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Irvington Home Tour Showcases Design Innovation & Hilarious History

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Annual Irvington Home Tour May 21st

Get Tickets Here

Are you a history-minded house hunter? Interested in seeing how historic dwellings can evolve to fit modern needs? You definitely want to be in attendance for the 35th annual Irvington Home Tour on May 21, where some of the neighborhood’s most intriguing examples of architecture and design will be showcased for a good cause.

“This tour is not just for antique hounds and old-house lovers,” said Home Tour head Brian Schaeperkoetter to the Oregonian’s Janet Eastman. “There is some amazing modern interior design in the other homes. Great examples of how these old homes can be adapted for 21st century family living.”

In her preview of the event, Eastman highlights a particularly charming anecdote about a home featured on the tour:

In the 1920s, when Prohibition outlawed alcohol, the neighborhood’s oldest Craftsman became a speakeasy run by bootlegger Alma Hopkins.

On Oct. 23, 1923, The Oregonian reported that neighbors, including the minister of the Westminster Presbyterian Church, complained of “high-powered cars” coming and going at all hours, all-night revels and eruptions from drunken men and women. The police raided the house, arrested “the Hopkins woman” and seized 60 quarts of choice whiskey.

The Irvington Home Tour runs from 11 AM to 5 PM on Sunday, May 21. Tickets are $25 and benefit Irvington Community Association’s Charitable Giving Program. For more information and to purchase tickets, visit IrvingtonHomeTour.com.

Photo Credit: James Heuer provided by the Irvington Home Tour

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1997 vs. 2017 | Portland Real Estate

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(Click the image above to zoom in)

Is it really that much better or worse to buy a home in Portland over the last 20 years? It’s easy to get nostalgic about the good old days in Portland when a house was only $171,000 even in a great area. What’s easy to forget is that interest rates in 1997 were 7.5% and the average income was only $46,000 a year.

With prices at all time highs here in Portland, Oregon how much more are people spending on average to but an average home? It turns out that in 1997 people were spending roughly 25% of their income on housing and in 2017 the number is 28%. So it costs more to live here now that Portland is a popular destination city but I’d argue the added economic opportunity and better lifestyle perks are worth the added cost.

 

 

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Portland Rent Control and Inclusionary Zoning: The Laws Behind The Controversies

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In my 2017 Portland Real Estate Market Report, I dive deep into the issues and controversies around rent control and inclusionary zoning in Portland and the state of Oregon. To help readers more fully understand the issue, here are summaries of the laws along with full texts, documentation of their refinements, and supplemental materials.

STATE LAWS

SB 1533

Oregon Senate Bill 1533 functionally allows for inclusionary zoning to become a legal practice in certain cities and counties throughout the state. It permits those cities and counties to adopt land use regulations or functional plan provisions, or impose conditions for approval of permits, that effectively establish sales or rental price, or require designation for sale or rent as affordable housing, for up to 20 percent of multifamily structure or limit sales or rental purchase to class or group of purchasers or renters in exchange for one or more developer incentives. It creates new authority for local governmental agencies to impose construction taxes on improvements to residential properties at rate determined at the city or county level. The bill requires local governments to use net construction tax revenue to fund certain developer incentives and programs related to affordable housing; additionally, these funds are also distributed to the local Housing and Community Services Department to fund home ownership programs that provide down payment assistance.

Oregon SB 1533 passed into law on June 2, 2016 and quickly became the precedent for inclusionary zoning laws to pass in Portland.

Text as Introduced

Senate Amendments

Senate Amendments to A-Engrossed

B-Engrossed

Enrolled

HB 2004

Oregon House Bill 2004 declares a state of “renter’s emergency” effective upon passage of the bill. It prohibits landlords from terminating month-to-month tenancy without cause after the first six months of occupancy except under certain circumstances; to pursue termination of tenancy, the landlord must offer 90 days’ written notice and payment of amount equal to one month’s periodic rent. The bill provides exception for certain tenancies for occupancy of dwelling unit in building or on property occupied by a landlord as a primary residence. It makes violation defense against action for possession by landlord. The bill requires fixed term tenancy to become month-to-month tenancy upon reaching specific ending date, unless tenant elects to renew or terminate tenancy; it also requires landlord to make tenant offer to renew fixed term tenancy. HB 2004 repeals statewide prohibition on city and county ordinances controlling rents, and permits city or county to implement rent stabilization program for rental of dwelling units.

