Tag: Portland Oregon real estate

How to Buy Your First Home

Posted on by Lily Ray Wyss

Curious about the home buying process but not sure where to start? We got you!

In this video Lily Wyss of Living Room Realty and Beth Imhoff of Guild Mortgage run you through the entire home buying process from start to finish.

We teach you how to prepare financially, what to look for when shopping for a home, and the basics of a home buying transaction.

Have questions about the video or want to discuss your home buying plans in more detail? We would love to talk. You can find Lily’s contact information below. We look forward to helping make your home buying dreams come true!

Portland Oregon Real Estate Market Update for January 2024

Posted on by Lily Ray Wyss

What we discuss:

The Spring Real Estate Market already showing up.

How home buyers can be set up for success in a hot market.

And what opportunities this new market will have for home sellers.

Is the Spring Real Estate Market already here?

It seems like it.

While the data in the graphic above shows low numbers for last month, things have shifted in the last week or two.

Interest rates have already started to go down and it seems like everyone is ready to go back to business as usual now that we all are pretty much recovered from the holiday madness.

With rates making their way down to the mid 6% range (most predict that they should stay in the 6% range and will not go much lower than 5.5% in 2024) many buyers have decided to re-enter or enter the market.

And we are starting to see potential sellers take notice and many are putting their homes on the market now versus waiting for the Spring.

While not everyone is waiting till Spring to make a move, if the activity over the last few weeks is any indicator, we should see a robust real estate market over the next year and certainly in the first half of the year. (We are a bit cautious about predicting high activity in the second half of the year due to the election coming up).

What does this mean if you are thinking of selling? In most cases, you can expect to have motivated buyers ready to buy your home.

However, it is important to note that with our current economy, many buyers are still hesitant when it comes to their spending, so making sure we prep your home well, market it correctly, and price it strategically will be critical.

A good deal of homes are already starting to get multiple offers in today’s market so we will do everything we can to make sure your house is one of those shiny listings everyone wants.

What does this shift in the market mean if you are a home buyer? We will want to be highly strategic in the offers we write and the type of homes we even look at.

If we toured homes in 2023 together the market will be noticeably different. Homes that sat on the market for weeks will now potentially sell in a weekend meaning you will have to make quicker decisions and likely compete with other buyers.

Don’t let this stress you out though. I helped a bunch of buyers (many were first-timers without a lot of cash to throw around) buy homes successfully in the height of the 2021-2022 market and we can do the same for you.

If you want to talk more about your 2024 home buying or selling plans I am here for you. While this market is seeing higher activity overall, different areas/price points/style of homes have their own unique sub-markets, so it’s important that we talk one-on-one about what you can expect based on your own needs.

Reach out and let’s make your real estate dreams come true.

Navigating the Portland Real Estate Market: September 2023 Update

Posted on by Will Sing

Hello, fellow Portlandians and prospective home buyers and sellers! It’s Will here, bringing you the latest scoop on the Portland real estate market as we step into September 2023. Buckle up as we dive deep into the current trends, predictions, and some golden advice for both buyers and sellers in the vibrant Portland market. Don’t forget to hit that like and subscribe button for more real estate insights!

Current Market Dynamics

First things first, let’s talk numbers. The interest rates have been hovering around the mid to low-sevens, and while core inflation has ticked down slightly, the overall inflation has seen an uptick. The median sales price has decreased by about 2.7% compared to last year, and we are witnessing a competitive market in the $300,000 to $700,000 price range.

Predicting the Market’s Path

As we venture further into 2023, there are a few scenarios we might see unfolding in the Portland market:

  1. Interest Rates Decreasing: This would be a boon for buyers, potentially bringing about 5 million new buyers nationally. However, it could spur a demand-supply imbalance, pushing the prices up.
  2. Steady Interest Rates: If the rates remain unchanged, we might be looking at a stable market for the next 12 to 18 months, albeit with a persistent demand in the affordable first-time homebuyer range. This is the most likely scenario of the three.
  3. Interest Rates Increasing: Not the best news for buyers as affordability would take a hit. Sellers might have to get creative with offers to attract buyers. We may also see a slight decrease in pricing but not 20-30% drops.

Golden Advice for Buyers

If you are a first-time homebuyer eyeing properties in the $300,000 to $600,000 range, brace yourself for some competition. But hey, don’t lose heart; you might just snag some cool concessions from the sellers, including a 2-1 rate buy down or additional closing costs assistance.

Seller’s Corner

Sellers, it’s time to put on your aggressive hats when it comes to pricing. With fewer buyers in the market, you might want to keep a close eye on comparable listings to price your property competitively. And if you are selling a condo, patience is key as the days on the market have increased.

