Portland Metro Weekend Planner December 21-23, 2018

 

PORTLAND METRO WEEKEND PLANNER
DECEMBER 21-23, 2018

BAROQUE HOLIDAY CONCERT
FRI – The Bach Cantana Choir and Chamber Orchestra display a performance with Baroque Christmas Carols.

CRAFT FAIR
SAT-SUN Renegade Craft Fair offers crafts, food trucks, and music from a live DJ.

WINTER SOLSTICE
FRI – The Winter Village celebrates the Winter Solstice with ice skating, art activities and more at Orenco Station.

CHRISTMAS TRAIN RIDE
ONGOING – Ride along the Columbia River as you enjoy cocoa, Christmas cookies, and a visit from Santa and his elves through December 27th.

CHRISTMAS SHOW
THROUGH DEC 22 – Celebrate the winter solstice and enjoy Christmas in a family-oriented show with song and dance at Newmark Theatre.

CHRISTMAS AT VICTORIAN BELLE
THROUGH DEC 23 – Visit the Victorian Belle mansion and its 2.5-acre grounds to see decorated rooms, train display, musical performances and more!

DRIVE-THROUGH LIGHT SHOW
THROUGH DEC 26 – The largest light show in the Northwest, Winter Wonderland is home to over 250 colorful displays at the Portland International Raceway.

LIGHTS AT THE GROTTO
THROUGH DEC 30 – Head to the Christmas Festival of Lights to saunter through light displays while listening to carolers, choirs, watching puppet shows and interacting with a puppet show.

IT’S A WONDERFUL LIFE
THROUGH DEC 30 – This classic story is a holiday staple, watch it come to life as a 1940’s live radio broadcast.

CHRISTMAS NEIGHBORHOOD
THROUGH DEC 31 – Bundle up and drive or walk through the Lights on Peacock Lane open to see homes covered in lights and boasting the holiday spirit.

CHRISTMAS AT THE PITTOCK MANSION
THROUGH DEC 31 – Stroll through the Pittock Mansion with decorated rooms from professional designers and a rich touch of history woven into the home built in 1909.

CHRISTMAS LIGHT TRAIL
THROUGH DEC 31 – Walk down a lighted path of festive trees through the Maddax Woods to the Willamette waterline in a tradition 15 years in the making.

CHRISTMAS FANTASY TRAIL
THROUGH DEC 29 – Enjoy a lighted Christmas Fantasy trail and a bonfire at Wenzel Family Farm.

DISCOVER KING TUT
THROUGH JAN 27 – Take on a once in a lifetime experience viewing the treasures and tomb of famous King Tut at OMSI.

 

VANCOUVER METRO EVENTS

 

DECEMBER GALA
FRI – Enjoy a dinner with presenters and learn about Vancouver’s rich history and evolutions from Fort Vancouver and Vancouver Barracks, all the way back to 1840.

WINE & PAINT SATURDAY
SAT – Enjoy wine and great conversation while you choose a holiday theme or other image. Beverages and snacks are included while you paint the night away.

THE NUTCRACKER
THROUGH DEC 24 – Columbia Dance brings a joyous production with a cast of over 90 local dancers to embark on this magical tale.

LANTERN TOUR
ONGOING – Take in an evening at Fort Vancouver with a guided lantern tour. Led by a Park Ranger, head through the Counting House, Fur Store, Chief Factor’s Home and the Bake House, as you learn aspects of each working area.

WILD THINGS: THE POWER OF NATURE IN OUR LIVES
THROUGH SEPT 2019 – The Museum of Vancouver and Nature Vancouver present the exhibition Wild Things: The Power of Nature in Our Lives. Dives into life stories of local plants and animals and how they relate to each other and how they connect people to nature in the city.

MOVIES OPENING THIS WEEKEND

  • Aquaman
  • Bumblebee
  • Mary Poppins Returns (2018)
  • They Shall Not Grow Old
  • Second Act
  • Welcome to Marwen
  • Cold War
  • Zero
  • American Renegades
  • Bird Box
  • Fourth Quarter

Click here for movie times and theaters.

