Real estate market in around PDX

Norm · 08-23-2006, 08:26 AM

I'm thinking about moving out of state, which will leave my house in Aloha vacant while it sells. I wonder if the market is slow enough I should try and rent it why it sells? I now this is going into the slow time of year to sell.

Decisions Decisions .................... :whazzup:

flapbreaker · 08-23-2006, 08:47 AM

I think it would be hard to find a tenant that new they would have to move when the house sold (noone likes moving). At the same time I think some buyers would shy away from buying a home that's currently being rented, or at least it would probably lower the sell price.

sandman · 08-23-2006, 08:54 AM

I'd rent it till next year,The market is Flooded right now with homes

Buccaneer · 08-23-2006, 09:22 AM

Norm,

The market is certainly changing, although properties competitively priced are still selling in a reasonable time. According to RMLS statistics(the local Regional Multiple Listing Service) for the Portland Metro Area, the number of new listings combined with a drop in closed sales and accepted offers has led to an increase in available inventory. For RMLS Area 150 (Beaverton/Aloha) the current month (July statistics) Pending sales are down -20.3% comparing July 2006 to July 2005. Similarly, year-to-date statistics show a decline of -15.1% as compared to the same period last year. Interestingly, the average marketing time reported for July 2006 was still quite good at 36 days.

A competitively priced marketing attempt may still be a better option to being an out-of-state landlord. (BTW, I'm an appraiser not a realtor-not trying to get a listing).

Good luck!

Norm · 08-23-2006, 09:58 AM

Thanks for information Buccaneer, I think we have several things that should make our place more attractive than some other houses in our neighborhood. Maybe I'll try and sell it for a few months before I panic, I just didn't want to make house payments on a empty house for the next year.

ORrinker · 08-23-2006, 11:20 AM

Norm, check your ifish email.

Randy

spinnerbob · 08-23-2006, 06:42 PM

Quote:

Norm,

A competitively priced marketing attempt may still be a better option to being an out-of-state landlord. (BTW, I'm an appraiser not a realtor-not trying to get a listing).

Good luck!

flapbreaker · 08-25-2006, 10:11 AM

Quote:

I'd rent it till next year,The market is Flooded right now with homes

There might be a lot of houses on the market right now but I've noticed a lot of homes going up for rent too.

sinker · 08-25-2006, 07:44 PM

There's a few in the neighborhood here that have "For Sale" signs right next to the "For Rent" sign.

Would make me pretty uncomfortable to move into a rental that was for sale. Guess thats why their still empty.