Garthwick Real Estate’s Magic Number

Garthwick, Portland Oregon, Garthwick Neighborhood, Oregon
Superabundant Real Estate Information Can Seem Like Drinking Water From A Fire Hydrant

TMREI: Too Much Real Estate Information
Sometimes absorbing the sea of Garthwick neighborhood real estate information is more like drinking from a fire hydrant. Yet, out of all the seemingly helpful real estate data bandied about, there is one especially helpful number, which when understood, can provide near-magical clarity to both Garthwick neighborhood homebuyers and homesellers.

Garthwick, Portland Oregon, Garthwick Neighborhood, Oregon
You Needn’t Be a Magician to Understand Garthwick Area Home Inventory

What Is It?
What is this ‘magic’ number and what does it represent? Simply put, it’s the current figure for housing inventory, typically expressed in months of projected home supply.

Listen to the audio podcast presentation of this helpful program on Garthwick real estate by clicking here or on the above link.

Garthwick, Portland Oregon, Garthwick Neighborhood, Oregon
Garthwick Neighborhood Real Estate Inventory is Different Than Bingo

Housing inventory is also sometimes known as home inventory or housing backlog. Why is this number so important? Once you understand the single figure that defines our current supply of local available Oregon homes for sale, you have an instant ‘snapshot’ on whether you’re in a buyer’s market, seller’s market, or more of a balanced real estate market. Armed with that information, you’re far more ready to do battle in the real estate trenches and more likely to avoid some usual minefields. 

‘Normal’ Home Supply
Among real estate experts, a ‘normal’ range for home supply in parts of Oregon is frequently cited as somewhere between three to six months. For example, if the home supply figure is three, then hypothetically our market would be ‘out of homes’ in three months, provided no new homes were placed for sale. In other words, if our regional home inventory figure is within three to six months, we’re typically experiencing a normal market, meaning one not far from a balance of supply and demand, also called equilibrium. In a way, it’s kind of like an absorption rate for how fast supply is used up.

Garthwick, Portland Oregon, Garthwick Neighborhood, Oregon

Your Mileage May Vary
It’s helpful to understand that home inventory figures are more of an average for a region. In Oregon, major real estate regions include Portland, Bend, Eugene, Salem and the Oregon Coast. So if your property is located in Garthwick, you’re likely to use the Portland area figure as the bellwether for housing backlog. If your home is located in Keizer, you’re likely to see the Salem inventory figure as the closest approximation of local home supply. It’s also likely that your specific area could be somewhat different altogether, based on a variety of hyper-local factors affecting both demand and supply. That said, home inventory is a convenient ‘thumbnail’ sketch to help assess what kind of market you’re in.

Garthwick, Portland Oregon, Garthwick Neighborhood, Oregon

What’s The Practical Impact of Housing Inventory?
Consider real estate and inventory like a pipeline. If more flows through it, the product is plentiful and therefore the cheaper it is to buy. So with a lower, dwindling home supply and the spigot turned down, the reverse is true.  When the local real estate environment favors sellers, it’s typically because there are more buyers and it’s considered a ‘seller’s market.’ In that case, expect a short market time and an environment where homesellers receive multiple offers, often at or above listing price. If the supply of homes is higher, it’s considered a ‘buyer’s market.’ This means you can expect a longer market time, with homesellers seeing few, if any offers…and frequently for less than the asking price.  

One advantage to Garthwick homesellers is that like Eastmoreland, Alameda or the West Hills, there is a distinctly low number of available properties in these desirable neighborhoods.

 Garthwick, Portland Oregon, Garthwick Neighborhood, Oregon
Negotiation is Expected, But Most Garthwick Homesellers Don’t Like ‘Armwrestling’ With Buyers

It’s routinely a good idea for buyers to get a ‘heads up’ before making an offer to determine how ‘hot’ or ‘cold’ the market is. Otherwise, if you ‘lowball’ a just-listed home in a seller’s market, you may be lucky to even get a counteroffer instead of an outright rejection by sellers experiencing lots of calls and showings on their property. Coming in with an offer that’s too low sometimes causes offended sellers to refuse to seriously consider a possible follow up offer.

Garthwick, Portland Oregon, Garthwick Neighborhood, Oregon
The Number of Competing Garthwick  Area Homes for Sale Affects Market Time

What’s the Big Deal About Housing Inventory?
One reason housing inventory is so important is because it helps buyers and sellers to better manage expectations. Most buyers are interested in how long it may take to find the ‘right’ house. Inventory affects this. Alternatively, most sellers are interested in how long it may take to find a motivated and qualified buyer. Inventory affects this, too.

Garthwick, Portland Oregon, Garthwick Neighborhood, Oregon
Garthwick Homesellers Can ‘Jumpstart’ Activity With Accurate Pricing

That’s because a high home inventory tends to slow down the market time and low inventory frequently provides a ‘jump start’ to activity. One way sellers can help to avoid an excessively long market time is to review comparable local home sales information provided by their Realtor to ensure proper, market pricing.

Another reason housing inventory is crucial is because it can significantly impact so many other important factors. In other words, inventory is a ‘driver’ for market time, selling price, appraisal results, lendability and more.

Okay, So Inventory Is Important. What Does It Look Like?

Garthwick, Portland Oregon, Garthwick Neighborhood, Oregon
Portland Metro Sample Home Inventory

The above image provides a good example of fluctuating home inventory. As Oregon’s real estate market bounced back from the severe market downturn of the Great Recession, the home inventory for some areas reduced from more than 20 months of housing supply to less than three.

