# Lovejoy Real Estate | Portland Real Estate Brokerage
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Independent Portland Metro, SW Washington, and Willamette Valley real estate brokerage since 2003. The Turner Team at Lovejoy Real Estate: 2,500+ homes sold, buyer and seller specialists.
## Posts
### [Zillow Estimates](https://lovejoyrealestate.com/zillow-estimates/)
**Published:** January 14, 2008
**Author:** Charles Turner
**Content:**
[Zillow](http://www.zillow.com) just dropped the Beta tag from their name. When it was released last year, I posted [this](https://lovejoyrealestate.com/zillowcom/) and [this](https://lovejoyrealestate.com/prudential-nw-properties-beat-zillow-to-the-net/). What we found was Zillow didn’t like bedrooms. Turning a 4 bedroom house into a 1 bedroom house added $60,000 in the Zestimate.
Using our four bedroom, two bath single family rental property in Southeast, Zillow estimates the homes worth at $413,500 within a range of $343,500 – $480,000. The tax record is accurate. The range is huge; close to worthless but probably reflects a major fixer to a fully remodeled house. I’d probably consider $413k if I got an offer for it.
What happens when we tweak the home’s stats:
Lose a bedroom (3 bed, 2 bath): plus $525
Lose 2 bathrooms (2 bed, 2 bath): minus $1815
Add a bath (4 bed, 3 bath): plus $11,168
Now here’s the one I don’t get: lose a bedroom, add a bath (3 bed, 3 bath): +$55,634
The upper range of the house has now gone up to $516,000.
I didn’t mess with the stated square footage until now: add 1000SQFT and value to the base house goes up $141,000. With the added square footage, there is less difference between changing the bed bath configuration. The highest value becomes 4 bed, 3 bath, +1000SQFT which adds $155,100 in value.
Overall, I give more credence to the “truth” than the hypothetical. I think their first shot at value isn’t bad. Some of the changes seem a little out of whack- there must be a premium for larger bedrooms or as a ratio to square footage. Three bed, three bath seems like a strange combo to place a premium on.
**Categories:** Real Estate News & Tips
**Tags:** Zillow
---
### [Aluminum Wiring](https://lovejoyrealestate.com/aluminum-wiring/)
**Published:** July 13, 2005
**Author:** Charles Turner
**Content:**
Home inspection today revealed that the house is wired with aluminum wiring. It’s a known potential fire hazard so merits more research. The most useful reference is the U.S. Consumer Product Safety Commission’s [Publication 516, Repairing Aluminum Wiring](https://www.cpsc.gov/safety-education/safety-guides/electronics-and-electrical-home/repairing-aluminum-wiring), which covers how to recognize aluminum branch circuit wiring and the repair methods CPSC recommends.
There are different fixes for the problem. The “best” system attaches a copper wire to the aluminum with a special tool — the COPALUM crimp connector, originally made by AMP/Tyco. Every outlet, switch and fixture throughout the house has the connector applied to it. CPSC also recognizes AlumiConn as an alternative where COPALUM is unavailable.
**Categories:** Real Estate News & Tips
**Tags:** aluminum wiring, home inspection
---
### [2026 Street of Dreams: Interactive Map of All 22 Show Homes](https://lovejoyrealestate.com/street-of-dreams-2026-map/)
**Published:** July 28, 2026
**Author:** Charles Turner
**Content:**
The 2026 NW Natural Street of Dreams spreads 22 show homes from the featured village at Serres Farms in Oregon City to homes on tour across the metro and the Oregon coast. Here is every home on one interactive map: tap a pin for a photo and the details, and tap a numbered cluster to fan out the homes stacked at a single site.
Serres Farms village On tour Tap a cluster to fan out the homes
Home addresses are now live and shown on each pin; a few homes have limited open days, noted in their popups. Planning your own move around the Portland metro or Willamette Valley while you tour? Reach out to the Turner Team anytime, no pitch and no pressure.
**Categories:** Portland Street of Dreams, Real Estate News & Tips
---
### [What If Liquid Death Wrote Our Listing Descriptions?](https://lovejoyrealestate.com/what-if-liquid-death-wrote-our-listing-descriptions/)
**Published:** June 12, 2026
**Author:** Charles Turner
**Excerpt:** We watched Liquid Death's VP of Creative speak, then let AI rewrite Portland listing descriptions in their voice. The result says more about real estate marketing than you'd expect.
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/06/Gemini_Generated_Image_z8frryz8frryz8fr.png)I was in Denver last week watched Andy Pearson, VP of Creative at Liquid Death, speak at the 1000Watt Signal conference. If you don’t know the brand, it’s water. Just water. In a tallboy can with a melting skull on it that says “Murder Your Thirst.” I’m not the target demographic. I thought it was an energy drink, another speaker referred to it as, “Death Water” the following day. It’s also a company doing close to $300 million a year, and it got there by being the one brand brave enough to sound like an actual human instead of a committee.
Their whole thing is commit to the bit. So I started wondering what would happen if that voice got loose in the one place in real estate where everyone sounds exactly the same: the MLS listing description.
You know the genre. “Charming.” “Tons of potential.” “Won’t last!” Every home is a “rare opportunity” and every kitchen is a “chef’s dream.” It’s the beige wallpaper of our industry, and buyers have learned to skim right past it.
So we ran an experiment. We took a few classic Portland home types, the kind that come and go on the market every week, and had AI write the descriptions in full Liquid Death voice. These are AI-written, on purpose. And here’s the uncomfortable part: most of this could actually run in the MLS and be a lot more interesting than what we everyday. And to repeat: we let Claude loose on this. All the listing descriptions are fictitious and the images are 100% Google Gemini generated with the prompts themselves coming from Claude. Liquid Death did not have a hand in this.
So why does none of it ever show up in real life? Two reasons, and neither one is the rulebook. First, almost no agent will commit to a voice this bold. Second, in our market the seller has to read and sign off on the description before it goes live, and aren’t willing to start that conversation. It is easier to type “charming” and move on.
Read these and tell me which version you’d actually finish reading.
---
## The NE Portland classic — 3 bed, 1 bath, around 3,200 sq ft, high $500s
**[](https://lovejoyrealestate.com/wp-content/uploads/2026/06/Gemini_Generated_Image_blum53blum53blum.png)The standard version:**
Charming Old Portland classic full of character and timeless appeal! This spacious home offers tons of potential and an unbeatable location close to shops, dining, and transit. Bring your vision and make it your own. A rare opportunity in a sought-after neighborhood. Don’t miss out!
**If Liquid Death wrote it:**
Around 3,200 square feet of original-growth Douglas fir that has outlived four economic collapses and will outlive you too. This is the kind of house they built in 1910, by people who did not believe in your feelings. The bones are immortal. The one bathroom is a test of family loyalty. It sits on a NE Portland block where the food carts are closer than your in-laws and the bus line does not care about your excuses. Three bedrooms. One bath. Infinite stubbornness. Buy the house your great-grandkids will refuse to sell.
---
## The SE Portland bungalow — 4 bed, 2 bath, around 1,800 sq ft, mid $400s
**[](https://lovejoyrealestate.com/wp-content/uploads/2026/06/Gemini_Generated_Image_qavlwqqavlwqqavl.png)The standard version:**
Welcome home to this lovingly maintained gem! Featuring four bedrooms and a bright, open feel, this move-in-ready beauty is perfect for entertaining. Enjoy the best of SE Portland living just minutes from parks, restaurants, and the river. A must-see that truly has it all!
**If Liquid Death wrote it:**
Four bedrooms. Two bathrooms. Zero apologies. This 1,800-square-foot bungalow has survived a century of Portland rain and has no intention of stopping now. The yard is big enough for a garden, a dog, or a small viking funeral, your call. You are in Sellwood, which means coffee, beer, and antiques are all within screaming range. Move in ready, which is corporate for “we cannot find anything to complain about.” Claim your territory.
---
## The downtown condo — 1 bed, 2 bath, around 700 sq ft, high $200s
**[](https://lovejoyrealestate.com/wp-content/uploads/2026/06/Gemini_Generated_Image_jj1tdqjj1tdqjj1t.png)The standard version:**
Urban living at its finest! This cozy and efficient condo offers the ultimate low-maintenance lifestyle in the heart of the city. Close to it all! Perfect for the first-time buyer or savvy investor. Priced to sell, schedule your showing today!
**If Liquid Death wrote it:**
Around 700 square feet. One bedroom. Two bathrooms, because somebody did the math and decided you deserve options. Under $275,000 in downtown Portland, which in this market is basically a dare. You will never mow a lawn. You will never clean a gutter. The entire city is at your door and you own a parking spot you barely need. This is not a starter home. This is a base camp for someone who has better things to do than maintenance. Low effort. High survival rate.
---
## Okay, but here’s the actual point
The fun is in the contrast, and the contrast is the lesson.
The standard descriptions all blur together because they are written to offend no one, which means they say nothing. The Liquid Death versions are absurd, but you read every word. Here is the kicker: with the steering language stripped out, the bold versions break no rules. The only thing standing between “charming classic” and a description someone actually finishes is an agent willing to commit, and a seller willing to put their name under it.
That second part is the real tell. A description with a personality means sitting down with the seller, reading it together, and asking them to own it. In our market that sign-off is required anyway, and most agents treat it as a rubber stamp.
Here is the honest part. Search our own listings and you will find “charming” more often than we’d like to admit. We slip into the beige right along with everyone else. So take this post as us calling ourselves out too. The fix is not death-metal copy. It is treating that seller sign-off as a real conversation instead of a signature, and using it to write something that actually sounds like your home.
So no, we are probably not publishing “small viking funeral.” But we can do better than “charming,” and that is the bar we are setting for ourselves. Less beige. More true. It is not a stunt. It is just doing the part of the job most people skip.
*Thinking about selling? Ask us how we’d describe your home. And yes, you get final say on every word. Let’s talk.*
---
*Liquid Death context from [Fast Company](https://www.fastcompany.com/91523010/liquid-death-and-pit-viper-just-released-new-sunglasses-but-theyre-for-after-you-die) and reporting on the brand’s [marketing approach](https://members.asicentral.com/news/strategy/march-2026/marketing-is-easy-entertainment-is-hard-lessons-in-branding-from-liquid-death-founder-mike-cessario/). The homes here are composite Portland archetypes, not specific listings; both versions of every description are illustrative.*
**Categories:** Uncategorized
---
### [Portland Metro Market Update: May 2026](https://lovejoyrealestate.com/portland-metro-market-update-may-2026/)
**Published:** June 5, 2026
**Author:** Charles Turner
**Excerpt:** Portland-area closed sales are up 2.4% year-to-date in 2026 even as the national market stalls. We went looking for the one factor driving it and came up empty. Same inputs as last year, same result.
**Content:**
## *We went looking for the one thing driving this market and came up empty. Same inputs as last year, same result.*
[](https://lovejoyrealestate.com/wp-content/uploads/2026/06/RMLS-Portland-Stats-May-2026.jpg)2026 was supposed to be the breakout year. But the real estate market is like a politician with short-term memory. 2024 was supposed to be the breakout year. 2025 was supposed to be the breakout year. The Portland real estate market is having a strong start to the year but it’s nothing special in either direction. Every spring you want to point at one thing and say that’s what’s moving the market. This year we went looking for it and came up empty, and that ended up being the most useful thing we can tell you.
Start with the number we keep coming back to. Year-to-date closed sales through May:
> 2024: 8,211
> 2025: 8,387
> 2026: 8,586
Three years running, the number has gone up. 2026 is now ahead of both, up 2.4% over 2025 and past the 2024 pace that was supposed to be the recovery year. And it’s doing it on a softer median, not a rising one. The year-to-date median is $540,000, down 1.6% from $549,000 a year ago. More homes are trading, and not because prices took off.
It’s worth putting that next to the rest of the country. Nationally, existing-home sales have been flat to slightly down all year, sluggish, in the National Association of Realtors’ own word, and below last year’s pace. Portland is running ahead while the country treads water. That’s not nothing.
## We’ve seen this movie before
Here’s the part worth sitting with. Last year ran almost the same script. 2025 came out hot, with closed sales up 8.3% in January and 11.2% in February over the prior year, running comfortably ahead of 2024 right through about this point on the calendar. Then spring and summer cooled off, and April, May, June, and July all closed below their 2024 numbers. Anyone who called the top in midsummer was looking at real data. Then the market found its footing, closed the year strong with December up 6.5% over the year before, and finished 2025 ahead of 2024 anyway, up 1.4% for the year.
Now look at 2026. Strong start, running ahead of pace, already cooling month to month: April closings were up 7.1% over a year ago, May only 1.7%. If last year is the script, the spring lull is the next scene, and so is the comeback. Déjà vu all over again.
2026 was supposed to be the breakout, the year things finally broke loose after the 2023 and 2024 freeze. It didn’t break out. It just kept grinding higher. So we went looking for what changed, and nothing did.
## Rates: about the same, and that’s the point
Here’s the 30-year fixed each May, per Freddie Mac:
> May 2024: about 7.0%
> May 2025: about 6.8%
> May 2026: about 6.5%
A little lower each year, maybe a quarter to a half point. Not enough to kick off a frenzy. What matters more is that none of these start with a 5, let alone a 2 or a 3, and they aren’t going to again.