Let’s Connect

Got questions or need personalized advice? Feel free to reach out; I am here to guide you in your real estate journey in Portland. And before you go, do hit that like and subscribe button to stay updated with the latest in the Portland real estate world.

Congratulations Annie and Doug!!

Posted on by Greg Washington

Life doesn’t always go the way you expect it to, but when life sent my clients a curveball, they hit it out of the park. This sweet house, with ADU potential, fills a need that they didn’t anticipate having but are meeting with practicality and even excitement. I’m looking forward to watching the changes to the house and yard, which are already underway! It was an honor to work with you and I wish you the very best of luck as you create your new life in your new neighborhood!

 

My Son’s Basketball Journey

Posted on by Greg Washington

Anyone who knows me knows that I’m addicted to basketball. I love going to games. I’ll go to local high school games and I’ll go out of town to March Madness games. I talk basketball with my buyers, sellers, family, friends and strangers. And I brag – I can’t help it – about my son Lamar, a high school senior who is playing in this week’s Geico National High School Championship in Florida, for AZ Compass Prep out of Arizona. He’ll be going to Texas Tech next year to play college ball. His hard work and perseverance are paying off and I couldn’t be more proud of him. Give me a call if you want to talk real estate, basketball or both!

Top 5 Reasons To Prep Your House For Market (Even With Low Housing Inventory Levels)

Posted on by Veronica Powell

With such limited inventory, a seller might think, “Why bother prepping my house for market, when Buyers are competing for listings?”  I get where that is coming from but here are a few things to consider before taking that short cut.

1) Buyers are competing for “the good ones”, the ones that make Buyers feel at ease and in love.  A property that comes with an obvious “to do” list does not garner those same emotions.

2) Emotions are what sell properties.  By the time a Buyer walks in the door, they know several things already work for them (i.e. Location, BR/BA, etc.), or they wouldn’t be in the house to begin with. What Buyers are looking for is a house that they can imagine themselves living in.  This is much harder to do when all you see is projects or clutter.

3) The “ugly ducklings” are not the houses selling the first weekend.  The “beautiful swans” are.  In this market, a house that is on the market for more than that first weekend already starts to look stale and has Buyers wondering: “What’s wrong with it?”

4) With expert guidance, improvements can literally double (if not more!) your return on pre- market prep investments.  Painting, trim touch ups, updated light fixtures, staging, all of the items that you are dreading doing, a Buyer will dread even more.  Once it’s done, the stack of offers will have made all of that effort worthwhile.

5)  Every Buyer wants a house that has been well maintained.  It looks better, feels better and can be an indication of how a house will inspect.  Start things off in the right direction by catching up on things that have maybe fallen by the wayside in the years that you’ve been in your home (i.e. HVAC service, gutter cleaning, roof moss treatment etc.).  It will result in higher Buyer interest and a more committed Buyer.

If you’d like to discuss how my team could transform your home, to make the most of your investment, I’d be happy to meet with you to discuss your budget and the best options for your situation.  To truly take advantage of the strong Seller’s market, your house still has to shine!

 

Veronica@LivingRoomRE.com

503.936.3475

Concordia Ranch Sells Fast

Posted on by Greg Washington

We are seeing a lot of this recently – homes selling within days of coming on the market.  This great Concordia daylight ranch was no exception.  I would like to congratulate my sellers Rachel and Kenneth, and the buyer as well, and I wish them all the best in their new endeavors!  And hang in there everyone.  That beautiful blue sky will be back!

Real Estate and Working During a Pandemic

Posted on by Julia Robertson

Real Estate & working during a Pandemic.

Real Estate must go on. Needless to say, it is critical to be cautious and considerate during a time like this. I have clients in contract that are buying homes and clients planning to sell in the coming weeks. Whereas business is not as usual, contract deadlines and negotiation are still critical.

My how quickly things have changed…

Two weeks ago I was meeting contractors, scheduling inspections, driving clients around for buyer tours, and running around town. Knowing that the first confirmed case in Oregon was announced, I was already using antibacterial spray after each handshake. I supplied my car with nitrile gloves, lysol wipes, and was introducing myself to contractors and unfamiliar agents with a “virtual” handshake. Call me a germaphobe, but besides this “virus”, I was really avoiding the nasty cold going around.

One week ago while attending an inspection, I had conversations about the virus with inspectors and clients. The common theme was “whats the big deal, it’s just a flu”. Most people were brushing it off. I’m not here to convince anyone otherwise, but I gave my two cents about being careful.

