Mortgage Performance Remains Strong As Housing Prices Jump

Mortgage Performance Remains Strong As Housing Prices Jump

Home prices ended 2018 rising at a ‘healthier’ pace according to NAR chief economist Lawrence Yun This Week in Real Estate while unemployment is at a near 50-year low, mortgage performance is strong and household debt levels relative to disposable incomes are at a 35-year low. Below are a few highlights from the second week of February that influence our business:

The 4th Quarter Housing Jump
Metro Home Prices Jump 4% in 2018’s Fourth Quarter. Inventory increased and metro market prices rose at a slower pace in the fourth quarter of 2018, according to the latest quarterly report by the National Association of Realtors®. The national median existing single-family home price in the quarter was $257,600, up 4.0 percent from the fourth quarter of 2017 ($247,800). Lawrence Yun, NAR chief economist, says in light of the various hurdles for 2018, the close of the fourth quarter was promising. “Home prices continued to rise in the vast majority of markets but with inventory steadily increasing, home prices are, on average, rising at a slower and healthier pace,” he said. “Housing affordability will be the key to sustained healthy growth in the housing market in the upcoming years. That requires more homebuilding of moderately priced homes,” Yun said. “Housing starts fell far short of historically normal levels, with only 9.6 million new housing units added in the past decade; compared to 15 to 16 million that would have been needed to meet our growing population and 20 million new job additions. “Local zoning law changes, expanding construction worker training programs at trade schools and promoting the use of tax breaks for developers in the designated Opportunity Zones will all play an important role in assuring an adequate future supply of housing,” Yun said.

Consumer Expectations Shift
Consumer sentiment surges higher than expected after the government shutdown ends. Consumer sentiment gained more than expected in early February as U.S. spending confidence recovered after the end of the longest government shutdown in history. “The early February gains reflect the end of the partial government shutdown as well as a more fundamental shift in consumer expectations due to the Fed’s pause in raising interest rates,” said Richard Curtin, chief economist for the Surveys of Consumers. Consistent with the bounce in sentiment, more respondents suggested that it was a good time to buy a major household item/vehicle/house,” said Jon Jill, fixed income strategist at BMO Capital Markets.

Homeowners Are In Great Shape
Mortgage loan delinquencies were down from the third quarter of 2018 in the fourth quarter. The Mortgage Bankers Association (MBA) said the improvements held across all loan types and all stages of delinquency although there was a slight uptick in foreclosure starts. The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 4.06 percent of all loans outstanding, down 41 basis points (bps) from the third quarter and 111 bps from the fourth quarter of 2017 according to MBA’s National Delinquency Survey. Marina Walsh, MBA’s Vice President of Industry Analysis said, “The overall national mortgage delinquency rate in the fourth quarter was at its lowest level since the first quarter of 2000. What’s even more noteworthy, the delinquency rate dropped from the previous quarter and on a year-over-year basis across all loan types and stages of delinquency.” Added Walsh, “With the unemployment rate near a 50-year low, wage growth trending higher and household debt levels relative to disposable incomes at a 35-year low, homeowners are in great shape, and mortgage performance is quite strong.” Take advantage of steady mortgage rates and contact a HomeServices Oregon or Washington mortgage lending officer for a complimentary consultation.


Protect Your Pacific Northwest Home From Mold 

Protect Your Pacific Northwest Home From Mold

 With rainy and humid winters, its no secret Pacific Northwest homes are susceptible to mold and mildew growth. If left untreated, serious health issues like respiratory or sinus irritation can form from exposure.  

Three things you should monitor to protect your home from growing mold:

1) Temperature: Mold thrives in environments between 41°–100° Fahrenheit. 

2) Moisture: Our wet winters and drawn out, rainy spring can bring mold as well. Make sure to keep your home’s humidity levels between 30–60%. 

3) Food: Bacteria or splattered food particles that don’t get cleaned up run the risk of becoming common breeding grounds for mold. 

Combat and Clean Up Mold

Monitor high use areas in your home that see a lot of moisture or house water. Washing machines without floor drains can cause a buildup of moisture underneath from either leaks or overflow and cause water damage as well as mold. 

