Our very own Erin Monahan was chosen as “Realtor on the Rise” in the March 2023 edition of Portland Real Producers Magazine. We couldn’t be more proud of Erin and grateful that she found a home to flourish with us!
Author: staff
Bring the Outside In – Inhabit’s Spring 2020 Newsletter
Inhabit’s spring newsletter is all about experiencing the best of Portland from the comfort of your home. You’ll find it here!
41st Annual Duniway Holiday Home Tour
The Duniway Holiday Home Tour and Artisan Boutique is back for the 41st year as Portland’s longest-running house-hopping extravaganza.
The one-day event is Friday, December 6, starting at Duniway Elementary school, 7700 SE Reed College Place, Portland.
All proceeds from the event will benefit the students of Duniway Elementary by providing an arts program, cultural development and other academic enrichments.
The Duniway PTA and gracious members of the community offer 6 outstanding homes to explore. All homes are special and certain to spark nostalgia, inspiration and warm holiday spirit.
This year’s tour features a Mediterranean-style home brimming with an astounding collection of Pop Art and expertly curated Native American art. Other homes include an eclectic vintage-inspired Colonial, and a newly remodeled estate. The six homes offer a diverse array of architecture, landscaping and design: from classic to eclectic, and all the gorgeous styles between.
Nothing enhances a home tour like shopping! The Duniway Artisan Boutique is set to provide all your gift-giving needs. Browse dozens of local vendors in the Duniway Elementary gymnasium for locally made crafts, home goods and treats. Purchase a unique bag or tote made from repurposed material and fill it with handcrafted jewelry, Oregon honey, handmade pasta and soap. Other vendors offer home goods such as special holiday ornaments and eco-friendly laundry products.
From the school, participants can board the complimentary trolley to any of the gorgeous Eastmoreland homes whose residents have opened their doors to benefit Arts education. The trolley circulates on a loop for participants to house-hop at their leisure. A collectible brochure provides a brief description of homes on the tour, and homes can be explored in any chosen order.
The annual event offers two sessions throughout the day from 10am-3pm, and 5pm-9pm. Live music will fill the homes during the evening session.
Tickets are $35 at the door, or $30 in advance at www.duniwayhometour.org. Admission to the Artisan Boutique is free, and will be open 9am-7:30pm. Single ticket purchase provides access to the Tour, Trolley and Boutique.
Let’s Get Fancy – Inhabit’s Fall 2019 Newsletter
It’s that time of year when everything changes and Inhabit’s fall newsletter is all about elevating your everyday experiences. You’ll find it here!
It’s Time for a Fresh Start – Inhabit’s Spring 2019 Newsletter
Inhabit’s spring newsletter is all about mixing things up and starting fresh. You’ll find it here!
Look on the Bright Side – Inhabit’s Winter 2019 Newsletter
Inhabit’s winter newsletter is chock-full of suggestions to brighten, lighten, and enliven Portland’s dark, wet season. Find it here!
Portland Quarterly Housing Market Report
Report Dates: January-March
Each quarter we pool our knowledge and experience to evaluate the latest real estate market data. We provide our thoughts here to give you an insider’s look at what’s going on in Portland.
The Portland real estate market has been going strong for several years now with home values consistently trending upward. Based on the quarterly market data, the latest data that we have pulled for 2017 so far, and our observation, this will continue to be the case for the near future.
March residential sales and new listings remain almost on par with 2016’s activity, which is to say that the Portland Metro saw 3600 homes come on the market in March, then watched just over 3000 of them go pending, and about 2500 sales closed. March 2017 showed the same scant 1.3 months of available inventory as a year ago, down from 1.9 months in February (a healthy market typically has 3-6 months of inventory!). In all, the number of closed sales increased by almost 50% over the previous month. This has continued to drive the strong “seller’s market” conditions, although homes that are too aggressively priced are now resisted somewhat as the inventory in April has increased and May threatens to do the same; buyers seem hopeful that more listings are coming and feel less pressured to settle and to overpay.
Nevertheless, the average sales price in March 2017 went up nearly $25K over February’s (!) and at $428,400 is $43,300 higher than it was a year ago. That’s more than 11% overall!
It seems worth noting that many of the west side communities (notably NW and SW Portland; and also Hillsboro/Forest Grove) are enjoying pending sales up 20-30% over the March/April 2016 period. Buyers appear to be expanding their geographical parameters to meet their budgets and still check the required boxes for features and amenities.
What’s in store for summer and beyond?
There are many factors to consider when trying to anticipate what will happen to the Portland real estate market as the year continues, especially when trying to predict whether or not there will be any major changes. Two factors to keep an eye on are interest rates and the economy.
Home loan rates did see an increase toward the end of 2016 but remain very low. If the rates rise significantly in 2017, it could affect buyer activity. The economy is always a big factor when it comes to housing. New state and federal policies and policy changes may promote uncertainty. Locally, there is some fear that our strong seller’s market may not be sustainable for much longer.
