Tag: portland relocation

Portland Oregon Real Estate Market Update for November 2024

Posted on by Lily Ray Wyss

Early sunsets are here and so is the Winter Real Estate Market.

Overall the last few weeks have been slow. However, this could be due more to the election than the typical slowdown we start to see this time of year. By the way, we will be discussing both what to expect from the winter market and the post-election market in today’s update.

What to Expect from the Winter Real Estate Market: 

 

For home buyers, you can expect fewer listings to come to market but to see a lot of home inventory sitting. This means a good deal of opportunity to snag a great home that is sitting due to other buyers being distracted by holiday plans.

For home sellers, you may choose to wait to sell your home until the Spring when the market should pick up. But know if you plan to buy as well that it could be a good opportunity to buy now, utilizing tools like a HELOC or a Bridge Loan, making the most of this market as a buyer, and then sell in the Spring when the market should be more in your favor as a seller.

What to Expect from the Post-Election Real Estate Market: 

While we cannot fully predict what will happen, especially given the administration taking office, here is what we can glean from past elections.

After 7 out of the 8 last elections, we saw a rise in both home sales and home prices. (2008 was the only exception for obvious reasons).

So if you are a home buyer, it is good to note that we could see a rise in home prices in the next year. This is especially true if we see a lowering in interest rates, which the next administration has said they plan to do. Though it is good to note that the president does not have direct control over interest rates (and the current Fed Chair publicly expressed that he will not play to the whims of the new president).

Realistically there does seem to be a lot of pent-up demand, so whether rates shift or not (many experts say we should see them stick in the high 6’s most of the year 😌) we will likely see a competitive seller’s market return come Spring. This does align with typical historic market trends year to year as well.

This is great news for home sellers. If you are considering selling your house in the Spring and want to make the most of the market, you should start preparing now.

Well really, whether you are planning on buying, selling (or both) starting your prep now will be key to your success. But no worries about figuring out what that plan will look like, I am here to help with all of it. You can contact me HERE.

3 questions to ask when hiring a realtor

Posted on by Lily Ray Wyss

Here’s a hard truth:

Not all realtors are the same. 

And I don’t just mean when it comes to level experience it’s also the specific experience a realtor must have to meet your specific needs. 

Here are some questions you can ask next time you meet with a realtor to decipher whether they are the right fit to help you take your goals to the finish line:

  • How many homes have you helped people sell in the specific neighborhood I am looking to buy or sell in? 

Every city, neighborhood, and area is performing drastically differently in The Portland Metro area right now. It is important that you work with a realtor who has the pulse on the micro-market you are looking to make a move in. 

A townhome selling for $450,000 in Lake Oswego will follow drastically different trends than a single-family home selling for $850,000 in Lake Oswego.  

  • How many active clients do you work with at one particular time? 

When working with an experienced realtor who goes above and beyond to make your home goals a reality, we do a lot more than just open doors for you or put a sign in the ground.  

With that for many of us, we cap how many active clients we work with at one time so we can best support our people and give them the best results. 

Asking this question will help ensure that whoever you choose follows similar practices. 

  • Do you have experience helping people buy the specific type of home I am looking to purchase? 

Every home purchase is vastly different and that is partly due to the fact that every style, age, and type of home comes with its own particular nuances and due diligence needs. 

If your goal is to buy a midcentury modern it would be extremely helpful to work with a realtor who has knowledge of the water intrusion risks that come with Rummer homes and the like. 

If your goal is to buy a condo or another property that comes with an HOA it is critical that you work with a realtor who has a grasp on HOA common practices, and pitfalls and can guide you through the HOA review process. 

Does this all sound overwhelming to you? No worries. If you are in The Portland area I would love to meet with you and will answer all of these questions before you even ask in our consult and see if I could be a good fit to be your realtor. 

Buying or selling a home elsewhere? I have a solid list of vetted realtors across the country with whom I can connect you. This is a group of people that I have personal relationships with and will personally vet further to make sure that they will meet your needs. 

Reach out and let’s connect.

Also, you can find me on Instagram HERE.

Portland Oregon Real Estate Market Update for October 2024

Posted on by Lily Ray Wyss

What we discuss:

 

How the current market is full of opportunities for homebuyers.

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

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

 

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

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

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

For home buyers:

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

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

For home sellers:

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

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

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

Looking ahead for everyone:

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

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

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

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

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

Here’s how to not regret your home purchase:

Posted on by Lily Ray Wyss

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Portland Oregon Real Estate Market Update for June 2024

Posted on by Lily Ray Wyss

What we discuss:

Some normalcy and balance returning to the market.

An update on interest rates.

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

Home prices during an election year.


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

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

Balancing the market some.

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

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

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

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

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

What does this “new” market mean?

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

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

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

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

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

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

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

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

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

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