This Week in Real Estate: March 13, 2017

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As the market prepares for the spring selling season, Fannie Mae reported This Week in Real Estate that consumers have never felt better about housing than they do right now. Below are a few highlights from the first week of March that influence our business:

* Fannie Mae: Consumers Have Never Felt Better About Housing Than They Do Right Now. Consumers’ faith in the housing market is stronger than it’s ever been before, according to a newly released survey from Fannie Mae. Fannie Mae’s latest Home Purchase Sentiment Index shows that consumer confidence in housing hit an all-time high in February, continuing a climb in confidence that began in January. According to the Fannie Mae report, the Home Purchase Sentiment Index increased by 5.6 percentage points in February to 88.3, setting a new all-time high. Overall, five of the six components that make up the HPSI were up, with three hitting record highs. According to the report, the net share of Americans who said that now is a good time to buy rose by 11 percentage points, and the net share of consumers who believe that now is a good time to sell also rose by 7 percentage points.
Full Story… http://www.housingwire.com/articles/39502-consumers-have-never-felt-better-about-housing-than-they-do-right-now?eid=322520585&bid=1685872

* CoreLogic: 1 Million US Borrowers Regained Equity in 2016. CoreLogic released a new analysis on Thursday showing that U.S. homeowners with mortgages (roughly 63% of all homeowners) saw their equity increase by a total of $783 billion in 2016, an increase of 11.7 percent. Additionally, just over 1 million borrowers moved out of negative equity during 2016, increasing the percentage of homeowners with positive equity to 93.8 percent of all mortgage properties, or approximately 48 million homes. In Q4 2016, the total number of mortgaged residential properties with negative equity stood at 3.17 million, or 6.2 percent of all homes with a mortgage. That is a decrease of 25 percent year over year from 4.23 million homes, or 8.4 percent of all mortgaged properties in Q4 2015. Negative equity peaked at 26 percent of mortgage residential properties in Q4 2009. “Average home equity rose by $13,700 for U.S. homeowners during 2016,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The states with the largest home-price appreciation last year, according to the CoreLogic Home Price Index, were Washington and Oregon at 10.2 percent and 10.3 percent, respectively, with average homeowner equity gains of $31,000 and $27,000, respectively.” This is doubt the pace for the U.S. as a whole. Texas had the highest percentage of homes with positive equity at 98.4 percent followed by Hawaii at 98.1 and five states, including Oregon and Washington at 97.9 percent.
Full Story…  http://www.corelogic.com/about-us/news/corelogic-reports-1-million-us-borrowers-regained-equity-in-2016.aspx

* MBA: Average Loan Size For Purchase Applications Hits All-Time High. The average loan size for purchase mortgage applications hit an all-time high last week, according to the latest data from the Mortgage Bankers Association. The data comes courtesy of the MBA’s Weekly Mortgage Applications Survey for the week ending March 3, 2017, which showed that the average loan size for purchase applications was $313,300. That’s the highest that figure has been during any week since the MBA began conducting its weekly application survey in 1990. The report showed that the refinance share of mortgage activity increased to 45.4% of total applications. The adjustable-rate mortgage share of activity also increased to 7.7% of total applications, which marks the highest level since October 2014.
Full Story… http://www.housingwire.com/articles/39512-mba-average-loan-size-for-purchase-applications-hits-all-time-high?eid=322520585&bid=1686410

Have a productive week!
Jason


4th Quarter Chairman’s Report 2016

We are happy to announce the 4th Quarter Chairman’s Report for 2016 is now available to read online. Discover where the real estate market is headed and review 4th Quarter Market Stats for the Portland Metro and SW Washington. Special thanks to our Chairman, Bert Waugh, Jr.


Portland Metro Weekend Event Planner: March 10-12, 2017

PORTLAND METRO WEEKEND EVENTS PLANNER
FOR MARCH 10-12, 2017

 

BODY, MIND, SPIRIT EXPO
SAT-SUNMetaphysical lectures, vendors selling crystals, jewelry, essential oils, alternative health products, and as always the nation’s finest selections of intuitive readers, astrologers, and mediums. Washington County Fairgrounds in Hillsboro.

PORTLAND WOMEN’S EXPO
SAT – Food, wine, live music; the Women’s Expo isn’t just an event, it’s an experience!

PORTLAND RV SHOW
Through SUN – Whether you like to rest, relax and recharge your batteries or just hit the road and follow the sun, you will find everything you are looking for at this year’s Portland Metro RV Show.

