Tag: Lily Wyss

Portland Oregon Real Estate Market Update for October 2024

Posted on by Lily Ray Wyss

What we discuss:

 

How the current market is full of opportunities for homebuyers.

How timing is everything for sellers right now in the real estate market.

What we can expect from the Real Estate Market this winter.

 

Welp. Interest rates did not see the drop we were hoping for.

We saw a temporary decrease as news hit about a rate drop but then saw rates increase just a week later and continue to fluctuate.

Due to this news, we saw a brief increase in buyer and seller activity.

For home buyers:

In general, we are seeing a lot of opportunities for homebuyers active in the market right now.
While rate fluctuation is making affordability tough, for those buyers willing to act, we are getting some pretty great deals.

Just last week we got some first-time homebuyers under contract on a home in the ideal SE Portland location everyone seemingly wants and we only had to compete with one other offer to secure our client this really cool home with an awesome backyard for well under $600k.

For home sellers:

This market has also been volatile for those looking to sell their home. We actually saw a pretty significant decrease in sold home activity last month, down 13% with just 1,702 homes closing. And inventory of homes shot up to 3.5 months. Meaning homes just are not getting the demand they have had in previous markets.

For future home sellers, the biggest topic we will be discussing right now is timing. Deciding WHEN to list your home will be a big conversation. With the election less than a week away and the holidays fast approaching many are going to choose to pause the sale of their property unless they have an urgent need to sell.

Homebuyers you should take note of this as well. If you see a drastic decrease in new listings this week you can blame the election. And know that while we will see things hopefully pick up again, we will see activity trickle the closer we get to Christmas.

Looking ahead for everyone:

BUT it’s important to note for everyone, whether you are buying or selling, that the market will typically re-energize come January.

Many folks will have selling and or buying a home on their 2025 vision board and often won’t wait till Spring to make those dreams a reality.

And if you are someone who is looking to make a move sooner than later know that the market does not completely shut down this time of year. For home sellers, there are still home buyers out there looking for homes right now, and often they are the most serious. And for home buyers, this market can give you a bunch of advantages while other buyers are distracted by being festive.

Want to discuss your options to make a move before the year is over? Or want to talk about your 2025 home buying and or selling goals? I am here for it all. Reach out and let’s chat.

Let’s connect further, follow me on Instagram HERE.

Here’s how to not regret your home purchase:

Posted on by Lily Ray Wyss

It’s a sticky topic but let’s talk about it 👇🏼

There have been too many times when I am out in the world talking with someone or I overhear someone saying they regret buying a home.

But it’s often not that they dislike homeownership itself but the home they bought.

These are the main reasons I see people dislike their homes:

⁃ They didn’t fully understand the costs of maintaining the style of home they purchased. Many types of homes (like older properties) take a lot of work.

⁃ They stretched their budget more than they intended. Often if not counseled properly by a local lender, home buyers will focus on the price of the home but not the overall cost of their purchase and what their monthly payment will be.

⁃ They don’t research the neighborhood they bought in thoroughly enough and or didn’t test their commute.

⁃ They got distracted by unimportant things like the home’s staging and the marketed appeal but didn’t see past it to see the actual functionality and condition of the home.

If this all sounds overwhelming no worries this is where our job as a realtor comes in.

As a full-service realtor prior to even seeing homes, we will meet for a consultation and educational meeting and will have high-level in-depth conversations as you prepare for your home search.

During the consultation phase, we discuss what your capacity is to take on home and yard care when it comes to your energy, time, and finances.

On the education piece when it comes to seeing homes I’ll detail for you the realities of older homes and other styles that require a higher level of maintenance, and what it takes to care for a yard, or what it takes to pay someone else to do these things.

That way you can make informed decisions on what type of home is right for you.

I’ll share with you my Portland Neighborhood Guide full of Portland’s best-known neighborhoods, some less common ones, and the outer cities. Detailed in the guide you will find the best restaurants, bars, shops, parks, etc. So you can explore areas of interest before committing to living there.

I’ll connect you with amazing local lenders who will make sure you are empowered with the information you need to make informed decisions.

And throughout the home shopping process, I’ll counsel you to look past flashy home staging and will point out possible pitfalls in homes. And I will also help you see the potential in homes that may not look cute initially but could be a gem in disguise.

Basically, finding the right home for you is easy when you have the right support.

Want to discuss your options and co create your winning home buying strategy? Let’s talk. You can find my contact information below.

