Real Estate Information Archive

I was chatting recently online with a group of Realtors I belong to called the CyberStars and we were discussing a much overlooked down payment assistance program I have been using in our market in Portland, Oregon.

This progam is called the Nehemiah Charitable Model and uses funds from charitable sources for downpayment assistance for persons who qualify.  The program can be found at http://www.getdownpayment.com/ and there is a tutorial there as to how it works.

Nehemiah is an FHA product in that all loans must comply with FHA/HUD rules, but there are many great points such as.....

• Gift funds up to 6% of the final contract sales towards your downpayment and/or closing costs
  
• Gift funds for both first time and repeat homebuyers
  (Nehemiah charges a nominal processing fee that may be paid by the seller, homebuyer, or lender.)
• Gift funds for both new construction and resale homes
  
• No repayment of gift money
  
• No income or asset limits
  
• No geographical restrictions

My preferred lender - Shawn Headlee with Columbia Mortgage is very familiar with these loans as we have done several, so if you think you can use this program to purchase a house in our current market, which is a great time to buy, then give us a call.

On Thursday I was sitting in a freinds boat in the Columbia looking at Mount Hood and catching fish, and I was thinking how very lucky we are (again) to live where we live.

I caught a nice fish that day and part of it has hit the barbeque every night since.  And I cant think of another American city where I could sit in a boat right in the city limits and catch world class fish.  See the video.

Portland offers so much close buy - world class fishing, world class skiing including America's  largest lit ski area and America's only place to ski year round.  We also are only 1.5 hours from the Oregon coast and cities such as Cannon Beach.

Its amazing to me that I can be there fishing, and also working talking on my cell phone and emailing an offer via my TREO to another agent too ! 

Untitled from Rob Levy on Vimeo.

April 2008's Portland magazine has just come out and the front cover says "Buy Here Now".

They have written a terrific article explaining the reasons behind why our market has been doing so well consistantly since the mid 1980's ( the last time our prices dropped).

Our price never shot up too much

Our economy relies on booming Asia market

We are a strong in-migration state

We are the bargain basement of the west

The "creative clas" is moving here in droves.

The article goes on to rate different neigborhoods but the main picture they post is we are one of only three markets in the USA that went up in value in 2007 ( the other two were Seattle and Raleigh).  But the most fascinating part is how the "creative class" is moving here in droves from all over the country, not just from our most recent 600lb gorilla of California.    Click on the link above to learn more.

Nike (headquartered in Beaverton, Oregon) has teamed up with Apple to bring iPod technology to your local gym!  Tuesday's accouncement stated that they are coordinating with equipment manufacturers and health clubs to sync cardio equipment with the iPod Nano making it easy for health enthusiasts to track workouts and set goals.  They can then upload the information to a Nike Website and create fitness plans.  There is also a wireless system that lets some Nike shoes embedded with a sensor communicate with an athlete's iPod.

Once again Nike is finding ways to stay in the forefront of athletic apparel.

Popular Science announced this February that Portland, Oregon scored the highest and has been named the U.S.'s "Greenest City!"   We were recognized for having it all!  Did you know half our power comes from renewable sources?  A quarter of commuters travel by bike, carpool or transportation.  Portland also has 35 buildings certified by the U.S. Green Building Council.  For more information about building green check out our blog on local Green-building tips.  Portland was also ranked #2 by MSN in 2007 right behind Philadelphia. 

(Eugene was ranked number 5th... go Oregon!)

You may have grown up in the Portland area and know exactly where to buy your first home or maybe you are downsizing and have had your next location in mind for awhile.  Perhaps you are relocating and have heard of many popular communities or neighborhoods.

If you are lucky, you will find the location of your dreams right away.  However many home buyers find themselves debating between several neighborhoods determining strengths and weaknesses for each. If on a budget or with children, it is often schools, commuting and finances that dictate location the most.

Here are some suggestions from the  Home Buying for Dummies Book.

1)  Prioritize your needs.
Buying a home on a budget means trade-offs.  For the neighborhood you dream of it may mean purchasing a smaller home.  You must decide what factors are most important to you!

2) Talk to people who live in the neighborhoods.      

