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What can I buy in Portland?

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We had an absolute blast filming our latest series, ‘What Can I Buy?’! We decided it would be fun to take you around Portland and show you different styles of homes at different price points to get you an idea of what you can buy in this great city! While the homes here aren’t as inexpensive as say, Ohio, we are still the most affordable metropolitan area on the West Coast!

The first season of our new series is 6 episodes and we visited each of the 6 quadrants of Portland. We know 6 isn’t called a quadrant, but Portland likes to keep things weird, so let’s just go with it. You can click on any of the photos below to be taken to the page with our series video and full details on the home!

series episode 1
The Royal, SW Portland
Chown Pella, NW Portland
series episode 3
Alberta Arts, NE Portland
The Strand
The Strand, S Portland
series episode 5
Hawthorne, SE Portland
Arbor Lodge, N Portland

Jessica’s favorite property that we toured was the New York style condo in the Chown Pella building. She loved the exposed brick, open floor plan, Pearl District living, and private roof top deck! For under 1 million, that condo is truly a great deal!

Tekela’s favorite was the Royal, the stunning contemporary home in SW Portland. She loved the floor-to-ceiling pocket windows, the gorgeous open kitchen, and the location that felt like living in the treetops! At 2.25 million, it’s a bit aspirational, but a girl can dream!

We hope that you enjoyed going on this tour with us! If you want to stay up to date on everything we are doing, follow us on social media, subscribe to our Youtube channel, and/or sign up for our newsletter!

The Open House

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Today we are taking you behind the scenes of everything we do to prep for an open house! We made this great video for you to enjoy! If you prefer to read about it, we have that included below for you!

The first and most important thing that we do to prepare for an open house is to research the current trends in the neighborhood. We are constantly watching overall trends, but we want to be able to answer neighborhood specific questions to prospective buyers as well. We pull together a list of comparable properties, every other open house in the neighborhood, and our buyer book and head off to the house.

The Big Set Up

All of our open houses are marketed on multiple websites and through facebook ads, but you never know who might be driving by, so we also place many signs around the neighborhood to make it easy to find us.

Once we are at the house we want everyone to feel like they are already home. We have both sweet and savory snacks available, white or rose wine, sparkling water, and plenty of napkins. We also want to turn all the lights on so the home shows the best it can no matter the weather. This also gives a chance to get even more familiar with the property. We look for the furnace, water heater, and any quirks that people may have questions about.

Open houses are one of the most fun things you can do as a realtor. You get to meet quite a few people and usually spend a couple hours inside a gorgeous house. If you are starting to think about getting into the market, we are happy to send you weekly open house lists. Just fill out the form below! You can also search for homes by clicking HERE

The Listing

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Today we are taking you behind the scenes of everything we do to prep and win a listing appointment! We made this great video for you to enjoy! If you prefer to read about it, we have that included below for you!

The first and most important thing that we do to prepare for an upcoming listing appointment is to research the current trends in the neighborhood. We are constantly watching overall trends, but pricing a home and creating a personalized market plan requires specific data about which homes have just sold, how long they were on the market, and many other factors. We pull together all the market data, put together a personalized marketing guide, print the contract and head over to the potential new listing!

The Interview

A listing appointment is when we are truly being interviewed. We put our best foot forward and show everything that we have to offer. Typically we are going to be competing against 2 or 3 other agents so it is critical that we set ourselves apart. One big thing we do is send our ‘7 tips for Selling your Home’ booklet to the potential client before we even meet them. You can download it HERE if you want to check it out.

Some other big differences you can expect to get from us are the scope of our marketing knowledge and the brand power we bring. We are well-versed in running social media ads so we can guarantee the listing will get many more views than any neighbor’s listing. We also have the power of the Sotheby’s brand behind us. That gives us access to all of their marketing partners. We get to see our listings on the New York Times, Wall Street Journal, Mansion Global and many, many more websites around the world. The home is also marketed directly to our global Sotheby’s network. It may just be the perfect fit for an investor or someone relocating here to Portland.

Marketing

In the video above, our listing proposal stood out and we won the listing over at least one other agent. It always feels good to win, but now that we have the contract signed, it is truly time to get to work. Here is quick list of everything we have to coordinate in the week before the listing goes on the market.

Professional photos are the most important step at this stage. NEVER hire an agent that tells you they can take the photos on their phone. They won’t look good and you only get 1 chance to make a first impression. We also do a stunning walkthrough video, 3D tour, and drone pictures. Your home will be the best looking one on the block when we are finished.

The home in our video went pending for full price after only 4 days on the market. If you need some guidance about what to do to sell your home, we would love to come and interview with you! If you want a quick snapshot of your home’s value, you can find that HERE. Or if you prefer to check in on your neighbors homes, you can search for everything on the market HERE. You can also fill out the form below and we will be in touch soon!

How to Tell if a Home has Good Resale Value

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Are you making a good investment? Let’s talk about buying a home with resale potential! If you aren’t into videos, jump ahead to read the transcript.

https://youtu.be/X_xG2mJtpdw
Resale Value

Last week we talked about why buying the nicest home in the neighborhood isn’t always a great idea, especially for resale value. You can find that post HERE if you missed it.  There are a lot of other things to think about when it comes to resale value as well!  Today I want to go through the top 3 other things that are important to consider. 

Most people aren’t exactly thinking about selling their house while they are looking at buying that house. It’s a little counter-intuitive and it’s certainly not as much fun to think about as decorating your new home!

I can’t wait to move into this house so we can sell it…”

It is, however, an important thing to consider because chances are good that, at some point, you are going to resell the house. We want to make sure that when we do that, you have access to as many buyers as possible. 

So, there are 3 things that most everyone is going to consider. Let’s jump right in! 

