4 Weeks from Hair Cut to Closing: Congrats Makayla and Chancelor!

Recently, I was getting my hair cut, listening to a story my hair stylist had been telling me for a couple years: she LOVES her neighborhood.  She owns a home with her husband that is a bit small, but they can’t imagine leaving the area and felt priced out. On this day, she was even talking about consulting an architect to build a second level onto their single story house.

Just three days later, my hair whisperer called to say they were on their way to an open house, “to check it out”.  It was love at first step.  The 117 year old home had original leaded glass, wood floors, remodeled bathrooms and kitchen, and a front porch with roses creeping over the railing.  I looked through the listing details and spoke with the listing agent to determine what offer terms would be meaningful to the sellers.  I also put together a report of recently sold comparable homes to determine price, and worked with my buyers’ lender to be sure we were putting together a plan to succeed. My buyers weren’t the only ones who loved the house: by Sunday afternoon there was an offer deadline, and we ultimately competed against three other offers.

Less than 36 hours after the open house, I made a phone call a bit past my own bedtime to share the good news that the offer had been accepted! With a short timeline to closing, we got to work on inspections–which are no joke with a vintage house–and spent the week meeting with additional specialists and obtaining assessments and estimates.

I had the good fortune to be working with my skilled colleague Kim Parmon as the listing agent on this home purchase.  It’s gratifying as an agent to work with someone equally skilled and committed on the other side. This helped us quickly find solutions that satisfied both the buyers and the sellers. In addition, our team at Root Mortgage and First American Title went the extra mile to bring everything together, including overcoming last minute challenges.

Today, exactly four weeks after my hair cut, we closed on their ‘dream house’.  On this rainy fall evening, my buyers unlocked the door for the first time to begin a new era in the neighborhood they love, with the bigger, character-filled home they didn’t think was within reach.

Congratulations, Makayla and Chancelor!!

NE Portland: Where PBR and Pinot Noir Share the Fridge

Ah, Northeast Portland. Land of artisanal everything (cheese, pickles, tacos, and beer!), vintage clothing stores to get your planet-friendly recycled clothing fix, and enough beards to make a Viking jealous. But beneath the surface of all things ‘Portlandia’, lies a neighborhood teaming with creativity, a burgeoning food scene, and a surprising amount of affordability.

NE PDX is the juxtaposition of the inconic “Portland Four Square” as the backdrop for a fixie bike with a basket overflowing with local farmer’s market produce. Here, you’ll find dive bars serving PBR alongside trendy gastropubs boasting Pinot Noir pairings. Don’t worry, though, there’s plenty of good old-fashioned fun in places like the Alberta Street Pub,  happy hour dinners at Dekum Triangle’s neighborhood gathering spot Breakside Brewery, or getting your spin on at the new disco roller skating rink in the old Lloyd Center Marshall’s Department store (yes, the ice skating rink is still there too!).

And speaking of the Lloyd District.  There are big plans for a revamp of this southernmost pocket of inner NE Portland that include an exciting reimagining of the old Lloyd Center Mall Space and surrounding neighborhood.  Field Operations, the firm that designed the High Line, the wildly popular park built on an old elevated train line in Manhattan, will design the open spaces at the new Lloyd Center. About 20% of the site is designated as greenspace which will remove the “go-around” necessity created by the concrete barrier of the old mall structure.  Instead of focusing ‘in’ as the old mall did, the new plan creates an outward-facing and interactive neighborhood space.  Maybe the best news yet is that Portland baseball fans still might have a chance at realizing the dream of a Major League Baseball team and stadium in Portland.  While the Lloyd District master plan doesn’t currently include a baseball stadium, it doesn’t rule it out either (If you build it, they will come…).

And Did we mention the food? From Alberta Street’s long-standing favorite La Bonita serving up some damn fine Tacos al Pastor, to Cason’s Fine Meats where you can bring home something delicious to grill for your summer backyard BBQ hang, to Bamboo Sushi & Zilla Sake for some of the best sushi in town, and inspired local restaurants with menus that change seasonally (DameExpatriate & OX  are some notable standouts), there’s something to tantalize every taste bud.