Portland Oregon Real Estate Market Update for August 2024

Posted on by Lily Ray Wyss

Okay, let’s get into it.

INTEREST RATES. Yes, they are still predicted to lower next month. But nothing is promised and not many people are predicting them to lower drastically.

But we have seen them lower some already. I have seen some clients get interest rates below 6% already which is really promising.

And we are already seeing the effects of this in the current market.

While last month was fairly slow, new listings (2,905), pending sales (2,191), and sold homes (2,075) were all down slightly, we are seeing a good boost in market activity already this month. And August is typically slower.

With rates already seeing some relief it has motivated a lot of buyers.

We will see what happens in the rate market but either way it looks like we are going to have an active fall.

What does this mean for you?

As a future home seller, if your home is properly prepped (I will give you a detailed list of what to do don’t worry), priced right (I will give you coaching on this too), and properly marketed (I handle this entirely) you should expect great results.

Buyer motivation is already high but will only increase if we do see an improvement in rates. Which means more buyers through your front door and a higher possibility of multiple offers in the first weekend.

As a future home buyer, know that lower rates will mean higher affordability for you which is amazing, but it will also mean the same for other buyers. So we could see higher competition from other buyers (multiple offer situations, leading to higher prices and more competitive terms being needed on offers).

Due to this, I have actually had some buyers get motivated to buy NOW while the competition is lower, and these clients have had success getting really great deals on amazing homes.

But don’t stress if you have not found your right home yet, or are not ready just yet to get started on your home search, even if things do get a bit wild in the market, we have the right strategies and tools that you can use to still be successful in any market.

Want to discuss your plans to sell and/or buy this fall or beyond? I would love to chat.

Just have a question? I am here for that too. Reply to this email or you can find my contact information below.

Portland Oregon Real Estate Market Update for June 2024

Posted on by Lily Ray Wyss

What we discuss:

Some normalcy and balance returning to the market.

An update on interest rates.

What both home buyers and home sellers can expect from the summer market.

Home prices during an election year.


Is the frenzy of the early Spring market over? It seems so.

The hottest of hot homes are still selling for over asking, but it seems that data and comparables have caught up to the epic price jumps we were seeing a few months ago.

Balancing the market some.

Though the data does show that we are still seeing activity increase across the board:

New listings are up 12% with 3,508 homes hitting the market.

Pending sales are marginally up by just 2% with 2,363 homes going under contract.

Sold homes are up 13% with 2,140 homes going to new homeowners.

Inventory of homes has stayed steady at 2.3 months (from 2.4 months in April).

What does this “new” market mean?

For home buyers, this means that while you will still deal with a seller’s market, especially if you are shopping in a hot area, there will be more homes sitting on the market and with those homes, the opportunity returns to ask for price reductions and credit asks.

And on the hot homes, while you may still deal with competition, it’s likely not the 10+ offers of the Spring market but a normal 3-4.

For home sellers, this means that demand for your home will typically still be great, it is just more important than ever that you price your home well.

Interest rates are still high and buyers are not just as frenzied as they were in the Spring. So your likelihood of sitting on the market and not getting multiple offers is higher if you don’t price accordingly and prep your home correctly.

On the note of interest rates, it is still predicted that we will only see one significant decrease in rates this year.

In terms of what you can expect for the summer, we should see activity remain high throughout July and then slow down as it historically does in August.

But no worries if you are someone who is thinking of selling around that time or plan to buy in August, those who are serious in the market will still be making real estate moves, and things do always pick up in September.

Speaking of August, August 17th is now the new date that changes will be implemented across the real estate industry for those who belong to the National Association of Realtors (which all Portland area agents do). The main changes are that buyers will need to enter into a contract with their agent prior to seeing homes, and buyers’ agent commissions can no longer be displayed on the MLS, but counter to what has been stated in some places, as of now, sellers are still able to offer compensation to the buyer’s agent.

This will certainly still bring changes to our industry, as an experienced realtor of 7 years, I believe many of them will be positive but if you have any questions or concerns and would like to discuss them I would be happy to talk.

Have questions or want to discuss your next move? I would love to chat. You can find my contact informatin below.

Save Thousands: Perform Your Own Inspections When Buying a Home

Posted on by Lily Ray Wyss

Here is how you can potentially save your self thousands of dollars:

Buying a home is a significant milestone and financial commitment in anyone’s life. Whether you’re a first-time homebuyer or seasoned investor, one of the crucial steps in the process is the home inspection. In the Portland Oregon Real Estate Market, it’s typical for buyers to arrange and pay for their own inspections. However, there are scenarios where sellers might provide pre-listing inspections or share reports from previous transactions. While this might seem convenient, it’s not always in the buyer’s best interest to skip their own inspections.

