Tag: pandemic

Airbnb to Just 5 People per Year

Posted on by Bobby Curtis

In 2010 I did a short-term work assignment in Switzerland with the company I was working for at the time. I lived and worked there for about five months. For someone like myself who loves to travel, it was ideal. I temporarily left Indianapolis, where I lived at the time, packed a few bags, and rented a fully furnished flat in a walkable area of Geneva. I was walkable to downtown, Lake Geneva, and the train station where I took a short train to work.

The furnished apartment was a little like corporate housing. Inside it was fairly basic. They provided all of the essentials, but nothing stood out as exceptional about the place itself. Today, corporate housing looks different, and has expanded to more people. They are better known as midterm rentals, and have platforms like Airbnb, VRBO, and Furnished Finder. Because of that it’s easier for home owners to rent their own properties out for a month or longer. Plus, these places tend to have much more style and character. These property owners are enchanting their guests to come stay at their place for a few months with their Pinterest-quality posts.

More People Working From Home

With the pandemic, came many people working from home for the first time ever. For some that meant all-day zoom meetings, kids and dogs hijacking calls, and not enough in person socialization. Some were eager to get back to the office. While others thrived with the work flexibility and getting more accomplished in their own working environment, wherever that happened to be. As most of us realize now, many have been called back to the office, but just how many haven’t been?

Mckinsey and Company, one of the largest global management consulting firms, published a study in June 2022 based on a survey of 25,000 Americans in the Spring 2022. Respondents worked in all kinds of jobs, in every part of the country and sector of the economy, including traditionally labeled “blue collar” jobs that might be expected to demand on-site labor as well as “white collar” professions, and found that 35% of job holders could work from home fulltime. You can read the full article here.

Flexible Work Life – Work From Anywhere

With that new found knowledge, several people are moving or moving temporarily, and staying in a midterm rental. A friend of mine working for Nike moved to Mexico just for fun when she found out she didn’t have to return to the corporate office in Beaverton. I had clients from Durango, CO, this year who work for Tesla, who were able to move parttime to Portland, close to their daughter and new grandchild because of their new work flexibility. Interestingly, I met these clients because they found my own midterm rental online last summer, and rented it for a couple of months while they were exploring Portland.

The Midterm Rental Benefit to the Homeowner

In 2020 I decided to renovate side by side townhouses, furnish them, and rent them out for month or longer stays. Since that time, it has been rented about 95% of the time it’s been available. There are many advantages to midterm rentals. Less turn over, and fewer guests to coordinate is one of the biggest ones. But, it can also be available for personal or friend/family use, and there are some good tax advantages that you can talk with your accountant about.

That first year, I had just 5 guests ranging from one to five months, and was able to block out time for personal use if I wanted. Providing a place in a great area of NE Portland, the Alberta Arts area, these townhouses have attracted not just people who can work from home or another location; but those moving to Portland who need short term housing while they look for something permanent, locals renovating their current home, even students who are able to study remotely and traveling healthcare professionals.

As an investor, myself, I stay on top of what is happening in real estate. From house flipping to long term rentals, to short and now midterm rentals. In my opinion, this  newer type of investment strategy is in the beginning stages of taking off.

To see more on the side by side townhouses I remodeled, and now rent as midterm rentals, check it out here.

A New Home For The Holidays

Posted on by Living Room Realty

I first met the Carsons in September. They are a family of four and were living in a condo in the South Waterfront and their balcony was being tear-gassed almost every night of the week because of the protests. They were living in 1000 square feet and they were itching to get out and have more space. 

The most important items on their checklist were outdoor space for their two teenage boys, 20 minutes or less for their daily commute to the Pearl, decent schools and a bedroom for each kid. We embarked on a house hunting journey that took us from Forest Heights all the way to Tualatin and in-between. 

When we found this house they walked-in and knew they loved it. It had been really nicely remodeled, had a fabulous backyard for their kids to play, two fireplaces, a big garage, an extra family room and enough space for them to all spread out. And bonus, they wouldn’t have to do any work to it, they could just move right in!

We beat out three other offers. Now they can move in just in time to celebrate the Holidays in their brand new home. They can start making memories here together. And bonus points for the kids: the Gabriel Park Skate Park is also just down the street!

Update to Portland Real Estate Market Since Covid

Posted on by Bobby Curtis

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.

 

World Travelers Make Portland Home

Posted on by Living Room Realty

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!

Portland Real Estate Market Since Covid

Posted on by Bobby Curtis

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.

 

Portland Real Estate Market since Covid. Latest stats
Portland Real Estate Market Since Covid
Portland Real Estate Market since Covid. Protection.
Portland Real Estate Market since Covid

 

 

Click here for updated stats as of July 2020.

Selling and Buying During A Pandemic

Posted on by Living Room Realty

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.

