Are you a millennial looking for a new home? Have you considered the benefits of buying a multi-generational home? Not only can it be a cost-effective solution for housing multiple family members, but it can also provide a sense of community and support for everyone living under one roof.
One major perk of a multi-generational home is the financial savings. Instead of buying separate homes for each family member, everyone can share expenses such as mortgage payments, property taxes, and utility bills. This can be especially helpful for millennials who may be starting their careers and looking to save money.
The December market update definitely showed some signs of slowing down. Pretty much like we all expected. No one wants to deal with making colossal financial decisions around the holidays (which pretty much explains the surge of interest that started flowing right after New Year’s). We saw new listings last month drop by 35.6% and proportional drops in active, sold and pending listings as well.
The average sold price dropped by 3.1%, likely due to some homes being priced higher than market value, and average time on market rose as well; all expected with the holidays as we mentioned before.
The important thing to look at is where we are going from here. The new year is going to bring a lot of new buyers & sellers, as well as bring back all the buyers & sellers that weren’t active during the holidays, so we can confidently expect more activity in the coming months. But what does that mean for everyone?
Well, while interest in buying will likely come back up in the new year due to the holidays being over and inflation numbers looking more and more under control, the root of the problem isn’t solved. Lack of inventory. As long as we see less sellers than there are buyers, then we won’t be seeing housing prices coming down. As is the case with most cities, there just isn’t enough to go around. But with the new inflation numbers coming back, we do hope to see some improvement with interest rates and, hopefully, some light at the end of the tunnel as far as affordability for those who want to become homeowners.
We are excited for the start of the spring market in the next few weeks. If you’re thinking of buying or selling in Portland, now could be a great time to take action. With a strong market and a good balance between supply and demand, you’re likely to find a good deal whether you’re buying or selling.
Fifteen miles East of Salem along Hwy. 213, you will find Lush scenery and the charming small town of Silverton, Oregon.
Exploring Silverton
Silverton is a small city located in the Willamette Valley region of Oregon, about 45 minutes south of Portland. The city is known for its charming downtown area, which features a variety of local shops, restaurants, and art galleries. Check out our recommendations to visit below:
Silver Falls State Park
Where else can you walk behind a waterfall? The famous South Falls, with its 177-foot curtain of water you can walk behind, is part of the Trail of Ten Falls, a spectacular, nationally recognized hiking trail that weaves through a dense forested landscape. The trail passes a series of breathtaking waterfalls along a rocky canyon, and descends to a winding creek at the forest floor.
Stroll through the Oregon Garden, still growing at 80-plus acres. Then head to Silver Falls State Park, which has several miles of trails where you can see up to 10 waterfalls on foot, horseback or bicycle.
Frank Lloyd Wright’s Gordon House
The Gordon House was built in the Wilsonville area in 1964 by Frank Lloyd Wright. In the winter of 2001 it was rescued from demolition and moved in sections to its current location in Silverton. The Gordon House is the only realized building in Oregon designed by Frank Lloyd Wright and is the only Wright building in the Pacific Northwest that is open to the public. You can find the tour schedule online at https://thegordonhouse.org/
Gallon House Bridge
Built in 1916, during prohibition, this 84 foot Howe truss bridge was used as a liquor drop by bootleggers. At the time Silverton was “dry” and prohibited alcohol from being sold in town, while Mt. Angel was “wet” and residents got around the law by “giving” each other alcohol. White lightning whiskey was sold by the gallon to Silverton residents from a little ‘gallon house’ shack located n the Mt. Angel side of the bridge. about 1 mile northwest of Silverton. The Gallon House Bridge is the last covered bridge in Marion County and the oldest operational covered bridge in Oregon.
Silver Creek Covered Pedestrian Bridge
Although this picturesque pedestrian bridge wasn’t designed to replicate the nearby Gallon House Bridge, it looks very similar to it. Take a stroll over Silver Creek and take in the views.
Bobbie the Wonder Dog
Check out the the statue of Bobbie the Wonder Dog next to the replica of his dog house and read about how he became a national phenomenon on the 70-foot long mural of his life.
With a delicious Northwest style menu, refreshing cold brews, and a dog friendly outdoor patio as well as cozy indoor seating, a meal at Silver Falls Brewery is a must!
The Silverton Coffee Station
Grab a delicious coffee or tea from one of the friendly baristas at The Silverton Coffee Station.
Living in Silverton
Silverton Resources
You CAN keep your houseplants alive. This time WILL be different.
Here is what you’re going to do to become a thriving plant parent!
You’re gonna go to the store (scroll down for our recommendations), look for these plants, and follow our instructions word for word. It’s gonna take courage, but we know you can do it. We’ll be with you every step of the way.