Here Is Why You Should Perform Your Own Inspections:

Quality Varies Among Inspectors

I have a list of amazing inspectors I recommend to my client. However, not all inspectors are created equal, and there can be significant differences in the quality of inspection reports. A report from a trusted inspector can provide invaluable insights into the condition of the property, and potentially uncovering issues that might not be immediately apparent.

Human Error is Possible

Even the best inspectors are human and can miss things. By conducting your own inspection, you increase the likelihood of catching any overlooked issues. Multiple sets of eyes on a property can reveal different perspectives and insights that contribute to a more comprehensive understanding of the homes condition.

Financial and Peace of Mind Benefits

Investing in a home inspection typically costs between $800 to $1,000, depending on the size of the home and type of property. While this might seem like an additional expense, it is a crucial investment that can save you thousands of dollars in potential repair costs down the line. Knowing the true condition of the property also provides peace of mind, allowing you to make informed decisions about your purchase.

The Importance of Due Diligence

Buying a home involves substantial financial commitment, and skipping or relying solely on seller-provided inspections can be risky. Sellers may not disclose all issues, and even well-intentioned pre-listing inspections might not capture everything. Conducting your own inspections ensures that you have a thorough understanding of the property’s condition and empowers you during negotiations.

Conclusion

To summarize, while there might be occasional circumstances where sellers provide comprehensive inspections, or the rare case where you may need to “waive” inspections to secure a home that has already been pre-inspected. In general, performing your own inspections will always be your best bet. Remember, buying a home is a significant milestone, and investing in professional inspections is a small price to pay for the long-term security and peace of mind it provides.

If you’re considering buying a home in Portland or want to learn more about the home buying process, I’m here to help. Let’s connect and discuss how I can assist you in navigating through the complexities of real estate transactions. Together, we can ensure that you are motivated, educated, and empowered to make the best decisions for your future home purchase. Contact me to schedule a consultation and take the first step towards owning your dream home.

Portland Oregon Real Estate Market Update for May 2024

Posted on by Lily Ray Wyss

What we discuss:

The importance of an expert buyers agent in this new real estate market landscape.

The opportunities in the Portland Real Estate Market for home sellers.

New predictions for interest rates.

The heat of this market seems to continue as we head into the summer!! 

Activity in the Portland Metro market continues its upward trend with heightened activity across the board.

And it shows in the numbers:
 
New listings were up 28% with 3,120 homes hitting the market. (Whoohoo more options for home buyers!) 

Pending sales were up 8% with 2,313 homes going under contract. 

And sold homes were up 19% with 1,883 going to new homeowners.  

Inventory of homes actually saw a slight increase from 2.3 months to 2.4 months. Meaning if no new homes were to hit the market, based on demand, we would run out of homes in about 2 and a half months. 

The average sales price has remained steady at $604,000, showing that with demand remaining so high for housing in the Portland market, even with high interest rates, prices have remained stable. 

Speaking of interest rates, we have seen them fluctuate slightly in the last few weeks, both up and down, and as discussed last month, it is projected that rates will not see any drastic decrease anytime soon. The most we can likely hope for is one to maaaybe two decreases by the end of the year. Womp womp. 

While activity is up and energy is high in our market it’s important to note, especially for you home sellers, that not every home is performing the same in this market, the average days on market in the Portland Metro Area is 83 days (I will just brag quickly that the average days on market for a Living Room Realty listing is 5 days. Our high-level marketing strategies, level of experience, and industry-wide reputation really pay off for our clients).  So while we are seeing a lot of homes go pending in a weekend (like the ones we list at Living Room) not all homes are getting those results. With that in mind, it is important that you do everything necessary to prep your home well and work with the right listing team to present your home in the best light. 

Speaking of days on market, for home buyers, it is good to note that days on market are not a great determinant of whether a home will have competition or not. Yesterday I handed keys over to some buyers who wrote an offer on a home that got 4 offers even though the home was listed for 24 days and had a failed transaction prior. Luckily we employed high-level strategies to win them the home and as of yesterday they are now homeowners for the first time!

Also yesterday I wrote an offer for a family on a home that had been sitting for over a 100 days and suddenly two other offers came in. 

So while this doesn’t happen in every case, just keep in mind that sometimes, just because a home is sitting does not mean you won’t have to compete against other home buyers. 