CLICK HERE TO VIEW THIS WEEK’S OPEN HOUSES

www.events12.com/portland

www.bhhsnw.com


Tips to Prevent Frozen Pipes this Winter

 

Our weather in the Northwest can wreak havoc on our homes and water pipes. The last thing you want to invite into your home for the holidays is a plumbing emergency. Take these steps to prevent a costly frozen pipe disaster. 

Outdoor plumbing tips

• Close all foundation vents and fill the vents with styrofoam blocks or wood to prevent cold wind from reaching unprotected pipes. 

• Disconnect garden hoses and be sure to drain all in-ground irrigation systems. 

• Cover outside faucets or hose bibs with insulation. Use molded foam insulation covers, newspaper, or rags and wrap in plastic. 

Indoor plumbing protection

• Check your attic, crawl space, basement and other non-heated areas to insulate and protect. 

• Open cupboard doors in the kitchen and in your bathrooms to allow plumbing to gain more heat from your home. 

• If you’re planning on heading out of town, put your furnace on a low setting to help prevent freezing pipes by keeping the temperature of the home slightly elevated. 

• When temperatures drop below freezing, use a slow drip of cold water to keep your faucet from freezing. 

What to do if pipes freeze

When a pipe freezes it can cause a buildup of pressure inside the pipe, causing it to burst and leak. Safely thaw plumbing lines with a carefully monitored heat lamp, hot wash cloth, or common hair dryer. When thawed, leave a small amount of water dripping to ensure it doesn’t happen again. 

What to do if pipes break

• Shut off the main water line to prevent additional water from damaging your home. Open the faucets to relieve any remaining pressure.

• Turn off the water heater and shut-off the valve on the cold-water inlet. 

• If there is any water damage to the area, be sure to clean quickly to prevent mold. 

• Call a professional plumber to repair the issue.


HOME SALES TO STABILIZE IN 2019

 

According to a report released by the Federal Reserve This Week in Real Estate the market value of all owner-occupied residential real estate rose to $25.6 trillion in the third quarter. Below are a few highlights from the second week of December that influence our business:

Fannie Mae: Home Sales to Stabilize in 2019
Although economic growth is expected to slow in the new year, new data suggests the housing market will stabilize come 2019, according to Fannie Mae. “We expect full-year 2018 economic growth to come in at 3.1% – an expansion high – before slowing markedly to 2.3% in 2019 and 1.6% in 2020,” Fannie Mae Chief Economist Doug Duncan said. The report indicates that consumer spending will continue being the largest positive contributor for growth. Nevertheless, the GSE believes higher tariffs, trade uncertainty and rising interest rates and input costs will further constrain business fixed investment growth. With the exception of accelerating inflation, both mortgage rates and home sales could stabilize in 2019, according to the ESR Group. In fact, Fannie predicts purchase mortgage originations will climb, but origination volumes will slow as refinances decline.

U.S. Household Balance Sheet Continues to Recover in Q3 2018
The third quarter Federal Reserve Flow of Funds report showed continued improvement in the financial position of U.S. households with real estate, as the market value of all owner-occupied residential real estate (household owned) rose to $25.6 trillion. According to NAHB tabulations of the quarterly series, the asset or market value of owner-occupied real estate held by U.S. households increased $298 billion dollars while the liabilities (home mortgages) increased by about $90 billion from the second quarter reading. The housing market’s value of owners’ equity in real estate as a percentage of household real estate reached 59.9% in the third quarter of 2018, a level had not been seen since 2002. On the other hand, the greatest quarter-to-quarter percent increase in households’ equity position, that is, the difference between assets and liabilities, occurred not in 2018 but in 2017. The 2018 third quarter’s increase in equity position was 1.4%, which was substantially lower than the quarter-to-quarter increases of over 2.0% in the previous year’s quarters.

HUD Announces New FHA Loan Limits for 2019
The Federal Housing Administration (FHA) announced its loan limits for 2019 on Friday. The nationwide rise in median home prices indicates most buyers across the country – including those in more than 3,000 counties – will see increases. The FHA floor will increase from $294,515 to $314,827. This base limit applies to areas where 115% of the area median home price is less than $314,827. The FHA high-cost ceiling will increase from $679,650 to $726,525.  High-cost areas are those where 115% of the median home price is greater than the floor ($314,827). In these areas, the limit equals 115% of the median home price up to the FHA ceiling ($726,525). FHA also increased the loan limits for its Home Equity Conversion Mortgage (HECM), or reverse mortgage program, from $679,650 to $726,525.