That’s the real story on rates. Every year we get further from the pandemic lows, more of the golden handcuffs come off. Someone sitting on a 2.9% loan can hold it forever on paper, but life doesn’t wait for rates. People change jobs, have kids, get older, get married, get divorced. Sooner or later the house has to move no matter what loan is attached to it, and more of those moves are happening now. First-time buyers never had a 3% rate to hang onto in the first place, so high-6s isn’t a letdown for them. It’s just what a house costs right now, and they’re buying. It’s going to take rates in the 5s for this to become the headline. We touched it for about 72 hours but then world events got in the way.
## Rents aren’t rescuing anyone either
If rent were getting cheaper, sitting tight would make sense. It isn’t. The average in Portland is around $1,700, basically flat over the last year and down a hair. For someone on the sidelines, the rent-versus-own math isn’t improving. It’s holding steady, and that quietly pushes more pre-approved buyers off the fence.
## We even checked the weather
It was a weird, mild winter. Almost no snow, one of the thinnest Cascade snowpacks on record, and a warm, dry run through late spring. The airport saw under an inch of rain in May against a normal of about two and a half. So we asked the obvious question: did the nice weather just pull the spring market forward?
It didn’t. Early winter was actually wetter than normal, February and March ran above average, and the warm stretch didn’t track the sales pattern. Good weather might get a few more people out to tour on a Saturday. It doesn’t build a market. We ran it down because somebody was going to ask, and the answer is no.
## What’s actually worth watching: sellers stepped back
Here’s the data point that does stand out. New listings in May came in at 3,246, down 11.1% from a year ago. Pending sales went the other way, up 6.1%. So demand held while supply pulled back. Inventory is still just 3.2 months, well under the four to six months that defines a balanced market.
That gap is what we’d watch this summer. Demand isn’t falling off. Sellers are choosing not to list, which is a different problem and a more fixable one. For anyone weighing a sale, the takeaway is simple: buyers are out, and there’s less competition on the market than there was a year ago. April through June is usually the busiest closing stretch of the year here, and right now there are fewer homes available to soak up that demand.
One more thing worth noting. The average sale price rose 3.6% from April to May, and the median ticked up 1.8% month over month. Year-over-year the median is soft, but month to month the market firmed up, not down.
## The market in one sentence
Rates are about where they were, rents are flat, the weather was a wash, and the backdrop, a war overseas and an election year at home, is plenty loud, and the market has mostly ignored it. And still, more homes are closing this year than last year or the year before. Nothing explains it, and that’s the whole point. Maybe if rates had dropped into the 5s, or the headlines were quieter, this is the year it finally breaks out. They didn’t, so it didn’t. Same inputs, same result. A market that keeps grinding higher on its own steady demand instead of some catalyst is more durable than a boom, and a lot easier to plan around.
*Questions about what this means for your situation? We’re happy to walk through it.*
*Next week: what a brand that sells canned water can teach you about selling a house. Most real estate marketing is beige. [Liquid Death](https://liquiddeath.com) built a following by being anything but, and there’s a lesson in there for anyone trying to stand out in a crowded market.*
---
*Source: All charts and statistics in this post are drawn from the [RMLS Market Action Report — Portland Metro, May 2026](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=19672).*
**Categories:** Market Activity & Data
---
### [We Read a Stack of Recent Inspection Reports. The Same Things Show Up Every Time.](https://lovejoyrealestate.com/common-home-inspection-findings-portland-willamette-valley/)
**Published:** May 29, 2026
**Author:** Charles Turner
**Excerpt:** Most of a home inspection report is the same short list of findings, house after house. Here's what actually shows up across Portland and the Willamette Valley, what's routine, and the handful that genuinely matter.
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/05/GFCI-from-Inspection-Report.jpg)
Last week we wrote about [how to use ChatGPT on your inspection report](https://lovejoyrealestate.com/chatgpt-home-inspection-report/) without talking yourself out of a good house. The short version: AI is good at sorting a report into buckets, but it can’t tell you whether a finding is normal for your neighborhood and the home’s vintage, or genuinely unusual. That calibration happens on the call with your agent.
This is the other half of that. Because before you sort a report, it helps to know what’s actually going to be on it.
We pulled the inspection reports from a run of recent Lovejoy Real Estate transactions across the Portland metro and the Mid-Willamette Valley and read them side by side. Different houses, different inspectors, different decades of construction, from Sellwood bungalows to Keizer ranches. The thing that stood out wasn’t how different the reports were. It was how much they repeated. Strip away the photos and the formatting and most reports are the same short list of findings, showing up house after house.
A home inspection report is built to flag everything. A thorough inspector writes up every imperfection, so a 60-page report on a 1925 bungalow is normal and a clean five-item report would be the actual red flag. If you know what’s on the list before you open it, the volume stops being scary and the report starts being useful. Here’s what we see.
## The findings that show up on almost every house
These are the items that appear so consistently they’re closer to a maintenance checklist than a verdict on the home. In the four-bucket framework from last week, almost all of them land in bucket 2 (things every reasonable buyer asks for) or bucket 4 (routine and cosmetic). None of them mean you’re buying a bad house. Most are cheap, fast, and expected on any home that’s been lived in.
- **GFCI outlets that fail the test.** The outlets near sinks, in garages, and on exterior walls are supposed to trip when they sense a fault. On older homes a few almost always don’t. An electrician fixes most of them in an afternoon.
- **Missing or expired smoke and carbon monoxide detectors.** Oregon law requires CO detectors, and inspectors flag them every time they’re missing or past their date. This is a same-day, under-$100 fix. State law covers this so replacing before listing keeps it out of the report.
- **A water heater near or past its service life.** A standard tank lasts roughly ten to twelve years. We see plenty of fifteen- and twenty-year-old units still running. It works today, which is why a seller can honestly call it functional, but its age belongs in the conversation. Lack of proper earthquake strapping also frequently makes the list.
- **Exterior trim and siding rot.** Belly band, door trim, garage corners, fascia. In our climate, anything wood and exposed eventually takes on moisture. It’s almost always cosmetic-grade and almost always visible on the walk-around before you ever order an inspection.
- **Gutters, downspouts, and where the water goes.** Debris in the gutters, downspouts dumping at the foundation, below-grade rain drains nobody has scoped. Drainage is the single most common root cause of bigger problems later, so inspectors are right to flag it, but the fix is usually maintenance, not money.
- **Small safety items.** Missing anti-tip bracket on the range, an open junction box, a missing outlet cover, a loose handrail. Individually minor. They pad the summary page and make the list look longer than the problem is.
Add those up and you’ve explained a large share of a typical report before you’ve found anything that actually changes the deal.
## The handful that actually matter
A short list of findings genuinely deserves your attention. These are last week’s bucket 3, the real surprises, and they’re the ones worth slowing down for, getting a specialist on, or building a repair request around.
- **Moisture and possible microbial growth.** Stained roof sheathing, rusted nail tips in the attic, a musty crawlspace. In the Pacific Northwest this is the finding we take most seriously, because it points at a cause, not just a symptom. It’s worth a specialist evaluation before the inspection window closes.
- **Sewer lines on older homes.** Portland’s older neighborhoods are full of clay and concrete laterals that crack, sag, or fill with roots. A general inspection doesn’t see inside the pipe. A sewer scope is cheap insurance, and a bad line is one of the few findings that can run into five figures. We still recommend sewer scopes on new construction. Lines get laid in soft soil and then compacted by heavy equipment driving over them.
- **Drainage and grading that actually move water toward the house.** Different from a clogged gutter. If the lot itself sends water at the foundation, that’s a real problem worth investigating.
- **Underground oil tanks.** Common on older Portland homes that once ran on oil heat. Decommissioning status matters, and it’s a known item to chase down.
- **Radon and, in rural areas, wells and septic.** Much of the Willamette Valley sits in a higher-radon zone, and rural properties around Silverton, Dallas, or Aumsville often come with their own water and waste systems that need their own inspections. Not so fun fact: radon is the second leading cause of lung cancer…behind smoking.
Notice the pattern. The routine list is about wear. The list that matters is about water, what’s underground, and what a general inspection can’t see on its own. Knowing which list a finding belongs on is most of the job, and it’s exactly the call AI can’t make for you.
## The gap between the disclosure and the report
One more thing we watch for. Sellers fill out a property disclosure before they ever see an inspection, and inspectors sometimes find evidence of something the disclosure said wasn’t there. A “no moisture problems” box checked next to attic discoloration the inspector photographed, for example.
Usually this is honest. A homeowner can’t see their own attic sheathing and genuinely doesn’t know. But it changes the conversation, because it gives a buyer a fair reason to ask the seller to investigate and stand behind the answer. For sellers, it’s the argument for getting ahead of it: the cheapest version of every one of these findings is the one you handle before the sign goes in the yard, not the one you negotiate under a deadline.
## What this means for you
If you’re buying, a long report is not a reason to walk. It’s a reason to have someone who’s read a few hundred of these tell you which three findings matter and which twenty-five are Tuesday. The prompts from last week organize the list. The sorting, and the read on what’s reasonable to ask for in this market, is the part we do on every transaction, with actual local cost data instead of national averages.
If you’re selling, the report your buyer orders is largely predictable, which means most of it is fixable on your terms and your timeline before you list. Deferred maintenance doesn’t disappear when you sell. It just moves to the negotiating table, where it costs more and you have less control.
A long inspection list isn’t a bad house. It’s an uninterpreted one. Whether you’re buying or selling on either side of the Portland metro or down through the Willamette Valley, that’s the conversation we’re happy to have before you’re staring at the report. Reach out to Lovejoy Real Estate and we’ll walk through it.
**Categories:** First Time Buyer, Home Inspections
---
### [Why August Could Be the Sweet Spot for Portland Buyers](https://lovejoyrealestate.com/why-august-could-be-the-sweet-spot-for-portland-buyers/)
**Published:** August 12, 2025
**Author:** Charles Turner
**Content:**
*More homes, motivated sellers, and steadier rates can create a quieter lane for you to buy well—without overreaching.*## Quick Take
August in Portland often blends a late-summer bump in listings with steadier interest rates and sellers who want to be under contract before Labor Day or the first weeks of school. Translation: you can see more homes, compare values more easily, and negotiate with a little more leverage than you might have had in peak spring.
## Why August Works in Your Favor
### 1) Late-summer supply gives you options
Many sellers list in mid-to-late summer to catch end-of-season buyers. That extra selection means you can focus on the right home—layout, condition, location—rather than settling because of limited inventory.
### 2) Seller motivation increases
Plenty of sellers aim to close before fall routines kick in. If a property has been on the market a few weeks, it’s common to find more openness to repair credits, closing cost concessions, or flexible timelines.
### 3) Rate stability helps you plan
When mortgage rates aren’t whipsawing week to week, you can strategize with intention: lock when you’re comfortable, or float if your lender advises. Ask about points, buydowns, and rate-lock extensions so you’re protected if closing dates shift.
### 4) Showings and offers feel less frantic
Vacation schedules and back-to-school prep can thin out weekend competition. Fewer overlapping tours mean better access, clearer reads on pricing, and more thoughtful offers.
## How to Use August to Your Advantage
- **Get fully underwritten pre-approval.** You’ll move faster and negotiate from strength.
- **Compare “actives” vs “pendings.”** Ask your agent for a recent RMLS snapshot of list-to-sale patterns in your target neighborhoods.
- **Be offer-ready, not offer-rushed.** Talk terms in advance, including inspection timelines, appraisal strategies, and seller rent-backs if needed.
- **Target move-in-ready or value-add—on purpose.** Decide which path fits your budget and bandwidth before you tour.
- **Use layout tests during tours.** Check grocery drop-off flow, laundry access, and night navigation to avoid regret.
## What Could Change Next
Inventory and rates can shift quickly. If more buyers re-enter after summer travel, competition can tick up again in early September. If rates drift, affordability changes. The key is timing your lock and aligning your offer strategy with current RMLS trends in your exact search area.
## Local Scenarios We’re Seeing
- **SE Portland craftsman, 3–4 weeks on market:** Buyers negotiating seller-paid closing costs or targeted repair credits.
- **NE Portland updated bungalows:** Still moving quickly—clean offers and tight timelines help without overpaying.
- **Suburbs west of 217:** New listings creating healthy comparison shopping; smart pricing wins.
Note: We tailor advice using current RMLS data for your specific price band and neighborhood—no one-size-fits-all guidance here.
## Next Steps
1. Request a 15-minute consult to align budget, neighborhoods, and timeline.
2. Get fully underwritten pre-approval from a local lender.
3. Tour 3–5 homes this week and pressure-test your shortlist with layout and value checks.
### Why Work with Lovejoy Real Estate
With **500+ five-star reviews** and **200+ successful transactions each year**, our team—led by **Jenny Turner**—helps Portland buyers navigate fast-moving markets with confident, data-driven decisions.
## Let’s Find Your August Advantage
If buying is on your radar, August can be a smart window to move from “curious” to “confident.” Reach out—no pressure, just clear advice and a plan tailored to you.
