I gave the latest update on the Portland real estate market on Friday on Afternoon Live. Check out some of the highlights of this this year right now compared to last year. Things are looking different, and even different from just a few months ago. If you’re interested in the deeper dive, check out the 6 minute interview here.
And here is the link to the update for just a couple of months ago. Take a look to see how things have changed.
When Kristin & I first met with Erica and Nuno we knew they were our kind of people. Both of them, as we found out at our meeting, had a rich international background and appreciated different cultures.
Erica grew up in SE Portland and moved to Germany where she met Nuno. Their family speaks three languages and have a plethora of experiences already, but they wanted to be near family as they continued to raise their kiddos and Portland was a good fit for both of them.
So, we began their home search by drawing a tight parameters of the areas in SE Portland that were ideal to them both. They were willing to wait for the right one that landed in those parameters, plus the home had to be a good blend of both of their styles so we were all on the same page that this might be a longer than usual home journey to find the right home and they were ok with that.
Nuno’s architectural background gave him a love of details and the entrance into a home was very important and how it flowed with the rest of the home. Erica had a lot of grace when it came to the quirkiness of Portland homes from growing up here and was able to see potential in fixers if they landed in the right location. But both of them were on the same page in regards to the home that they bought needed to be manageable. Neither were wanting a major project.
The home search began and then was put on pause for a time as they were weighing their options. Then the pandemic hit and the inventory dried up even more. Choices were slim, and initially it was seeming like the right house was still a ways out the stars aligned for us after a few weeks after starting up their home search again, of looking when a new viable listing popped up within their search.
When we toured it was love at first sight and I could feel the connection between the home and Erica and Nuno. Not only did this beautifully maintained 1908 craftsman bungalow exuded with the architectural style and features they had been looking for in a home, it was also in an amazing location of the Brooklyn neighborhood in SE Portland. It was like we stuck gold, and we weren’t the only ones who had the same thought.
We quickly got together that evening on a Zoom call to strategically crafted an offer with great terms and price based off of comparable sales. All the while, getting to know each others world pretty well with our kiddos bouncing around in the background.
The offer was submitted and now was the waiting game. We were competitive and we made sure to have great communication with the other side which got us into contract in a multiple offer situation. We were over the hill with excitement.
Now began the inspection process. Inspections are usually something that tends to be a bit of challenge in every home buying process. During this pandemic it is extremely important that the over communication be exercised. We worked together to get bids for Nuno and Erica’s lists of high priority request and negotiated a credit for their repairs. This was a major win for Nuno and Erica as well for the sellers which made it party all around. This is exactly the feeling we like to see is that our clients are happy first and foremost but that we continue moving forward joyously all around.
Signing was scheduled with a mobile notary and with masks and all they signed their closing documents. An experience that is truly memorable.
Nuno and Erica have had to make several sacrifices to make this dream a reality and we couldn’t be more proud to be part of the adventure. There couldn’t be a more fitting home and we excited to see their family further enhance and grow into their home sweet home.
After long last your home sweet home is yours!
I stopped by Afternoon Live with Tra’ on Friday to give her the latest on the Portland real estate market. Things are looking a little different. Review some of the highlights below, then check out the 6 minute interview here.That’s where I’ll share what that actually means.
Click here for updated stats as of July 2020.
After working with Tylor and Nicole previous during the purchase of their condo, Kristin and I knew how kind, level headed and truly made of the finer things they were. However, we would soon be blown away with their strength and determination as we headed into life together once again. We saw how they handled one obstacle after another and how they came out on top in the end. So, we’ll start from the beginning of their story.
Without a pandemic within the forecast, Tylor and Nicole had goals of selling their condo from over 1 year ago. The plan was simple: 1. Sell their condo at a compelling price 2. Negotiate a free rent back which would give them ample time to find a suitable new home 3. Negotiate a great price on their new purchase, all without having to move twice.