LUCK OF THE IRISH CELEBRATION
FRI – Get your St. Paddy’s groove on in true Irish fashion—plenty of music, rambunctious entertainment, and stories that are sure to lighten your spirit. Fueled by the legacy of Irish legend, luck, and love, this evening promises to be a rollicking good time for all.

ST. PATRICK’S DAY PARADE
SAT – Hillsboro’s St. Patrick’s Day parade will start at Hare Field, looping through Hillsboro and ending back at Hare Field. View the detailed parade route HERE.

ST. PATRICK’S BAR CRAWL
SAT – It’s time to paint the city green and gold! From the top o’ the morning to the end of the rainbow, ticket holders will have cover-free access to the city’s premier bars, pubs, taverns and saloons. Find exclusive specials on pints of golden beer and Irish-inspired activities.

WINTER BLUES MUSIC FESTIVAL
SAT – What a great way to get rid of the Winter Blues—just before the arrival of Spring! Support local charities and musicians of all genres.

BRICKS CASCADE LEGO CONVENTION
SAT-SUN – See the artistic and ingenious marvels created by Adult Fans of LEGO and very talented young builders from around the world.

OMSI: THE ART OF THE BRICK EXHIBITION
Through May 29 – Named one of CNN’s Top Ten “Global Must-See Exhibitions,” The Art of the Brick exhibit by artist Nathan Sawaya takes LEGO bricks from child’s toy to sophisticated art form and beyond.

FRIDAY DANCE PARTY
FRI – Giant music videos, colorful lights, and pounding music await you at the ’80s Video Dance Attack in Lola’s Room or McMenamins Crystal Ballroom for age 21+. Discount tickets $6 for two people.

FLASHBACK DANCE CRUISE
SAT – Gather your crew & rock your best retro threads from the 70’s, 80’s and 90’s! Get on the dance floor as our DJ’s play the hits of decades gone by.

CRIMES OF THE HEART
SAT through March 26 – Three eccentric sisters who have committed Crimes of the Heart reunite at their grandfather’s home, at Mask & Mirror Community Theatre in Tigard. Discount tickets $11.

URBAN SCAVENGER HUNT
ALL MONTH  Smartphone clues lead you on a fun & engaging walking tour of the city. Clues start you in the heart of downtown at Pioneer Courthouse Square and will take you on a scavenger hunt through the Arts District, on a streetcar ride and among the famous food carts.

SHANROCK’S TRIVIOLOGY
ALL MONTH – Various Portland Locations: Triviology pub quizzes are free to play, last a couple of hours, and are composed of seven short rounds, giving teams instant gratification for their efforts. Team size can range from one to five players, with prizes for everyone on the winning team.

HAUNTED PUB TOUR
All Month – This spine-tingling ghost tour explores Portland’s historic Old Town District, a vibrant area with beautiful 1800’s buildings, cobblestone streets and a wicked past.

PORTLAND ESCAPE ROOMS
All Month THURS-SUNCedar Hills/Beaverton Locations: Real-life room escape games are a type of physical adventure game in which people are locked in a room with other participants and have to use elements of the room to solve a series of puzzles, find clues, and escape the room within a set time limit.

VANCOUVER METRO EVENTS

VANCOUVER GUN SHOW
SAT-SUN – Bringing the best gun shows in Washington State, this show features modern, collectible, military, and antique firearms as well as firearm accessories, ammunition, and knives.

DRINK THIS! PUB CRAWL
SAT – Meet the makers of artisan beverages! No signups, just show up at one of our locations, get your map, and choose your route. All locations are within walking distance in Vancouver, and you can win prizes along the way!

CELEBRATE WORLD WATER DAY
SATCelebrate and focus attention on the importance of our planet’s most important resource—water! We’ll ‘dive in’ with activities for the whole family focused on learning about where our water comes from, how communities around the globe get water, and how we can all work together to promote clean and plentiful water.

OPEN SATURDAY AT PEARSON AIRBASE
SAT – Free educational experience, Flight Simulator lab, vertical wind tunnel, a glider-building station, historic airplanes on-site for viewing, collections on display, and educational programs to propel students of all ages.

NEW MOVIES OUT THIS WEEK
·         Kidnap
·         Kong – Skull Island
·         Blood, Sand & Gold
·         Brimstone
·         Personal Shopper
·         Swing Away
·         The Dark Below

Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

For a monthly online listing of upcoming Portland metro events, click here.


