Posts Tagged Extended and expanded home buyer tax credit
Portland Real Estate Market Conditions for June 2010
Posted by Danny in Monthly newsletter on June 24th, 2010
Cougar turned 5 this month. I suspect that he never had his birthday celebrated before. He was thrilled to share breakfast and dinner of canned tuna with Gracie Joy and to get a catnip-loaded double-sized scratcher that is now his favorite lounger. Between all the recent birthdays in our family, my daughter who celebrated her second in January is ready to have another one!
On to real estate market conditions… With the extended and expanded home buyer’s tax credit expired, real estate market trends were fairly predictable. The final push of buyers who took advantage of the credit explained a small increase in closed sales. With the lack of a government incentive to purchase, the expired credit also explains the astonishing drop in pending sales. Portland-Metro real estate market activity remained improved last month over the same period a year ago for closed sales that were up 43% versus May 2009. Pending sales decreased by 24.1% and new listings by 10.2%.
Comparing last month to April 2010, closed sales increased by 5.6% while pending sells plummeted by 50.1%. New listings continued to slide by an additional 26.2%. The decrease in new listings and small increase in closed sales were seen in active inventory, which is calculated by dividing the total number of active listings for a month and dividing it by the number of closed sales, that has fallen to 7 months. Still, 6 months is commonly stated as a healthy balance for active inventory indicating that it is still a buyer’s market.
Sales prices comparing 2010 to 2009 are following the same trends, which were still down by 5.5% while the median sales price was also lower by 4.4%. Month to month improvement has ended with May 2010 sale prices down when compared with April 2010 with a 2.3% decrease, along with a small drop of the median price by 0.4%. The effect of the tax credit on the real estate market was not exaggerated. Now that it is gone, previous gains in home values have already begun to slide even though the market is near its typical peak of activity. The bottom to the market no longer appears in sight as home values are continually pushed lower due to circumstances beyond real estate transactions, such as persistently high unemployment and tighter lending practices.
If you are in the market to purchase a home, now is a great time to buy. There are plenty of properties available, sale prices continue to drop (more than I had expected with the expiration of the credit), and interest rates are still low.
Unless you are looking to upgrade to a larger property or have a strong incentive to relocate, now is definitely not the time to put your home on the market. Just like any other financial asset, the value of your home may be less than what you would like, maybe even less than what you paid; but this loss is not realized unless you actually proceed to sell your home.
Danny Shepard
I am a realtor of Oregon First, licensed in the state of Oregon.
All statistics listed are quoted from the May 2010 issue of RMLS Market Action. The Regional Multiple Listing Service releases the previous month’s statistics near the 15th of the current month.
Portland Oregon Metro Real Estate Market Conditions for May 2010
Posted by Danny in Monthly newsletter on May 20th, 2010
Cougar continues his acclimation to our family. He is a 4 year old blue gray cat that we adopted from the Oregon Humane Society over three months ago. Last month, I stated that we purchased his first collar and are now letting him have some nice weather romps instead of him dashing outdoors on the wettest of days. Turns out, he has a strong fear/dislike of collars and from the moment it is on he will act only to take it off. Since he has a microchip for identification and does not leave our yard, we have had to make to make a collar exception for him. Our other cat Gracie Joy immediately “lost” her collar and tag after Cougar was exempted. She had never done that with her safety breakaway collar in 9 years. I found it under one of our fence gates and she is happily wearing it again, for now.
On to real estate market conditions… With the extended and expanded home buyer’s tax credit expired, except for some active duty military personnel in which the credit will continue to be available for one year, real estate market trends were fairly predictable. There was a final push of buyers taking advantage of the credit and successful closes following the increase in March 2010 pending sales. Portland-Metro real estate market activity remained improved last month over the same period a year ago. Closed sales were up 49.1% versus April 2009 and pending sales increased by 60.8%! In addition, new listings increased by 23.8%.