Remodeling your bathroom? Water-resistant drywall for a tile backer will likely degrade over time when being subjected to moisture repeatedly. Instead, use cement backer board for a long-lasting mold-free product. 

Bathrooms are high traffic mold areas, cut down on spores by using moisture-wicking shower curtains. This prevents the harboring of soap or bacteria, which acts as a food for mold growth. As a good rule, leave your bathroom fan on for at least 30 minutes after showering. 

Humidifier machines can help with allergens by keeping pollen at bay, but it can also hinder allergy sufferers by distributing mold growth. Make sure to clean and treat your machine with an antimicrobial solution often. If you don’t need a humidifier, use a dehumidifier to get your home back to the safe levels of 30-60%. 

Mold and mildew can be strong adversaries if you want to keep your home and air healthy, but they can be easily defeated by knowing which areas of your home to monitor. 

 

Article inspired by Better Homes & Gardens.


Portland Metro Weekend Planner February 14-17, 2019

Valentine's Day

 

PORTLAND METRO WEEKEND PLANNER
FEBRUARY 14-17, 2019

VALENTINE’S DAY DINNER CRUISE
THURS-SAT – The Portland Spirit hosts a gourmet four-course dinner cruise down the scenic Willamette with live music and a champagne toast.

DOOMED VALENTINE’S DAY
FRI-SAT – Listen to comedic stories, diaries, letters, poems and home movies as adults tell stories about their lives at the Alberta Rose Theatre.

SWING DANCE
THURS The Valentine’s Day Swing dance is hosted with live music and a DJ at The Secret Society. Bring a partner for a romantic night of dance.

BROADWAY BEST LOVE SONGS
SAT – Listen to a pianist and four singers performing Broadway’s best love song hits in honor of Valentine’s Day.

WINE & CHOCOLATE
THURS-SUN – Taste chocolates and sweets paired with five different wines at Hip Chicks Do Wine.

KIDFEST
SAT-SUN – Head to KidFest to enjoy inflatables, games and activities, sports demonstrations, and more.

ROCK MUSICAL
THROUGH MARCH 3 – Andrew Lloyd Webber’s rock musical Jesus Christ Superstar features hit songs and a powerful story at the Brunish Theatre.

HAGG LAKE MUD RUN
SAT-SUN – The Hagg Lake run hosts a 50k and 25k, offering either 31 or 15.5 miles for those with a passion for running.

PROMISES, PROMISES – MUSICAL
FRI-SAT – The Lost Treasures Collection, a series of rarely performed musical theatre productions, hosts its musical production from 1968 based on the 1960 film The Apartment. The music is by Burt Bacharach, lyrics by Hal David, and book by Neil Simon. This staged reading production is directed by NW acclaimed director Ron Daum and performed with stars of the local stage. Light food fare, beer, wine and other beverages are available for purchase before and during the show.

RAPTOR ROAD TRIP
THROUGH FEB 24  – Kruger’s Farm Market hosts Raptor Road Trip with guided bird tours, see raptors, falcons, hawks and displays. Bring your binoculars for a spectacular view.

DINOSAURS
THROUGH FEB 24 – The Starlings Present a family-friendly and interactive puppet show at the Northwest Children’s Theater.

CHINESE NEW YEAR
THROUGH FEB 19 –  Learn more about the Chinese New Year with colorful festivals, dances, and cultural performances. View the lantern evening, or celebrate Valentine’s Day at the Chinese garden.

MURDER MYSTERY DINNER
THROUGH FEB 23 – This comedy murder mystery dinner show brings out your inner detective skills as you enjoy a meal and interact to solve the whodunnit.

AFRICAN FILM FESTIVAL
THROUGH MARCH 2 – The Cascade Festival of African Films at the Hollywood Theatre hosts films through March 2nd. Watch short films and documentaries by emerging African directors.

A DOLL’S HOUSE
THROUGH MARCH 3 A Doll’s House: Part 2 features a woman starting over on a new journey.

