Tag: Portland Real Estate Market

Exploring Houseboat Living in Portland, Oregon: Benefits and Drawbacks

Posted on by Will Sing

Houseboat Living in Portland, Oregon: Is It Right for You?

Are you considering houseboat living in Portland, Oregon? If you love the water and crave a unique living experience, houseboat living might be the perfect fit. In this guide, we’ll explore what houseboat living entails, the pros and cons, and help you decide if it’s the right choice for you. Let’s dive in!

What is a Houseboat?

A houseboat is a boat designed or modified to serve as a home. While many houseboats are stationary, some are mobile, allowing for the freedom to move to different docks as desired.

Pros of Houseboat Living

  • Waterfront Living: Enjoy wonderful waterfront views and easy access to water activities.
  • Affordability: Typically, houseboat living can be more affordable than traditional waterfront properties.
  • Mobility: If you don’t like your current location, you can move your houseboat to a different dock.

Cons of Houseboat Living

  • Depreciating Asset: Similar to mobile homes, houseboats usually depreciate over time.
  • Limited Financing Options: Few lenders offer loans for houseboats, and the associated fees can be higher.
  • Maintenance: Houseboats often require more maintenance and upkeep.
  • Ongoing Fees: Expect to pay higher fees, including HOA or mooring fees, since you don’t own the water or land beneath your houseboat.

Is Houseboat Living Right for You?

Only you can decide if houseboat living is the right fit. Here are some factors to consider:

  • Lifestyle: If you seek a flexible, water-centric lifestyle, a houseboat could be perfect for you.
  • Cost Considerations: While upfront costs and ongoing fees can be higher, houseboats can be more affordable than traditional homes.
  • Long-Term Goals: If you’re looking for an appreciating asset, consider condos or townhouses instead.

Things to Consider Before Buying a Houseboat

  • Five to Ten-Year Plan: Think about your long-term goals and whether houseboat living aligns with them.
  • Maintenance Needs: Be prepared for ongoing maintenance and higher costs associated with houseboat living.
  • Financing and Fees: Understand the financing options and the various fees involved in houseboat ownership.

Houseboat living offers a unique and flexible lifestyle, but it’s essential to weigh the pros and cons carefully. If you value mobility and waterfront living, it might be a great option. However, if you’re looking for a traditional home that appreciates over time, you might want to explore other options like condos or townhouses.

If you currently live on a houseboat or have experience with this lifestyle, I’d love to hear your feedback!

Watch the Full Video: Houseboat Living in Portland, Oregon | Real Estate Guide

If you have any questions about buying a home or need more personalized advice, feel free to reach out to me. Connect with me on YouTube, Instagram, or Facebook.

For a more detailed consultation or to get started on your home buying journey, schedule a free strategy session here. You can also access my Free Buyer’s Guide to help you through every step of the process here.

Sell Faster and for More: The Strategic Advantages of Home Staging

Posted on by Will Sing

Embarking on the journey of selling your home presents a unique set of challenges and opportunities. In the bustling real estate market of Portland, standing out in a sea of listings is crucial to not just selling, but selling well. A strategic tool in your arsenal? Staging. Let’s unpack the art of staging, its pros and cons, and how you can leverage it to benefit your sale. You can checkout the video below as well!

What Is Staging?

Staging is more than just tidying up; it’s a deliberate process designed to showcase your home’s best features. It involves strategically arranging furniture, decor, and accessories to appeal to potential buyers. Whether you hire professionals or tackle it yourself, the goal is universal: to make your home irresistible.

Why Consider Staging?

  • Quick Sale: Staged homes often sell faster. By presenting a polished, ready-to-move-in environment, you reduce the time your property lingers on the market, allowing you to move forward with your plans sooner.
  • Higher Offers: A well-staged home can spark bidding wars. When buyers are emotionally invested, they’re willing to pay a premium. This competitive edge can significantly increase your home’s selling price, making staging a worthwhile investment.

The Drawbacks:

  • Cost: Professional staging isn’t cheap, especially if you’re filling a vacant property. Prices can range from $2,000 to $5,000 per month, depending on the extent of staging needed.
  • Inconvenience: If you’re residing in the home during the sale, staging can disrupt your daily life, requiring constant upkeep to maintain the staged look for showings and open houses.

Virtual Staging: A Cost-Effective Alternative

For those looking for a more budget-friendly option, virtual staging is worth considering. This technique digitally inserts furniture and decor into your property’s photos. While less impactful than physical staging, it offers a glimpse into the potential of your space at a fraction of the cost.