This Week in Real Estate: March 6, 2017

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Home price appreciation continues to capture headlines. Case-Shiller reported This Week in Real Estate that the annual December number was the largest increase in 30 months, while consumer confidence reached it’s highest peak in a decade and a half to close out February. Below are a few highlights from the last week of February that influence our business:

* Case-Shiller: Home Price Appreciation Highest in 30 Months. Home prices accelerated their growth again in December. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, rose by 5.8% compared to one year earlier. The year-over-year increase has been larger each month since July and Case-Shiller called the annual December number the largest increase in 30 months. Among the 20 cities the largest annual gains were again registered in Seattle, Portland and Denver. Seattle led the way with a 10.8 percent year-over-year price increase followed by Portland with 10.0 percent and Denver at 8.9 percent. Case-Shilled says that an analysis of prices in Portland and Seattle, which have alternated in first and second place as price increase leaders, show that, over the course of 2016, prices in the highest tier, over $532,716 for Seattle and $411,335 for Portland, to be the most stable while those in the lowest tier, (under $335,111 and $296,361) are the most volatile.
Full Story… http://www.mortgagenewsdaily.com/02282017_case_shiller_indices.asp

* Consumer Confidence Hits 15-Year High in February. Consumers are more confident in the economy than they’ve been in the previous 15 years, according to the Consumer Confidence Survey conducted by The Conference Board. The Consumer Confidence Index increased in February to 114.8, up from 111.6 in January. Similarly, the Present Situation Index increased from 130 to 133.4 and the Expectations Index increased from 99.3 to 102.4. In 1985, the index was set to 100, representing the index’s benchmark. This value is adjusted monthly based on results of a household survey of consumers’ opinions on current conditions and future economic expectations. Opinions on current conditions make up 40% of the index, while expectations of future conditions make up 60%. “Consumers rated current business and labor market conditions more favorably this month than in January,” said Lynn Franco, The Conference Board director of economic indicators. “Overall, consumers expect the economy to continue expanding in the months ahead.
Full Story…  http://www.housingwire.com/articles/39393-consumer-confidence-hits-15-year-high-in-february?eid=322520585&bid=1679504

* Pace of Residential Construction Spending Continues Positive Trend. Private residential construction got off to an auspicious start in 2017, continuing the growth trend that began in October of last year. NAHB analysis of Census Construction Spending data shows that total private residential construction spending grew 0.5% in January 2017 to a seasonally adjusted annual rate (SAAR) of $476.4 billion. Multifamily construction spending in January grew by 2.2% to a seasonally-adjusted annual rate of $63.5 billion, more than double that of December. The SAAR spending on new multi-family structures was 9.0% higher than one year prior, while single-family construction grew by 2.3%.
Full Story… http://eyeonhousing.org/2017/03/pace-of-residential-construction-spending-continues-positive-trend/

 

Have a productive week!
Jason


Portland Metro Weekend Event Planner: March 3-5, 2017

PORTLAND METRO WEEKEND EVENTS PLANNER
FOR MARCH 3-5, 2017

 

ANTIQUES & COLLECTIBLES SHOW
SAT-SUN – The Spring version of the largest all retro show in the country is coming to the Portland Expo Center. There will be hundreds of outstanding dealers coming from all over the country, with more than 900 booths available to view—don’t miss it!

CLASSIC WINES SILENT AUCTION
SAT – Join us for the 33rd annual Classic Wines Auction at the Oregon Convention Center. During the tasting reception guests can peruse more than 250 silent and super silent auction packages including rare and exquisite wines, exotic travel destinations, pro sports experiences, weekend getaways, celebrity meet-and-greets, exclusive dinners, parties and more.

BILLY CRYSTAL
FRISpend the Night with Billy Crystal has been described as “a smorgasbord of zesty stories and sharp impressions,” and a “trip down memory lane” led by Tony and Emmy Award-winning comedian Billy Crystal.

SOAP MAKING WORKSHOP
SAT – Join Bee Thinking and expert soap makers from Camamu to learn the general process of soap making, customization, and safety practices. Each participant will leave with their own 2 pound batch of soap (8 bars worth).

METAPHYSICAL FAIR
SAT-SUN – You’ll find tarot and oracle readings, palmistry, Norse runes, divination tools, crystals, ritual clothing, books, and art for sale at the Psychic Fair & Metaphysical Market at Monarch Hotel in Clackamas. Free.