HB2004 is in committee with the state Senate with many pundits giving it a 50/50 chance of becoming an Oregon law.

Text as introduced: Introduced
Amendments to bill: House Amendments to Introduced
A-Engrossed: A-Engrossed

Portland City Ordinance 188219

Ordinance 188219, championed by City Councilwoman Chloe Eudaly, is popularly known as the “Relocation Assistance Ordinance.” Within 45 days of giving a no-cause termination notice, a landlord must pay relocation costs to the tenant. Additionally, if a tenant gets notice of a rent increase of 10% or more in a 12-month period, the tenant has the right to decide within 14 days that the increase will force them to move for economic reasons at the end of the notice period; in this situation, the landlord then has 14 days to pay relocation costs for the tenant. The ordinance also set compensation amounts based on the size of the living space rented by a tenant.

The ordinance took effect in February 2017; while this law was passed as a temporary bill to sunset October 2017, many housing providers feel this will be renewed indefinitely.

Full Text of Ordinance:

Presentation: [download file from http://efiles.portlandoregon.gov/Record/10681981] Oregon State Board’s excellent video walking through the ordinance: https://vimeo.com/203339601
Ordinance 188219 builds upon City of Portland City Code, Title 30, Chapter 30.01; of particular note is the updates of section 30.01.030, which contains the definitions of concepts such as “affordable housing:” https://www.portlandoregon.gov/citycode/?c=28481

To understand these laws in context – and to see why I, along with most others in the real estate industry, argue that these aren’t the interventions our housing crisis demands – check out my full 2017 Portland Real Estate Market Report.

Sources: 

olis.leg.state.or.us

portlandoregon.gov

 

 

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Census Vacancy Data

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One of the data sources we used to create our 2017 Market Report we consulted the Census Housing Vacancies table provides current information on the rental and homeowner vacancy rates, and characteristics of units available for occupancy. The rental vacancy rate factors into the index of leading economic indicators; as such, it’s used by the Federal Government and pundits alike to gauge the current economic climate.

The current release folds in rental and homeownership data to give a robust image of the state of housing in America: currenthvspress

This historical quarterly rental vacancy chart compares numbers from 1956 to present: histtab1

To find out more about current vacancies as an indicator of market health — and what it means in the context of the Portland real estate market — read our full 2017 Market Report

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Affordability and Mortgage Rates: Where Were We, and Where Are We Now?

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(Click the image above to enlarge)

One of the ways we collected data for our 2017 Portland Real Estate Market Report was to compare historical data for the city and region to the present numbers.

As calculated by Mortgage News Daily, the image above shows a comparison of the mortgage rates in July 2006 versus mortgage rates in March 2016. (Click the image to enlarge it)

If you’re a member of the National Association of Realtors and would like to go really deep in the numbers, their Housing Affordability Index is an invaluable resource. They also offer historical archives of their Housing Affordability Index that details how accessible (or otherwise) home ownership was for the average American in a given year.

To see how we crunched these numbers and to get even more insights into the current state of the market, check out our full 2017 Portland Real Estate Market Report.

Source:

mortgagenewsdaily.com

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VIDEO: High-End Market Trends Explained

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There’s pull-back in Portland’s high-end real estate – what does it mean for the rest of the market?

Nick Krautter, Principal Broker in Oregon for the SellPDX Team, made a presentation at the Keller Williams Portland Central office today looking at a curious market trend.

Right now, the average house in Portland sells in only six days. The average house priced over $800k, though, takes sixty days. The average sold price per square foot is also going down, with about 2.5% reduction in just the last month.

There’s some pull-back in the high-end market in Portland, with some decline visible month-over-month. What does this indicate for the rest of the market? Watch Nick’s Facebook Live recap of his presentation above for more.

Want to take a closer look at the report? Read the report here: High-End Market Trends Explained PDF

Have more questions? Contact us

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Why is Portland Home Inventory So Low, And Why Aren’t There More New Condos?

