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Check back often for new posts, updates on events and local activities and advice on buying or selling Portland real estate, condos, homes and properties.

Oct. 15, 2018

Is Your Home Move-in Ready or Needs Updating?

If you're planning on selling your Portland home, our real estate agent will verify whether the home is move-in ready or it needs some updating first. If you're looking to get the very most profit from the sale of your home, and who isn't, then you'll need to do some preliminary maintenance and check up on your home before listing in marketing the property.

Living in your home for some time can make you blind to a lot of the maintenance issues that homebuyers will see right away. To get around this issue it's best to have a trusted friend or even your real estate agent to tour the home pointing out any issues that buyers might notice immediately. Buyers don't want to make a mental list of all the items that need to be fixed as soon as they move in. The more move-in-ready you make your home, the more attractive it will be to potential homebuyers.

Move in ready

Eye-sores for Buyers

Items that often get neglected include holes in window screens, ragged door jams, leaky faucets, outdated lighting fixtures and appliances, dirty door and window tracks and malfunctioning blinds or window shades.

New appliances, updated materials and contemporary cabinets, counters, window coverings and even furnishings can all make a home move-in ready. If you're still dealing with appliances and finishes that are from the 1970s or 1980s, buyers will look at this as a major update as soon as they move in. They may not want to spend hundreds or even thousands of dollars on this renovation and because of this reason, it will lower the price of your home dramatically. It might cost quite a bit to do these updates but chances are you'll likely see a greater return once the home sells.

Items that are hard to see but can make a difference include energy-efficient appliances and materials. New windows, and updated front door, energy Star appliances etc. all can add to the energy efficiency of a home without being something that buyers will notice right away. The best way to notify them of these changes is to make note of it in a flyer or report that you have ready to go each time you show the home. You can inform potential buyers that upgrades and updates have been done to ensure an energy-efficient home saving them hundreds if not thousands of dollars in energy costs.

Is Your Home Move-in Ready or Needs Updating?

If you're going to cut corners, it's best to leave things be.

Getting a home ready to sell doesn't necessarily mean putting in the cheapest item just to get the home sold. Buyers will quickly discover cheap materials and if they don't, there buyers agent probably will. If you're going to put in new counters it's best to go with granite or quartz, rather than a cheap upgrade. Buyers still might consider replacing the counters if they're not top-of-the-line.

Appliances you can probably go middle of the road with. The most expensive appliances can be extremely costly and if you're not even going to enjoy them yourself, it's best to leave those for your next home. However, going with a builder grade appliance is not always the best option either. You can typically find an affordable option that's also durable.

 

Is Your Home Move-in Ready or Needs Updating?

Pick and choose the best upgrades.

This is where your real estate agent really comes in handy. Asked them about the best places in the home to spend your money. If you have $1000 for an upgrade budget ask where it is best spent and where you should focus your energy. If you have $10,000, you might be able to focus on several different upgrades throughout the house. Whatever your budget is, don't spend it on the wrong item. If the home is in desperate need of new carpeting, this is where the money is best spent. If all the home needs is a good touchup of paint, this could save you hundreds of dollars and really give the home an entirely new look.

Again, if you're looking for the most amount of profit from the sale of your home you have to complete some upgrades, especially if the home is extremely dated or has maintenance issues. But, before you do anything talk with your real estate agent about the best way to go about the upgrades, the materials, brands and items to use to get the most from your remodeling budget to appeal to a wide range of buyers.

For more information please contact our office to find out what your home is currently worth and what it could sell for in today's market.

Contact Me for all Portland Real Estate Questions

More Home Selling and Staging Tips

Why a Real Estate Agent is Really the Best One to Give an Accurate Home Valuation

Valuable Staging Tips When Selling Your Portland Home

10 Things to Know About Pricing Your House

5 Ways to Sell a House That Just Won't Sell

Pricing a Property so it Sells Without Going Broke

When Should I Reduce the Price of My Home?