COSMIC SNOW TUBING
THROUGH MAR 22 – Head to the best party on the mountain with over half a million LED lights, laser light shows and colored lights with a DJ as you enjoy tubing down the mountain. Check online for dates FRI-SAT through March 22nd at Mt. Hood Skibowl.

VANCOUVER METRO EVENTS

VALENTINE’S DAY WINE & CHOCOLATE
SAT-SUN – The Southwest Washington Winery Association hosts the Wine and Chocolate Pairing Tour! A list of the 12 participating wineries are available on the website.

ROLLER DERBY TOURNAMENT
SAT – The Big LeBOUTski Tournament hosts a five game roller derby featuring local and Canadian teams, battling it out in this Big Lebowski themed game.

TOM SAWYER
THROUGH FEB 24 – The Adventures of Tom Sawyer by Journey Theater takes viewers on a musical journey and a look into the life of fourteen-year-old adventurous Tom.

MOVIES OPENING THIS WEEKEND

  • Isn’t It Romantic
  • Alita: Battle Angel
  • Happy Death Day 2U
  • Cold Pursuit
  • Birds of Passage
  • Donnybrook
  • Fighting with My Family
  • Hotel by the River
  • Ruben Brandt, Collector
  • Sorry Angel
Click here for movie times and theaters.
CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES
FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland

www.bhhsnw.com


Washington & Oregon among the highest share of equity-rich properties in the U.S.

Washington & Oregon among the highest share of equity-rich properties in the U.S.

According to a report from ATTOM Data Solutions This Week in Real Estate Washington and Oregon rank 4th and 5th, respectively, with the highest share of equity-rich properties in the country. Below are a few highlights from the first week of February that influence our business:

Equity-Rich U.S. Properties Increase to New High in 2018. On Thursday ATTOM Data Solutions released its 2018 U.S. Home Equity & Underwater Report, which shows that in the fourth quarter of 2018, over 14.5 million U.S. properties were equity-rich – where the combined estimated amount of loans secured by the property was 50 percent or less of the property’s estimated market value – up by more than 834,000 from a year ago to a new high as far back as data is available, Q4 2013.

The 14.5 million equity-rich properties in Q4 2018 represented 25.6 percent of all properties with a mortgage, down slightly from 25.7 percent in the previous quarter but up from 25.4 percent in Q4 2017. “This report helps to showcase a story of the West coast markets having the highest share of equity-rich homeowners versus the South and Midwest markets, who continue to have stubbornly high rates of seriously underwater homeowners.” States with the highest share of equity-rich properties were California (43.6 percent); Hawaii (39.3 percent); New York (34.2 percent); Washington (34.2 percent); and Oregon (32.9 percent).

Number of Homes Selling Above List Price Drastically Declines. In December, only 19.4% of homes were sold above list price, marking a three-year low. Furthermore, December was the seventh consecutive month to experience a rate drop. Across the country, the share of homes that sold above list price has been moving between 15% and 25% since 2012.

Permit Growth Flat in November. Over the first eleven months of 2018, the total number of single-family permits issued year-to-date (YTD) nationwide reached 799,679. On a year-over-year basis, this is a 5.1% increase over the November 2017 level of 761,229. Year-to-date ending in November, single-family permits grew in the Southern and the Western regions of the country, while the Midwest and Northeast declined by 2.6% and 3.0% respectively, compared to the same time period in 2017. The Western region had the highest growth in single-family (9.8%) while the South recorded the highest multifamily permits growth (13.2%) during the last 12 months.


Top 4 Paint Colors of 2019

Top 4 Paint Colors of 2019

 

    1. Refresh your home with a revitalizing coat of the most popular paint colors of the year. Captivate a statement wall in the wanderlust palette of cavern clay’s naturescape or revive your living room with an enthusiastic pop of living coral on a statement chair. The top four U.S. paint companies share their colors of the year.

 

 

      1. Pantone’s color of the year gives a nod to nature with Living Coral. This vibrant swatch plays on the influence of our chromatic ecosystem. Tie in Pantone complexion shades like Rose Dawn, Coral Sands, Burnt Henna, and Candlelight Peach. Continue the tropical color scheme by combining warm Martini Olive, Twill, Forest Biome, or Mauvewood by Pantone.