**Categories:** Uncategorized
---
### [Why Oregon’s Property Tax Year Starts in July (and What It Means for You)](https://lovejoyrealestate.com/why-oregons-property-tax-year-starts-in-july-and-what-it-means-for-you/)
**Published:** August 1, 2025
**Author:** Charles Turner
**Content:**
If you’ve ever scratched your head over Oregon’s property tax schedule, you’re not alone. Unlike most bills that follow a calendar year, Oregon property taxes run **July 1 through June 30** — a cycle that feels out of sync with almost everything else in your financial life. Add in a November payment deadline, and it’s no wonder buyers and sellers alike get confused.
## Why the Tax Year Runs July to June
[Oregon’s property tax](https://www.oregon.gov/dor/programs/property/pages/default.aspx "Oregon Department of Revenue") system is built around **local government budgets**, not the calendar. Counties, cities, and service districts (like schools, fire, and parks) all operate on a fiscal year that begins July 1. To match, property taxes are structured to cover July through the following June.
## When Property Taxes Are Due
Tax statements are mailed in October, and the first big deadline is **November 15**. Homeowners can:
- **Pay in full** (and typically receive a discount).
- **Pay in three installments** — November, February, and May.
Most owners choose to pay in full for the discount.
## How Taxes Are Handled When You Buy or Sell
At closing, property taxes are **prorated** so both buyer and seller pay only for the time they own the home. But here’s the wrinkle: Oregon’s tax bill isn’t due until November, which means the seller may not have paid it yet.
Here’s what usually happens:
- If you close **before November 15**, escrow collects funds from both parties. That way, when the bill arrives, the taxes can be paid in full on time.
- If you close **after November 15**, and the seller already paid, you’ll reimburse them for your portion of the year.
> 💡 **Example:** If you close on September 15, the bill hasn’t come due yet. Escrow will set aside enough from both you and the seller so the taxes can be paid in November — ensuring each side covers only their share.
## Property Taxes and Your Mortgage Payment
If you have a mortgage, odds are your property taxes are included in your monthly payment as part of **PITI** — Principal, Interest, Taxes, and Insurance. Your lender collects 1/12 of your annual tax bill each month into an **escrow (impound) account**, and then pays the county directly when taxes are due.
## The Bottom Line
Oregon’s property tax calendar may feel unusual, but once you understand the July–June cycle and November deadline, it starts to make sense. And when you buy or sell, your title and escrow team will calculate the prorations so you’re not left guessing.
If you’re planning a move in 2025, **Lovejoy Real Estate** is here to guide you through every step — including the tax details.
**Categories:** Uncategorized
---
### [5 Clever Layout Tests Before You Make an Offer in Portland](https://lovejoyrealestate.com/5-clever-layout-tests-before-you-make-an-offer-in-portland/)
**Published:** August 13, 2025
**Author:** Charles Turner
**Content:**
Portland homes can be charmingly quirky—hello, Craftsman nooks, mid-century basements, and that “creative” laundry spot someone once thought was a good idea. Before you fall for pretty listing photos, run these five quick layout tests in person. You’ll spot daily friction (or daily joy) long before you’re moving boxes in the rain.*Why this matters:* layout is lifestyle. In a city where you’re juggling gear (bikes, hiking packs, rain shells), narrow lots, and often an ADU or unfinished basement, the way a home **flows** is everything. ## 1) The “Rainy Day Drop-Off” Test
Simulate coming home with groceries while it’s pouring (so… most of November through April). Stand at the curb or garage and trace your steps:
- **Distance & doors:** How many doors between car and kitchen? Are they full-swing doors that block you, or pocket/sliders that help flow?
- **Landing zone:** Is there a covered entry, bench, or mud nook for wet coats, boots, and backpacks?
- **Kitchen drop:** Is there immediate counter space to unload, or will bags hit the floor?
*Portland nuance:* Covered porches, side entries, and garage-to-kitchen hallways are gold. Bungalows with tiny front stoops can be tough without a mud solution.
## 2) The “Laundry Sanity” Test
Laundry location and noise can quietly wreck your week. Do this quick check:
- **Proximity:** Is laundry near bedrooms (easy) or down a steep basement stair (less fun with baskets)?
- **Noise bleed:** Shut the door, run the machines (if possible), and stand in adjacent rooms. Can you take a call?
- **Pathing:** Any tight turns or low head clearance common in older basements?
*Upgrade tip:* If the only option is basement laundry, look for space to add folding surfaces, utility sink, and bright lighting to make it usable year-round.
## 3) The “Kitchen Triangle + People Flow” Test
Open-concept is popular in Portland, but not all opens are equal. While you tour, physically walk this sequence:
1. Fridge → sink → range (is it a clear triangle without collisions?)
2. Island seating (can stools tuck without blocking the aisle?)
3. Path to outdoor space (is the grill/outdoor table accessible without cutting through the work zone?)
*Red flag:* Beautiful kitchen, but only 34–36 inches between island and cabinets can feel tight with two people cooking.
## 4) The “Privacy & Quiet Corners” Test
You need at least one decompression zone. Try this:
- **Bedrooms:** Close doors and listen. Do bathrooms back up to headboards? Are there creaky floor transitions common in older homes?
- **Work-from-home spot:** Is there a true door, not just an alcove off the living room?
- **Zoning by level:** Can one floor host guests/kids while another stays calm?
*Portland nuance:* Many classic layouts shine when you turn an enclosed porch, finished attic, or ADU into a real retreat or office.
## 5) The “Storage Meets Real Life” Test
Pretty shelves don’t equal practical storage. Bring this micro-checklist:
- **Doors & swings:** Do closet/bedroom/bath doors crash into each other?
- **Vertical space:** Can you add ceiling racks in the garage for skis, kayaks, or bike hoists?
- **Entry clutter control:** Hooks, charging shelf, and a drop drawer near the door save your counters.
- **Basement reality:** Is there dry, usable storage (look for finished walls, dehumidification, and easy access)?
### Bonus: 2-Minute Whole-Home Flow Script
Start at the front door and walk your real daily routine:
- Keys down → shoes off → coat hang → bag drop
- Grocery unload → cooking → eating → cleanup → trash/recycling access
- Work call → quiet corner → quick break → bathroom
- Bedtime → laundry toss → lights out
Anywhere you hesitate or backtrack is a layout friction point that might need a plan—or a different house.
## What If You Love the House but the Layout Fights You?
You’ve got options: pocket doors in narrow halls, a true mud bench at the back entry, stacked laundry upstairs, or a simple island reconfig. Small fixes can transform daily life.
## Next Steps (We’ll Walk the Tests with You)
At Lovejoy Real Estate, we tour with these tests in mind—so you don’t fall for photos and miss the flow. With **500+ five-star reviews** and **200+ successful transactions a year**, we’ve seen every quirky Portland floor plan and know how to make them work (or when to walk). If you want a second set of eyes, we’re here.
### Quick TLDR (Too Long Didn’t Read) Checklist
- Rainy Day Drop-Off: covered entry, easy kitchen access, landing zone
- Laundry Sanity: location, noise, pathing
- Kitchen Flow: work triangle, aisle width, outdoor access
- Privacy Corners: bedrooms, real doors for WFH, floor separation
- Storage Reality: door swings, vertical storage, basement usability
*Thinking about a layout-savvy tour? Let’s set one up around your real routines—bikes, kids, pets, projects, all of it.*
**Categories:** Uncategorized
---
### [Portland’s Late-Summer Market Update — Inventory vs. Prices](https://lovejoyrealestate.com/portlands-late-summer-market-update-inventory-vs-prices/)
**Published:** August 13, 2025
**Author:** Charles Turner
**Content:**
As we head into late summer, Portland’s real estate market is showing clear signs of seasonal shift — but it’s not a straightforward story. While inventory is ticking upward, prices are holding relatively steady. Here’s what the latest RMLS data tells us — and how to make the most of it whether you’re buying or selling right now.
## Inventory’s on the Rise — But Not Skyrocketing
After a busy spring, July brought a 3.7-month supply of inventory to the Portland metro area — the highest we’ve seen in over a year. That’s up from 3.6 months in June and 3.3 in May, giving buyers more breathing room and a broader selection of homes across nearly every price point.
But it’s important to note: more listings don’t automatically mean a buyer’s market. Demand is still present — just more balanced than it was earlier in the year.
## Prices Remain Steady, Not Slipping
Despite the uptick in inventory, we’re not seeing a price plunge. The median sale price in July held at **$549,000**, unchanged from June. The average sale price nudged slightly upward to **$611,400**, a 1.2% increase year-over-year. This is a clear signal that sellers are still holding firm, especially for well-presented homes in desirable neighborhoods.
## Buyer Activity Has Softened — Just a Bit
Pending sales were down 4% month-over-month and 0.6% year-over-year. That suggests some buyers are pausing — either due to summer vacations, higher rates, or waiting for clearer signals. But there’s still healthy movement: over 2,000 homes closed in July, up slightly from June.
## What This Means for You
- **Buyers:** You’re in a stronger negotiating position than earlier this year — especially if you’re well-prepped with financing and ready to move quickly. Focus on homes that have been sitting slightly longer or that are priced just above recent comps.
- **Sellers:** Homes are still selling — but strategic pricing and presentation matter more than ever. Be ready for more competition and buyers who are doing their homework.
## Lovejoy’s Take
At Lovejoy Real Estate, we’re seeing a late-summer market that’s shifting — but not stalling. The uptick in inventory is giving buyers room to breathe, while steady pricing shows sellers still have leverage. Whether you’re thinking about entering the market or adjusting your strategy, we’re here to guide you with real-time insight and honest advice.
*Need help understanding how this market affects your goals? Let’s talk.*
**Categories:** Uncategorized
---
### [Why ADUs Are a Big Win in Portland Right Now](https://lovejoyrealestate.com/why-adus-are-a-big-win-in-portland-right-now/)
**Published:** August 14, 2025
**Author:** Charles Turner
**Content:**
Accessory Dwelling Units (ADUs) — sometimes called backyard cottages, granny flats, or basement apartments — are making a major impact in Portland’s housing market. They’ve gone from being a niche project for creative homeowners to a mainstream option embraced by buyers, sellers, and investors alike. With more flexible zoning and continued housing demand, now is a prime time to explore what an ADU could mean for your property.
## What Makes an ADU So Valuable?
An ADU is a secondary housing unit on a single-family residential lot. It can be attached to the main home (like a converted basement or garage) or detached entirely (such as a small backyard cottage). The appeal is in their flexibility — they can serve as:
- **Rental income:** Long-term leases or short-term furnished rentals, depending on city regulations.
- **Private guest space:** Ideal for visiting family and friends without sacrificing your privacy.
- **Multi-generational living:** Keeping loved ones close while maintaining independence.
- **Home office or studio:** A dedicated, separate space that can adapt as your needs change.
## Portland’s ADU-Friendly Policies
One reason ADUs have taken off here is the City of Portland’s supportive stance on small-scale infill housing. In recent years, rules have eased around setbacks, parking requirements, and owner-occupancy mandates. Homeowners no longer have to live on-site to rent out an ADU, which opens the door for broader use and investment potential. You can review the current rules, permits, and design guidelines on the City of Portland’s official [ADU resource page](https://www.portland.gov/bds/residential/accessory-dwelling-units).
## Market Trends and Demand
Rising housing costs and limited inventory have made ADUs especially appealing to both homeowners and renters. For tenants, ADUs often mean living in a quieter residential neighborhood rather than a large apartment building. For owners, they can generate steady rental income that offsets mortgage costs — a powerful advantage as interest rates fluctuate.
## Common ADU Types in Portland
Across the city, we’re seeing three main ADU formats:
- **Detached backyard cottages:** Standalone small homes that feel private and independent.
- **Attached additions:** Built onto the main structure, often sharing one wall but with separate entries.
- **Converted spaces:** Basements, garages, or attics transformed into self-contained living areas.
Neighborhoods like Alberta Arts, Sellwood-Moreland, and Richmond are seeing a mix of styles, from ultra-modern designs with bold lines to charming cottage-style builds that blend with century-old Craftsman homes.
## Cost, Financing, and ROI
Building an ADU in Portland can range from $80,000 for a modest conversion to $250,000+ for a high-end detached unit. The biggest variables are size, finishes, and whether you’re starting from an existing structure or building from scratch. Financing options include home equity loans, cash-out refinancing, construction loans, or, in some cases, specialized ADU financing programs.
While the upfront investment is significant, the return can be substantial — especially in neighborhoods where rents are strong. A thoughtfully designed ADU can pay for itself over time while increasing the long-term value of the property.
## Key Considerations Before You Build
- Check zoning and permitting requirements early to avoid surprises.
- Design for privacy — for both you and the future occupants.
- Plan utilities carefully; water, sewer, and electrical connections can add to costs.
- Think about parking solutions, even if the city doesn’t require additional spaces.
## The Bottom Line
ADUs are one of the most flexible, future-proof home improvements available to Portland homeowners today. They meet multiple needs at once — from creating more housing in the city to giving property owners new income streams and living options. If you’ve been thinking about adding one, this market and policy environment make it worth a serious look.