Determining Staging Costs

The investment in staging varies widely based on your home’s size and the number of rooms you decide to stage. Discussing with your real estate agent will help tailor a strategy that maximizes return without unnecessary expenditure. Sometimes, focusing on key areas like the kitchen and primary bedroom offers the best value.

To Stage or Not to Stage?

Deciding whether to stage your home is a personal choice, influenced by budget, timing, and market conditions. Gathering as much information and advice as possible will help you make an informed decision that aligns with your goals.

Your Thoughts on Staging

I’d love to hear from you. What are your perspectives on staging? Have you experienced the benefits first-hand, or do you have reservations? Share your thoughts below.

Staging can dramatically transform the selling experience, potentially leading to a quicker sale and higher selling price. As with any strategy, it comes with its pros and cons. By evaluating your unique situation and consulting with your real estate agent, you can determine if staging is your ticket to a successful sale.

Thank you for tuning in, and remember, whether you decide to stage your home or not, I’m here to support you every step of the way in your selling journey. If you’re pondering your next move in the Portland real estate market, feel free to reach out. Let’s make your home sale a success together.

Stay Connected: For more insights and tips on navigating the Portland real estate market, don’t forget to like, subscribe, and follow me on YouTube, Instagram, LinkedIn, and Facebook.

Looking for a Personalized Real Estate Strategy? Schedule your strategy session today at stan.store/thewilliamsing, and let’s get started on achieving your real estate goals.

Portland Real Estate Market Update Late-August 2023

Posted on by Nicole Chavira

Find out what’s happening in the Portland real estate market for Late-August 2023.

 

Hi I’m Nicole Chavira, Oregon Licensed Broker with Living Room Realty, here to tell you what you need to know about the market for Late August of 2023.

 

Seasonal Changes

Heading into the end of summer, and the 4th quarter of the year, we typically see a seasonal decline in real estate activity. Some of the most common reasons that sellers choose to delay listing their home are the busy start of the school year, child care, and schedule changes. And as a parent, I can relate! Not to mention holiday plans, travel, and the inevitable colder weather. 

 

Let’s Talk Numbers

That being said, current stats in the Portland Metro Area aren’t looking too bad! We have 5,646 active listings compared to 6,675 available listings this time last year. The current market shows 2.5 months of inventory compared to 2.2 months worth of inventory in August 2022. This is still showing a strong sellers market with homes selling on average close to 101% of their original asking price. 

 

Currently we are seeing an average of 67 days on market vs last year’s average of 43 days on market. Average sales price is slightly over 1% higher than the previous year at around six hundred and fifty three thousand dollars.

 

Highly Motivated

So what does that tell us? Well, many of our homeowners that are ready to sell, tend to be highly motivated. For example, moving for an out of state job that requires them to relocate, health, relationship, financial status, or downsizing for a cozier retirement home. 

 

The same can be said about the mindset of home shoppers. Buyers that have a high motivation to purchase, know they would rather enter the market and build home equity themselves, instead of holding out and continuing to rent, helping their landlord build equity. With good guidance, they know they can always refinance later when rates drop. Successful home buyers also know to lean on their real estate professional and lender to work as a team to come up with creative lending solutions – that’s why we’re here! 

 

With less competition, we have more opportunity to negotiate with the seller. For example, interest rate buy-downs, credits towards future repairs, and/or repairs to be completed by the seller prior to your closing date.

 


Buyer Tips

Here’s a couple of my go-to buyer tips: do not be afraid to look at homes that have had extra days on market or had a previous sale fail and are now re-listed. Many of these homes tend to be dismissed because they are not showing up bright, shiny and new on everyone’s home search apps. These homes offer opportunities for us to work with the sellers to negotiate terms that were once impossible in the old 4% interest rate days. 

 

 Don’t let this typical seasonal shift in the real estate market, mixed with media headlines that deem a “housing market crash”, lower your confidence in making the right choice for your lifestyle needs. Remember, the best time to move isn’t dictated by the market, but by your needs.

 

 

Make A Move

Living Room Realty is committed to connecting you with as much information as possible to help you make an informed decision. If you’re ready to make a move, call us today, we would love to help you find your next Living Room

 

Portland Real Estate: What we’ve seen and what’s to come.