It seemed like one year went by in a blink of an eye. Tylor, Nicole and their two beautiful toddlers spent countless hours cleaning, painting and staging their condo just in time for photos. Their condo listed on the market for 2 days before it went pending. The planning and strategizing we all exhausted had paid off and now it was time to start the hunt. This was like after a plane takes off for flight and we could now take our seatbelts off for the first time, except we were about to hit our first bit of turbulence.
We celebrated the victory of getting into contract so quickly on their listing, and now the hardship of getting into contract on a contingent sale was about to commence. We toured multiple homes and competed against multiple offers time but because we were a contingent offer this created a challenge for getting into contract. It would have been easy for many to give up at this point, but Tylor and Nicole are made of the toughest stuff and they kept their heads held high. This was right as the COVID-19 epidemic became a pandemic.
Soon we found a home that checked so many of their boxes and we were in contract. During the venture of purchasing their thought to be dream home, we learned of some big ticket repairs that were going to cost over $30,000 in repairs. They weren’t going to move forward unless the sellers gave these concessions. As COVID-19 was rapidly spreading, buyer and seller confidence in Oregon was beginning to wane. It became even more difficult to find contractors to help provide estimates on these necessary repairs as all involved wanted to keep their distance. We did not let this affect our mindset as we dug our heals in the sand and got the bids we needed to negotiate the sale. The sellers only wanted to drop the price of the home by $30,000 which didn’t give Tylor and Nicole the funds they needed to make necessary repairs. It felt like a punch to the gut for us. They decided that the wisest decision for their family was to terminate the sale at this point.
Sometimes you have to take 30 shots in order to make 1!
We were back out in the field touring homes and by this point we had developed new precautionary policies to keep ourselves and others safe. We wore masks, gloves and brought our own booties to every listing. By now listings on the market had precautionary signs asking visitors to stay safe, use hand sanitizer and and keep things wiped down. Only two people were allowed into homes at once. The fear behind COVID-19 had escalated within a matter of two weeks from the general public as we were all trying to grapple with what was causing the virus to spread so quickly. Plus, there wasn’t much inventory in the price range they were in. Then we discovered this gem:
It was on a dead-end street closer in located in the Mt Tabor neighborhood. The turbulence had started up again when we found out that we would be competing against another offer. As a team Tylor, Nicole, Kristin and I craft a competitive offer and after some tense negotiating we got into contract! It was a good reminder that sometimes you have to take 30 shots in order to make 1! We celebrated this victory together.
Navigating this process in the height of the pandemic here in Portland was very new to everyone involved. All parties had to do a delicate dance in order to perform inspections and negotiate repairs. Tylor and Nicole were adaptable and persistent which really paid off. We were able to bridge a delicate gap which resulted in the best possible outcome to keep the sale moving forward their family.
They came, they saw, they conquered.
By this time Tylor and Nicole’s free rent back on their condo was coming to an end and their plans of not moving twice needed to change. They were able to find an accommodating Air BnB to put them up until they could take possession of their new home. We all felt a tremendous amount of turbulence throughout their venture which wasn’t expected; however, we came together to come up with solutions and really had to dialogue a lot about the possible outcomes which was painful at times but in the end like the saying goes: They came, they saw they conquered.
We have never seen so many obstacles been thrown at one family during a sale and purchase situation and are so amazed you all handled each hurdle along the way. Kristin and I are honored to have worked with you all through it all. We are thrilled for you all Tylor, Nicole, Quorra and Quentin! We are excited to see your special touch on your new home sweet home.
House hunting during a pandemic? We get that the timing of your house purchase may not always be convenient. Here’s our protocol for buyers to keep everyone safe and do our part to help #FlattenTheCurve.
We certainly miss meeting our clients for coffee, touring homes with, teaching classes, and hosting open houses. And we do look forward to when we can get back out there with you.
Real Estate must go on. Needless to say, it is critical to be cautious and considerate during a time like this. I have clients in contract that are buying homes and clients planning to sell in the coming weeks. Whereas business is not as usual, contract deadlines and negotiation are still critical.
