Buyers want 3-4 bedroom homes
West Linn residents love family sized homes. Of the 104 homes that sold here in West Linn from June thru August 2011 45 were 3 bedrooms average sales price $366.4. While 46 had 4 bedrooms and that makes a big difference in price to an average of $470.5.
Days on market running about even for both sizes at 106 days.
We have two events scheduled this 10th anniversary year of 9/11/2001.
Please join us for a brief time of quiet honor, reflection, and remembrance in honor of those who lost their lives on 9/11, in the resulting wars on terror, and our first responders & soldiers who bravely serve us every day.
Bring a flower to throw into the river. Fire engines and police cars will be on display afterwards for the kids.
We’re decorating the West A and Broadway Street bridges where they cross I-205 with yellow ribbons in honor of the 10th anniversary of 9/11, our first responders, & our troops.
Tens of thousands of cars drive under these bridges every day. Let them know you remember and that you care!
Starting Sunday 9/4 at 1pm and continuing all week any time, please stop by and tie a yellow ribbon on the fence. Bring your family, and remember as you tie 1 or 100 ribbons.
Ribbons will be supplied. For more information check the website – WestLinnRemembers.com.
Walmart coming to West Linn
Walmart continues its move into Oregon. First it was Gresham, then Lake Oswego and now West Linn. Walmart will open a new store format know as Walmart Market Place at the old Zupans, then Bales Thriftway on Hwy 43/Willamette Drive in the Robinwood Shopping Center.
The new concept will offer food and general merchandise giving West Linn another shopping choice and bringing a few jobs to the local market. That may help the number to consumers that frequent the local shopping area helping the local economy and the local West Linn housing market.
What are your thoughts about Walmart coming to town?
What a year it has been. The local economy no matter where you lived was the topic of most conversation throughout the year. And now that the calendar turns to 2011 many of us are happy to say goodbye to 2010, ‘won’t be missing you any time soon’.
The home market is the foundation of all great communities as is true for us here in West Linn. All home owners would really like some good news and I just may have a glimmer when we sift out the data on the 2010 home sales vs inventory here in West Linn.
To get the real housing market picture I went back to 2008 to get a 3 year comparison. Most stats don’t pull out just West Linn so it was a bit manual but taking the time was worth it. It does show we may have hit the bottom.
2008 Average inventory per month was 643 with 361 homes sold.
2009 Average inventory per month was 604 with 435 homes sold.
2010 Average inventory per month was 557 with 439 homes sold.
You get the picture – Inventory going down and home sales though slight continue upward. The highest inventory was in August 2008 with 744 West Linn homes for sale. Compare that to 2010 it was June and the peak was 616. That is an 18% drop in inventory. As we head into 1st quarter our home inventory is 24% less than it was in Jan of 2008 and still 9% less than Jan 09 during the surge of the tax credit.
Lets look at West Linn home price trend; listed is the LOWEST median price for the given year/month.
2008 Nov at $321,005 – 2009 Oct at $352,087 - 2010 Aug at $374,157
This is really good news for home sellers here as less inventory leads to the stabilization of home prices. Yes we will still have short sales and bank foreclosures here in West Linn. But the bigger picture is that the market IS gettting better.
With school back in session, the official summer selling season comes to a close. Stats for August are as cool as the weather. With the coolest summer on record is many years, so are the sales figures. West Linn home sales are down just over 30%. It is commonly thought that most home sales moved forward to take advantage of the tax credit that expired earlier in April. Giving some weight to that thought process, year to date home sales are up 21%.
Where are prices – we may be seeing some leveling out here. With the soft August numbers, prices only dropped on average 7%. When compared to the year to date 10% decrease we are at least heading in the right direction.
Average selling price was $429,845 compared to $462,458 for the same time period 2009.
Currenty inventory just over 370 units on the market here in West Linn. Average List is sitting at $644,200.
Distressed properties represent a fraction of our inventory, but have the greatest impact on pricing and mindset. If you or someone you know needs help. Give me a call. Roberta Nopson 503-495-5231
How you price your home is as important as having it looking prepared for sale. What good is it to have it sparkle if the buyers and their agents are not knocking on the door to view it. As the market shift and shakes, how we look at stats is must as well. ..Pricing your home right is the first step to getting it sold in as few days as possible.
The longer your home is on the market the more price decreases buyers will expect you to take. Current median price cut is hovering in the mid 6% range. That can be a chunk of change to some and time not well spent to others.
So why price your home at 450K and not 449.9K.