Portland Metro Weekend Planner December 14-16, 2018

PORTLAND METRO WEEKEND PLANNER
DECEMBER 14-16, 2018

HOLIDAY CIRQUE SHOW

FRI – Watch a circus act with laughter, acrobatics, dancing, juggling, live music and more!

 

CHRISTMAS TRAIN RIDES

ONGOING – Ride along the Columbia River as you enjoy cocoa, Christmas cookies, and a visit from Santa and his elves through December 27th. Hop aboard the Holiday Express at Oaks Park and wind around the Oaks Bottom Wildlife Refuge through December 16th.

 

CHRISTMAS SHOW

THROUGH DEC 22 – Celebrate the winter solstice and enjoy Christmas in a family-oriented show with song and dance at Newmark Theatre.

 

PORTLAND WINTERHAWKS

ONGOING – Catch a Winterhawks game this season!

 

PORTLAND TRAIL BLAZERS

ONGOING – Enjoy at night at the Moda Center and watch the Portland Trail Blazers.

 

CHRISTMAS SHIPS PARTY

SAT – Head to Milwaukie’s annual Winter Solstice celebration to view Christmas Ships. Keep warm at the bonfire and enjoy warm food and tasty treats.

 

DINNER SHOW

THROUGH DEC 19 – Watch a Tony Starlight Las Vegas style show with music, comedy, and a dinner.

 

DRIVE-THROUGH LIGHT SHOW

THROUGH DEC 26 – The largest light show in the Northwest, Winter Wonderland is home to over 250 colorful displays at the Portland International Raceway.

 

LIGHTS AT THE GROTTO

THROUGH DEC 30 – Head to the Christmas Festival of Lights to saunter through light displays while listening to carolers, choirs, watching puppet shows and interacting with a puppet show.

 

CHRISTMAS NEIGHBORHOOD

THROUGH DEC 31 – Bundle up and drive or walk through the Lights on Peacock Lane open to see homes covered in lights and boasting the holiday spirit.

 

CHRISTMAS AT THE PITTOCK MANSION

THROUGH DEC 31 – Stroll through the Pittock Mansion with decorated rooms from professional designers and a rich touch of history woven into the home built in 1909.

 

CHRISTMAS LIGHT TRAIL

THROUGH DEC 31 – Walk down a lighted path of festive trees through the Maddax Woods to the Willamette waterline in a tradition 15 years in the making.

 

DISCOVER KING TUT

THROUGH JAN 27 – Take on a once in a lifetime experience viewing the treasures and tomb of famous King Tut at OMSI.

 

VANCOUVER METRO EVENTS

MAGENTA IMPROV

FRI-SAT – Head to Magenta Theatre for a hilarious holiday Improv Show.

 

SECOND FRIDAY GAME NIGHT

FRI – Join the community for game night at City Bible with 30+ new and vintage board games, for friends 12yrs and up!

 

UGLY SWEATER PUB CRAWL

FRI-SUN – Join uptown village for the 3rdAnnual Ugly Sweater Pub Crawl, grab your holiday cheer and join in on the fun!

 

STEM EDUCATION & AVIATION

SAT – Bring the kids for an opportunity to learn about STEM education and enjoy a hands on experience.

 

LANTERN TOUR

ONGOING – Take in an evening at Fort Vancouver with a guided lantern tour. Led by a Park Ranger, head through the Counting House, Fur Store, Chief Factor’s Home and the Bake House, as you learn aspects of each working area.

 

WILD THINGS: THE POWER OF NATURE IN OUR LIVES
THROUGH SEPT 2019 – The Museum of Vancouver and Nature Vancouver present the exhibition Wild Things: The Power of Nature in Our Lives. Dives into life stories of local plants and animals and how they relate to each other and how they connect people to nature in the city.

