Top 10 Lists: Portland is still one of the “Best Places to Live”; Bend offers “Best Work-Life Balance” and more…
A little less than a year after launching a service to help people buy and sell vacation homes, Portland-based Vacasa has opened its first Oregon brokerage in Lincoln City. Principal broker Taj Richardson, who’s been a broker in Lincoln City since 2006, is heading up the office.
Though this is Vacasa Real Estate’s first Oregon office, it won’t be its last. The release notes that Vacasa plans to grow its team of brokers in the state and also open more offices. A second one is slated to open in Seaside this spring.
The Lincoln City office comes about nine months after Vacasa launched Vacasa Real Estate, which helps customers buy and sell vacation homes by giving real estate agents access to Vacasa homeowners. Among other facets, the services feature tools that help agents, buyers and sellers determine potential rental income. It builds on a web tool that offers homeowners ways to gauge how much they can make by renting their property.
Austin takes the number one spot, while Portland takes number 8
The ranking of 250 of the largest metro areas in the country accounts for several factors, such as quality of life, the job market and housing affordability.
Quality of life was the biggest factor measured in the ranking. That takes into account things such as quality of available health care, crime rates, commute times and how well residents fare physically, socially and financially.
All told, 6,712 homes were sold in Portland’s 99 metro area ZIP codes during 2019’s first quarter for a median sale price of $412,701. Those homes spent a median of 30.1 days on the market.
The average home price in those ZIP codes only grew by 0.1 percent from 2018’s first quarter. The average days on the market shrank by 10.4 percent as the pace of home sales increased.
The National Association of Hispanic Real Estate Professionals released the 2018 State of Hispanic Homeownership Report on Tuesday at its Housing Policy & Hispanic Lending Conference.
The annual report found that from 2008 to 2018, the Hispanic population was responsible for 81% of U.S. labor force growth, accounted for 39.6% of U.S. household formations and represented 62.7% of the increase in U.S. net homeownership.
iEmergent, a mortgage forecasting and advisory firm, is projecting a 3.9% jump in total home-loan volume this year. That puts iEmergent at the head of the forecasting pack.
Freddie Mac is expecting a gain of 1.5% for total mortgage lending, according to its March mortgage finance forecast. The Mortgage Bankers Association pegs the increase at 1%, and Fannie Mae expects a drop of about half a percentage point.
Mark Watson, iEmergent’s director of forecasting, said the difference in outlooks is due to expectations about home sales.
In fact, he’s calling for $1.2 trillion in home purchase lending this year. That would make it the best year for that category since 2005. And the reason? Low interest rates.
“We think the lower mortgage rates will create a huge push, partly from Millennial buyers, that’s going to support strong growth in home sales over the next several years,” Watson said in an interview.
Women are half of the population, how come they don’t invest like it?
“Women control $7 trillion of investable assets across the world. We’re not a niche market,” Krawcheck remarked.
When researching women and investing, Krawcheck explained that after two years and thousands of hours of research and conversations, what the company found is that the craft of investing just isn’t interesting to women. What they did find, she said, is that women are interested in and motivated by their goals, whether it’s buying a home or saving for retirement.
“Women are goal oriented when considering investments,” Krawcheck told the audience. “The investment product is not that interesting to women, but their goals are. The industry needs to adjust to women not vice versa.”
Home prices projected to set new records in 2019
In March, the average American home listing price reached $300,000 for the first time ever, according to Realtor.com’s Housing Trend Report.
Trulia says the market is in the early stages of a cyclical downturn
“Cyclical housing market downturns occur roughly every 10 years, and they typically don’t happen overnight. Instead, they play out steadily over a few years, first showing up in sales volumes and later—usually a year or two later—in prices,” Trulia writes. “The housing market currently appears to be in the early stages of such a downturn: declining sale volumes and other market indicators indicate that it is cooling off, gradually pivoting away from the heated sellers’ market of recent years.”
And Trulia is right, home prices have been steadily depreciating since early 2018.
If work-life balance is something you’re striving for, you might consider making the move out West.
Inside Laurelhurst’s $8.8M 61-bedroom, 39-bathroom manor (PBJ, April 10)
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