 

 

 

      1. PPG’s paint color of 2019 seeks timelessness over trend. Designers are showing deep blues as a compliment to the upcoming roaring ’20s in design (for 2020). The roaring 20’s design features deep blues mixed with brass fixtures and rich velvet is on trend. This year features the dark hue Night Watch, accompany this mysterious hue with Magic Dust, Blue Willow, or a warm Horseradish.

 

 

      1. BEHR’s 2019 color of the year is Blueprint, reminiscent of the night watch shade. This universal blue compliments earth tones like Mars Red, Kindling, and jewel tones like Ecological, Rasin’ in the Sun, and Vine Leaf.

 

 

    1. Sherwin-Williams paint collection color of the year features Cavern Clay. This tone is a bite of bohemian and has the liveliness of nature in a Southwestern desert landscape. The color experts suggest pairing with paint colors like Origami White, Moth Wing, or Dark Clove. A great trend with the Southwestern theme is an accent wall in Cavern Clay with stacked textiles either in rugs or throw pillows.

Portland Metro Weekend Planner: February 8-10, 2019

 

PORTLAND METRO WEEKEND PLANNER
FEBRUARY 8-10, 2019

MY MUDDY VALENTINE
SAT – This 5K run allows participants to run through muddy obstacles and has a short challenge for kids. Celebrate with cider, beer, mimosas, food, and music.

CHINESE NEW YEAR
THROUGH FEB 19 –  Learn more about the Chinese New Year with colorful festivals, dances and cultural performances. View the lantern evening, or celebrate Valentine’s Day at the Chinese garden.

SPORTSMEN’S SHOW
THROUGH SUN – The Pacific Northwest Sportsmen’s Show hosts seminars, fishing, boats, campers, and industry vendors. Bring the family for a kid’s trout pond at the Portland Expo Center.

ROSE CITY ROLLERS
FRI-SAT – Don’t miss the Rose City Rollers Break Neck Betties vs. High Rollers Roller Derby Bout at the Oaks Park skating rink, get your tickets before they sell out!

AFRICAN FILM FESTIVAL
THROUGH MARCH 2 – The Cascade Festival of African Films at the Hollywood Theatre hosts films through March 2nd. Watch short films and documentaries by emerging African directors.

A DOLL’S HOUSE
THROUGH MARCH 3 A Doll’s House: Part 2 features a woman starting over on a new journey.

THE GIFT
THROUGH SUN – This dance collective features the themes of conformity vs. individuality and contemporary choreography.

PORTLAND WINTER LIGHT FESTIVAL
THROUGH SAT – Head to OMSI and view dozens of illuminated pieces of art and performance artists on the waterfront for the Willamette Light Brigade event.

ROCK MUSICAL
THROUGH MARCH 3 – Andrew Lloyd Webber’s rock musical Jesus Christ Superstar features hit songs and a powerful story at the Brunish Theatre.

COMIC BOOK MARKET
SAT – Meet other comic book fans at Frankenstein’s Comic Book Swap to view comic books, toys, and more!

RAPTOR ROAD TRIP
SAT – Kruger’s Farm Market hosts Raptor Road Trip with guided bird tours, see raptors, falcons, hawks and displays. Bring your binoculars for a spectacular view.

WINE & CHEESE EXTRAVAGANZA
SUN – The People’s Food Co-op in Southeast hosts vendors from McBeth vineyards, J Christopher Wines, Montinore Estate, Finnriver, Fraga Farmstead Creamery, Organic Valley and more. Taste local cheese paired wonderfully with local wines.

JANE AUSTEN PLAY
THROUGH SUN – Portland Center Stage presents Sense & Sensibility, a romantic comedy based on Jane Austen’s novel about the charming Dashwood sisters.

CHINESE NEW YEAR
THROUGH FEB 19 –  Learn more about the Chinese New Year with colorful festivals, dances, and cultural performances. View the lantern evening, or celebrate Valentine’s Day at the Chinese garden.