*For inspiration and requirements, start with the City of Portland’s [ADU guidelines](https://www.portland.gov/bds/residential/accessory-dwelling-units) and talk with a qualified local builder or architect experienced in small-space design.*
**Categories:** Uncategorized
---
### [How to Negotiate Closing Costs in Oregon](https://lovejoyrealestate.com/how-to-negotiate-closing-costs-in-oregon/)
**Published:** August 15, 2025
**Author:** Charles Turner
**Content:**
In Portland’s 2025 market, buyers have more leverage than they might think — especially when it comes to negotiating closing costs. While the process can feel like a financial blur near the end of a transaction, understanding where you have negotiating power can translate into thousands saved at the closing table.
Let’s break down what closing costs include, when they’re most negotiable, and how Lovejoy clients are successfully using them to structure more buyer-friendly deals — even in competitive situations.
## 💰 What Are Closing Costs, Exactly?
In Oregon, closing costs generally fall between **2%–5% of the home’s purchase price**. For a $500,000 home, that’s $10,000–$25,000 out of pocket — on top of your down payment. These costs often include:
- Loan origination and underwriting fees
- Title insurance
- Escrow and attorney fees
- Appraisal and credit report fees
- Recording fees and transfer taxes (where applicable)
- Prepaid property taxes and homeowners insurance
- Commissions paid to agents
Most buyers assume they’re responsible for these — and in many cases, they are. But smart negotiation can shift some (or all) of these costs to the seller.
## Important Math:
Closing cost don’t add value to the property or put money in the seller’s pocket. This means that a $500,000 offer with no closing cost nets the seller the same amount as a $510,000 offer with $10,000 in closing cost. The house has to appraise for the accepted offer amount so the $500,000 offer has less risk when comparing the two if all other factors are equal. In a competitive/multiple offer situation, asking for closing costs may not be a good idea if not necessary in your scenario.
## 📉 Why Closing Costs Are Negotiable in 2025
Here’s the key shift: while Portland’s market remains active, RMLS data from July 2025 shows inventory rising to **3.7 months** and **average days on market sitting at 52 days**. In plain terms? Buyers have more options — and sellers know it.
This gives buyers more room to negotiate, especially if a listing has:
- Been on the market longer than 30 days
- Has not undergone a recent price reduction
- Fallen out of contract once already
In these cases, sellers are often more open to concessions — especially if the offer price is strong.
## 🤝 How Buyers Can Successfully Negotiate Closing Costs
We’re seeing the most success with these tactics:
1. **Offer full (or close to full) price — with a closing credit:** This preserves the seller’s net proceeds while helping you with out-of-pocket costs. It’s a win-win if you don’t need a discount on price but want help at the finish line.
2. **Leverage inspection outcomes:** Instead of asking for repairs, request a seller credit at closing. This keeps the deal cleaner and gives you flexibility post-close.
3. **Use closing costs as an alternative to price cuts:** If a seller is resistant to lowering the price, they may be more amenable to covering a portion of your costs to get the deal done.
## 📌 What Sellers Will — and Won’t — Cover
Be aware: **lender restrictions may cap how much a seller can contribute**. For conventional loans, seller contributions are usually limited to:
- **3%** if you put less than 10% down
- **6%** if your down payment is 10–25%
- **9%** if your down payment is 25% or more
Your agent and lender can help structure this appropriately. If done wrong, **you may negotiate closing costs that you can’t use** and those will stay with the seller.
## 🏡 Oregon-Specific Considerations
In the Portland metro area, sellers typically split escrow costs 50/50 with the buyer — but that’s negotiable. In some surrounding counties or rural areas, buyers are expected to take on a higher portion. Understanding local norms is crucial when crafting a strong, realistic offer.
And don’t forget: closing cost negotiations can also come into play with *new construction*. Builders may be willing to offer substantial credits if you use their preferred lender — sometimes up to $10,000 or more.
## 💡 Pro Tip from the Field
One recent Lovejoy buyer in SE Portland offered full price on a $515,000 listing — but asked for $6,000 toward closing. The home had been on the market 41 days, and the seller, eager to move before their next purchase closed, happily agreed.
*Result?* The buyer saved thousands out of pocket and moved in two weeks later.
## 📍 Bottom Line: You’ve Got Options
Even in a hot market, there are ways to protect your cash at closing. The key is strategy — not aggression. At Lovejoy Real Estate, our agents know how to read the market, analyze seller motivation, and negotiate on your behalf without spooking the deal.
**Want to explore your options?** Let’s connect and talk through your goals — and how to get you to the closing table with more money in your pocket.
**Categories:** Uncategorized
---
### [Navigating Multiple Offers as a Portland Buyer](https://lovejoyrealestate.com/navigating-multiple-offers-as-a-portland-buyer/)
**Published:** August 18, 2025
**Author:** Charles Turner
**Content:**
It’s not just you — the Portland real estate market is heating up again. After a quieter winter and spring, we’re seeing multiple offers reappear across the city, especially in neighborhoods like [Sellwood](https://lovejoyrealestate.com/sellwood-garthwick/), [Alberta](https://lovejoyrealestate.com/alberta-arts-district-concordia/), and Montavilla. And while we’re not talking 2021-level bidding wars, the competition is real — and buyers need a plan.
According to the latest [**RMLS July 2025 report**](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=18110 "RMLS Market Action July 2025"), inventory in Portland climbed slightly to **3.7 months**, but many homes are still selling fast — especially those in the $500K–$800K sweet spot. The **median sale price rose to $549,000**, up 0.9% from last year, showing that motivated buyers are still willing to compete for the right home.
## What’s Driving the Competition?
We’re in a unique phase of the market. On one hand, overall **pending sales dipped 0.6%** compared to July 2024, and **new listings were down 5.3%** from the prior month. On the other hand, **buyers are re-emerging** thanks to manageable mortgage rates and seasonal urgency — many want to close before fall routines kick in.
In short? Demand is still outpacing supply in key price bands, and well-staged homes are drawing attention quickly. For buyers, this means knowing how to write a strong — but smart — offer is essential.
## How to Stand Out Without Overpaying
Let’s be honest: nobody wants to lose out on “the one,” but that doesn’t mean you should toss out all caution. Portland buyers are winning in multiple-offer situations by focusing on value, not just price. Here’s how:
### 1. Get Financially Prepped — And Then Some
Pre-approval is a given. But if you’re serious, get **underwritten approval** from your lender ahead of time. This signals to sellers that your financing is solid and reduces the timeline to close.
Also: make sure your lender is *local*. In this market, listing agents often favor buyers backed by Portland-based lenders with strong reputations for closing cleanly and on time.
### 2. Write a Strong, Clean Offer
- **Offer your best number first.** There’s often no second chance.
- **Limit your contingencies.** If you’re comfortable, shorten your inspection period to 5–7 days. Sellers notice.
- **Be flexible on possession timelines.** If the seller needs rent-back for a few weeks, that might be the tie-breaker.
- **Consider including an escalation clause.** Just make sure your cap is within appraised value range — and your comfort zone.
- **Find out through your agent** what matters most to the seller (besides price).
### 3. Think Beyond the Numbers
Sometimes, the winning offer isn’t the highest — it’s the easiest. We recently helped a buyer land a vintage bungalow in Irvington *even though they weren’t the top-dollar offer*. Why? Our offer included a clean inspection window, flexible move-out terms for the seller, and a local lender who reached out directly to the listing agent. That trust and efficiency made the difference.
## Should You Ever Skip the Inspection?
Tempting as it may be, skipping an inspection altogether is risky — especially in Portland, where rainy seasons can lead to unseen issues. A smarter move? Waive minor repairs but keep the right to walk if serious defects are found. This shows good faith without leaving you vulnerable. There are additional forms to sign if you waive your inspection.
## Know When to Walk Away
The best buyers aren’t just the ones who win homes — they’re the ones who walk away from the wrong ones. Set your top-line price and stick to it. If the bidding escalates beyond that number, trust that another opportunity will come.
**Categories:** Uncategorized
---
### [7 Minor Updates That Can Help Your Home Sell Faster](https://lovejoyrealestate.com/7-minor-updates-that-can-help-your-home-sell-faster/)
**Published:** August 18, 2025
**Author:** Charles Turner
**Content:**
In Portland’s summer market, buyers are still active—but they’re also picky. If you’re preparing to sell, you don’t need a full remodel to stand out. Sometimes, it’s the little things that create the biggest impact. Here are seven small but strategic updates that can help your home sell faster (and maybe for more), without blowing your budget.
## 1. Fresh Paint in the Right Places
If your walls are sporting scuffs, outdated colors, or bold accent walls from a decade ago, a fresh coat of neutral paint can make your space feel cleaner, bigger, and more move-in ready. Focus on high-traffic areas like the living room, entryway, and kitchen. Portland buyers love soft whites, warm greys, and earthy tones that play well with natural light.
## 2. Swap Out Light Fixtures
Lighting sets the tone—literally. Replacing builder-grade or dated fixtures with modern, matte-black or brass styles instantly updates a room. Think pendant lights over the kitchen island or a sleek new fixture in the dining area. This is one of the fastest ways to elevate a space.
## 3. Update Cabinet Hardware
Still rocking shiny brass pulls from the early 2000s? Swapping hardware in kitchens and bathrooms is a quick, affordable project that adds polish and a modern vibe. Go for timeless finishes like matte black, brushed nickel, or even soft gold.
## 4. Refresh Your Front Door
First impressions matter. Painting your front door (classic red, navy, or charcoal are Portland favorites) and replacing the hardware can enhance your curb appeal in one afternoon. Bonus: it shows buyers you’ve taken good care of the home.
## 5. Maximize Storage Visibility
Buyers in Portland often prioritize practical storage. Show yours off. Add closet organizers, tidy up pantries, and consider open shelving in the laundry or mudroom. Neat, usable storage can tip the scales for buyers on the fence.
## 6. Improve Bathroom Mirrors and Faucets
You don’t have to gut your bathrooms. Replacing a dated mirror with a framed option and updating faucets can modernize the whole room. Aim for styles that complement your home’s era—modern, mid-century, or farmhouse.
## 7. Add Energy-Efficient Touches
Smart thermostats, LED lighting, or low-flow faucets aren’t just practical—they’re appealing. These updates show buyers you’re thinking about sustainability and long-term costs, which resonates with many Portland-area shoppers.
## What’s the ROI?
While these updates aren’t guaranteed to boost your sale price dramatically, they can shorten your home’s time on market and reduce buyer objections—especially in a balanced market. According to the latest [RMLS Market Action Report](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879), inventory in Portland has ticked up to **3.7 months** as of July 2025, giving buyers more options. Small upgrades can help your listing rise to the top.
Need help prioritizing what to do before you list? That’s where we shine. Our team at Lovejoy Real Estate helps sellers make smart, market-savvy decisions that deliver real results—with over 500 five-star reviews and 200+ transactions annually to back it up.
---
*Thinking about listing your home this fall? [Reach out](https://lovejoyrealestate.com/contact-us/) for a complimentary walk-through and market consultation.*
**Categories:** Uncategorized
---
### [Top 5 Portland Suburbs for Buyers in 2025](https://lovejoyrealestate.com/top-5-portland-suburbs-for-buyers-in-2025/)
**Published:** August 18, 2025
**Author:** Charles Turner
**Content:**
If you’re looking to buy in the Portland metro area, 2025 is shaping up to be a promising year to do it—especially in the suburbs. With more inventory hitting the market and interest rates holding relatively steady, savvy buyers are finding opportunities in neighborhoods just outside city limits. Whether you’re chasing space, value, or that elusive two-car garage, these five Portland suburbs are rising to the top of buyer wishlists this year.
## 1. **Beaverton**: Tech Hub with Lifestyle Perks
Beaverton has long been a go-to for professionals working at Nike, Intel, and other Silicon Forest employers. But it’s more than just a commuter town—think walkable town centers, a growing food scene, and the newly revitalized downtown. Home prices have stabilized slightly this year, making it a solid bet for buyers looking for long-term value and excellent infrastructure.
## 2. **Milwaukie**: Still-Underrated (But Not for Long)
Milwaukie continues to attract buyers with its charming neighborhoods, Willamette River access, and MAX Orange Line connectivity to downtown Portland. It’s a great blend of affordability and livability—especially for buyers who want a quieter pace without sacrificing access to urban perks. Bonus: You’re still likely to find homes under Portland’s median sale price of **$549,000** this year *(July 2025 RMLS data)*.
## 3. **Lake Oswego**: High-End with High Demand
Lake Oswego isn’t cheap—but buyers looking here typically aren’t looking for “cheap.” What they want is refined living, excellent resale value, and that idyllic tree-lined aesthetic. Inventory here remains tight, but opportunities do emerge, especially for move-up buyers. According to [RMLS](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879), July’s closed sales across the metro dipped slightly, suggesting more room for negotiation at the higher end of the market.
## 4. **Hillsboro**: Room to Grow
With more new construction than most suburbs and a growing biotech and advanced manufacturing presence, Hillsboro is attracting first-time buyers and investors alike. It’s especially appealing to those looking for newer builds at relatively accessible prices. Plus, light rail access via the MAX Blue Line makes commuting a breeze.