These and other factors could result in more people deciding that 2017 is the year to list their home(s) for sale. Look for the possibility of 2017 being the year that inventory begins to swing upward. Keep an eye on current inventory by visiting our featured listings page.
PORTLAND QUARTERLY HOUSING MARKET REPORT
Each quarter we pool our knowledge and experience to evaluate the latest real estate market data. We provide our thoughts here to give you an insider’s look at what’s going on in Portland.
The Portland real estate market has been going strong for several years now with home values consistently trending upward. Based on the quarterly market data, the latest data that we have pulled for 2017 so far, and our observation, this will continue to be the case for the near future.
You can see on the “Inventory in Months” chart below that inventory in the Portland area remains low (3-6 months of inventory is considered normal). This, combined with the higher than usual buyer activity so far this year, has put added pressure on the Portland market heading into spring. Because of the low inventory, sellers that list their homes prior to ~ May 1st are the most likely to experience the shortest number of days on the market in 2017.
There has been a consistent trend the past 3 years that you can see on the “Active Residential Listings” graph below. Historically, January and February have some of the lowest inventory available but a decent increase is expected in spring and summer. This same pattern will likely occur in 2017.
The current data is for the quarterly period ending December 31st, 2016.
What’s in store for 2017 and beyond?
There are many factors to consider when trying to anticipate what will happen to the Portland real estate market in 2017 and beyond, especially when trying to predict whether or not there will be any major changes. Two factors to keep an eye on are interest rates and the economy.
Home loan rates did see an increase toward the end of 2016 but remain very low. If the rates rise significantly in 2017, it could affect buyer activity. The economy is always a big factor when it comes to housing. New state and federal policies and policy changes may promote uncertainty. Locally, there is some fear that our strong seller’s market may not be sustainable for much longer.
These and other factors could result in more people deciding that 2017 is the year to list their home(s) for sale. Look for the possibility of 2017 being the year that inventory begins to swing upward. Keep an eye on current inventory by visiting our featured listings page.
The Oregon Energy Fund: Neighbors Helping Neighbors
We recently chatted with Brian Allbritton, the executive director at the Oregon Energy Fund. This is a local non-profit we definitely stand behind because it is a way for neighbors to assist their neighborhood. Here’s a little more about the history of the organization, how it works day to day, and how you can help – it’s easy!
History of the Oregon Energy Fund
The Oregon Energy Fund started in 1989 and has been helping people for nearly three decades. Though it wasn’t always called the Oregon Energy Fund (it was most recently called HEAT Oregon), it has been dedicated to what the organization stands for since the beginning: helping people in crisis pay their utility bills.
Former governor Victor Atiyeh recognized there was a problem in Oregon: there were too many people that needed help that had no recourse. In these cases, people were financially stable enough in good times to make them ineligible to receive federal or state assistance in bad times. Even a minor crisis easily kept them from paying their utility bills.
Mr. Atiyeh, along with several other politicians and energy executives, got together to figure out how to address this need. Now present in each and every Oregon county, the statewide non-profit has been operating without a single government dollar ever since.
Need for the Fund
There are many residents that receive no form of government assistance but would require help should an emergency arise. Emergencies such as big snowstorms, car accidents, or bad illnesses can mean a change in income and even unexpected bills. Fines on unpaid utility bills and reconnection fees for shut-off utilities compound the problem.
The need for emergency utility assistance has only grown since the fund began. Rent increases continue in much of the state, especially Portland, and wages are not keeping up with the cost of living. This is why the Oregon Energy Fund helps roughly 10,000 of our neighbors each year.
How People Get Assistance
The Oregon Energy Fund partners with organizations in each county. These are often community action agencies but are sometimes social services organizations. The organizations are there for the community — they meet with applicants, review needs, and determine eligibility.
Residents receive a one-time grant which the Oregon Energy Fund uses to directly pay the vendors, relieving those in need. The Oregon Energy Fund takes the weight of unpaid bills off the shoulders of people in crisis.
How You Can Help
The Oregon Energy Fund accepts donations and offers an option for recurring donations. You can visit their website to set it up. If you’re looking for a way to help your neighbors that has a very real and significant impact, this is a great and easy way to do it!
By partnering with highly effective agencies in each county, the Oregon Energy Fund can assure you that your money is being used in the most efficient way possible to help those around you.
Your donation ensures that Oregonians have somewhere to turn for help when they need it. Facing a change or cancellation to your utilities is a personal and detrimental problem. Together, we can work to solve it!
Burgers & Brews
Join us on November 19th at 6pm for Burgers, Brews, and Real Estate News! We will be discussing ways to leverage your home equity to up-size, downsize, or purchase investment property.
Please call (503)-762-6958 or e-mail info@inhabitre.com to RSVP!
We can’t wait to see you!
What Is the Best Time of Year to Buy a House
When the sun’s away, the inspector will… scratch his head?
When is the best time of year to buy a home here in Portland? We get asked that a lot, and it’s a tricky beast of a question. Probably, it comes down to your priorities as a buyer. What worries you most about choosing a “good” house? As the season changes from long, very warm and sunny days into short, rainy, cool ones, there are some challenges that emerge with respect to the inspection process. However, there are also some hidden benefits to a Winter purchase.