Posted on by Jessica LeDoux
2023 MARKET UPDATE VIDEO
Our team lead and data aficionado Karim Alaeddine has this insight to share about the Portland market: 
 

Hey I’m Karim Alaeddine, Principal Broker at Living Room Realty… here to tell you what you need to know about the market for mid May/early June 2023. 

Let’s take a peek under the hood of the Portland market, look for trends and try our hat in prophecy… forecasting. 

Pricing is going up. It’s been headed north since the very first day of the year. 

Fun fact – the rolling average for median home sales price in Portland is only $50 lower than the absolute high water mark in Spring 2021, when inventory was non-existent and buyer competition was fierce, like… super competitive. We are at that absolute sales price average again today. 

Days on market – a measure of how quickly the current pool of buyers is burning through the current pool of listed homes. This metric has been dropping for 2 or 3 months… as it nearly always does in the spring. To give some perspective, this data (measuring the rate of homes being sold) was last at this level in the spring of 2020. So for most of 2020, all of 2021 & all of 2022, the average days a home spent on market was lower than this week. At its absolute low point in June of 2022, the # of days on market were half of today.

If you’re visual like me, you might imagine a roller coaster going up and down each year (as inventory increases, then gets bought up.) 2023 is a softer, easier ride. Not so dramatic and the downhill fun part (when a lot of homes are getting sold) is less steep… more of a family-friendly ride this year. It’s steady… or it’s a slog, depending on who we are talking with. Not overly volatile though.

That means homes are taking longer to sell… and we’re creeping into the spring/summer season more slowly. 

Let’s look at an interesting data point about pricing, that sort of answers the questions; 

“Should I wait?”

“Will I get buyers?” 

“Are prices going to go up?” 

“Are prices going to go down?” 

A statistic that sheds light on these kinds of questions… the questions we ask when we have begun to think about a move, and are looking into the market crystal ball… is the rate of price reductions in listed homes. 

“How many listings took a price reduction?” To frame the numbers for us, between MARCH of 2020 and AUGUST of 2022, at any given time 20% to 40% of the homes on the market had price reductions, and this was in the MIDDLE of the hot AF market. In SEPTEMBER 2022 that number was headed upward (as a direct result of rising interest rates and lower buyer activity.) It went as high as 55%. Yeah – more than 1/2 of homes on the market had taken price reductions. 

However, in May 2023 we were in the 33% range (middle range of even the smokin’ market) and that stat was trending downhill. We’ll see what Summer brings. Low inventory (the major issue in our market) should keep reductions down – prices up. But demand remaining low will stall things. We’ll see.

Homes are selling, mostly without reductions. Price drops are – of course – used to stimulate buyer activity, but less downward pricing pressure is required to move property when buyers are interested in making a move, in earnest. Lifestyle drives home purchases. Purchases drive market trends. It takes a lot of pressure to turn off the natural incentives of people to move, purchase, sell as these things are life-and-times driven.

Lastly, competition is increasing amongst buyers. (We could do a whole hour on the ins and outs of niche sectors of the market that outpace the averages for metro area – within which competition is still super fierce.) Interest rates were looking to be leveled – with small dips and rises each week of course, but relatively stable. Pricing is actually quite strong meaning the sentiment amongst the market actors (mostly buyers) is that Portland is a good buy for long term housing & investment. Rates may slow things further but the inventory and demand balance does seem to have some natural strength to it… steady or sloggy though this year.

So… with sales strengthening and inventory as low as it is, current supply and demand levels show no sign of prices changing course too dramatically. 

In closing… 

Spring is here. 

Homes are selling.

Not as crazy as last year. 

… Still Portland though. 

Realtors are advocates who help buyers & sellers ask the very best questions, in order to guide clients through the market and into secure, positive transactions that align with their goals and dreams. Hashtag honored.

We’d love to help you find your next home.

Portland Market Update For Early-June 2023

Posted on by Living Room Realty

Find out what’s happening in the Portland real estate market for Early-June 2023.

 

 

Hi! I’m Atika Hagen, Broker with Living Room Realty here to tell you what you need to know about the market for early June 2023.

 

You may remember me from the last market update where Jenelle started singing, “It takes two to make a thing go right.” Well I’m here to tell you that that’s still true. Entering into the summer months, the market has been known to slow down, but we in Portland are actually seeing the opposite.

 

Pricing

The median price for a home in Portland right now is $699,000, this is the highest we’ve seen since the peak during the nutso market in the throes of the pandemic. At its peak – it’s peak!- in February of 2021, the median house price was only $950 more than right now, clocking in at $699,950.