The Gap Between the Asking Price and the Selling Price

How You Could Sell Your Home in 48 Hours

 

Posted in Selling
Oct. 10, 2018

One of the Best First Steps to Preparing Your Portland Home for Sale

Selling your home is definitely not a stress-free task, especially if you have your home for sale during the holiday season. One of the most stressful parts of having your home on the market is showing the home to potential buyers. This means realtors calling you up sometimes,  unbeknownst to them, during the most inconvenient of times. You need to have your home as tidy as possible at all times to accommodate for those showings that happen at the drop of a hat.One of the Best First Steps to Preparing Your Oahu Home for Sale

So what is a home seller to do to keep their carpets looking in top shape during all the holiday festivities so that buyers see your home in its best light?

Have Carpets and Tile Professionally Deep Cleaned and Keep Them Clean

A professional carpet cleaning or even tile cleaning is recommended by nearly every carpet manufacturer every 12 to 18 months depending upon the use of the carpet and if the residents in the home have any respiratory issues. A great tip here is to have carpets cleaned before they start to look dingy.

Pay for the stain guard service. Not only will you have higher foot traffic from friends and family and maybe a party or two upping your chances for spills and stains, but you will also have complete strangers coming through your house and they aren’t always going to be thoughtful in removing their shoes or wiping off their feet. This will help you to spot clean more easily and have those spot treatments be successful.

Once your carpets are cleaned, keep them that way. Do whatever is in your power to keep the carpets and tile looking freshly deep cleaned. The best thing you can do to keep carpets looking fresh and well cared for giving the best impression to buyers is with regular routine vacuuming and sweeping. It is best to vacuum once a week and twice is even better if you have time. Try to vacuum on the same day each week and make sure to vacuum properly. The proper way to vacuum is slowly. Vacuuming is a bit like lawn mowing; you wouldn’t go out to your lawn and just start pushing the mower around in every which direction as fast as you could because you would miss spots and it would end up taking you longer to get the job done. The same is true of vacuuming. You need to methodically push the machine in rows like a lawnmower. Go slowly when pulling the vacuum toward you this is the motion that sucks up most of the dirt and make sure to overlap rows to not miss anything.

Avoid Weather-Related Damage

This time of year in many areas, especially here in the Northwest, there's mud! There are many things that can get tracked into your home and onto the carpet throughout the year.

The best defense against these is a great offense. Have high-quality doormats on each side of every exterior door. The outside mat should have a brush/ bristle type of texture to get a large amount of gunk off of shoes and the inside mat can be whatever texture you wish except shag. Make sure the mats are the same width of your door so shoes can't bypass them.

Should You Just Replace the Carpet Before Listing?

Many times all your carpet needs is a good professional deep cleaning, but if your carpet pile is crushed, there are several repairs that need to be done, there are countless stains, or it is older than 10 years and it looks it, you will want to consider replacing the carpet or offering a new flooring credit.

Of course, this is just one of the things you can do to get your home ready for sale. For specifics on your home, give our office a call! We'd love to help you plan, prep, and get ready for listing.

Contact Me for all Portland Real Estate Questions

More Home Selling and Staging Tips

Why a Real Estate Agent is Really the Best One to Give an Accurate Home Valuation

Valuable Staging Tips When Selling Your Portland Home

10 Things to Know About Pricing Your House

5 Ways to Sell a House That Just Won't Sell

Pricing a Property so it Sells Without Going Broke

When Should I Reduce the Price of My Home?

The Gap Between the Asking Price and the Selling Price

How You Could Sell Your Home in 48 Hours

 

Posted in Selling
Oct. 8, 2018

Translating Real Estate Listing Words

Cozy, Charming, Quaint - all terms for "small"? Well, maybe, but there are some terms that agents use quite often to describe a home and they may not seem as simple as you might think. A real estate agents are always using flowery words to describe a home that may or may not be in tip-top shape. A motivated seller may simply be a seller that's willing to look at all offers on a home that needs some work. When looking for homes on the MLS or any real estate search site, here are some terms to keep an eye out for and what they really mean from some top real estate pros.What agents are really saying

Cozy: cozy usually means small. It may or may not be a home in great condition, but it usually means small square footage.