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Note: this three-part answer is excerpted from our 2017 market report.

Part One

To answer the question of why the inventory of homes is so low in Portland we have to go back to the supply and demand basics of economics. We had our last peak market in the summer of 2007 and after that we went into decline for five years straight. During that decline, new home construction came to almost a complete standstill with the units built not being close to satisfying the number of units needed for the increasing population and in-migration. I remember being at an economic luncheon forum and someone on stage, a very well-known economist, said that we were going to have a housing shortage crisis in Portland over the next coming years. Everyone at my table was shaking their head because we had lots of homes to sell, and nothing was selling with prices continuing to decline, and we were thinking how could there possibly be a housing crisis on the horizon when we had so many vacant homes to sell standing around in Portland? But the statement made that day at that lunch couldn’t have been more true. For years there were not enough apartments or homes being built in Portland yet people kept moving here. People kept getting married, having kids, families kept growing, kids kept leaving their homes to go to college and get jobs, and all of those people created a need for more housing. In short, the main cause of the housing shortage now is that there are not enough homes being built to meet the current demand.

Part Two

Take into account the fact that we were not creating enough supply of housing in Portland and prices continue to increase. In 2012 affordability in Portland hit an all-time high with almost everyone with a median income able to afford a median-priced home. At the same time rents were increasing rapidly in Portland and this caused an exodus of people using credit they built from being renters to purchase homes. Throw even more fuel on the fire for demand with interest rates going from over 6% in 2007 down to 3.5% in 2012. I believe these factors would have caused a housing shortage even if we didn’t have all the in-migration that Oregon has been experiencing over the last couple years. Almost three years running now Oregon has been the most moved-to state in the U.S., further leading to our housing crisis woes.

Part Three

If during a recession housing and apartment building slows down, then condo building comes to a complete halt. With many properties selling for below replacement value there was no economic motivation to build new condos in Portland during the recession. To compound the cost of building condos almost all of the newer condos in the Portland area experienced litigation over building defect issues of some sort usually related to water penetration in windows, doors, and siding. This costly litigation over building defects increases the cost to insure a new condo building for a builder. This increase in insurance cost made an already difficult process is almost impossible. It is only recently where we’re starting to see new condo buildings come to the market, most notably the Cosmopolitan building downtown in the pearl. Around town you can find other examples of small condo projects. The update for 2017 is that condo development is on the upswing again with many projects underway and many more to be delivered in 2018.

For more about the forces currently impacting the Portland real estate market, check out our full 2017 report.

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Oregon Rent Control Updates: HB 2004 Dies, Portland City Ordinance Stands

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In our 2017 Portland Real Estate Market Report and our blog, we’ve been reporting on the city of Portland and state of Oregon’s recent attempts to impose laws that will significantly impact the local real estate scene. Here are updates on two key laws that met opposite fates:

HB 2004

After a series of public hearings and amendments, HB 2004 died without making it past the Oregon Senate President’s desk. KPTV explains:

As it was introduced, HB 2004 would have effectively banned no-cause evictions statewide and would have allowed individual cities and counties to enact their own rent controls.

The rent control part of the bill was eventually taken out through an amendment, and several exceptions to the no-cause eviction ban were included in another amendment… Multifamily Northwest, an organization that represents Oregon landlords, released the following statement on the failure of HB 2004.

This is a statewide victory for landlords, of course, primarily because the bill didn’t address the real solution for Oregon’s housing crisis, which is the construction of more affordable and market-rate housing.

Dirk VanderHart of the Portland Mercury gave some context as to the atmosphere among lawmakers and activists as the bill started to fail:

“I can confirm that there is not a path forward for House Bill 2004,” says Rick Osborn, a spokesman for Senate Democratic leadership.

The development isn’t altogether surprising. We reported last month that the Senate was working to reshape the bill in order to win the support of Portland Senator Rod Monroe and others.

As passed by the House in a narrow vote, the bill would have allowed cities and counties in Oregon to establish rent control policies for the first time in more than three decades, limited landlords’ ability to issue no-cause evictions, and more. The rent control provision was stripped out as part of a set of amendments in a Senate committee, as Democrats tried to win over skeptical members of their party (Republicans had vowed to oppose the bill).

