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Portland Area Market Update

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As we move into fall, the Portland real estate market is showing mixed signals depending on price point and property type. The most recent market data reveals that affordability and interest rates are key factors driving buyer activity and competition.

Market Overview

Homes priced under $550,000 are flying off the shelf, with multiple offers and incredibly busy open houses becoming the norm. These properties are often receiving offers within the first weekend. This leads to buyers waiving contingencies to stand out in an increasingly competitive landscape. The recent dip in interest rates had the largest impact on these lower-priced homes, which sparked a surge in buyer demand and intense bidding wars.

portland home

However, homes listed above $550,000 are experiencing a slower market pace. Properties in this range are typically sitting for a couple of weeks before receiving serious interest—unless they are priced aggressively or offer something truly unique, like exceptional design or prime location. As a result, sellers in this price bracket need to be more strategic in their approach, ensuring their homes are staged well and priced to attract discerning buyers.

Overall, the average sale price for the Portland metro area rose slightly, increasing from $600,500 to $611,900, which represents a modest 1.9% growth compared to last year. This suggests a steady market environment despite varying activity levels across price points.

Most Expensive Sale in September

The most expensive home sale in September was a breathtaking estate located in Portland’s prestigious Dunthorpe neighborhood. This 5-bedroom main residence, complete with a 4-bedroom guest house, boasts just under 10,000 square feet of luxurious living space. The property was meticulously remodeled from the studs out by the previous owners and is situated on over an acre of beautifully landscaped grounds.

Originally listed for $5.9 million, the home sold for $5.38 million after being on the market for just over five months. The Dunthorpe neighborhood, known for its privacy, top-rated schools, and proximity to both downtown Portland and Lake Oswego, continues to attract buyers seeking a blend of elegance and convenience.

What to Expect as We Enter Fall

Looking ahead, we anticipate the Portland market to hold fairly steady as we move into the fall season. While interest rates are expected to remain stable, we may see a gradual cooling of buyer activity as the year-end approaches and the holiday season kicks in. This typically results in fewer listings and a slight slowdown in overall transaction volume.

For sellers, it’s essential to stay proactive by pricing competitively and ensuring your home is in tip-top shape before listing. For buyers, this could be an opportunity to explore higher price points that have seen reduced competition, especially if you’re not in a hurry and have the flexibility to negotiate.

Whether you’re buying or selling, working with a knowledgeable realtor can make all the difference in navigating these shifting market dynamics. If you have any questions or want to know more about specific neighborhoods, don’t hesitate to reach out!

April Market Update

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Its time again to look back at the numbers and see how healthy the real estate market is. With all the news about being in a bubble and an incoming crash, it is more important than ever to really look at past and present statistics. Let’s dive in to the numbers for April 2022!

Since November we have been seeing the inventory hover right around .8 months. This means if no one else listed their home, everything would be sold in less than a month. This is still true for April, but the number is climbing. When we have the stats out for May I expect the number to be closer to .9 or even 1. We have really been feeling the extra inventory and are so grateful for it.

The average sales price is up 13.4% compared to April of last year and a whopping 4% from just last month. The former is not surprising as we have been seeing double digit appreciation for the last couple years. The 4% increase from last month is astonishing, but not unbelievable. As soon as we saw the rates increase, we noticed people throwing out crazy offer numbers so they could lock their rate in. We noticed multiple homes that closed in this timeframe sold for around 30% over what they were listed for.

Summary

Now that everyone has settled into the newly increased rate hikes things are back to “Portland normal”. We are still seeing the really cute homes fly off the shelf for about 100k over asking price. Many people are still waiving some or all of their contingencies, and homes are getting multiple offers. The biggest difference is we are mostly seeing 2-3 offers instead of 20.

We expect this trend to continue as things settle a bit. We don’t expect to see any big drops or dips. Despite what major news outlets may be saying, the market correcting itself is a good things and will benefit everyone involved!