So, if you’re looking for a place with a pulse, where you can catch a live band playing in a neighborhood hangout one night and spend the next morning choosing from more brunch spots than a human has the right to walk to (and run into 12 of your favorite friends and neighbors on the way), then Northeast Portland might just be your perfect match. Just be warned – you might develop an uncontrollable urge to lose your car, make a lot of art, and (of course) become mildly surprised by nothing, not even that guy in a kilt on a double-decker, 2-story bicycle.

Celebration of Sunnyside

SUNNYSIDE – A relatively small geographic area in Southeast Portland, surrounding Sunnyside Environmental School. Dense with character, color, flavors, vibes and great people, Sunnyside is an old-school neighborhood where the streets fill up when it’s sunny, gatherings pop up in the parks, 100 person bike rides cruise our streets. I really love it. My family has called this neighborhood home since 2009. Our kids grew up in the school classrooms, on the playgrounds.

Hawthorne to Stark, from the 20s to the 40s… There are only about 200 square blocks that can celebrate themselves as Sunnyside.

Sunnyside Environmental School – As a Sunnyside parent, I have endless gratitude for the teachers and staff at SES. They are advocates, friends, guidance counselors and some of the most inspired and committed people I’ve known.

Powell’s Books and the other Hawthorne shops have been on our weekly circuit for 15 years.

Restaurants: Indian & Lebanese bites, killer pizza & fried egg sandos, Turkish coffee & acai bowls. All the goodies…

SEE…

Sunnyside Environmental School

As a Sunnyside parent, I have endless gratitude for the teachers and staff at SES. They were advocates, friends, guidance counselors and some of the most inspired and committed people I’ve known.

From the early days, SES was built with focus; children are pushed to develop the academic and social-emotional skills that lead them to be critically conscious, curious members of the larger community. Interconnectedness and environmental justice are core to the school’s philosophy. Read more about their mission HERE.

SEE…

Navigating the February 2024 Portland Real Estate Market: Insights and Opportunities

Understanding Interest Rates and Economic Trends

Interest rates have captured everyone’s attention. As we step into February 2024, they have found some stability in the low seven percent range after a recent dip. This situation mirrors strong economic signs, particularly impressive job reports surpassing expectations. The Federal Reserve is closely monitoring inflation, maintaining core inflation around 3.9% and overall inflation at 3.1%. They plan to keep rates high to gently push inflation down, anticipating significant rate reductions in the next six to nine months.

Exploring Portland’s Housing Dynamics

In Portland, a significant 41.8% of homes sell within two weeks of listing, signaling a market rebound. Yet, the time homes stay on the market can vary widely by neighborhood, from 35 to 109 days. This variation points to a divided market where in-demand properties sell fast, while others linger longer. Currently, the market is becoming more balanced, with about 3.2 months of inventory available. For a shift to a buyer’s market, inventory levels would need to increase to about 6 months. Expected price growth should align with the historical average of 3-5% per year.

Advice for Buyers, Sellers, and Investors

For Buyers: Look into properties needing some TLC or those on the market for over 30 days to find potential bargains and appreciation opportunities. If you’re eyeing move-in-ready homes, brace for competition and ensure your financing is solid.

For Sellers: Preparing your home and having all documents ready can significantly impact your sale. Condo and townhouse sellers might face longer selling times, requiring adjusted expectations and pricing strategies.

For Investors and House Hackers: The competition for multifamily properties has intensified, with fewer listings and deals last year. Hone your deal analysis skills to spot and capitalize on the sparse opportunities, including negotiating better terms or considering seller financing.

Looking Forward

Portland’s real estate market remains robust, offering diverse opportunities. Success will depend on strategic planning and adaptability. Whether you’re evaluating your options or navigating market challenges, building a strong financial base and exploring various strategies can guide you.

