real estate offers (Portland, Beaverton, Beaver: for sale, real estate market, apartment)

[rx81]

I may be relocating to the area fairly soon. From my research, I prefer living in Beaverton.

I wanted to get an idea though of the real estate market. I know that generally speaking the real estate market is down right now across the US and buyers are at somewhat of an advantage. From the web it looks like listing prices of a 2500 sq. ft house that's 5-10 yrs old is around 350k in Beaverton. What do you suppose these houses sell for? How much can I expect to reduce the listing price by for an offer in that area?

[figmalt]

One of Portland's newspapers, The Oregonian, has a weekly pull-out section for specific counties. For Beaverton you want to look at "Washington County Weekly." Every week it lists houses that have sold in the county by zip code. What they're publishing this week are March sales, so it looks like there's a two month lag.

It might be a good place for you to start. Here's a link to what's found on the website:
Real estate: Homes bought & sold in Washington County | OregonLive.com

[ksucher]

The sold/list price ratio is averaging 90-95%

[rhodan653]

Originally Posted by ksucher

The sold/list price ratio is averaging 90-95%

It has been my experience (as someone also looking at homes and having seen probably 50 so far) that the pricing is all over the board and I think averages are very misleading. There are some people who have houses for sale that are way over priced and are clinging to a pipe dream of what they can sell their house for. There are others that are more reasonably priced as listed. Then there are the short sales which could result in a good deal but it is a long wait to get through that process.

For a 2,500 sq ft house, 5 to 10 years old in Beaverton you could pay anywhere from $325k up over $400k depending on location and interior condition and finishes.

Generally no basements but a lot more 3 car garages if you look at houses closer to 10 years old versus 5 - the older houses also have bigger lots as a general rule. Lastly, the construction tended to get a bit shoddier the farther into the 2000's you go so look closely at anything built 2005 or newer.

Good luck - there is a lot out there but also a lot with undesireable qualities, such as being on a busy road or being right underneath those huge powerlines. Use Zillow and Google Street View - you can eliminate a lot of houses without leaving your living room.

[Nell Plotts]

Frankly anything built during the run-up is suspect IMHO, too few skilled construction folks available so many contractors were inexperienced and/or simply hired help who could find their way to the job site. After 10-15 years construction defects should be evident but be sure to set aside $$$ to replace roofing or appliances (not that you will need to do that but having $$$ in reserve is smart). I would look for a sound older home needing inexpensive upgrades for the first 5 years and set aside reserves for anything significant.

Find your home inspector before you go house hunting because you want that person to be loyal to you, not to a realtor.

Price, varies more by the seller than the house as another implied.

[rx81]

Thanks for the responses everyone. So generally speaking, I`m looking at around $145/Sq. ft +/- 10% based on area and condition of the house. There are a lot of houses on the market from what I can see....I would think given the situation with many houses under foreclosure, it would be a little cheaper. Oh well...

[rhodan653]

Keep in mind that 2,500 sq ft. houses were going in the $500's just a couple of years ago. I have even seen a couple of houses listed below $400k currently that sold for $600k two years ago. Take your time and do your research. If you are not in a hurry you could consider taking a chance on short sales - the best deals are in those. You can have multiple offers out and take whichever bank gets back to you the quickest. If you go that route - find a realtor who has a lot of experience with them, it makes a big difference.

[rx81]

Thanks rhodan653. Appreciate the feedback. I think initially we'll get an apartment. For which I'll post a new thread.