 

MOVIES OPENING THIS WEEKEND

  • Mortal Engines
  • The Mule
  • Spider-Man: Into The Spider-Verse
  • The Favourite
  • Once Upon A Deadpool
  • Capernaum
  • If Beale Street Could Talk
  • The Wedding (2018)
  • Maine
  • Antidote (2018)
  • Backtrace
  • Beyond White Space
  • Martyr

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


Residential Construction Loans Grow as Equity Climbs and Housing Appreciation Slows

 

Residential Construction Loans Grow As Equity Climbs and Housing Appreciation Slows

While home equity is still climbing, led by the Western region, appreciation is slowing down according to the CoreLogic Home Equity Report released This Week in Real Estate. Below are a few highlights from the first week of December that influence our business:

Active Home Buyers are Spending Significant Amounts of Time Looking for the Right Home

In the third quarter of 2018, 13% of adults in NAHB’s Housing Trends Report poll report planning to purchase a home in the next 12 months.  Of that group, 46 percent are not merely planning it, they are already actively engaged in the search for the right home to buy.  And they are spending significant amounts of time looking. In fact, 54% of those actively engaged in the process have been trying to find the right home for three months or longer. Why is it taking this long? The number one reason active home buyers gave in the third quarter of 2018 is they can’t find a home at a price they can afford (49%), followed by not being able to find a home with the desired set of features (40%). Not far behind, 38% can’t find a home in the right neighborhood. And finally, a critical question: what are these veteran house hunters, who have already actively looked for at least three months, going to do if their dream house remains elusive in the months ahead: 61% will continue looking for the ‘right’ home in the same preferred location, 37% will expand the search area, 23% is willing to accept a smaller/older home, and 16% might buy a more expensive home. One option that is not in the cards for most of them: giving up. Only 18% will stop trying to find a home.

Home Price Appreciation is Slowing Down: Equity is Still Climbing, Just Not as Fast as Before

The average homeowner gained $12,400 in equity in one year’s time, according to CoreLogic’s Home Equity Report for the third quarter of 2018. And while that’s not exactly nothing, it’s the smallest annual increase in two years. Last quarter’s report revealed an increase of $16,000 in home equity. CoreLogic analyzed data on more than 50 million U.S. properties with a mortgage. Its report revealed that homeowners with mortgages (which account for 63% of all properties) saw their home equity increase 9.4% from last year. While the rate of growth may be slowing, almost every state experienced some growth, with the Western region posting the most notable uptick. California homeowners gained an average of $36,500 in home equity, while Nevada, Washington and Oregon homeowners saw their equity increase by approximately $32,600, $27,000 and $9,000, respectively. The number of homes with negative equity also fell in the third quarter. The data shows that, year over year, negative-equity homes – or homes that have liens that exceed their value – fell 16% to 2.6 million homes. “On average, homeowners saw their home equity increase again this quarter, but not nearly as much as in previous quarters,” said CoreLogic Chief Economist Frank Nothaft. “During the third quarter, homeowners gained an average of $12,400 compared to the second quarter when the average home equity wealth increase was more than $16,000.”

Continued Residential Construction Loan Growth 

The volume of residential construction loans increased by 2.8% during the third quarter of 2018, marking 22 consecutive quarters of growth. Furthermore, recent stabilization of year-over-year growth rates is an indicator of continued, modest growth for single-family construction. Tight availability of acquisition, development and construction (AD&C) loans has been a limiting or cost factor for home building growth, but easing credit conditions and a growing loan base have helped expand residential construction activity. According to data from the FDIC and NAHB analysis, the outstanding stock of 1-4 unit residential construction loans made by FDIC-insured institutions rose by $2.2 billion during the third quarter of 2018, raising the total stock of outstanding loans to $79 billion. On a year-over-year basis, the stock of residential construction loans is up 8%, which has been a useful indicator of the additional volume builders intend to add to construction activity. Since the first quarter of 2013, the stock of outstanding home building construction loans has grown by 95%, an increase of $38 billion.

 


‘Tis the Season to Sell Your Home

 

Winter is a time for rest and relaxation, but it’s also the most wonderful time of the year to sell a home before the competitive spring market picks up. These tips explain how to take advantage of the holiday shuffle and expose your home to more interested buyers for a quick turnaround.

