That Portland Life

Portland Lifestyle and Real Estate

Contact Us!

pdx real estate

March 2020 Portland Market Stats

by Leave a Comment

The statistics for March of 2020 are available, and as we look back, this gives us the best look at how the beginning of the pandemic affected our local market. Kate Brown issued stay at home orders on March 24th, so the housing market had not yet been affected by the pandemic. The quick and dirty breakdown of the numbers indicates that everyone was gearing up for the busy season. We saw a huge push of new listings, newly pending homes, and new closings. We also saw the average home price jump up and the days on market drop down. Keep on reading if you want a more in-depth look!

Portland Metro

Looking at the numbers for Portland, you can see that we were heading into a very strong market. March is always the beginning of our busy season. Many people believe June is the best month to sell a home, but here in Portland, it tends to be March or April. We saw a 25% jump in new listings in March compared to February and a 24% jump in closed sales. That shows that even though we are finally starting to get more inventory, there are plenty of buyers out there.

So far for 2020 we are at a 4.1% appreciation. This is a healthy and normal amount of appreciation. So while you may not be making a ton of money year over year, real estate remains one of the safest investments you can make. Also, a quick note about the market as I am writing this, we are in the heat of our lockdown, and while we did see real estate slow for the first 2 weeks, things seem to be picking up right where they left off. We have seen many new listings come onto the market, and everything close-in at a mid-range price is still selling quite quickly and often with multiple offers. If you are waiting for the market to tank before you jump in to buy, it isn’t going to happen.

Selling

If you are considering selling your home, now is an excellent time to get into the market. People are out looking for homes right now and I fully anticipate that when the stay at home order is lifted, we will see a huge push of new listings. More listings means more competition and less buyers for your home. We don’t have a crystal ball but the way things feel right now, it doesn’t seem like we are going to be as hurt by this as the media is tending to portray. Timing is always a personal choice, but if you are ready to move and thinking of selling, let’s come up with a game plan to ensure that you net as much money as possible. If you want an individual valuation, reach out to us and we can discuss details. You can also get an instant home value by clicking here.

Buying

If you are thinking about buying, these numbers may seem a bit intimidating to you, but know there will be many more homes coming on the market very soon. With interest rates being historically low, even if you do end up competing on a home, chances are you are still getting a great deal. You also never know when the perfect home is going to come on the market, so if you are thinking of looking, it doesn’t hurt to start now to see what is out there. You can search all the homes in the area HERE.

East Portland

Everything on the Eastside performed well last month. Days on market are down by more than a week, which means things are selling really quickly. 51 days seems like quite awhile, but if we remove the outliers, this number is much closer to 9 days. North Portland saw a huge jump in average sales price for March and is almost equal to that of Southeast Portland. With the Vancouver/Williams corridor becoming so popular, and all the new construction going up, prices have been jumping very quickly in North Portland. There are still affordable pockets, you just need to know where to look.

West Portland

Unlike last month, we saw the average sales price climb back up for West Portland. This number is back to where we were at the beginning of the year. We also saw the days on market climb a bit. It is only 1 day longer than last month, so this number is pretty arbitrary. As previously mentioned, the Westside has the majority of the luxury listings and condos, both of which simply take longer to sell. Numbers are staying pretty consistent on this side of the river, so you should be able to plan out into the future if you aren’t ready to make a move yet.

We hope this helps to breakdown the March market in the Portland area. If you have any specific questions about your neighborhood please send us a message! You can fill out the form below or reach out to us on Facebook. We are always happy to discuss how this specifically affects you and your home value!

Paint Palette

by 1 Comment

Color is such an important part of personalizing a home. But it’s also key in making your home a space others can see themselves moving into. We know you probably have lots of extra time on your hands, so here are our 4 tips to whip your home into shape!

*Not a fan of videos? Keep scrolling for the written version!*

Today we are going to be talking with you all about the power of paint and how it can make a huge impact in the home selling process for a very small investment.  We are all stuck in our homes for now, so if you have any plans for selling in the future, why not take this extra time to spruce things up?  Or, maybe you are just bored of your house colors in which case, this will provide a nice refresh!

