High School Options in Vancouver

The schools in SW Washington are one of the great parts of living in Vancouver.  While most people know about the quality of the "standard" schools, not as many know about some of the magent programs available offer a more specialized educational experience.  Here are a few of the opportunities available:

• Vancouver School of Arts and Academies - located at the historic Shumway Middle, VSAA has been providing an art focused education to middle schoolers and high schoolers in the Vancouver School District since 1996.  You can read more about the school on their website: http://arts.vansd.org/
• Vancouver iTech - this magnet emphasizes science, technology, engineering, and mathematics in its curriculum.  It uses problem solving and critical thinking to prepare students for real world situations.  Admission to the school is lottery based, intended to mirror the overall demographics of Vancouver School District. iTech Website 
• Clark County Skills Center - a joint program with 8 school districts, the CCSC provides practical training in areas such as health/medical, construction, engineering, criminal justice, hospitality, and many other fields.  http://www.ccskillscenter.com/

Knowing the education options available is one of the ways I help educate buyers, particularly those moving to Vancouver from outside the area.  If you are looking for a home in SW Washington and want to work with an agent that will make the process simple, give me a call!

Making Money While Your Kids Are in School

According to the US Department of Education, the average college tuition at a public school has increased 41% over the last ten years, and 18% for a private school.  Based on 2010-2011 tuition rates, it would cost over $70,000 for a 4 year degree at a public school and over $120,000 at a private school...and this isn't even including room and board.

These are daunting figures for most parents, but there is a way to not only limit your costs but also make a long term investment while you kids are in school.  With today's low-mortgage rates and property values, it many areas it is cheaper to buy than to rent.  An alternative to overpriced meal plans and throwing money away at room and board might be purchasing a home near the school you child attends and renting out extra bedrooms.  At minimum, you may be able to allow your child to live "rent-free." Or, depending on the market, you might actually make a little money that can help pay for books and tuition.

After graduation, you can either keep the property as an investment, or sell the property and defer any gains through a 1031 exchange and purchase another investment property.  If you have a child attending one of the many colleges/universities in Portland or Vancouver, give me a call and I can help you work through the numbers to decide if this is a good investment plan for you, as well as help you find the right property to meet your needs.  As always, my goal is to make the real estate process as simple as possible!

-John Blom

5th Annual Taste of Portland

This Thursday the Hasson Company is proud to be one of the presenting sponsors for the 5th Annual Taste of Portland.  The Taste of Portland features 25 local restaurants and caterers sharing their culinary art to benefit the Oregon Association of Realtors HOME Foundation, a non-profit community organization that helps make home ownership a reality for those at or below the median income level.  The Oregon Golf Club is hosting the event.

You can buy tickets online at http://tasteofportland.eventbrite.com/.  In addition to lots of great food, there will also be a silent auction.  Don't miss a great opporutnity to enjoy some of the best cuisine Portland has to offer and benefit a good cause.

Open Sunday 9/9 from 1 to 3 PM - Hollywood Gem

This beautiful home in the heart of Portland's Hollywood District will be open Sunday from 1 to 3 PM - stop by and check it out!  Click on the flyer below for more details on this exceptional listing.

50 Things I Love about Vancouver - #1 Multi-Use Paths

School might start next week, but the weather is good and there is still time to get outside!  Whether you're running, riding a bike, or just going out for a casual stroll, Vancouver has a number of great multi-use trails for you to enjoy. Here's a few of my favorites:

1.  Burnt Bridge Creek Greenway - The Burnt Bridge Creek trail runs 7.7 miles along the greenway created by the BPA power lines, across SR-500 and through Leverich Park, all the way to Lakeshore Ave.  There is parking available at both trail heads, as well as several parks along the route.

2.  Padden Parkway Trail - Running from NE 162nd Ave/NE Ward Rd to NE 55th ave, the Padden Parkway Trail covers 5.5 miles.  Looking for longer trip?  At 117th Ave you can head north on our next trail...

3.  Highway 503 - Not quite a complete trail, this is a mix of asphalt trail and sidewalk that runs for 7 miles north of Padden Parkway up to Battle Ground.  When combined with the Padden Parkway Trail, this creates a 25 mile loop perfect for a long bike ride.

4.  Salmon Creek Gateway Trail - The shortest of the features trails, the Salmon Creek Trail starts at Salmon Creek Regional Park (NW 117th St and Highway 99) and follows Salmon Creek for three miles to NW 36th Ave, just south of NW 139th St.