If you want specifics about what the changing market means for your home sale or purchase, we would be happy to chat with you! If you want to chat with a lender about your purchasing power, you can see who we trust here

Love it or List it?

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I’m sure you’ve seen Love it or List it- where a family has totally outgrown their space but one of the partners just doesn’t want to leave, so they decide to renovate. 

And if the renovations aren’t fixing the issue, then, and only then, do they move…

While reality TV is fun to watch, the reality of living in a construction zone while shopping for a new house, isn’t.

That’s why I recommend doing one or the other. Let’s break it down.

A lot of times, people get frustrated with their space. They’ve had another baby, fallen out of love with their condo, or started dreaming of retiring in a smaller space near the beach. 

Whatever the reason, it’s very important to first identify WHY you are considering a move, and then go from there. 

Here’s five things to think about…

#1 Can it be fixed easily? 

If you want an updated kitchen, swapping out fixtures, painting cabinets, and buying new appliances is a pretty easy fix. But if you want a bigger kitchen, you’re going to have to move.

#2 Can you deal with contractors?

Hiring an interior designer or general contractor to manage your project will help, but renovations require you to work with multiple companies and contractors on a daily basis. And you’ll be totally dependent on their timeline, expertise, and quality of work. If you don’t want people coming in and out of your home for weeks on end, it may be time to move into a turn key home.

#3 Can you live with the mess? 

Renovations can be dusty and dirty and shrink an already hard-to-navigate environment. Tools will be everywhere, equipment will be everywhere, and people will be everywhere. Is a renovation going to get in the way of school, work, or travel? If so, something turnkey may be more appealing.

#4 Can you tolerate a move? 

You may dread the thought of having to pack up your entire home while paying a moving company thousands of dollars to pick up your heirloom armoire and try and make it through the front door. If this sounds unbearable to you, it may be cause to stay.

#5 Do you love your location? 

If the view, zoning, corner lot, or amazing neighbors are the reason why you moved to your current house to begin with, then moving may not be the answer. In this case, it would be better to renovate the inside of the home to match the amazing benefits of the outside of the home. 

No matter whether you decide to love it or list it, it’s important to have a good Realtor to help you understand how renovations will affect your home value and help you decide if you’re better off packing up or staying put. That’s where I can help.

If you’re thinking about making a move (or know someone who is), Please reach out! No pressure, no sales tactics, just helpful advice and the guidance you need!

And finally, if you’re not thinking about making a move just yet, feel free to save this page for future reference, so you can come back to it! 

If you want to get to know either of us better you can go to our pages Jessica or Tekela

Year End Market Update

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The year end numbers are out for the Portland market for 2021. The year was absolutely insane in many ways, so lets dive into the numbers!

year end review
Appreciation

Firstly, if you bought a house more than a year ago, you averaged a 15.8% appreciation. To put that into perspective a $500,000 house is now worth, on average, $580,000. Some areas are even seeing much higher numbers. For example, Oregon City and Troutdale both saw an average appreciation of over 19%. The rural areas around Mt. Hood are up over 30%. If Covid has taught us anything, it’s that people wanted more space. So rural areas had really aggressive bidding wars and some serious price jumps.

Average Home Price

The average home price in the Portland metro is now at $582,000. I know many people are waiting on the market to drop and this simply isn’t going to happen. It will cool down, especially as climbing interest rates push people out of the market, but prices will continue to climb and affordability will continue to be an issue. We predict that 2022 will be just as competitive as 2021 was. We are still seeing houses get bid up to 100k over list price in many instances, and almost everything is still getting multiple offers. If you are on the fence, now would be a good time to get off of it.

Average Days on Market

The average days on market dropped yet again to the lowest numbers on record. We had just over 2 weeks of inventory for the month of December. This isn’t surprising because it’s December, there are a lot of holidays, and not many people want to move during this time. We have seen a lot of houses coming on the market in the last couple weeks and that number will start to tick back up.

