How Does Housing Inventory Affect Your Home’s Value?

What do you need to know about current housing inventory? Here is a brief rundown.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

Why is housing inventory an important statistic to track on the market? Housing inventory is measured in months of inventory. This is basically how many months it would take for all of the available homes to sell if no new homes were listed on the market. A good housing inventory would be about four to five months of houses on the market. If that number is smaller than four, it means that the home buyers are dominating the market and that there are relatively few sellers. In that market, home sellers have the advantage. A number over five would mean that buyers have the advantage in the market.
How does housing inventory affect your home’s value? While your home’s value is affected by size, location, and condition, a tight real estate market—or one with a lower inventory—will always drive prices up. It’s the law of scarcity. If you’d like to know the current housing inventory in your area or have any other questions related to real estate, please give me a call or send me an email. I’d be happy to help you!

A Tour of the Woodstock Neighborhood

We recently took a tour of the Woodstock neighborhood, and I wanted to give you a look. This neighborhood has some great shops and restaurants, and plenty of architectural charm.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

Today I'm excited to give you a quick tour of the Woodstock neighborhood in Portland.

This area has some great restaurants, grocery stores, health care facilities, and many kinds of shops, all within walking distance. My person personal favorite is New Seasons, which has a rooftop bar.

The neighborhood has many mid-century homes and some turn of the century homes, as well as new construction. In the video above, you can see a quaint mid-century ranch with two bedrooms and two bathrooms, which sold in March 2016 for just under $400,000.

Thanks for joining me on the tour. If you have any questions about this wonderful neighborhood, give me a call or send me an email. I'd be happy to help you!

How The Appraisal Process Works

You may know that getting an appraisal is an important part of any home purchase transaction, but do you know how the process works?

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

One of the most crucial aspects of buying or selling a Portland home is the appraisal of the property. Here are some of the key parts of the process:

What is an appraisal? A non-biased third party will physically come to the property and inspect the interior and exterior of the home. The appraiser will then pull comparisons from the neighborhood—typically homes that have sold or are currently pending within a close radius—gather the information, put it into a very thorough report, and come up with a value. Upon finishing the report, the appraiser will then send it to the lender, the lender will contact the buyer, and the buyer will be able to pick the report apart to find out how the value was calculated.

How do appraisals affect the home buyer? The appraisal is performed to protect the buyer from overpaying for the property.

How do appraisals affect the home seller? If the appraisal comes in below the sales price, the borrower will not be able to obtain a loan to purchase the property. If this is the case, either the seller will have to lower their sales price to accommodate the appraised value, or the buyer can come in with a larger down payment to make up the difference.

If you have any other questions about the appraisal process and what to expect during it, or you’re thinking about buying or selling Portland real estate, give me a call or send me an email. I’d be happy to help you!