 

Market Action

In our office, which holds the number one market share in Portland, we’ve seen fifty deals close in just the last two weeks alone. As well, inventory has increased by 42% from April to now. We’ve also seen the number of days on market for homes steadily decrease since March, from 102 days to currently sitting at 75 days. This tells me that unlike my children, the housing market in Portland will not be taking a summer vacation.

But what does all this mean in terms of real world examples for someone currently buying or selling?

 

Get Creative

Well as the market has begun to warm, I’ve had a few clients forgo sought after neighborhoods for other homes that are clean, landscaped, staged well and have creative touches. What this is showing me is that if you do those extra things to make your property stand out, it can go a really long way.

 

In another instance a client had an offer accepted under list price, but to pull that off we had to get creative with terms. As a buyer it’s important to know that it’s not always about the dollar amount. Having a knowledgeable realtor by your side that can think outside the box is crucial.

 

Living Room Realty is committed to connecting you with as much information to help you make an informed decision. If you’re ready to make a move, give me a call today. I’d love to help you find your next Living Room.

My 3 P’s for a Changing Market

Posted on by Robin Hakeman

As we head into a shifting market the conversations I’m having with my clients are taking on a new tone once again. Interest rates are up, buying power is down and some homes are staying on the market longer than 5 days (gasp!). Last summer the brokerage asked us if we could tell Buyers & Sellers one thing, what would it be?

My answer: be PREPARED, PATIENT & PERSEVERANT.

be PREPARED: 

It’s important to work with an agent who is keeping up with the changing market. Have a plan before you start shopping for homes or listing your home on the market. Get an pre-approval with current rates to fully understand your buying power. If you are gearing up to sell this summer, spend extra time discussing pricing strategy with your agent. Past sales data is a great starting place but understanding the nuances of the changing market is also extremely important right now. Take your agent’s advice on how to get your home ready for the market – buyers are soon going to have more choices & will not feel as rushed into selecting a home. Make sure your home stands out!

be PATIENT: 

Make sure to go over expectations with your agent before listing your home. In 2022, market time has decreased by 21% compared to 2021 however that is expected to change. Especially as we head into the summer months where things typically slow down a bit. If you are heading out to start home shopping, know that fewer listings may be coming on the market in July & August. Take your time if you can!

be PERSEVERANT: 

These next few months (maybe years) are going to look a lot different than what we are used to. If you find yourself with a home staying on the market longer than a weekend, it’s going to be ok. Have a plan and communicate with your agent regularly. Buyers who have been fighting the good fight, writing offer after offer may start to find some relief with less competition. If increased rates have lowered your buying power, talk to a lender about creative options that may work for you. Don’t give up!

See the full instagram post here!

Just Listed! Classic NW Craftsman in Nob Hill

Posted on by Living Room Realty

Welcome to the lovely Nob Hill Neighborhood! Sitting on a historic NW street, this 1908 Four Square Craftsman oozes character and charm. Inside, find plenty of modern updates while retaining the home’s vintage vibe. Column flanked doorways, picture-rail moldings and wood floors bring calm congruity to the main floor. Find all 5 beds on the upper floors. The updated and spacious kitchen opens directly to the beautiful back deck. It’s a perfect place to spend time with family and friends. The rest of the yard is open and green, your very own secret garden steeped in antiquity. It’s situated in a prime location just steps away from NW 23rd restaurants/shopping with many public transit options nearby. Don’t miss out on this very special home!

210 NW 22nd Place, Portland, OR, 97210

Offered at: $870,000

5 beds | 2.5 beds | 2.613 sq ft

MLS no: 21130535 | Taxes: $11,484

Just Sold! One-of-a-Kind Condo Dreams

Posted on by Living Room Realty

On this marvelous Monday my client, Christi, just closed on this darling condo with tons of character. She is a first time home-buyer so this is an extra special feat. Christi had been saving for a while to find the perfect place of her own and knew she wanted something with charm and character. This place fit the bill to a T. Located in the coveted Raleigh Hills/ Montclair neighborhood, this elegant home features a private front garden/patio, modern details throughout, and a separate garage. It’s the perfect place to start her new life. We found the fireplace she always wanted, a nice outdoor space, and a huge living room to decorate however she wants. Congratulations on this wonderful new beginning, and a special thank you to the seller’s agent, Jan Stranski, who was very helpful during the whole process. Cheers all around!