This is the first post in what will eventually be a list of 50 Things I Love about Living in Vancouver.  I had the idea for this series while riding on one of Vancouver's many multi-use trails, so trails got the #1 spot.  The list is in no particular order (I haven't even written out the whole list - so I will just be writing as things come to be). If you think I have missed something, add a comment and let me know!  Be sure to check back in a couple days for #2...

Portland Metro Market Report

The RMLS released their market trends for July 2012 today.  Here are the highlights from the Portland Metro area -

• Pending sales rose 23% over July 2011
• Year-to-date average sales price increased 2.5% over last year
• Average days on the market dropped from 149 in 2011 to 120 this year
• Inventory increased 3.9 months of supply in June to 4.6 months in July.  Inventory between 4 and 6 months is considered a stable, healthy market.

There is an abundance of information available for consumers today...let me help you simplify all the data to make smart financial decisions when buying or selling a home.  If you are buying/selling a home, I'd love to help guide you through the process into your new home.

Oregon - 503.212.2322
Washington - 360.977.8329
johnblom@hasson.com

Licensed in OR and WA

SW Washington Market Report

The RMLS Market Action for July was released today.  Here are the highlights from SW Washington -

• Average sales price in July rose 7.6% over July 2011
• Closed sales grew 6.5% over July 2011
• Average sales price year to date is stable compared with last year
• Inventory remained unchanged at 5.4 months

Homes that are priced well are selling quickly and with mortage rates still incredibly low, now is a excellent time to make a move.  The market trends all summer indicate we have hit the bottom of the market and prices are starting to rise.

Whether buying or selling, my objective in every transaction is to simplify the process for my clients while helping them make wise, long-term financial decisions.  If you'd like a better real estate experience, give me a call today!

OR - 503.212.2322
WA - 360.977.8329

9 Ideas for Staging Your Home

Here's nine tips for staging your home, three cheap and easy things every seller should do, three "mid-sized" tasks that provide a good return, and three big projects that will maximize the value you get for your home.

Simple Staging

1. Clean up and de-clutter - If you are serious about selling your house, you are going to be packing soon anyway, so get an early start but putting away as much "stuff" as possible.  There's nothing wrong with your stuff, except that its "yours."  You want buyers to be able to focus on the house and envision their stuff in there.  You don't want buyers to spend their time looking at your awesome vacation photos and miss seeing the house.  Quick tip: A mixture of one-part vinegar/one-part water for getting finger prints off of stainless steel appliances.  Also, a mix of bleach and water is great for cleaning grout lines.

2.  Touch-up the paint - Hopefully if you did any painting, you had some leftover you can use to touch up any scratches or dings on the wall.  If you've personalized any rooms (very bright or very bold colors) repainting with a more neutral color will appeal to a broader range of buyers.  Quick tip: If you have one room that is a little too small, like a eat-in nook or family room, try painting it the same color as the adjacent room.  Matching colors make the rooms flow together and make the smaller room appear larger.

3.  Make luxurious bathrooms - some inexpensive bath soaps, candles, lotions placed on the bathroom counters will give your home a "high-end" feel that buyers like.

Mid-Sized Projects

1.  Lay fresh mulch - If you are getting ready to sell immediately, it is probably too late to make drastic changes in the landscaping.  But, putting down some fresh mulch will upgrade the curb appeal of your house instantly.  Don't buy mulch from a big home store, though.  You can save a lot of money purchasing from a wood recycling facility, like H&H in Vancouver or Compost Products in Portland.  Quick tip: Wood recyling places also except yard debris and wood scraps for a small fee, so if you have some shrubs that need major pruning you can drive in with a load of yard debris and drive out with some fresh mulch.

2.  Update cabinet hardware - You can update kitchens and bathrooms just by adding new hardward to your cabinets and drawers.  Replace brass knobs and pulls with more contemproary brushed nickel or oil-rubbed bronze pieces.  Quick tip: If you have wood cabinets that have seen better days, rub some orange oil over them to help return some of their lost luster and shine.

3.  Purchase new towels or linens - Putting a contemporary comforter or new towels in a bedroom or bathroom will make draw buyers attention and make the home feel new, even if it is not.  The best part is after your home sells, you will have already have new towels for your new home!

