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November Market Update

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It’s time for the November market update and 2020 continues to surprise us with the stats. Largely due to the lack of sales we experienced in the early spring, our market is still stronger than ever. In short, homes are selling quickly, inventory is at it’s lowest in history, and prices are rising every month. Here is a snapshot of the numbers from the past month and if you want a more detailed description, read on below!

November Portland Market Update

The most important things to mention is that this month we saw the inventory drop from 1.1 months to 1 month, which is the lowest it has been in the entire history of the RMLS. This is caused by the decrease in new listings from 3,500 in October down to 2,238 in November. Historically less people list their homes with the holidays coming up, but with the number of buyers currently in the market, the lack of listings is really driving demand and with it, increasing prices.

Secondly, the average sales price has risen 12.7% since November of last year. With December being as busy as it has been I’m sure we will see an increase through the end of the year. This is great news if you are a seller. We didn’t expect to continue seeing appreciation with double digits this year, but there it is. Because of the tight inventory, we do expect 2021 to look much the same as this past year. If you aren’t quite ready to sell, you likely have a bit of time to still get in on this hot market.

The most surprising statistic is that the number of days a listing is on the market actually increased this month. Our best guess is that many sellers are seeing what homes are selling for and listing too high. When a home is priced too high, it forces price reductions and longer days on market. But as always, a well-priced home is selling in a matter of days, usually with stiff competition.

If you have questions about how this affects you as a buyer or a seller, please reach out to us! We are happy to make a personalized plan for you. You can also see what your home is worth by clicking HERE

Happy Holidays!

October Market Update

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October 2020 has been one of the busiest months to date for the real estate industry. Typically we see things start to slow down, less listings, less pendings, and less buyers out in the market. The numbers show that this year, that is not the case.

October 2020 Market Stats

Compared to last year we have 14% more homes on the market and 21% more closings. So while we are seeing new homes come onto the market in higher than average numbers, we are still not able to keep up with the demand. As a seller this means that if you are priced appropriately, your home will sell very quickly. As a buyer this means that we will likely be competing with other buyers and will need to be aggressive.

This low demand is causing home prices to continue to climb as well. We are up to an average price of $516,000 for the Portland Metro which is 1.2% increase from last month and a 12% increase from last year. We expect this trend to continue through this year and into the spring of next year. So if you are on the fence about buying, I would recommend getting into the market soon!

Both inventory and time on market remained the same as last month. 38 days seems like a high number when you compare it to what we are seeing in most neighborhoods. Many homes are going pending in 2-4 days. When we look further into the data we can see that both condo sales and luxury homes, which take longer to sell, are skewing that number up.

Want to see what is available across all of the Portland Metro? You can do so HERE! If you would prefer a specific search in an area of your choice, fill out the form below and we will get that set up for you!

Someday

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Ahhh, Someday. An apt name for a bar that was originally conceived of years ago by the owners, who wanted to open their own bar ‘someday’. An even more appropriate refrain for all of us who are wishing and hoping to return to some sense of normalcy in our daily lives ‘someday’. Yet, while we are waiting for indoor dining to be a safe option again, we are always looking for a great spot to grab a drink and a bite outdoors, particularly as the long winter months approach.

Someday is doing the patio scene right. They have big, well-spaced picnic tables, strands of draped lights across the space, and last we checked, were installing heaters to keep you warm and cozy while you drink. The wine selection is well-curated, the cocktails are balanced and delicious, and there is a selection of tasty snacks. If you are looking for a heartier meal, the patio also offers a few food carts to choose from.

Another really fun and unique thing that they are doing is an Oyster BBQ pickup on Sundays! You all know how much we love oysters, so I can’t wait to grab some of these one of these days.

See more about their menu and hours here.

We are really excited for more visits this winter to this cute tucked-away alley bar! Have you visited Someday yet? Let us know what you thought in the comments!

How to Compete in this Market

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The best words to hear after you have been out house hunting are, “Your offer has been accepted!” You did the hard work of finding your dream home, putting together a thoughtful offer, and waited patiently for what seemed like days to get the news back. Unfortunately, in our current market of high demand and low inventory, it’s becoming more and more rare to hear those fantastic words. Luckily, we have tools in place to help you get your offer accepted and to stand out against the competition, even if that competition is paying all cash.