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Just Sold! Heavenly Home in Happy Valley

Posted on by Living Room Realty

Tim and Emily are wonderful return clients who sold their house with us last month. They received two months of rent back from their buyers to find a new place to call home. After only a week, we came upon this beautiful home on a lovely cul-de-sac in an even lovelier neighborhood in Happy Valley. It features 3 beds, 2.5 baths and nearly 3,000 sq ft of space. They’ll have tons of room in their backyard with a salt water hot tub, rock terrace, and plenty of greenery. The day after finding it, we got them pending, and now they are even able to close early. Congratulations, Tim and Emily! This new home of yours is darling. Thank you, also, to Liz Ellis at Redfin who represented the sellers!

Just Sold! Tri-Level Comforts in Murrayhill

Posted on by Living Room Realty

I’m very happy to share that my client, Bryan, closed on the sale of his lovely tri-level home in the Murrayhill/Sexton Mountain neighborhood of Beaverton. Sitting on a quiet street in a prime location, this area is close to fantastic schools, shopping, and parks. Inside, the home’s lovely, open floor plan features 3 beds and 2.5 baths with 1,972 sq ft of space. From the formal living area to the large kitchen, the home feels comfortable and spacious. The new owners will also enjoy a sunny back deck, perfect for entertaining. Congrats to Bryan and the new owners! And shoutout to David Policar of Where Inc. Realty for bringing the buyer!

Just Sold! Classic Comforts in Cozy Kenton

Posted on by Living Room Realty

Some good news is always the best way to begin the week. Congratulations to my client Noah who just sold his beautiful Kenton bungalow. It’s a gorgeous home that embodies the quintessential PNW way of life. It features a wooden-paneled/covered front porch, formal living area with a vintage wood-burning fireplace, and a light-filled and spacious kitchen. The new owners will also enjoy a large backyard with raised plant beds, a lush lawn, and covered patio. Sounds like a great way to enjoy the warming weather. Thank you to Living Room’s own Anna de la Rua Domenech for bringing the buyer! Congrats, Noah and way to start the week off on a positive note!

New Beginnings & Rosy Richmond Retreats

Posted on by Living Room Realty

My clients, Andrew and Erina, currently reside in Seattle and are expecting their first child together soon. They also just closed on this lovely bungalow in SE Portland! Erina is a Portlander by birth and when we found this gorgeous home it was love at first sight for them both. Immediately they were a little overwhelmed with the competitiveness of the market and weren’t quite sure if they could write a competitive offer. Lo and behold, the listing agent followed up with news that for the SAME reason, other prospective buyers hadn’t written offers either! The sellers were left with no offers and encouraged my clients to write.

By the next day they were pending, and now here we are at closing! What a wonderful twist of fate. My clients love it so much, they’re purchasing half the furniture with the home. It helps that the sellers are master woodworkers and made the furniture themselves! Once again, a huge congratulations to Andrew and Erina on their perseverance, patience, and poise throughout this process. I’m so excited for them to begin this new chapter with a beautiful home and family on the horizon. Special thanks to Elizabeth Wren Shiffler at Urban Nest PDX for facilitating the sale! 

Just Listed! Charming Condo in Blooming Beaverton

Posted on by Living Room Realty

This bright and cheery condo in Beaverton’s Five Oaks community is a wonderful place to call home. Enjoy modern touches and an open design, complete with 2 beds and 2.5 baths. The large kitchen with granite counters and a massive island is perfect for cooking on a night in or entertaining. Step out of the sliding glass door onto the beautiful balcony. It’s the perfect place for soaking up some sunshine. The neighborhood is close to the Elmonica MAX station, shopping, and hiking trails. Employment opportunities at Nike and Intel with both HQ’s just a short drive away. Plus it’s only a stone’s throw to downtown Portland. Great for investors–no rental cap! Don’t miss this fantastic, move-in ready unit in a prime spot!

 

1020 SW 170th Ave, Beaverton, OR 97006

Offered at $292,000

2 beds | 2.5 baths | 1,419 sq. ft.

 

 

 

Just Sold! Happy Home in Hillsboro

Posted on by Living Room Realty

Congratulations to my client who just closed on an amazing investment opportunity in hospitable Hillsboro. Bright and open, this home comes move-in ready with gorgeous quartz kitchen-countertops, stainless steel appliances, and a marvelous gas fireplace adding a cozy touch to the elegant living area. Tons of space to spare in this charming two-level with a separate and private living area on the upper level. The neighborhood is residential and quiet with shopping and restaurants nearby, plus multiple parks all a quick walk away. Congratulations on this gorgeous home, and best of luck on a wonderful journey ahead.