Snake plants: Prefer shade to partial sun and sandy, well-drained soil. Water when the soil is dry. Avoid overwatering.
ZZ plants: Prefer medium to bright indirect light, up to six hours a day. Water every 2-3 weeks and let the soil dry out in between waterings.
Pothos plants: Tolerate most any light well, except for direct sunlight. Can be grown in water or dry soil. Only water when the soil feels dry.
Jade plants: Prefer bright indirect light. Water when the soil is dry and prune dead or shriveled branches.
Rubber trees: Like bright indirect light. In the winter, when rubber trees are dormant, water every 2 to 3 weeks.
Where to buy your new plant(s)!
We love supporting local small businesses, so if you aren’t located in the Portland Metro to Mid-Willamette Valley regions, take the opportunity to find a local small business to purchase your new plants from! Who knows, you may have an amazing shop right around the corner.
Solabee Flowers & Botanicals
801 N Killingsworth St, Humbolt & 1759 NW 24th Ave, Nob Hill
Pistils Nursery
3811 N Mississippi Ave, Mississippi & 2139 NW Raleigh St, Suite 108, Slabtown
Potted in Portland
2627 SE Clinton St, Richmond
Garden Fever!
3433 NE 24th Ave, Alameda
Cedar & Stone
22540 SW Main St, Sherwood, OR
The Sun Bear Den Plant Shop
189 Liberty St NE #101, Salem, OR
Furbish
1185 12th St SE, Salem, OR
Did we miss your favorite shop or house plant? Comment below and share your recommendations!
Did you know the spring market in Oregon historically starts about February 1st and goes through Mid-May. A lot of sellers want to sell in the spring market, so if this is you, it’s time to get prepared!
So, sure. Look towards May. But here’s the thing. It takes more than the right month to get top dollar. It’ll take careful planning and preparation — and that ain’t gonna happen overnight.
If you’re thinking of selling in the Oregon “spring” market— February 1st to Mid-May — here are 7 things you can knock out NOW that will make it all worthwhile come spring.
7 To-Do’s to Prep Your Home to Sell this Spring
1.) Declutter, donate, and organize your closets, drawers, and attics.
2.) Clean out the garage and consider painting the walls and floor.
3.) Identify major repairs and make a plan to fix them one by one.
4.) Ensure that major appliances are in working condition.
5.) Focus painting efforts – think entryway, foyer, kitchen, and bathrooms.
6.) Replace your house numbers and mailbox to make it easy for sellers to find your home.
7.) Clear out winter debris little by little.
Need a recommendation for where to drop off your donations, a referral for a local professional to handle major repairs or input on paint colors and small updates? We are here to help!
Planning to Retire? It Could Be Time To Make a Move.
If you’re thinking about retirement or have already retired this year, you may be planning your next steps. One of your goals could be selling your house and finding a home that more closely fits your needs.
Fortunately, you may be in a better position to make a move than you realize. Whether you already live in the Portland Metro area or are looking at relocating here, we are sharing a few things to think about when making that decision.
Consider How Long You’ve Been in Your Home
From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):
When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.
Consider the Equity You’ve Gained
Additionally, if you’ve been in your home for more than a few years, you’ve likely built up significant equity that can fuel your next move. That’s because the longer you’ve been in your home, the more likely it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):
While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by over 50%. And the average homeowner who’s owned their home for 30 years saw it almost triple in value over that time.
Oregon homeowners have seen an average of 516.5% increase in appreciation over the last 30-years and 57.3% increase over the last 5-years.
Consider Your Retirement Goals
Whether you’re looking to downsize, relocate to a dream destination (we have an exceptional network of realtors all over the world we can connect you with), or move so you live closer to loved ones, that equity can help you achieve your homeownership goals.
Whatever your home goals are, a trusted Lovejoy Real Estate advisor can work with you to find the best option. They’ll help you sell your current house and guide you as you buy the home that’s right for you and your lifestyle today.
Bottom Line
Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore your opportunities in our local market.
Situated on the peninsula where the Willamette and Columbia Rivers meet, the St. Johns neighborhood is home to a community of friendly locals and small businesses. Its colorful history begins with the tale of early Portland settler, James John, who laid out the first street grid here in 1865. Similar to Albina, St. Johns was initially an independent city until it was annexed by Portland in 1915.
Most people don’t know that the St. Johns Bridge is actually located within the Cathedral Park neighborhood. The stunning arched bridge opened in 1931, coming in $1 million under budget, and was built in a mere 21 months. Fun Fact: On St. Patrick’s Day 1931, local officials announced that the suspension bridge was to be painted green.