Quiet: "When a real estate agent describes a place as quiet or in some cases "pin-drop quiet", you probably should be a little suspicious. Why does it need to be so quiet? Does it face a train station, bus transit station, or other extremely loud situations? While being quiet is good, the minute you step out your front door might be a different story." - Pro Tip from Louisville Realtor® Joe Hayden

Handyman Special: this should mean that it needs a little bit of cosmetic work, but in the real estate agent world, it could mean anything from new carpet to a total tear down and rebuild. Don't expect it to be something that your average layman can spend a couple hours on the weekend fixing up. It could be thousands of dollars in renovations.

Vibrant neighborhood: this literally could mean anything. Is it a vibrant neighborhood for retirees? Families? College students? You can easily see how a vibrant neighborhood to each of those demographics could mean different things. Is there a bus stopped directly in front of the house? A well-worn trail behind the home? High crime? This just leaves too many things open-ended.

Developing neighborhood: This sounds great, but it also could mean that there's a lot of construction going on and if the revitalization of the neighborhood is not quite complete, crime could still be fairly high.

Good neighborhood: "While there's nothing wrong with this phrase, it's just too vague and it could be violating some equal housing laws. Agents can't tell you whether or not a neighborhood is good or bad nor can they tell you who lives there. More descriptive words need to be used without breaking the law." Pro Tip: Orlando Buyers Agent Erika Phelan

Greenbelt: This sounds great, right? I mean, who wouldn't want to live next to a green belt? Well, if you plan on doing any construction such as building a shed, fence, or other buildings, you may be limited. It often means that construction is prohibited so the wildlife can have some space. You may be restricted in what you can do with that area.

Updated: Updated is also too broad of a term. Updated could mean just new carpets but it also could mean a completely new kitchen, bathroom, siding or roof. It's just too broad of a term to really identify what this means in the listing.

One-of-a-Kind: "Is there a reason it's one of a kind? As in, no one else wants it? This could mean a lot of things like there are no other homes like it so the price is ridiculous and you can't find any comparables for the appraisal. It could be odd shaped or in a weird location. This really says nothing about the home." - Pro Tip from Farmington Hills Realtor® Bruce Simon

Comfy: the term comfy typically means worn out. Think of your favorite sweatshirt, parent jeans, or comfy couch. Yeah, you get what I'm saying.

Lots of potential: This usually means that the home needs a completely new renovation on several fronts.

Other terms that you might find include partial views, which really just means that on a good day, if you strain your neck this way or that, squint just right, and there's no one parked in front of your home, you might have a decent view. Generous size rooms typically just mean average sized rooms instead of small, old world charm just means old, vintage could definitely mean outdated, and dramatic could be used to describe bold elements or bright colors.

If the description or words seem out of place, a buyer should be suspicious.  While of these terms sound grades, they're really just trying to mask something negative about the home. And while no home is perfect, understanding a few of these descriptions can help identify what it is that you're going to be looking at when you visit the home.

For more information on Portland or Vancouver homes please browse our website or contact our office today.

Posted in Buying
Oct. 3, 2018

Why Online Marketing of Your Listing is So Important

Why Online Marketing of Your Listing is So Important

Online Marketing - It's not for the big companies anymore and while you might not think that a smaller brokerage can compete, you might want to take another look. Sure, we are in the world of the digital age where anyone and everyone can be online but it's the tried and true local agent that gets the deal, not the big shot company with access to the global market.

When a seller wants to list their property they need to rely on an agent that is well-equipped in all types of marketing including online. Our online research, keyword research and determination on all points not just our website but on social media as well give us the edge over the big national competition. For instance, if we take a listing for an $800,000 condominium in Waikiki, going to do the research first to find out what buyers are actually looking for. You might have a lot of vacationers looking for the exact same thing but not actually buying it, so we need to conduct our keyword research and tailor the listing to appeal to certain buyers, not renters or vacationers. Instead of just saying Waikiki condos for sale, we can put in specific, longtail keyword phrases such as a "4 bedroom condominiums for sale under $800,000." This is more likely to get the exact type of buyer we are looking for, and because it's a specific keyword research, we can blow past the competition that simply too broad.