If you are curious to learn more about the current market and hear some more anecdotes, watch the video above! 

Looking to make a move in 2024? I am here for you. While this market is seeing heightened activity overall, different areas/price points/types of homes have their own unique market conditions, so its essential that we talk one-on-one about what you can expect based on your own needs. 

You can find my contact info in my bio below. I look forward to talking with you and co-creating your custom strategy to achieve your dreams. 

The Ins and Outs of a Home Inspection

Posted on by Lily Ray Wyss

The home inspection is one of, if not, the most important part of your home purchase.

It is where you will learn the most about the home you are buying, where you will have the most negotiating power, and honestly it is usually the most stressful part of the transaction.

But the more eduction you have up front and the more expectation setting we do the easier it will be and the calmer you will be.

Here are some things to know about the home inspection process:

🛠 The cost:

The general home inspection: $500-700*
Radon test: $120*
Sewer scope: $100 – $150*
Oil tank sweep: $100 – $120*

*Cost can vary by location and provider but this is the average I see.

*Which inspections you perform will depend on the type of home, location and other factors but these are the main inspections I recommend.

🛠 A home inspection is an overview of the homes condition:

A home inspector will be able to give you a great idea of the overall condition of the home, and will be able to pin point key problems, (but keep in mind there are some limitations as inspectors are human after all and don’t have X Ray vision).

🛠 Its a negotiation tool and a future to-do list:

After you receive your inspection report you can use it as a tool to negotiate with the seller and it will also be helpful in determining the future work you will need to do and want to do to the home.

As, and this is an important point, the seller will not correct every single item that comes up on your inspection report (unless you buy a new build home). Because on average there will be 40-70 items on that report, with a varying level of urgency and concern.
When you negotiate repairs with a seller you will want to focus on the top 1-4 health and safety concerns.

The rest of the items will typically be repairs you can do yourself (yay weekend hardware store trips) or ones you will hire out to contractors (which I will give you recommendations for).

Inspections can be an overwhelming part of the process, but that is why I am here as your buyers agent to help you through it all. If you want to meet and talk more about the home buying process reach out via my contact information below.

SPRING Portland Real Estate Market Update – In 90 Seconds

Posted on by Lily Ray Wyss

What we discuss:

Multiple offer situations returning to the market.

Seller motivation returning to the Portland Real Estate Market.

New predictions for interest rates.

If you are wanting to talk more about your 2024 home selling or home buying plans I am here for you. While this market is seeing higher activity overall, different areas/price points/types of homes have their own unique micro markets, so it’s critical that we talk one on one about what you can expect based on your own needs.

You can find my contact information below. I look forward to talking with you!

Portland Oregon Real Estate Market Update for April 2024

Posted on by Lily Ray Wyss

What we discuss:

Multiple offer situations returning to the market.

Seller motivation returning to the Portland Real Estate Market.

New predictions for interest rates.

Listings are UP UP UP!!!

We are finally seeing a huge increase in listings to the market with 2,425 homes hitting the market last month, a 16% bump.

While high rates have maintained, buyer demand has been strong over the last month or so (and seem to only be increasing) and sellers are finally following suit.

Pending sales increased by 22% with 2,138 homes going under contract.

And sold homes saw an increase of 23% with 1,578 homes going to new homeowners.

Inventory went DOWN to 2.3 months which shows that even with the big boost of new listings buyer demand is so intense that the inventory is being quickly absorbed.

While we are finally seeing this new activity show in the data I will say that the new bump in activity has increased even more in the last two weeks.

At certain price points clients are seeing a huge jump in the amount of homes available to them.

BUT we are also seeing a major increase in buyer competition.

I helped one client write an offer on a home last weekend that got 15 offers and went for almost $200k over the asking price.

This was the coolest house in the hottest neighborhood but shows that we are re-entering a true hot seller’s market.

On new homes to the market that are getting a lot of activity, you can expect that they will likely sell for $50k+ over asking at this point.

But as a homebuyer don’t let this worry you too much.

This is where strategy will come into play for us.

If you want the cool home in the hot area we will just want to make sure that we are shopping well below your top budget so we have room to offer up.

And if you don’t want to deal with bidding wars we can view the great homes that are still sitting on the market from the last market and or we can view homes in the areas that are still amazing, but don’t have hoards of buyers circling them.

Also, we can talk about which homes draw a lot of attention and which ones don’t. People tend to be really drawn to homes with extra living spaces, fresh upgrades, character homes, etc. So if you are also attracted to those style of homes be ready to compete. We can also talk about how you can add those things into a home later so you don’t have to deal with that competition and can be the one to gain the equity from those upgrades.

