Agent Profile
Tony and Libby Kelly, MBA, M.Ed. are ranked in the top 1% of REALTORS in Portland Metro. They have been featured on HGTV's "House Hunters" 3 Episodes & "My House is Worth What?" 4 Episodes.
Portland OR Market Report
July Residential Highlights
Closed and pending sales were both up in July 2011 compared with July 2010. Additionally, the inventory level in July 2011 was down 3.8 months compared with the same month a year ago. Closed sales grew 21% in July 2011 compared to July 2010. Pending sales were up 18.4%, and new listings dropped 27%. Comparing June 2011 with July 2011, closed sales decreased from 1,958 to 1,709 (-12.7%). Pending sales decreased from 2,001 to 1,928 (-3.7%). New listings went down from 3,143 to 2,942 (-6.4%). At the month’s rate of sales, the 11,970 active residential listings would last about 7 months.
Sale Prices
Average sale price for July 2011 declined 7.4% compared to July 2010. Median sale price also fell 7.6%. Month to month, comparing June 2011 to July 2011, sale price activity rose slightly. Average sale price went up from $267,100 to $275,100 (3%) while median sale price increased from $222,900 to $227,200 (1.9%).
Year-to-Date
Comparing January-July 2010 with the same period in 2011, sales activity was down. Closed sales decreased by 4.3% (11,717 v. 11,209). Pending sales went down by 1.4% (12,733 v. 12,550), and new listings fell 26% (30,051 v. 22,245).
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
How To List and Buy at the Same Time
The first key is planning. Meet with your lender about 6 months before you start looking so that anything that can be fixed on your credit gets taken care of before it is time to list and start looking at homes. Talk to your real estate agent and lender about what you can realistically get for your current home so you can figure out what will be left after commission and possible repair costs. If there is not much left, or you are underwater, than you might consider renting out your home until the market improves.
Next, if you don’t have one already you need to find an experienced real estate agent who knows your area. Don’t be afraid to ask for their stats, marketing plans and any details you don’t already know about the home selling process. The most important part of a real estate agents job is setting a realistic beginning list price. Many sellers start off too high only to have it sit on the market when it is at its most visible. Then they end up selling for less than their agents original proposed price and have waisted a lot of time in the process. So not only does your agent need to price right but you, the seller, need to trust their advise.
Closing costs are on the rise. A lot of the increased cost is due to higher bank fees, which banks blame on increased underwriting and processing because there are more regulations to comply with. Get a good faith estimate from a few banks to see who is charging what.
Finally, don’t discount home features like school districts just because you don’t have kids. Homes in good school districts have better resale value because those areas tend to be more stable and your future buyer might very well have kids. Often neighborhoods in good school districts are safer and have a better sense of community. Of course you have to take your life style into account, not everyone wants to be surrounded by young families.
PLEASE CHECK OUT OUR WEBSITE http//:www.TonyandLibby.com
Agency Info
Keller Williams Realty Portland Premiere
17700 SW Upper Boones Ferry Rd
Portland, OR 97224