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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

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.

Quirky Boutiques

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One of our favorite things to do on a nice spring day in Portland is to go window shopping. We aren’t usually looking for anything specific, and don’t always plan on buying anything on these adventures, but somehow we always manage to come back with something new and exciting! Portland is full of shops, but there are a select few that fall into our list of Portland’s best Quirky Boutiques. For us, these shops need to have a little of everything. We are looking for clothing, jewelry, gifts, and greeting cards. Just to name a few qualifications.

Memento PDX

3707 SE Hawthorne Blvd, Portland, OR 97214
Open 7 days a week 10 am – 6 pm
Website Here

Presents of Mind

3633 SE Hawthorne Blvd Portland, Oregon 97214
Monday-Friday 11 am -6 pm
Saturday & Sunday 10 am -6 pm
Website Here

Flutter

3948 N Mississippi Ave, Portland OR 97227
Reopening in May 2021!
Website Here

Redux Boutique

811 E Burnside St #116, Portland, OR 97214
Wednesday – Saturday 12 pm – 6 pm
Sunday 12 pm – 5 pm
Website Here

Moments Have You

1724 NE 40th AVE, Portland, OR 97212
Tuesday-Friday 12 pm -4:30 pm, Saturday 12 pm -4 pm
Just knock on the door when you arrive
Website Here

If you find yourself in need of a gift, but you’re just not sure what to get. Any of these shops are sure to have what you’re looking for. Sometimes you just need to walk into one of Portland’s Quirky Boutiques to stumble upon the perfect thing. If you want some more of Portland Best Shopping check out some of our other favorites Here.

Güero

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We have loved this place for quite awhile and it is high time we share it with everyone! Hopefully you have already been to try this awesome restaurant, but if not, here is why we love it! Güero started as a food cart and after their massively popularity, moved into its brick and mortar location. They landed on Ne 28th which has become a more and more popular destination for food and snacks. They have been making fabulous tortas and margaritas since they opened in 2017.

Guero

All of the food is phenomenal, but they are of course best known for the tortas. My personal favorite is the Ahogada, a carnitas torta with jalapeño slaw covered in achiote tomato sauce. I always gravitate towards saucy things on the menu and this one really wowed. If you aren’t in the mood for a sandwich, you can also try one of their fabulous bowls. No matter what you order, I can guarantee you will enjoy it.

Güero also has a fabulous margarita, you can order one with Mezcal or tequila, and have them on the heated patio, or to go! They are simple yet perfectly tart and dangerously drinkable. If you want something lower in alcohol, they make a great horchata and aqua de jamaica.

Güero has done a great job of making things cozy for people wanting to dine in, the patio area is well covered and has several heaters going to keep you warm. We went out on a brisk 40* degree and were quite comfortable with our food. If you have tried this restaurant we would love to hear your thoughts! If not, be sure to go check it out soon! You can head over to their website to see the full menu and hours HERE.

Why Use a Realtor

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So now that you are ready to buy a house why on earth should you use a realtor? Well, watch the video below to find out! Or skip ahead and read about it!

I get it, realtors have a bad reputation and tons of people think we are under qualified and over-paid.  So why would you hire one when you can just do it yourself online?  Well, here are our top 5 reasons that you will want to hire us. 

#1 – It’s Free

That’s right, as a buyer, you don’t have to pay me. If you could get 10 years of sales experience for free wouldn’t you want to use it? I only get paid when we successfully find and close on a house and the seller pays that fee so there is literally no cost to you for using me. 

#2 – Home Tours

You need a realtor to get access to most houses.  You can’t just knock on doors and expect to get a  tour, you could try, but people will think you are crazy and that is not what you want when you are trying to convince someone to let you buy their home.  Of course you can go to open houses, but not everyone hosts them, and some houses sell before they have had a chance to be open on the weekend.  Hiring me means we can go see that house anytime that suits your schedule so you can e one of the first people in the door. 

#3- Pocket Listings

Not all houses get listed on the market.  We see houses all the time that are offered as office exclusives that sell before they hit the market.  If I know what you are looking for I am going to be searching within my network to see what they have coming up.  This can give you the upper edge if we are able to get into these homes before the reset of the public sees them. Zillow can’t offer you that. 

