Sept. 16, 2022

August Market Report The August Lull Rates to 6% Portland's Best Food Carts Covid-19 Update

 

The August report is in!

 

Well, so much for our jump in inventory. In the Portland Metro, we slipped back a bit with our inventory in August (from 2 months to 1.8). Pending sales increased a tad as new listings slipped (from 3763 to 3209). Both the median and average sale price dropped from July (from $566k to '4 548,400 and from $635,700 to $607,700 respectively), and market time increased from 20 days to 28.

 

 

On the contrary, in Southwest Washington, inventory in August remained almost the same (from 1.9 months to 1.8). Pending sales slipped a little as did new listings (from 978 to 813). Both the median and average sale price increased from July (from $529,400 to $531k and from $582,800 to $605,300 respectively), and market time increased from 24 days to 28.

 

 

Portland Monthly: Will the Portland Housing Market Snap Out of Its August Lull?

Or will we look back on summer of 2022 as the start of a buyers’ market?

By Julia Silverman September 13, 2022

 

The Portland real estate market traditionally goes through an August lull, and this year is no exception.

 

But is this the state of a sustained downturn in prices, or simply a momentary respite? The short answer: It’s too soon to tell. Realtors say the market typically picks up again in September and October, so by the end of the year, we’ll know whether Portland is truly becoming more favorable to buyers, after years of a sustained sellers’ market.

 

In the meantime, in August, throughout the metro area, average and median sale prices continued a three-month slide, according to new data available from the Real Estate Master Listing Service, or RMLS. The average home sale price in August was $607,700, a significant drop from July’s $635,700. Houses were sitting on the market longer too, for an average of 28 days, up from 20 in July.

 

On the other hand, the number of newly-listed homes on the market decreased slightly—from 3,763 in July to 3,209 in August, though historically, would-be sellers do wait until the end of summer vacation season to list their properties.

 

There are other definite warning signs too. In every quadrant of Portland, and in every suburb, without exception, there are fewer pending sales so far this year than there were at the same time in 2021; year-over-year sales are down more than 40 percent in Hillsboro and Forest Grove, nearly 38 percent in Milwaukie and Clackamas, and almost 30 percent in Southeast Portland.

 

...

 

In the meantime, here’s a quick look at where prices fell the most last month for neighborhoods in Portland and in its suburbs, plus two places where it ticked up.

 

Read the full article here.

 

 

Mortgage rates top 6% for first time since 2008 housing crash

By The Associated Press

 

Average long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market.

 

Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 6.02% from 5.89% last week. The long-term average rate has more than doubled since a year ago and is the highest it’s been since November of 2008, just after the housing market collapse triggered the Great Recession. One year ago, the rate stood at 2.86%.

 

Read the full article here.

 

 

Portland’s best new food carts of 2022

By Michael Russell | The Oregonian/OregonLiveLizzy Acker | The Oregonian/OregonLive

 

...

 

Perhaps it’s the lingering effects of the pandemic, or rising food-world inflation, but at a time when a date for two at many new Portland restaurants can cost upwards of $300 with tip, new carts seemed to redouble their focus on comfort food, at a fair price.

 

To bring you this guide, we visited more than 70 distinct food cart pods from Troutdale to Forest Grove (with many of those miles logged by bike), hunting for interesting carts that opened in the past year or so. Along the way, we enjoyed burgers topped with smoked pork belly at Wolf’s Head Burgerhouse (4250 S.W. Rose Biggi Ave., Beaverton) or made on sweet Portuguese muffins at Bolo (1505 N.E. Alberta St.); sandwiches stacked deli-style at Goodman Charlie’s (818 S.E. Ankeny St.) or stuffed with ham, eggs and Hollandaise at Chubby Bunny (3423 S.E. Belmont St.); and flaky empanadas at both La Carreta Pura Vida (at Portland Mercado, 7238 S.E. Foster Road) and PK’s (6035 N.E. Halsey St.). We had chicken wings smothered in vibrant green sauce at Texicano (1080 S.E. Madison St.); good pulled pork, chips and queso at Wonderboy’s Smokestack (5916 N. Greeley Ave.); chorizo pierogies from the unique Russian-Mexican menu at Rusa (1122 S.E. Tacoma St.); chili cheese dogs at The Tortoise Shell (4400 N.E. Glisan St.); personal pies from Free Pizza (4604 S.W. Vermont Ave.); and more birria tacos than we care to disclose.

