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Year End Market Update

January 18, 2022 by Jessica Berger and Tekela Fisher Leave a Comment

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

Is this a good HOA?

December 1, 2021 by Jessica Berger and Tekela Fisher Leave a Comment

Buying a home could mean dealing with a homeowners’ association. This begs the question, how can you tell if the HOA is doing a good job? Watch to find out!

HOA’s manage, maintain, and regulate everything that is outside of the home — Such as the structure of the building, the common areas, the landscaping, and the recreation areas, if they have them. But unlike the membership of other community organizations, you can’t resign if you’re unhappy with the way the organization is run.

If the community you are searching in passes these 4 checks, you are probably in good hands!

#1 – Community looks nice

If the community looks good, it usually means that something positive has impacted the community. Of course, the opposite is also true. If you’re thinking about buying into a community, take an objective look at its appearance. Is the structure of the building in good repair? Are the trees pruned, the beds weeded and the landscaping well maintained? Is the pool clean? Are any of the homes in the community eyesores? Your answers to these questions reflect on whether the HOA is performing its duties properly and requiring homeowners to do the same. The proof, as they say, is in the pudding.

#2 – Strong Communication

This is your community and you have every right to know what’s going on in it. Do your research. Figure out how the HOA board communicates with homeowners. The options are numerous and include newsletters, websites, annual reports and emails. Check for flyers advertising community meetings. If homeowners are invited to attend committee meetings, it’s a good sign that their input is heard and valued.

#3 – Strong Money Management

The best HOA’s put checks and balances in place to safeguard against the risk of financial mismanagement. They employ a second set of eyes – someone not on the board – to collect the dues, pay the bills, and review checks and invoices to make sure the HOAs financial affairs are in good order. Often the second pair of eyes is a professional property manager, a lawyer, or an accountant on staff. We also want to be sure that they have a clear budget for addressing repairs, whether it is unforeseen circumstances or scheduled maintenance.

#4 – Clear HOA Rules

HOA’s tend to have a set of rules called Covenants, Conditions, and Restrictions. CC&R’s supercede city, county, and state laws and come with hefty fines if they are violated. So it’s really important to know if you’re moving into a community with a strict HOA. CC&R’s are meant to be applied objectively and fairly throughout the community – but sometimes they’re only enforced if a neighbor complains. The best way to tell if CC&R’s are applied consistently (or not) is to take a tour around the community. If everyone’s landscaping is immaculate, the HOA is probably very strict. But if some homes look run-down, and others don’t, it’s a good sign that the HOA is pretty lax on enforcing their rules.

Now that you know what to look for, let us help guide you into the perfect community! Even if that means avoiding HOAs all together! Contact us below!

Ready to get started? You can chat with us, or our lenders! Learn more about them over on our preferred lenders page

Wild Thing

November 16, 2021 by Jessica Berger and Tekela Fisher Leave a Comment

This week’s Hot Spot is brand new plant-based build-a-bowl restaurant Wild Thing! This delicious Alberta outpost is brought to us by alum from two of our PDX faves, Arden and Tusk. We could not be more excited to have a new grab-n-go option that is not only healthy, but also a nice alternative to the typical rice and bean joints.

Wild Thing’s concept is pretty simple, but done in an elevated way. You start with options for the base, tri-color quinoa, brown rice, or mixed greens, or even a combo. Then you have many options of fun vegetable toppings to choose from. One of my favorite things about Wild Thing is that they made the flavors really diverse – sumac, turmeric, urfa chili – but also made sure that you can easily mix and match and have all of the flavors complement each other.

On our recent visit I went with smoky paprika cauliflower, sumac cabbage, lemony brussel sprouts, roasted delicata squash, and sesame broccoli. Then you get to add some crunch and I definitely went crispy garlic. The sauces are wonderful as well, with options like hazelnut romesco or tahini miso. Again, all of the flavors meld so well! If you want to bulk your bowl up a smidge you can also do add-ons, of which I highly recommend the lentil tempeh ‘chicken’ salad. I am generally not a big fan of tempeh, and this scoop was a game-changer!

Wild Thing also has their own branded cans of wine, a light chilled red and a crisp white, plus kombucha, cold brew, and other tasty options. Open Weds- Sat 11-7 with a happy hour from 3-5. Check them out next time you are looking for a delicious and hearty bowl in NE Portland! Visit virtually Here.

Where should we check out for our next Hot Spot? Let us know in the comments!

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