Those tweaks angered the group Portland Tenants United, which decided not to support HB 2004 as a result. But they also weren’t enough to appease skeptical lawmakers. Senate Majority Leader Ginny Burdick told the Mercury last month senators were working on amendments that could satisfy the concerns of Monroe—who owns a large East Portland apartment building—Senator Betsy Johnson, and others. And in fact lawmakers did adopt some changes during a work session in the Senate’s Rules Committee a week ago.

They apparently had little effect. And with Senate President Peter Courtney loath to call a bill up for a vote that has little chance at passage, it appears renter protections will join serious tax reform and a whole host of other goals for this year’s legislative session on the cutting room floor.

Portland City Ordinance 188219

Within days of the passage of the Affordable Housing Preservation and Portland Renter Protections Ordinance, local landlords Michael Feves and Phillip Owen (represented by attorney John DiLorenzo) challenged the City Council’s ordinance in court. The suit argued that the ordinance violated state law by both illegally curbing no-cause evictions and functionally serving as a rent control ordinance, both of which are forbidden by state law; it also asserted that the ordinance prevented the execution of existing contracts and created an unlawful situation in which tenants could sue landlords.

In a lengthy decision issued on July 7, Oregon Judge Henry Breithaupt found that the new policy did not violate Oregon law or the state constitution, agreeing with the city on all four arguments that the landlords raised.

In particular, the Judge noted in his findings that the ordinance did not explicitly prevent landlords from raising the rent on their properties, and as such did not constitute rent control. “It is difficult to imagine that the legislature intended something other than proscribing restrictions that would affect all sellers in the market—landlords,” the judge wrote. “The Ordinance—while it applies throughout the city—will apply to any individual landlord only if conditions or contingencies are also satisfied as to that individual landlord. The landlord must raise rents by more than a specified amount in a specified period.”

As a result, the Ordinance will stay in effect at least through October, when the “state of emergency” declared by the City Council expires. Later this week, the City Council will consider tweaks to the ordinance proposed by an advisory body that would substantially alter the rules it sets down, as the Mercury reports:

[The] tweaks would give qualifying tenants 45 days to indicate they want to receive relocation payment (and move) following notice of a rent increase, as opposed to two weeks. And they would give tenants six months from the time their rent is hiked to either decide to stay in place—in which case they’d be subject to higher rents and have to pay the relocation money back—or move.

We will continue to closely monitor these issues and update via our blog; to read clear arguments as to why these ordinances and laws simply won’t address the real problems in Portland’s housing crisis, read our 2017 Portland Real Estate Market Report.

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The Organic Grocery Effect: When Grocery Stores Plant, Home Values Grow

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Is a Whole Foods, New Seasons, or Trader Joe’s store going in down the street from you? Look forward to an increase in the value of your home.

Zillow details a few takeaways from their 2016 research into the relationship between organic grocers and home prices:

  • Between 1997 and 2014, homes near a Trader Joe’s or Whole Foods appreciated an average of 148 percent and 140 percent, respectively. The typical U.S. home appreciated by 71 percent over the same period.
  • Homes located near a Trader Joe’s or Whole Foods had a median value of $406,600 and $376,200, respectively, at the end of 2014, while the median U.S. home was worth less than $180,000.
  • Neither Whole Foods nor Trader Joe’s appears to be drafting off already hot neighborhoods. When factoring in store opening dates, homes near both chains began appreciating faster after the store opened than the typical home in their city overall.

The effect is variably called the Whole Foods Effect, the Wal-Mart Effect, and the Starbucks Effect; however, we’re in Portland, so we’ll call it the Organic Grocery Effect. Whatever you want to call it, Devon Thorsby of US News explains how it works:

When (insert popular retailer here) moves into or near your neighborhood, you can expect to see your home’s property value increase at a higher rate than usual because people want easy access to their favorite place to shop or stop for coffee…

Any major retailer considers several factors before choosing a new location – not only the right size space, but also the cost to rent or build in the area, whether there is an abundance of existing clientele and the potential to reach a wider customer base…

And when a retailer decides to open a new location in an area undergoing widespread changes, it becomes an investment for future customers years down the road. In 2013, Whole Foods opened a location in downtown Detroit, the first national grocery store chain to open in the city in more than a decade. In the same ZIP code as the Detroit Whole Foods, median home sales went from $19,000 in 2009 to $80,000 in 2015, according to a report by the Detroit Free Press.

