Friday, April 19, 2013

Foster Powell

I've just listed this house in the Foster Powell neighborhood, and thought I'd write a bit about the neighborhood.

The house is located at 3910 SE 67th Avenue; between Powell and Holgate on SE 67th.  This two (plus bonus) bedroom, two bath house  is priced at $229,000. It sits a half block from Kern Park.

Kern Park is small, with a ball field and playground. My clients have loved having the park so close by; with a dog and small child it has been a real asset.

The Foster Powell neighborhood, in general is made up of modest homes. Some were original homesteads dating to the turn of the century.  Others have been filled in over the years.  The neighborhood, bounded by Powell, Foster and SE 82nd Avenue (The Avenue of Roses?).

There are a variety of grassroots efforts taking place in the neighborhood, including a proposed community garden at SE 62nd and Powell.  ODOT, who owns the land, recently approved a proposal for the garden.  Then there is the project to reclaim the neighborhood alleys.  The folks at Foster Green EcoDistrict and working on the alley project.

The neighborhood has some good eats, from Carts on Foster, to the venerable Ichidai Sushi on SE Powell ( a personal favorite).  Foster Burger is popular too, along with Bar Carlo

Give me a call if you'd like to see the little house pictured above, or if you have any real estate questions you'd like answered.

Friday, April 5, 2013

Sell your house now or later?

A client asked the other day, for a primer on timing the sale of their Portland home.  They've relocated out of town and, should they move back to Portland, they've realized it wouldn't be to their existing house.

They have great tenants in the property, but the rent doesn't cover their monthly payment, so they are subsidizing the rent by about $300 a month.  Should they sell this year, or wait until 2014?

Here, in a nutshell, was my response:

Our current market, close in on the eastside is moving incredibly quickly. The comparable houses to theirs are getting accepted offers with in days, as in 2-3 days, of going on the market. There is high demand from buyers and a low inventory of good homes for sale, so prices are rising. 

Interest rates are low, and are being kept artificially low by the Fed.  As the economy recovers, (and housing),  we expect the Fed to stop keeping those rates low.  As rates rise, fewer buyers will be able to afford the home.

We expect prices to continue to rise for the rest of this year, perhaps with some seasonal slowing.  But, as prices rise, we will most likely see more sellers entering the market; especially those who previously couldn't get enough for their home to warrant selling.  As so much of the current price increases are a result of high demand and low supply, those increases will likely slow. 

These particularly clients are most likely planning to sell.  The unknowns of waiting, combined with the amount they subsidize the rent each month makes waiting not particularly attractive.  They'll likely wait until their tenant's lease is up, or perhaps offer the tenants some sort of consideration for their cooperation in letting us market the home during their occupancy.

If you have questions about your property and situation, get in touch as I'd be glad to chat and give you answers that take your specific factors into account.