Tag: Real Estate Investment Portland

How to Navigate Portland’s STR Permit Process: Insider Tips

Posted on by Will Sing

Unlocking Portland’s STR Permit Maze

If you’re eyeing the short-term rental market in Portland, getting your hands on the right STR permit can feel like solving a complex puzzle. The city’s vibrant market and strict rules mean you’ve got to be on your toes. Luckily, I caught up with Melissa Wright, the go-to expert for all things STR permits in Portland, to help you find your way through this maze with ease.

Type A vs. Type B: Choosing Your Path

Melissa broke down the two main permits: Type A for the casual host looking to rent out a room or two, and Type B for those planning a more extensive setup, renting up to five bedrooms. Your choice here sets the stage for what comes next.

Step by Step Through the Permit Process

For Type A hopefuls, expect a smooth sail. Gathering your paperwork might take a week, with the city typically responding in two to four weeks. Melissa’s pro tip? Keep nudging the city to keep things moving.

Type B applicants, gear up for a longer journey. You’re looking at a detailed review, including traffic studies and architectural plans, with the whole process potentially stretching over six months.

Insider Advice for a Breeze Application

Melissa emphasized two golden rules: ensure your bedrooms meet legal standards and remember the residency requirement. Keeping these in check can save you from future headaches.

What’s on the Horizon for STR Permits?

Good news on the way: Portland plans to streamline the STR application process with a new digital platform. This change, though a couple of years out, promises a smoother path for future STR hosts.

Dive Deeper

For those ready to dive deeper into Portland’s STR permit intricacies, Melissa Wright’s insights are invaluable. Don’t miss out on our detailed discussion for more expert advice and tips. Catch the full conversation here.

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

Posted on by Will Sing

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.