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LDRE Leads Industry with Full Virtual Tours
On April 7, 2008, our professional photographer and video tour vendor, pdxtours.com, introduced a higher cost option of full screen virtual tours. These virtual tours of unprecedented quality and resolution were previously reserved for resorts, casinos, and international landmarks. This technology offers an unparalleled "you are there" experience. They literally provide floor-to-ceiling views for a rich and immersive user experience.
Within weeks of this news, Lee Davies Real Estate adopted this format to become their new marketing standard for virtual tours. These vivid tours will now fill the home shopper’s video screen each time they visit www.LeeDavies.com or www.RMLS.com and view a Lee Davies property.
This new technology comes with a price tag that tends to turn away independent real estate agents but Lee Davies saw this as one more exceptional tool to add to our marketing system further distinguishing Lee Davies Real Estate as a premium boutique real estate firm. According to Davies, “All of our new listings as of May of this year, will have these incredible full screen tours, it is truly amazing how accurately they depict our properties and we find buyers from all over the country adding our properties to their ‘must see’ list when they come to town.” To experience one of these tours, click on the link labeled Lee’s Listings in the top right corner and select our Grand Sherwood Country Estate or the Blue Pointe Beauty. Both of these listings utilize this new technology and demonstrate how amazing your home could look!
June Residential Highlights
June sales activity was mixed when compared to that of May 2008. On the other hand, activity continues to follow a downward trend compared with 2007.
From May to June, there was a 0.8% increase in closed sales (1,877 v. 1,863) - the second straight month of increasing sales. New listings also grew a slight 0.6% (5,213 v. 5,182). Pending sales, however, dropped 6% (1,996 v. 2,124).
On the other hand, comparing June 2008 with June 2007, closed sales dropped 31.3% and pending sales decreased 30%. New listings were also down 16.3%. See table below.
At the month’s rate of sales, the 17,788 active residential listings would last approximately 9.5 months, up slightly from 9.2 months in May.
Second Quarter
A look at the second quarter of 2008 compared with the same period in 2007 shows a 34.7% decrease in closed sales (5,461 v. 8,361) and 31% drop in pending sales (5,972 v. 8,652). New listings also fell 8.1% (15,973 v. 17,386).
Sale Prices
The average sale price for June 2008 was down 1% compared to June 2007, while the median sale price dropped 2%.
Month-to-month, the average sale price and median sale price are both up over May 2008 levels; the average sale price rose 4.1% ($348,800 v. $335,000) and the median sale price was up 0.5% ($289,000 v. $287,500).
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| Year-to-Date Area Reports: |
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Average
Sales Price |
Average
Market Time |
Appreciation |
North Portland |
$271,400 |
62 |
5.7% |
NE Portland |
$351,400 |
54 |
6.7% |
SE Portland |
$292,700 |
62 |
2.1% |
Gresham/Troutdale |
$267,400 |
87 |
-1.1% |
Milwaukie/Clackamas |
$330,000 |
72 |
-8.0% |
Oregon City/Canby |
$330,900 |
92 |
1.6% |
Lake Oswego/W. Linn |
$590,800 |
74 |
4.3% |
West Portland |
$503,400 |
78 |
4.9% |
NW Washington Co. |
$393,800 |
79 |
2.7% |
Beaverton/Aloha |
$282,500 |
79 |
1.3% |
Tigard/Wilsonville |
$391,200 |
81 |
-0.6% |
Hillsboro/Forest Grove |
$285,900 |
85 |
-0.5% |
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Today's Mortgage Rates (1% Loan Fee) as of 06/05/08 |
| Program | Rate | APR |
|---|
| Conventional 30 yr.: |
6.125% |
6.285% |
| Conventional 15 yr.: |
5.625% |
5.885% |
| Jumbo 30 yr.: |
6.375% |
6.519% |
| FHA 30 yr.: | 5.50% | 5.50% |
| VA 30 yr.: | 5.50% |
5.50% |
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| "Based on 20% down payment purchase, 720 credit scores, 30 day rate lock,
with 1% origination fee." |
| Experience Counts!
Typically when you hire a doctor, lawyer, or C.P.A., a seasoned veteran would be preferred due to the importance of the task at hand. Yet when it comes to real estate, many buyers and sellers are very casual about whom they select to represent their interests.
While finding a buyer for your home or finding the home you want to buy is easier in today’s real estate market, a good Realtor will make you or save you money through their knowledge of the market, and his/her desire to ask pro-active questions to insure that you are not only buying the right property, but that your concerns are formally addressed in your Purchase Contract. A savvy Realtor has strong presentation skills to effectively sell your position, and will negotiate to your advantage. He/she will be on your side during the inspection, have the foresight to avoid land mines, and see to it that the contract is adhered to within the set timelines.
In most industries you would pay a premium for this level of expertise, yet in the field of real estate you can hire an experienced broker or one straight out of school and the fees are similar.
It doesn’t cost any more to hire the best.
I welcome the opportunity to put my twenty one years of experience to work for you. Please call me direct to discuss how we can begin representing you.
~ Lee Davies 503-997-1118
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*Information above derived from the RMLS Market Action Report. |
*Mortgage rates provided by Brian Page and Jeanine Roe of NW Mortgage Group, 503.439.9191 |
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Bethany Area