OMSI: THE ART OF THE BRICK EXHIBITION
Through May 29 – Named one of CNN’s Top Ten “Global Must-See Exhibitions,” The Art of the Brick exhibit by artist Nathan Sawaya takes LEGO bricks from child’s toy to sophisticated art form and beyond.

BRAZILIAN BALL
SATBrazilian Carnaval is a Brazilian ball with a samba band, dancers, and a DJ at BossaNova Ballroom for age 21+.

WINE & GIRL SCOUT COOKIES PAIRING
SATVivino wrote a popular article about pairing Girl Scout cookies and wine. Taste the real thing at Wine and Girl Scout Cookie Pairing at Hip Chicks do Wine.

AURORA CHORUS: WOMEN’S DAY CONCERT
SUN – Celebrate the power and strength of women as Aurora Chorus sings We Remain Faithful at First Congregational Church.

RAW BEER FESTIVAL
SATFirkin Fest pours 40 Oregon beers that are unfiltered, unpasteurized, naturally carbonated in the cask and served at cellar temperature, with cheese, chocolates, meats, and snacks at Rogue Eastside Pub & Pilot Brewery.

ST. PATRICK’S BINGO PARTY
SAT – Play bingo with three cards at Luck of the Pug Drag Queen Bingo, hosted by a drag queen, with food and drinks for sale at Lagunitas Brewing. Age 21+.

WOMEN’S FILM FESTIVAL
THURS-SUNPortland Oregon Women’s Film Festival (POWFest) shows nearly 100 works from today’s top women directors, who often attend post-screening panels and answer questions at Hollywood Theatre.

FRIDAY DANCE PARTY
FRI – Giant music videos, colorful lights, and pounding music await you at the ’80s Video Dance Attack in Lola’s Room or McMenamins Crystal Ballroom for age 21+. Discount tickets $6 for two people.

FLASHBACK DANCE CRUISE
SAT – Gather your crew & rock your best retro threads from the 70’s, 80’s and 90’s! Get on the dance floor as our DJ’s play the hits of decades gone by.

CRIMES OF THE HEART
SAT through March 26 – Three eccentric sisters who have committed Crimes of the Heart reunite at their grandfather’s home, at Mask & Mirror Community Theatre in Tigard. Discount tickets $11.

URBAN SCAVENGER HUNT
ALL MONTH  Smartphone clues lead you on a fun & engaging walking tour of the city. Clues start you in the heart of downtown at Pioneer Courthouse Square and will take you on a scavenger hunt through the Arts District, on a streetcar ride and among the famous food carts.

SHANROCK’S TRIVIOLOGY
ALL MONTH – Various Portland Locations: Triviology pub quizzes are free to play, last a couple of hours, and are composed of seven short rounds, giving teams instant gratification for their efforts. Team size can range from one to five players, with prizes for everyone on the winning team.

HAUNTED PUB TOUR
All Month – This spine-tingling ghost tour explores Portland’s historic Old Town District, a vibrant area with beautiful 1800’s buildings, cobblestone streets and a wicked past.

PORTLAND ESCAPE ROOMS
All Month THURS-SUNCedar Hills/Beaverton Locations: Real-life room escape games are a type of physical adventure game in which people are locked in a room with other participants and have to use elements of the room to solve a series of puzzles, find clues, and escape the room within a set time limit.

VANCOUVER METRO EVENTS

SW WASHINGTON WIND SYMPHONY
SUN – The Southwest Washington Wind Symphony, conducted by Patrick Murphy, is privileged to welcome Piccolo Virtuoso, Zachariah Galatis, to its concert entitled “Flourishes.”

WILDLIFE EDUCATIONAL EVENT
SAT – The community is invited to come learn about their local National Wildlife Refuges in the Portland/Vancouver Metro area. Cascade Park Library.

OPEN SATURDAY AT PEARSON AIRBASE
SAT – Free educational experience, Flight Simulator lab, vertical wind tunnel, a glider-building station, historic airplanes on-site for viewing, collections on display, and educational programs to propel students of all ages.

NEW MOVIES OUT THIS WEEK
·         Logan
·         Lavender
·         The Shack
·         Before I Fall
·         Commando 2
·         The Institute
·         Wolves
·         Don’t Kill It

Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

For a monthly online listing of upcoming Portland metro events, click here.