If you’re planning your next move in Portland’s real estate scene, I’m ready to offer insights and tailored advice. For a comprehensive analysis of current trends or to discuss your specific needs, watch my detailed update here. Together, we can identify the best strategies for your real estate ambitions.

Thank you for tuning into this market update. Your real estate journey is personal, and I’m committed to supporting you at every step. For a personalized consultation, schedule a meeting with me here.

The Portland Market Update: January 2024 – Navigating New Real Estate Currents

The dawn of 2024 brings fresh opportunities in Portland’s real estate realm. I’m Will, ready to guide you through the ebb and flow of our local market. Let’s cut through the noise and hone in on the essentials affecting your home buying and selling decisions this year.

Interest Rates’ Ripple Effect Cast your mind back to the 8% interest peak last October—a tremor that dampened demand. Fast forward to today, and we’re witnessing interest rates gently retreat to the high sixes, a move that’s reinvigorating the market pulse. This along with our normal seasonal changes is bringing back demand quickly.

Days on Market and Inventory Portland’s property scene is diverse; quick sales for some listings contrast starkly with others that sit longer, awaiting the right match. The days on market now stretch up to 60-75 days in certain submarkets, painting a vivid picture of buyer selectivity and market stratification. Thus, there are two markets with houses going quickly and the others sitting on the market for a longer time.

To Buy or Sell? Strategic Timing is Key

In this market, foresight is king. Buying a home? It’s a long-term play. Consider not just the immediate gratification but the potential for equity growth over 5 to 7 years. This horizon often marks the break-even point, positioning you to leverage your investment for future property pursuits.

Selling? The current climate offers a unique window. With less competition and a market still warm from buyer interest, listing now could place you at an advantage. Preparing your property early ensures you’re market-ready, poised to act when the season hits its stride.

Your first home purchase is a foundational step, one that paves the way to that dream house down the line. And while timing the market to perfection is a myth akin to capturing lightning in a bottle, understanding these cycles and preparing accordingly can place you leagues ahead.

Embark on Your Real Estate Voyage For an in-depth journey through Portland’s market, set sail with my full video here.

Whether charting a course for purchase or plotting the perfect sale, I’m on deck to help you navigate these waters. Reach out, and together, we’ll find your true north in Portland’s real estate landscape.

Portland, Oregon Housing Market Forecast with Jenelle

Known for its great food and arts scene, Portland, Oregon, has become an increasingly popular place to call home for singles and families alike. As such, Jenelle Etzel, founder and CEO of Living Room Realty, isn’t surprised by the fact that demand for homes in Portland is still solid even with mortgage rates being as high as they are today.

But Portland’s housing market is a tricky one to navigate due to extremely low inventory, so if you’re looking to buy in the Portland-Vancouver-Hillsboro area, you’ll need to be prepared. Here’s what you need to know about the market today and looking ahead, based on information from the U.S. News Housing Market Index.

How the Portland Housing Market Changed in 2022

Single-family home construction slowed down in Portland in 2022 compared with 2021. Based on data from the U.S. Census Bureau, permit activity for single-family detached homes dropped from 536 in January 2022 to 375 in January 2023 – a 30% year-over-year decrease. Permit demand peaked in May 2022 at 651, but by the end of the year, it had plummeted to 335, a 48% drop.

A slowdown in single-family housing permits isn’t surprising to Etzel. “Portland has pretty tight urban growth boundaries, so it’s been hard to have new construction,” she explains. “But we need it to happen, and we’re starting to see some building happen.”

Construction for multifamily homes, however, increased in 2022. In January 2023, there were about 698 housing permits issued for buildings housing two or more units, compared to about 569 one year prior. That’s an increase of almost 23%. Permit issuances peaked in February 2022 at 575 units, after dropping since December 2021. Since then, permits were on a downward trend until starting to rise in June. They didn’t regain to the February level until September, but ended the year at 782, a 16% increase.

Portland Housing Supply and Demand

A slowdown in single-family home construction is the last thing the Portland market needed over the past year. That’s because, as Etzel explains, a lack of inventory has long been a problem in Portland.