Illuminate Interested Buyers
Classic soft white holiday lights will attract interested buyers and make any home look and feel timeless. With daylight savings creating dark showings, there is no better way to put your home on center stage than to brighten up the street with the warmth of your home wearing a layer of soft lights.

New Year, New Home
The winter rush brings good tidings and inspiration for new beginnings. Buyers anticipate being settled in their new home by Christmas, if not by the New Year. Work on decluttering and having minimal decorations to ensure buyers can envision their future holidays and their own decor in the home. Having an overabundance of holiday ornamentation or family photos can hinder that vision. Many families face job relocation at the beginning of the year, having your home on the market now ensures you can capture newly transferred employees as your audience.

Time Stops for House Hunters
This time of year, casual window shoppers are at the mall instead of strolling through homes they’ll never buy. Serious buyers take advantage of time off work and are usually willing to work around their house hunting schedule.

Tax Benefits
Shopping discounts bring benefits to the housing market too. Consult your tax advisor to learn more about tax benefits for buyers and sellers who close on a property before the end of the year.

Ask your Berkshire Hathaway HomeServices Northwest Real Estate broker about the many ways you can market your home with minimal disruptions during the holiday season.


Portland Metro Weekend Planner December 7-9, 2018

 

PORTLAND METRO WEEKEND PLANNER
DECEMBER 7-9, 2018

HOLIDAY HOME TOUR
FRIDAY – Head to the Holiday Home Tour and Boutique, hop on the trolley and visit six classic homes.

CHRISTMAS TRAIN RIDES
ONGOING – Ride along the Columbia River as you enjoy cocoa, Christmas cookies, and a visit from Santa and his elves through December 27th. Hop aboard the Holiday Express at Oaks Park and wind around the Oaks Bottom Wildlife Refuge through December 16th.

GOSPEL CHRISTMAS
THROUGH SUN – Get your tickets to the Northwest Community Gospel Chorus performs with the Oregon Symphony celebrating the true spirit of the season. The First United Methodist Church performs traditional carols with guest choirs during the Glory of Christmas.

PORTLAND WINTERHAWKS
ONGOING – Catch a Winterhawks game this season!

PORTLAND TRAIL BLAZERS
ONGOING – Enjoy at night at the Moda Center and watch the Portland Trail Blazers.

TUBA CHRISTMAS CONCERT
THROUGH SAT – Listen to over 250 tubas play in unison at Pioneer Courthouse Square at the Tuba Christmas Concert.

HANDEL’S MESSIAH
THROUGH DEC 10 – The Portland Baroque Orchestra and Cappella Romana join together for a performance of Handel’s Messiah at First Baptist Church.

CHRISTMAS RADIO SHOW
THROUGH DEC 15 – 1943 Christmas from Home is a live radio show recreated from WWII with sketches, singers, a band, vintage ads and more at the Alpenrose Dairy Opera House.

DINNER SHOW
THROUGH DEC 19 – Watch a Tony Starlight Las Vegas style show with music, comedy, and a dinner.

DRIVE-THROUGH LIGHT SHOW
THROUGH DEC 26 – The largest light show in the Northwest, Winter Wonderland is home to over 250 colorful displays at the Portland International Raceway.

LIGHTS AT THE GROTTO
THROUGH DEC 30 – Head to the Christmas Festival of Lights to saunter through light displays while listening to carolers, choirs, watching puppet shows and interacting with a puppet show.

CHRISTMAS AT THE PITTOCK MANSION
THROUGH DEC 31 – Stroll through the Pittock Mansion with decorated rooms from professional designers and a rich touch of history woven into the home built in 1909.

CHRISTMAS LIGHT TRAIL
THROUGH DEC 31 – Walk down a lighted path of festive trees through the Maddax Woods to the Willamette waterline in a tradition 15 years in the making.

DISCOVER KING TUT
THROUGH JAN 27 – Take on a once in a lifetime experience viewing the treasures and tomb of famous King Tut at OMSI.

VANCOUVER METRO EVENTS

CHRISTMAS AT THE PARK
FRI-SUN – Get your pictures with Santa, enjoy hot drinks, a giving tree, and lots of crafts for the kids. This year, they’ll be giving away 300 Christmas trees.