In today's real estate market, sellers want to know that their home is getting the exposure that it needs in order to sell. The only way to do this is to be proficient in a wide range of online marketing tactics. This not only means websites or listing it on the MLS, which can be found on just about any real estate search out there, but on social media, in print, in person and websites that might draw in the right type of buyer such as military websites with a housing link etc.

Read more: Fun and Unusual ways to Market Your Home

Even if the seller has very little experience of what online marketing looks like, they want to know that their home is in front of as many potential buyers as possible.

At Marcus Brown Properties, our goal is not only to provide our sellers with top-notch experience, pricing strategies and sales but also marketing and advertising tactics to go above and beyond the normal real estate practice.

If you want your condo or home in Portland to get the right exposure for the right buyer contact us today. We love to talk to you about online marketing, listing and advertising your property and negotiating for the right price.

Posted in Selling
Oct. 1, 2018

How Long Will it Take to Sell My Portland Home?

This is a conversation I have with most homeowners when they're considering selling their property. They obviously want to know, how long will it take to sell? While there is no blanket answer, we can look back at some statistics and current stats so that you have an idea about how long it should take, if all of the factors a line. Of course, if you overprice the home or the home has some major defects, it will naturally take longer and there could be some creative pricing or negotiations involved. But, that being said, I want to give you an overview of how quickly homes are selling in the Portland and Vancouver market.how long will it take to sell my portland home

Vancouver: Currently as of the publishing of this post, there are about 1200 properties for sale. This is increased about 4% over last month, which means that either there are more homes on the market or they are taking longer to sell. Because we have launched into the fall season, the reason is the days on the market. The median list price is about $390,000, very comparable to what it was last year at this time actually. The median days on the market hover around 45. If the home is priced correctly, staged and prepared to sell, you're likely to get an offer within a week or two.

Portland: For the Portland area, there are about 1000 homes for sale, which includes condominiums and townhouses in the downtown Metro area, not the extended suburbs and communities or even city surrounding Portland so it's a little bit skewed because the Vancouver report does include a lot of the suburbs around Vancouver. But right now, the median list price is about $615,000, however just a month ago, that number was down $15,000. But, we are very comparable to last year at this time. There are more homes on the market this year than last year and the median days on the market still hover around 45. Last year at this time that number was about 40 to 42 days.

If you price a home correctly and it's in decent condition you should be able to get an offer within the first month. If within the first three weeks you don't see any action on the home, it's time to lower the price. Depending on how motivated you are, pricing a home under market value will definitely make it move faster. If you are testing the market and just want to see what you can get for the home, you may be sitting there for quite some time.

Aggressively pricing a property in Portland or Vancouver or anywhere in the area should get the right buyers through the door, however, most sellers want to get as much as they can for their property so finding a good balance between the initial list price, sale price and how to market the home takes the skill and seasoned research of a qualified Portland real estate agent.

When the time comes to sell and you're ready to test the market or would like to aggressively price your home to sell quickly, give us a call at any time.

Contact Me for all Portland Real Estate Questions

MORE on Selling

Why a Real Estate Agent is Really the Best One to Give an Accurate Home Valuation

Valuable Staging Tips When Selling Your Portland Home

10 Things to Know About Pricing Your House

5 Ways to Sell a House That Just Won't Sell

Pricing a Property so it Sells Without Going Broke

When Should I Reduce the Price of My Home?

The Gap Between the Asking Price and the Selling Price

How You Could Sell Your Home in 48 Hours

 

 

Posted in Selling
Sept. 28, 2018

What is an Easement and What Do I Own?

What is an Easement

The term “easement” is a non-possessory right to use or enter the property of another person without actually possessing it. It's basically the right-of-way for a landowner or neighboring landowner.