 

Consider those our honorable mentions. Below, find our 10 favorite new food carts of 2022.

 

Read the full article here.

 

 

Finally, our Covid-19 policy is changing.

 

Covid-19 Mask Update - Nest Egg Real Estate will continue to enforce masking and social distancing while touring the inside any occupied property.

 

We will enforce masking in vacant properties unless both the agent and the client test negative within 2 hours of an in person meeting, and all parties are current with their vaccine and boosters. Proof of a negative test and vaccination is required.

 

Thank you and take care!

 

Clarity Sanderson, CRS

(she/her)

Nest Egg Real Estate, Owner

Oregon Principal Broker, Washington Managing Broker

Oregon License #201205148

Washington License #25205

http://NestEggRE.com

Search for homes and view free buying and selling videos on my website.

503.784.0826

Posted in Fair Housing
June 8, 2022

Dog breeds go house shopping, ADU tour comes to PDX, Shifting Market Part 2

First, some levity. I love this guy and all of his "if dog breeds were human" videos. Here is Jonny Devaney's If Dog Breeds Went House Shopping":

 

 

 

 

 

By Janet Eastman | The Oregonian/OregonLive

 

Homeowners interested in having separate guest houses or income-producing rentals on their city lot can learn about new zoning rules and see a variety of designs during a tour of Portland’s accessory dwelling units (ADUs) on Saturday, June 25.

 

The 15 self-contained, compact homes on the Build Small, Live Large: Portland’s Accessory Dwelling Unit Tour represent a range of layouts, from new standalone structures to basements and garages converted into living quarters.

 

Ticket holders ($30; accessorydwellings.org) can talk to owners, builders and designers about the decisions made to meet the owners’ needs and budget.

One stop on the self-paced tour is a cottage cluster, a group of detached homes around a central common space. Other examples of legal housing added to a single-family residential lot are ADUs built from a kit or shipping container as well as a tiny house on wheels.

 

Extra homes are also attached to an existing house or built on top of a new garage.

 

More here: https://www.oregonlive.com/hg/2022/05/adu-tour-lets-you-see-how-to-put-two-legal-income-producing-small-homes-on-your-lot.html

 

As I mentioned in my last email to you, there has been a noticeable shift in the market here. Nothing drastic, but definitely a deceleration. Homes priced well are still fetching multiple offers, though fewer. The increase in interest rates and the public mood have cooled things down to a more "normal" pace.

I came across an article which discuss which markets will fare best and which will feel the impact of the shift more intensely.

 

According to the article, the following markets are going to feel this shift the most:

 

Eleven regional markets received a high-risk label, namely: Atlanta, Georgia; Boise, Idaho; Cape Coral, Florida; Deltona, Florida; Des Moines, Iowa; Jacksonville, Florida; Lakeland, Florida; Miami, Florida; North Port, Florida; Orlando, Florida; and Winston Salem, North Carolina.

 

Nine of the markets are located in the nation’s booming Southeast corridor. Fortune claimed that Jacksonville, Atlanta and Orlando made the list given the massive number of homebuilding taking place, which would leave them at a higher risk of oversupply if the bubble bursts."

 

Conversely, the lowest risk markets (including ours) are as follows:

 

"Meanwhile, Fortune identified 37 housing markets that are considered low risk, some of which included: Boston, Massachusetts; Columbus, Ohio; Denver, Colorado; Grand Rapids, Michigan; Los Angeles, California; Portland, Oregon; Sacramento, California; San Diego, California; San Jose-Sunnyvale, California; Seattle, Washington; and Honolulu, Hawaii."

 

You can find the f ull article here: https://www.mpamag.com/us/mortgage-industry/market-updates/real-estate-crash-which-markets-will-survive/408536

 

 

I hope you're all staying safe and healthy! As always, if there is anything I can do for you or if you have any questions, please reach out!

 

Take care!

 

Clarity

Posted in Market Updates
April 13, 2022

The March numbers are in.


Covid-19 Mask Update - Nest Egg Real Estate will continue to enforce masking and social distancing while touring the inside of property.