MURDER MYSTERY DINNER
THROUGH FEB 23 – This comedy murder mystery dinner show brings out your inner detective skills as you enjoy a meal and interact to solve the whodunnit.

COMEDY THEATRE
THROUGH MAR 3 – Watch A Doll’s House, Part 2 follows a woman as she pursues a new life of an author.  

COSMIC SNOW TUBING
THROUGH MAR 22 – Head to the best party on the mountain with over half a million LED lights, laser light shows and colored lights with a DJ as you enjoy tubing down the mountain. Check online for dates FRI-SAT through March 22nd at Mt. Hood Skibowl.

 

VANCOUVER METRO EVENTS

I HATE HAMLET
FRI-SAT – Set in a New York City apartment, this performance follows an actor’s struggles taking on a role of Hamlet while being haunted by the ghost of Hamlet.

VALENTINE’S FLORAL ARRANGEMENT
SAT – Surprise your special someone by taking a floral arrangement class, just in time for Valentine’s Day! Each student will be provided items for a small mason jar arrangement.

SWEETHEART DANCE
SAT – The Sweetheart Dance is hosted at the historic Pearson Air Museum hangar. Enjoy live music from the VanPort Jazz Band,  World War II uniforms and 1940’s period dress attire is welcome.

PAINT CLASS
FRI – This fun paint class is for any skill level from beginner to expert ages 14 and older. Smocks, supplies, snacks, and a drink are provided with ticket purchase.

MOVIES OPENING THIS WEEKEND

  • The Lego Movie 2 : The Second Part
  • The Upside
  • What Men Want
  • Cold Pursuit
  • The Prodigy
  • Everybody Knows
  • Under The Eiffel Tower
  • Chokehold
Click here for movie times and theaters.
CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES
FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland

www.bhhsnw.com


U.S. Home Seller Profits At 12-Year High

 

U.S. Home Seller Profits At 12-Year High

As reported by ATTOM Data Solutions This Week in Real Estate the average homeowner who sold their home in 2018 realized an average home price gain since purchase of $61,000, a 12-year high. Below are a few highlights from the last week of January that influence our business:

Strong Job Growth Continues in January. The U.S. economy entered 2019 with a strong gain in payroll employment. Total employment increased by 304,000 in January, while the unemployment rate edged up to 4.0%, reflecting the impact of the partial government shutdown. Residential construction employment increased by 23,900 at the beginning of 2019, the largest gain since February 2018. The total construction industry (both residential and nonresidential) added 52,000 jobs in January. Residential construction employment now stands at 2.9 million in January, broken down as 835,000 builders and 2.1 million residential specialty trade contractors. The 6-month moving average of job gains for residential construction is 11,133 a month. Over the last 12 months, home builders and remodelers added 130,700 jobs on a net basis. Since the low point following the Great Recession, residential construction has gained 916,600 positions. In January, the unemployment rate for construction workers rose to 4.7% on a seasonally adjusted basis, from 4.6% in December. The unemployment rate for the construction sector has been trending downwards since February 2010 and remains historically low.

Average U.S. Home Seller Profits at 12-Year High. According to ATTOM Data Solutions 2018 U.S. Home Sales Report, home sellers in 2018 realized an average home price gain since purchase of $61,000, up from $50,000 last year and up from $39,500 two years ago in 2016 to the highest level since 2006 – a 12-year high. That $61,000 average home seller profit represented an average 32.6 percent return on investment compared to the original purchase price, up from 27.0 percent last year and up from 21.9 percent in 2016 to the highest average home seller ROI since 2006. “While 2018 was the most profitable time to sell a home in more than 12 years, those along the coasts, reaped the most gains.” Among 217 metropolitan statistical areas with a population greater than 200,000 and sufficient historical data, the highest returns on investment were almost exclusively in western states, with concentrations along areas of the west coast. Those with the highest average home seller ROI were San Jose, California (108.8 percent); San Francisco, California (78.6 percent); Seattle, Washington (70.7 percent); Merced, California (66.4 percent); and Santa Rosa, California (66.1 percent). Homeowners who sold in the fourth quarter of 2018 had owned their homes an average of 8.30 years, up from 8.13 years in the previous quarter and up from 7.95 years in Q4 2017 to the longest average home seller tenure as far back as data is available, Q1 2000.

