Growing number of economists see recovery on the horizon!

This article made my day.

It's all in the details...

One of the things I'll often ask of people when they put their house on the market is that they put a spot of color on the front step These are great examples of color bowls!



















This bedroom felt like a bed in the treetops. I love a small room that's filled with bed... it just made me want to climb in.


















Everyone should use white towels and they should be monogrammed! Amen.

















Perfectly staged bedroom... dolls, books and a cute hat placed on the pillows. Darling!

















A perfect quote framed and hung above the bathtub!

















This is one of the best benifits of my job! I love seeing the homes of fabulous people with amazing taste. I fell in love with the decor in the Champlain house. Zebra rugs and runners, ticking and stripes, silver sconces, lime green stripes. YUM.

Home Improvement Cost vs. Resale Value Report

If you're like us, your house has withstood lots of wear and tear through the years, but it's getting a little bit tired. We could use new carpeting, and we would love new kitchen appliances and counters. I've already decided to update (rather than replace) our cupboards by having them professionally painted. Last, but not least, the master bath needs new tile and I'd like to install heated floors under new travertine or marble floors.

Of course, we are in the dreaming stage, and in this new economy, we're just floating along, glad that we have jobs, and really glad that our kids have stable employment.

But if you're past the dreaming stage, or have done any remodling or updates recently, it's important to know what value they might add as you get ready to sell your house.

Last spring we had our siding replaced (86.7%), installed new windows (79.2%)in the front of our house, and had our old deck replaced(81.8%). From the list below, it appears that we did some of the most cost-effective improvements. The kitchen remodel we have in mind should yield about a 79% return on investment, but it will be one of the most enjoyable investments I can imagine.

Where do your home improvements fall on the resale value list?

Portland's Commercial Real Estate Scene

If occupancy rates are high, it's a landlord's market, right?
Not in Portland, Ore.....

Sort of good news here -

How the $789 Billion Stimulus will help me buy Portland Real Estate

I ran across this article and liked her quick synopsis - and thought I'd share it here. Dawn Lind is with Mortgage Trust in Portland.


"We are obviously in an incredibly financially challenging time. The government is adding and revising to the last stimulus bill to further help our economic life. The latest is that it is now a $789 billion dollar package that has more tax cuts and spending programs that are anticipated to spur on our economy. It’s a “wait & see” plan.

The first time home buyer tax credit is now at $8000 or 10% of the value of the home. It affects first time home buyers who have purchased a home from the beginning of 2009 until the end of November. If the home is sold within 3 years that money has to be repaid. There are income limitations to individuals earning $75k and couples that earn $150k. The details have not been all hashed out yet so expect to hear more about this.

Perspective: Even though the media is crying about the unemployment rate being so high (7.6%) keep in mind that 92.4% of Americans have work. In 1980 unemployment was at 6.3% and minimum wage was a mere one dollar an hour!** For Oregon, the minimum wage adjusted in January to $8.40 an hour.

For those who have multiple rental properties Fannie Mae changed their guidelines back to the 10 maximum that it was before October of 2008. They realize that investors play a key role in the housing recovery and want to help where they can. Keep in mind that if this applies to you they are being much more stringent on the loan to value.

This is the year for opportunities! Make the most of what you have and remember that we will get through this… "

** corrected by a reader...Actually, the minimum wage in 1980 was $3.10. (thanks!)

Calculate your Carbon Footprint

Carbon Footprint Calculator

If you are appalled, as I was, then you can do something about it.

The link takes you to Terra Pass, where you can purchase offset coupons to help you (and your planet) feel better.

Tuesday Tour Day

Tuesdays are Tour Days! If I don't have a new listing on tour, I'm out seeing what's new on the market.

There are so many good reasons to tour religiously.

1. You see the inventory as soon as it hits the market.
2. You get to understand pricing and value (and when a house is badly priced)
3. You get a chance to network with other Realtors and
4. Free food. I don't tour for the food, but if there's something good, I enjoy the perk! (I'll also let you know what they had to eat at all my stops)

I plan to post videos rather than still photos in the future. But I'm waiting until Valentine's day, when I think I'll be receiving a new camera (hint, hint) and then my videos will be less jiggly.

So for now, still photos of the homes I saw on tour today.

2763 NW Westover, priced at $1,375,000.























Loved the detail in this kitchen. Dark counters and striped backsplash.



















We loved that they tiled the interior of the shelves with mini mosaic tiles to match the mantel.



















Great carpet, and they edged all the rooms in black. They also used the same treatment on the stairs - it looked as if there was a custom runner. Very nice!


















Great black and white bathroom with a lime green ceiling! So cute - an idea worth remembering!






















Best view from a closet! Kim's closet has a very striking view, and in it hangs a framed, yellowed article from Willamette Week, written years ago, naming her closet the best view from a closet in Portland. We're afraid she's been one-upped! So don't tell Willamette Week!

