Posted in Market Updates
April 5, 2022

Buying a house in 2022, Portland Area Homes Tripled in Price since 2000, and Predictions on what we might expect

A bidding war ensues over an apple, demonstrating the insanity of the real estate market right now.  By The JohnsonFiles

 

The Holderness Family put together a video that made me laugh until I cried (and then I just cried). I thought you might find it amusing as well:

https://youtu.be/_alcRJyoYUw

 

 

 

Report: Portland home prices have more than tripled since 2000

by: Alix Martichoux, Nexstar Media Wire

Posted: Apr 3, 2022 / 10:14 AM PDT

 

(NEXSTAR) – The cost of housing – much like everything else – has gone way up over the past year. Low inventory and low-interest rates have thrust the median price of a home in the U.S. up by nearly 20% in a single year.

 

But this latest jump is just an acceleration of what’s been happening for 20 years. Most major cities have seen home prices increase substantially since 2000, with many seeing home values double or even triple.

 

In some cities, the typical home value has more than tripled. In Portland, the typical price of a home has risen 207% since 2000, when it was $178,484. Now, 22 years later, that same figure has skyrocketed to $547,041, according to data analyzed by real estate brokerage Clever.

 

More here: https://www.koin.com/news/money/report-portland-home-prices-have-more-than-tripled-since-2000/

 

 

 

 

 

April 4, 2022

REALTOR® Magazine


 

 

Mortgage rates could approach 5% over the next few weeks, diminishing affordability further for a greater number of potential home buyers this spring.

 

For first-time home buyers, the costs of buying the same home this year compared to one year ago have increased by 40% due to higher home prices and higher mortgage rates, says Lawrence Yun, chief economist of the National Association of REALTORS®.

 

Despite recent job gains, which tend to propel the housing market forward, many uncertainties in the economy and rising prices could hamper home sales moving forward. Inflation is running high at 7.9%. Mortgage rates are expected to rise further as the Federal Reserve moves to tame its short-term interest rates.

 

“There will be an inevitable slowdown in home sales,” Yun says in a recent statement about jobs and the economy. “Keep an eye on days-on-market and a decrease in multiple offers. Home sellers should not expect big, easy profit gains.”

 

While a slowdown may be on the horizon, housing is likely to remain in demand. Rising mortgage rates may prompt some buyers to back off, but they could open buying opportunities for those who have been waiting for the competitive market to slow.

 

“Everyone should embrace higher rates to cool off this madness and hope inventory rises,” Logan Mohtashami, lead analyst at HousingWire, told Fortune. “Let higher rates do their thing.”

 

Housing analysts note to Fortune that rising mortgage rates could help rein in the more recent unsustainable home price growth.

 

Source: “ Instant Reaction: Jobs, April 1, 2022,” National Association of REALTORS® Economists’ Outlook blog (April 1, 2022) and “ The Economic Shock Hitting the Housing Market Just Got Bigger,” Fortune (April 3, 2022)

 

Full article: https://magazine.realtor/daily-news/2022/04/04/priced-out-buyers-may-dampen-market-growth

 

I hope you're all staying safe and healthy! As always, if there is anything I can do for you or if you have any questions, please reach out!

 

Take care!

 

Clarity

 

Clarity Sanderson, CRS

(she/her)

Nest Egg Real Estate, Owner

Washington Managing Broker

Oregon License #201205148

Washington License #25205

http://NestEggRE.com

Search for homes and view free buying and selling videos on my website.

503.784.0826

Posted in Market Updates
Feb. 21, 2022

Video Spotlight: Preparing Your Home to Sell - Happy President's Day

 

Featured Video:

Did you know NestEggRE.com offers free buyer and seller videos? Well, you do now. This week, I am sharing here the Preparing Your Home to Sell .

 

For more free videos, visit Nest Egg Real Estate online!

 

 

I'll be here all week. I'll be here... all the time, actually.

 

Thanks and stay safe!

 

Clarity

 

Clarity Sanderson, CRS

(she/her)

Nest Egg Real Estate, Owner

Washington Managing Broker

Oregon License #201205148

Washington License #25205

http://NestEggRE.com

Search for homes and view free buying and selling videos on my website.

503.784.0826

Feb. 14, 2022

January Market Report Video Series: Pricing your home to Sell

January Market Report

Video Series: Pricing your home to Sell

Hi Clarity,

The January report is in! We are UP to a whopping 0.8 months inventory in Portland Metro, and we're at 0.6 months in SW Washington. Click the graphic for the full story.