Fed Pursues Patience. As expected, the Federal Reserve’s monetary policy body, the Federal Open Market Committee, unanimously agreed to hold steady the federal funds top rate at 2.5%. The Fed’s January statement was consistent with recent policymakers comments suggesting a more flexible stance toward monetary policy at the end of last year and the start of 2019. In particular, the statement indicated that the Fed will “be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.” This is a decidedly more dovish stance for the Fed relative to commentary from the Fall of 2018, reflecting anchored inflation expectations and economic softness in some sectors, including housing. These changes to the Fed’s monetary policy stance are more favorable for housing market conditions in 2019, which are currently challenged by growing concerns over housing affordability and sluggish growth for home building.


Portland Metro Weekend Planner February 1-3, 2019

 

PORTLAND METRO WEEKEND PLANNER
FEBRUARY 1-3, 2019

CHINESE NEW YEAR
FRI-SAT –  Enjoy folk dancing, instrumental music, martial arts, and authentic Chinese cuisine while celebrating the Year of the Pig.

SEAFOOD & WINE FESTIVAL
FRI-SAT – View over 175 exhibitors and fresh seafood with wine, craft brew and more at the Oregon Convention Center.

AFRICAN FILM FESTIVAL
THROUGH MARCH 2 – The Cascade Festival of African Films at the Hollywood Theatre hosts films through March 2nd. Watch short films and documentaries by emerging African directors.

FATHER DAUGHTER DANCE
FRI-SUN – The Princess Promenade includes dancing, music, snacks, and artful face painting in a semi-formal celebration.

$5 AFTER 5
FRI – Head to the Portland Art Museum for $5 admittance after 5 pm. Pizza and beer will be available for purchase.

HAWAIIAN LU’AU
SAT – The 13th Annual Ho’Ike night of entertainment features a Lu’au with Ohana (family) style dining, Polynesian dancing, and a silent auction.

BARBRA STREISAND PLAY
SAT – Gerding Theater at the Armory features Buyer & Cellar, a play about a gentleman working as a clerk in Barbra Streisand’s shopping mall built in her basement.

A DANGEROUS JOY
THROUGH SAT – Listen to a staged reading of Terry Lomax’s play based on WWII pastor and theologian Dietrich Bonhoeffer.

PORTLAND FOLK FEST 2019
FRI-SAT – Head to Mission Theatre for Folk Fest, featuring The Parson Redheads, Bart Budwig, The Hackles, Brother Not Brother, Three for Silver, and many more!

JANE AUSTEN PLAY
THROUGH FEB 10 – Portland Center Stage presents Sense & Sensibility, a romantic comedy based on Jane Austen’s novel about the charming Dashwood sisters.

MURDER MYSTERY DINNER
THROUGH FEB 23 – This comedy murder mystery dinner show brings out your inner detective skills as you enjoy a meal and interact to solve the whodunnit.

COMEDY THEATRE
THROUGH MAR 3 – Watch A Doll’s House, Part 2  follows a woman as she pursues a new life of an author.  

COSMIC SNOW TUBING
THROUGH MAR 22 – Head to the best party on the mountain with over half a million LED lights, laser light shows and colored lights with a DJ as you enjoy tubing down the mountain. Check online for dates FRI-SAT through March 22nd at Mt. Hood Skibowl.

 

VANCOUVER METRO EVENTS:

BANFF FILM FESTIVAL
FRI-SAT – Mountain Gear hosts the Mountain Film Festival World Tour, bringing the spirit of outdoor adventures to the screen.

FATHER DAUGHTER VALENTINE’S BALL
FRI-SAT – Celebrate the bond between fathers and daughters with the Valentine’s Ball. Admission includes a souvenir photo, refreshments, a live DJ and temporary tattoos.