Here are some things to consider:
- Air conditioning can only be effectively tested when the outside temperature is above 65F. The cooling element will not be fooled into a setting request for 55F when it’s 52F in the yard… or even vice-versa. All the inspector can check is whether the unit powers up and doesn’t make any troubling noises. Similarly, it is difficult to test the “heat” aspect of a “heat pump” on a day where everyone who can be swimming, is.
- The roof – or parts of it – may be subject to a “from the ground” inspection if the pitch is significant; the more wet and cold (read: slippery) the conditions, the more likely you’re going to hope the inspector’s corrective vision prescription is up to date, and/or there are a minimum of raindrops on his eyeglasses. That said, if the roof is leaking, you’ll need rain for a sure assessment of where and how much… not to mention for proof to a skeptical seller.
- The basement may indeed be dry as a bone whether there are gaping cracks in the earth or tsunami conditions outside. It’s hard to have confidence in August, but you sure will in December!
- Do the gutters work? Only the rains will tell the unvarnished truth.
- Is the landscaping thriving or dying? A Spring or Summer sale will give you great confidence about the seller’s assurances of great bounty. Almost everybody’s yard looks like a gravesite in February.
When all is said and done, a good home inspector will do the very best they can to sniff out clues during unhelpful seasons or weather conditions. Your Realtor may have recommended them, but it is YOU who hires them. Don’t hesitate to call them ahead of your inspection to ascertain their approaches to air conditioners in November, or to a low-pitched roof that got too icy under a freak storm the night before – will they come back at no charge when the conditions return to normal?
Generally speaking, be informed of, and prepared for the limitations that the seasons can inflict upon a productive examination of everything you want to know about your house – before the deed has your name on it!
For Sellers – Don’t take rejection personally
When you are ready to sell your home it becomes a product in a marketing campaign. This means buyers are going to come in with a critical eye and pass judgment on the property. It’s important not to take this personally: everyone has different styles and tastes, and people want what they want. As you get physically ready to sell your house, it’s very important that you also get prepared emotionally: the more you can detach from your property, the easier and more enjoyable the process will be.
For Sellers – Be open & flexible
Pricing and selling a home can be tricky. Market conditions change rapidly and there are many variables in the process to consider so it’s crucial that you are flexible and open. For example, things may come up in inspections. Have an open and flexible attitude and trust us to navigate you successfully through the process.
For Sellers – Make yourself scarce
For best results, we want maximum exposure for your property from the start. The seller has the control of the negotiations in the beginning but, as time goes on, the buyer then gains control of negotiations. Therefore, make showing the house easy: relocate your pets and make yourself scarce. The more time I have to show the house in the beginning, the more likely we are to find a buyer quickly.
For Sellers – Store away your valuables
There is so much involved in staging, I can’t really cover it here. Just know that at the outset I will give you customized guidance in staging your home: curb appeal, de-personalizing, de-cluttering, repairing and so on. One of the key aspects of staging that can sometimes be overlooked is that it’s important to store your valuables, especially those things that people can easily stick in their pocket. This includes storing your private mail, financial statements, important papers – anything that might give clues your financial position. Also, put away any pharmaceuticals or personal items that might raise questions in the buyers’ minds or give away something about your situation. The idea is to put all the focus on the house itself so that people can imagine themselves in it.
For Buyers – Don’t fear the unknown
Buying a house is a complicated process and, to put it plainly, things just come up. The key is not to fear the unknown. Almost every problem has a solution. It’s crucial that you trust us to guide and advocate for you. We are experienced, we keep you informed at every turn, and we will put your best interests first.
For Buyers – Use the tools available to you
There are many tools aside from online databases that can aid you in your search for a home. Use Google Earth and Portland maps. Use Melissa Data. Do drive-bys at various times in the day and evening. Talk to the neighbors. Use any tool that will help give you a sense of any desired neighborhood and properties.
For Sellers – Have a pre-inspection & be proactive
Anticipating maintenance issues in your home and being proactive with repairs will make the selling process much smoother. Some sellers bury their head in the sand and avoid fixing things until they come up in inspections. However, this can backfire: the buyer can have second thoughts when these surprises arise. Get a pre-inspection and fix what needs to be fixed.
For Buyers – Be open & flexible
Though you have a good picture of the house you want, it’s important to be open and flexible. Portland is a city that offers a very diverse housing stock. Allow the home search process to reveal things that you may not have considered before. Home buyers typically have to compromise on some aspect of their house so make a list of your priorities and be ready to bend a bit. Having an open attitude will allow you to effectively evaluate your options and make the best decision.
For Buyers – Get pre-approved and be ready
When you are looking to buy a home you should be both pre-approved and ready to go. Good homes go fast in Portland so when you are interested in a house, it is likely that others will be interested, too. If you are not pre-approved, you are not competitive and could lose the house to another buyer. One of our first steps is to connect you with trusted local lenders for pre-approval. And because buying a home is a big decision, we will help get you prepared and informed about buying a home in Portland.