We want our homes to feel like us, so often times we tailor them to suit our own tastes. Things like cozy furniture, bright and textured rugs, wall art and the right light fixtures can really reflect a style and personality. Sometimes we even go a little risky and do accent walls. Things like painting our children’s bedrooms to mimic night sky. or We will add a little DIY wallpaper. While these are all AMAZING ways to customize spaces, when it comes to preparing your home for resale, these colorful wall colors can really start to restrict your buyer pool. If you’ve never tried selling a home with bright orange walls, then you probably don’t even know the power a simple color change can make. We want to do everything we can to sell your home as quickly as possible. 

The good news is that a fresh coat of paint can change everything.  Here are our top 4 tips! 

Tip 1: Your Door

 First things first, let’s consider your front door. It’s a smaller project and might offer you a little more creativity. You have probably seen black, gray and white doors, but this is actually where we want to see a pop of color.  If you have a lighter palette of colors on your home, try a rich navy blue or vibrant red.  If you have a dark color palette, like a grey or navy, try a bright color like sunny yellow or a lively teal.  You want to wow people before they even get inside. 

Tip 2: Keep it Uniform

Secondly, When it comes to interior walls, the trend here is to keep everything flowing with a neutral color. The idea is to create a blank canvas to help people envision themselves living there. You also want to think of it like flooring… We want it to be uniform throughout the home. Choose a neutral that you love.  You don’t have to carry that color through the whole home, just make sure that every room is in the same color family. You can do slightly lighter versions of the color in the bedrooms and hallway, and slightly darker version in your dining room or family room.  Exceptions to this are your smaller, tighter spaces like bathrooms without natural light. Those will benefit from whiter brighter paint that helps bounce light around and make the room appear wider and taller.

Tip 3: Keep it Neutral

Now that we know the look we’re going for, let’s talk color. The biggest trends right now are any and all whites, soft grays, and taupe. These might not seem like exciting choices, but they are all incredible popular. And that’s probably because they are so versatile and suit a variety of house styles from modern to traditional. Here you can see the colors that Sherwin Williams sells the most of, notice a trend?  If you hate the idea of painting everything white and grey, go for a greyed out version of your favorite color. Blue-greys will still look neutral but offer a bit more color and personality. 

Tip 4: Know your finishes

Lastly, another thing about paint is that not all textures are created equal. Usually when you go to Home Depot, Lowes or your favorite local home improvement store, you will be able to select a finish. Keep in mind the location of the room that you’re painting. Since kitchen’s are such a busy part of a home, go with a satin or semi-gloss finish.  Bathrooms should be in a semi-gloss or gloss, and all the other rooms should be in an eggshell finish.  

We have seen it many times, beautiful homes go on the market with crazy colors. Prospective buyers just can’t see past them.  Having a realtor that understands the current trends is more important than ever.  We can’t currently come to you, but, if you need some help picking out colors, we are happy to do a video chat and give you some tips. Just reach out to us!

February 2020 Market Stats

by Leave a Comment

Real estate by the numbers is out for the past month! The quick and dirty version of the February market is that inventory is still low keeping us in a seller’s market. Homes are appreciating by 5-7% over last year but dropped slightly compared to last month. And we are seeing many new listings as we get ready for the busy spring market. Read on below if you want details about your side of the river and the general market health.

Portland Metro February Market Numbers
Portland Metro

Looking at the numbers now just confirms what we were talking to our clients about last month. We saw more houses coming onto the market as seller’s were trying to get ahead of the spring rush. This push of listings also gave us more pending homes and therefore more sold homes. There are a lot of buyers out in the market and even though the inventory is climbing up, we are still seeing multiple offers on most close-in locations.

Many of us, myself included, expected to see more of a plateau in terms of appreciation, after the huge price jumps in 2017 and 2018. 2019 did see quite a bit of slowing, but so far this year the average sales price is up 5% over last year across the metro area. 4-6% appreciation is considered a steady and healthy market, so we should expect to see these numbers hold for at least a year or 2.

Selling

If you are considering selling your home now is an excellent time to get into the market. May-July are historically our busiest months for new listings, so if you want to take advantage of the huge buyer pool ahead of your competition, April could be the perfect month to list your home. Timing is always a personal choice, but you will likely net more money listing in the spring than early summer. If you want an individual valuation, reach out to us and we can discuss details. You can also get an instant home value by clicking here.

