Housing Market in Portland: Selling (Salem: for sale, real estate, mortgage broker)

[goingeast]

Anybody out there trying to sell there house? If so, has it been sitting on the market for a while? Is it a bad time to sell at least here in Portland?

We may be heading back east if we can find employment and would need to put our house on the market.
The whole economy situation makes me nervous, we don't have to make oodles of money but we would like to get at least the amount we put into the house back.

We live close-in to portland, Sellwood, about 3 miles from OHSU and close to bike paths, shops, etc..so maybe we have a good chance?? maybe??

Thanks for any replies!

[BLAZER PROPHET]

Since mortgage rates are so very low, price your house to sell and you may very well have success.

[John Shaft]

All the realtors told me Portland is different, so you shouldn't have any worries. Everyone here can afford a $600K home on $40K salary.

[karlsch]

I just read that there is a 13 month supply of houses in the Portland metro area.

[JasonP]

How is it different in Portland that a $40K salary can allow you to afford a $600K home?

[goingeast]

thanks for all of the responses, yes it seems like the key is to price it to sell and not get crazy with it. thanks again!

[StealthRabbit]

If you must use a realtor... (hope not), make sure you have a stiff performance contract, VERY short listing agreement, and ONLY sign with one who has a successful SALES record... (Not just a 'listing' record). You want to know their marketing plan and they MUST report activities (calls, emails, ads, showings, agent contacts) to you on a weekly basis (monthly if you are in no hurry). If they fail to perform on any item, you need to have an escape clause in listing agreement... it is very popular to 'list & sit', for the lazy type. The thing I hate the most is the lack of ability to negotiate directly with a buyer and get a deal closed to mutual benefit QUICKLY. (I have only had to use 2 realtors on selling about 20 properties, both times were a major pain, but a necessary one (selling from out-of-state in a down market)). It is very EZ to do yourself, as the title company does all the tough stuff (whether you have a realtor or not), you can get a lawyer to help for $300-$500, if you are uncertain of details.

The market entry is key, price it right, advertise immensely to the paper channels, have it ready to sell (there was just a post on prepping your home for sale, under 'investing' I think... search for "Staging a house"), be prepared to close the deal and move.

Good Luck

[subsound]

Price is very right, people seem to still think prices are going up up up in some places. Even a bit lower can make yours stand out.

[kimhamblin]

Hey janb, why the realtor angst? Realtors are people too :0 You have some good points, but I will disagree on a couple of key ones.

Being that most homes in the Portland area are on the market for about 100 days, I don't think a listing contract shy of 6 months is appropriate. As an agent, I wouldn't take one any shorter.

If you are unhappy with the service you get from an agent, you don't need an 'escape clause' you can just break the contract. Make your expectations clear in the beginning and you won't have a problem. Let them know you want good communication, fliers, advertising on Craigslist, etc. then you will have less problems later.

Also, spending money on newspaper advertising is a waste of money unless very selective. Advertising is important, but online far outweighs newspapers, especially in an urban area.

The Portland market is still going fairly strongly, although it is a buyer's market. Listing your house at the appropriate price out of the gate is very important. I would hire a stager to come in and see it from a buyer's perspective. I know a great one in Salem who is very reasonable and does a fatastic job, but none in Portland. I could see if she has any recommendations- maybe she goes to Portland too?

All that being said, beware of the lazy agent and go with someone you like and trust. Most good agents will have a plan and tell you about it. Also, don't go with someone who tells you what you want to hear, go with someone fact based on the market conditions.

The december stats look good for Southeast and you live in a desirable neighborhood, so you should be ok. Average sales price for SE in December was $263,900, the average for 2008 was closer to $276,000. Prices didn't skyrocket as high there, so, chances are, they won't plummet either. Sales are down and inventory is up, so go the extra mile and your house will sell faster and for more money.

I know some good agents up there if you need a recommendation, I'd love to help.

[BLAZER PROPHET]

Originally Posted by kimhamblin

Hey janb, why the realtor angst? Realtors are people too :0 You have some good points, but I will disagree on a couple of key ones.

Being that most homes in the Portland area are on the market for about 100 days, I don't think a listing contract shy of 6 months is appropriate. As an agent, I wouldn't take one any shorter.

If you are unhappy with the service you get from an agent, you don't need an 'escape clause' you can just break the contract. Make your expectations clear in the beginning and you won't have a problem. Let them know you want good communication, fliers, advertising on Craigslist, etc. then you will have less problems later.

Also, spending money on newspaper advertising is a waste of money unless very selective. Advertising is important, but online far outweighs newspapers, especially in an urban area.

The Portland market is still going fairly strongly, although it is a buyer's market. Listing your house at the appropriate price out of the gate is very important. I would hire a stager to come in and see it from a buyer's perspective. I know a great one in Salem who is very reasonable and does a fatastic job, but none in Portland. I could see if she has any recommendations- maybe she goes to Portland too?

All that being said, beware of the lazy agent and go with someone you like and trust. Most good agents will have a plan and tell you about it. Also, don't go with someone who tells you what you want to hear, go with someone fact based on the market conditions.

The december stats look good for Southeast and you live in a desirable neighborhood, so you should be ok. Average sales price for SE in December was $263,900, the average for 2008 was closer to $276,000. Prices didn't skyrocket as high there, so, chances are, they won't plummet either. Sales are down and inventory is up, so go the extra mile and your house will sell faster and for more money.

I know some good agents up there if you need a recommendation, I'd love to help.

The reason for realtor angst is that realtors played their part in the housing collapse with dishonest tricks. Intentionally overstating the square footage of the house to prospective buyers, over pricing the house value to prostective sellers in order to get their business... No offense to realtors, but frankly it's a cut throat business and I wouldn't take their word on very much these says. Sadly, the seller & buyer have to do a lot of extra due dilligance to ensure the real estate agent isn't ripping them off.

Not that all realtors are dishonest, but the facts are clear that realtors need the same scrutiny as mortgage brokers, contractractors, subs, home inspectors...

I actually liked his post and thought it contained some good stuff.

If it were me selling my house, I'd go FSBO (For Saly By Owner) and offer 2.5% to any agent who brought me a buyer. There are several ways to get the house "listed" and I make more money. Now, that said, I do realize real estate agents do other things I cannot, but at least it's the way I'd start.

So it's clearly a two way street and one has to be very shrewd. That's why I advise people who are buying or selling to retain an attorney.