## 5. **Oregon City**: Charm, History, and Community
With its historic homes, small-town feel, and stunning river views, Oregon City continues to attract buyers looking for lifestyle and character. Inventory levels are rising slightly here, and average days on market across the metro increased to **52 days** in July *(RMLS July 2025)*, giving buyers a bit more breathing room to make smart decisions.
## Final Take
In a market where every suburb tells a different story, your perfect fit depends on more than price—it’s about how you want to live. Want to talk through your options? With 500+ five-star reviews and over 200 transactions a year, [**Lovejoy Real Estate**](https://lovejoyrealestate.com/contact-us/) knows how to help you find the right community at the right time.
*Source: [RMLS Market Action July 2025](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879)*
**Categories:** Uncategorized
---
### [Should You Update Your Landscaping Before Selling?](https://lovejoyrealestate.com/should-you-update-your-landscaping-before-selling/)
**Published:** August 19, 2025
**Author:** Charles Turner
**Content:**
When you’re prepping your Portland home for sale, landscaping can easily fall to the bottom of the to-do list. But here’s the truth: first impressions matter—especially in the Pacific Northwest, where buyers love a good front yard. The right landscaping updates can give your listing an edge before buyers even walk through the door.
## Why Curb Appeal Still Sells
In a market where inventory has increased slightly—[**July 2025 saw 2,931 new listings**](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879), up 0.9% year-over-year—sellers need every advantage they can get. A tidy, well-planted yard signals that a home has been well cared for. And for many buyers, that instant visual trust translates to stronger offers.
According to [RMLS](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879), the median sale price in Portland this July was **$549,000**, up 0.9% from last year. With prices stabilizing and days on market hovering around **52 days**, buyers have a bit more time to be choosy. That means the homes that show well—inside and out—win.
## High-Impact, Low-Cost Landscaping Ideas
- **Fresh mulch:** It instantly makes beds look cleaner and more vibrant.
- **Pressure wash walkways and driveways:** This removes years of grime in hours.
- **Prune shrubs and trees:** Especially anything obstructing windows or entryways.
- **Add seasonal color:** Portland buyers love pops of native blooms like lavender, salvia, or echinacea.
- **Define lawn edges:** Clean lines around grass, paths, and beds make a big impact.
## What to Skip
You don’t need to re-landscape the entire yard. Skip expensive hardscaping, fancy water features, or projects that won’t offer a strong return. Focus instead on making what’s already there look its best.
## Local Buyer Preferences in 2025
Portland buyers in 2025 are still drawn to outdoor living—but they’re practical. Shaded seating areas, low-maintenance native plants, and sustainable touches like rain gardens or drip irrigation systems are seen as bonuses. A backyard doesn’t need to be magazine-perfect—it just needs to feel like it’s been loved.
## Need a Pre-Listing Strategy?
At Lovejoy Real Estate, we help sellers make smart, cost-effective choices. With **500+ 5-star reviews and over 200 homes sold annually**, we know what Portland buyers are looking for—before they step out of the car.
Thinking about listing your home this fall? [Let’s chat](https://lovejoyrealestate.com/contact-us/) about whether your yard needs a refresh—or if it’s already ready for its close-up.
**Categories:** Uncategorized
---
### [Portland’s Historic Homes: Charm and Challenges](https://lovejoyrealestate.com/portlands-historic-homes-charm-and-challenges/)
**Published:** August 19, 2025
**Author:** Charles Turner
**Content:**
*Balancing the beauty of old homes with modern expectations*If you’ve ever wandered through Portland’s [Alphabet District](https://lovejoyrealestate.com/alphabet-district-nob-hill-portland/) or passed the stately Queen Annes of [Ladd’s Addition](https://lovejoyrealestate.com/ladds-addition-clinton-colonial-heights/), you’ve likely felt the tug of historic charm. There’s something magical about walking into a home with original hardwoods, vintage tile, or stained glass windows that have witnessed over a century of life.
But owning a historic home in Portland isn’t all picture rails and porch swings. It can come with hidden costs, quirks, and code surprises. Here’s what to love—and what to watch out for—when considering one of Portland’s heritage homes.
## The Timeless Allure
- **Architectural character:** Craftsman bungalows, Victorian towers, and Mid-Century gems bring unmatched personality to the streets of Portland.
- **Solid materials:** Many were built with old-growth timber and craftsmanship that’s hard to find in today’s builds.
- **Walkable neighborhoods:** Historic homes often sit in Portland’s most beloved walkable districts—from [Irvington](https://lovejoyrealestate.com/irvington-sabin-lloyd-district/) to [Sellwood-Moreland](https://lovejoyrealestate.com/sellwood-garthwick/).
## Where Things Get Tricky
Buying an older home often means dealing with:
- **Outdated systems:** Think knob-and-tube wiring, galvanized plumbing, or inefficient windows.
- **Lead paint and asbestos:** Common in homes built before 1978, remediation can be costly.
- **Permitting surprises:** Previous DIY renovations may not be up to code.
- **Foundation and drainage:** Settling, cracks, and moisture issues are more common in older basements.
## What to Do Before You Buy
Historic homes can absolutely be worth the investment—but the key is going in eyes-wide-open:
1. Hire an inspector who specializes in older homes.
2. Review any historical designations (some limit exterior changes).
3. Ask your agent (hi there 👋) to dig into past permits and city records.
4. Plan a contingency budget—restoration often costs more than expected.
## Portland’s Market Snapshot: July 2025
Right now, [Portland’s inventory](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) has ticked up to **3.7 months**, giving buyers more options than earlier this year. Median sale price sits at **$555,000**, up **0.9%** year-over-year, while the average is **$621,800**. Historic homes continue to command premium interest—especially if they’ve been thoughtfully updated.
## Final Thoughts
Owning a historic home in Portland is a bit like owning a vintage bike or classic car: it takes extra care, but gives back in soul. If you’re drawn to character, love original details, and don’t mind a little DIY (or a lot of it), a Portland oldie might be your perfect match.
Curious what historic homes are on the market right now? Or want help finding a fixer with good bones? Let’s talk about your options—and your tolerance for “vintage quirks.”
**Categories:** Uncategorized
---
### [Why Move-In Ready Homes Sell Faster in Portland](https://lovejoyrealestate.com/why-move-in-ready-homes-sell-faster-in-portland/)
**Published:** August 20, 2025
**Author:** Charles Turner
**Content:**
Ever walked into a Portland home and thought, “I could move in tomorrow”? That’s the kind of emotional pull move-in ready homes are creating in 2025 — and they’re selling faster because of it.
### What “Move-In Ready” Means in 2025
Today’s Portland buyers aren’t just looking for cosmetic polish. They want updated systems, functional layouts, and smart home features — all wrapped up in a space that doesn’t require a single paintbrush or plumbing wrench. From newer roofs to energy-efficient HVACs and refreshed kitchens, move-in ready homes reduce stress, decision fatigue, and budget surprises.
### Why Buyers Are Skipping the Fixers
Rising renovation costs, labor shortages, and unpredictable timelines are nudging buyers away from “project” homes. Even seasoned DIYers are thinking twice. And with **Portland’s average market time now down to 52 days** and **inventory at 3.7 months** *(as of [July 2025](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879))*, many buyers are competing to avoid months of chaos.
### The Psychology of “Turnkey”
Move-in ready homes invite emotional connection — a huge driver in competitive offers. When a buyer can picture dinner in the kitchen, not demoing it, they’re more likely to write fast and strong. The absence of “to-dos” gives space for excitement.
### Sellers, Take Note
If you’re planning to list in the next 6–12 months, small upgrades can go a long way. Fresh paint, updated lighting, clean landscaping, and staging that showcases lifestyle over storage are worth it. Move-in ready doesn’t have to mean a full remodel — it just needs to *feel* finished.
### How It’s Playing Out in the Data
- **Median sale price:** $555,000
- **Inventory:** 3.7 months
- **Average market time:** 52 days
Buyers want less risk. Sellers want fewer days on market. Move-in ready homes are the bridge — and they’re commanding attention across the Portland metro.
Lovejoy Real Estate closes 200+ homes a year and sees this trend firsthand. Curious if your home could qualify as move-in ready? We’re happy to give it a no-pressure once-over.
**Categories:** Uncategorized
---
### [How Portland’s Market Compares to National Trends](https://lovejoyrealestate.com/how-portlands-market-compares-to-national-trends/)
**Published:** August 21, 2025
**Author:** Charles Turner
**Content:**
With headlines swirling about a cooling national housing market, many Portland buyers and sellers are asking the same question: **How does our market stack up?** Spoiler: Portland is doing its own thing—as usual.
## Inventory and Activity: More Listings, Mixed Signals
Across the country, inventory remains tight in many regions. But Portland is seeing a **slow and steady rise** in active listings. According to the July 2025 [RMLS Market Action report](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879):
- **Inventory:** Up to 3.7 months (the highest of 2025)
- **New Listings:** 2,931, a 0.9% increase YOY
- **Closed Sales:** 2,005, slightly down YOY
Nationally, inventory is increasing as well, but not nearly as fast. Portland’s market is slightly ahead of the curve—giving buyers more options and room to negotiate.
## Price Growth: Slowing, but Steady
While some U.S. cities are seeing outright declines in home values, Portland has stayed relatively even-keeled:
- **Average Sale Price:** $611,400, up 1.2% YOY
- **Median Sale Price:** $549,000, up 1.8% YOY
That’s modest compared to boom cities, but it reflects a healthier, more sustainable growth rate. Nationally, *CoreLogic* reported just a 0.7% increase in national home prices YOY in July 2025—so Portland is outpacing that slightly.
## Interest Rates: Matching the National Pulse
Mortgage rates are still hovering in the 6.5%–7% range nationwide. Portland borrowers are facing the same challenge. But thanks to more listing activity and longer market times (now averaging 52 days), buyers can take more time—and negotiate harder—than in past years.
## So, What Does This Mean for You?
- **If you’re buying:** You’ll find more choices than last year, and possibly some wiggle room on price or concessions.
- **If you’re selling:** Pricing it right is more important than ever—today’s buyers are savvy and patient.
At Lovejoy Real Estate, we’re seeing hyper-local variation across neighborhoods. The trends we shared here are city-wide, but your zip code may be telling a slightly different story. That’s where our team comes in.
## Want to know how your Portland neighborhood stacks up?
[Let’s connect](https://lovejoyrealestate.com/contact-us/) for a hyper-local snapshot and strategy—whether you’re thinking about buying, selling, or just staying informed.
**Categories:** Uncategorized
---
### [Should You Buy Before You Sell in Portland?](https://lovejoyrealestate.com/should-you-buy-before-you-sell-in-portland/)
**Published:** August 21, 2025
**Author:** Charles Turner
**Content:**
**It’s one of the biggest timing questions in real estate: Do you buy your next home before selling your current one? In Portland’s still-competitive 2025 market, here’s what to consider.**## Why Some Portland Buyers Choose to Buy First
Buying before selling can offer serious convenience — especially if you’re trying to avoid temporary housing or double moves. For families with school or job transitions, or for anyone with tight timing, buying first can reduce stress. It also gives you time to *shop intentionally*, rather than feeling rushed to make an offer under pressure.
## The Risk? Carrying Two Mortgages
Of course, the tradeoff is financial. If your current home doesn’t sell quickly, you could be on the hook for two mortgage payments — something few budgets can sustain for long. With July’s market showing an average **52 days on market** and **inventory climbing to 3.7 months** ([RMLS, July 2025](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879)), it’s taking a bit longer for homes to sell compared to earlier this year.
## What Portland Sellers Are Doing in 2025
Sellers are adapting. We’re seeing more contingent offers being accepted — especially on homes that have been sitting for 30+ days. The key is working with an agent who can write strong, well-structured contingencies and prep your home to list *immediately* after you go pending on the buy side.
## Bridge Loans, Leasebacks, and Other Solutions
Not sure how to time it all? There are tools to help. A **bridge loan** can help cover the gap if your equity is tied up. Or, if the buyer for your current home is flexible, a **rent-back agreement** can let you stay in your home for 30–60 days after closing while you close on your next place.
## So…Should You Buy or Sell First?
It depends on your finances, your timeline, and what’s happening in your micro-market. In Portland right now, sellers still have leverage — but buyers have options. A strategy session can help you decide whether buying first makes sense or if you’re better off selling and renting short-term to shop without pressure.
Thinking about making a move? At Lovejoy Real Estate, we help Portlanders navigate every angle — from bridge loans to same-day closings. [Let’s talk strategy](https://lovejoyrealestate.com/contact-us/).
**Categories:** Uncategorized
---
### [Multigenerational Living Trends in Portland](https://lovejoyrealestate.com/multigenerational-living-trends-in-portland/)
**Published:** August 22, 2025
**Author:** Charles Turner
**Content:**
Multigenerational living isn’t just a trend—it’s a real shift in how Portlanders are approaching homeownership, family, and long-term planning. Whether it’s adult children moving back in, aging parents needing support, or families choosing to pool resources, we’re seeing more buyers prioritize homes that can comfortably house more than one generation under one roof.
## Why It’s Growing in Portland
While multigenerational homes have long been the norm in many cultures, Portland is catching up—and fast. Rising housing costs, student debt, and a tight rental market have made shared living practical. But it’s not just financial. More families are choosing to live together for deeper connection, child care support, and elder care convenience.