Bottom line on the house? Small-ish kitchen, good, large bedrooms, nice remodel, room for improvement in the basement. Huge view deck, and the house will be great for entertaining!
Food: Very fancy valentine's chocolates and pastries!


Next stop: The Benson. 1500 SW 11th, unit 1001 priced at $495,000.
















This unit is pretty compact, but it has 2 bedrooms and a den, so I had to see it. That's a lot of good rooms for 1004 square feet and for the price. There's a nice little pop-out in the corner behind the dining and the view and light from this SW unit make it especially nice.

















This unit was nicely decorated, and was cozy and inviting, But the building's halls are long and un-inviting. The location isn't for everyone and parking for guests isn't fabulous. But for someone looking to downsize, and walk to PCC for an occasional class, (they have a deal for Seniors, all you downsizers!) or to the cultural offerings in Portland, this is a nice unit.
Food: cheese & crackers, sandwiches


Next I went to 2563 SW Talbot, priced at $625,000.

By this time it was snowing pretty steadily. The stairs were slippery and the listing agent was delighted that I'd braved the weather. (I'd heard some tours in the West Hills were cancelled)


This house has lots of stairs to the front door, or stairs down from the street above. I came up from the bottom and it wasn't bad at all!

















The living room has space for a grand piano and tons to spare! You could smell that the hardwood floors were newly refinished! But the house was pretty much still in its 60's and 70's wrappings. Floral wallpapers and a plain jane kitchen will need to be addressed, as will some bathroom upgrades. But it felt solid as a rock.

















The master bedroom had gorgeous details, with fireplace, windows and built-in shelves. And there was a gorgeous view of the snow falling.

I think this house is perfect for a family who wants the West Hills, but doesn't have a huge budget. With some TLC and sweat equity, it will be a lovely property. Not much yard, but if the kids are a little older, or for a couple it could be just the thing!
Food: cinnamon rolls and cookies




















I only got to three houses before I had to pop up to my listing on Upper Cascade for an impromptu showing. At which point it was snowing heavily (especially at the high elevations) so I drove home carefully and finished the day on my home computer.


Watch this space on Tuesday evening or Wednesday for your tour of the new listings in Portland's West Side Market.

For details on any of these listings, just visit caryperkins.com or leave a comment.

if you know of a first time homebuyer who wants to be on HTVG, have them give me a quick call...i have a connection.

Busiest day in Real Estate in MONTHS!

Back to Business

You'd think I hadn't worked since Christmas, what with all the cooking posts and pictures of family. Real Estate slowed to a crawl with the snow storm, and it's often very quiet between Christmas and New Years. But I worked that week, and got a fun new client into a beautiful Riverfront condominium.


















I also put a new construction deal together, and the builder was quite generous! The family is moving here from the Philippines, along with her mom, who will take care of the kids while the parents work. Sweet deal! They bought a house just about a block from the kids' school. Grandma can see them walk to and from school while standing in their doorway! (they picked out a beautiful deep blue/green for the exterior, and we picked out all the doors and windows on Saturday!)



















Lately, I've been showing around a friend of my daughter's, who is a medical student here in Portland. She's going to buy a house to live in, and rent out rooms to other med students for the next couple of years. If all goes well, the others will pay the mortgage, and she'll pay a very reduced rate, while gaining all the tax credits and appreciation.


















We did the same thing for our boys when they went to college. We picked up a five-bedroom house in Eugene, and have rented it for the last four years. Our youngest has one year to go, and I'm hopeful that we can sell it for a decent profit after he graduates. If not, it certainly "pencils," and we can actually keep it as a rental and earn a little something each month. That is, if we can find renters who don't want a kegger every weekend...

So if I were asked who should buy a house in this market, I would suggest to parents of kids in college that it's a smart time to pick up your first rental. (There's a loan called the "kiddie condo loan," that lets the parents co-sign but the kid gets to be on the loan and doesn't have to qualify.) In Portland you can find a decent three-bedroom for less than $250,000, and that should pencil out nicely with current rental rates.


















Or to first-time homebuyers, the prices are about as low as they're going to go, as are interest rates. All you need is about 3.5% for a down payment plus closing costs. (This is just a guideline! I'm not a lender, but I can refer you to a great one) The little house above is listed for $325,000. That principal/interest on that loan is probably no more than rent on a nice 2BR apartment.

If you're moving up, consider this. You may have to accept less on your current home than you'd like. Let's say you thought it was worth $400,000, but you have to sell it for 5% less. That's $20K. The house of your dreams is $550,000, but you get to buy it for 5% less. That's $27.5K. You come out ahead by 7.5K by moving up in this market. That goes a long way towards closing costs or moving expenses.


There are so many good reasons to buy in this market!