Here we are, and this week I’m reaching out to my clients stressing the pre-cautions we are now taking 1) as a company at Living Room Realty, 2) my own actions, and 3) what does this mean for you, my Dear Clients in your purchase or sale of real estate?

If you are searching for a real estate investment, or have a commercial real estate property for sale I recommend to visit https://www.williampitt.com/search/real-estate-sales/greenwich-ct/, they are experts to identify opportunities, mitigate risks and maximize returns. I’ve talked with new clients that plan to buy and sell real estate in the coming weeks.  I’ve talked some clients off a ledge, considering cancelling their pending sales contract because of the volatile stock market. I met with an appraiser, and gave him my elevator speech about how serious it is to be cautious. I had my nitrile gloves on, advised him to allow me to open doors, switch lights on/off, and that I would be sanitizing any surface he touched. When he realized how serious I was, he appeared both shocked and thankful.

How to do Real Estate in a time like this?

As a company, we at Living Room Realty are having conversations in real time, as the epidemic unfolds daily. We are pleading Brokers to step back for these next few weeks and practice social distancing. Only essential one on one meetings, virtual tours for new listings, and video tours for our buyer clients. Open Houses and Broker tours are… let’s face it, too risky. 

Buying a house?

I highly recommend to people looking to purchase a home, to consider the risks of attending open houses. Overall you may see these activities disappear in the coming weeks. Hire a Real Estate Broker to do the work for you! Lean in to technology and ask your agent to provide virtual tours.

Selling a house?

If you’re selling a home, hire a Real Estate Broker that embraces the advantages of technology- Matterport, virtual tours, “Live Open Houses”, killer professional photography, and digital marketing marketing marketing.

You’ll see in the coming months which Real Estate agents will provide these services and which will not provide at all(Ahem, discount Brokers). I, along with my colleagues at Living Room Realty can provide these advanced services. In fact, we already provided the ‘advanced services’. It’s an investment and we take quality marketing to heart. Everyone will continue house shopping and selling, but in an advanced and pre-cautionary way. Certainly cautious until the Pandemic is no longer a threat.

If you’re curious about buying or selling and want to take advantage of historically low mortgage interest rates, or need a real estate agent that ‘gets it’- contact me! We’ll get through this together and I’m here for you.

Virtual Hugs, Julia

Julia Robertson | Living Room Realty

Broker licensed in Oregon & Washington

541-505-1111 | julia@rebyjulia.com

Sitting Pretty in SW PDX

Posted on by Erika George & Kari McGee

New SW Listing!

4652 SW Cullen Blvd., Portland, OR 97219

This cheerful, vaulted cutie artfully combines a soaring sense of space with a cozy, inviting vibe. 2016 updates include new roof, skylights, windows, exterior paint, Brazilian Koa hardwoods, carpet and kitchen/bath cosmetics. Recent owner updates include central A/C, gas fireplace, interior and back deck paint, closet organizers, built-ins and adjustable garage storage rack. Large, sunny corner lot bordered by only one neighboring home; fully fenced with sprinkler system. Huge back deck accessible off dining area and kitchen great room for fun entertaining flow. One mile to Gabriel Park, 1.6 miles to Multnomah Village, two miles to Hillsdale! Hayhurst, Gray, Wilson schools.

OPEN SUNDAY November 17, from 1 – 3 p.m.

OFFERED AT: $520,000

3 beds | 2.1 baths | 1,680 SF

MLS# 19695340 | Taxes: $7,378

Just Listed! Historic Northwest District Condo

Posted on by Living Room Realty

Prime location in the Northwest District. Right in the middle of Nob Hill, Northwest 23rd, Alphabet district, and Slab Town. Footsteps to Portlands best restaurants & bars, minutes to Pearl District and Brewery Blocks. Historic light filled corner condo, high ceilings, North & West facing windows, vintage fixtures, original built-ins, butlers pantry with deep cabinet storage, Master suite with 2 closets, spacious living room and dining area with pocket door, secure storage room in basement, shared laundry, and on the street car line. This condo is on the top floor, back side corner of the building. Views of the city and large trees shade keeping it cooler in the summer. The windows bring in an abundant amount of light making this condo light and bright all year around.

The “American Inn” is a historical building, which hosted visitors for the Worlds Fair in 1905. The American Inn was the only on-site hotel at the fairgrounds at that time. Live in a bit of history at this beautiful condo home, a quiet location in the building, while enjoying all the amenities of the city and everything Portland has to offer. Preview this home on the online gallery.

MLS 19674715

2129 NW Northrup #11, Portland OR

2 bedroom, 1 bathroom, 1065 sqft

$399,900