Just Sold! Adorable Abode in Aloha

Posted on by Living Room Realty

My client is definitely looking at a happy weekend ahead. We’d been looking for the perfect home for her and found “the one” in the beautiful Aloha neighborhood of Beaverton. Here in this fantastic ranch-style home, my client will enjoy an open concept floor plan with immaculate hardwood flooring throughout. The remodeled kitchen boasts granite counters and opulent oak cabinetry. 3 beds, 2 baths, and 1,104 sq ft round out this lovely single-story. We are especially excited about the private, fenced backyard with detached garage/shop and a stately patio. It’s going to be a wonderful place to spend the Spring/Summer. Congratulations to my client, and many thanks to Christi Lawrence at Windermere Realty Trust who represented the seller. Hurray for all!

Is the Buyer Bottleneck Starting to Soften?

Posted on by Aryne + Dulcinea

Have you seen all the great new listings coming on the market? It’s starting to happen! More and more inventory. And boy oh boy, we have a great lineup of listings coming your way. With more and more inventory, buyers will have more choices, and less competition. How does that impact sellers? Sellers will still get great offers, and likely multiple, but not a pile. It’s better for everyone!

 

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.

Why Is The Market So Hot + Are We In A Bubble?

Posted on by Aryne + Dulcinea
This week Jenelle, owner of Living Room Realty, takes a closer look at our market and talks about how we got where we are and where we are going next.
SEE HER VIDEO HERE

THE NUMBERS THIS WEEK
Avg sales price was $576,395.
Avg # of offers – 5
Avg amount over list price was 8% = $46,000 over.
Inventory inched back up over 500 but buyer demand outstripped inventory keeping the market action index revving at 70.

WHY IS THE HOUSING MARKET SO HOT?!
1. Interest rates are at historic lows – 3% and under has been the norm, incentivizing buyers to shop, but causing potential sellers to hang onto their homes as rentals and investments rather than sell them.

2. People are living longer and today’s baby boomers are choosing to stay in their homes. Covid 19 isn’t over yet and while it’s still here, those who might have chosen adult living communities have put that off for the time being until that move looks safer.

3. Working remotely has become the new normal, but will it stick? Some people have decided against buying, and selling, because they don’t know if they’ll be heading back to the workplace or creating a more permanent home office. Purchasing their “forever” homes may have to wait until after Covid ends.

THE BIGGEST FACTOR
The biggest factor, by far, is that less housing has been built in the past decade, since the 2008 housing crash, than ever before. A tight labor pool, high timber prices and more building restrictions have slowed new construction. We, as a nation and city have not kept up with the demand for housing. We need more housing and it’s unlikely we will see enough inventory to meet demand for years to come.

ARE WE IN A BUBBLE?
Demand and the restricted pipeline of inventory, leads us to think not.

Second, the amount of cash in the market compared to the years leading up to 2008 is greater. The strong equity in our housing market will help prevent foreclosures.

Lastly, economists examine home prices in relation to rents—if rents don’t keep up with home prices that can be an indication of a bubble. In Portland the average rent for a single family home is $2,023. The average sale price is $575,000. Purchased with 20% down that equals a monthly mortgage payment of $1,900. Add in taxes and insurance, and rents and mortgage payments are currently comparable our market.

We LOVE Listings, But Buyers LOVE Them More!

Posted on by Aryne + Dulcinea

 

Inventory is low…like toilet paper in March 2020, low. With rates also at historic lows, lots of folks are ready to buy a new home. Have something to sell?

Call us today and we will discuss how to best get you the most out of your property. Someone is looking for a new living room right now, and it could be yours.

 

 

 

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.

Banging Down The Door To Home Ownership

Posted on by Aryne + Dulcinea

Banging Down The Door To Home Ownership: How Buyers Are Winning Offers In Today’s Hot Market

We are seeing it all in this early 2021 Portland market.  While the following is not a recommendation on how to present an offer, and every listing is different from the last (different property, seller needs, and level of competition), we are seeing buyers give it their all.
Here’s what we see and hear buyers doing to beat out their competition:
  • Going high on price
  • Writing an appraisal bridge for price difference
  • Offering free rent-back up to 60 days
  • Providing a big earnest money deposit
  • Releasing earnest money either upon mutual acceptance or after the inspection contingency is waived
  • Taking the property in “as-is” condition, seller to do no repairs
  • Writing letters to the sellers
  • Offering to deal with any personal property the seller doesn’t want to take with them after closing

 

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.