The most common type of easement is providing a road or pathway across two or more pieces of property to allow an individual to access their own property or public land. For instance, if one particular property is landlocked within the confines of another person's property and the only way to access it is through an easement road across the first landowners property, this would be considerably for by law according to one of the four types of easements: right-of-way, easements of support pertaining to excavations, easements of light and air or rights pertaining to artificial waterways. (While these are the most common types of easements, many are calculated on a case-by-case basis to the court of law and the legal description or warranty deed of the property.)

If you are considering buying a home in Portland that currently has an easement, either yours or someone else's, it's important to understand the regulations and requirements associated with that easement.

An easement can benefit a property. Let's say that someone owns a tract of land that borders the national forests. This might be a popular area for hiking, biking, climbing or fishing and to avoid trespassing, the owner may allow access to the forest by a walking or driving path to a public entry point across their property.

Related Post:  How to Price Land in Portland

It can also be a benefit to an individual or a business entity such as a landowner granting an easement so that other owners could use a neighbor's land to access a public area.

Easements can give utility companies the right to erect power-lines or natural gas pipeline across a tract of land or a housing development might possess an easement that allows it to build and maintain a water storage facility. However, all of these types of easements must be included in a deed description and remain in place if the land is sold.

An easement will affect the person who grants the easement in that they cannot build any structures within an easement area or use fencing that would hinder access. Before you purchase any property that has an easement is important to understand where the easements are located and what restrictions you may have.

Easements can affect property values in that it might seriously limit the choice for building or fences. Buyer may also just not like the idea of sharing their property.

Easements don’t have to be a hindrance to buying or selling a property but they are an important part of the process that you need to understand. Know your rights and what effect you could have on the easement. It may alter your decision.

Have questions on an easement before you sell? Give me a call. Have questions on buying a particular piece of land in Portland or Vancouver with an easement? Let's discuss.

Contact Me for all Portland Real Estate Questions

Posted in Selling
Sept. 24, 2018

Homeowners Insurance and the Different Policies

 Homeowners insurance is something that all homeowners need to have if they carry a home loan, which the majority of us do. This insurance package covers damage to the property and liability or legal responsibility for any injuries or property damage to the family of the homeowner or other people. This even includes damage from household pets.

Most damage is covered but there are some disasters that might be exceptions. Standard policies do not cover flooding, earthquakes or neglect in general. If it is clear that the home has not been taken care of, some insurance policies may not cover the certain damage.

Flood coverage is only provided by the federal government's National Flooded Insurance Program and it is purchased from an individual insurance agency, similar to your homeowner's insurance. It can be bundled in one or as a separate policy.

Homeowners insurance covers the structure of the home should it be damaged by fire, hurricane, hail or lightning but it will not be covered in the case of a flood, earthquake or routine wear and tear. For instance, it won't replace your carpeting should your carpeting actually wear out over time.

Homeowners Insurance and the Different Policies

Home insurance does cover personal belongings such as furniture, equipment and clothes and other personal items if they are stolen or destroyed by fire or other damage that is insured. Most of this coverage is for 50 to 70% of the amount of the insurance on the structure of a home. This means that belongings are covered anywhere in the world unless the policyholder has decided against off-premises coverage, which is pretty rare.

You can alter the policy to cover as much or as little as you want but it has to be approved by her lender if you have a home loan on the property. Additional items such as big-ticket items may be added on for an additional fee. Items like grand pianos, additional jewelry or expensive items may not be covered so they should be added on for a very minimal fee.

Even on the outside, trees, plants and flowers can be covered up to about $500 per item should they be destroyed by some sort of damage, explosion or vandalism. However, they are not covered for basic wind damage or disease.

Homeowners insurance also covers liability protection against any lawsuits for bodily injury that might occur on your property.

Homeowners can opt-in for additional living expenses, which pays additional costs of living away from your home if it is uninhabitable

There are different types of policies, but they are fairly standard throughout the country. Each state or company may offer slightly different coverages so you want to ask about the details of your homeowner's insurance. You want to ask about the limited coverage policy covering just the basic disasters; a basic policy providing protection against 16 different types of disasters and the most popular policy is the homeowners – three, a specialty policy protecting your homes from all kinds of peril.

