Buying a HomeOregon Real Estate April 9, 2021

It’s Not Just The Price – Home Buying Competition Goes to a 2nd Level

We know Portland’s housing market is competitive. We have lots of people looking to buy a home and not enough homes to satisfy them all. So many sellers are receiving multiple offers for their homes and choosing among hopeful buyers. That’s where the second level of competitiveness comes in.  Not only are buyers competing with price for the few homes that come on the market, they are competing among themselves to be sure they present the best buyer situation for the seller to consider.

Lending Tree just released its comparison of metro areas with the most competitive buyers and Portland comes in at #4, behind San Jose, CA, San Francisco, CA and Raleigh, NC.  San Diego, CA joins Portland in the #4 position.

 

What makes a buyer more competitive? According to Lending Tree, credit scores, percentage of the purchase price used as a down payment, and patience to shop around for the best mortgage.  Buyers in the most competitive home-buying markets have higher credit scores, are offering to pay larger down payments, and are looking for the best loan package available.

When sellers are mulling over the various offers received for their home, they tend to look beyond the total purchase price.  They want to know that the buyer is putting some money at risk when buying the home – is the buyer putting its own “skin in the game” or simply playing with “other people’s money?”.  As a result, it is often difficult to compete with an all cash offer.  Beyond the all cash offers, risk is also reflected in both the earnest money and the total down payment.   The seller also wants to know that the buyer’s lender is reliable – a lender with a good reputation for closing transactions smoothly and easily.

When you’re ready to make your offer, be sure you are presenting the best picture of yourself as a buyer.

Oregon Real Estate March 17, 2021

Portland Metro Area Real Estate Inventory/Median Home Price/Days on Market Through February 2021

 

Portland Metro Area Real Estate Inventory/Median Home Price/Days on Market Through February 2021

Here’s an overview of the Portland, Oregon residential real estate market as of the end of February, 2021.  If you have any questions about your property or the market in general, let’s set up a time to talk.

Inventory:  The Sellers’ market continues and for the 2nd month in a row the Portland metro area has a 1-month inventory of homes available for sale.  With the high demand among buyers, this means that the current homes for sale will be sold and/or under contract within one month.  For comparison, a balanced market is 4-6 months of inventory.  Last year at this time, inventory was 2.2 months; and in 2019, we had 3.3 months of inventory.

Median Home Price:  The continued high demand for homes pushed the average home price in the metro area to $528,500, a 14.8% increase over February 2020.  The median price of metro area homes is now $470,000, up from $407,500 at this time last year, and increase of 15.3%.

Days on Market:  The low inventory of homes, interest rates below 3% for the first two months of the year, and continued high demand for homes has pushed down the number of days homes are on the active market.  The average days on market has dropped from 68 days in February 2020 to just 42 days in February 2021.

 

(Data and graphs provided by RMLS)

Oregon Real Estate March 17, 2020

Buying and Selling Homes and Protecting Against Coronavirus

Here’s what I’m doing in my business to protect my clients, myself, other Realtors and their clients, and our community against the spread of coronavirus.

We are all concerned about controlling the spread of coronavirus in our communities, around the country and around the world.  We are all making sacrifices to reduce the likelihood of contracting or spreading the virus and #FlattenTheCurve.  However, many people still have a need to be active in the real estate market.  Some buyers are facing an expiring lease, or must reinvest the proceeds from a prior sale to avoid unwanted tax consequences.  Some sellers are forced to move because their jobs are taking them to a new town or new state, while others have moved to assisted living facilities and must sell their home to cover the costs.  Whatever the reason, I have found that some people need to buy or sell even at this difficult time.

So, here are the steps I’m taking in my business to protect against the spread of coronavirus:

For Sellers:

  • If the sellers are living in the house, all showings are by appointment only, and I am present for each showing to ensure compliance with the steps below (and I will keep my distance while the visitors are in the house).
  • Wearing my own disposable gloves and shoe covers, I turn on all the lights in the house prior to the scheduled visit, and turn off the lights after the visit, in order to reduce the need for others to touch the switches.
  • I give every visitor disposable gloves and shoe covers to where during their visit, and provide a trash can at the front door for proper disposal.  This will give comfort to the seller that the guests are not tracking any infection into the house, and they will be touching doorknobs, cabinets and drawers with gloves, not their bare hands.  This will also allow visitors to open doors, cabinets and drawers with less worry about coming in contact with the virus.
  • I wipe down all doorknobs, counters, faucets and light switches after the guests leave the house.
  • Open Houses – Following the recommendation of the Oregon Association of Realtors, and in line with the ban in Seattle, I am not hosting open houses at this time.  I will not be surprised if Oregon implements a statewide ban on public and broker open houses in the near future.

For Buyers:

  • I contact the listing agent and ask what measures they and the sellers have taken to protect visitors to the house, and then discuss the response with my buyers to be sure they are comfortable.
  • I ask my buyers to drive themselves to each property and meet me there so we don’t put each other at risk.
  • I provide disposable gloves and shoe covers for each person and for each property.

Social Distancing is a term we have come to know too well in the past few weeks.  Embrace the concept, keep washing your hands, and take care of yourself and your families.

Uncategorized February 15, 2019

Where Did Americans Move in 2018? Oregon is still high on the list! 