Simple. It is all about the number of potential buyers seeing your home on line. Yes on line where we all know they look first. Sure you will hear an old school agent say that 449.9K sounds way less than 450K in the consumers mind. That was when tradition was to look at the Sunday paper for a new home by just looking for open house and driving around. Not any more old school agent.
Lets look at it this way; If you price your home at 449.9 and the potential buyer is searching for a West Linn home that is priced between 400K and 450K you are golden. Your home will appear in that search results. You may be near the top of the price range but there.
On the other hand, if the buyer is searching for the same West Linn home and the price range is 450K-500K you just missed out. The rule here is to double the opportunity to get your West Linn home SEEN by a potential buyer. The same rule hold true for 499K or 500K and so on. If they don’t see it, it will never make the short list of potential homes.
Thinking of selling your home? Need a fresh approach? I have a passion for Real Estate and would love to share my marketing expertise.
Roberta Nopson, ABR, SFR
Real Estate Broker
503-495-5231
I serve West Linn, Lake Oswego, Tualatin, Tigard/Bridgeport, Forest Heights, and many of the Portland area close in communities. Certified Short Sale and Foreclosure resourse.
www.RobertaNopson.com
According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes that went under contract in April 2010 soared more than 53% compared to March 2010 and was up more than 130% compared to April 2009.
And, while the number of homes sold in April 2010 was slighly up from March 2010, the increase in homes under contract, and the decrease in available inventory shows that we are approaching a balanced real estate market.
There is now just a 6.0 month supply of available homes on the market. A balanced market is considered to be 5-6 months of inventory, with buyers and sellers equal in the housing playing field. Good news for buyers and sellers here in the communities of West Linn and Lake Oswego.
Homes are selling faster
In April 2010, homes sold more than 27% faster than in March 2010, dropping to 82 days on market and down more than 5% compared to a year ago. Bank owned properties and short sales are closing and agents that have a pulse on the transaction process will greatly help the frustration.
If you are a home buyer or seller looking for local professional real estate assistance, call or ping me. I would welcome the opportunity to earn your trust.
Roberta Nopson ABR, SFR
Finally the much anticipated HAFA rules go into effect April 5, 2010. What is HAFA and how does that affect home buyers and sellers in West Linn?
In Basic Terms – HAFA is the next step after HAMP. Clear as mud right - Home Affordability Programs
HAMP – This is the Loan Modification Program. For West Linn home sellers trying to stay in their home by way of a loan modification this was the program. For those home owners that were unsuccessful in the ‘loan mod’ had no real options and foreclosure loomed. Enter the HAFA program.
HAFA is the Home Affordable Foreclosure Alternative Program…This program sets guidelines that sellers and lien holder must follow to first try a short sale prior to allowing a foreclosure.
The HAFA program benefits West Linn home sellers because the program can delay the foreclosure and give adequate time line needed to allow for a successful short sale.
The HAFA program also benefits buyers of short sale properties as lien holders are now obligated to respond to sales agreements submitted on pre foreclosure/short sale properties. What has been taking months for a response can now take just a few weeks.
If you are considering buying or selling a short sale property here in West Linn or the surrounding communities, call or ping me. Let my knowledge benefit you.
Regards,
503-495-5231
April aleady – As we c ontinue to move into the Spring real esate market, West Linn home buyers are scambling to to meet the tax credit time line. Tick tock – 27 days to get into contract to earn the $8000 / $6500 federal tax credits.
Currently 377 available homes with an average selling price of 487K.
West Linn home sellers curious about home values, check out this new tool; West Linn Market Snapshot allows you to see in real time what values are in YOUR neighborhood. Plus you can receive updates. Data is pulled directly from the local MLS the most accurate and up to date database available.
Understanding the market is the first place to start. Call 503-495-5231 or ping me and together we will review your needs.
Regards,
Roberta
Money magazines top 100 best places to live for 2009…For those of us that live here in West Linn, we know how truly special it is. Nestled between the Tualatin and Willamette rivers, towering Douglas firs, welcoming neighborhoods, and good old fashion fairs and farmers market that is West Linn.
Money magazine has discovered our little community and has voted West Linn #64 in their top 100 small towns in America. Our proximity to Portland, home office workers, and small businesses that dot West Linn was noted as well as our Tuesday night farmers market and artist fair.
Thought they did not mention West Linn schools by name, our test scores were noted. 19% above the state average. West Linn continues to provide outstanding education opportunity for our students that will prepare them for the future.
If you are considering a move to West Linn, give me a call 503-495-5231. I would welcome the opportunity to exceed your expectations.
Roberta Nopson
visit my website at www.RobertaNopson.com
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