There is a policy for older homes, renters insurance, condominiums or co-op homeowners as well. Each one very so you'll want to ask your individual insurance agent about what works for you and what your lender will approve.

For more information on homeowner's insurance or to contact an insurer near you, please contact us today.

More on Insurance:

How Much Homeowners Insurance Should I Have?

The 4 Hidden Costs of Being a Homeowner

Do I Need Extra or Different Insurance When Buying a Condo?

Homeowners Insurance – Ways to Save and Why You Need it

Posted in Finance
Sept. 21, 2018

Why Choose One Agent Over Another?

Why Choose One Agent Over Another?

Did you know there are over 1 million real estate agents in this country? That's a lot of people to choose from. No matter where you live, you have the choice of dozens if not hundreds of real estate agents in a particular area, so why should anyone pick a particular one over another?

It all comes down to experience.

With years of experience in the real estate industry, I not only know the market and the business but I know the area as well. Knowing a particular area and specializing in the communities, neighborhoods and individual subdivisions in that town makes you an expert at negotiating for the right terms, understanding how the homes are built, and helping buyers and sellers get the price that they want to.

Contact Me for all Portland Real Estate

Communication is also a big key.

You want to know how the real estate agent will communicate with you. There's nothing worse than listing your property with a real estate agent and the never hearing from them again. You shouldn't have to contact your real estate agent over and over to find out updates on the listing or if they have new homes free to look at if you are a buyer. They should because silly in contact with you on new listings, any activity on your listing if you're a seller, and a choose your mode of communication, whether it be phone, text, email or in person.

Negotiation skills are also highly important when choosing a real estate agent.

Does the agent have negotiation skills, certifications in negotiation or been trained to know how to negotiate for your terms and your price? This is huge whether you are a buyer or a seller. You want to make sure that your needs and priorities come first. Trying to close on a certain date? Really want to take another $5000 off? Looking to take the appliances with you? All of these things take negotiating tactics and find an agent that specializes in negotiations can help you get exactly what you want.

Knowing how your home will be marketed.

Any real estate agent with the license can put a home on the local MLS. A skilled, excellent and trained agent will not only do that but will market it to a variety of buyers agents, in person, in print and online through various social media and online marketing strategies. All of these factors need to play into whether the right buyer sees your home or not.

Understand how to price the home.

This goes without saying that any real estate agent or broker that is going to list a home should know how to price at home. Being a real estate agent in Portland for years puts me in an excellent position to know exactly how to price your home to get the right buyers in the door as quickly as possible. You don't want to underprice your home and you certainly don't want to sit on the market any longer than you have to. Staging, preparing and pricing your home correctly the first time is really the key to getting the right offer.

When it comes to pricing, buying, staging, or trusting your real estate agent, you have to go with the experience and skills of someone that understands you, the area and the market. When you're ready to buy or sell anywhere in Portland or Vancouver give me a call today.

Contact Me for all Portland Real Estate

Posted in Buying, Selling
Sept. 19, 2018

Valuable Staging Tips When Selling Your Portland Home

 

Although we are licensed real estate brokers and perform most all and sometimes far beyond what a typical Realtor might do, there are some tactics you, the seller, can take into your own hands to ensure you have showings and ultimately an offer.Valuable Staging Tips When Selling Your Portland Home

Because I cannot be in your home at all times, it’s up to you to set up your home in such a way to make it easy for short notice showings.

This is best done by removing much of the furnishings and items in the home before listing your Portland home for sale.

Since you are moving anyway, this is a great time to pack up personal knick-knacks, collections, photos and memorabilia and store them in a place that will be convenient when it comes time to move. If you can swing it, you may consider removing many items of furniture as well.

Sellers have to remember that not just one person is touring their home but at least two including the buyer's agent and perhaps families. By opening up rooms and walkways this allows the buyers not to feel crowded or give them the feeling that there is not enough room.