We hope these numbers help you to get a pulse on what is going on in and around Portland! If you want specific numbers for your neighborhood, let us know and we will happily send them over. If you need anything else real estate related, feel free to submit the form below and we will get right back to you!

Ready to jump in but want to know more about us? You can read about Jessica or Tekela! Also, if you need a lender, you can find some that we love HERE

Is this a good HOA?

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Buying a home could mean dealing with a homeowners’ association. This begs the question, how can you tell if the HOA is doing a good job? Watch to find out!

HOA’s manage, maintain, and regulate everything that is outside of the home — Such as the structure of the building, the common areas, the landscaping, and the recreation areas, if they have them. But unlike the membership of other community organizations, you can’t resign if you’re unhappy with the way the organization is run.

If the community you are searching in passes these 4 checks, you are probably in good hands!

#1 – Community looks nice

If the community looks good, it usually means that something positive has impacted the community. Of course, the opposite is also true. If you’re thinking about buying into a community, take an objective look at its appearance. Is the structure of the building in good repair? Are the trees pruned, the beds weeded and the landscaping well maintained? Is the pool clean? Are any of the homes in the community eyesores? Your answers to these questions reflect on whether the HOA is performing its duties properly and requiring homeowners to do the same. The proof, as they say, is in the pudding.

#2 – Strong Communication

This is your community and you have every right to know what’s going on in it. Do your research. Figure out how the HOA board communicates with homeowners. The options are numerous and include newsletters, websites, annual reports and emails. Check for flyers advertising community meetings. If homeowners are invited to attend committee meetings, it’s a good sign that their input is heard and valued.

#3 – Strong Money Management

The best HOA’s put checks and balances in place to safeguard against the risk of financial mismanagement. They employ a second set of eyes – someone not on the board – to collect the dues, pay the bills, and review checks and invoices to make sure the HOAs financial affairs are in good order. Often the second pair of eyes is a professional property manager, a lawyer, or an accountant on staff. We also want to be sure that they have a clear budget for addressing repairs, whether it is unforeseen circumstances or scheduled maintenance.

#4 – Clear HOA Rules

HOA’s tend to have a set of rules called Covenants, Conditions, and Restrictions. CC&R’s supercede city, county, and state laws and come with hefty fines if they are violated. So it’s really important to know if you’re moving into a community with a strict HOA. CC&R’s are meant to be applied objectively and fairly throughout the community – but sometimes they’re only enforced if a neighbor complains. The best way to tell if CC&R’s are applied consistently (or not) is to take a tour around the community. If everyone’s landscaping is immaculate, the HOA is probably very strict. But if some homes look run-down, and others don’t, it’s a good sign that the HOA is pretty lax on enforcing their rules.

Now that you know what to look for, let us help guide you into the perfect community! Even if that means avoiding HOAs all together! Contact us below!

Ready to get started? You can chat with us, or our lenders! Learn more about them over on our preferred lenders page

How to Pick your Price

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Whether you are a first-time home buyer, or it’s just been awhile here are some quick tips on how to pick your purchase price! Watch the 2 minute video or just read on below!

1. Get Pre-approved

The first step in your process of choosing your purchase price is to talk to a lender. You will want to get your pre-approval going. Knowing your maximum purchase price, as well as where there may be any wiggle room, will help you determine a range that you will want to be shopping in.

2. Think about what Monthly Payment will be Comfortable

Regardless of what your preapproval amount is, you don’t have to spend the top of your budget! Ask your lender to give you a breakdown of what the monthly payments will look like. It’s best to look at a few different increments within your range. Then decide what feels like a comfortable monthly payment for your mortgage and aim for spending around that amount. Remember that current interest rates are most often going to make a bigger difference in your monthly payment than the purchase price! You could be paying LESS per month for a house that costs MORE if you lock in a good low rate. Be sure to check with your lender and realtor regarding current rates and trends.