School Districts

Whether you personally are planning on having kids or not, school districts directly influence a homes value.  The better the school district, the higher value the homes will be.  This is just one of those things that gets tied together. Lots of people that buy homes do so because of a change in their family. You want to make sure that if you can buy in a good school district, you do.  That way, when we do sell down the road, everyone is so excited to have the opportunity to live in that great school district.  My favorite website for neighborhood and school ratings is niche.com

Location, Location, Location 

The second thing is of course something we talk about all the time.  Truly though, it is basically the only thing you can’t change about a home.  You can change everything all the way to tearing the house down, but you can’t change the area.  You really want to pay attention to where the home is.  Whether you want something super urban and walkable, or quiet and on a cul-de-sac, you want to really hone in on those areas. That is what the majority of people are going to want.  It is going to be much harder to sell a home sitting right on top of a freeway than it is to sell a home in the hills with a view. Everyone of course wants different things, but be mindful of whether what you want will also appeal to the masses.  

Flow and Floor Plan 

The last thing is the layout and feel of the home.  You might notice this the minute you walk in. Some houses just have weird floor plans. They will feel odd while we are touring them.  Some houses may have a very specific floor plan that is exactly perfect for your family, and if that is the case, go ahead and buy it. Just know it may be harder to sell down the road.  3 bedroom 2 bathroom homes are always going to be the most popular.  Also consider the actual structure of the home. A 1 level home is worth slightly more than a 2 level home of the same size.  Homes that follow the Feng Shui guidelines are going to be more desirable than homes that don’t.  These are all things that we know quite a bit about, so feel free to pick our brains while we are out looking at homes. 

Having a good realtor to help guide you through all of these steps is so important.  On average, people are going to sell their homes after 7-10 years and we don’t want you to come back to us after that time and then find out your home will be hard to sell.  That means that while we are looking at homes, we are going to point out things that may or may not be desirable. That way we can be certain that no matter how long you live in your home, you are making a good choice, a good investment, and that you’ll be able to sell your house again when you eventually want to do so!  

If you have any questions about this, or you want to talk about buying or selling in general, we would love to chat with you!  Fill out the form below or give us a call and we will talk to you soon.  Hope to hear from you! 

Arden

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We are back this week with another local Portland restaurant that we loved! We ordered takeout from Arden in the Pearl District, who typically strive to provide a full dining experience to help you escape from the hustle and bustle of life. While we can’t currently partake in the atmosphere of this beautiful restaurant, we are luckily still able to enjoy the food!

Chef Erik Van Kley creates hyper-local and seasonal food to help you stay connected to the community. They also have a great wine list that favors local winemakers, and you can even order bottles to go with your meal. We were celebrating my birthday this week so we ordered a bottle of Brut Rose by Patrice Colin from the Loire Valley. It was crisp and dry with slight hints of raspberries which paired perfectly with our chicken dinner for 2.

Our meal came with roasted beets served over house Labneh, roasted carrots and rapini, roast chicken with miso brown butter, wild mushroom spaetzle with herb crème fraîche, smashed fried potatoes with lemon peppercorn aioli and some fresh baguette.

Everything tasted phenomenal but the sauces were the real stars of the show. Each one was perfectly seasoned and expertly paired to make all of the flavors of the dish truly sing. I cannot wait to go and support this business again and enjoy the dining room when it is finally safe to do so. In the mean time, you too can support Arden and order online. You can find the takeout menu HERE.

We are always looking for great takeout options to support local! Where should we head next?

If you want to check out the other hot spots we love, you can see them all HERE

*photos courtesy of Ardenpdx

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!

February 2020 Market Stats

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Real estate by the numbers is out for the past month! The quick and dirty version of the February market is that inventory is still low keeping us in a seller’s market. Homes are appreciating by 5-7% over last year but dropped slightly compared to last month. And we are seeing many new listings as we get ready for the busy spring market. Read on below if you want details about your side of the river and the general market health.

Portland Metro February Market Numbers
Portland Metro

Looking at the numbers now just confirms what we were talking to our clients about last month. We saw more houses coming onto the market as seller’s were trying to get ahead of the spring rush. This push of listings also gave us more pending homes and therefore more sold homes. There are a lot of buyers out in the market and even though the inventory is climbing up, we are still seeing multiple offers on most close-in locations.

Many of us, myself included, expected to see more of a plateau in terms of appreciation, after the huge price jumps in 2017 and 2018. 2019 did see quite a bit of slowing, but so far this year the average sales price is up 5% over last year across the metro area. 4-6% appreciation is considered a steady and healthy market, so we should expect to see these numbers hold for at least a year or 2.

Selling

If you are considering selling your home now is an excellent time to get into the market. May-July are historically our busiest months for new listings, so if you want to take advantage of the huge buyer pool ahead of your competition, April could be the perfect month to list your home. Timing is always a personal choice, but you will likely net more money listing in the spring than early summer. 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

Overall the Eastside performed better than rest of the city in February. NE Portland saw the biggest jump in average home price, 2.5% since the beginning of the year, this is primarily due to some luxury listings closing. SE Portland continues to have the most new listings and the most closings because of its sheer size, at 247 closings, it had almost as many as NE and N Portland combined. North Portland is still one of the most affordable places to buy a home, with an average sales price of $407K you can still find cute homes in the 300K range.

East Portland February Market Numbers

West Portland

The Westside did vary a bit compared to the rest of the city, this is the only area that we saw the average days on market go up. The days on market are always quite a bit longer on this side of the river due to the condo sales. The condo market slowed substantially last year and this skews all the other numbers towards the negative. West Portland has a significantly higher average home price which also has a smaller buyer pool and therefore takes longer to sell.

West Portland February Market Numbers

We hope this helps to breakdown the February 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.