VANCOUVER NIGHT MARKET
FRI – Join in on the creativity and inspiration brought to you by the Night Market in Vancouver.

FIRST FRIDAY
FRI-SUN – View artwork from local artists and enjoy dinner at a participating restaurant during Vancouver’s First Friday Celebration!

SANTACON
FRI-SUN – Hit the streets of Vancouver with other Santa look-alikes after sharing a holiday dinner.

LANTERN TOUR
ONGOING – Take in an evening at Fort Vancouver with a guided lantern tour. Led by a Park Ranger, head through the Counting House, Fur Store, Chief Factor’s Home and the Bake House, as you learn aspects of each working area.

WILD THINGS: THE POWER OF NATURE IN OUR LIVES
THROUGH SEPT 2019 – The Museum of Vancouver and Nature Vancouver present the exhibition Wild Things: The Power of Nature in Our Lives. Dives into life stories of local plants and animals and how they relate to each other and how they connect people to nature in the city.

MOVIES OPENING THIS WEEKEND

  • Ben is Back
  • Divide and Conquer
  • Great Great Great
  • Mary Queen of Scots
  • Swimming With Men
  • Tyrel
  • Clara’s Ghost
  • Asher
  • Back Roads
  • Bitter Melon
  • Elephants
  • Hospitality
  • The Appearance

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


November’s Influence on the Housing Market

 

In response to the ongoing run-up in home prices over the last year the Federal Housing Finance Agency announced This Week in Real Estate that the conforming loan limits will increase by 6.9 percent to $484,350 effective January 1, 2019. Below are a few highlights from the last week of November that influence our business:

Pending Home Sales Slip 2.6% in October
Pending home sales declined slightly in October in all regions but the Northeast, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 2.6 percent to 102.1 in October, down from 104.8 in September. However, year-over-year contract signings dropped 6.7 percent, making this the tenth straight month of annual decreases. While the short-term outlook is uncertain, Yun stressed that he is very optimistic about the long-term outlook. The current home sales level matches sales in 2000. “However, mortgage rates are much lower today compared to earlier this century, when mortgage rates averaged 8 percent. Additionally, there are more jobs today than there were two decades ago,” said Yun. “So, while the long-term prospects look solid, we just have to get through this short-term period of uncertainty.” All four major regions saw a decline when compared to a year ago, with the West seeing the most pronounced drop. Yun said that decline is not at all surprising. “The West region experienced the fastest run-up in home prices in a short time and therefore, has essentially priced out many consumers,” Yun said. Yun pointed to year-over-year increases in active listings from data at realtor.com to illustrate a potential rise in inventory. Denver-Aurora-Lakewood, Colo., Seattle-Tacoma-Bellevue, Wash., Columbus, Ohio, San Francisco-Oakland-Hayward, Calif. and San Diego-Carlsbad, Calif. saw the largest increase in active listings in October compared to a year ago. Yun expects existing-home sales this year to decrease 3.1 percent to 5.34 million, and the national median existing-home price to increase 4.7 percent. Looking ahead to next year, existing sales are forecast to decline 0.4 percent and home prices to drop roughly 2.5 percent.

Entry Level Home Inventory Yields Declining New Home Size
Continuing a multiyear trend, new single-family home size decreased during the third quarter of 2018. New home size has been falling over the last three years due to an incremental move to additional entry-level home construction. According to third quarter 2018 data from the Census Quarterly Starts and Completions by Purpose and Design and NAHB analysis, median single-family square floor area decreased to 2,320 square feet. Average (mean) square footage for new single-family homes declined to 2,495 square feet. Since cycle lows (and on a one-year moving average basis), the average size of new single-family homes is 8% higher at 2,565 square feet, while the median size is 13% higher at 2,369 square feet.

The post-recession increase in single-family home size is consistent with the historical pattern coming out of recessions. Typical new home size falls prior to and during a recession as 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. This pattern was exacerbated during the current business cycle due to market weakness among first-time homebuyers and supply-side constraints in the building market. But current declines in size indicate that this part of the cycle has ended, and size will trend lower as builders add more entry-level homes into inventory and the custom market cools.