Garthwick, Portland Oregon, Garthwick Neighborhood, Oregon
It’s Wise to Consult An Experienced Realtor Before You Leap Into the Market

Contact the Experts
Thinking about selling your Garthwick property? Know the market before diving in! Contact veteran Oregon Realtor Roy Widing with your questions and for a free consultation on what your Garthwick area property could sell for today using the contact form below or call (800) 637-1950.

Portland’s ‘Perfect Storm’

Recent housing data from the Regional Multiple Listing Service (RMLS) shows Portland home prices continue to strengthen.

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This ramp up in home values is due in part to a decrease in available properties for sale. 

PortlandMetroArea-page-001While a ‘normal’ housing market usually has 3 to 6 months of home supply, we’re now at only 1.2 months of inventory…and falling.

A Seller’s Market
With increased demand and dwindling supply, what’s happening in Portland real estate right now could be called a seller’s ‘perfect storm.’ 

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A ‘Perfect Storm’ Is Not The Norm

That’s because we’re witnessing a combination of attractive interest rates and very low home inventory, which continue to fuel a rise in prices.

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A Portland Real Estate Cocktail In One Word: Hot 

Even with growing home prices, current low interest rates help serve up a palatable real estate cocktail that could help buyers to afford their purchase…if they can just find a home. 

The Rest of the Story
As you might guess, individual Portland neighborhoods can vary significantly on selling price, buyer demand and other key factors, like how long it takes for a house to sell.
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Click here or on the above image to see the latest Portland area real estate figures. Make sure to check out page 2 for interesting stats on your nearby town or neighborhood. 

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‘Oregon’s Choice Since 1950’

Thinking about selling your Portland area home? It’s a wise move to sell in a seller’s market. Contact our sponsor, Certified Realty, for a free consultation of what your property could sell for in today’s market by using the convenient form below. 

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Garthwick 2015 Home Sales

A handful of nice Garthwick home sales occurred in 2015. Here’s a brief recap:

  1. 625 SE Manchester Place, Garthwick $785,000
  2. 1830 SE Saint Andrews Drive, Garthwick $850,000
  3. 621 SE Manchester Place, Garthwick $859,000
  4. 1851 SE Exeter Drive, Garthwick $1,040,000

    Garthwick, Garthwick Oregon, Garthwick Real Estate, Garthwick Property, Garthwick Properties, Garthwick Homes
    This Garthwick Home at 1851 SE Exeter Drive Sold for $1,040,000

    Is this the year you’ll be selling your Garthwick property? Contact Roy with Certified Realty at 971-258-4822. Founded in 1950, Certified Realty remains family owned and specializes in Garthwick real estate.

 

Website Keeps Garthwick Residents Safer

Few things are as important to Garthwick residents as personal safety. So wouldn’t it be neat if you could type in a local address to determine crime statistics and also find out if a sex offender lives nearby, for free?

Garthwick, Garthwick Portland, Garthwick Homes, Garthwick Real Estate, Garthwick Properties, Garthwick Homes For Sale
You too can combat crime!

Well believe it or not, there is such a website and it’s called PortlandMaps.com.

Garthwick, Garthwick Portland, Garthwick Homes, Garthwick Real Estate, Garthwick Properties, Garthwick Homes For Sale

The information you’ll find at PortlandMaps.com is not limited to Portland, but includes much of the greater Portland Metro area.

Garthwick, Garthwick Portland, Garthwick Homes, Garthwick Real Estate, Garthwick Properties, Garthwick Homes For Sale
Most Garthwick Residents Would Want To Know If Any Of These Jokers Lived Nearby

Along with local crime information, there’s much more that the website PortlandMaps.com offers. This includes maps (of course), plus transportation information, along with environmental reports and utility projects. 

Here’s a list of some information PortlandMaps.com provides within the Portland Metro area:

  • Assessor/Tax Lot Information
  • Aerial Photography
  • Building Footprints
  • Building Permits
  • Census
  • Crime Data
  • Elevation
  • Parks
  • Mass Transit
  • Natural Hazard
  • Schools
  • Urban Growth Boundary
  • Underground Storage Tanks
  • Water/Sewer
  • Zip Code
  • Zoning Maps

Can’t wait to get started? Then click here!

Why Use A Realtor, In 30 Seconds

A very telling article was recently released in a national real estate journal. In just two images, it explains why the vast majority of homesellers work with a Realtor.

Garthwick, SE Portland, Southeast Portland, Garthwick District, Garthwick Homeseller
Click on Image to Enlarge

The infographic on the left shows the huge percentage of homesellers who hire a Realtor.

The infographic on the right shows why. Homesellers average a 25% higher selling price with a Realtor.

Thinking about selling your Garthwick property? Don’t leave money on the table. Certified Realty sponsors Garthwick.com and is Oregon’s choice since 1950. Contact Certified Realty for a FREE report on what your Garthwick home could sell for in today’s market using the convenient form below.

Garthwick Real Estate Update

A unique Garthwick property sold recently, with several interesting facts about the home and the transaction.

Garthwick, Garthwick homes, Garthwick real estate, garthwick properties
Recently sold Garthwick home

First, the sold house on Manchester Place is large, with more than 3,750 square feet of living space. With four bedrooms and three full baths, this is a house that is a considerably bigger than it appears from the street. 

Garthwick
Classsic living room

With a little less than half an acre, the lot size is roomy, too.

Garthwick
Spacious backyard

The property was on the market this year for the first time in a third of a century. Garthwick homes have a reputation for happy owners and a below-average turnover rate.

Garthwick
Cheery yellow interior

The initial list price for the home was $925,000, later adjusted to $875,000. The final purchase price was just over $805,000.

Garthwick
Updated kitchen

Thinking about selling your Garthwick home? For a FREE report on what your property could sell for in today’s market, contact our sponsor, Certified Realty with the convenient contact form below. Certified Realty has been selling Garthwick area homes since 1950!