August Market Action Report

Filed Under Uncategorized · Tagged:  

Buyers are getting some great bargains with a combination of low prices and record-low interest rates. According to the latest RMLS Market Action Report, prices on average have dropped 9.2% from August, 2010 to August, 2011. At the same time closed sales are up over 30%! Consequently, we’ve seen our marketable inventory drop by 46 percent during the same period – from an 11 month supply to a 6.2 month supply. The inventory supply has been bouncing between the 6-7 months range for six months in a row now.  For additonal details see http://www.rmlsweb.com/v2/public2/loadfile.asp?id=6249

September 15, 2011 by ·

Is the Value of My Home is Still Falling!?

Filed Under Buyer Information, Seller Information · Tagged:  

Quoting the latest May, May, 2011 RMLS Market Action Report, the media will tout – and place the fear of God in you –that home prices fell 1.8% last month in April! But let’s take a closer look. The report does not differentiate resale homes and bank-owned properties. Distressed homes currently account for 38 – 40% of our market activity. According to Pat Stone, CEO of WFG Title, property owners actually saw their home values go up! It’s the banks which are slashing their prices to liquidate their inventory pushing the average-sales-price statistic down.
Both closed transactions and pending sales were up the Portland area by 8.1% pushing the total-market inventory down to a 6.9 month supply – the lowest it’s been since the rush of October, 2009 when the $8,000 Federal Tax Credit expired. A 6 month inventory is the benchmark between a buyer’s market and a seller’s market and we’re starting to see glimpses of that change.
If you’ve been on the fence about buying because of declining property values, now just may be the time. Investors have been on the bandwagon for some months now with title companies seeing a record number of all-cash transactions, 38 – 40% to be exact!

June 16, 2011 by ·