Loan Limits Increase to $484,350 
Given the rapid run-up in home prices over the last year, it’s no surprise that loan limits will also be going up in 2019. The Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for mortgages eligible for acquisition or guarantee by the two government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae will be $484,350. The conforming loan limit as established by the Housing and Economic Recovery Act (HERA) is reviewed each year and adjusted as necessary to reflect the change in the average U.S. home price. The new limit represents a 6.9 percent increase over the $453,100 limit for 2018, the percentage by which FHFA’s Housing Price Index (HPI) for the third quarter of 2018 increased on an annual basis. The new limits are effective as of January 1, 2019. The Federal Housing Administration (FHA) and the VA are expected to adopt the same loan limits for 2019.

 


Portland Metro Weekend Planner: November 30 – December 2, 2018

 

PORTLAND METRO WEEKEND PLANNER
NOVEMBER 30 – DECEMBER 2, 2018
 

HOOD RIVER TRAIN RIDE
THROUGH DEC 27 – Ride along the Columbia River as you enjoy cocoa, Christmas cookies, and a visit from Santa and his elves!

BEATLES CIRCUS SPECTACULAR
THROUGH DEC 8 – The Nowhere Band plays hits from the classic Beatles album at the White Album Xmas show while aerialists and acrobats of the Portland Circus perform.

CHRISTMAS RADIO SHOW
FRI-SUN – 1943 Christmas from Home is a live radio show recreated from WWII with sketches, singers, a band, vintage ads and more at the Alpenrose Dairy Opera House.

AMERICA’S LARGEST CHRISTMAS BAZAAR
THROUGH DEC 2 – Over 400 booths of handcrafted art and more than 500 commercial booths featuring commercial products to give as holiday gifts.

PORTLAND WINTERHAWKS
ONGOING – Catch a Winterhawks game this season!

PORTLAND TRAIL BLAZERS
ONGOING – Enjoy at night at the Moda Center and watch the Portland Trail Blazers.

PAWS WITH SANTA CLAUS
THROUGH SUN – Don’t let your four-legged family members miss out on photos with Santa! Reserve your photo session today for animal time slots at the Washington Square Mall.

DINNER SHOW
THROUGH DEC 19 – Watch a Tony Starlight Las Vegas style show with music, comedy, and a dinner.

DRIVE-THROUGH LIGHT SHOW
THROUGH DEC 26 – The largest light show in the Northwest, Winter Wonderland is home to over 250 colorful displays at the Portland International Raceway.

LIGHTS AT THE GROTTO
THROUGH DEC 30 – Head to the Christmas Festival of Lights to saunter through light displays while listening to carolers, choirs, watching puppet shows and interacting with a puppet show.

CHRISTMAS AT THE PITTOCK MANSION
THROUGH DEC 31 – Stroll through the Pittock Mansion with decorated rooms from professional designers and a rich touch of history woven into the home built in 1909.

CHRISTMAS LIGHT TRAIL
THROUGH DEC 31 – Walk down a lighted path of festive trees through the Maddax Woods to the Willamette waterline in a tradition 15 years in the making.

DISCOVER KING TUT
THROUGH JAN 27 – Take on a once in a lifetime experience viewing the treasures and tomb of famous King Tut at OMSI.

VANCOUVER METRO EVENTS

THE NUTCRACKER
FRI-SUN – Watch the production of the Nutcracker by the Vancouver Dance Theatre. You’ll have the opportunity to participate in the silent auction during all performances, proceeds will go to the Vancouver Dance Theatre.

REINDEER BLOCK PARTY
SUN – Head to Uptown Village for the Reindeer Block Party of the year with local vendors, live music, photos with Santa, and a chance to see his famous reindeer!

FIRST FRIDAY
FRI-SUN – View artwork from local artists and enjoy dinner at a participating restaurant during Vancouver’s First Friday Celebration!

LANTERN TOUR
ONGOING – Take in an evening at Fort Vancouver with a guided lantern tour. Led by a Park Ranger, head through the Counting House, Fur Store, Chief Factor’s Home and the Bake House, as you learn aspects of each working area.

