.8 percent

Decrease in for-sale homes in 2016: 6.6 percent

With affordable homes and promising job opportunities from Omaha’s “fab five” Fortune 500 companies, including Berkshire Hathaway and ConAgra Foods, the city is overwhelmed with homebuyers eager to make a move.

“Existing homeowners in established neighborhoods are not in a hurry to move,” says Realtor Mark Leaders with CBSHome Realty. “Most new homes are in west and southwest Omaha. Even if folks want to trade up, they don’t want to leave the urban hubs. So instead they are rehabbing the homes and staying,”

— Homes & Gardens of the Northwest staff

Posted on January 23, 2017 at 11:14 pm
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Updating Your Porch with Classic Hues

1.   Incorporate blue and white, a timeless color pairing that suits any decorating style.

2.    Pick teak furniture for its mellow tones and weather resistance. Use textures on the porch that you  wouldn’t necessarily use in the house.

3.    Paint the floor. Don’t use a rug, define your seating area with a bright colored painted floor for easy upkeep.

4.    Stick to one print for pillows, seat cushions and outdoor furniture for more impact.

5.    Reference the landscape by incorporating the shapes of your surroundings.

 

 

 

 

 

 

Posted on May 24, 2013 at 7:47 am
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Best Performing Cities: Top 25

Posted on May 6, 2013 at 8:19 pm
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Portrait of Portland: 2116 SW Montgomery Drive

Posted on May 1, 2013 at 7:42 am
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Penny Diner

This fresh, new Vitaly Paley creation is a cozy venue to enjoy a cocktail. The chef based the diner’s theme “in part (on) what I ate in diners and greasy spoons while I struggled as a young musician in New York City. Take that and combine it with the bounty of the Pacific Northwest with an updated twist and you have Portland Penny Diner."

 

410 SW Broadway – http://www.portlandpennydiner.com

Posted on April 26, 2013 at 7:10 am
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Tips for Today’s Buyers and Sellers

Buyers: For the first time in more than half a decade, the economics of the market are working against you in most places. Inventory is tight, and bidding wars are back in some parts of the country. To acquire your dream home, you’ll have to pay up and contend with continuing strict loan requirements. The bright side: despite rising prices and mortgage rates that are edging upward, buying a home is still cheaper than renting in a majority of the top 100 markets.

 

         Tips:

-don’t waste time with a low-ball offer

                      -be the winner in a bidding war

                      -assess the risk in your local market

                      -play bankers off one another

 

Sellers: In most parts of the country, you have finally regained the upper hand. To get your best price, you need to finesse your timing, list competitively, and match your marketing strategy to local conditions.

        

Tips:

                    -Lower your sights to make more money

                    -Trading up? Move fast. Downsizing? Go slow.

                    -Smooth out your home’s rough patches and get it staged

Posted on March 20, 2013 at 8:12 am
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Why Hire an Experienced Listing Agent?

Due to the low inventory in today’s market, a good listing agent will greatly improve the seller’s chances of attracting multiple offers and more favorable terms and conditions. A good buyer’s agent will have a thorough knowledge of the market in a particular neighborhood and be connected to a network of other similar professionals, and surrounded by other fully engaged top agents because that increases the odds of finding the right house because of their networking opportunities.

Sellers today may think that since there’s very little inventory, they can just put their house up with anybody. But they don’t understand that there are certain properties that are still sitting because the seller was misinformed on how to position and price their home effectively. Once you do that in a market like this, and the home doesn’t sell in the first month or two, there’s a stigma attached to that property that can cost them big time.

So again, who you work with and who they’re getting advice from – from the beginning – is very important.

Posted on March 4, 2013 at 9:45 pm
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