GLASS BLOWING
FRI – Head to the First Friday Artwalk and enjoy glass-blowing demonstrations from Firehouse Glass.

PAINT YOUR PET
SUN – Become a master artist with paint, canvas, and instruction with 10% of proceeds to the Humane Society of Southwest Washington. Email your favorite picture of your pet and organizers will transfer your photo to a large canvas, ready for you to paint!

MOVIES OPENING THIS WEEKEND

  • Miss Bala
  • Then Came You
  • The Least of the These
  • Arctic
  • The Wild Pear Tree
  • The War With Grandpa
  • The Gandhi Murder
  • Wretch
  • Daughter of Mine
  • Piercing
Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland

www.bhhsnw.com


 Baby Boomers Aging in Place and the Need for More Homes

 Baby Boomers Aging in Place and the Need for More Homes

According to a report from ATTOM Data Solutions This Week in Real Estate, the average homeowner who sold their home in Q4 2018 realized a 30.2 percent return on their original purchase price. Below are a few highlights from the fourth week of January that influence our business:

Q4 2018 Home Seller Gains
Nationally, homeowners who sold in Q4 2018 sold for an average of $54,500 more than their original purchase price, a slight decline from last quarter, a jump from last year. The $54,500 average home seller price gain in Q4 2018 represented an average 30.2 percent return on the original purchase price, down slightly from an average 30.4 percent return in the previous quarter but up from an average 25.6 percent return in Q4 2017. Among those 20 markets, San Francisco saw the greatest seller gains in Q4 2018, selling for an average of $361,125 more than their original purchase price. Seattle, Tacoma, Bellevue sold for an average of $171,969 more than their original purchase price while Portland, Vancouver sold for $132,500 more than their original purchase price.

Half of Boomer Homeowners Plan to Age in Place
More than half of Baby Boomers plan to age in place, electing to renovate in order to meet their changing needs, according to a new survey released by Chase and Pulsenomics. Among this group, 52% said they will never move from their current home, and 88% said they plan to make improvements to their home, with bathroom renovations topping the project list. Nearly two-thirds of respondents said they think home values are rising in their area, which provides an incentive for homeowners to tap their equity in order to age in place – and enhance their investment. Amy Bonitatibus, chief marketing officer for Chase Home Lending, said Boomers are likely to explore loans that grant access to equity in order to fund home improvements. “With home prices generally healthy across the country, two-thirds of these homeowners are turning to financing options like home equity lines of credit or cash-out refinances to complete their upgrades,” Bonitatibus said. “On average, homeowners are financing about $18,000 per household with more than half saying they intend to start remodeling within a year.”

More Homes Needed to Replace Older Stock
Over the 40-year span from 1961 through 2000, housing starts averaged a little over 1.5 million a year, but they have been nowhere near that high since 2006. As a recent NAHB study explains, one outcome of this shortfall has been a tendency for older homes to remain in service longer. Attempts to improve the stock of housing in the U.S. (for example, through new development standards or building codes) therefore make relatively little sense without a concomitant strategy to increase overall production. The NAHB study showed that the number of homes completed has been running below even the number of net new household formations. It should therefore not be surprising that data from the Census Bureau’s American Community Survey show that the number of homes built before 1970 has been declining at quite a slow pace. There were 52.83 million of them in 2014, and by 2016 the number had fallen only to 52.17 million. This implies that only a little over 6 out of every 1,000 homes built before 1970 are removed from the stock each year. Some of the loss rates the Census Bureau uses to estimate the number of housing units in the U.S. are even smaller, showing less than 1 housing unit per 1,000 being removed from the stock per year in the Northeast and West regions.

For the 2019 Cost vs. Value report of home improvement projects with the highest return on investment click here: https://www.remodeling.hw.net/cost-vs-value/2019/pacific/.


Portland Metro Weekend Planner – January 25-27, 2019  

 

PORTLAND METRO WEEKEND PLANNER
JANUARY 25-27, 2019

 PORTLAND INTERNATIONAL AUTO SHOW
THROUGH SUN – Head to the largest auto show in the Pacific Northwest! Browse over 600 vehicles and over 35 manufacturers. Explore the latest trends, or watch live custom car builds!