Two weeks ago I was meeting contractors, scheduling inspections, driving clients around for buyer tours, and running around town. Knowing that the first confirmed case in Oregon was announced, I was already using antibacterial spray after each handshake. I supplied my car with nitrile gloves, lysol wipes, and was introducing myself to contractors and unfamiliar agents with a “virtual” handshake. Call me a germaphobe, but besides this “virus”, I was really avoiding the nasty cold going around.
One week ago while attending an inspection, I had conversations about the virus with inspectors and clients. The common theme was “whats the big deal, it’s just a flu”. Most people were brushing it off. I’m not here to convince anyone otherwise, but I gave my two cents about being careful.
Here we are, and this week I’m reaching out to my clients stressing the pre-cautions we are now taking 1) as a company at Living Room Realty, 2) my own actions, and 3) what does this mean for you, my Dear Clients in your purchase or sale of real estate?
If you are searching for a real estate investment, or have a commercial real estate property for sale I recommend to visit https://www.williampitt.com/search/real-estate-sales/greenwich-ct/, they are experts to identify opportunities, mitigate risks and maximize returns. I’ve talked with new clients that plan to buy and sell real estate in the coming weeks. I’ve talked some clients off a ledge, considering cancelling their pending sales contract because of the volatile stock market. I met with an appraiser, and gave him my elevator speech about how serious it is to be cautious. I had my nitrile gloves on, advised him to allow me to open doors, switch lights on/off, and that I would be sanitizing any surface he touched. When he realized how serious I was, he appeared both shocked and thankful.
As a company, we at Living Room Realty are having conversations in real time, as the epidemic unfolds daily. We are pleading Brokers to step back for these next few weeks and practice social distancing. Only essential one on one meetings, virtual tours for new listings, and video tours for our buyer clients. Open Houses and Broker tours are… let’s face it, too risky.
I highly recommend to people looking to purchase a home, to consider the risks of attending open houses. Overall you may see these activities disappear in the coming weeks. Hire a Real Estate Broker to do the work for you! Lean in to technology and ask your agent to provide virtual tours.
If you’re selling a home, hire a Real Estate Broker that embraces the advantages of technology- Matterport, virtual tours, “Live Open Houses”, killer professional photography, and digital marketing marketing marketing.
You’ll see in the coming months which Real Estate agents will provide these services and which will not provide at all(Ahem, discount Brokers). I, along with my colleagues at Living Room Realty can provide these advanced services. In fact, we already provided the ‘advanced services’. It’s an investment and we take quality marketing to heart. Everyone will continue house shopping and selling, but in an advanced and pre-cautionary way. Certainly cautious until the Pandemic is no longer a threat.
If you’re curious about buying or selling and want to take advantage of historically low mortgage interest rates, or need a real estate agent that ‘gets it’- contact me! We’ll get through this together and I’m here for you.
Virtual Hugs, Julia
Julia Robertson | Living Room Realty
Broker licensed in Oregon & Washington
541-505-1111 | julia@rebyjulia.com
Dear Friends,
Among the greatest joys of being real estate brokers is the close connections we form with the people we work with everyday. While a lot of our communications are online or over the phone, we are fortunate to spend much of our time interacting with folks in real life.
While the coronavirus (COVID-19) is a part of our daily lives we want to let you know that we are adjusting our real estate practice to keep everyone we interact with safe while continuing to provide the very best service.
We are following “social distancing” guidelines by making changes to how we show property to our buyers and list homes for sellers. We are available to talk with you about your real estate needs.
Whether you are buying, selling, building an ADU, remodeling your kitchen, refinancing your property or just want more information about the market today, we are here for you.
As we navigate the “new normal” over the next few weeks, you’ll be hearing from us. Check our Instagram and Facebook pages, watch your email, and be sure to visit our website and blog. We certainly miss seeing you in person but we know we will be together again soon. In the meantime, please reach out and let us know how we can be of service.
Much love,
Aryne + Dulcinea