What to do in St. Johns
This immersive cafe/tavern experience, said to have been built no magical spring that grants its drinkers special powers. If you are in need of a whimsical adventure, Wonderwood Springs should be on your list.
Catch a first-run flick at this awesome old movie theater that serves beer, pizza and good coffee for prices that won’t break the bank.
McMenamins St. Johns Theater & Pub
Yep, St. Johns has not just one movie theater, but two! The historical building that is now Mcmenamins St. Johns Theater & Pub, was the crown jewel of the Lewis and Clark Exposition (a World’s Fair) in 1905, and only built to last about six months. The theater showcases second-run movies and a sampling of locally-sourced pub snacks and food to accompany your beer or cider.
If enjoying a meal at an old fueling depot turned pizza parlor isn’t on your bucket list, it should be. This family-owned and operated business prides itself on serving artisan pizzas, calzones, sub sandwiches and salads made with fresh, all natural ingredients and delicious ingredients.
Grab a delicious coffee and house-made baked good at The Sparrow Bakery.
Don’t miss The Groovy Floret, a vegan food truck turned brick and mortar, offering 100% Vegan, Gluten Free & Nut Free tacos, nachos, breakfast hash and more! They have a photo-worthy covered outdoor space and are pet friendly.
Community Events
You can count on a delightful mix of vendors at the weekly Farmers Market in St. Johns. From local farmers offering organic produce to a wide variety of hand-crafted products, you are sure to find multiple items to take home. Open Saturdays from May-October.
This free family event has been a tradition in North Portland since 1962. People from near and far join in on the fun every year on the 2nd Saturday in May.
The longest-running free jazz festival west of the Mississippi draws in fans and families from all over to enjoy multiple performers during this weekend-long event.
Living in St. Johns
Present-day St. Johns is known for being a small town within a city, and home to some of the oldest buildings in all of Portland. The neighborhood features all styles of architecture, from cape cods and ranches, the occasional Victorian home and even houseboats.
Neighborhood Resources
Parks
The Smith and Bybee Wetlands Natural Area
The Columbia Slough
Schools
Elementary school: James John Elementary School
Middle school: George Middle School
High school: Roosevelt High School
WOW! When our preferred lender told us about this new program for first-time home buyers, our team was EXCITED! This is a great program that will really help your buyers afford their FIRST HOME in this ever-changing market with NO MONEY DOWN and NO MORTGAGE INSURANCE!
- Primary home, first time homebuyers only
- Zero down payment =100% financing
- NO mortgage insurance/PMI !
- Up to $726,200 loan amount for Portland Metro (starting January 1st)
- 7/6 ARM (this is very good!) or 30-year Fixed
- Applicable for condos, townhomes, and single-family homes
- Interest rate is the same for condos.
- No income limits! This is huge.
- Credit scores as low as 660
- No classes or meeting with a counselor to be eligible.
- Up to 3% in closing costs / prepaids can be paid by seller allowed.
- Did we say no mortgage insurance already? 😊
This program has some great potential and with no mortgage insurance it really helps with purchasing power! Interested in learning more? Reach out to us today and we can make it happen.
Let’s talk about selling your home and moving with kids – here are our 5 do’s and don’ts!
- Don’t make it a surprise. Be as transparent as early as possible and answer ALL their questions openly and honestly.
- Do let your kids see their new home. If possible, arrange a kid-friendly tour of your new home before moving day. Let them explore every part and feel the excitement that always comes with a move.
- Don’t expect them to be “good little helpers” on moving day. The truth is having them around will add to YOUR stress. Arrange for childcare with friends or family the day of the move — and probably the day before. You’ll be way more relaxed knowing your little ones are having a blast.
- Do set aside their favorite things. Welcome your kids home with all their favorites – stuffed animals, yard toys, and for older kids, the new wifi password. Unpack kids’ rooms first so they’ll have a place to play while you set up the rest of the house.
- Do plan for meals on moving day. Moving is hard – don’t make it worse by overlooking meals. Order takeout before your move to be delivered early in the day, long BEFORE you and the kids get hangry (hungry + angry).
Have you moved with kids before? Do you have something you’d add? Comment your thoughts below!
Most people think of themselves as being in more debt than what they are worth. But the truth is, thinking ahead and having this hard conversation now is extremely important whether you are single with no assets or not.
Laila talks about her personal experience with her daughter’s father passing away without having a will in place, and how it put a spin on her life she never could have imagined. Something we never want to think about in life is something bad happening, which is why so many people don’t want to have that hard conversation of putting a will in place.
Watch the latest episode of Real Talk below to see the entire interview or listen to the podcast wherever you find your podcasts.
Laila Cook
(503) 802-9910
Lcook@oregon.wish.org
