Tag: Portland Oregon realtor

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:

đź›  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.

đź›  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).

đź›  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.

How to Buy Your First Home

Posted on by Lily Ray Wyss

Curious about the home buying process but not sure where to start? We got you!

In this video Lily Wyss of Living Room Realty and Beth Imhoff of Guild Mortgage run you through the entire home buying process from start to finish.

We teach you how to prepare financially, what to look for when shopping for a home, and the basics of a home buying transaction.

Have questions about the video or want to discuss your home buying plans in more detail? We would love to talk. You can find Lily’s contact information below. We look forward to helping make your home buying dreams come true!

Portland Oregon Real Estate Market Update for January 2024

Posted on by Lily Ray Wyss

What we discuss:

The Spring Real Estate Market already showing up.

How home buyers can be set up for success in a hot market.

And what opportunities this new market will have for home sellers.

Is the Spring Real Estate Market already here?

It seems like it.

While the data in the graphic above shows low numbers for last month, things have shifted in the last week or two.

Interest rates have already started to go down and it seems like everyone is ready to go back to business as usual now that we all are pretty much recovered from the holiday madness.

With rates making their way down to the mid 6% range (most predict that they should stay in the 6% range and will not go much lower than 5.5% in 2024) many buyers have decided to re-enter or enter the market.

And we are starting to see potential sellers take notice and many are putting their homes on the market now versus waiting for the Spring.

While not everyone is waiting till Spring to make a move, if the activity over the last few weeks is any indicator, we should see a robust real estate market over the next year and certainly in the first half of the year. (We are a bit cautious about predicting high activity in the second half of the year due to the election coming up).

What does this mean if you are thinking of selling? In most cases, you can expect to have motivated buyers ready to buy your home.

However, it is important to note that with our current economy, many buyers are still hesitant when it comes to their spending, so making sure we prep your home well, market it correctly, and price it strategically will be critical.

A good deal of homes are already starting to get multiple offers in today’s market so we will do everything we can to make sure your house is one of those shiny listings everyone wants.

What does this shift in the market mean if you are a home buyer? We will want to be highly strategic in the offers we write and the type of homes we even look at.

If we toured homes in 2023 together the market will be noticeably different. Homes that sat on the market for weeks will now potentially sell in a weekend meaning you will have to make quicker decisions and likely compete with other buyers.

Don’t let this stress you out though. I helped a bunch of buyers (many were first-timers without a lot of cash to throw around) buy homes successfully in the height of the 2021-2022 market and we can do the same for you.

If you want to talk more about your 2024 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 sub-markets, so it’s important that we talk one-on-one about what you can expect based on your own needs.

Reach out and let’s make your real estate dreams come true.

Real Estate Market Forecast for 2024

Posted on by Lily Ray Wyss

No one knows for certain what 2024 has in store in the world of real estate. But in the video above we discuss a few widely predicted trends.

Here are a few highlights:

Interest rates are already trending downwards (whoohoo).

With this we are already showing higher motivation from home buyers which will continue to increase.

Hopefully, this means we will also see higher motivation from home sellers (as sellers notice the higher demand from buyers). Leading to more homes and more options to the market.

Meaning we can predict an active Portland Oregon Real Estate Market for most of 2024. We could potentially see the market slow down in the second half of the year, if we follow trends from past election years.

Want to discuss your potential home buying or home selling needs for 2024? I would love to connect. Reach out and we can set up a time.

You can contact me below or reach me at lily@lilyrayres.com.

Is Now the Time to Sell?

Posted on by Living Room Realty

Sometimes we get to that moment of warmth in the realization that we’ve finally landed in a place where we can settle in, grow some roots, and really get to living. Then sometimes life gets in the way. If 2020 wasn’t that year for you – congratulations!

For some recent clients it was work that surprised them with a forced move across the country. So in the middle of a pandemic they needed to make some minor repairs, paint the entire interior of the house, and have some landscaping taken care of. All while working from home with two small children – one who needed constant supervision so he didn’t break himself (again) and one who required a parent to be their teacher for the majority of the day. No problem!

“No problem,” became a mantra in 2020. It was a year full of new challenges, but in the end it was better than could have been expected. We found new, socially distanced, ways to do business, came up with new solutions to what were now unique scenarios, and ultimately made things happen. Lots of things. Portland real estate was bustling through the first 9 months of the pandemic – and we’re still going.

A lot of people have been on the fence about selling for reasons that are completely understandable, but if you’re willing to be flexible and think out of the box now could be a great time to sell your home. We’ve been in a strong seller’s market for quite awhile, but now more than ever. The combination of historically low inventory in conjunction with great interest rates has left buyers competing for homes across the Portland Metro and Vancouver areas.

If you’re interested in talking about this more feel free to reach out!

Concordia Ranch Sells Fast

Posted on by Greg Washington

We are seeing a lot of this recently – homes selling within days of coming on the market.  This great Concordia daylight ranch was no exception.  I would like to congratulate my sellers Rachel and Kenneth, and the buyer as well, and I wish them all the best in their new endeavors!  And hang in there everyone.  That beautiful blue sky will be back!

Sitting Pretty in SW PDX

Posted on by Erika George & Kari McGee

New SW Listing!

4652 SW Cullen Blvd., Portland, OR 97219

This cheerful, vaulted cutie artfully combines a soaring sense of space with a cozy, inviting vibe. 2016 updates include new roof, skylights, windows, exterior paint, Brazilian Koa hardwoods, carpet and kitchen/bath cosmetics. Recent owner updates include central A/C, gas fireplace, interior and back deck paint, closet organizers, built-ins and adjustable garage storage rack. Large, sunny corner lot bordered by only one neighboring home; fully fenced with sprinkler system. Huge back deck accessible off dining area and kitchen great room for fun entertaining flow. One mile to Gabriel Park, 1.6 miles to Multnomah Village, two miles to Hillsdale! Hayhurst, Gray, Wilson schools.

OPEN SUNDAY November 17, from 1 – 3 p.m.

OFFERED AT: $520,000

3 beds | 2.1 baths | 1,680 SF

MLS# 19695340 | Taxes: $7,378

An Afternoon in the Cape

Posted on by Living Room Realty

One of the dangers of being a REALTOR®, at least for me, is the temptation we come across in the form of houses – every. single. day. I love houses, I want to love on them, fix them, and let them shine. So sometimes this job is a struggle.

This house brought back memories of the first house I owned in Portland, a Cape Cod in St. John’s with plenty of room for my little family, a great yard, and an awesome basement. This one is even better, with its ample kitchen, beautiful built-ins, large garage/shop, and covered composite deck. Not to mention the extra living opportunities a basement renovation would bring.

I’ve wanted to buy it since the first time my clients gave me a tour of it. But I shouldn’t – it’s not the right time. So do me a favor, buy this house. Save me from moving again, I really hate moving.

6715 NE 22nd

3br/1ba

$499,000

MLS #19340360