What a great start to the new year, being so busy! Maybe that'll help me turn off my "holiday appetite!"

Realtors to Media: Get Your Down-Payment Facts Straight

A good article that cuts to the chase on today's lending standards. Note that first time homebuyers also have incentives, based on their income.

January 05, 2009 10:39 AM ET | Luke Mullins


As banks jack up their lending standards in the face of higher delinquencies, there have been numerous stories in the press about what borrowers need to put down these days in order to get a mortgage. But according to the National Association of Realtors, some journalists are getting the facts wrong.

In an attempt to correct what it considers 'misinformation in the media,' NAR recently issued the following release:

There is some misinformation in the media lately about the required size of a down payment for a mortgage in today’s market, and the blog world is abuzz with misperceptions. Not all so-called experts are knowledgeable in this area, and some experts are being misunderstood.

The facts:

1. An individual may be required to put down 20 percent based on that person’s financial situation. But that is not an across-the-board requirement for all borrowers.

2. A borrower who puts down less than 20 percent is required to obtain mortgage insurance.

3. Even in a declining market, a borrower is required to make at least a 5 or 10 percent down payment.

4. FHA requires a 3.5 percent down payment by borrowers, so long as they meet a 31 percent housing cost-to-income ratio. In other words, anyone who stays within their budget and who can afford a 3.5 percent down payment (even with family help) can become a homeowner.

PLEASE NOTE: FHA market share has grown roughly tenfold in the past year to an estimated 30 percent of new mortgage originations.

The New York Times says it so it must be true....

It may be time to think about buying a house!

This applies to all you first timers, who have never owned a home. Most likely you are young, working people, with a steady income. Wouldn't you like to get a big fat tax write-off, and have your own little kingdom where you can decorate to your heart's content, have your own little garden, and new neighbors?

Get out your calculator and determine what 28% of your gross income is... divide it by 12 and that's what your monthly housing allowance should be. This has to cover the loan principal and interest, plus property tax and homeowners insurance. Just to give you an idea of what your payments might be, at 4.5%, your payment on a $100,000 loan would be just over $500. ($506) So if you have 3-20% down, do the math! What are you paying in rent?

You can probably afford a house! If you need to clean up your credit, get on it because there's no time like the present to invest in your first home!

Click on the link above and enjoy the entire article!

The end of falling home prices is in sight

Jerry Johnson is our favorite economist - and we look forward to his reports each year. Here's what he predicts for Portland.

A prominent Portland housing consultant predicts that Portland-area home prices may bottom out next fall, then fall closer in line with historical growth patterns.

Jerry Johnson of Johnson Gardner forecasts that the typical home price will fall to $261,000 in September 2009, a 12 percent drop from the housing boom's peak of July 2007, according to his analysis of data from the Standard & Poor's Case-Shiller index.

Going forward, Johnson -- who gave his annual forecast at a homebuilders meeting Wednesday -- expects the region will return to the 6 percent annual growth rate that simmered between 1987 and 2003. At that rate, Portland would not surpass the boom's price peak until early 2012.

Portland's housing market has held up better than the once fast-growing Sun Belt cities and the economically troubled Rust Belt. But the region is still working its way through the worst housing collapse in a generation.

Buyers steer clear, and people who must sell face a glut of competition. On average, people who bought a home after March 2006 have lost value.

Like most of the country, Portlanders saw home prices rocket up between 2004 and 2007, fueled by a boom in new buyers and speculators enticed by loosened lending standards. Portland didn't see the exploding prices reported in Los Angeles and Miami. But even Portland prices rose higher than incomes could support.
Now, the country and Portland suffer a housing hangover.

The Case-Shiller index shows Portland had double-digit percentage growth every month between September 2004 and December 2006.

In that period, the index showed home prices rose 36 percent from $211,000 to $287,000. The biggest gains hit 23 percent in February and March 2006, according to Johnson's figures.

Prices hit their apex in July 2007 at $297,000. Based on Johnson's analysis, home prices soared $66,000 above historical trends for that month.

By September, prices were still $28,000 above the typical growth pattern.

Johnson predicts prices will continue to decline as the credit markets remain stuck and the Portland market stares at a historic glut of homes for sale. But those trends could shift in another year. People continue to move to the region and help drive demand for that extra supply. And homebuilders have basically stopped building until demand catches up with supply.

If prices reattach to those historical trends, the typical Portland-area home will surpass the July 2007 price peak again in January 2012.

Johnson's forecast and the Case-Shiller index provide an overview of single-family home prices in the Portland region covering Clackamas, Columbia, Multnomah, Washington and Yamhill counties in Oregon and Clark and Skamania counties in Washington.

Home prices vary by neighborhood, and the recovery in value is likely to be uneven. Generally, Clark County and east Clackamas County continue to suffer the worst of the housing collapse. Neighborhoods closer to downtown have held their value the best.