Portland bungalow

It seems like every offer is competing these days. In the close-in neighborhoods with ‘Pinterest perfect’ homes, you could be competing with 12 or more other people. We know it is tough out there, but before you get discouraged, know that we have quite a few tricks up our sleeves to help make your offer stand out. Here are our top 4 recommendations to help get you that accepted offer phone call.

#1 Make a stronger offer

There is no way to know exactly what the competition is offering, but we can still make our strongest possible offer up front. In most cases, money talks, so offer over the list price and don’t ask for any concessions. Going in with a strong offer up front shows you are serious and that you don’t want to play any games. We can also write in an escalation clause. That allows you to set a cap and offer a set amount over the next best offer.

#2 Write a love letter

I know, its cheesy. But for most people, a home is a sentimental place. They want to know the home is going to someone that will love it just as much as they did. Tell them earnestly why you love the home and how you imagine yourself living there. A sweet case of serendipity may just win over their hearts.

#3 Waive or shorten some contingencies

The contract is written to strongly favor the buyers in the transaction. There are multiple opportunities that allow you back out of buying the house but there are none for the sellers. You can sway the contract a bit more in their favor by shortening or removing some of the contingencies. You can remove the contingency for the seller property disclosures, shorten the inspection period, and waive the right to re-negotiate price based on the appraisal. Discuss each of these options in detail with your agent. There are varying levels of risk with each contingency, so it’s important to know all the options before removing them.

#4 – Pay their closing costs

This isn’t something we see very often which means it could really sway your offer to be more favorable. Sellers have to pay title and escrow fees just like buyers do. We can offer to cover those costs to help bring the sellers net proceeds up just a bit. You could also offer to pay the commission which typically come out of the seller proceeds, but that is a much larger monetary commitment.

#5 – Surprise them

Do you have a special talent? A huge wine collection? Access to lots and lots of pizza? You can offer anything that you would like to get the sellers to accept your offer. I have had clients offer to brew the seller any type of beer that they would like (only in Portland right?). I have had clients offer free pizza for a year, a weekend get away at a beach cabin, the sky is truly the limit! The trick here is that you cannot attach any monetary value to it. We are giving it to them in exchange for the home, but it needs to be as a gift.

Even after doing all of these things, we may still have been beat out by a higher offer but it is important not to give up. The right home is out there, and when it is meant to be, it will be. Though it’s not on this list, having a great real estate agent on your side is crucial. Having positive working relationships with other brokers in the city has gotten our offers chosen over other (higher!) offers on many occasions. IF you want to get to know either or both of us a little better head over to our about us pages. You can read about Jessica here and Tekela here. Also, you can read our quick guide and meet our favorite lenders here. Lastly, if you want to look at the homes available on the market, you can find those here!

Baerlic Brewing

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This past week we headed out in search of a cool patio and some yummy beer. While we have an abundance of choices here in Portland, it can be a bit harder to find the truly outstanding ones. Baerlic, however, is a brewery that you can always trust to have great beer. Their huge ‘Super Secret Beer Club’ Patio is just a fantastic bonus!

Berlin Patio

One of the things that we love most about Baerlic is that they excel in multiple different styles. There are a lot of breweries that specialize in IPA in Portland, fewer that you can get a great Helles or a Saison and Baerlic is certainly one. Personally, hoppy beers have never been my thing. This time, I tried an Oat Gose, which is a slightly sour beer usually brewed with a bit of salt, and the Helles. Both were clean, crisp, and delicious. The menu changes very frequently here, but you can check out the beers currently on tap before you drop in if you want to make sure they have one of your favorites.

Baerlic Beer

The ‘Super Secret Beer Club’ doesn’t offer any food, but you can bring your own, order from some nearby carts, or have something delivered. Teote or The Hawthorne Asylum Food Carts would be my recommendations because you can walk there and they are delicious! If you want to check out some of our other favorites places to grab beer, head over to our list of Top Breweries in the city!

Clark Lewis

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This week we tried the farm-to-table restaurant Clark Lewis. They just recently remodeled and reopened for dine-in service so we were thrilled to try it out! The first thing we noticed was how open the restaurant felt. Like many other restaurants in Portland they have taken up some parking spaces to use as a patio, but they also have massive roll up windows that allow the whole restaurant to be an open air dining space.

