The nutty fervor continues as the inventory fails to meet demand. Of course the question everyone has is, "Can this last?" Honestly I wish I could say I have the answer. My instinct says no, but the fundamental drivers of a market, supply and demand, show no signs of change, so I am afraid we are in this for the long haul. I think that the battering buyers are taking may lead to fatigue and we could see a leveling off here, but overall, you can't fight facts and figures...more buyers want homes in Portland than we can provide.
Ask Us Anything /
People have been asking for our perspective on a few market trends that they're hearing about in the news and on the street. We put together a quick video to address two things we find ourselves talking to clients about most often: waiving contingencies and buyer "love letters"
We love giving you information that you want and need so we're asking you to please send us your questions. Who knows, maybe they will be the subject of our next issue of Real News!
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If You're Thinking About... /
Many of us have spent a lot more time at home in the last twelve months and that has changed how we look at the spaces we're living in. I've noticed an uptick in a range of home improvement projects and wanted to offer some helpful tools to help you navigate your decision-making.
Installing Solar: this set of questions can help you understand the costs/benefits for your specific property.
A Big DIY Project: not looking to rain on anyone's parade, but this article offers valuable insight to the realities of specific larger-scale projects where outside expertise counts.
Heat: if your home heating strategy didn't serve you well this winter–increased costs, vulnerable in power outages–and you're considering your options, there are great resources here to help you think through your options.
Spring Cleaning /
There is no one way to go about a great big tidy up. Any advice you find or receive is highly influenced by the values of the person offering it. Here are a few perspectives on the art of tidying up:
Designers think that these 9 things need to go (when you're ready, of course).
If sparking joy doesn't work for you as a decluttering principle, maybe the annoying bag will?
Looking for a quick hit spring cleaning list involving vodka, Oprah is sharing a 33-step plan.
Ann Patchett believes that our collected things tell us a little about who we are and much about who we thought we might become.
Walking Tours are Back! /
The Architectural Heritage Center is conducting historical walking tours again. Get out and stretch your legs while learning about the architectural history of Buckman, King's Hill, and Downtown. In the coming weeks, AHC also has some exciting virtual lectures and book discussions scheduled, like the upcoming conversation about the extent of the New Deal's impact in the Portland Area (there's more to it than Timberline Lodge!).
RMLS Market Action Report /
Am I sounding like a broken record yet? The seller's market continues to dominate the news...with only 1 month of inventory available, you can feel the heat. This lopsided equation has started to make a real show in appreciation numbers...over the last 12 months, we have seen a 15% appreciation of the median sales price. We haven't seen that kind of price jumping since the mid 2000's right before the financial meltdown.
Don't expect to see any slowing of this trend, as interest rates continue to be hovering around 3% and pent up demand will take years to satisfy. And even though you wouldn't know it by reading the Oregonian, folks are still hot to move here. I do see a bit of a shift in inventory, and expect that the numbers will look slightly better next month as anyone even thinking of selling has gotten the news, and last week we saw way more inventory entering the market. Give me a call if you are wondering how all of this affects your Real Estate plans.
View the most recent report here>>
Bonus: Hasson put together a 2020 year in review for the Portland market that echoes much of what we've been seeing and talking about since the onset of the pandemic. There's also a bit of celebrating the incredible work of the Hasson team last year!