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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.

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!

Flower Bomb Floral

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Audrey Hepburn once said, “To plant a garden is to believe in tomorrow.” This quote seemed very fitting as we near the end of 2020. Audrey Hepburn certainly knew what she was talking about and I love flowers. This week we headed to Flower Bomb Floral!

Flower Bomb

Once we walked into the boutique we were welcomed with a warm hello and immediately offered help creating a bouquet. Solara, the shop’s owner, had fun creating a unique and tropical bouquet for us. She was mindful of our budget and what style we were looking for. With all the rain we were thrilled to have something that reminded us of a beach vacation and warmer weather. The bouquet was unlike anything I’d seen before. Solara is a magician with flowers!

The rest of the shop is filled with house plants, both large and small, pre-arranged potted perfections, cards, chocolates, and some awesome local art. Though the shop is small, it was easy to spend much more time in there than expected. While we were waiting we learned that Flower Bomb was Portland’s first mobile plant and flower boutique. Then in early 2020 she opened her very own brick and mortar shop. If you are looking for something to brighten your day or to brighten your home, be sure to go support this amazing local business!

If you want to check out their website head HERE to see what they have to offer. And if you make it into the shop, be sure to tag us on social media and let us know! Do you have somewhere else we should visit? Let us know in the comments!

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!

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!

Bend

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Our Hot Spot of the Week this week is one of our favorite places to visit in Oregon, Bend! After a fantastic summer of helping so many people find their dream homes, we decided to treat ourselves to a little getaway. A big bonus for us of visiting this lovely city is that our flagship office of Cascade Sotheby’s is located there so we also got to visit with some of our favorite colleagues.

Visiting one of our Bend offices and wine tasting with one of our favorite Bend agents, Dave Holland

The Beer

One of our favorite things about Bend is that there are so many wonderful breweries. No matter what style of beer you like, you will be thrilled with all of your options in Bend. Many of the breweries also have public houses, so one of the days we decided to grab lunch at Deschutes to try their pub exclusive beers and grab a bite. I definitely recommend grabbing their beer cheese soup and some VERY garlicky truffle fries to soak up the fantastic tasting flight.

Look at all of that garlic!!!

The Bubbles

Everyone knows we love bubbles, so of course we had to sip on some on our celebration weekend! We ordered some at our dinners, but our absolute favorite bubbles experience was at the wonderful spot Good Drop Wine Shoppe. They had an amazing selection of champagne and the wine steward was extremely knowledgeable and helped us pick the perfect selection. We went with a delicious bottle called ‘Eye of the Peacock’ (but in French) and it was the ideal blend of bright and crisp with a slightly toasty brioche finish. I highly recommend this spot for all of your wine needs when you are in town.

Bubbles galore!!! 🍾🥂

The Food

We had so many delicious meals while in Bend, but our absolute favorite was Washington. We’re always big fans of ordering a lot of dishes and sharing everything, and here was no exception. We started with the Goat Cheese Fondue (yum!) and the Pork Belly with Dungeness Crab (yummm!) plus some tasty cocktails. Mine was the Garden Party, with Aperol, champagne, gin, and basil and it was positively summer in a glass. We proceeded to order a bottle of bubbles with dinner, and adored our choices of the evening Sturgeon special with corn and Chantarelles, as well as the grilled Bavette steak with Chimichurri. I cannot wait to return to Washington and try every single thing on their menu!

Washington. YUM.

The Outdoors

Despite what it sounds like, we didn’t JUST eat and drink the entire time in Bend. We also went to explore a bit of the nature nearby. While the lava tubes were sadly closed, we were still able to wander around in the lava fields at Newberry National Volcanic Monument as well as hike over to Benham Falls along the Deschutes River. There are so many amazing nature experiences all over the area, so you will have no shortage of choices when you want to see beautiful things or work off all of the indulgences 🙂

We had such a delightful time visiting Bend and we cannot wait to go back! What should we see/do/eat next time we are there? Let us know in the comments!