 

 

 

Video Series - Pricing your home to Sell

Did you know I offer free videos to help you with your real estate needs? Now you do! Today I am sharing the Pricing Your Home To Sell video .

 

Believe it or not, you can overprice your listing even in a seller's market (even in THIS seller's market). This video helps you to avoid those pitfalls. After all, when you want to sell your house, you have one fundamental question you need to answer: do you want to stay, or do you want to go?

 

For a full list of free videos, visit my website: https://www.nesteggre.com/videos/

 

 

 

From NAR: Two-Thirds of Metros Reached Double-Digit Price Appreciation in Fourth Quarter of 2021

 

February 10, 2022

"...In 20 markets where the median home sales price ranged from $537,400 to $1.675 million, a family needed more than $100,000 to afford a 10% down payment mortgage (17 markets in the previous quarter). These metros were found in California (San Jose-Sunnyvale-Santa Clara, San Francisco-Oakland-Hayward, Anaheim-Santa Ana-Irvine, San Diego-Carlsbad, Los Angeles-Long Beach-Glendale), Hawaii (Urban Honolulu), Colorado (Boulder, Denver-Aurora-Lakewood, Fort Collins), Washington and Oregon (Seattle-Tacoma-Bellevue, Portland-Vancouver-Hillsboro), Florida (Naples-Immokalee-Marco Island), Massachusetts and New Hampshire (Barnstable Town, Boston-Cambridge-Newton), New York, New Jersey, and Pennsylvania (Nassau County-Suffolk County, New York-Newark-Jersey City, New York-Jersey City-White Plains), Connecticut (Bridgeport-Stamford-Norwalk), Nevada (Reno), and the Washington, D.C.-Arlington-Alexandria metro area.3"

 

Read the full story here.

 

Do you want to see how much your home value has changed? Reach out and I'll send you a free property report!

 

Nest Egg Real Estate has updated our Covid-19 policies to include a vaccination requirement.

 

In addition to masks and social distancing, clients are now required to provide proof of vaccination or proof that they are exempt from receiving a vaccination.

 

Speaking of, both Sandy and I are boostered and ready to go! If you're eligible for a booster, you'll need to have that for our next in person visit.

 

Posted in Market Updates
Jan. 17, 2022

Remembering Martin Luther King Jr's Fair Housing Legacy December Market Report

The December numbers are in, and they are at the bottom of this post, but first, important history.

 

On this day commemorating the incredible work towards equality of the late, great Martin Luther King Jr., I want to share with you his legacy on fair housing in America.

From The Equal Rights Center:

 

"From 1965 to 1966, Dr. King co-led the Chicago Freedom Movement, a campaign which sought to challenge discrimination in employment, education, and housing in Chicago. During this time, Chicago was one of the most residentially segregated cities in the country. Black homeseekers in the city and surrounding suburbs were effectively barred from middle-class, predominantly white neighborhoods and prevented from seeking housing freely. By organizing tenants’ unions, sharing their demands with city government leaders, and marching through majority-white neighborhoods, the Chicago Freedom Movement advocated for “open housing” – the right for Black Americans to buy homes anywhere they wish. One of the methods that Dr. King and civil rights advocates used to uncover discrimination in housing was testing. Testing involves one or more people covertly engaging in a transaction or interaction, in order to determine whether discrimination may be occurring."

 

 

One week after Martin Luther King Jr. was assassinated, the Fair Housing Act was passed into law. We owe a huge debt of gratitude to Martin Luther King Jr. for his role in striving for equality in homeownership.

 

To learn more, check out MARTIN LUTHER KING, JR.’S FAIR HOUSING LEGACY: HOW TESTING PLAYED A ROLE IN THE CIVIL RIGHTS MOVEMENT,

 

Remembering Martin Luther King Jr.'s fair housing legacy,

 

and 

 

U.S. Department of Housing and Urban Development: HISTORY OF FAIR HOUSING

 

The December report is in! Inventory dropped again. With an already historic low inventory, the holidays, and a new variant, the numbers are incredibly low last month, however I am beginning to see more homes pop on the market after the New Year.

Market

 

For Southwest Washington specifically, click here.

 

Finally, this update from Mark Aalto with Advantage Mortgage on rates in 2022:

 

For many months we have been hearing 'experts' indicate that rates will hit close to 3.75% by early Summer.  2022 said 'hold my beer' and rates are already at or near this level.  We've all heard economists talking about inflation but up until the last 10 days we haven't really seen it impact mortgage rates.  For whatever reason, we're seeing the changes now and they are happening very rapidly.  And yes, it's all about inflationary pressure right now.
 