3. Factor in Competition

Recently in Portland, we had homes selling for an AVERAGE of 10-12% over list price. While this won’t always be the case, it is important to know what the competition looks like and how much over list you may have to go to win the house of your dreams. For example, if target price you want to spend is $450k but homes are generally selling at 10-12% over, you may want to focus your search between $375-$400k. Again, chat with your realtor to find out what’s happening in your market at the moment and they will help guide you on this.

Hope this helps you to pick your price! If you need any other tips and tricks for buying or selling, feel free to reach out or look Here.

June 2021

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The latest market update is out for June of 2021. Inventory is starting to creep back up and the buying frenzy is starting to calm down. This is really good news for buyers that are still in the market. We are seeing homes get a couple of offers instead of 20 and houses selling for 100K over list price are becoming increasingly rare. If you are a seller, there is still a good market out there and plenty of buyers, it just isn’t the feeding frenzy it was back in March. If you want to get into the details, continue on below!

The first things we notice is the average sales price. We haven’t quite hit 600k as our average to live in Portland proper, but we will by next month. This is over a 20% increase from last year and a 2% increase from just last month. I know we say this a lot, but if you are on the fence about buying, get off of it. Things are going to continue to climb and gain equity, so waiting is only making it harder to buy.

The other big stat that jumps out is the amount that things are selling over the list price. Earlier I mentioned that things were starting to cool off. That is true though this number doesn’t show it. The thing to remember is that 13% average is from homes that went pending in May and closed in June. May was one of our busiest months. Things have settled back down between 8-10% over as of recently.

The other bit of good news for buyers is that listings are finally starting to climb up above the closed sales. Things are still selling quickly, but at least everyone has multiple options when they are deciding what to buy. If you are a seller, make sure you are situating yourself with the right listing agent, the right price, and the right marketing so you can stand out among the crowd.

If you want to chat about specifics whether it is buying or selling, we are happy to do so! Just call or email us and we would love to talk with you about your unique situation! You can also look for homes HERE if you are ready to get started.

2021 Summer Tips

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Hey Friends, Today we are going to be talking about summer home maintenance tips for 2021! If you prefer to see the video, you can do that HERE

Today we have 5 tips to help you ensure you extend the life of your home, appliances and make ti though the summer in style!  

Tip 1: HVAC

Have your furnace and AC serviced. There is nothing worse than having your AC go out during a heat wave.  If you don’t think you need a technician to come out, make sure to replace all your filters so things are running efficiently.  

Summer AC
Tip 2: Windows and Doors

Check your window screens and weatherstripping around the house.  Even the smallest holes in the screens can allow mosquitos and other pests into your home while you are trying to get a some fresh air. Also check the seals around your windows and doors, if you do have the AC running we want to be sure we aren’t wasting precious cold air by allowing it to escape outside.  This will also help your energy bills go down, so its a win-win. 

window sealing
Tip 3: Power Wash

Power wash and reseal your deck or patio.  We want to make sure your deck and patio make it through the whole summer.  Power washing can remove any pollen, grime, or buildup that may have accumulated during the spring and winter months.  If you have a wooden deck resealing it will ensure that you get many more seasons out of your deck and it will look great. 

power washing
Tip 4: Dishwasher

This is an easy, but often overlooked one.  Clean your dishwasher. We don’t think of this often because it cleans our dishes, but it can get food buildup and soap scum which leads to a less than ideal clean. Run the dishwasher on the highest heat setting with a bowl of white vinegar in the top rack. Your dishes will have never sparkled so much. 

dishwasher
Tip 5: Gutters

And lastly, clean out your gutters.  They likely have some buildup from the spring and winter and need to be cleaned out.  This ensure that when those rare heavy summer rains do show up, everything is draining the way it is supposed to. 

gutters

Hopefully this gives you a couple quick things to do to spruce up your house, if you think we missed any really important tips, let us know in the comments!  Otherwise have a great weekend and enjoy your summer of 2021!Â