5525 SW Woods Court | Architectural Icon

Posted on March 2, 2018 at 12:27 am
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3643 SW 52nd | Wilcox Estates Condo

Posted on February 19, 2018 at 10:39 pm
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Perfectly Located | The Eliot

Posted on February 8, 2018 at 9:43 pm
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Here Are Portland’s 25 Hottest Neighborhoods for Home Sales in 2017

By Andy Giegerich, Portland Business Journal

Could this be the end of Portland’s so-called hot housing market?

Indeed, the total number of sold listings — 31,718 — in RMLS’ Portland region dropped by 3.6 percent between 2016 and 2017. That figure follows a 1.1 percent drop the previous year.

Yet the data, which we used to calculate four Hottest ‘Hoods categories (we’ll roll them out throughout the week), might not be as bad as it seems: The tallies posted in 2015 were a peak year for Rose City-area home sales.

The Hottest ‘Hoods full-year data for 2017 covers overall home sales (which we’re releasing today), the areas where homes sell the fastest and the highest average home sales prices in 25 neighborhoods.

Among the findings:

  • The top overall neighborhood in terms of total home sales logged nearly 50 percent more sales than its closest competitor.
  • Neighborhoods west of the Willamette River commanded seven of the top 10 home sales slots.
  • Among the top 25 ZIP codes for 2017, home sales only dipped -2.2 percent
  • Just one zip code, 97035 in Lake Oswego, dropped out of the overall sales list. It was replaced by Lents, or 97266.
  • The biggest year-over-year climbers in the top 25 were St. Johns and neighborhoods in Wilsonville and Sherwood.
  • Portland contributed just over half — 13 — of the top 25 home sale ZIP codes among the region’s top 25 neighborhoods.

Click through on the picture above to learn which neighborhoods logged the most residential deals in 2017. And check later this week for more stories detailing exactly how well Portland’s real estate market fared during the past year.

Posted on January 24, 2018 at 9:00 pm
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Home Equity Hits Record High, and Here’s How Homeowners are Spending It

Home equity hits record high, and here’s how homeowners are spending it

  • Remodeling spending topped $152 billion in 2017, and is forecast to increase in 2018.
  • Homeowners are using home equity cash to pay down other debt in order to lower monthly payments.
  • But homeowners are increasingly taking the cash out to make more cash.

An aerial view of a retirement community in Central Florida

Home equity hits record high  

Homeowners are racking up record amounts of home equity, thanks to fast-rising values in today’s competitive housing market. No surprise, more people are now starting to tap that cash. What are they spending it on? Mostly making their homes even more valuable.

Renovation spending is soaring, and 80 percent of borrowers taking out home equity lines of credit say they would consider using that money to renovate, according to a survey released in December by TD Bank.

“We’re not only seeing more requests for proposals, but more committed projects from home owners,” said Steve Cunningham, a remodeler from Williamsburg, Virginia, in a report from the National Association of Home Builders. “In addition to regular updates and repairs, there’s been an uptick in more ambitious large remodel requests.”

Remodeling spending topped $152 billion in 2017, and renovations for owner-occupied single-family homes will increase 4.9 percent in 2018 over 2017, according to the NAHB. That does not include remodeling done by investors looking to flip or rent properties, both of which are increasing as well.

A home improvement contractor works on a house in Cambridge, Massachusetts.

Suzanne Kreiter | The Boston Globe | Getty Images
A home improvement contractor works on a house in Cambridge, Massachusetts.

“Below-normal rates of home building are creating an aging housing stock,” said Paul Emrath, vice president of survey and housing policy research at the NAHB. “Factors inhibiting stronger growth include the ongoing labor shortage and rising material prices.”

An older housing stock, combined with not enough new homes being built, means more people will choose to renovate.

Homeowners are also using home equity cash for education expenses and to pay down other debt in order to lower monthly payments, but there is a new and increasingly popular use: taking the cash out to make more cash.

“Essentially there is a confidence from some homeowners in the overall market that indicates to them that they can generate a return on their money at a rate greater than the cost of borrowing it,” said Matthew Weaver, vice president of sales at Finance of America Mortgage.

He also said there is now a strong confidence among borrowers that home values will continue to rise, making it less likely that borrowing against their homes even more will not end up putting them underwater on their mortgages in the future.

For some that means investing in the stock market. For others it is buying more real estate. Rental demand is still very high, especially for single-family homes, and a new breed of rental management and investment company is making it much easier to become a landlord.

And of course, “Some are looking to profit from the popularity of cryptocurrencies such as bitcoin,” added Weaver.

Posted on January 17, 2018 at 7:08 pm
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NEW LISTING | The Elizabeth Condo #1307

Posted on January 12, 2018 at 6:12 pm
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Open this Saturday and Sunday 12 PM – 2 PM | 1708 SW Hawthorne Terrace

Posted on January 12, 2018 at 6:10 pm
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720 NW Warrenton Terrace | NW Sophisticate

Posted on December 26, 2017 at 10:10 am
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Perfectly Located | 0214 SW Sweeney


Posted on December 21, 2017 at 10:49 pm
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6316 SW Thomas Street | Architectural Icon

Posted on December 18, 2017 at 10:22 pm
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