Spring has sprung, maybe the rain will stop. Portland remains one of the hottest markets in the country. Over the past 12 months, the average sales price has increased 11.3%. Demand is clearly outpacing supply and I don’t see that changing anytime soon.
Fears of a bubble and a burst are valid but there has been a massive change in financing, which was the primary cause of the last crash. That coupled with the supply/demand issues cited above and the region ranking consistently as one of the top places people a moving to a crash seems unlikely at this point. A slowdown is more likely and might even be welcomed to keep prices somewhat in check. Interests rates will rise and that will cause the market to cool.
*** Note: we usually don’t do guest posts here but I wrote a piece for Trulia and in return they wrote one for us.
By Jennifer Riner, Trulia
Portland’s bustling beer scene has a long and enduring history. Today, Portland is praised for its influential microbrewery culture, bold flavors and unparalleled production quality. Not to mention, the sheer quantity of local breweries – 91, to be exact – helps Portland maintain its rank as the Best Beer City in America year after year.
If you’re moving to Portland and consider yourself a craft beer aficionado, the following hops-friendly havens could be your new home base.
Although Pearl District is known for its upscale vibe, the neighborhood offers a good mix of homegrown brews and chic eateries. Deschutes Brewery Portland Public House, BridgePort Brewpub and Fat Head’s Brewery are three top-rated beer bars located within Pearl, which is part of Portland’s lesser-referenced Northwest District. This area holds a Live-Well Index of 36.6, meaning locals can stay active and healthy after being filled to the brim with their draft of choice.
Living in Pearl is a good option for singles, who account for 73 percent of the neighborhood population. Pearl District holds a 32 percent homeownership rate and the median age is 40. Home prices in the Pearl District rose 20 percent over the past year and the median sales price is now $595,000.
[*** Stop by and visit our office at 818 NW 14th Ave., across the street from REI]
Founded in 1993, Hair of the Dog Brewing Company in East Portland is popular for its European-style and deeply matured ales. Perhaps their most famous and expensive brew, the “Dave” is aged 19 years before being released during limited and competitive sale periods. For a practical drink fix, the daily brews are reasonably priced without sacrificing quality or taste.
In East Portland and its adjacent communities, 61 percent of residents are single, 41 percent are homeowners and the median age is 34. To buy in ZIP 97214, expect a median sales price of $550,000, down 3 percent since last year. East Portland tends to cater to affordability, while nearby Buckman and Ladd’s Addition are more expensive places to buy a home.
Between StormBreaker Brewing, Lompoc Brewing (5th Quadrant) and Ecliptic Brewing, it’s challenging to rate the best bar in Boise. Each caters to a different taste, whether you’re looking for seasonal cuisine, craft cocktails, low-key dishes or creative dinner options. Fortunately, these acclaimed hangouts are situated within a half-mile of each other, so regular visits don’t require a car or public transportation.
If you’re considering buying in Boise, the median sales price is $494,000, down 3 percent year-over-year. Sixty percent of Boise residents are single and 33 percent are homeowners. The median age in Boise is 33-years-old, demonstrating a slightly younger demographic compared to Portland’s centrally-located neighborhoods.
Wherever you land, finding the perfect pint in Portland isn’t all that difficult. Choosing between the many neighborhoods that cater to beer fans might be the more complex home buying endeavor to tackle after you’ve determined your budget and additional must-haves.
It’s no secret to most everyone in the Portland metro area that homes are quickly becoming less affordable for first time home buyers. Oregon lawmakers are trying to help first time homebuyers make it easier to save money to purchase their first home.
How would they do it?
The Oregon First-Time Homebuyers Savings Program (HB2996 and SB849) would allow individuals to take a state tax deduction for saving money towards a down payment on their first home. The savings would be stored in a special bank account. Deposits into the account would be tax deductible, up to a limit, and the interest gained on the account would be tax free.
The latest Portland market update is out and the Portland Real Estate Market seems to be picking up, if only slightly.
February saw a drop in closed sales, but an increase in activity as both new and pending listings increased over January. The drop in closed sales is generally linked to activity in earlier months, as most homes take about 30 or more days to close, so the lower closes are to be expected. Read More
We’ve reached the end of one of the most exciting years in Portland real estate in recent memory. This past year was one that saw prices rise to all time highs multiple times, and saw homes go pending with multiple offers the second they went on the market.
Things have leveled out a fair amount in the last few months and the holiday season brought a little more calm to the market. The weather we’ve had in Portland lately surely hasn’t helped either! Read More
As the holiday season wraps up and we start a new year, we get the chance to look back and ponder what took place over the last year. 2016 was quite the year for us, and we just can’t wait to see what 2017 brings to our team.
We couldn’t have done all of this alone though. It takes people willing to put their trust in us to help navigate them through one of the most important moments in their life, buying a home, to make this possible.
When you look for a Realtor, you’re looking for someone who is going to be knowledgeable, trustworthy, and reliable, and we’re so glad so many people had the trust that we could do all of that and more for them.
We’re also grateful that so many people appreciated how we helped them buy or sell a home, that they told their friends or family that they thought we should be the ones to help them buy or sell a home.
We want to thank you all so much for helping us have a great year, and we look forward to helping even more people achieve their home dreams in 2017.
The traditional seasonal cool down of the market seems to be taking shape in Portland. With the latest numbers in the RMLS Market Action, the winter season is typically a slower season in real estate as focus tends to shift from buying a new home to vacations and the holidays. Read More
The latest RMLS market action is out, and we see that the market is continuing to even out after the last year or so that saw the Portland market explode.
Month to month over the last 2-3 months, the market is certainly headed away from being the hot seller’s market it was early this summer. Homes are sitting on the market longer than they were before and prices have dropped compared to last month, but the market is still incredibly strong.
Time on market is the third shortest it’s been in three years, and prices over the last year have risen at one of the fastest rates in the country. If you’re looking to sell in Portland right now, you don’t need to worry. Sure you might not get 5-6 offers over ask the day your home goes on the market like you might have in May, but if your home is priced right, you’re likely to see strong offers rather fast.
If you’re on the buying side, things are looking pretty good for you compared to just a few short months ago. You’re no longer having to write your offer the second you see a house. You do still have to be quick, but you can take just a little more time on your home search.
The winter season is typically slower than the summer for real estate, but with the market in a slight cool down, it may be the perfect time for buyers and sellers to hit the market and get prices they’re happy with.
Have you ever seen a house that looked so beautiful from the outside that you just had to see what it looked like inside? Maybe it’s even been on the market and you’ve been tempted to call your favorite Real Estate agent (hopefully that’s us!) to get a tour and see inside. Thanks to the Matterport camera, we’re getting even closer to being able to feel like you’re inside of a home while being nowhere near the actual home.
Being in real estate, we see all sorts of homes every day. Since we see so many homes, we’re also often relied upon to be a trusted source of information for clients who need things done at their home or related to their homes.
We wanted to share some of our favorite people and companies we know and trust to help clients with whatever they need. These aren’t companies we’ve asked for money to pay to promote them, these are the people we trust with our own homes when we need their help.
First up is Son’s Carpet Cleaning, a company we trust to always do outstanding work when cleaning our carpets or our clients carpets. Click read more to learn more about them, and as a bonus to our readers, they’re offering a promo to our great readers. Read More