This Week in Real Estate: February 27, 2017

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The National Association of Realtor’s analysis of January existing-home sales was released This Week in Real Estate, concluding sales are at the fastest pace since early 2007, while the job market shows signs of strength as evidenced by the four week average of unemployment benefits declined to the lowest level since 1973. Below are a few highlights from the third week of February that influence our business:

* Existing-Home Sales Begin 2017 With a Bang. Existing-home sales began 2017 with a bang, growing 3.3 percent and hitting a 10-year high in January, according to the National Association of Realtors. With the exception of the Midwest, every region saw gains, with total sales reaching 5.69 million – the fastest pace since February 2007. “Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home,” says Lawrence Yun, NAR chief economist. “Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate and deteriorating affordability conditions.” Total housing inventory at the end of January rose 2.4 percent to 1.69 million existing homes available for sale, but is still 7.1 percent lower than a year ago (1.82 million) and has fallen year-over-year for 20 straight months. Unsold inventory is at a 3.6 month supply at the current sales pace. Existing-home sales in the West ascended 6.6 percent to an annual rate of 1.29 million in January, and are now 8.4 percent above a year ago. The median price in the West was $332,300, up 6.8 percent from January 2016.
Full Story… https://www.nar.realtor/news-releases/2017/02/existing-home-sales-jump-in-january

* Claims for Jobless Benefits in U.S. Point to Firm Job Market. A tight labor market and growing economy are prompting companies to hold on to employees. The four-week average declined to the lowest level since July 1973. The four-week moving average decreased by 4,000 to 241,000, the lowest since July 21, 1973. The latest tally marks 103 straight weeks of claims below 300,000, the level economists consider consistent with a healthy labor market. The 161-week period that ended in April 1970 was the longest such streak in records back to 1967.
Full Story…  https://www.bloomberg.com/news/articles/2017-02-23/claims-for-jobless-benefits-in-u-s-point-to-firm-job-market

* New Home Sales Post Slight Increase. New home sales contracts expanded by 3.7% in January over a soft December reading, according to estimates from the joint data release of HUD and the Census Bureau. Despite the gain, which places the January pace of sales 5.5% higher than a year ago, the current seasonally adjusted annual rate of 555,000 is slightly below the positive growth trend that has been in place over the last few years. Inventory growth continued in January. After hovering near 240,000 for most of 2016, inventory increased to 247,000 in October, 256,000 in December and 265,000 in January. The current months’ supply number stands at 5.7, higher than the existing market (3.6) estimate. Solid builder confidence and ongoing tight inventory conditions suggest continued growth for single-family construction in the months ahead. An open question is pricing, given rising construction prices and increasing interest rates. New homes will need to be competitively priced, even as prices for existing homes continue to grow. For this reason, we continue to expect a broadening of the new home inventory base and slight declines in median new home size.
Full Story… http://eyeonhousing.org/2017/02/new-home-sales-post-slight-increase/

 

Have a productive week!
Jason


Portland Metro Weekend Event Planner: February 24-26, 2017

PORTLAND METRO WEEKEND EVENTS PLANNER
FOR FEBRUARY 24-26, 2017

 

PORTLAND SPRING HOME & GARDEN SHOW
THURS-SUN – For the latest ideas and products at show-only prices, don’t miss the largest home & garden event in the Northwest.

WURSTFEST
FRI-SAT – Celebrate Mount Angel’s German heritage at Wurstfest, where you will find the best handcrafted German sausages as well as local and German beers. Enjoy other great food, live German music, dancing, games and demonstrations.

BLACKOUT BEER FEST
SAT – Featuring 25 rotating dark beers, including porters, stouts, coffee beers and black IPAs, from Lompoc and more than 20 guest breweries from around the Northwest.

BREWSTILLERY FESTIVAL
SAT – Join over 35 breweries/distillery’s for the 3rd annual Brewstillery Festival.

POLAR PLUNGE
SAT – The Polar Plunge is a unique opportunity for individuals, organizations, and businesses to support Special Olympics Oregon athletes by jumping, walking or slowly crawling into the frigid and icy Oregon waters.

PORTLAND INTERNATIONAL FILM FESTIVAL
Through SAT – See over 140 international short films and feature films.

SWAN LAKE
Through SAT – The sublime transcendence of choreography that has been passed down generation after generation is unmatched, and the music of Tchaikovsky is never more attuned to the struggles of the heart than in this poignant work.

PORTLAND JAZZ FESTIVAL
Through SUN – Celebrating the collective of Jazz greats Dizzy Gillespie, Thelonious Monk, Buddy Rich and many more. Featuring 100 performances by jazz legends and local acts.

PORTLAND INTERNATIONAL FILM FESTIVAL
Through SAT – See over 140 international short films and feature films.