“Portland supply is super low,” Etzel says. However, there’s a silver lining.

“The market was becoming impossible a year ago,” Etzel says. But “having interest rates rise and forcing some people to have to sit out the market has balanced out the market a little bit.”

As of January 2023, based on data from Redfin, inventory in Portland sat at a 2.6-month supply. That’s actually an increase of 1.73% compared to a year prior. But it can easily take a six-month supply of homes to balance the real estate market and allow for enough inventory to meet buyer demand.

For context, on a national scale, housing supply in January 2023 sat at a 3.2-month supply, representing a 1.71% year-over-year increase.

Meanwhile, the rental vacancy rate for Portland as of January 2023 was 4.8%, representing a decrease of 0.8% from one year prior, based on data from the U.S. Census Bureau. The U.S. rental vacancy rate for the fourth quarter of 2022 was 5.8%, putting Portland’s vacancy rate below the national average.

Because there’s so much demand for homes in Portland, Etzel says, “We are technically still in a seller’s market here. We still see multiple offers on great homes, and I don’t expect that to change.”

However, sellers are making more concessions. “Sellers know they have one or two backup offers, but they don’t have 30 people waiting in line,” Etzel explains.

It’s also worth noting that for the week ending March 17, 2023, mortgage applications increased 3% from one week earlier, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. On an unadjusted basis, the Market Composite Index, a measure of mortgage application volume, increased 3% compared with the previous week.

That same week, the average contract interest rate for a 30-year fixed, confirming mortgage decreased to 6.48% from 6.71% the previous week. But even with that decrease, borrowing has clearly gotten expensive.

Still, Etzel doesn’t think mortgage rates are impacting the Portland real estate market all that much.

“The interest rates are making way bigger news than they deserve,” she insists. And while Etzel does think mortgage rates will go down in time, she also thinks that “people are going to get comfortable again with the interest rates we’re seeing today.”

But while higher mortgage rates may not be affecting the Portland real estate market dramatically, it’s hard to overlook the fact that consumer sentiment is down. In January 2023, consumer sentiment sat at 64.9, according to the Survey of Consumers from the University of Michigan. A year prior, it sat at 67.2.

Portland Real Estate Market: Predictions

Etzel doesn’t expect the Portland housing market to change drastically over the next year. However, she thinks mortgage rates have the potential to drop, which could result in an uptick in buyer demand.

“I think the next 12 months are going to look similar to what we’ve been through,” she says. However, if rates drop, “In a market like we have where we don’t have the supply, I think it’s going to force a lot of folks back into a competitive environment.”

Meanwhile, Etzel says recession fears are not really a concern in the context of the Portland housing market. In Portland, wages have increased, she explains, and unemployment is still relatively low.

Because of this, “Owning a home looks like a good tactic to secure some financial stability,” says Etzel. “It doesn’t look like a very big risk.”

Looking to learn more? Reach out directly to get in touch with an expert agent today!

503-719-5588 | welcome@livingroomre.com

 

 

 

 

 

Read the full article from US News by Maurie Backman HERE

 

Roseway Vibes

photo credit: Roseway Theatre

Roseway is a family friendly neighborhood filled with vintage charms and businesses. Roseway is close to I-84 ad I-205 for an easy commute and quick access to the airport. The three neighborhood schools are Scott ElementaryRoseway Heights Middle School, which has been a school since 1911, and McDaniels High School. McDaniels was formerly known as Madison High School and is undergoing a major renovation with plans to re-open in Fall of 2021. The neighborhood includes 2 city parks, Wellington Park and Glenhaven Park, and Portland’s unofficial East Park Blocks, also known as the Roseway Parkway on 72nd Ave.

Roseway Destinations:

Roseway Theatre – The Roseway Theater is operated as an independent, family owned movie house. It opened in 1924. Recently restored, the  movie theater features superior digital picture and sound quality. 1st run movies are just $8. Folks rave about the popcorn here!

