- 55% Homes sold were 3 bedroom
- Average price = $241,257
- 32% closed in 30 days or less
- 22% closed in 121 days or more
- 48% buyers used conventional financing
- 25% buyers used FHA financing
- Closings down from last month by less than 13% (359 vs 411)
Wednesday, November 17, 2010
Washington County October Sold Stats - Single Family Residences
Saturday, November 06, 2010
Understanding Your Property Tax Statement
Oregon has a complicated property tax system. Could be the most difficult to understand system in the entire country.
Real Market Value (RMV)
Maximum Assessed Value (MAV)
The RMV is what the county assessor estimates the actual value of the property (or what it would have sold for on January 1, 2010 for 2010/2011 tax statement).
The MAV, as a result of an Oregon Ballot Measure (50) from the mid 1990s, takes the 1995 value, reduced by 10%, then increased 3% every year after 1997.
Add in that Oregon has two tax rates and confusion continues. The current rate(usually higher) applies to the MAV. The other rate (Oregon Ballot Measure 5 from 1990) limits the tax to .5% on education, 1% on government but no limits on whatever voters have approved in each tax district (bonds, levies, etc…). This rate only applies to the RMV.
You are taxed on whatever value is LOWER. That becomes your AssessedValue.
During the Portland real estate boom in the mid 2000′s, some property values were increasing at 10% per year(sometimes more), Portland real estate property taxes were only go up 3%. Sounds great when values were going up but, now that Portland real estate values are stagnant (with some still in decline), property taxes are still rising at the consistent pace of 3% per year. Since MAV has been capped since 1997, it should be lower than RMV and that is why your property taxes aren’t going down.
Did your assessed value go up by more than 3%?
Is the RMV more than your property is worth as of January 1, 2010?
Are you being taxed for something that does not exist?
If so, or if you have any questions about your tax statement, I suggest you to call an Oregon property tax professional to help you decide.
Real Market Value (RMV)
Maximum Assessed Value (MAV)
The RMV is what the county assessor estimates the actual value of the property (or what it would have sold for on January 1, 2010 for 2010/2011 tax statement).
The MAV, as a result of an Oregon Ballot Measure (50) from the mid 1990s, takes the 1995 value, reduced by 10%, then increased 3% every year after 1997.
Add in that Oregon has two tax rates and confusion continues. The current rate(usually higher) applies to the MAV. The other rate (Oregon Ballot Measure 5 from 1990) limits the tax to .5% on education, 1% on government but no limits on whatever voters have approved in each tax district (bonds, levies, etc…). This rate only applies to the RMV.
You are taxed on whatever value is LOWER. That becomes your AssessedValue.
During the Portland real estate boom in the mid 2000′s, some property values were increasing at 10% per year(sometimes more), Portland real estate property taxes were only go up 3%. Sounds great when values were going up but, now that Portland real estate values are stagnant (with some still in decline), property taxes are still rising at the consistent pace of 3% per year. Since MAV has been capped since 1997, it should be lower than RMV and that is why your property taxes aren’t going down.
Did your assessed value go up by more than 3%?
Is the RMV more than your property is worth as of January 1, 2010?
Are you being taxed for something that does not exist?
If so, or if you have any questions about your tax statement, I suggest you to call an Oregon property tax professional to help you decide.
Thursday, November 04, 2010
October 2010 Portland Market Update
Portland Market Update: October 2010
Our Portland real estate market is making steady improvement albeit slowly.
Homes Under Contract Up More Than 6%
According to statistics from the Regional Multiple Listing Service (RMLS™), the number of homes that went under contract in October 2010 was up 6.3% as compared to September 2010.
In fact, the number of homes with an accepted offer is now at its highest level since April, when the numbers were driven by the deadline for the Homebuyer Tax Credit.
The increase is one example of how the real estate market in Portland is showing steady improvement.
Homes selling faster
Homes in the Portland area in October sold faster than the month before, trimming three days from September, and one day from October 2009.
This is significant, because the traditional busy season for real estate is summer, when families are relocating while school is out. Generally, we expect sales to drop in the fall and winter months.
Median price falls slightly:
The median sales price dropped 2.52% from September to October. Affordable areas include Beaverton with median prices of $192,500 and Hillsboro with $200,500.
Our Portland real estate market is making steady improvement albeit slowly.
Homes Under Contract Up More Than 6%
According to statistics from the Regional Multiple Listing Service (RMLS™), the number of homes that went under contract in October 2010 was up 6.3% as compared to September 2010.
In fact, the number of homes with an accepted offer is now at its highest level since April, when the numbers were driven by the deadline for the Homebuyer Tax Credit.
The increase is one example of how the real estate market in Portland is showing steady improvement.
Homes selling faster
Homes in the Portland area in October sold faster than the month before, trimming three days from September, and one day from October 2009.
This is significant, because the traditional busy season for real estate is summer, when families are relocating while school is out. Generally, we expect sales to drop in the fall and winter months.
Median price falls slightly:
The median sales price dropped 2.52% from September to October. Affordable areas include Beaverton with median prices of $192,500 and Hillsboro with $200,500.
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