FOOD TRUCK FEBRUARY
Through TUES – 3rd annual Food Truck February at Pioneer Courthouse Square. Check out who’s there today!

FRIDAY DANCE PARTY
FRI – Giant music videos, colorful lights, and pounding music await you at the ’80s Video Dance Attack in Lola’s Room or McMenamins Crystal Ballroom for age 21+. Discount tickets $6 for two people.

FLASHBACK DANCE CRUISE
SAT – Gather your crew & rock your best retro threads from the 70’s, 80’s and 90’s! Get on the dance floor as our DJ’s play the hits of decades gone by.

SLEEPING BEAUTY
Through SUNThe Tale of Sleeping Beauty is one the world’s oldest and most revered fairy tales, and it has just been hijacked by a company of crazy bird puppets. Making their NWCT Mainstage debut, these feathered friends will stop at nothing in their quest to seize the spotlight and re-write history.

URBAN SCAVENGER HUNT
ALL MONTH  Smartphone clues lead you on a fun & engaging walking tour of the city. Clues start you in the heart of downtown at Pioneer Courthouse Square and will take you on a scavenger hunt through the Arts District, on a streetcar ride and among the famous food carts.

SHANROCK’S TRIVIOLOGY
ALL MONTH – Various Portland Locations: Triviology pub quizzes are free to play, last a couple of hours, and are composed of seven short rounds, giving teams instant gratification for their efforts. Team size can range from one to five players, with prizes for everyone on the winning team.

HAUNTED PUB TOUR
All Month – This spine-tingling ghost tour explores Portland’s historic Old Town District, a vibrant area with beautiful 1800’s buildings, cobblestone streets and a wicked past.

PORTLAND ESCAPE ROOMS
All Month THURS-SUNCedar Hills/Beaverton Locations: Real-life room escape games are a type of physical adventure game in which people are locked in a room with other participants and have to use elements of the room to solve a series of puzzles, find clues, and escape the room within a set time limit.

 

VANCOUVER METRO EVENTS

LANTERN TOUR: AN EVENING AT THE FORT
SAT – Visitors are treated to historical vignettes in each building as a park ranger guides them through the reconstructed fort.

WAITING IN THE WINGS
Through SAT – This rarely produced Noel Coward play, directed by Jaynie Roberts, is Magenta Theater’s first main stage production for the 2017 season.

OPEN SATURDAY AT PEARSON AIRBASE
SAT – Free educational experience, Flight Simulator lab, vertical wind tunnel, a glider-building station, historic airplanes on-site for viewing, collections on display, and educational programs to propel students of all ages.

NEW MOVIES OUT THIS WEEK
·         Get Out
·         Rock Dog
·         Year by the Sea
·         Bitter Harvest
·         Erasing Eden
·         Fabricated City
·         Tulip Fever
·         Voodoo

Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

For a monthly online listing of upcoming Portland metro events, click here.


This Week in Real Estate: February 21, 2017

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Favorable news This Week in Real Estate with respect to new construction permits as well as mortgage applications for new homes fuels optimism for this sector in the coming months. Below are a few highlights from the second week of February that influence our business:

* Commerce Department: Home-Building Down in January, but Permits Up. Home-building overall stalled in January, but more permits indicate construction will pick up in the months ahead. Single-family construction rose 1.9 percent in January to a rate of 823,000, up from 808,000 in December, according to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). Privately-owned construction fell 2.6 percent to a rate of 1,246,000, down from 1,279,000 in December – though 10.5 percent higher than the January 2016 rate of 1,128,000. “Today’s reported decline in housing starts and completions weren’t statistically significant, but the big increase in permits was a good sign that we are on track for more much-needed new construction in the months to come,” says Joseph Kirchner, senior economist at realtor.com. “For the housing market as a whole, this means we are seeing a continuing increase in permitting and starts, but not yet completions,” Kirchner says. “Eventually, the permits will turn to starts and completions – the question is whether this will occur prior to the spring market.” Permits for privately-owned housing in January rose 4.6 percent from December to a rate of 1,285,000, an 8.2 percent increase from January 2016 – movement that lays the groundwork for future construction. The National Association of Home Builders anticipates a 10 percent increase in single-family construction in 2017, and a 12 percent increase in 2018.
Full Story… http://rismedia.com/2017/02/16/commerce-department-home-building-down-january-permits-up/?utm_source=newsletter&utm_medium=email&utm_campaign=eNews

