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December Market Update

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The market stats for December 2020 were recently released. It is time to dig into them and see what they mean. Almost every stat dropped last month, in some areas that is good news, in some it is bad news. The only number that rose last month is the number of sold listings. This lines up with what we know about the Portland market. There are tons of buyers out looking for homes.

December market update
Stat Breakdown

The average sale price dipped a bit, this almost always happens at the end of the year, a lot of people take a break for the holidays, so with less offers driving prices up, we saw the number drop down a bit. The days a home sits on the market are still continuing to drop along with the inventory levels. If we remove the outliers, the average days on market is actually just 7 days. So houses are flying off the market. In general we will see them listed mid week, open all weekend, and pending by early the next week. Because of this, Inventory has dropped all the way down to .8 months. As a reminder, this means if we don’t list any new homes, everything on the market will be sold before the end of the month. It’s lower than it has ever been, so if you have any thoughts of selling, now is the time!

For the whole Portland metro, homes are selling at an average of 6.7% over asking price. For a $500,000 house, that is $30,000 over asking price. As a buyer it is more important than ever that you pay close attention to your budget. If you only want to spend $500,000 we need to be shopping in the $450,000 range.

It is tough out there right now for buyers, but with a savvy agent, and a little luck, people are finding homes that are a great fit. We are helping our clients get into homes that they love right now, so if you want help with your home search, fill out the form below and we can’t wait to talk with you! If you want to see our other market updates, you can head HERE.

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.

Laurelhurst Market

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This past week we braved the weather to head out to one of my favorite restaurants in all of Portland. Laurelhurst Market is hands-down one of the best steakhouses in the city, but did you know that they also have a FABULOUS lunch menu? The butcher shop carves up meat and makes them into artisan sandwiches and charcuterie boards, both excellent.

Laurelhurst Market is currently serving both lunch and dinner on their very impressive parking lot patio. Now that the rain is here to stay, they have upgraded from individual umbrellas to a full-sized tent with lights and heaters. The tables are spaced more than 6′ apart and there are multiple barrels with plants to help separate the space even further.

Laurelhurst Market

We tried 2 different types of sandwiches, the Hot Pastrami and the Special of the day which was a cheesesteak-style sandwich. The Pastrami comes with Swiss, Dijon, zucchini pickles, and red onion and is served on An Xuyen roll bread. The steak sandwich came with provolone, caramelized onions, and sautéed mushrooms. Both sandwiches tasted exactly the way you would expect the sandwich to taste and the meat was very tender.

The menu changes frequently depending on what the butcher shop has that is fresh and there is a new special at least every week. You can always check out the lunch menu here if you are curious to see what they have. If you aren’t quite ready for tent dining, they are still offering takeout for both lunch and dinner.

We would love to hear what you think if you have been! If you have somewhere that you would like us to feature, let us know in the comments.

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!

Hawks View Winery

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This week we headed to the beautiful suburb of Sherwood to meet with a new client and try some wine. One of our favorite things about Portland is that the city is small enough that you can get out to the suburbs in about 20-30 minutes. That allows us to enjoy some of the amazing places outside of the city. Hawks View is a perfect example of this. They have a gorgeous property in the hills with multiple decks, modern design, and, most importantly, delicious wine.

Haw's view winery

I highly recommend trying a wine flight, for $20 you get 6 different wines. If you are lucky they will be starting the flight off with a sparkling rosé, it’s a dry and crisp sparkling wine and pairs perfectly with the end of the summer. They also had a pinot gris, chardonnay, and 3 pinots on the wine flight while we were visiting. All of their wines are very true to the style and moderately priced if you want to bring some bottles home.

They also serve a bit of food. They have a fantastic charcuterie board that has been a staple at the winery since they opened, but they also just started doing flatbreads. Cleverly named after the color of the wine it will best pair with, all the choices counted delicious.

We decided on “The Red” a flatbread with gorgonzola, figs, prosciutto, and arugula. It was delicious. The flatbread was crisp on the edges and light and fluffy in the middle. The flavors are a classic combination that all balance really well. True to the name, it did pair very well with the pinot noir we had.

The tasting room is by appointment only, but they have a very easy online system to use. You can get to it over on their website. You can also buy bottles, book events, or join the wine club while you are there. Let us know when you go and visit this winery, we would love to know what you think! You can also check out some of the other hotspots we have loved 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!