That Portland Life

Portland Lifestyle and Real Estate

Contact Us!

portland real estate

December Market Stats

by 1 Comment

We finished out 2019 with a bang. Despite all the talk about an impending recession, the real estate market was barely affected. If you look back at the data historically, very few recessions do affect the housing market. This is good news for the Portland Metro! Here is a look at the December Market Stats.

Portland Metro December 2019 market stats

If we look back at the whole year, we only appreciated by 1.5%. This is a small number when we are used to seeing 10-15% appreciation, but as long as things are continuing to climb, we are in a good place. 2020 is expected to mimic 2019 very closely so while things may seem like they have halted, homes are still gaining value.

In December home sales took a little longer than they had the rest of the year. This happens every year with the holidays and seasonal slowing, but so far January has seemed to be much busier.

December also saw more listings come onto the market and more homes go pending. We did have less homes actually sell in December, but again, this is likely due to the holidays.

We also broke down the numbers for each of the quadrants if you want a closer look at your neighborhood numbers. Se Portland is still leading the way with the most closings every month. West Portland continues to be the most expensive area to buy a home, and N Portland is the most affordable.

If you have been on the fence about buying, now is a really good time to get into the market. You can get ahead of the bidding wars and spring selling frenzy while still taking advantage of the low interest rates.

Ready to start your home search?

If you are interested in looking at the homes on the market, or you want to know what your home is worth, just click the buttons below! We will talk to you again next month!

Search For homes
See your Homes Value

Our Favorite Up and Coming Areas

by Leave a Comment

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! 

Buyer Closing Costs

by Leave a Comment

Today we are going to be talking all about closing costs! Check out the video below to learn all about them! If you don’t like videos, read on below.

Last week we went through closing costs when you are selling a home, but there are also closing costs associated with purchasing a home.  Most buyers are aware that they need to save up for a downpayment. They also know they need to pay for inspections. But, many people don’t realize there are also quite a few fees that you need to budget for.  

I had a buyer a couple of years ago that had to let their dream home go because they didn’t have enough cash to close on the home. This could have been solved if they had know to budget for an extra 3%.  I really don’t want you to end up in that situation. So here are my 3 tips for buying a home when it comes to closing costs.  

Write out a budget

Meet with your realtor and write out a budget. Depending on the time of year that you are buying, closing costs can vary from 2-4% of the purchase price. That means if you are buying a $500,000 houses here in Portland, you can expect your closing costs to be about $15,000.  We have a great buyers guide for you once you are ready to get serious about buying a home. You can download it HERE

Be honest about what you can afford

Take a look at your finances and budget for what makes sense.  Just because you are approved for a $500,000  house doesn’t mean that is what you should spend.  If you only have $7,000 to put towards closing costs, we may want to look at buying a cheaper home.  You don’t want to move in and be immediately house poor, so lets come up with a real budget and decide what kind of purchase makes the most sense to you.  

Stretch your money

Make a plan for your money to go farther.  Depending on the health of the overall market, we may be able to ask the seller to pay for some, or all, of your closing costs. This means that your money can go farther.  While this is an option in all markets, if we end up writing an offer on a home with multiple offers, the chances of our offer being accepted and getting closing costs covered is very low.  There are things we can do to combat this, so we just need to sit together to plan everything out.  

Closing costs are not a fun part of the real estate transaction. They do however pay for your new deed, so they are crucial to buying a home.  If you want to sit down to discuss the specifics about what fees are covered, or if you just have general real estate questions, I would love to chat with you anytime! 

Be sure to follow us on Facebook, Instagram, and Youtube so you are always up to date with what we are doing!  You can also sign up for our monthly newsletter and we will send you fun events happening in Portland.  

Thanks for joining me today and I will talk to you soon!

Cascade Brewing

by Leave a Comment

This week we went and checked out Cascade Brewing! This sour ale brewery has so much variety we will have to go back multiple more times to try everything on the menu.

I love sour ales, so if you don’t this is likely not the place for you. They do typically have 3 or 4 non sour beers on the menu, but they are no where near as good as the sour ales. My favorite thing about Cascade is that they use fresh, local ingredients and truly experiment with their beers. I tried the Brunch Line, which is very Portland. Its a sour wheat ale that is aged in white wine barrels with willamette valley chardonnay grapes and orange zest. It does taste a bit like a mimosa.

We went during happy hour and were able to try both the pretzel with beer cheese, and the smoked albacore tuna melt. The pretzel was perfectly salted and toasted to perfection. The albacore sandwich isn’t your grandma’s tuna sandwich. With both cheddar and gruyere cheese, the sandwich was delicious and well balanced.

We will absolutely be heading back to cascade brewing for some beer very soon!

If you want to see the current offering of beers, you can see the menu here. or check out the full website

Do you have somewhere that you want us to feature? Let us know in the comments!!

Seller Closing Costs

by Leave a Comment

Today is all about closing costs and specifically about the closing costs sellers are responsible for. We made a great video for you to watch, but if you would rather just read along, skip ahead!

One of the most common mistakes that sellers make when it comes to listing their home, is failing to budget appropriately. I see this especially often when it comes to closing costs.