* January New Home Purchase Mortgage Applications Increased 9.2 Percent Year Over Year. The Mortgage Bankers Association (MBA) Builder Application Survey data for January 2017 shows mortgage applications for new home purchases increased 9.2 percent compared to January 2016. Compared to December 2016, applications increased by 22 percent relative to the previous month. “As house prices continue to rise and inventories of homes available for sale remain low, it is not surprising that mortgage applications for new homes in January came in higher than a year ago,” said Lynn Fisher, MBA’s Vice President of Research and Economics. “Alongside relatively low supply, rising household incomes and favorable demographics should continue to bolster demand for new homes, despite rising interest rates, leading to modest growth in new home sales this year.” By product type, conventional loans composed 67.2 percent of loan applications, FHA loans composed 18.6 percent, RHS/USDA loans composed 1.1 percent and VA loans composed 13 percent.
Full Story…  https://www.mba.org/2017-press-releases/february/january-new-home-purchase-mortgage-applications-increased-92-percent-year-over-year

* New Single-Family Home Size Trends. After increasing and leveling off in recent years, new single-family home size continued along a general trend of decreasing size during the fourth quarter of 2016. This ongoing change marks a reversal of the trend that had been in place as builders focused on the higher end of the market during the recovery. According to fourth quarter 2016 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area was slightly higher at 2,453 square feet. Average square footage for new single-family homes increased to 2,661 square feet. Typical new home size falls prior to and during a recession as some home buyers tighten budgets, and then sizes rise as high-end homebuyers, who face fewer credit constraints, return to the housing market in relatively greater proportions.
Full Story… http://eyeonhousing.org/2017/02/new-single-family-home-size-trends/

Have a productive week!
Jason

 


Portland Metro Weekend Event Planner: February 16-19, 2017

PORTLAND METRO WEEKEND EVENTS PLANNER
FOR FEBRUARY 10-12, 2017

 

MUDDY TRAIL RUN
SAT-SUN Hagg Lake Mud Run is a 50K (31 miles) on Saturday and a 25K (15.5 miles) on Sunday around the lake, with awards and a meal afterward.

PORTLAND JAZZ FESTIVAL
Through February 26 – Celebrating the collective of Jazz greats Dizzy Gillespie, Thelonious Monk, Buddy Rich and many more. Featuring 100 performances by jazz legends and local acts.

MARDI GRAS BALL
SAT – It’s the most authentic Louisiana Mardi Gras Experience in the Pacific Northwest. Enjoy our costume contest, Mardi Gras Royalty, light taste of Louisiana cuisine, great music and lots of fun!

KIDFEST
SAT-SUNEntertainment stages, sports demo courts, inflatable fun zones, GameTruck, bubble soccer, laser tag, paint ball arena, stunt jump, BMX track, mechanical bull, cooking stage & Iron-Kid Chef Competition, character village & stage shows with super heroes & Disney princesses, Star Wars Blast-A-Trooper, petting zoo & Walk-On-The-Wildside exotic animals & reptiles, arcades, music, art, science and more. Daily deals from over 200 exhibitors on products & services for your family!

WIZARD WORLD COMIC CON
FRI-SUN – Meet some of your favorite TV characters, WWE stars and more! Comics, Sci-Fi, anime, fantasy, cosplay, fire show, party games—something for everyone!

ZWICKELMANIA
SAT – Beer enthusiasts rejoice, Oregon’s breweries open their doors once again for the 9th annual Zwickelmania.

A STREET CAR NAMED DESIRE
THURS-SUN – The play reveals to the very depths the character of Blanche du Bois, a woman whose life has been undermined by her romantic illusions, which lead her to reject—so far as possible—the realities of life with which she is faced and which she consistently ignores.

PORTLAND INTERNATIONAL FILM FESTIVAL
Through February 25 – See over 140 international short films and feature films.

FOOD TRUCK FEBRUARY
Through February 28 – 3rd annual Food Truck February at Pioneer Courthouse Square. Check out who’s there today!

FRIDAY DANCE PARTY
Through February 24 – Giant music videos, colorful lights, and pounding music await you at the ’80s Video Dance Attack in Lola’s Room or McMenamins Crystal Ballroom for age 21+. Discount tickets $6 for two people.

FLASHBACK DANCE CRUISE
SAT (February 18 & 25) – Gather your crew & rock your best retro threads from the 70’s, 80’s and 90’s! Get on the dance floor as our DJ’s play the hits of decades gone by.