It isn’t often that we have a lunch this classy so we decided to really treat ourselves and test out many of the items on the menu. We, of course, started with a half dozen oysters while looking over the rest of the offerings and deciding on a cocktail. Because Clark Lewis focuses on fresh and local ingredients I decided to try the marionberry margarita. It was perfectly tart and tasted exactly like you would expect limes and fresh marionberries to taste. There was a slight tequila kick to remind you that you were having a cocktail and it was very refreshing on this hot summer day.

The Food

For lunch we decided to share a couple of different salads and a wood-fired pizza. We tried a watermelon and beet salad with a horseradish vinaigrette, a frisée salad with black plums and a dill vinaigrette and a salmon salad with kale and mama lil’s peppers. All of the salads tasted as though you had just picked the vegetables from the garden and the vinaigrettes were subtle enough to just pull all of the ingredients together. The salmon with the Kale salad was some of the most tender and flavorful salmon I have ever had and I would highly recommend it to anyone.

For the pizza, we decided on the loaded veggie. With a garlic oil base, green olives, mushrooms, artichokes and Parmesan cheese, this pizza was delicious. It was a little salty, but in a way that just made you want to eat more, kind of like a potato chip!

There were also pastas and paninos on the lunch menu and with the food as good as it was, we will definitely have to go back and try it again. The dinner menu also looks to be quite impressive. Let us know if you have been here yet and until next time, Cheers!

Ecliptic Brewing

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This week we are featuring one of our favorite breweries and restaurants. With space themed decor and beer Ecliptic Brewing is just a fun place to visit for the whole family. They are currently only offering patio dining, but they have converted the entire parking lot into space for tables so there is plenty of space (pun intended).

Ecliptic also offers a wide variety of beverages, there is a full bar and some local wines to choose from. The real star, though, is of course, the beer. John Harris has been an important NW brewer since his early days at McMenamins. He then moved to Deschutes and Full Sail before finally opening his own brewery.

He doesn’t play it safe with his beer either, depending on the time of year that you visit, you can get almost every style of beer available. I love a fruity sour, there were multiple choices on the menu so I tried the the Carina Peach Sour. With the hot weather we also wanted to try a crisp and refreshing beer so we opted for the Ecliptic-Ruse Collab Pilsner. Both beers were refreshing, delicious, and exactly what we were expecting of the style.

Ecliptic Beers

Ecliptic has by far the best food menu of all the breweries. They focus on fresh and seasonal ingredients and switch up the menu often. This summer they are offering little gem salad, street corn and seared albacore tuna. You can also order one of their many burgers or sandwiches. They always have a great burger, but they are currently also offering a beet melt with goat cheese and granny smith apples and a salmon burger with avocado and jalapeño aioli. Head over to the website to see the full menu.

If you aren’t quite ready to head out to a restaurant you can order the food to go or have some beer delivered! You can order your beer HERE. Have you tried the beer/food yet? What did you enjoy most?

Want to check out our other hotspots? You can find those HERE

The Open House

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Today we are taking you behind the scenes of everything we do to prep for an open house! We made this great video for you to enjoy! If you prefer to read about it, we have that included below for you!

The first and most important thing that we do to prepare for an open house is to research the current trends in the neighborhood. We are constantly watching overall trends, but we want to be able to answer neighborhood specific questions to prospective buyers as well. We pull together a list of comparable properties, every other open house in the neighborhood, and our buyer book and head off to the house.

The Big Set Up

All of our open houses are marketed on multiple websites and through facebook ads, but you never know who might be driving by, so we also place many signs around the neighborhood to make it easy to find us.

Once we are at the house we want everyone to feel like they are already home. We have both sweet and savory snacks available, white or rose wine, sparkling water, and plenty of napkins. We also want to turn all the lights on so the home shows the best it can no matter the weather. This also gives a chance to get even more familiar with the property. We look for the furnace, water heater, and any quirks that people may have questions about.

Open houses are one of the most fun things you can do as a realtor. You get to meet quite a few people and usually spend a couple hours inside a gorgeous house. If you are starting to think about getting into the market, we are happy to send you weekly open house lists. Just fill out the form below! You can also search for homes by clicking HERE