Fairley’s Pharmacy – Fairley’s Pharmacy is an independent, full-service pharmacy and soda fountain that has been locally owned and operated since 1913. We offer all of the medications and services of a modern pharmacy, but with the friendly, personalized service of an independent business. At Fairley’s Pharmacy, we believe that being a local independent pharmacy means providing healthcare and compounding services to our patients that are customized to meet their needs. Stop by today and experience what personalized care for over 100 years feels like.

Ed’s House of gems – Everything for the Rockhound! This old school rock shop is a must for rock hounds and a fun place to check out for folks that are not. They are a cornerstone of the Roseway Business community. Check out their huge collection of the Oregon state rock – The Thunderegg or stock up lapidary supplies.

Ohana Hawaiian Cafe – It all started as a far-fetched dream; to pursue our passion for good, satisfying food and our love for serving people by opening our own restaurant. Beginning with our age-old family recipes, all the way to the server bringing your dish, it is our goal that each and every one of our guests will experience a warmth that can only be felt when around family. After all, Ohana does mean family. We welcome you to join us and be a part of it.

Cameo Cafe – Cameo Café’s menu is packed with everything from traditional breakfast items, such as our buttermilk pancakes and omelets, to our Korean-inspired dinner items like the Bulgogi Burger. We’ve served our local community delectable dishes for more than 20 years.

Demographics:

Population 6,323

Median Age 39

Under 18 years 17.8%

18 to 64 years 72.1%

65 years and over 10.2%

Learn More:

Travel Portland Roseway Neighborhood Guide

Roseway Neighborhood Association

Neighborhood Map

Roseway Neighborhood Facebook Group

Flaneur-Let’s Do It!

Thanks to one of our favorite people, Ivy, the founder and owner of Blendily, we have our weekend planned. Flaneur is a French term which means to walk around an area with no time frame or destination in particular. The French will often pick a neighborhood in their city or and adjacent town, and go wander, walk, stroll around for a while, observing, experiencing, and getting out in a whole new way. It’s a bit like what we do when we travel, but instead, we’re here!

 

About Us:
Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.

map of Portland image from https://portlandneighborhood.com/

Hollywood has a lot of Heart

As it has been said so often it’s become the market’s mantra, “location, location, location” can be the essential pillar of any buyers’ search for a new home. In Portland, this quest for the ideal location can feel like trying to choose your favorite coffee shop, because the truth of the matter is the coffee here tends to be pretty darn delicious almost anywhere you go. The neighborhoods in this beautiful city are pretty spectacular, and while I may be seeing things through my local rose-colored glasses, I think you could chat with most folks who live here and hear a similar take on Bridgetown.

When Pete and Carley started thinking about where they wanted to live, there were a handful of neighborhoods that met many of their hopes. We saw some really lovely options in North Portland with gorgeous views of Forest Park and the river. Then we peeked at a few places around Alberta and Kenton, and went out to Roseway to visit a noteworthy bungalow. Once we saw the classic English Tudor in Hollywood, they knew they had found their home. Right around the corner from Carley’s work, an easy commute for Pete, and the best dog park in NE where their pup could run free – this plucked at every heart chord. Congratulations to these incredible clients! It’s been SO rewarding to help make this dream come true with you two. 🖤

Hip Happening FoPo

The Foster-Powell neighborhood has been a hot commodity for a while now. But with the Foster Transportation and Streetscape Project finally complete, this inner southeast neighborhood is transforming into an even more desirable location for Portlanders. The streetscape project created a bike and pedestrian corridor that makes Foster-Powell an urban commuter’s dream. Easy access to major bus lines, and increased walkability and bikeability. Multiple parks and a great rec center nearby. Local hot spots like the Portland Mercado, Speedboat Coffee, Assembly Brewing, Carnelian Coffee, Pieper Cafe, and many others. This neighborhood already has so much going on. And with the streetscape rolled out, more restaurants and retail will follow. If you’re looking for a great walkable neighborhood to put down roots in Southeast, add Foster-Powell to your list!