I'm bringing this to your attention because now may be a good time to let your clients know about how much the market has changed - especially in such a short period of time.  It can be a real shock for consumers to see rates .75% to 1% higher than they were just a few months ago.
 
What encourages me is that most of the buyers we see still have enough income that the rate increases won't prevent them from purchasing.  And rates are still historically low.  But there are a handful of buyers out there that are just barely qualified at the prior lower rates.  
 
If you have any questions or if I can be of assistance, please reach out.  2022 is off to a fast start and I still expect we're going to have a great year - even if rates aren't at all-time lows.    
 
Mark Aalto 
Senior Loan officer
NMLS 116708
Advantage Mortgage
503 334-4737
Jan. 6, 2022

FHFA Ups Second-Home Fees, Housing Market Predictions for 2022, and $605,000 over asking price?

I wanted you to be aware of what's coming up in the world of real estate, as well as share an article about the bidding wars in 2021. What's the highest over asking you witnessed? I personally saw one go $175,000 over asking.

 

 

 

FHFA Raises Fees on High-Balance Second-Home Loans


 

 

January 6, 2022

 

The Federal Housing Finance Agency announced it would be increasing upfront fees on second-home mortgages and on mortgages that finance homes with balances that exceed standard conforming loan limits. The fees are expected to increase the purchase cost of second homes and homes in high-cost areas.

The new fees from Fannie Mae and Freddie Mac will take effect on April 1.

Upfront fees for mortgage loans on second homes will rise between 1.125% and 3.875%. Most buyers finance their fee through their mortgage, which adds from 0.225% to 0.75% to the annual mortgage rate. For other certain high-balance loans sold to Fannie Mae and Freddie Mac, upfront fees will increase between 0.25% and 0.75%, or roughly 0.05% to 0.15% added to the annual mortgage rate, the FHFA said.

 

“These targeted pricing changes will allow [Fannie Mae and Freddie Mac] to better achieve their mission of facilitating equitable and sustainable access to homeownership while improving their regulatory capital position over time,” Sandra L. Thompson, FHFA acting director, said in a statement.

The National Association of Home Builders said that a buyer of a second home with a $300,000 mortgage loan amount and a loan-to-value ratio of 65%, for example, will pay an additional fee of $4,875 if their mortgage is purchased by Fannie Mae or Freddie Mac. Prior to this change, such buyers would have to pay no additional fee for a comparable mortgage.

 

 

More here

 

Housing Market Predictions for 2022


 

December 30, 2021

by Rose Morrison

 

The housing market is a complicated machine with close connections to the U.S. economy. Changes in one will affect the other, and vice versa. Because these two entities are connected so closely, even the slightest shift can have far-reaching implications for home buyers and real estate agents.

 

Looking for patterns and understanding the relationships between different economic factors can help real estate professionals anticipate where the housing market may go next. As the new year approaches, here’s what experts are saying.

 

The Housing Market Now

 

Coinciding with the pandemic in early 2020, supply chain shortages and underbuilding across the nation made it increasingly difficult for Americans to find new homes. Underbuilding has been a growing problem for years, as construction companies have faced more restrictions and obstacles on how they can build.

 

COVID-19 has compounded this issue and impacted spending and production. Building materials were bought up early in the pandemic as eager homeowners used their extra time for home renovations. Meanwhile, new products could not reach stores—either because they weren’t being produced or because of backups in the supply chain.

 

Click here for the full article.

 

 

 

By Janet Eastman | The Oregonian/OregonLive

 

Last year was a head spinner for home shoppers. The desire to take advantage of historic low mortgage interest rates and move to a larger place to work and staycation during the coronavirus pandemic was dashed for some by unprecedented competition.

 

The low level of properties for sale fueled bidding wars and rising prices. Many Oregonians can point to a house down the street that received more than its asking price. In some cases, residential property sales were over the top:

A remodeled midcentury modern in Portland’s West Hills sold for 30% over the listing price, that is $605,000 more than the owner expected. A 1912 Laurelhurst bungalow traded hands for 51.4% or $486,000 more than the asking price, all in two weeks.

Posted in Market Updates