Buying

If you are thinking about buying, these numbers may seem a bit intimidating to you, but know there will be many more homes coming on the market very soon. With interest rates being historically low, even if you do end up competing on a home, chances are you are still getting a great deal. You also never know when the perfect home is going to come on the market, so if you are thinking of looking, it doesn’t hurt to start now to see what is out there. You can search all the homes in the area HERE.

East Portland

Overall the Eastside performed better than rest of the city in February. NE Portland saw the biggest jump in average home price, 2.5% since the beginning of the year, this is primarily due to some luxury listings closing. SE Portland continues to have the most new listings and the most closings because of its sheer size, at 247 closings, it had almost as many as NE and N Portland combined. North Portland is still one of the most affordable places to buy a home, with an average sales price of $407K you can still find cute homes in the 300K range.

East Portland February Market Numbers

West Portland

The Westside did vary a bit compared to the rest of the city, this is the only area that we saw the average days on market go up. The days on market are always quite a bit longer on this side of the river due to the condo sales. The condo market slowed substantially last year and this skews all the other numbers towards the negative. West Portland has a significantly higher average home price which also has a smaller buyer pool and therefore takes longer to sell.

West Portland February Market Numbers

We hope this helps to breakdown the February market in the Portland area. If you have any specific questions about your neighborhood please send us a message! You can fill out the form below or reach out to us on Facebook. We are always happy to discuss how this specifically affects you and your home value.

Pizzeria Otto

by Leave a Comment

We headed out to try some pizza this past week, and in a city that has SO much pizza, we really dug this place! Located in the hip Foster-Powell area this Neapolitan pizzeria does things a bit differently. The crust is soft and very thin. We typically think of thin crust pizzas as being slightly crisp, or perhaps chewy, but you can hardly even call the dough of this pizza a crust. They flash-cook the pizza in an incredibly hot wood-fired oven. This results in a crisp bubbly ring around the edges and a slightly gooey center.

Pizzeria Otto, neopolitan Pizza

We wanted to see what else they had to offer so we also tried a beet salad and one of their lunch paninos. The beet salad was fresh with a bright citrus dressing and a creamy goat cheese. It was everything that you have learned to love and expect from a good beet salad. The panino was surprisingly more like a pita made of pizza dough, but so delicious! They stuff the bread with salami, Italian dressings, Lil Mama’s peppers and tons of arugula.

The food wasn’t the only thing that we liked about this cool new location. The dining room is spacious, minimalist, and they have huge windows which let in tons of natural light. I could easily spend all day in this restaurant because it has a great vibe.

Pizzeria Otto Dining Room

We enjoyed everything that we tried and definitely plan on going back to check it out again. We went for lunch and learned that they offer happy hour pricing from 11am to 5pm. So go and get a personal pizza and a glass of wine for cheap for your next lunch date!

In light of the Covid-19 outbreak, Pizzeria Otto is offering takeout pizzas and salads, just call ahead, order, and support your local businesses through these hard times!

Website, menu, and order number can be found here.

January 2020 Market Stats

by 1 Comment

The time has come to once again look back on the market and reflect on how healthy the market has been. January of 2020 was a great month for Portland. Home prices are up 6.3% from January of last year! Despite all the recession rumors, everyone that owns a home is still making money. Interest rates are still insanely low. If you are thinking of buying, do it now before home prices jump up even more. If you want to read more about all the specifics, continue on past the graphic below!

January 2020 Real Estate Market Statistics
What these numbers mean to you

We also saw a significant jump in new listings, pendings, and sold homes. Many people entered the real estate market after the holidays which explains this big jump. While it is good to see homes coming on the market, we are still sitting around only 2.2 months of inventory. If no one else puts their home on the market, every single home will be sold in just over 2 months. As a buyer, this means there will be competition on all those ‘Pinterest perfect’ homes and you should expect multiple offers. As a seller, this means there is almost no competition and as long as you are priced appropriately, you should expect to sell quickly.

Despite this, we surprisingly saw the average days on market climb as well. If you separate this stat out by price point it paints a very different picture. Homes under $500,000 are, on average, selling in 7 days or less. Houses up to $1 million are selling in about 30 days. Homes over $1 million are selling in 60-100 days on average. If you want specifics on how long your home may take to sell, send us a message and we will happily send you some data.

