Is there a right way to “time the bottom” of the market? Is it even possible?

Local and national news has had a field day with negative information about the real estate market.  Interestingly, the averaging or lumping of statistics together in a region is highly misleading.  Even area market data from the local MLS provider is not specific enough to tell the average home owner what their area is doing or help a buyer pick a safe area to purchase. 

Listening for the positive in the market is critical in this time.  There has been no better time in history to buy real estate since the great depression.  Housing affordability is at a generational low and interest rates have stayed lower than we will likely see return in our lifetime.  Couple these two facts with a glutted housing inventory and significant buyer power and what you have is opportunity. 

So how does a consumer go from the negative headlines in to reality?  Start with a good reputable lender that you find by referral.  If you need a good one I can help.  I have several I have been using for at least 8-10 years.  Once you have a fully underwritten preapproval you should be in safe territory from the lending standpoint.  You will know the terms and conditions of a loan available to you.  Then on to the next step…….

Spend some time investigating areas that you would enjoy living in.  Find a good area for commute, schools, and quality of life.  Many people like walkable neighborhoods and Portland has many.  Others like to be near congregated shopping districts such as Bridgeport Village, so a bedroom community is right for that sort of home owner.

Once you narrow down the areas you are most interested in a good Realtor should be able to pull up historic and current data within your immediate price range so that you can become familiar with what that specific neighborhood is doing in your price point.  Let me be clear – not every home in the same neighborhood will trend the same way.  Lower end homes will always have greater demand as there are more qualified buyers available in the price point.  Conversely in the same neighborhood high end or luxury homes may be deflating in value for far longer because the terms of lending have changed so drastically.  Long gone are the days of negative amortization loans and 100% financing above the FHA loan limits (in Oregon currently $417,000).

If the area you are interested in has checked out in the value department, it is time to hop in and shop.  Compare homes looking for the best home for the money.  Never forget to begin with the end in mind as my favorite Steven Covey says.  As a Realtor and investor I am always thinking about what sort of resale value the home I purchase will have.  Aspects of homes are critical to placing yourself at an advantage down the road, when it is time to sell. 

After you have picked the house for you it is time to get to negotiating.  Time to get in there and see what sort of deal you can strike with the seller.  This is the best time for buyer power that I have ever seen.  And just as the title of this article states, I am not a believer that we can tell when the market hits bottom.  So negotiate now when you know you have super power as a buyer.  Look back here for a future article on negotiation tactics.

For more information or to gain assistance on analyzing the neighborhood you want in the Portland Metro please email me at kathryn@kjkproperties.com or catch me at 503-772-8825 ext. 1.  I will be happy to help.  Visit us online at www.kjkproperties.com or read my investor/landlord blog at www.landlordstudyhallblog.com or attend our monthly classes on investing free by calling or emailing.  Find the calendar for our monthly classes at www.landlordstudyhall.com.

The Westin Hotel – doggie friendly!

The Westin Hotel is in the Lloyd Center District.  There is plenty to do and see in this area!  Our office is located in this district and I love it.  There are several great restaurants, Blazer Games, Winterhawks on ice, concerts, and direct access to the Waterfront via the access point at the Steel Bridge.  This access point is a great start for a doggie walk.  The sun is out and there is great people watching out on the water! 

The pet policy at this hotel is confirmed. 

The Westin Hotel is located at 1710 Northeast Multnomah Street · Portland OR 97232.

Woodstock Park – Dog Friendly and community alive!

I have been the chair of the Woodstock neighborhood for over two years and I had the pleasure to live down the street from the park for over 11.  One of the best places you can hit to get to know your neighbors is Woodstock Park.  There are dog lovers and families all over enjoying the green!  There is a real sense of community in experiencing the dog friendly parks in Portland.  My husband and I went there regularly and I always loved hearing who was frequenting and what had brought them to Woodstock.  For several years my favorite afternoon activity was meeting my best girlfriend down at the park, she with her dog, me with mine.  We caught up while the dogs got exercise.  One of my favorite memories at the park was when Cesar, my nine pound Pom found a banana peel and gleefully tossed it around to amuse the “under two” crowd that was mingling around the toys!

Related Information

Woodstock Off-leash Area Map.pdf (PDF Document, 544.1 Kb)

Special Information  Park hours: 5:00am-midnight
To reserve a sports field or picnic area, call 503-823-2525

Virginia Woof Dog Day Care

This dog store and day care center is right on the way from the office home.  I read their mission statement and loved it.  They support Outside In, a community resource dedicated to supporting homeless youth.  Now I have to support them! 

Virginia Woof Dog Day Care can be found at www.virginiawoof.com.  Their hours and locations are below.  Let us know if you visit and what your experience was!

West
1520 W Burnside
Portland, OR 97209
(503) 224-5455East
510 NE Martin Luther King Jr. Blvd. Portland, OR 97232
(503) 542-3430

Hours of Operation - Daycare: 7am-7pm Mon-Fri. Boarding: Seven days a week.

Woodstock Community Center

This is an amazing example of community collaboration.  The Portland Parks and Recreation allows the building to remain and the neighborhood association has a sub-committee called Friends of Woodstock Community Center that raises the funds to maintain the building.  With it in operation we have have many classes such as Tai Kwon Do, Piano, and more available to the area residents.  There is community information available inside the staffed office and the Woodstock Neighborhood Association meets here the first Wednesday of every month.  The association currently has several positions open.  Please call me for more information or visit www.woodstockpdx.org to see the up-to-date information about the association.

Papaya Thai

This is a great local Thai restaurant if you like vegetarian food (or not!).  I am almost 100% vegetarian, so I appreciate their great selection of Tempeh and Tofu dishes.  I love the eggplant with tempeh.  Their salad rolls are also good.  They are locally owned and the staff is friendly.  Sometimes they are a bit understaffed, that would be my only complaint.  Visit them at 7002 SE Milwaukie, Portland, OR 97202, in the Sellwood neighborhood.  After you eat there you can browse the used bookstore nearby, hit the park and feed the birds, or head over to 13th for some great local coffee (see Ugly Mug post).