 

 

Forbearance Versus Loan Modification: Don’t Lose Your Home on a Technicality

Posted on by Erika George & Kari McGee

With 15 million Americans having lost their jobs since the onset of the coronavirus pandemic, we’re seeing unemployment numbers pushed to their highest levels since the great depression. We are carefully following what options are out there for homeowners who are unable to make their mortgage payments. We want to be sure that if you find yourself struggling to make your mortgage payment, you take the time to really understand what is being offered to you. We would be heartbroken if you lost your property due to fine print and technicalities that weren’t clear to you when making your mortgage “stop-gap” decisions.

First, we have to say that we are not financial lawyers or advisors, so please call an expert in this field before you commit to anything in writing. Having said that, Kari worked the last recession and learned a thing or two that might be of help, and Erika is a lawyer who specializes in contracts (While Erika is not authorized to provide legal advice while serving in her capacity as real estate agent, we can provide you with recommendations for lawyers who can help you!)

How Forbearance Works

There is a big difference between forbearance and a loan modification. In most cases, forbearance only temporarily suspends your obligation to make your mortgage payment. The general term of suspension right now seems to be 90 days but it can be as much as one year, or as little as 30 days. With a forbearance option, you will be expected to pay back the amount you owed, but did not pay. That can mean a big, ugly balloon payment, required by your lender at the end of your forbearance term. This option will likely be very problematic for most people who aren’t able to come up with the funds for the balloon payment.

Do not assume that the amount you owe, will be added to the “back end” of your loan. Some lenders are expecting this payment at the end of your suspension period! Our advice is to ask detailed questions of your lender and make sure you understand the expectations of how and when you repay the amount you owe.

Be sure to ask what happens if you still are unable to pay your mortgage payment, once the forbearance term runs out. Find out what your options will be in advance if possible.

How Loan Modification Works

A loan modification is a negotiation undertaken with your lender to renegotiate the terms of your loan. That can mean a principal reduction, a lower interest rate, or an increase in the length of time the bank will allow you to pay back the loan. This will be the option you need if you are facing long-term financial hardship and can document your long-term hardship. If you can show your lender proof of a lengthy period of hardship, you may be able to change the terms of your loan to reduce your payments in some way, or your overall obligation.

Keep paying any amount you can towards your monthly mortgage payment. Even a small monthly payment sent to your lender, will put you in a better bargaining position, versus just stepping out. Showing your lender that you are responsible and trying to work out a payment plan, is a good negotiating tool.

Many lenders will want you to start with a forbearance option before offering you a loan modification. Keep as much documentation as you can regarding your hardship. Plan to speak with an attorney or a reputable loan modification company to assist you in your negotiations. A little money spent up front for knowledgeable counsel can save you a lot in the long run.

Please call us if you find yourselves in this position. We can help direct you to the appropriate professional to help you make a plan that will get you through these difficult times.

Buyer Protocol for House Showings During Pandemic

Posted on by Erika George & Kari McGee

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.

Steps to buying a house in a World Pandemic

  1. Complete a “fully underwritten” pre-approval process with a lender (Call us if you need some recommendations!) or obtain proof of liquid cash funds.
    • Most sellers/listing agents are requiring a pre-approval letter or proof of liquid cash funds prior to scheduling an in-person showing of a home.
  2. View all virtual listing tools such as:
    • 3-D virtual tour.
    • Video.
    • Live stream virtual open house.
    • Photo slideshow.
    • Floor plan sketch.
    • Map.
  3. Do a drive-by of the property, and tour the neighborhood and nearby community amenities.
  4. Now call us to schedule an in-person showing. We will bring:
    • Gloves, hand sanitizer, and booties for you. We are asking that buyer clients please wear masks for in-person showings. We will be wearing masks too. Many people have sewn their own masks, or make an easy mask out of a cotton t-shirt and a paper towel. (See our HouseLovePDX Instagram account for a photo of Kari sporting that snazzy option!)
    • We are following the national mandates of no more than two people in the home at one time, and maintaining the social distance requirements of no less than six feet apart.
  5. Be prepared to write an offer “subject to interior inspection.”
    • That means you write an offer first, then go see the house in person when/if your offer is accepted. This practice has become more common for owner-occupied homes especially with at-risk or medically fragile owners.
  6. Offer accepted? Hurray! Here’s what to expect:
    • Expect your home inspection “wrap-up” to be done via technology. Most home inspectors will only inspect homes alone. They will generally FaceTime with you to discuss the findings of the inspection. We can make arrangements to get you in the home after the inspection so you can do a walk-through of the home with the findings in mind.
    • Expect there to be hurdles and delays. Lending guidelines are changing rapidly, which may mean some bobbing and weaving. Humor, flexibility and empathy all are important in this market to make it to closing!
    • Expect a LOT of Zoom calls with Erika and/or Kari! It really helps to see people’s faces – even on a screen.
  7. Closing!! Watch this video to see how we’re getting keys to buyers these days:

Real Estate and Working During a Pandemic

Posted on by Julia Robertson

Real Estate & working during a Pandemic.

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.

My how quickly things have changed…

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.

How to do Real Estate in a time like this?

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. 

Buying a house?

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.

Selling a house?

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