Ready to make a move?

You sometimes hear us say “now is the perfect time to move” but whether you are a buyer or a seller, there are some really strong cases to be made about 2020 being the right year to do it. If you want to look at homes currently on the market you can do so here. If you want an instant evaluation of what your home is worth, you can do so here. Take advantage of the current interest rates to get yourself into a new and amazing home! You’ll be glad you did.

Does our analysis match your perception of the market? How did you feel January of 2020 went? Let us know in the comments!

Top 10 Reasons to Live in Portland

by 1 Comment

It is no secret that we both love the city we live in. To celebrate 10 year anniversary’s for both of us, we made this great video of the top ten things we love most! Let us know your top reason for living in Portland and share the video!

Dont have time to check out the video or you just prefer to read about it? Read on below to see the top ten reasons to live here in list form!

#1: Music and arts
First Thursday in the Pearl, Portland Oregon, top ten

We have a ton of rad music venues all over town so you can check out the up-and-comers as well as the big names. Portland
is also home to First Thursday, where all of the art galleries downtown throw open their doors (and their wine cellars)
once a month to the public for free! Then there is Last Thursday in the Alberta Arts district where you can check out the
more affordable side of the arts scene, plus check out fire spinners and breakdancers to boot!

#2: The Craft Beer
Craft Beer and The Portland Oregon Sign, top ten

As of last count, there were 117 craft brewers in the Portland Metro Area!! That means, whether you are drinking
stouts, sours, or simply lagers, your tastebuds will be delighted. Also, SO MANY beer festivals!

#3: The Coffee
Coffee in Portland Oregon, top ten

Who roasts the best coffee in Portland is always a healthy debate, and we will happily keep on sampling and debating
here until the end of time. Coava, Heart, Stumptown? We could go on and on and on, and probably will with all of this
caffeine in our systems!

#4: The Outdoors
Mt. Hood, Portland Oregon, top ten

With Mt. Hood to the East and the Pacific Ocean to the West, The Colombia River Gorge to the North and Wine country
to the South, there is no shortage of amazing outdoor opportunities. To add to that, the city of Portland itself is
a great place for urban hiking. We have Mt. Tabor, Forest Park, Powell Butte and many more spots to hit the trails
within the city limits!

#5: Housing prices
Portland Bungalow

Ok, ok, it’s not as cheap as living in Ohio. But, it IS the most affordable metropolitan area on the West Coast,
where you can still find a fantastic place to live under $500k plus some pretty cool people to help you do it. We are also known for our super walkable neighborhoods,
so wherever you buy you can leave that car at home!

#6: The FOOD
Portland Dining, Oregon, top ten

Whether you want a dive bar burger or an upscale prix fixe menu, whether you are a level 5 vegan or a strict carnivore,
Portland has you COVERED. Perhaps it is because of the sheer number of James Beard award winners we have, but Portland is definitely a food destination. Did we mention there are amazing food carts EVERYWHERE??

#7: The Wine
Willamette Valley Wines, Oregon

Oregon is home to over 700 wineries with more than 1000 vineyards that grow 72 different grape varieties! You can tast wines
all over the state, from the Gorge to the Willamette Vally and beyond. Particularly if you are a fan of Pinots, your tastebuds
will be happy here!

#8: Festivals
Portland Rose Parade and Festival, top ten

There are music fests, film fests, and over 25 different beer fests throughout the year! We host board game
conventions, trivia nights, a rose parade, and cultural celebrations. In Portland, you will NEVER be bored!

#9: Public Transportation
Aerial Tram in Portland Oregon

We have great public transpotration (including a super cool aerial tram!) and we’ve been named the most
bike friendly city in the US! We just got electric scooters, and we have hands-down the best airport in the world!
Seriously. It even has a free mini-cinema!

#10: Environmentally friendly
Reusable bags, Portland Oregon

Here in Portland, we love being green! Whether that means leaving no trace while backpacking the Oregon wilderness, rocking
those re-usable bags, or our excellent city-supported composting, we are an environmentally friendly bunch of folks. We’re
actually just really friendly in general as well!