The same analysis found the median home price citywide had quadrupled in that time period, as American and international investors bought up commercial property, more local businesses opened up and other businesses relocated or expanded operations within Detroit’s city limits. Clearly, more is going on in the city than the opening of a Whole Foods to bring about the change in property values, but a Whole Foods opening could be considered a noted shift in more widely recognized brands operating in the city.

However, don’t rush to sell your house the moment you see the construction sign go up – research shows that the Effect is not immediate, and Zillow’s data backs that up:

The Organic Grocery Effect on home values

Whether the construction is underway for a new grocery store in your neighborhood – or if you want to trade in your current home for one closer to your market of choice – the experienced professionals of the SellPDX team are here to help.

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Population Growth in Portland vs USA and West Coast 2010-2016

Portland: Why 20-somethings are moving in.

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Techies from places like the Bay area view Portland as ideal.

According to an article posted in Business Insider recently, “Keep Portland weird – code for keeping it a well-kept secret – might become a challenge for locals as population soars in this Pacific Northwest metropolis”.

Despite an influx of newcomers, Portland prides itself on having a generally “weird” atmosphere where it feels like a small town but still has plenty of big city amenities. The ability to bike, worry free, to the local coffee shop or brewery makes Portland a popular spot for new-to-the-workforce-no-kids-yet Millennials and Hipsters alike. Read more

Skilled workers in traditional tech hubs like the Bay Area view Portland as an ideal place to find a job and more affordable living.

The post <thrive_headline click tho-post-13299 tho-test-1>Portland: Why 20-somethings are moving in.</thrive_headline> appeared first on SellPDX.

Saving Oak Habitats in Dallas, OR

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Landowner leverages partnerships to restore oaks and bolster butterflies

We were so excited when this article was passed along to us because Bill Wainswright is one of our oldest clients and the work he's doing is something that impacts all of us.

"Over the past 17 years, he's worked with multiple state and federal conservation partners to restore and protect highly-valuable oak habitat on his 400-acre ranch in Polk County."

Bill Wainswright on his ranch in Dallas, OR

 Oak Trees are the home of this wonderful and endangered species of butterfly. "In fact, in 2015 the USFWS counted about 250 Fender’s blue butterflies on Bill’s property."

Oak restoration benefits the endangered Fender’s blue butterfly, which are thriving on Bill’s property.

Full Article >>>

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You’re Invited!

Portland Becomes Second City To Adopt Mandatory Home Energy Score

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What Does it Mean for You?

The Home Energy Score helps consumers know what to expect from their utility bills when buying or renting a home. Similar to a car’s miles-per-gallon rating, the home energy score provides homeowners with valuable information about their home’s energy performance, while also recommending improvement projects that can save energy and lower utility bills. What does this mean for you as a buyer? Or you as seller? 

According to energy.gov, "a Home Energy Score allows prospective home buyers to better understand the true cost of owning a particular home, allowing them to compare the expected energy costs of different homes and affording them a measure of protection when making one of the biggest financial investments of their life." 

As for sellers, "Portland’s Home Energy Score policy requires all sellers to obtain a home energy performance report—which includes a Home Energy Score—prior to listing. Sellers must include the Score and the accompanying report in any real estate listings, and must also provide a copy of the home energy performance report to prospective buyers who visit the home while it is on the market." 

These home energy reports can cost anywhere from $99-$200 and must be completed before your house can go on the market. If you have questions about the process we are happy to guide you through and be your resource for all things real estate.  

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What Does the 2018 Portland Housing Market Look Like?

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As the year just starts ramping up, we are looking ahead. What is 2018 going to look like for home buyers/sellers in Portland, OR? 

Some are saying the market is finally slowing because the winter of 2017 was slower than the winter of 2016, but is that true? We think the answer is yes and no. Yes, the price increases are slowing, but they haven't stopped and we predict 6% average selling price increases in 2018 VS 8.2% in 2017. Is that stopping buyers? No, we are still seeing multiple offers that are over asking price and this January was busier than any January in SellPDX history, for buyers and sellers.

