Sherwood Oregon Real Estate Update
September 2009
Sherwood has been and continues to be a desirable place to live.
In 2007 Money Magazine voted Sherwood as the18th Best Place to Live. " Like much of the Northwest, Sherwood is home to an array of beautiful parks and natural beauty. But the quickly growing commercial sites of Sherwood offer true insight into the town's character: a juxtaposition of old and new, with reverence toward both the city's historic past and its bright, expanding future. The community events calendar is always full and the town's location makes for a fairly easy commute to nearby Portland. A.B."
In August of 2009 Family Circle declared Sherwood as one of the Top 10 Best Cities for Families. The Sherwood Gazette wrote "The magazine stated that each of the towns honored contained forward-thinking leaders, parents, teachers and students who are passionate about their hometown, dedicated to bettering their children's futures and involved in advancing their local school systems as exemplified by the implementation of such programs as partnering with local government in providing recreational amenities, private medical groups to ensure treatment for students who don't have health insurance and integrating dual language classes in grade school."
Sherwood has seen some of the fastest growth in the state of Oregon, and most of it has been residential homes. People moved to Sherwood to live, not necessarily to work. With the economy tanking, many homes went into foreclosure and people moved out. This left us with a lot of stagnant properties that until recently, weren't moving.
But there seems to be some positive news according to Zillow. Below is a chart of their estimated home values from June of 2008 through May 2009. From what I have seen, we can expect even better numbers for June and July.
| Zillow Home Value Index | ||||
| Type | Current | Month Over Month | Quarter Over Quarter | Year Over Year |
| All Homes | $269,600 | -0..37% | -1.34% | -12.89% |
| Single Fam | $269,600 | -0.29% | -1.10% | -11.92% |
| Condo | $174,600 | -0.29% | -1.24% | -12.24% |
| Two Bed | $174,500 | -1.10% | -3.60% | -19.44% |
| Three Bed | $244,300 | -0.50% | -1.69% | -13.34% |
| Many Bed | $378,200 | 0.03% | -0.28% | -10.57% |
It's interesting to note that the Sherwood, excluding the more expensive homes, saw an across the board decreaase in value this month. I don't place a lot of stock in it as our market is small enough that 1 or 2 sales can skew the numbers. Plus, what I am seeing is that the under $250,000 market is still hot. Look for an increase in next months values as sales close.
But the good news is that each of these segments has less deterioation Quarter Over Quarter. While we aren't positive this month, it still beats double digit depreciation!.
It appears that the worst is over in Sherwood!!
Buyers, you better get busy!! 100% financing is still available through the USDA Guaranteed Rural Home Loan program, as well as 3.5% down with the FHA. For more information on both of these programs cllick on the above links, or follow this link to an article on First Time Home Buyer Financing in Sherwood.
The $8000 Tax Credit is disappearing in a few months, so there is no better time than now to buy a home!! We are having an Oregon First Time Home Buyer Seminar soon, so ya better call!!
Whether you are a First Time Home Buyer, or moving up to your next home, call me to get started, or click here to fill out a short form and I'll call you right back..
I work with some of the BEST Realtors in Sherwood!!
Larry Morris is a Certified Mortgage Planning Specialist and Certified Mortgage Coach with Golf Savings Bank in Beaverton, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, FannieMae HomePath loans and conforming purchase and refinances in the states of Oregon, Washington, Idaho and California.
He can be reached at 503-421-0096, or larry@PDX-Mortgage.com.