You want free flow from room to room and inviting atmospheres - Many times taking out even obvious pieces such as a television set won’t be noticeable to the buyers. that makes the buyers linger rather than quickly view and dash.

This also goes for food in pantries and clothes in the closet - If there is plenty of space in both places including the refrigerator, it will give a calming sense to potential buyers that there is plenty of space in this home.

Remember who you are decorating for - Once you list your property, you can no longer display personal taste and design. You must consider a neutral décor with relevant surroundings. Keep resorts in mind when staging your home.

Even children’s rooms can be geared to a more neutral design. Tasteful, minimalistic design draws buyers in and makes them want to stay longer and of course, bring an offer to the table.

Set an environment that is conducive to this, such as a sunroom with a good book on the table next to a chair with a pair of glasses. Perhaps wine glasses and a bottle in a quiet room. Create moods and direct the buyer how to feel when they are in that room.

Bathrooms need to be fresh and clean at all times - Image you are setting the stage for a valuable guest; keep a basket of toiletries on the counter with rolled or neatly folded towels and candles. Set the stage for the ultimate spa experience no matter how big or small your bathrooms may be.

Kitchens are easy rooms to allow clutter and items to pile up - Remove all items from the counters and replace them with one bowl of seasonal fruits or flowers. Draw from your local inspiration. 

These are just some simple, generic staging tips. For specifics on to go about selling your  Portland home, please contact me anytime. I would love to discuss pricing and marketing strategies with you.

 

Posted in Selling
Sept. 17, 2018

Portland's Real Estate Slowdown - Are Prices Changing?

Portland's Real Estate Slowdown - Are Prices Changing?

If you've been in the real estate in Vancouver area for very long you quickly realized that the same home across the water in Vancouver and the Washington side is much cheaper than on the Portland side. Our housing market is slowing but prices are staying high. Currently, the average days on the market for Portland is about 32 with 900 homes pending, nearly 1500 new listings, and just 900 homes sold within the last 30 days. Back in August 2017, the average days on the market was 25 with the median time of just 12 days. The median sold price is currently about $450,000 with townhomes coming in about $380,000.

Overall, our numbers are not that bad but the housing market is dipping slightly. Is this enough to freak out homeowners from listing or buyers from purchasing? I don't think so. The condo market for downtown Portland has had a boost in the median sold value but not necessarily because the market is doing strong but rather that there are not that many units available. The condo market has been slow this summer and the overall housing market has felt a lot slower as well.

August was one of the hottest (literally) months in history and a lot of people literally just went out of town on vacation. This means they're not thinking about buying or selling but instead of getting in that last big vacation before school starts. There's not a lot of showings and not a lot of visitors to open houses in August, which can account for some of the dips in the housing market.

CHECK OUT ALL THE LOCAL MARKETS

However, we still have less than three months of inventory as of 1 September. Most balanced markets should have about six months of inventory but with our small supply, the demand stays high. New construction homes can help with this demand but most are multifamily units within the city limits. Detached single-family homes are likely to be found in more suburbs like Beaverton, Gresham, Tigard, and surrounding areas. There also a lot more expensive than the Portland median home value. These median home values for places like Pleasant Valley and Beaverton are starting around $475,000 and there are several developments by Forest Park and in the Forest Heights area that are higher end even still, with starting values over $600,000.

We do expect the market to slow down considerably come fall and winter but that's to be expected in the Pacific Northwest. I don't think the median value will fall much under $400,000 and because buyers still need to buy and sellers need to sell, you'll find a balanced inventory throughout the winter.

So what does this mean for buyers and sellers?

If you're considering selling, now is still a great time. You can get top dollar for your home even if it sits on the market for 2 to 3 weeks. Buyers are still scrambling and if you have priced your home correctly, done just a little bit of upkeep, and staged it properly, it will sell rapidly. Buyers, having your own representation when purchasing means that your interest, budget, and terms are taken into account rather than buying through a listing agent. Give me a call today and let's see how we can make your home buying or selling dreams a reality.

Posted in Market Reports