It is still a seller's market as inventory is still very low and buyers know that if they don't act quickly they may miss out. With prices still increasing, now is the time.

2017 Portland Metro Stats

New Listings: 40,805
Pending Sales: 31,330
Closed Sales: 31,624
Average Sales Price: $428,700 +8.2%
Median Sales Price: $379,900  +9.3%
Average Days on Market: 45  +3 days


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New home starts jump to new highs nationally

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You’ve seen the cranes and construction sites here in Oregon but we’re not alone. Housing starts and permits for housing are on the rise. With a solid economy and a growing population the need for more housing just keeps growing.

MarkerWatch just published a great graph showing the last 18 years of housing start data. We are still well below the number of homes being built in 2004-2007 but our population is larger. This should lead to continued expansion.

Looking for a new home? We work with builders all over Portland, Oregon so give us a call – your home might be under construction as we speak!

https://www.marketwatch.com/Story/housing-starts-rebound-as-buyer-demand-buoys-builders-2018-04-17?&siteid=yhoof2&yptr=yahoo

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Is the market at a peak or is it the summer doldrums?

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The real estate market in Portland has been rocketing up since March of 2012. 6 years of
appreciation took prices from an average of $253,000 to $461,000, a gain of
82%. For those of us who worked and lived through the last recession there is a
level of concern that the party won’t last forever but the market keeps
charging ahead. Markets move in predictable cycles and each summer there is
another event that happens each year: the summer doldrums. For 2-4 weeks each
summer the market takes a pause while agents, buyers, and sellers head to the
beach, the river, the mountain for summer break. The agents who stay in town
wonder where everyone went and fret over the new listing that doesn’t sell in
the first weekend. So, are we in the midst of the summer doldrums or is there a
bigger market shift starting?

INVENTORY

Home inventory remains firmly in the seller’s favor at under 2 months. Basic
economics or supply and demand tells us with this little inventory the demand
should keep pushing prices up. In the last cycle inventory rose for two years
and prices keep going up until inventory moved above 6 months. That means we
should have plenty of notice before prices top out.

AFFORDABILITY

Prices have gone up far more than incomes in the last 6 years. The further
the gap between average home price and average income, the less affordable we
become. While Portland is less affordable now, we are still vastly more
affordable than many West Coast cities where housing is reserved for the
ultra-wealthy.

INTEREST RATES

Historically low interest rates also made things much more affordable. With
rates as low as 3% at the bottom of the market the average borrower is more
likely to pay 4.5%-5% today for the same loan. For every one percent rates go
up your buying power goes down 10%.

TAXES

The big change in the last tax reform was to cap the deductible amount of
SALT [State and local taxes] to $10,000. Property taxes alone are close to
$10,000 on many Portland homes, which means the tax benefits of owning a home,
especially when working in an income tax state, just got much worse.

 

MORE PEOPLE VS MORE HOUSING

The main ingredient in the housing economy is balance between
population growth and housing development. The last recession stopped building
for years but people kept moving to the West Coast and people everywhere kept
making babies, going off to college, moving out of mom and dad’s house, getting
married, getting divorced, and all these things increase the demand for new
housing. We’re now building more units, but much of the building is in
apartments, which still leaves too few homes for more and more people.

MY PREDICTION

I predict we’re in the summer doldrums a little early this year.
I just have a hard time seeing a major shift in the market with this little
inventory in a city that is still growing, albeit a little slower than it used
to. If prices and interest rates keep rising, which is predicted, then we will
hit a point where the buyers push back. The only segment that is over-built
right now is luxury apartments, which means rents are going to flatten out or
come down. There is good evidence that rents are falling with so many choices
for renters right now.

The market has been so hot for so many years people have forgotten that it’s
common for it to take 3-6 months to sell a home in a balanced market. Markets
usually shift faster than people’s expectations and a big part of being a great
realtor is having those hard conversations with sellers about price and time
expectations and encouraging buyers to make a more aggressive offer and get off
the sidelines. Overall our market is still fundamentally strong and when we
have an inevitable shift I expect it to be a slowing down and a flattening out
of prices in the next 18-24 months. This is great news for buyers and sellers
with a long-term perspective but bad news for flippers and investors who have
been waiting for a crash to get the deal of the century.