Comparing last month to March 2010, closed sales increased by 7.9% and pending sells continued to improve by 24.5%. I was surprised to see that new listings dropped by 5.5%. The pace of home sales and decrease in new listings was seen in active inventory, which is calculated by dividing the total number of active listings for a month and dividing it by the number of closed sales, that has fallen to 7.3 months. Still, 6 months is commonly stated as a healthy balance for active inventory indicating that it is still a buyer’s market.
Sales prices comparing 2010 to 2009 are following the same trends, which were still down by 3.1% while the median sales price was also lower by 4%. Month to month had a second month of improvement with April 2010 sale prices up when compared with March 2010 with a meager 0.6% increase, along with a rise of the median price by 0.5%. Last month’s commentary remains the same; the tax credit may have increased real estate transactions, but the amount of sales activity may have finally pushed home prices up from their bottom values of this market. Hopefully, real estate activity will continue in this direction, signaling an overall improvement in our economy and the values of homes for their owners.
If you are in the market to purchase a home, now is a good time to buy. There are plenty of properties available (14,182 as of April 30th), sale prices are still relatively low and continuing to go up (although I predict a small decrease in sales prices with the expiration of the tax credit), and interest rates are still low.
Would you like to receive more detailed information about?
- Realtor services?
- Short Sales or Foreclosures?
- Your neighborhood or others that you are interested about?
Please contact me at:
dannyshepard@oregonfirst.com
503-267-8370
I am a real estate agent with Oregon First, licensed in the state of Oregon.
All statistics listed are quoted from the April 2010 issue of RMLS Market Action. The Regional Multiple Listing Service releases the previous month’s statistics near the 15th of the current month.
Portland Oregon Metro Real Estate Market Conditions for April 2010
Posted by Danny in Monthly newsletter on April 21st, 2010
Cougar continues his acclimation to our family. He is a 4 year old blue gray cat that we adopted from the Oregon Humane Society over two months ago. Last month, I stated that we were alternating between using the front door and garage to prevent him from exploring the neighborhood too soon. Since then, we have purchased his first collar and are letting him have some nice weather romps instead of him dashing outdoors on the wettest of days. Our other cat Gracie Joy is glad to be able to go outside again and have someone play with her.
My wife Jessica of Jessica Shepard Photography now has a studio! More information is available at: http://jessicashepard.com/2010/photography/with-a-jump-and-a-leap-portland-photography-studio/
My daughter Mackenzie has moved up from baby-board-books to toddler books. After a couple of readings, she will tell you the story as she turns the pages.
On to real estate market conditions… The extended and expanded home buyer’s tax credit is in its final days. If otherwise eligible, a home buyer must be in contract by April 30th. These home purchases must be closed by June 30th. For some active duty military personnel, this credit will continue to be available for one year.
Portland-Metro real estate market activity remained improved last month over the same period a year ago. Closed sales were up 51.9% versus March 2009 and pending sales increased by 46.7%! In addition, new listings increased by 35.3%. The tax credit appears to continue to spur on early spring real estate activity.
Comparing last month to February 2010, closed sales rocketed upward by 77.2% and pending sells continued to improve by 29.8%. New listings increased by 27.8%. The pace of home sales has outpaced new listings as seen by active inventory, which is calculated by dividing the total number of active listings for a month and dividing it by the number of closed sales, dropped to 7.8 months.
Sales price indicators are no longer following the same trends. Sale prices were still down compared to March 2009 by 5.6% while the median sale price also decreased by 3%. Month to month has improved though with March 2010 sale prices up when compared with February 2010 with a 2.6% increase, along with a rise of the median price by 1.6%. The tax credit may have increased real estate transactions, but the amount of sales activity may have finally pushed home prices up from their bottom values of this market. Hopefully, real estate activity will continue in this direction, signaling an overall improvement in our economy and the values of homes for their owners.
If you are in the market to purchase a home, now is still the perfect time to buy. There are plenty of properties available (14,042 as of March 31st), sale prices are still relatively low and starting to go up, and interest rates are still low. Finally, if eligible, the extended and expanded home buyer’s tax credit is still available for a very short time.
Would you like to receive more detailed information about?
- Realtor services?
- The extended and expanded home buyer’s tax credit?
- Short Sales or Foreclosures?
- Your neighborhood or others that you are interested about?
