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Why you don’t want the nicest home in the neighborhood

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Today, we’re talking all about buying the right house at the right price point in
the neighborhood that you love. 

https://youtu.be/-oNRttpv9-s

We all love looking at houses, that’s why we are all so hooked on HGTV.  My personal favorite show is Million Dollar Listing, I love looking at those LA modern mansions, they are basically what dreams are made of. 

If you’re anything like most of my buyers, you’ve likely had your eye on your ideal neighborhood for some time now. Maybe you’ve taken drives through it or walked down its streets. Maybe you’ve even toured a few open houses and are still waiting on your dream home…
But sometimes that dream house might not be the best investment. I’ll explain why.

Here’s the thing about houses…although they are places where we make our nests, they are also massive investments. Often the biggest investment you’ll ever make. So despite the warm fuzzies that come with the idea of THE HOME, you still want to look at it as an investment, which means resale value should always stay top of mind. So it’s important to consider the following: 

#1 Buyers Want Mid-Range Homes 

A lot of people want that big expensive house, but they know the mortgage that comes with it. So many people compromise with a lower-priced home in their ideal neighborhood. This means that there are more buyers looking for mid-range homes. And when demand goes up, so do the price. This is why mid-range homes often command a higher price per square foot than bigger homes in the same neighborhood. 

#2 Your Home Value is Determined By The Homes Around You 

If you have the least expensive home in the neighborhood, the other homes will actually drive your home value up. But the opposite is also true. If you have the most expensive house, the other homes will drive your home value down. This is another reason why mid-range homes tend to have a higher price per square foot than the fancier homes down the street. 

#3 Your Home Will Be Harder to Sell In Tough Times 

 If the market shifts, and it does about every 7 years, you may be stuck at the top of the market in your area. When times are tough, buyers will opt for a less expensive home in hopes of getting a better deal. 

This is where having a good agent is incredibly important.  it’s imperative that they understand the importance of resale value. and help you to understand resale while we are looking at homes.  We won’t run around pointing out the negatives of a home, but we will help you to understand the potential quirks of the home you just fell in love with. 

If you’re thinking of buying a home, I can show you what characteristics to look for, in order to help you get the maximum resale value if you sell down the road. You can start your search HERE
If you’re thinking of selling, I can help you determine the current value of your home by giving you a complimentary market analysis. You can get an instant one HERE

March 2020 Portland Market Stats

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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

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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!

January 2020 Market Stats

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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

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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!!

Our Favorite Up and Coming Areas

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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! 

How to Sell and Buy at the Same Time

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Many people need to sell their existing home before they are able to buy the one they want next, but how is it done?? I’ll run you through three ways we can make this happen (without you having to move twice) in the video below.

No time for the full video? No problem. Read on below!

1 – Write a Contingent Offer

If you find your dream home before your home sells, we can write a contingent offer on it. This means that your offer is contingent upon the sale of your existing home. However, contingent offers aren’t as strong as non-contingent offers, so if we are competing, the likelihood of the contingent offer being accepted is much less.

2 – Ask for Rentback

If you want to accept an offer and then find your perfect house, you can ask the potential buyers of your home for rentback. In this situation, you continue through the sale and then the new owners ‘rent it back’ to you for a specified period of time. This frees up your finances and gives you some extra time to find that perfect spot.

3 – ‘Subject to Finding a Suitable Property’

In this method, we would accept an offer with a contract clause that states that the offer is being accepted only if/when you find your new home. This one gives you as the seller the most flexibility, but is the most daunting option for the buyer, as they have no guarantee of your motivation to find something new.

As always, if you would like to chat about any of these options in more detail, we would be happy to sit down with you!