SLEEPING BEAUTY
Through February 26The Tale of Sleeping Beauty is one the world’s oldest and most revered fairy tales, and it has just been hijacked by a company of crazy bird puppets. Making their NWCT Mainstage debut, these feathered friends will stop at nothing in their quest to seize the spotlight and re-write history.

URBAN SCAVENGER HUNT
ALL MONTH  Smartphone clues lead you on a fun & engaging walking tour of the city. Clues start you in the heart of downtown at Pioneer Courthouse Square and will take you on a scavenger hunt through the Arts District, on a streetcar ride and among the famous food carts.

SHANROCK’S TRIVIOLOGY
ALL MONTH – Various Portland Locations: Triviology pub quizzes are free to play, last a couple of hours, and are composed of seven short rounds, giving teams instant gratification for their efforts. Team size can range from one to five players, with prizes for everyone on the winning team.

HAUNTED PUB TOUR
All Month – This spine-tingling ghost tour explores Portland’s historic Old Town District, a vibrant area with beautiful 1800’s buildings, cobblestone streets and a wicked past.

PORTLAND ESCAPE ROOMS
All Month THURS-SUNCedar Hills/Beaverton Locations: Real-life room escape games are a type of physical adventure game in which people are locked in a room with other participants and have to use elements of the room to solve a series of puzzles, find clues, and escape the room within a set time limit.

 

VANCOUVER METRO EVENTS

LANTERN TOUR: AN EVENING AT THE FORT
SAT – Visitors are treated to historical vignettes in each building as a park ranger guides them through the reconstructed fort.

ARTS & CULTURE TOUR
SAT – Area writers and artists will display and sell their works from historical venues.

STORM CITY ROLLER GIRLS
SAT – Watch the hard-hitting action as Storm City battles it out on the track against the Northwest Derby Company.

WAITING IN THE WINGS
Through February 25 – This rarely produced Noel Coward play, directed by Jaynie Roberts, is Magenta Theater’s first main stage production for the 2017 season.

OPEN SATURDAY AT PEARSON AIRBASE
SAT – Free educational experience, Flight Simulator lab, vertical wind tunnel, a glider-building station, historic airplanes on-site for viewing, collections on display, and educational programs to propel students of all ages.

NEW MOVIES OUT THIS WEEK
·         Fist Fight
·         The Great Wall
·         Ghost of New Orleans
·         A Cure for Wellness
·         Everybody Loves Somebody
·         Fanny’s Journey
·         In Dubious Battle
·         American Fable

Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

For a monthly online listing of upcoming Portland metro events, click here.


Sell your Home for More Money

Drastically increase the amount of money you make on the sale of your home with these eight easy tips.

1) Price it below market value.
List your home below the current market value; maybe even as much as 5-10%. As a homeowner, you may be reluctant to try this approach, but the results may surprise you. This can be highly effective, create a sense of urgency and drive in even more offers and buyers than you ever imagined.

2) Brighten up the bedroom.
Bring in as much natural light into the room as possible. If you can’t remember the last time you cleaned the windows in your house, now is the time–inside and out! Replace any burnt out light bulbs and bring in an extra lamp or two.

3) Clean out the closets.
Open up the closet doors, pull everything out, and get rid of 50% of the clutter. If winter has passed, pack away all of your winter clothes. When a buyer opens up the closet doors, they see the available closet space, and not an unorganized, overstocked storage area.

4) Paint the front door.
Don’t let an old, weathered door be a buyer’s focal point. Painting the front door can make a home feel more welcoming. By carefully choosing the right color, you can unexpectedly make your house stand out from the rest.

5) Enhance the landscaping.
To help give your home a boost in curb appeal, spruce up the landscaping around the front of your home. By carefully planning and doing your homework, you can achieve a nice upgrade on a small budget.

6) Stain the deck and driveway.
Staining your deck and driveway is a cost effective way to prolong the life of an area that takes a beating from the weather and heavy foot traffic. It will let the buyer know your home is properly maintained.

7) Paint the walls a neutral color.
Don’t let the color of your walls be the focal point of a room. It will be easier for a buyer to relate to a neutral wall color, and they won’t be distracted by a room that is bold or too loud.

8) Make kitchen improvements.
Kitchen improvements can yield high returns if done properly. Popular upgrades include resurfacing or replacing kitchen cabinets, adding a new backsplash, or replacing outdated countertops.

Article courtesy of garrettsrealty.com


©2016 BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc. Equal Housing Opportunity.