In fact, Portland’s [**July 2025 RMLS report**](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) shows steady price growth (+1.2% average sale price YoY), with **inventory up to 3.7 months**, giving buyers a bit more breathing room to shop for homes that meet unique needs. With the median sale price at **$549,000** and **closed sales slightly up** from June, buyers are being strategic—and homes with flexible layouts are in demand.
## What to Look for in a Multigenerational-Friendly Home
- **Separate entrances or wings:** Privacy is key. A daylight basement with its own entrance, a converted garage, or a guest suite can make shared living work smoothly.
- **Multiple living spaces:** Think bonus rooms, dens, or dual kitchens/kitchenettes for separate downtime areas.
- **First-floor bedroom with en suite:** A main-level suite is ideal for older adults or anyone who prefers to avoid stairs.
- **ADU potential:** Accessory Dwelling Units (ADUs) are gold in Portland. They add privacy, income potential, and resale value.
- **Ample parking and storage:** More people under one roof = more vehicles and stuff. Don’t underestimate the value of a driveway and garage space.
## Real Talk from the Field
Jenny Turner, principal broker at Lovejoy Real Estate, recently helped a couple in SE Portland find a home with an existing ADU and a split-level layout. “They wanted a place where her parents could live independently but be close to help with the kids,” Jenny explains. “We found a 1970s ranch with a daylight basement, and it was the perfect blend of connectedness and autonomy.”
It’s stories like this that reflect how Portland buyers are rethinking what “home” looks like in 2025.
## Lovejoy Knows the Layouts That Work
With over **500 five-star reviews** and **200+ transactions annually**, Lovejoy Real Estate agents know how to spot homes that flex for multi-gen living. Whether you’re upsizing, downsizing, or creating space for loved ones, we’ll help you find a setup that actually works.
## Thinking of Going Multigenerational?
Start by outlining what your household needs today—and what you’ll likely need in five years. Then, let us match you with homes that offer flexibility, comfort, and long-term value.
*Curious which Portland neighborhoods offer the best options for multigenerational homes? [Reach out](https://lovejoyrealestate.com/contact-us/)—we’ll walk you through the smart spots to watch.*
**Categories:** Uncategorized
---
### [Portland’s Urban Growth Boundary Explained](https://lovejoyrealestate.com/portlands-urban-growth-boundary-explained/)
**Published:** August 22, 2025
**Author:** Charles Turner
**Content:**
Portland isn’t just famous for food trucks and rainy-day hikes — it’s also a national leader in land-use planning. At the heart of that planning is something called the **Urban Growth Boundary** (UGB), and if you’re buying or selling a home in the Portland area, it’s worth understanding what that means for your property, your commute, and your future neighbors. ## What Is the Urban Growth Boundary?
Established in the 1970s, Portland’s UGB is a legally defined line that separates urban development from rural land. Its core purpose is to limit urban sprawl, protect farmland and forests, and concentrate growth in areas that already have the infrastructure to support it — think sewer lines, public transportation, and schools.
## How Does the UGB Affect Housing?
The UGB creates a deliberate scarcity of developable land, which can drive up prices inside the boundary — especially during periods of high demand. On the flip side, it also motivates denser, more sustainable development. You’ll see that play out in neighborhoods with infill housing, ADUs, and mixed-use buildings springing up where single-family homes once stood alone.
## For Buyers: What You Should Know
- **Expect limited new construction options** inside the boundary unless you’re looking at high-density housing or redevelopment projects.
- **Consider commute patterns**: as home prices rise, some buyers head just beyond the UGB for affordability — which may come with trade-offs in traffic or transit.
- **Watch for UGB expansions**: Metro reviews the boundary every 6 years. When it expands, newly included areas can become development hotspots.
## For Sellers: How It Impacts Property Value
If you’re selling inside the UGB — especially in neighborhoods near transit or designated for higher-density growth — the value of your property may benefit from limited supply and increasing demand. If your property lies near the boundary line, keep an eye on long-term planning documents; future expansions could shift development pressure your way.
## Why It Matters in 2025
With [Portland inventory](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) hovering around **3.7 months** and median sale prices up **0.9% year-over-year**, buyers and developers are looking creatively at how to work within — and occasionally around — the UGB. It’s shaping everything from infill trends in SE Portland to the growth of satellite communities like Hillsboro, Happy Valley, and Wilsonville.
Understanding the Urban Growth Boundary doesn’t just help you make sense of local headlines — it gives you an edge in navigating Portland’s unique housing landscape.
## Let’s Talk Strategy
If you’re considering a move — inside or outside the UGB — we can help you evaluate which neighborhoods align with your goals. With over 500 five-star reviews and 200+ successful transactions a year, Lovejoy Real Estate brings deep local insight to every step of your journey.
**Categories:** Uncategorized
---
### [Should You Sell Your Home As-Is or Renovate First?](https://lovejoyrealestate.com/should-you-sell-your-home-as-is-or-renovate-first/)
**Published:** August 25, 2025
**Author:** Charles Turner
**Content:**
It’s one of the most common questions we hear from Portland homeowners: **Should I fix it up or sell it as-is?**The short answer? It depends on your timeline, budget, and the current market—and we’re here to help you think it through.
## What “As-Is” Really Means in Portland
Selling a home as-is means you’re putting it on the market in its current condition—no repairs, no cosmetic updates, and no guarantees about what works or doesn’t. While this option can save you time and upfront cost, it typically comes with one major tradeoff: **a lower sale price**.
In today’s Portland market, buyers are still active, but they’re also cautious. Many are stretched by interest rates and hesitant to take on a project home unless the price is right—or discounted.
## The Power of Light Renovation
On the flip side, smart, budget-friendly improvements can yield a big return. Think:
- Fresh interior paint (especially light, neutral tones)
- Updated lighting and hardware
- Staging and decluttering
- Minor kitchen and bath refreshes (like new faucets or cabinet pulls)
In Portland’s current market, even modest updates can help your listing **stand out online and attract stronger offers**.
## Lovejoy Insight: What the Data Says
According to the [July 2025 RMLS report](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879), the Portland metro area saw:
- **RMLS MEDIAN SALE PRICE:** $555,000 (+0.9% YoY)
- **RMLS AVG DOM:** 52 days on market
Homes that are move-in ready continue to command better prices—and sell faster—than those needing work.
## How to Decide What’s Right for You
There’s no one-size-fits-all answer, but here are a few guiding questions:
- **Is your home dated or damaged?** Some buyers are fine with outdated finishes, but visible issues (peeling paint, damaged flooring, broken appliances) can hurt your bottom line.
- **Do you have time and funds for updates?** If you can swing a quick refresh, the return may be well worth it.
- **Are you selling in a buyer’s or seller’s market?** In slower markets, presentation matters more than ever.
## The Bottom Line
If your goal is to maximize your sale price, **some level of prep almost always pays off**. But if speed and simplicity are your top priorities, an as-is sale can make sense—especially if priced correctly.
At Lovejoy Real Estate, we’ve helped hundreds of sellers weigh this decision with confidence. Whether you’re aiming to list next week or next year, we’ll help you create a strategy that fits your life—and the Portland market.
*Thinking of selling? [Let’s talk](https://lovejoyrealestate.com/contact-us/) strategy. We’ll show you exactly what your home needs (and doesn’t).*
**Categories:** Uncategorized
---
### [Top Portland Neighborhoods for Outdoor Enthusiasts](https://lovejoyrealestate.com/top-portland-neighborhoods-for-outdoor-enthusiasts/)
**Published:** August 25, 2025
**Author:** Charles Turner
**Content:**
In Portland, access to nature isn’t just a bonus — it’s a lifestyle. If your idea of a perfect morning includes hitting the trails, cycling along the river, or kayaking before work, you’re not alone. For many homebuyers, proximity to Portland’s best outdoor spaces is a top priority — and often a deciding factor in where to live. ## Why Outdoor Access Matters More Than Ever
Post-pandemic life has reshaped what people want in a home. More Portlanders are prioritizing wellness, work-life balance, and the ability to unplug — without hopping in a car. And with over **93% of active listings in July move-in ready** and **inventory up to 3.7 months** per the latest [RMLS data](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879), now’s a great time to find the right fit for your lifestyle.
## 1. Sellwood-Moreland
Nestled along the Willamette River and adjacent to the Springwater Corridor, [Sellwood-Moreland](https://lovejoyrealestate.com/sellwood-garthwick/) is a paradise for cyclists, walkers, and joggers. The neighborhood blends charming early 20th-century homes with quick access to Sellwood Riverfront Park and Oaks Bottom Wildlife Refuge. It’s no surprise this area is a favorite for both weekend warriors and weekday commuters on two wheels.
## 2. Mount Tabor
Centered around Portland’s iconic extinct volcano, [Mount Tabor](https://lovejoyrealestate.com/mt-tabor/) neighborhood gives residents direct access to wooded trails, tennis courts, and unbeatable sunset views. Whether you’re hiking with your dog, joining a sunrise yoga group, or just seeking an end-of-day reset, Tabor delivers daily.
## 3. St. Johns
Love dramatic views and fewer crowds? [St. Johns](https://lovejoyrealestate.com/st-johns/) borders Cathedral Park and Forest Park, with its massive trail network just across the iconic St. Johns Bridge. Residents here enjoy a slower pace — and plenty of room to roam, from kayaking on the Willamette to forest bathing in the nation’s largest urban park.
## 4. Eastmoreland
Golfers, runners, and walkers alike flock to [Eastmoreland](https://lovejoyrealestate.com/eastwest-moreland/) for its tree-lined streets and paths near Crystal Springs Rhododendron Garden and the Reed College canyon. While homes here often come at a premium, the daily access to beauty and peace is worth every penny for many.
## 5. Northwest District
If hiking Forest Park trails after work is your ideal evening, this is your neighborhood. Northwest Portland offers immediate trailhead access and walkability to groceries, coffee shops, and restaurants — no car required. It’s perfect for those who crave nature but won’t compromise on urban perks.
## Thinking of Making a Move?
Whether you’re dreaming of trail runs or a peaceful backyard after a long ride, we can help you find the neighborhood that fuels your outdoor passions. With over 500 five-star reviews and 200+ annual transactions, Lovejoy Real Estate knows how to match lifestyle with location.
*Ready to explore Portland neighborhoods that fit your lifestyle? [Reach out](https://lovejoyrealestate.com/contact-us/) anytime — or lace up and explore these trails for yourself first.*
**Categories:** Uncategorized
---
### [Why Real Estate Is a Smart Investment in Portland in 2025](https://lovejoyrealestate.com/why-real-estate-is-a-smart-investment-in-portland-in-2025/)
**Published:** August 26, 2025
**Author:** Charles Turner
**Content:**
Investing in real estate has always been a trusted strategy for building long-term wealth—but in 2025, Portland stands out as a particularly smart place to buy and hold. Whether you’re looking to expand your portfolio or just getting started, here’s why now might be the right time to put your money in Portland property. ## 1. Portland’s Market Is Holding Strong
Despite a shifting national market, Portland’s home prices are holding steady with slight year-over-year growth. According to [RMLS Market Action for July 2025](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879), the average sale price in the Portland metro area rose to **$615,700**—up **0.8%** from the same time last year. The median sale price also saw an increase of **0.9%**, landing at **$550,000**:contentReference\[oaicite:0\]{index=0}.
In short? Portland real estate continues to appreciate, even as some other cities plateau.
## 2. Steady Rental Demand and Housing Shortage
Rental demand in Portland remains strong due to limited housing supply and consistent population growth. Inventory is sitting at **3.7 months**—still well below what’s considered a balanced market. That gives landlords the upper hand in setting rents and reduces vacancy risk.
Portland’s growing population and urban lifestyle appeal ensure a reliable tenant pool, especially in neighborhoods close to tech hubs, hospitals, and universities.
## 3. Oregon’s Tax Perks for Investors
Oregon offers property tax deferrals, energy-efficient upgrade incentives, and no sales tax—all of which can make holding property more affordable over time. And if you’re investing in a multi-unit property or an ADU, you might qualify for additional local or state-level incentives.
## 4. Diversification Beyond the Stock Market
In today’s economic climate, many investors are looking for a hedge against inflation and stock market volatility. Portland real estate provides a tangible, local asset that can appreciate while generating monthly cash flow—making it a dual-threat for your portfolio.
## 5. Long-Term Appreciation Outlook
Even with modest price increases in 2025, Portland’s long-term market fundamentals are solid. The city continues to attract remote workers, young professionals, and eco-conscious homebuyers who value walkability, culture, and access to nature. That means demand will likely stay strong for years to come.
## Looking to Invest?
At Lovejoy Real Estate, we’ve helped dozens of clients—from first-time investors to seasoned portfolio builders—find smart buys in Portland’s ever-evolving market. With **500+ five-star reviews** and over **200 transactions annually**, we know how to guide you toward the right opportunities.