People living, working and playing in the community will have the most insight into pros and cons.  The Rob Levy Team recommends taking a day or two to walk or at least drive around the neighborhood at a few different times of day.  See how far the closest gym, park, freeway and coffee shop is.

3) Get the Days-on-Market (DOM) statistics from our team.

DOM statistics show how long the average house takes to sell in an area.  (Ask a team member about this, if a property has been listed by two agents back to back it may only reflect the current listing's DOM.)  Quick sales often indicate strong buyer demand which should make you feel good about the neighborhood you are investing in.

4) Get help from a professional.

This is where we come in!  Home Buying for Dummies suggests speaking to a REALTOR, lender or appraiser to compare the upside potential of home values in each neighborhood.

In the end, only you know what neighborhood will be best for your family.  There are no guarantees with "up-and-coming" neighborhoods, but the more you put into your community the more you will get out of it.  If you have plenty of time to scope out the area before you buy maybe take a Sunday drive through some different parts of town.  You may be surprised the many secret great finds around town.  The Office of Neighborhood Involvement has reported there are more than 90 neighborhood associations in Portland!

Many people living in larger homes find they have every closet, attic and storage space filled with stuff.  Boxes, wrapping paper, tools, suitcases… the list goes on.  When it comes time for downsizing to a smaller home it can be difficult to know where to begin, what to keep, and how to dispose of the items (some cherished) that you no longer need.  The main reasons for downsizing seems to be empty-nesters in their late 50s and early 60s.  With the kids out of the house it makes sense to sell the big home and move to a location convenient for their lifestyle.

 

Once you have found your new home it can seem daunting to start the task of packing up and cleaning out the house.  The best approach is to take it step by step.  If you have enough time (or why not start now?) you can choose a room and work from there.  Think about the items that you currently use or will fit well in your new home.  For those parents currently holding on to children’s keepsakes – now is the time to hand them off for their own safe keeping.  It is important to note that some families will find their children (even when adults) are quite attached to the family home.  Prepare you children and invite them to help with the process and to “say goodbye” to the house if necessary.

 

There are many places you can take your unneeded goods.  The Goodwill has locations all over Oregon.  If you have men’s, women’s or teen clothing we are happy to take your donations to Transitional Youth, a local non-profit where we volunteer our time.  If you have lots of large pieces you can always use our FREE 17’ moving truck.  Craigslist and eBay are also options and many choose the old fashioned garage sale.

 

In the end, many people downsizing find it can be quite liberating to be free from all the clutter and junk.  It is amazing what one can accumulate over the years.  While it takes some adjusting, the simple life isn’t too bad.

 Many Portland area home owners want to know how to make their home more “Green Friendly.”   Some builders are focusing on building “green” homes taking into consideration lumber, paint, and energy efficient appliances and products. 

One source is the Regional Green Building Hotline.  You can reach the organization at 503.823.5431 or submit an online inquiry at their website. 

The hotline’s hope is to provide resources for residents, businesses and contractors looking to overcome barriers of building green.

The Hotline can:

-Answer questions about green materials

-Provide strategies to reduce your building’s carbon footprint

-Inform about financial incentives

-Explain renewable energy, indoor air quality,

-Sustainable site development

-Construction material recycling

-Stormwater management.

 

(Information provided from the website Green Development Resource Center)

Last week was a special week for me.  I was invited to attend and be a panelist (twice) at the Certifed Residential Specialist convention in Honolulu.  My wife Beverly and I attended the show and took a couple of days off while there to explore, and then attended the entire event.  The show was well attended by about 1,000 of the USA and Canada's top Realtors.

The event was put on by Howard Brinton of Star Power Systems and as always, I learned a lot there.  One of the things I learned was how lucky we are to live in Portland Oregon where our market continues to thrive - especially when compared to other markets such as Florida's west coast.

According to PMAR (Porltand Metropolitan Association of Realtors) the Portland market is still a hot one, and our appreciation streak continues.  In fact, the local housing market is healthy, and thriving. Real estate remains a profitable investment. As you can see from the charts below, appreciation on Portland area homes has risen over the past five years, along with sales prices. The average appreciation rate over the past six years is 9.75%.

See the charts below for the facts....    The first one is appreciation and the 2nd one is average sales price.