WILD THINGS: THE POWER OF NATURE IN OUR LIVES
THROUGH SEPT 2019 – The Museum of Vancouver and Nature Vancouver present the exhibition Wild Things: The Power of Nature in Our Lives. Dives into life stories of local plants and animals and how they relate to each other and how they connect people to nature in the city.

MOVIES OPENING THIS WEEKEND

  • The Possession of Hannah Grace
  • Anna and the Apocalypse
  • Head Full of Honey
  • Sicilian Ghost Story
  • Unstoppable
  • Never Look Away
  • People’s Republic of Desire
  • Ghostbox Cowboy
  • Bathtubs Over Broadway
  • Pendular
  • No Shade

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

www.events12.com/portland

www.bhhsnw.com


The Increase of Existing Home Sales

 

The National Association of Realtors reported This Week in Real Estate that the run of 6 consecutive months of decline in existing-home sales ended in October. In addition, housing starts in October increased 1.5 percent over September. Below are a few highlights from the third week of November that influence our business:

Single-Family Starts Stable in October as Caution Grows
Total housing starts posted a 1.5 percent increase in October (1.23 million units) compared to a revised September estimate of 1.21 million units. However, total starts are 2.9 percent lower than October 2017. Despite the recent market softness, 2018 is still shaping up to be the best year since the recession. Total housing starts are 5.6 percent higher for 2018 on a year-to-date basis, according to the joint data release from the Census Bureau and HUD. The pace of single-family starts posted a slight monthly decline in October, decreasing 1.8 percent to a seasonally adjusted annual rate of 865,000. September and August single-family starts were revised up totaling to an additional 21,000 units. The weaker conditions for single-family construction are likely to continue, as noted by the November decline of the NAHB/Wells Fargo Housing Market Index, by eight points, now registering a score of 60. On a year-to-date basis, single-family starts are 5.5 percent higher as of October relative to the first ten months of 2017. Single-family permits, a useful indicator of future construction activity, were slightly lower at 0.6 percent in October and have registered a 0.6 percent loss thus far in 2018 compared to last year. Regional data show – on a year-to-date basis positive conditions across the West (+15.2 percent), South (+3.9 percent), and the Northeast (+3.2 percent). However, single-family construction is down 2.5 percent for the year in the Midwest.

Existing-Home Sales Increase for the First Time in Six Months
Existing-home sales increased in October after six straight months of decreases, according to the National Association of Realtors®. Three of four major U.S. regions saw gains in sales activity last month. Total existing-home sales increased 1.4 percent from September to a seasonally adjusted rate of 5.22 million in October. Sales are now down 5.1 percent from a year ago (5.5 million in October 2017). Lawrence Yun, NAR’s chief economist, says increasing housing inventory has brought more buyers to the market. “After six consecutive months of decline, buyers are finally stepping back into the housing market,” he said. “Gains in the Northeast, South and West – a reversal from last month’s steep decline or plateau in all regions – helped overall sales activity rise for the first time since March 2018.” The median existing-home price2 for all housing types in October was $255,400, up 3.8 percent from October 2017 ($246,000). October’s price increase marks the 80th straight month of year-over-year gains. Unsold inventory is at a 4.3-month supply at the current sales pace, down from 4.4 last month and up from 3.9 months a year ago.

The 10 Best Days of the Year to Buy a Home
On Tuesday ATTOM Data Solutions released an analysis of the best days of the year to buy a home, which shows that only 10 days of the year offer discounts below estimated market value — seven in December, and one each in October, November and February. According to the analysis, buyers willing to close on a home purchase the day after Christmas realize the biggest discounts below full market of any day in the year. This analysis of more than 18 million single family home and condo sales over the past five years is evidence of the hot sellers’ market of the past five years. “People closing on a home purchase December 26 were submitting offers around Thanksgiving and starting their home search around Halloween — likely not a common path to home purchase for most buyers and exactly why it’s the best time to buy,” said Daren Blomquist, senior vice president with ATTOM Data Solutions. “Buyers and investors willing to start their home search right about when stores are setting up Christmas decorations will face less competition and likely be dealing with more motivated sellers, giving them the upper hand in price negotiations.”

 


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