Top 3 Portland Market Trends: October Edition

Posted on by Robin Hakeman

The Portland market continues to thrive, despite everything else 2020 has brought us. With only 1.1 months of inventory at the end of September, the market remains strong for sellers. For buyers, the competition is fierce as ever. Here is a quick snapshot of how things are looking versus last month & last year:

2020 has brought so much change to our communities. While the real estate market has thrived, buyers and sellers make decisions in a different way. New trends are popping up as we re-evaluate how and where we want to live. Here are the top 3 trends we are noticing in the Portland market.

1. “We need more space!”

A few weeks into lock down this March, I received a call from a buyer who simply needed a home NOW. They had downsized a few years earlier and were doing fine in their small condo, until COVID hit. With the extra time spent at home, a growing daughter and the need to work from home – it was time for them to purchase a house again. I have heard this anecdote over and over this year. Buyers recognize the need for extra home office space, a garage to work out in, and maybe a she-shed for some personal space away from the family. Many people don’t plan on going back to work in an office for quite some time. With interest rates being so favorable, we are seeing more first time home buyers joining the market as well.

We are also seeing a growing number of buyers searching for homes with a mother-in-law suite. This trend isn’t brand new, especially with the popularity of ADUs in Portland. However, the onset of COVID-19 has increased the need for families to be under the same roof. Many families with elderly parents feel that caring for their loved ones in their own home is safer. Others have noted that they need extra help with the kids while working from home. These homes are in high demand right now and they are not easy to find!

2. “We want LAND.”

For the last five years my businesses has primarily been focused on Portland and the close in suburbs of Lake Oswego, West Linn, Tigard, Tualatin and Beaverton. This year the number of buyers who have contacted me wanting land has increased substantially. I have buyers are looking for properties with 1-5 acres from Wilsonville to Damascus. A popular anecdote is, “if we are going to be stuck at home, we need room to roam.” Buyers are also looking for property with a separate shop and a view of Mt. Hood. Not surprisingly, home prices in these areas are up between 5-12% over last year.

3. “We are moving to Idaho!”

Raise your hand if you have heard someone say, “I’m moving to Idaho.” As your hands go up, so will mine.  I have heard this from multiple people over the last few months. While Oregon isn’t seeing a mass exodus of people fleeing the state, we are experiencing some movement. And according Business Insider, “Idaho had the largest net gain, where 194% more people moved into the state than out during the pandemic.” Oregon ranked number 7 on the list, where only 2% more people moved into the state than out during the pandemic.

Our friends and clients say they are attracted to the lower cost of living and the beauty of the state. The pace is slower yet there are plenty of outdoor activities. Our next door neighbor purchased a small home in Boise this summer. They have it set up as an Airbnb and plan to retire there eventually. Another client sold one of her rentals in Beaverton and will purchase an investment property in Idaho this fall.

If you or someone you know is in the market for more space, room to roam or a move out of state – contact me today!

Why are condos a great option in this market?

Posted on by Aryne + Dulcinea

If you are home shopping, you know how competitive the single family home is right now. If competing in this newly hot market is not your thing, one idea is to turn to condos. Parc Clematis at Clementi will be competing with Clavon by UOL, condos come in all shapes and sizes, with well kept structures, well run HOAs, to well…troublesome situations. If you are already looking for a smaller home, paring down, or want low maintenance, a condominium may be an excellent option for you. While some condos come in high rise form, others feel like an attached home, or row house. Some have beautifully manicured courtyards to share, still others come with private, fenced back yard spaces. There are condos all over our city, so if you like a specific section of town, there will likely be a condo for you. When determining if a particular condo is right for you, we will be sure you have all the documents (financial, meeting minutes, CC+Rs) to review before buying. Condos are a great way to share in community, while having a great place to live. Feel free to reach out and ask us more.

condo diningroom

 

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.

We need listings…for all those Buyers!

Posted on by Aryne + Dulcinea
It’s true. The market is at a historical low with inventory and there are not enough homes to meet buyer’s demands. If you have been considering selling, now is a fantastic time to put your home on the market. To make this decision, it’s best to get all the information you need to know to determine if selling is right for you. We can help, contact us to discuss your options.

 

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.

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.