If you’re planning to sell in the next five years I’d suggest doing it sooner
than later. If you’re buying for less than a 3 year hold it might be prudent to
wait but if you plan to live in your place or hold an investment for 5-10 years
then buying still looks like a good decision today.

Disclaimer: While these ideas are well researched there is no guarantee of
where the market will go next. If you want to work with a great team of real
estate nerds who love helping people buy, sell, and invest find us at
sellpdx.com or 503.703.5102 Thanks! Nick Krautter, PC | Principal Broker in
Oregon, Managing Broker in Washington at Keller Williams Portland Central 35 NE Weidler St. Portland, OR 97232

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What’s happening in Portland real estate? September 2018

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Have you been thinking of making a move and wondering what’s happening in Portland real estate?

While things have slowed down it still remains a sellers market with inventory at 2.3 months; that means if no one listed their homes we’d be out of houses in a couple months. Prices tend to cool off in the Fall and Winter and that’s why many investors wait until now to start looking. There are still plenty of eager buyers looking for their little slice of Portland so if you want to move now just price realistically and be prepared for a little more time on the market than before. We have more homes on the market right now than we’ve had in the last 3 years at 6,929 properties for sale!

Here’s a report on the detached home market in Portland under $450,000.

NoPo NE SE West
For Sale 97 80 220 61
In Contract 66 79 171 37
Sold 44 53 109 29
Sold $/sqft $231 $229 $238 $262
Days on Market 21 31 16 16
Sales Price/List Price % 101% 100% 99% 99%

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Should I sell in Portland now or wait for Spring 2019?

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It’s the time of year when many folks decide whether to get their house on the market now or wait until next spring. So maybe you’re asking yourself: Should I sell in Portland now or wait for Spring 2019?

There are good reasons to sell now and good reasons to wait: Here’s how to decide your plan of action.

Market Factors: 

The number of homes put on the market drops as we go from Summer to Winter and that means less competition from neighbors and less choices for buyers. Over 4,500 homes went on the market in May but by December that number is likely to be under 1,500. The buyers looking in the Fall and Winter fall into two categories: 1. Buyers who really need to buy, and 2. Investors. While there is less competition there are also fewer buyers so it might take a bit longer to sell.

There is a predicable seasonal cycle of average prices in Portland real estate. From June to February prices fall and then flatten out and then starting in March through May prices shoot up. Typically the larger and more expensive homes sell in the Spring and Summer and more investment and starter properties are sold in the Fall and Winter.

Personal Factors: 

Condition: You control the condition of your property. If you’re half way through a remodel I suggest finishing it before you list no matter the season. If you’re selling as-is then price accordingly and season won’t matter as much.

Timing for your life: If you get a job transfer, lose income, come into money, get married, get divorced, or find your dream home then the timing for your life circumstances likely matters more than the market timing.

 

 

 

The post Should I sell in Portland now or wait for Spring 2019? appeared first on SellPDX.

Do I have to pay my property tax bill?

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It’s property tax time again, so you should start receiving your property tax statement in the mail here in the coming days and weeks. And don’t be surprised to see a hike in your tax bill.

If you get a green bill it means that your lender is not collecting extra money or you do not have a loan and you need to pay the bill directly. If you have a yellow bill it should mean that your lender is collecting money with your mortgage payments to pay the bill for you. You can confirm that on your mortgage statement which should have info on money collected from you for principal, interest, taxes, and likely insurance as well.

If you are wondering how to go about appealing your property taxes, find links provided below for how to appeal in each county:

Multnomah County

Clackamas County

Washington County

Property tax bills are allowed to increase up to 3%, plus any additional increase due to the cost of bond measures that voters approve, such as the Parks and Library bonds passed five years ago. However, in Multnomah County [Portland] you can receive up to a 3% discount on your tax bills if the full property tax amount is paid by November 15, 2018.

The post Do I have to pay my property tax bill? appeared first on SellPDX.

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