Sellers in Portland should expect to pay about 7% of the total sales price in closing costs. On a typical home priced at 500,000, a seller should anticipate allocating about $35,000 toward closing costs. That number is inclusive of most fees, however, it will vary depending on your specific situation.  If you have equity in your home, these fees will be deducted from your proceeds.  However, in some cases, a seller may be required to actually bring money to the closing table.  We don’t want this to happen to you. Here are my top 3 tips so we are fully prepared before listing your home.

Discuss the true cost of selling

Before you decide to list your property, meet with a local real estate expert. You want to discuss the true cost of selling your home. As a licensed Realtor®, I’m able to provide you with resources like a closing checklist and a seller net sheet. These will help you to better understand the home selling process, your responsibilities as a seller, and what you can expect to net from the sale of your home.

Budget for Closing Costs

Work with your Realtor® to understand and budget for Closing Costs. Sellers in the Portland market are typically responsible for paying; Commissions, mortgage payoff, title search fees, transfer taxes, city recording fees, unpaid property taxes, and any other liens that may be on the property. We want to have a clear idea of what these numbers add up to.

Factor in the unexpected

In competitive markets, it’s common for a seller to offer a concession toward a buyer’s closing costs.  This is done as an added incentive. As an example, it can be done after we may have had weeks of slow activity, or as a result of an issue that arises during a home inspection.  Often times, this practice can make your home seem more appealing to a buyer that may not otherwise have thought of buying your home because they didn’t have the cash to cover potential repairs or their own closing expenses.

Planning ahead will ensure that we both have a pleasant transaction together.  You will have a clear idea of exactly where you will be financially, and there won’t be any what-ifs left to think about.  If you have some questions or want any guidance, please feel free to reach out to me and I am happy to walk you through the specifics.  

Are you ready to see what your home is worth? Check the value now! Click Here

October Market Stats

by Leave a Comment

It’s time that we look back on the Portland real estate market and analyze how healthy our market is. Enjoy the market stats!

If you want just a quick and dirty analysis; houses are still selling, they are still gaining value, and the market is still balancing from many years of incredible appreciation. If you want to get a little deeper, keep reading!

Portland Metro Market Stats October 2019

We saw a small uptick in home sales in the month of October. That was very likely due to the interest rate dropping back down. This caused a flurry of buyers to jump into the market and we saw both pending and closed sales jump up from October of last year. We also had quite a few more closings than September which is a sign that the market is holding steady.

New listings, and therefore overall inventory, dropped this past month. We expect this to happen every fall as sellers prefer to sell in the warmer months. Surprisingly, we also saw the total days on market increase. Typically with low inventory we would also see the days on market lower. When we have buyers competing for the same house, things tend to sell faster. I think in this case, buyers are being more cautious about the homes they are buying, so if it isn’t priced perfectly, they move on.

Lastly, and perhaps most importantly, home prices are up 1.2% from last year. While this isn’t the type of gain that we are used to, it’s important to note that the number is still climbing. We expect this trend to continue through the holidays and into next year.

With talk of a looming recession, it’s important to watch these market stats closely. Whether you are thinking of buying or selling, you don’t want to miss your ideal window.

Do you have specific questions about your home or area? Feel free to reach out to us at Team@ThatPortlandLife.com!

Want to know what your home is worth right now? Click Here

Feature Friday at Training Day

by Leave a Comment

This month for our Feature Friday we visited with Megan Marchello of Training Day PDX! She owns a barefoot gym in southeast Portland and did a great job of making us sweat in just a short amount of time.

We also learned a ton about how your stance, and how you treat your feet, will affect your whole workout. Check out the full video below!

Be sure to check out this awesome gym and support local business!

Do you have somewhere that you think we should visit? Let us know in the comments!

The Importance of the Home Inspection

by Leave a Comment

Having a home inspection is perhaps the most important piece to buying a home. As a buyer it can be very easy to look over the little flaws in a home while you are walking around falling in love with it. Check out this awesome video we made explaining why inspections are so important! If video isn’t your thing, read the transcript below.

No matter the type of home that you are buying, whether a 1920’s bungalow, a midcentury modern, or a brand new home, you need to have a home inspection. A couple of weeks ago we discussed the importance of property disclosures, and the inspection is your opportunity to really dig deep into any issues that the home might have.

With older homes we especially want to look into the electrical system and plumbing, the foundation and the overall structure. With new construction you want to make sure the builder didn’t cut any corners and that everything is functioning the way that you want it to.

Inspections are also your best opportunity to negotiate with the seller on repairs. Anything that is a safety concern, a major defect, or is no longer functioning properly is a fair thing to ask the sellers to fix. Alternatively, we could negotiate for closing costs or a price reduction. We will be sure to discuss all the details and what will work best for your specific needs once we get to that point.

Another important thing to remember is that not all inspectors, like Realtors, are equally skilled. It often happens that we will have buyers that enter into contract on a home that was only purchased by the sellers within the last couple of years and our inspector finds major defects that were certainly around longer than that time period. Make sure you work with someone you can count on, otherwise you might end up on the wrong end of the repair negotiations when you eventually decide to sell! We, of course have fantastic recommendations for you if you need them.

Do you want a list of the most common issues found with new construction homes? You can find that here. As always, don’t hesitate to reach out with any further questions you may have! See you next time.