PORTLAND MINI MUSICAL
THROUGH SUN – Catch six different musicals running about 15 minutes each by Brunish Theatre writers.

FIRST TASTE OREGON
FRI-SAT – The Oregon State Fairgrounds host beautiful works from local artists, premier wine, spirits, and brews. Pair a drink with Oregon’s best food from local vendors.

INTERNATIONAL CAT SHOW
FRI-SUN – Head to the Portland Expo Center to watch the cat competition of the year. In attendance will be international expert judges and the most beautiful cats from all over the world.

WINTER MUSIC FESTIVAL
FRI-SUN – The Winter Music Festival in Florence is known as the Coast’s best music and arts festival. This year, the festival hosts folk music, bluegrass, and Americana genres.

DISCOVER KING TUT
THROUGH SUN – Take on a once in a lifetime experience viewing the treasures and tomb of famous King Tut at OMSI.

$5 AFTER 5
FRI – Head to the Portland Art Museum for $5 admittance after 5pm. Pizza and beer will be available for purchase.

NW COFFEE BEER INVITATIONAL
FRI – Taste spotlight brews and freshly made brew with locally roasted coffee infusion. Bring an appetite for paired bites created to compliment the brews.

SALSA LATIN FUSION PARTY
SAT – Head to the EastBurn Public House for a Latin dance party. Don’t miss live music, salsa dancing and DJ Blas!

THRIFT STORE CRAWL
SAT – Join the Goodwill Hunting Thrift Crawl! Join a team and hunt for thrilling finds in eight participating thrift stores. Enjoy a potluck brunch tailgate party, costume exchange, and awards dinner.

ART FESTIVAL
SAT – This festival of new works covers artists from all over the city with art in theater, music, film, comedy, dance, and visual art.

WINTER SOUP FESTIVAL
THROUGH SAT – Taste from a variety of soups from Latin America. Discover new flavors and warm up with a hot bowl of soup, hosted by Portland Mercado.

CHEESE MAKING WORKSHOP
SAT – Head to OMSI and learn the art of science in making fresh mozzarella cheese. You’ll get to learn in a class-like setting and sample a variety of cheeses you’ll then learn to make yourself.

MURDER MYSTERY DINNER
THROUGH FEB 23 – This comedy murder mystery dinner show brings out your inner detective skills as you enjoy a meal and interact to solve the whodunnit.

COSMIC SNOW TUBING
THROUGH MAR 22 – Head to the best party on the mountain with over half a million LED lights, laser light shows and colored lights with a DJ as you enjoy tubing down the mountain. Check online for dates FRI-SAT through March 22nd at Mt. Hood Skibowl.

JANE AUSTEN PLAY
THROUGH FEB 10 – Portland Center Stage presents Sense & Sensibility, a romantic comedy based on Jane Austen’s novel about the charming Dashwood sisters.

 

VANCOUVER METRO EVENTS

JAZZ FESTIVAL
SAT – Listen to middle and high school jazz ensembles compete at the Clark College Jazz Festival and hear three semi-finalists.

CITRUS FEST
SAT-SUN – Head to New Season’s Market to enjoy Citrus Fest, with over 20 varieties of citrus from tart to sweet!

MORNING MOVIES FOR TEENS
SAT – The Vancouver Community Library hosts Saturday morning movies! Teens can enjoy animation, superheroes, action, or adventure starting at 10:30 am.

MOVIES OPENING THIS WEEKEND

  • The Kid Who Would Be King
  • Serenity
  • In Like Flynn
  • The Invisibles
  • Never Look Away
  • Antiquities
  • Destroyer
  • Heartlock
  • The Final Wish
  • Super 30
  • King of Thieves
  • BTS World Tour
  • 80th Anniversary The Wizard of Oz
  • The Image Book
Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

FOR A COMPLETE LIST OF EVENTS IN THE AREA FOR THE ENTIRE MONTH, VISIT

www.events12.com/portland

www.bhhsnw.com


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