In terms of interest rate predictions, unfortunately I don’t have the best news here. It is no longer predicted that we will see rates lower 2-3 times this year as originally predicted. Now it is said that we should only see 1-2 rate drops and that they won’t happen until late in the year.

For home sellers, this is your market. If you have been on the sidelines waiting to sell your home, now is your best chance to enter the market.

As mentioned above, buyers are out shopping and they are ready to buy.

Not every home is selling for over asking, in the first weekend, but the ones that are priced right, marketed well (things I help you with), and prepped properly, are.

If you want your house to sell with multiple offers, well over asking, with strong terms, and for it to sell quickly, listing your home in the next few months may give you the highest chance of that.

Whether buying or selling, or both, strategy and education are going to be huge in order to be successful in this new market. But luckily I am here to help you with it all.

If you want to talk about your options and your future move I am here for you. You can find my contact information below.

4 things to do before starting the home buying process

Posted on by Lily Ray Wyss

Buying a home in a competitive sellers market can seem intimidating. But with a good deal of preparation, education and the right real estate team to support you, you can be highly successful.

Here are 4 things you should do prior to shopping for homes:

⚫️ Meet with a lender ASAP.

Having an initial conversation with a lender about where you are financially, where you need to go and how to get there will save you so much time and headaches.

If you don’t have a go to lender, your realtor (aka me 🙋🏼‍♀️) can send you a few recommendations.

⚫️ Get really clear on your home wants and communicate them to who ever you may be buying with and with your real estate team.

This will also save you so much time as there is no sense in us looking at homes without a fireplace if a fireplace is a necessity to you.

⚫️ If you are starting the home buying process but don’t plan to buy for a while, look into opening a high yield savings account and put your downpayment funds and other expenses for the purchase in it.

That way you will have a specific place for saving up for your home purchase AND you will make great interest on the money adding to your funds to purchase.

⚫️ Connect with a realtor as soon as possible.

Even if you don’t plan to purchase a home for some time, the earlier you meet with a realtor the more time they have to educate you on the process.

I just met with a couple last week who don’t plan to buy till 2025 this had me excited as we have so much time to talk about the ins and outs of the home buying process, research the types of homes that could best meet there needs, and we can watch the market trends so they are clued into how homes in their area of interest are performing in the market.

If you are wanting to co-create your winning home buying strategy I am here for you. You can find my contact info below. I look forward to talking with you!

Portland Oregon Real Estate Market Update for March 2024

Posted on by Lily Ray Wyss

What we discuss:

How we are seeing higher real estate market activity across the board.

The benefits of this market for sellers.

How competition is high for buyers even though rates are still high.

The NAR settlement.

The Spring real estate market is in full swing and it shows in the numbers:

New listings were up 7% last month with 2,085 homes hitting the market.

Pending sales were up 16% with 1,742 homes going under contract.

Sold home activity was up 16% with 1,284 homes going to new homeowners.

Inventory of homes went back below 3.0 months down to 2.8 months.

The average sales price also did not move much with an average of $609,000.

Overall we have been trending back to a hot sellers market and that market is here.

Even with high interest rates (which unfortunately are predicted to stay at current levels through the summer) buyers are finding new motivation and are out there and ready to buy.

If you are a potential home seller this is great news.

When we take the proper steps to prep your home, stage it, market it and most importantly price it right (this is especially important with rates still being high) we have a higher likelihood of entering into a multiple offer situation than we have seen in the last year or so.

We should see buyer activity remain high through the rest of the Spring and early Summer but it will likely tapper off as we head further into the year. So time is of the essence to some degree if you are looking to take advantage of the current market.

If you are a home buyer or someone thinking of buying a home this year, competition certainly is back.

When we find a home you love, you can expect that you will likely be competing with at least one other buyer.

But don’t fret, we have a bunch of high level negotiation strategies we can use to help you compete and win.

Also, if you have seen the news lately, you have probably heard of the NAR (National Association of Realtors) Settlement regarding agent compensation and transparency. I talk a bit about it in the video above (I believe around minute 5) but if you have any questions and or want to talk about it in more detail I am here.

And as always, if you are wanting to talk more about your Spring home buying or selling plans I am here for you. While this market is seeing higher activity overall, different areas/price points/style of homes have their own unique micro markets, so its important that we talk one on one about what you can expect based on your own needs. You can find my contact information below.