#4- Paperwork and Contracts

I can help you understand and write a way stronger contract.  Real Estate contracts are no joke, it’s a 13 page document that outlines all the important timelines, who pays for what, who gets to keep what, and when you get to move into the house.  There are also over 30 addendums that could apply to your transaction.  We know the paperwork and how to write things so you are getting as much as you possibly can, even in a seller’s market.  

#5 – Gifts!

Lastly, you’ll get a cool present. I love giving gifts, so you’ll get something nice when you close on the house, plus a home-anniversary gift, plus a holiday gift or party, plus some random thing  at some point during the year.  We love our clients and believe in taking care of them before, during, and after the transaction.  We won’t pick up a paycheck and then disappear on you, we like you too much! 

Now you might be thinking, this all sounds great, but I don’t want to buy a house right now. Even if you aren’t quite ready, we can start narrowing down neighborhoods and keeping our eyes on good deals for you, you never know when they will come up or when you will be ready to jump in.  The more we know about you, the better we can help you!  If you want to set up a zoom call to just going over basic questions and criteria, we would love to chat, just send a message over! 

I appreciate your time today, be sure to follow us on facebook and Instagram to stay up to date with what we are doing!  You can also search for homes with the button below, or fill out the contact form and we will get in touch with you!

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Oma’s Takeaway

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This week we had the pleasure of trying Oma’s Takeaway! Oma’s started as a pop up when the chef/owner of Gado Gado realized his food wasn’t well situated for the take-out only option of the pandemic. He and his sous chef started putting together a menu based on their childhood memories and grandmother’s cooking. They both called their grandmas Oma, so it was an easy name choice. The two restaurants are now ‘sister’ restaurants with a similar southeast Asian style.

Oma's Takeaway exterior

Oma’s Takeaway now stands where Whiskey Soda Lounge used to be. I was unsure before trying Oma’s if they would be able to fill the shoes of the past owners. I didn’t have a chance to try Oma’s when it was just a pop-up so I had a few doubts. The smell wafting from the restaurant as I approached the door was sweet, spicy, and slightly fishy – all things you want from a southeast Asian restaurant! Oma’s has the options right now of either dining on the patio or taking their food away.

The Food

I really wanted the full experience so I tried almost everything on the menu. The standouts for me were the Cumin Curry-spiced Ribs in Tamarind glaze, the Braised and Fried Chicken, and the Corn Fritters. The corn fritters were fried perfection with a sweet and sticky soy dip. Both the ribs and chicken are part of the Nasi Lemak. Nasi Lemak is the national dish of Malaysia and means rich rice. The rice is served with peanuts, fried anchovies, and house made sambal. For dessert we tried the rice crispy treat. I don’t know about you, but I hadn’t had one in AGES. They add whole marshmallows and fruity pebbles to the recipe to add a bit of flair. It rounded out the meal extremely well and I can’t wait to go back!

Did you have the chance to try the pop-up? Or have you been to the new brick and mortar? Let us know in the comments! If you are looking for something different you can check out the other restaurants we have featured HERE.

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!

Flower Bomb Floral

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Audrey Hepburn once said, “To plant a garden is to believe in tomorrow.” This quote seemed very fitting as we near the end of 2020. Audrey Hepburn certainly knew what she was talking about and I love flowers. This week we headed to Flower Bomb Floral!

Flower Bomb

Once we walked into the boutique we were welcomed with a warm hello and immediately offered help creating a bouquet. Solara, the shop’s owner, had fun creating a unique and tropical bouquet for us. She was mindful of our budget and what style we were looking for. With all the rain we were thrilled to have something that reminded us of a beach vacation and warmer weather. The bouquet was unlike anything I’d seen before. Solara is a magician with flowers!

The rest of the shop is filled with house plants, both large and small, pre-arranged potted perfections, cards, chocolates, and some awesome local art. Though the shop is small, it was easy to spend much more time in there than expected. While we were waiting we learned that Flower Bomb was Portland’s first mobile plant and flower boutique. Then in early 2020 she opened her very own brick and mortar shop. If you are looking for something to brighten your day or to brighten your home, be sure to go support this amazing local business!

If you want to check out their website head HERE to see what they have to offer. And if you make it into the shop, be sure to tag us on social media and let us know! Do you have somewhere else we should visit? Let us know in the comments!