Portland Real Estate Market

The Portland real estate market is always changing. It takes a very busy real estate agent, top 1% in Portland, to keep a finger on its pulse.

Bookmark this page for monthly Portland real estate market updates, annual forecasts, Portland condo market updates, HOA reports, Portland population rates, local short sale and foreclosure updates, and more.

If you’re thinking of selling your home in the next twelve months, Stephen would love to tour your home. Call today to set an appointment.

Stephen FitzMaurice, Realtor
4% Max. to Sell a Home
Cancel Anytime Policy
Licensed Since 2003
503-714-1111

If you’re considering buying a home in the next twelve months, Kami Price, buyers specialist would love to hear what you’re looking for. Call today to set an appointment.

Kami Price, Realtor
Represented Hundreds of Buyers
Licensed since 2004
503-773-0000

How many Short Sales and Foreclosures are there in Portland?

April 30, 2012

The reports are in. In 2011 there were 8,590 short sales listed in the Portland metro area, of which 3,668 sold. Also in 2011, 8,134 foreclosures were listed in the Portland area and 7,802 sold. 45,256 regular homes were listed in the Portland area and 22,823 sold. Last year about 27% of homes listed were distressed (short sale or foreclosure), but the sales of distressed properties accounted for 33.5% of all sales. All statistics are provided by your Portland real estate agent and RMLS, Regional Multiple Listing Service in Portland. In 2012, especially in the fourth quarter analysts are projecting a large increase in foreclosures hitting the market in the Portland area. This will not necessarily cause great damage to...

How affordable is the Portland Real Estate Market?

April 27, 2012

Nationally, you’d have to go back more than 50 years to find a more affordable time to buy a home in America. Locally, in Portland’s real estate market, you’d have to go back even farther. Affordability is an easy measurement. Basically, affordability is simply the percentage of a family’s income that goes towards a home mortgage payment. Nationally in 2010 14.2% of people’s income went to pay their home mortgage. In 2011 that percentage shrunk even farther to 13%. In the Portland real estate market the numbers are even better: 13.9% in 2010 and a huge drop in 2011, all the way down to 11.4%. It might be a good idea to talk to your local Portland real estate agent...

Portland Short Sale Timeline – Important News

April 20, 2012

Beginning June 15th of this year, all Portland short sales backed by Fannie Mae and Freddie Mac should expect to receive a bank response to any offers that come in within 30-60 days. A big push is happening at the government level to make short sales work. The FHFA, Federal Housing Finance Agency, has said that short sales are an effective alternative to foreclosures and short sales help to maintain stable communities. This push to increase the speed of short sales in Portland and across the nation will address the number one complaint of buyers in the Portland real estate market, it takes too long. The average time to close a Portland short sale transaction at the time of this...

Going Up: New Apartments, Portland Home Prices

March 20, 2012

The average price of a home in Portland is up and the total number of residential properties on the market remains low, according to the most recent Market Action Report from the Regional Multiple Listing Service. Good news for sellers, but with the city’s population climbing at a steady rate, where is the needed housing to come from? Enter the apartment developers. In 2012, 21 new apartment projects will open around the Portland area, according to a recent report in the Portland Business Journal. Those projects will alleviate the tight the rental market in the city, which saw vacancy rates fall from 5.6 percent in 2009 to 3.6 percent last year. Many of these new apartment buildings are selling out...

Portland Short Sale or Try for a Home Loan Modification?

February 8, 2012

This is a serious question for many Portland Oregon home owners who are underwater in their mortgages: Should I Short Sale my Home or Try for a Home Loan Modification? For your consideration, I will tell you a common and very sad experience I have regarding folks who try for Portland home loan modifications. Too many times, the bank has suggested that the Portland home owner stop making payments while proceeding with the modification. The modification then takes 6 months to over a year to process. At the end of that time the bank rejects their modification attempt and all of the sudden they get a notice that the bank is going to foreclose in a week or two! These...

What sells in PDX: Short Sales, REOs, or Traditional Home Sales?

January 20, 2012

2011 Portland MLS market statistics. Foreclosures in Portland: In rough terms, nearly 100% of foreclosure properties in Portland, also known as REOs, sell in a 6 month period. If you are looking to buy or make an offer on a Portland foreclosure, know this: it won’t stick around for long. Banks do not take low ball offers, in general they sell the property site unseen. I have found banks will typically lower the sales price in Portland by 3% every 60 days or so. This means that they will eventually bring the foreclosure to a price that demands the market’s attention and gets the home sold in short order. It is common for a Portland foreclosure to sit for a...

Certified Foreclosure Agent

December 19, 2011

I’ve been successfully selling foreclosures in the Portland Metro area for years now. This designation represents additional education and certification, rewarding experience and professionalism in the foreclosure marketplace. Foreclosures are often the best deals you can find in Portland, Oregon. Let me help you find one today! Stephen FitzMaurice, Realtor See all of my twelve designations here.

Will I owe the bank money after I short sale?

June 12, 2011

This is a very important question. Many people are afraid of doing a short sale because they are concerned the bank could come after them later for funds.  If you don’t do a short sale correctly, a bank CAN come after you afterwards.  If you do a short sale correctly, a bank CAN’T. I make sure the short sale process goes correctly. Listen to this important question posed to a real estate lawyer. Q. I have heard conflicting information regarding the banks’ ability to have a deficiency judgment against the seller of a property in a short sale and the banks’ recourse against that seller/borrower. Will you please clarify and address Oregon Law regarding recourse vs. non-recourse? A. There is...

Certified Short Sale Agent, CSSA

May 10, 2011

I’ve been successfully selling short sales for years on both the buyer’s and seller’s side. This designation was awarded to me after I successfully took a number of classes, met professional experience requirements, and passed the necessary exams with flying colors. Let me help you get out of that underwater home today. I have all the tools and training necessary. Short Sale your Portland Home. See Recently Sold Short Sale Homes Stephen FitzMaurice, Realtor, CSSA. See all of my twelve designations here.

What is the Short Sale Tax?

April 29, 2011

Many people are concerned (and rightly so) that they may be taxed for the forgiven amount on their short sale. For those of you who don’t know, this is a short sale. Basically, you owe say 200,000 and the home short sales for 150,000, so on your next tax statement you could be 1099’d for 50,000. This would be a problem for most people! The good news is that the government has provided relief from this potential tax problem. You can read all about it on the IRS website, they call it “The Mortgage Forgiveness Debt Relief Act and Debt Cancellation”. At the time of this post, it is still active, but check with the IRS to make sure it...