Big Projects

1.  Update appliances - HGTV's staging experts say that most sellers get a dollar-for-dollar return when they purchase new appliances.  Not only will they give your kitchen a newer feel, having the manufacurers warranty will give the buyers some extra piece of mind...just be sure to save all the purchase and warranty information to pass on to the buyers.

2.  Re-finish cabinets - If your cabinets need a little more than new hardware and a coat of wood polish, but you don't want to purchase new ones, consider having the cabinets refinished.  It's cheaper than replacing them but gives the appearance of a brand new kitchen.

3.  Paint your trim - Repainting your baseboards, window, and door trim white will lighten up the entire house.  It can be a time-consuming project, but will make your home stand out from the competition.

Home Prices Increase

Low inventory and great interest rates are starting to have an impact on home values, as one national home values index showed a small increase in year-to-year home prices.  This is the first increase in over five years.  The most recent RMLS Market report also showed positive movement on price.  Compared with June 2011, average sale price last month grew 4.8%.  The median sales price grew 7.9%.  The Portland Metro area had similar gains with an 8.6% increase in median sales price.

Thinking about selling your home?  Get a free home value report instantly right here.

Read the full article on national home values here.

Snowman Foundation - Open House

Help support an amazing charity and get to hear a live performance by Michael Allen Harrison this weekend at Sherman Clay Pianos.  The Snowman Foundation helps provide access to the musical arts for children who otherwise might not be able to afford it.  It is an incredible foundation and the managing director is one of my previous clients.  It's a cause well worth supporting!

Distressed Property Stats

Last week the RMLS released quarterly stats regarding distressed property sales.  Distressed properties are either short sales or bank-owned homes and have a negative impact on home values.  Here's a quick summary of the numbers:

• In the second quarter of 2012, the number of new listings that were non-distressed properties increased from 71.2% to 81.2%. 
• The percentage of short sales dropped from 15.0% to 9.9%, while bank owned listings dropped from 13.9% to 8.9%. 
• Non-distressed property sales as a percentage of all transactions also increased from 61.1% to 69.9%. 
• The overall number of new listings and sales also increased.  There were 14,565 new listings from January to the end of March compared with 17,817 new listings from April through June.  Closed transaction increased from 7,621 to 10,540.

If this trend continues it will have a positive impact on home values in the Portland and Vancouver markets.  Many buyers view bank-owned houses as the best value on the market, and competition for the new listings has risen, increasing the number of multiple offer situations.  Buyers looking for a bargain should be receiving updated bank-owned listings daily or they risk missing out on an opportunity.  If you'd like to receive a daily updates with new bank-owned homes, send me an e-mail at johnblom@hasson.com.

Source RMLS Blog: www.rmlsbenefits.com

New Listing - 6919 N Mears St, Portland

Great new listing in North Portland - Beautiful 3 bedroom/1 bath with recently remodeled kitchen, newer roof and windows, and a fresh coat of interior and exterior paint.  1188 square feet - listed for $165,000. 

Get more info on 6919 N Mears St

Search for other homes for sale in North Portland

Want to know what's happening in North Portland Real Estate?  Request a free neighborhood market report and get current listings, recent sold properties, plus market stats delivered to your inbox in less than 15 minutes.  Request your report now!

New Listing - 7031 N Armour St (North Portland)

Concordia Market Report

If you'd like a copy of this report for your neighborhood, delivered to your inbox in less than 15 minutes, go to www.pdxmarketreport.com or e-mail me at johnblom@hasson.com

RMLS Market Action - Portland Metro Area

The Portland Metro Area showed signs that prices are starting to stabilize.  In the first quarter of 2012, the average sale price dropped less than one percent compared with the same period last year.  Sales in the first quarter were higher than any first quarter since 2007. 

Comparing March 2012 with March 2011, closed sales increased 4.9% while pending sales rose 12.8%.  More sales activity combined with a decrease in new listings caused inventory to drop down to 5 months, the lowest level since June 2007.

RMLS Market Action Report - SW Washington

 Inventory across the area dropped to 6.4 months, the lowest level since September 2006.  Closed sales in March grew 5.6% over March 2011, although pending sales dropped slightly.  New listings dropped 17.6% from last March, which played a role in the  decrease in inventory. 

Prices continued to slide.  In the first quarter of 2012, average sales price dropped 8.1% while median price dropped 9.7% compared with first quarter 2011. 