Please contact me at:
dannyshepard@oregonfirst.com
503-267-8370
I am a realtor of Oregon First, licensed in the state of Oregon.
All statistics listed are quoted from the March 2010 issue of RMLS Market Action. The Regional Multiple Listing Service releases the previous month’s statistics near the 15th of the current month.
Tax credit information provided by the IRS at http://www.irs.gov/newsroom/article/0,,id=215791,00.html?portlet=7
Additional tax credit information provided by the National Association of Realtors FAQ on Homebuyer Tax Credit Changes, available on request.
I am holding an open house in Beaverton, OR during the realtor nationwide open house weekend.
Posted by Danny in Open houses on April 6th, 2010
This coming weekend, April 10th and 11th is the first annual realtor nationwide open house weekend. I will be participating by holding an open in Beaverton, Oregon at 16105 NW Blueridge Drive, 97006 on Sunday, April 11th, 2:00 to 4:00 pm. To see the RMLS information on this property, click HERE and enter RMLS number 10008202.
This Waterhouse Family Home is in immaculate condition! Greet your guests in the formal entry with wood floors. Formal Living Room is open to the Dining Room, which is perfect for entertaining. The kitchen features gleaming corian counters, oak cabinets, cook island, breakfast nook and is large enough for several cooks. The walk-in pantry is great for stowing kitchen appliances and essentials for your next party or family function. The family room is warm and inviting with a stately floor to ceiling brick fireplace and views of the changing seasons in the backyard. Adjacent to the family room, an open wood staircase leads you up to the Vaulted Bonus Loft that could be a second master bedroom. There is one bedroom on main floor with French doors can also be used as a den or office. The open wood stairwell leads you to two bedrooms and master upstairs. The master suite features his and hers closets, double sinks, separate shower and bathtub. The private backyard is an entertainer’s delight with wrap-around deck, perfect for summer bbq’s under the shady grape arbor. Everything is here for the avid gardener with tool shed, raised beds, exotic fruit trees, and a water feature ready for your Koi pond. The two car garage has easy access to the utility room. Walk to the nearby community park complete with bridges, waterfalls, and fountains. Don’t miss out on this exceptional Family home in a great area close to the Community Recreation Center that is convenient to shopping, restaurants and the freeway.
If you have any questions concerning this beautiful home on Blueridge Drive, the realtor nationwide open house weekend, or any other matters concerning real estate, please contact me at dannyshepard@oregonfirst.com or 503-267-8370.
I hope to see you this Sunday, April 11th at 16105 NW Blueridge Drive from 2:00 to 4:00 pm!
April 10th and 11th is Realtor Nationwide Open House weekend!
Posted by Danny in Open houses on April 5th, 2010
Oregon REALTORS® to Participate in Nationwide Open House
Follow the Blue REALTOR® Balloons, April 10 & 11!
WHAT: The Oregon Association of REALTORS® is announcing its participation in the first
annual REALTOR® Nationwide Open House Weekend, April 10- 11, 2010. The
purpose of the nationwide campaign is to increase consumer awareness of the
benefits of buying a home, give sellers an opportunity to increase the exposure for
their homes for sale and to continue to spread the word about the expanded
first-time homebuyer tax credit which ends April 30, 2010.
WHO: REALTOR® Nationwide Open House Weekend is a collaborative effort sponsored
by REALTOR® Associations around the nation under the umbrella of the National
Association of REALTORS®.
WHEN: Saturday & Sunday, April 10-11, 2010
WHY: This is an incredible opportunity for sellers to showcase their home and potential
homebuyers to shop for a new home while:
• Interest rates are still low
• Home prices are lower
• Home inventories are broad
• The Expanded First-time Homebuyer’s Federal Tax Credit is still available. Contracts must be in place by April 30, 2010 so time is of the essence!
I will be holding an open house in Beaverton, Oregon on Sunday, April 11th from 2:00 to 4:00 pm.
If you have any questions regarding the realtor nationwide open house weekend, please comment on this blog, email me at dannyshepard@oregonfirst.com, or call me at 503-267-8370.
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