 

The Hot Spot

Posted on by Aryne + Dulcinea

Shopping for a home in the $350,000 – $500,000 range? Want cute and dialed in the inner city? You may have to fight for your right to…own a house. In the last 4 weeks, the competition in Portland has heated up. Many multiple offer situations are back, so before you write that offer, do as much research about the house as possible. Be thorough before writing an offer by looking at the property on portlandmaps.com, driving around to be sure you like the location, spending enough time in the home to know it will work for you.

 

 

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.

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.

NOPO STATISTICS: TIME ON MARKET + SALES PRICE

Posted on by Aryne + Dulcinea

North Portland is an excellent Portland locale!  Close to downtown, Northwest Portland, Vancouver Wa, Sauvie Island, Paul Bunyan, the St. John’s Bridge, Cathedral Park and the river! Teeming with cafes, restaurants, grocery stores, parks, gyms and great bike rides! So what is going on in North Portland right now? Take a look at our latest findings of both time on the market and average sale price. Any questions? Connect with us to learn more.

 

 

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.

The Market In Focus: Cycle of Real Estate and FHA Financing – are we primed for a change?

Posted on by Aryne + Dulcinea

By Aaron Nawrocki, Capital M Lending

If you talk to Portland real estate agents these days, most will tell you we are seeing a sea change in the market. Buyers are pickier, listings are sitting longer and more transactions are terminating after inspections. Of course, some if this is completely normal – homes don’t typically sell in three days for full price. So what is the relationship between the cycle real estate and FHA Financing? With a rise in marketing times, inventory and FHA financing, the real estate cycle will likely experience a slowdown.

We’ve had an amazingly robust market, with Portland’s median price up over 45 percent from the bottom 8-10 years ago. It’s been a run fueled by strong economic growth, Portland’s livability and position as one of the more affordable west coast cities. The increased values were also supported by gradually loosening mortgage underwriting criteria that made it easier for homebuyers to get mortgages. Now, these looser criteria were nothing like what we saw in the early 2000’s. Income, assets and credit were all verified and loans originated from 2010 to today are performing very well.

What accounts for the market slowing, then? Is this a warning sign? Home prices have risen faster than incomes. In conjunction with higher interest rates, that makes homes less affordable. It’s just harder to buy a home with a comfortable monthly payment than it was 5 or 6 years ago. Much of the pool of well-qualified buyers already bought in the last eight years. There are fewer buyers, and those that remain often have higher debt to income ratios and lower credit scores. Overall credit quality is down and Fannie Mae and Freddie Mac are beginning to tighten up their guidelines to lower risk. Because it’s easier to qualify for an FHA mortgage, more buyers are using FHA financing. Here’s where there are some similarities with 2008; the rise in FHA loans was dramatic when the housing market cratered. Currently, FHA originations are 20% of new loans issued, vs the historical average of 9%.

Fannie Mae and Freddie Mac are chartered differently than FHA. They are tasked with providing liquidity, whereas FHA is chartered to raise the level of homeownership.  That means FHA is supposed to do riskier loans. They are supposed to step in and make loans when other entities will not. Nowhere was this more evident than when the bubble burst. FHA mortgages went from 3% of new purchase loans issued in 2007 to 28% of the market in 2009. FHA did exactly what they were supposed to do – when lenders were reluctant to originate new mortgages, FHA provided the guarantee that kept the real estate market going. Of course, the dramatic rise in FHA loans occurred after the market had crashed, not before.

So – we have sales slowing, affordability declining and FHA’s market share rising. Does this mean that the market has peaked and that we’re looking at a repeat of 2009? It makes for exciting articles on the internet, but probably not. We are all subject to a preference for recency, and when it takes more than a week to sell a home, it’s easy to jump ahead and assume the market is ready for a “correction”. The likely answer is that sales and price activity are within a healthy band. Within that band there are mini peaks and valleys that do not necessarily represent the beginning of a long term trend. Watch inventory – we’re currently at 3.9 months, underneath the 4 month average in the “boom” years from 2000 – 2005. For perspective, inventories peaked at over 10% in 2008. When we see a rise in marketing times, an increase in inventory and a rise in FHA financing, it’s likely there’s a trough coming in the real estate cycle. For now, expect slow growth and some stagnancy as sellers adjust to a more balanced market. It’s a great time to get advice from a trusted realtor, as we see well-marketed homes still moving quickly.

 

Aaron Nawrocki has over 20 years of direct experience overseeing mortgage and loan processes, working to provide clients the market insight and lending expertise required to make informed decisions.

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.