Want to see what's happening in your neighborhood?  See active/pending/sold listings in your area, plus market stats for your part of Vancouver with a Free Market Neighborhood Market!  Customized for your neighborhood and delivered to your inbox in under thirty minutes.

Neighborhood Trends: Fisher's Landing (Vancouver)

Inventory is down significantly in the Fisher's Landing neighborhood in Vancouver.  With 60 homes on the market and an average of 19.1 sales per month over the last year, the current supply would last just over 3 months.  New listings have dropped significantly.  Not since September have more than 20 new listings come on the market. 

While sold prices have trended downward over the last year, the average list price is beginning to move upward.  The low inventory should help seller's get offers closer to their list price, so look for average sales price to increase over the spring and summer.

Cheaper Than Rent

Main Floor Living - No Maintenance

New Listing - Parkrose - $134,900

Legacy Salmon Creek Recognized as One of the World's Most Beautiful Hospitals

Healthexecnews.com released their list of the world's most 25 beautiful hospitals and Vancouver's own Legacy Salmon Creek was ranked #15 on the list.  The rankings praised the hospital for it's outdoor courtyard spaces and terraces, as well as the placement of the two patient towers, which are "situated to optimize the views of Mt. Hood and the surrounding natural habitat.  No one wants to spend any time in the hospital, but if you have to be there, you might as well have a view!

The list included hospitals from all over the world, including Lebanaon, Panama, Dubai, and the Philippines.  First prize went to Sharp Memorial hospital in San Diego.  Both Portland and Vancouver have excellent health care systems...just one of the great things about this part of the country!

See the complete list of the world's most beautiful hospitals

Unemployment Claims Drop to 4 Year Low

More positive economic news - new unemployment claims dropped last week to their lowest level since February 2008.  The four week moving average of claims also dropped, which indicates a continutal trend of improving employment conditions.  As American begin to feel more secure in their jobs, they will be more comfortable either purchasing a home, which will help prices continue to stabilize and create additional housing demand.

Read the full article on the unemployment claims.

Warren Buffet on Housing

In an interview with CNBC, one of America's best known investors said if it were feasible, he would "buy up a couple hundred thousand homes."  When combining today's low prices with low interest rates, buying a home provides an excellent way to build wealth.

Today, a single share of Berkshire Hathaway (Warren Buffet's investment company) stock costs over $119,000.  Fortunately, you don't need to buy a share of Berkshire Hathaway to take advantage of Buffet's advice.  If you have even moderate credit, you can buy a home for 3.5% down and interest rates near 4%.

If you're ready to start building your wealth, give me a call today!

Buy vs. Rent

A group of researchers at Florida International University recently finished a study that compared the long term economic advantage of buying vs. renting.  The study looks at the "hurdle rate," that looks at whether a person would accumulate more wealth by purchasing a home or investing money elsewhere.  In all 23 markets they studied, they found that buying a home was more advantageous. 

Here is a quick video summary of their findings.

If you're ready to buy a home, give me a call (360-977-8329) or start searching properties at www.johnblomhomes.com

Real Inventory in Clark County

One of the first indicators people often look at to determine the health of a housing market is the months of inventory.  The RMLS releases a market action report each month that shows the current inventory levels.  The Market Action report that came out earlier this week estimated the level of inventory in Clark County at 8.8 months.  In other words, if no new listings came on the market the homes currently on the market would satisfy buyer's demand for almost 9 months.  While inventory levels have generally been a good indicator, they basic calculations (active listings / listings sold in the last month) do not account for today's market for two reasons. 

Reason # 1 - Proposed Homes

Cheap lots and a decrease in material costs have made new construction a great value.  However, financing for builders is still a major challenge, forcing many builders to advertised "proposed" homes.  These are homes they would like to build, if they had a buyer, but either can't get financing to build as a "spec home" or don't want to build as a spec home.  In other words, this homes are not really in inventory yet.

Reason # 2 - Short Sales

When a seller accepts on offer on a short sale and submits it to the bank for approval, listing agents often leave these home marked as active in case the first buyer gets impatient with the process.  If someone wanted to write an offer on one of these listings, however, they would be in "backup" position and would only get the house if the first buyer walked away from the transaction.  So, these homes could more accurately be described as pending, rather than active.

