So how's the real estate market doing? (Portland, Beaverton: foreclosures, renting)

[t03033]

My wife and I just moved to Portland last week. We are looking in Beaverton (incl. Aloha and unincorporated parts of wash. county) and, since I have no historical perspective on housing prices here, I'm at a loss to figure out how housing prices/list prices are, comparable to where they "should" be (a bunk term, i know)

It seems that prices per square foot are settling down in the 120-140 range (higher north of 26), which doesn't seem terribly overpriced? Basically, I'm looking for some qualitative takes/opinions on whether Beaverton is a fair value now, or if prices still are primed for another drop.

Selling agents I've approached have seemed to indicate that inventory is getting back down to normal levels (now around 7 months), but again, it's hard for a newcomer to figure out if that's because of price equilibrium or something else going on...

Sure, I can read blog posts and analyses up the wazoo, but that's not fun is it?

[Smiled]

I'll take a stab at it.
I don't think there is any hurry. A lot of foreclosures are on hold, and may resume at any time, thus putting more inventory onto the market.
I would not buy a house here unless I planned to stay for 5-7 years. I run through the Tualatin neighborhood at lunchtime. I have seen some houses sit for two years; most move after one year, and some faster than that if priced right.
I certainly would not buy a place now without selling the one I have, but I have been saying that for 4-5 years now.

Employment is picking up somewhat - when Kaiser and Intel are done building, things will level off, so I wouldn't worry about lack of inventory.

To give you some perspective, I bought a 1375 SF place in West Union in 1994 for $125K. I sold it in 2000 for $156K, and it would sell today for probably $230K. That place might have another 30K to drop, it might not.

I realize that probably didn't help a lot, but you asked for it!
P.S. I'm pretty risk-averse.

[t03033]

Originally Posted by Smiled

I'll take a stab at it.

oh no, it's all helpful...

we are here for the foreseeable future (intel employment, i gather, is decently stable). we do not have any home to sell and/or any debts to quickly rid ourselves of. we are in an enviable renting situation as we are basically renting 1/2 of a friend's house on a month-to-month, long as needed basis. (the flipside of this is that I don't want to miss the train so to speak and wind up renting for so long that i miss any equity build-up (build back ) and find in 5 years that the 300k houses are back to 360, etc.

I'm a bit confused by your comment about kaiser and intel being finished and that will level off and how that relates to inventory? did you mean inventory will stabilize (i.e. from my perspective prices will stop dropping), prices will stabilize (i.e. from my perspective stop dropping?), or something else?

[BLAZER PROPHET]

Prices are still falling. That said, it's a buyers market and I wouldn't hesitate to make an offer of 75% of any asking price. Also, many houses are foreclosed and they can be had for a song. I think it's a great time to buy and even better to drive a hard bargain.

[t03033]

Originally Posted by BLAZER PROPHET

Prices are still falling. That said, it's a buyers market and I wouldn't hesitate to make an offer of 75% of any asking price. Also, many houses are foreclosed and they can be had for a song. I think it's a great time to buy and even better to drive a hard bargain.

would you recommend getting a buyer's agent to find foreclosures for you? they seem difficult to locate...


oh, also, 25% off seems steep... can you elaborate on your position a bit more. prices per square foot, as i mentioned, are around 100-140 (depending on the specific area and school district)... 75-105 per square foot seems extremely low, but again i don't know much about portland's history.

[Nell Plotts]

I think 25% is a agressive, but 10% --- yes.

My husband is a construction professional so I have an attitude, so to speak. Stay away from any recently constructed (5 yr and less) house. When those homes were constructed skilled construction workers were hard to find and almost anyone who could pass the State's Contractor's licencing test became a contractor (and a few used the # of others).

Before you find a realtor find a home inspector who is anal retentative. A realtor will steer you to an inspector who won't kill the deal, that is not the person you want.

Our major construction flaws involve building envelope defects.

Months ago I posted a rant about buying a sound house. Search for it on this forum.

Here is one thread https://www.city-data.com/forum/portl...-please-2.html, I think there is another so will keep looking.

[t03033]

Originally Posted by Nell Plotts

Before you find a realtor find a home inspector who is anal retentative. A realtor will steer you to an inspector who won't kill the deal, that is not the person you want.

Nell, thanks for the info. Without breaking forum rules... how do you find an anal retentive inspector if you're new to the area ?

[Nell Plotts]

We moved from Bainbridge Island, that town was small enough such that it was no problem to find the inspector Realtors hated. Actually, our realtor wouldn't list our house before the "SOB" gave it a through examination and the result was something he was proud to post for other Realtors to see. We purchased in vintage co-op, the engineers were folks who my husband knew and we had access to details on major work performed... so we had an advantage.

I did a quick Internet search and found one potential candidate for you: Pacific NW Home Inspections, Portland, OR : Reviews and maps - Yahoo! Local Don't know the guy but seems to be worth a call. Ask anyone you are considering as an inspector the characteristics of homes you should avoid and for the names of folks he did work for a year or two ago. By then major inspector oversights should be evident. Personally I would not hesitate to pay a premium for a great home inspector and pay for time over the first half hour of interviewing. You will have spent a lot of time identifying the perfect school enrollment area and looking at houses, you will be spending a lot of money for a house. Preventing an expensive mistake is important.

Realtors here MAY be doing what is done in SV and as our realtor in Bainbridge, a listing home inspection. Those are fantastic but as in many matters, "trust but verify".

[11Hungrybb]

There is a lot of properties out there but in Lake Oswego the good properties seem to go quick. I signed up to foreclosureradar.com and even though it can be inaccurate due to the amount of changes that occur with distressed properties, it gives a general idea of the stability of an area. It varies from neighborhood to neighborhood.

BTW, I sold my Bethany house last year and it took 6 months and an 8% reduction from the original asking price. Furthermore, I only received one solid off during that time and I took it.

IMO, just be patient because jobs are not improving and until that happens housing will be either grinding lower or in a lull.

[Nell Plotts]

JUST my opinion, I wouldn't buy a foreclosure unless the home was built 20 years ago and the purchase was contingent on an inspection. Oh so often the seller has neglected maintenance and the lender has abused the previous purchaser. Location, location, inspection, inspection.