Bonus!! We Keep it Weird
Corner Chicken Musician, Portland Oregon

Home of the ‘World Naked Bike Ride’, the UniPiper, the Belmont Goats, Portland’s Adult Soapbox derby, The Big Float etc. We
have a person who plays the violin on street corners dressed up in a chicken suit! Existing out of the box is not only
accepted, but encouraged in Portland, so be your quirky self!

Do we have the same top ten reasons as you do? Let us know in the comments!

Want to check out some of the places that we love around town? Head Here to view our hot spots!

Want to see some of our ‘best of’ lists? Head Here to check them out!

If there is anything else that we can do for you, don’t hesitate to reach out and be sure to sign up for our monthly newsletter!!

December Market Stats

by 1 Comment

We finished out 2019 with a bang. Despite all the talk about an impending recession, the real estate market was barely affected. If you look back at the data historically, very few recessions do affect the housing market. This is good news for the Portland Metro! Here is a look at the December Market Stats.

Portland Metro December 2019 market stats

If we look back at the whole year, we only appreciated by 1.5%. This is a small number when we are used to seeing 10-15% appreciation, but as long as things are continuing to climb, we are in a good place. 2020 is expected to mimic 2019 very closely so while things may seem like they have halted, homes are still gaining value.

In December home sales took a little longer than they had the rest of the year. This happens every year with the holidays and seasonal slowing, but so far January has seemed to be much busier.

December also saw more listings come onto the market and more homes go pending. We did have less homes actually sell in December, but again, this is likely due to the holidays.

We also broke down the numbers for each of the quadrants if you want a closer look at your neighborhood numbers. Se Portland is still leading the way with the most closings every month. West Portland continues to be the most expensive area to buy a home, and N Portland is the most affordable.

If you have been on the fence about buying, now is a really good time to get into the market. You can get ahead of the bidding wars and spring selling frenzy while still taking advantage of the low interest rates.

Ready to start your home search?

If you are interested in looking at the homes on the market, or you want to know what your home is worth, just click the buttons below! We will talk to you again next month!

Search For homes
See your Homes Value

Our Favorite Up and Coming Areas

by Leave a Comment

Hey Friends, Today we are going to be telling you all about our favorite up and coming neighborhoods in Portland. They are the perfect place for you to invest!  Check out this short video for all the details! If you are prefer to read the transcript, skip ahead!

The dream is to be in Irvington, or Laurelhurst, or Ladd’s Addition, but if you are looking for your first home, or an investment property, those neighborhoods may be out of reach.  I also want to talk about some of the mistakes that people can make when it comes to buying in an up and coming area.  

Make a Plan

When you are buying in an area that isn’t as established you need to think of it as a long term investment.  The Portland Market has been in a quickly appreciating city for many years. While everyone has benefited from this appreciation, the “up and coming” areas did so a little slower than the rest of the city.  We don’t want you to purchase a home and expect to have a huge return on your investment the following year.  We will help you to come up with a 5 year or 10 year plan so you know exactly what you are getting into.  

Trust Your Advisors

We will help to guide you so you can avoid any big missteps.  I want to be sure that you don’t overpay for a home, or buy something that needs a ton of work.  We will make sure that you are equipped with a market analysis for the areas that you want to seriously look in so you know what you should be paying for the houses we see.  We will also use our years of experience to identify any inspection red flags.  

Now that you know how to buy in an up and coming area, our favorites are….

St. Johns

I love St. Johns because they have such a strong sense of community, great restaurants and bars, and easy access to the rest of the city.  This neighborhood has become more popular over the years, but it is still one of the most affordable places to live.  You also get to be near the amazing Cathedral park!  

Foster-Powell

I love the Foster-Powell neighborhood for many of the same reasons. Ever since Foster Rd went down to 2 lanes last year, we have been seeing a new boutique, cocktail bar, or coffee shop pop-up practically every other week! In addition, there is a really strong sense of community and many great neighborhood focused events. While prices are certainly increasing as many are realizing the great investment opportunity, you can still find homes that are affordable. 

There are plenty of other areas that are still affordable, if you want to talk with us about your specific needs, definitely reach out to us and give us a call! 

Do you want to take a look at our buyer or seller guides? You can download either of those here

We are always happy to share our resources with you and answer any of your real estate questions.  Also, make sure to follow our blog for lots of great information and our favorite local bars and restaurants.  Thanks so much for joining us today and we will talk to you soon!