Revising the Numbers

The January Market Action report listed 2615 active listings and 297 homes sold during the month.  2615 / 297 = 8.8 months of inventory.  I re-ran these calculations based on the numbers as of February 22, with pending and sold data going back 1 month.  Here are the base numbers:

Active: 2569
Sold: 286
Inventory: 9 months

Currently, there are 509 proposed listings.  None of the listings that went from pending/active status to sold were marked as propsed.  When the proposed listings are pulled from inventory, the inventory drops dramatically:

Active (not proposed): 2060
Sold (not proposed): 286
Inventory: 7.2 months

According to the RMLS, there are 250 active short sales that already have an offer.  In reality, this number is likely higher and listings have not been updated.  There were 51 listings marked sold that were previously listed as having an offer.  When these are taken out of the total, inventory actually rises slightly due to the number of shorts sales that closed:

Active (no offer submitted): 2319
Sold (no offer submitted): 235
Inventory: 9.9 months

The most accurate measure on inventory excludes proposed builds and short sales with an offer.  When those homes are excluded from active/sold numbers, inventory is at 7.7 months:

Active (not proposed, no offer submitted): 1810
Sold (not proposed, no offer submitted): 235
Inventory 7.7 months

One last calculation...what if someone needed to move into a new home within 60 days?  This would eliminate a short sale and any proposed listings.  The number of active listings drops nearly in half.  For someone in a hurry to move-in, the inventory level drops to 6.2 months. 

Active (not proposed, not short): 1350
Sold (not proposed, not short): 219
Inventory: 6.2 months

When you consider that the RMLS calculated inventory at 8.8 months supply was lower than 2010 and 2011, the revised inventory level is an strong indicator that we will start to see recovery in the market this year.

If you're thinking of buying or selling a home, work with an agent that understands that market!  Call me today! (360) 977-8329

Housing will add to National GDP in 2012

New economic forecasts predict that housing will add to the US National GDP in 2012.  This last happened 7 years ago, before the housing market started to slide.  Some other highlights from the latest Fannie Mae Strategic Research Group Report included improved consumer spending, decreasing unemployment, and increased manufacturing and services activity.

Read the full press release here.

January East Portland Market Report

Pending and closed sales both jumped in East Portland last month.  In SE Portland, pending sales increased 22.2% over 2011, while NE Portland pendings spiked 45.5%

Over the entire Portland Metro area, the months of inventory increased slightly over December (5.3 months in December 2011 to 7 months in January 2012), but still a full 4 months lower than it was in January 2011.  Average price remained relatively stable at $248,900, a drop of only $200 from January 2011. 

Want to know what's listed and what's sold in your neighborhood?  Request a free neighborhood market report here!

January SW Washington Market Report

Market activity continued to increase in SW Washington last month.  The RMLS reported that closed sales increased 6.1% over January 2011 and pending sales increased 25.1%.  Average time on the market dropped dramatically, from an average of 173 days to 128 days.  Inventory also dropped compared with last January, down to 8.8 months.

Although prices continued to fall over 2011 levels, the increase in activity should help prices stabilize this year and possibly start to increase by the end of the year.

Thinking of buying or selling this year? Request a free market report specific to your neighborhood!

Short Sale Pending Change

The RMLS just announced they are creating a new listing category to deal with short sales.  As home prices declined, the number of short sales (a sale where the seller owes more than the current value of their home) increased.  Once a seller accepts an offer to sell their home on a short sale, the offer goes to their lender for approval.  The approval process can take several months.  The transaction is not actually pending, as it requires the 3rd party approval.  But, since most sellers only submit one offer at a time, the listing is not really active either.  This has created confusion, as many listings that show active might have on offer submitted to the bank already. 

To fix the problem, the RMLS is creating a new category called "Short Sale Pending."  This listings will show up with other active listings on any RMLS search, but it's status as a short sale with an offer will be much more clear.  This new category will go into effect in early March, and likely will take a few weeks for listings to be updated and for other websites to program in the necessary changes into their own property search.

Once the change is complete, it will make it much easier for buyers to distinguish which properties they could actually right an offer on and not be in "back-up" position.

Back to Blogging

It's been awhile since I have done any blogging...on September 23 my wife and celebrated the birth of our first child, a beautiful girl named Elizabeth.  Needless to say, adjusting to life as a father required scaling back on some other activities.  We are starting to get into a good routine (fingers crossed), so I'm excited to start blogging again!