[INFOGRAPHIC]

Where Did Americans Move in 2018? [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Every year United Van Lines conducts their National Movers Study by tracking their customer’s movement state-to-state over the course of the year.
  • While Vermont claimed the top spot, Oregon slotted into the #2 ranking of states with the highest percentage of inbound residents.
  • The most common response for why someone relocated to another state was for a new job or company transfer.
Buying a Home January 7, 2019

Excited About Buying A Home This Year? Here’s What to Watch

Excited About Buying A Home This Year? Here's What to Watch | MyKCM

As we kick off the new year, many families have made resolutions to enter the housing market in 2019. Whether you are thinking of finally ditching your landlord and buying your first home or selling your starter house to move into your forever home, there are two pieces of the real estate puzzle you need …

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Oregon Real Estate October 18, 2018

Windermere Realty Trust Ranks as the #1 Most Generous Large Corporate Philanthropist in Oregon & S.W. Washington

Windermere Realty Trust matched many of the criteria I sought when I changed real estate brokerages almost 18 months ago. Among those criteria was community support, for which the Portland Business Journal has just announced Windermere Realty Trust as the Most Generous Corporate Philanthropist among large corporations in Oregon & SW Washington. Together with this firm’s professionalism and collegiality, the company’s community support is second to none. I am proud to be affiliated with Windermere Realty Trust!

Jon Cohen is a broker at Windermere Realty Trust, Oregon's top corporate contributor.

Windermere Realty Trust tops the list of large corporate philanthropists in Oregon

Portland Area Schools August 24, 2018

The Community Transition School Needs Our Help

 

The Community Transitional School is trying desperately to collect enough school supplies for its community as the school year is about to begin.  The Community Transitional School serves “the hidden homeless,” the students who live with their homeless and transient families through Multnomah County.  The school is always striving to achieve its mission: To provide at-risk children with a stable educational environment that promotes their academic and personal growth.

If you are able to gather supplies, please deliver your donations to the barrel labeled “Positive Charge! for Community Transition School” at my office – Windermere Realty Trust, 6443 SW Beaverton-Hillsdale Hwy., Suite 100 M-F from 8-5:30 (closed on Labor Day), or contact me at Jon@JonCohenRealty.com or 503-720-9393 to arrange for pickup.

The Community Transitional School has an urgent need for the following items:

School Supplies

Large pencil boxes

Crayola or Prang watercolors (8 or 16 colors)

90 pound water color paper

Inexpensive paper plates

Playdough (in containers, not in kits)

Snacks for Pre-K and K classrooms)

Standard size backpacks

2-pocket folders in single colors

Plain copy paper (8 ½ x 11)

Paper Mate flair felt-tip pens (all colors)

Trapper Keeper zipper binders for middle schoolers

Post It Notes

Lined and unlined self-stick chart paper

Blue painter’s tape

Construction paper – single color packets (8 ½ x 11)

Misc. Supplies

Chinet plates

Clorox

Clorox wipes

Paper towels

Soft Scrub

Tissues

Student Tri-Met tickets for after-school Leadership Program

Office Supplies

Peel & Seal #10 envelopes

Small, disposable, single-use cold packs

Large Band-Aids for large scrapes

Postage stamps

Lables/Name Tags (Peel & Stick)

Scotch Tape refill rolls for standard dispensers

Hygiene Products

Lice shampoo and spray

Deodorant

Q-tips

Toothpaste (family size)

Hair ties and similar accessories

Other items

Athletic/tennis shoes – kids size 11 – boys and girls

 

As always, your kindness and generosity is greatly appreciated.

 

Uncategorized June 28, 2018

CONNECT WITH YOUR NEIGHBORHOOD & CONNECT WITH THE PORTLAND TIMBERS

Neighborhood News is the best way to stay connected to what’s happening in the local real estate market. This free monthly email newsletter provides current housing activity and trends in your neighborhood or the neighborhood where you’re looking to buy.

Sign up for Neighborhood News right now and you’ll have a chance to connect with the Portland Timbers – you’ll be entered into a drawing for two tickets to the next Portland Timbers home game on July 7, 2018.

Signing up is easy. Just go to the  Neighborhood News page at www.JonCohenRealty.comor click the photo above – and sign yourself up. You can also send me an email at Jon@JonCohenRealty.com with the zip code of any neighborhood where you might like to live or buy investment property.  You will receive your first Neighborhood News right away and receive monthly updates with fresh data every 30 days.

This is just one of the ways I can help you meet your real estate needs.  I am always happy to connect with you to talk about your real estate goals and how I can help you achieve them.  I look forward to connecting with you soon.

Oregon Real Estate April 12, 2018

PORTLAND REAL ESTATE MARKET UPDATE

The Portland real estate market is poised to accelerate into the spring selling season.  January and February brought a slight uptick in residential inventory from the end of December, 2017. Our inventory dropped back down to 1.6 months by the end of March, up from the same time last year.   The median sale price for a Portland-area home was $395,000 in March, 2018. This is 6.8% higher than a year ago. Houses are also moving just a little faster, with the median number of days on the market dropping to 55 – 5% lower than a year ago.

I expect to see more houses listed for sale in the coming months, typical for the spring month. I also expect the number of active buyers will increase, maintaining pressure on inventory levels and prices generally.  For more information about your current neighborhood market, the market in the neighborhood where you’d like to move, or any of your real estate needs, please do not hesitate to contact me at Jon@JonCohenRealty.com or 503-497-2980, and look for your neighborhood information on my website – JonCohenRealty.com.

 

Portland On The Move April 2, 2018

20 is Plenty – Portland’s New Residential Speed Limit

The new Portland residential speed limit is in effect as of April 1st.  According to the Portland Bureau of Transportation, the 20 mph residential speed limit applies to “streets that do not have center line markings.” The “20 Is Plenty” campaign is part of the City’s Vision Zero initiative to eliminate traffic deaths and serious injuries.  You can find more specific information about the City of Portland traffic safety campaign on the Portland Bureau of Transportation website.  So, borrowing that famous line from Hill Street Blues and the late Steven Bochco, “Let’s be careful out there.”