**Want help evaluating a potential investment? [Reach out](https://lovejoyrealestate.com/contact-us/) for a quick consult—no pressure, just smart strategy.**
**Categories:** Uncategorized
---
### [Common Pitfalls for Portland First-Time Buyers](https://lovejoyrealestate.com/common-pitfalls-for-portland-first-time-buyers/)
**Published:** August 27, 2025
**Author:** Charles Turner
**Content:**
Buying your first home in Portland? You’re not alone — but that doesn’t mean it’s easy. Between navigating inspections, financing, and a uniquely local housing market, first-time buyers in the Portland metro often run into some avoidable pitfalls. At Lovejoy Real Estate, we’ve helped hundreds of first-time buyers successfully land their dream homes. Here are the most common mistakes we see — and how to avoid them.
## 1. Underestimating Closing Costs
That down payment isn’t the only chunk of cash you’ll need. From lender fees to prepaid taxes and insurance, closing costs in Oregon typically range from 2–5% of the home price. We’ve seen many buyers caught off guard — especially when escrow timelines are tight. Make sure your lender walks you through a full cost estimate early in the process.
## 2. Getting Emotionally Attached Too Early
It’s easy to fall in love with a bungalow in Alberta Arts or a cute ranch in Lents — but until inspections are in and financing is secured, it’s best to stay a little detached. Portland homes can move fast, and bidding wars are still a reality in some neighborhoods. Stay grounded and focused on your must-haves and deal breakers.
## 3. Skipping the Inspection (Even on Newer Homes)
Tempted to waive inspections to win in a multiple-offer scenario? Please don’t. Even newer Portland homes can have plumbing quirks or roofing surprises. We recommend a full home inspection and sewer scope — and in certain areas, a radon test. This small investment can save you thousands (and major headaches) down the line.
## 4. Not Shopping Lenders
Many buyers go with the first mortgage quote they get — often from a big-name bank. But local Portland lenders can sometimes offer better terms and faster close timelines. Talk to at least 2–3 lenders and ask how long it typically takes them to fund loans. A strong lender can also make your offer more competitive in the eyes of sellers.
## 5. Overextending on Monthly Costs
Just because you’re approved for a $600K loan doesn’t mean that’s your true budget. Portland’s utility costs, property taxes, and repair needs can vary widely by neighborhood and home type. Consider future maintenance, HOA dues, and lifestyle expenses when deciding what you’re really comfortable spending each month.
## 6. Ignoring Resale Potential
Your first home may not be your forever home — and that’s okay. But it’s wise to consider future resale. Are you buying next to a busy road or a home with a quirky layout? Will it appeal to the next buyer? Think like a future seller and consult with your Lovejoy agent about long-term value trends in the area.
## Bonus Tip: Don’t Go It Alone
Portland’s market has its own rhythms — and the right buyer agent makes all the difference. At Lovejoy Real Estate, our team has helped over 200 clients buy and sell homes in the past year alone. We know how to spot red flags, navigate negotiations, and advocate fiercely for your best outcome.
**Buying your first home is a big milestone — and it should be exciting, not overwhelming.** Let’s keep it that way.
Have questions about buying in today’s market? [Reach out to our team](https://lovejoyrealestate.com/contact-us/) — we’re here to help you buy smart in Portland.
**Categories:** Uncategorized
---
### [Understanding Earnest Money in Oregon Real Estate](https://lovejoyrealestate.com/understanding-earnest-money-in-oregon-real-estate/)
**Published:** August 27, 2025
**Author:** Charles Turner
**Content:**
# 
When you’re ready to make an offer on a Portland home, you’ll likely hear your agent ask, “How much earnest money are you comfortable offering?” If that question makes you pause—don’t worry, you’re not alone. Earnest money is one of those behind-the-scenes details that plays a surprisingly big role in real estate negotiations. And like everything in Oregon real estate, the fine print matters. ## What Is Earnest Money?
Earnest money is a good faith deposit you submit with your offer to show the seller you’re serious. Typically, you’ll offer 1–3% of the purchase price, and the escrow company holds it in a secure account. If the deal closes, they apply that deposit toward your down payment or closing costs. But if the deal falls apart? That’s when things get interesting.
## When Is It Refundable?
In Oregon, the real estate sales agreement outlines exactly when earnest money is refundable—and when it’s not. Here are some common scenarios:
- **Inspection Contingency:** If your inspection reveals issues and you back out within the inspection period, you get your earnest money back.
- **Financing Contingency:** If you can’t secure financing by the agreed date, you may be eligible for a refund.
- **Appraisal Contingency:** If the home appraises below the sale price and negotiations stall, you can walk away with your deposit.
The catch? If you miss a contingency deadline or back out for a non-contingency reason, the seller may be entitled to keep your deposit. That’s why timelines—and a sharp agent—matter.
## How Much Should You Offer?
In Portland’s current market, where inventory sits at **3.7 months** and buyer activity is steady despite modest price growth (median price up **0.9%** year-over-year), earnest money can be a key lever in winning offers—especially when you’re competing against others. A higher earnest money deposit signals confidence and commitment. But don’t overextend: if there’s a risk you might need to back out, a big deposit could sting.
## Local Story: When It Made the Difference
We recently helped a Lovejoy client in NE Portland win a three-offer bidding war—not with the highest price, but by doubling the average earnest money amount. The seller said it showed “serious intent.” Our client was protected by contingencies, and the deal closed smoothly. Proof that strategy beats drama, every time.
## Bottom Line
Earnest money isn’t just a formality. It’s a strategic move with real financial implications. Before writing an offer, make sure you understand your risks, your protections, and your goals. And lean on your agent to help you craft an offer that balances confidence with caution.
Want help navigating earnest money—or anything else in your real estate journey? [Let’s talk.](https://lovejoyrealestate.com/contact-us/) With 500+ five-star reviews and deep Portland market knowledge, Lovejoy Real Estate is here to make your next move your smartest yet.
**Categories:** Uncategorized
---
### [Does a Pool Add Value to a Portland Home?](https://lovejoyrealestate.com/does-a-pool-add-value-to-a-portland-home/)
**Published:** August 28, 2025
**Author:** Charles Turner
**Content:**
Let’s get real — in Portland, a backyard pool is more of a conversation starter than a must-have. But can it add value to your home? The short answer: it depends. In this post, we’ll break down when a pool is a boost, a bust, or simply a lifestyle feature for the right buyer. ## Portland Pools: Dreamy or Dated?
Portland summers are beautiful, but they’re short — and for many buyers, the idea of maintaining a pool year-round for three months of prime use is a tough sell. Unlike in Phoenix or Miami, pools aren’t a default expectation here. That means their value is more subjective — driven by design, condition, and location.
We’ve seen well-executed pools make high-end homes stand out in areas like [Lake Oswego](https://lovejoyrealestate.com/lake-oswego/), West Linn, or the [West Hills](https://lovejoyrealestate.com/west-hills-raleigh-hills-west-slope/). But even in those neighborhoods, a poorly maintained or outdated pool can actually hurt a sale.
## The Numbers Game
Nationwide, pools tend to add 5–8% in value in warmer markets. In Portland? It’s more like 3–5% — and only when the pool is **modern, well-maintained, and integrated into the landscape**.
According to [RMLS July 2025 data](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879), the **median sale price in Portland was $549,000**, a slight year-over-year increase of 0.9%. Homes with premium outdoor features — pools, ADUs, designer landscaping — are selling faster in the $800K+ range, but they still need to be turnkey to justify the bump.
## So, Should You Add One?
If you’re thinking of installing a pool to boost resale value, it’s not a slam dunk. Here’s when it might make sense:
- You plan to enjoy it for years before selling.
- You’re in a higher-end neighborhood where pools are more common.
- You’re creating a full outdoor oasis — think pool, hot tub, kitchen, and sleek landscaping.
But if it’s strictly an investment decision? You’re better off upgrading kitchens, bathrooms, or energy efficiency features first.
## Buyers: Know What You’re Getting Into
If you’re buying a Portland home with a pool, don’t skip the specialist inspection. Look for signs of aging plaster, pump issues, or DIY repairs. And be realistic about the upkeep — pools require time, money, and regular attention. If you’re game, it can absolutely be worth it. Just go in eyes wide open.
## The Bottom Line
In Portland, a pool won’t automatically boost your home’s value — but it can elevate your lifestyle and appeal to the right buyer. Want help deciding if it’s worth the splash for your property? [Let’s talk.](https://lovejoyrealestate.com/contact-us/)
**Lovejoy Real Estate** has helped hundreds of Portland-area homeowners make smart real estate decisions — with over 500 five-star reviews and deep local expertise. Whether you’re buying, selling, or planning ahead, we’re here for the long game.
**Categories:** Uncategorized
---
### [What Buyers Look for in Portland Basements](https://lovejoyrealestate.com/what-buyers-look-for-in-portland-basements/)
**Published:** August 28, 2025
**Author:** Charles Turner
**Content:**
Basements in Portland are one of those things that can make or break a buyer’s interest — and in 2025, they’re playing an even bigger role in how homes stand out. Thanks to our climate, zoning quirks, and growing demand for flexible space, the right basement setup can mean more value, more comfort, and a faster sale. ## Not All Portland Basements Are Created Equal
Walk into ten Portland homes with basements, and you’ll see everything from full ADU conversions to spider-webby storage zones that haven’t seen daylight since the Clinton era. Buyers know this, and they’re getting pickier. Finished spaces are in, but not just any finish — think thoughtful lighting, insulation, ventilation, and a layout that feels like a true extension of the home, not an afterthought.
## Top Features Buyers Want in 2025
- **Separate living space or rental potential:** Basement ADUs or guest suites with private entries are a major plus, especially in Portland’s urban neighborhoods where multigenerational living and supplemental income matter.
- **Dry and well-ventilated conditions:** Moisture issues are dealbreakers. Buyers are savvy — they’re looking for signs of water intrusion, sump pumps, proper drainage, and dehumidification systems.
- **Natural light solutions:** Basements with larger egress windows, light wells, or clever lighting design immediately feel more livable and inviting.
- **Home office or flex use:** Post-pandemic trends haven’t faded. Buyers are hunting for spaces that can flex between work, fitness, hobby, or guest needs — and basements are prime for that.
- **Permitting and code compliance:** Especially for finished spaces or ADUs, buyers are increasingly asking: Was this done right? Sellers with documentation in hand have the edge.
## What to Watch For — and Avoid
Buyers quickly flag red flags like musty smells, exposed plumbing without access panels, low ceilings under 7 feet, and “flipped” basements with pretty finishes hiding poor bones. Portland buyers in 2025 want transparency and quality — not lipstick on a leaky foundation.
## Local Tip: Basement Potential Varies by Neighborhood
Basement popularity isn’t evenly spread across the city. Inner Southeast and Northeast Portland neighborhoods like Richmond, Alameda, and Irvington often attract buyers who expect finished lower levels. In contrast, West Hills or Beaverton homes might lean more toward utility use. A Lovejoy Real Estate agent can help you dial in expectations and pricing based on hyper-local demand.
## Need a Basement Reality Check?
Whether you’re selling a home with a partially finished basement or chasing ADU dreams while house hunting, you’ll either uncover big potential — or big surprises — in the basement. Let’s take a walk downstairs together and talk strategy. With [Lovejoy Real Estate](https://www.lovejoyrealestate.com/)’s local expertise and 500+ 5-star reviews, you’ll always have a clear view from the foundation up.
**Categories:** Uncategorized
---
### [Smart Home Features Portland Buyers Want](https://lovejoyrealestate.com/smart-home-features-portland-buyers-want/)
**Published:** August 29, 2025
**Author:** Charles Turner
**Content:**
# 
In a city that prizes sustainability, creativity, and convenience, it’s no surprise that Portland buyers are getting picky about smart home features. **Whether you’re planning to sell or simply want to stay competitive in the market, understanding what today’s buyers want can guide your upgrades and, in turn, increase your home’s appeal and resale value.** In other words, smart choices now can pay off later.
## 1. Smart Thermostats: Efficiency Meets Comfort
Portlanders care about energy usage — not just for their wallets, but also for the environment. That’s why smart thermostats like Nest or Ecobee are a top request. These devices let buyers fine-tune their heating and cooling based on schedules, habits, and even room occupancy. In a climate with both damp winters and dry summers, this kind of control is a major advantage.
## 2. EV Chargers: Not Just a Bonus Anymore
With Oregon ranking high in EV adoption, many Portland homebuyers now expect a Level 2 charger in the garage or driveway. **As a result,** if you’re prepping to sell, this is one of the smartest upgrades you can make. **In particular,** neighborhoods like [Sellwood](https://lovejoyrealestate.com/sellwood-garthwick/), [Irvington](https://lovejoyrealestate.com/irvington-sabin-lloyd-district/), and the [West Hills](https://lovejoyrealestate.com/west-hills-raleigh-hills-west-slope/) are seeing stronger demand for EV-ready homes, making this feature a serious selling point.
## 3. Smart Lighting and Switches
Programmable lights and dimmable smart switches offer both energy efficiency and lifestyle convenience. **Beyond saving energy,** buyers love being able to set “scenes” — think cozy evening lighting or morning wake-up brightness — all from their phones or voice assistants. **In short,** it’s about comfort as much as cost savings.
## 4. Integrated Security Systems
From smart doorbells with cameras (hello, Ring) to whole-home systems with motion sensors and remote monitoring, buyers want tech that makes them feel secure. **Additionally,** these features provide peace of mind to remote buyers relocating from out of state — a major demographic in Portland right now.
