Portland-area home prices, for the 11th-straight month, grew at a faster rate in August than any other major metro area included in an influential index. Click the link to continue reading the article from The Oregonian.
In 2010, during the economic slump, when many building plans were being shelved, Portland presciently began to allow homeowners the right to develop accessory dwelling units on standard 5,000-square-foot residential lots for the first time. The city also eliminated development charges of up to $15,000 for new accessory dwelling units to spur homeowners to build. This Garden House won top design award from the American Institute of Architect. More info at the link.
Once again our beautiful city and surrounding areas have been named in a National magazine for a best of. Beaverton, called a “melting pot in Nike’s backyard,” has been named one of Money Magazine’s top 50 small cities in the United States. Portland was recognized as the best big city in the West.
Read the full article here from Oregon Live.http://www.oregonlive.com/beaverton/index.ssf/2016/09/2_oregon_cities_make_money_mag.html#incart_river_index
Today, September 14, our very own Kevin Caplet was a speaker on a panel for Portland State’s Center for Real Estate. This panel consisted of 7 experts in the field. Here is the presentation in PDF format. The presentation consisted of:
The Seven Year Recovery
• The Portland Area Real Estate Market • TheSingleFamilyMarket
• TheMulti-FamilyMarket • TheCommercialMarket
Housing Economics 101
“Affordable” Housing Policies • InclusionaryZoning
The Gentrification Plan of Metro Portland
• Density at Any Cost
• Alternatives to ZeroExpansion
We hope you find this information informative.
We all know that we know search air bnb just as much as we search for hotels and rental homes, it’s just part of the new generation, right? This article from Oregon Live explains why Portland is leading this search and rental market.
Will it continue? Many discussions have been had by all in the city on the housing market. From being a seller market and multiple bids, to the rent being way too high. A recent article was published by the Oregonian. Here are highlights.
“It began in October. Home values in Portland grew that month as fast year-over-year as the red-hot prices in Denver and San Francisco.
With homes in the region gaining 10.9 percent in value between October 2014 and 2015, Portland had joined those two cities atop a closely watched national report gauging the strength of the housing market in 20 major cities.
But that was only the beginning.
Portland’s housing market has been the hottest in the country for the last seven months, by the Case-Shiller measure and by others. A new report last week from Zillow found that Portland saw the nation’s largest annual decrease in the inventory of bottom-tier homes among the 35 largest metro areas. There are nearly 40 percent fewer homes worth less than $279,200 available than there were a year ago.
And the latest report from the local Regional Multiple Listing Service found that the average home in the region now sells for more than $400,000, the first time the market has reached such heights. The median sale price, similarly, crossed the $350,000 barrier.
So will the Portland market’s historic run ever slow down? The cyclical laws of boom and bust demand it will eventually. But the real question – as the city continues to deal with a population boom, a housing-affordability crisis and historically high increases in rents – is when.
“I couldn’t even begin to tell you that,” said Tim Duy, an economics professor at the University of Oregon. “There’s no fundamental law that says it has to end anytime soon. And it won’t end until we have more balance between supply and demand in the housing market.”
For now, that’s not happening. Demand is severely outpacing supply. Between March 2015 and May 2016, the only time the local market hit 2 months of inventory was in November. The figure estimates how long it would take all homes on the market to sell at the current pace; six months represents a balanced inventory and anything below that signals a seller’s market. The 1.2 months of inventory the region had in December was the lowest level since at least 1999.
International politics might be adding fuel to Portland’s housing fire, too. The economic uncertainty stemming from the United Kingdom’s vote last week to leave the European Union caused investors worldwide to flee the stock market in favor of more reliable – but lower yielding – treasury bonds, which puts downward pressure on interest rates and makes mortgage borrowing more affordable, said Brian Allen, a longtime broker and the head of Windermere Stellar.
But as long as competition and pricing remain high and supply low, buyers – especially first-timers – will continue to experience a frustrating market, according to Gardner.
“It’s very hard for them to even afford to get an entry-level house. … The move-up buyer sells to the first-time buyer in order to move up,” Gardner said. “Those move-up buyers aren’t finding anything to buy. And because they can’t find anything to buy, they’re not listing their house for sale. So you kind of get in a chicken-and-egg situation.”
Thank to the Oregonian for this article. For more information in regards to this article please contact:
— Luke Hammill
We all know Portland has changed in a BIG way and will continue to. Recently the City Council met and came up with a plan officially named the “Comprehensive Plan”.
Here is the link for the full report on what’s coming for the City of Roses.
Preparing your home for fall: tips and tricks from the Caplener Group
We had a busy summer with the wild real estate market and record appreciation in the Portland metro area. It’s hard to believe fall is already here. As the leaves change colors and temperatures drop, there are several important housekeeping chores every homeowner should keep in mind. We thought we’d share the top tips and tricks every homeowner should do to get your house ready for the season.
1) Check and clean your fireplace – Each year in the United States there are over 20,000 house fires that originate in the home’s fireplace. Inspecting your chimney for high buildup of creosote, debris and even birds’ nests can reduce your fire hazard. A simple chimney sweep from your local professional can ensure you and your family can safely enjoy your fireplace for the coming year.
2) Check your windows and doors and re-install storm windows – Make sure all windows and doors are latched and close properly. If you removed your storm windows this summer, put them back on. Ensuring your home is energy efficient can have a positive impact on your utility bills.
3) Service your furnace and replace the filter – There’s a good chance it’s been a while since you last serviced your furnace. It is recommended that you get your furnace serviced at least once a year, and that you check and replace your filter regularly. Dirty filters and improperly running systems will increase your monthly bills!
4) Protect your plumbing – With freezing temperatures comes broken plumbing pipes. This can be extremely expensive and can cause flooding in your home. To avoid this costly mistake, cover all exterior faucets. For a few dollars you can buy a simple faucet cover at your local hardware store. These exterior faucet covers could save you thousands in costly pipe repairs.
5) Check your roof and gutters – This is one of our top tips. As we all know, a lot of Portlanders get water in their basements. More often then not, it’s caused by leaves falling and clogging our gutters. Make sure your gutters are clean and that your downspouts are running away from your foundation. You don’t want standing or pooling water near your foundation. Consider calling a professional to clean your gutters, and avoid the risk of standing on a slippery ladder.
We hope these tips and tricks help get your home ready for fall and winter! If you have any questions or want a recommendation for a licensed professional, don’t hesitate to call or email us. We’re here to help. Happy trick or treating!
The team decided to start the new year with a bang! Brian Buffini, a well-respected Real Estate maven and motivational speaker, usually travels the US once per year to share his wisdom. Kevin and Jan have seen Brian speak previously and were excited to hear him again as well as share the experience with Caroline and myself.
Last Monday, the whole team piled into Jan’s car and made the trek up to our friendly Pacific Northwest neighbor Seattle. The first night we arrived, we shared a fantastic dinner at Joule, an Asian Fusian gem of a restaurant in the Fremont Neighborhood. We are still talking about how great the food was. Even as a vegetarian, I left feeling full. Maybe a little too full.
The next two days were jam-packed with seven different seminar segments with topics including: Selling Real Estate in today’s market, becoming a proficient buyer’s and seller’s agent, and the importance of goal setting. Held in McCall Hall in downtown Seattle, we were one of a few thousand attendees that soaked up the Buffini pearls of wisdom that will help us become even better agents.
As an added bonus, we got to hang around to see the Seattle Seahawks victory parade downtown. While it made for a mess of a time leaving town, it was a pretty special once-in-a-long-while event that we were fortunate to witness! It felt like all of Seattle was out to watch!