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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

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.

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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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!

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