## 5. Leak Detectors and Smart Water Monitors
With older housing stock and wet winters, water damage is a real concern in Portland. **Therefore,** leak detectors that alert homeowners to issues before they become disasters are gaining traction — especially in basements and under sinks. **As a result,** these small devices can be big selling points.
## Local Buyer Story: Smart Wins in SE Portland
Jenny Turner recently helped a client choose between two similar homes in Mt. Tabor. The deciding factor? One had a fully integrated smart home system with zoned climate control, app-connected lighting, and an EV charger. The other? Just a programmable thermostat. **Ultimately,** the difference was thousands in offer strength — and a clear sign that smart features sell.
## Bonus: What’s Not Worth the Hype?
While voice-activated assistants and smart fridges are fun, most buyers aren’t basing decisions on those alone. **Instead,** focus on features that improve energy efficiency, comfort, and security — the sweet spot for Portland’s savvy market.
## Need Advice on Upgrades?
If you’re thinking about selling or just want to future-proof your home, Lovejoy Real Estate can help you identify which smart features are worth the investment — and which ones to skip. With **500+ five-star reviews** and **200+ annual transactions**, our team brings deep Portland know-how and practical advice you can trust. [**So when you’re ready to talk strategy, we’ll be here.**](https://lovejoyrealestate.com/contact-us/)
**Categories:** Uncategorized
---
### [The Closing Timeline: From Offer to Keys in Portland](https://lovejoyrealestate.com/the-closing-timeline-from-offer-to-keys-in-portland/)
**Published:** August 29, 2025
**Author:** Charles Turner
**Content:**
# 
You’ve found the perfect place. Your offer’s accepted. Now what?
If you’re buying in Portland right now, the timeline between getting your offer accepted and receiving the keys is more predictable than you might expect — but there are still a few local quirks to know about. Here’s how the closing process usually unfolds and what to watch for along the way.
## 1. **Offer Accepted – Time to Hustle**
Once your offer is accepted, the clock starts ticking. In most Portland transactions, the standard closing period is 30 to 45 days. But that number isn’t set in stone — with an all-cash offer or an experienced team, it’s possible to close in as little as two weeks.
## 2. **Earnest Money Deposit (Day 1–3)**
Within three business days of mutual acceptance, you’ll typically deposit earnest money (usually 1–3% of the purchase price) into an escrow account. This shows you’re serious and kicks off the formal timeline.
## 3. **Inspection Period (First 10 Business Days)**
Portland buyers generally have 10 business days to conduct inspections. This includes the home inspection, sewer scope, radon testing, and anything else you want to evaluate. If issues arise, this is your window to renegotiate or walk away with your earnest money intact.
## 4. **Appraisal and Loan Finalization (Days 10–25)**
Once inspections are done, your lender will order an appraisal. Assuming the home appraises at or above the purchase price, your loan moves into underwriting. This part of the process tends to be the least visible — and often the most stressful — but with good communication, it’s manageable.
## 5. **Final Walkthrough + Signing (Days 25–29)**
You’ll do a final walkthrough to confirm the home’s condition, followed by signing your loan docs and closing disclosures at the title company. Oregon is an escrow state, so a neutral third party handles the closing process.
## 6. **Recording and Keys (Day 30+)**
Once everything is signed and funds are received, the transaction is recorded with the county. That’s when you officially become the owner — and it’s usually when you get your keys.
## 💡 Market Timing Matters
In [Portland’s current market](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879), the average time on market is 52 days, and inventory has edged up to 3.7 months. That means buyers have a bit more breathing room, and sellers are slightly more motivated — which can help keep closings on track.
## 🔑 Tips to Keep Your Closing Smooth
- **Stay responsive** to lender and escrow requests — delays often come from missing paperwork.
- **Don’t make big purchases** (like a new car!) during underwriting — it could mess with your loan approval.
- **Lean on your agent** to coordinate the timeline, inspections, and negotiations.
Buying in Portland can feel like a whirlwind, but with the right team and expectations, you’ll go from offer to keys without surprises.
*Want help navigating your own closing timeline? [Reach out](https://lovejoyrealestate.com/contact-us/) to Lovejoy Real Estate — we’ve guided over 200 families through smooth closings this year alone.*
**Categories:** Uncategorized
---
### [What Makes Portland’s Housing Inventory Unique](https://lovejoyrealestate.com/what-makes-portlands-housing-inventory-unique/)
**Published:** September 2, 2025
**Author:** Charles Turner
**Content:**
# 
From century-old Craftsmans tucked under Douglas firs to ultra-modern infill homes with rooftop patios, Portland’s housing inventory is anything but standard. It’s a blend of eras, styles, and zoning layers that creates both opportunities and quirks for buyers and sellers alike. If you’re house hunting here, understanding what makes our inventory different can help you set better expectations — and craft smarter offers.
## 1. Older Homes Are the Norm
Portland’s core neighborhoods — think [Irvington](https://lovejoyrealestate.com/irvington-sabin-lloyd-district/), [Sellwood](https://lovejoyrealestate.com/sellwood-garthwick/), [Alameda](https://lovejoyrealestate.com/alameda-grant-park-hollywood/), or [Mount Tabor](https://lovejoyrealestate.com/mt-tabor/) — are full of homes built in the early 1900s to 1950s. These homes bring tons of charm: original hardwoods, wood-burning fireplaces, built-ins, and unique architectural details you just don’t find in new construction. But they also come with aging systems, possible foundation quirks, and layout limitations (goodbye open-concept dreams).
## 2. Infill and ADU-Friendly Zoning
Portland’s Residential Infill Project (RIP) has transformed how new homes are built. Zoning reforms now allow for multiple units — think duplexes, triplexes, and even fourplexes — on lots that previously allowed just one. This opens the door for creative builds and accessory dwelling units (ADUs), especially in inner neighborhoods like Woodstock, Arbor Lodge, and Richmond. It also means new-construction buyers may encounter homes that share walls or driveways.
## 3. Inventory Is Tight, But Holding Steady
As of July 2025, [Portland’s housing inventor](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879)y sits at **3.7 months** — up from 3.6 in June and 3.3 in May. While not quite a buyer’s market, we’re seeing more balance compared to the hyper-competitive conditions of the past few years. More inventory means more options — but it also means older listings that may need price adjustments or repairs to attract attention.
- **New Listings (July 2025):** 2,931 (+0.9% YoY)
- **Closed Sales:** 2,005 (-3.4% YoY)
- **Median Sale Price:** $549,000 (+0.9% YoY)
- **Average Days on Market:** 52 days
## 4. Location Dictates Age and Style
In neighborhoods like [Eastmoreland](https://lovejoyrealestate.com/eastwest-moreland/) or [Laurelhurst](https://lovejoyrealestate.com/laurelhurst/), you’ll mostly find historic homes with big lots and mature landscaping. Head out to newer suburbs like Happy Valley or Bethany, and you’re more likely to find homes built in the 2000s with modern systems, energy-efficient features, and larger square footage — but potentially less character.
## 5. Quirky Features That Surprise Buyers
Ever toured a house and found a shower in the basement next to the laundry? Or a tiny detached garage with no hope of fitting a modern car? Welcome to Portland. Between DIY renovations, legacy construction, and evolving code standards, you’ll encounter a few surprises. That’s why having an agent who knows local red flags — and where to look — is essential.
## The Bottom Line
Portland’s housing inventory is as unique as the city itself. It rewards buyers who are flexible, sellers who are strategic, and agents who know how to spot the hidden value in a creaky Craftsman or a backyard ADU. Want help navigating what’s out there right now? [Let’s talk about your goals](https://lovejoyrealestate.com/contact-us/).
**Categories:** Uncategorized
---
### [SE Portland Hot Spots for First-Time Buyers](https://lovejoyrealestate.com/se-portland-hot-spots-for-first-time-buyers/)
**Published:** September 4, 2025
**Author:** Charles Turner
**Content:**
If you’re dreaming of buying your first home in Portland, SE might just be your sweet spot. With its walkable streets, cozy cafés, and character-filled homes, Southeast Portland offers a unique blend of lifestyle and affordability that first-time buyers are loving right now. ## Why SE Portland?
Southeast Portland strikes a balance that’s hard to find: neighborhood charm, strong community vibes, and access to the city’s best indie shops, food carts, and transit lines. It’s one of the few areas where you can still snag a starter home under **$500K** — and actually want to hang out in the neighborhood on weekends.
## Top SE Neighborhoods for First-Time Buyers
- **Foster-Powell (FoPo):** This area has been quietly building buzz over the last few years. Tree-lined streets, a wave of new businesses, and relatively affordable price points make it a smart first move.
- **Montavilla:** With its vintage theaters, community farmers market, and a growing restaurant scene, Montavilla is a standout. Homes here often have larger yards and a mix of mid-century and craftsman styles.
- **Lents:** Still one of Portland’s most affordable neighborhoods, Lents is attracting a new wave of first-time buyers who want value and upside. Look for newer townhomes and up-and-coming retail spots.
- **Woodstock:** If your vibe is more classic PDX — think walkable cafés, old-growth trees, and neighborhood pride — Woodstock’s mix of bungalows and remodel-ready homes is a great place to look.
## What’s the Market Doing Right Now?
As of July 2025, the Portland market is offering a mix of opportunity and competition. According to [RMLS](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) data:
- **2,931** new listings hit the market in July — a 0.9% increase YoY.
- **$555,000** is the current median sale price in Portland, up 0.9% from 2024.
The takeaway? Inventory is growing slightly, but prices remain relatively stable — giving first-time buyers a critical window to shop with more choices and less pressure.
## Tips for First-Time Buyers in SE
1. **Act fast, but smart:** Well-priced homes under $500K in SE still move quickly — make sure your financing is ready to go.
2. **Be open to light projects:** Cosmetic updates can boost value over time and help you break into the neighborhood you love.
3. **Walk the neighborhood:** SE Portland is all about feel. Spend time in the area before committing — pop into local cafés, walk to a park, or try the nearest food cart pod.
## Let’s Find Your First SE Home
Whether you’re ready to house hunt today or just gathering info, Lovejoy Real Estate is here to help. Our team has helped hundreds of first-time buyers land homes in Portland’s most vibrant neighborhoods. Let’s make your move feel like a win from day one.
**Categories:** Uncategorized
---
### [How to Evaluate School Proximity When Selling](https://lovejoyrealestate.com/how-to-evaluate-school-proximity-when-selling/)
**Published:** September 4, 2025
**Author:** Charles Turner
**Content:**
In Portland, school proximity is one of the most frequently asked questions from buyers — even those without children. But if you’re selling your home, it’s important to know how to highlight location benefits **without violating fair housing laws**. Here’s how to strike the right balance while making your home more marketable.
## Why Buyers Ask About Schools
Let’s be real: schools influence perception. Many buyers believe that a home near schools may signal a family-friendly vibe, a quieter street, or even potential for higher resale. In some Portland neighborhoods, proximity to certain campuses — like those along NE Fremont or inner SE — can influence buyer traffic before they ever step through the door.
## The Fair Housing-Friendly Way to Talk About Schools
You can absolutely mention distance to nearby amenities — including schools — but you can’t comment on *school quality*. This is where many sellers get tripped up. Avoid language like “great schools” or “top-rated district.” Instead, stick to **objective facts:**
- **Walking distance** to \[insert school name\]
- **0.4 miles from** \[insert school name\]
- **Nearby amenities:** parks, cafes, schools, and transit stops
Buyers can then do their own research through websites like [GreatSchools.org](https://www.greatschools.org) or district pages, which you can reference neutrally in your marketing materials.
## Should You Highlight School Proximity?
If your home is walkable to one or more schools — especially in family-dense areas like [Sellwood](https://lovejoyrealestate.com/sellwood-garthwick/), Bethany, or parts of [Lake Oswego](https://lovejoyrealestate.com/lake-oswego/) — it’s worth calling that out in your listing description, flyer, or open house materials.
Just remember: you’re marketing location, not evaluating educational performance.
## Local Example
We recently helped a seller in SE Portland whose home backed up to a school playground. We emphasized the **open views, no rear neighbors**, and **quick walk to the elementary campus** without saying anything about ratings. The home sold in under a week with three offers.
## Bonus Tip: Use a Map in Your Marketing
Buyers love to visualize how close they are to everything — not just schools. A simple amenities map with pins for local shops, parks, and schools can be a subtle but powerful tool. (And yes, we can help create one!)
## Final Thoughts
When it comes to schools, proximity sells — but **language matters**. If you’re prepping your Portland-area home for the market and wondering how to position it strategically, [reach out](https://lovejoyrealestate.com/contact-us/). We’ll help you market smart — and legally — every step of the way.
**Categories:** Uncategorized
---
### [When Is the Best Time to List Your Portland Home?](https://lovejoyrealestate.com/when-is-the-best-time-to-list-your-portland-home/)
**Published:** September 5, 2025
**Author:** Charles Turner
**Content:**
Timing isn’t just a detail in real estate — it’s a strategy. If you’re thinking about selling your Portland home, choosing when to list can significantly impact how quickly your home sells and what it sells for. So… when’s the *best* time to hit the market? ## Portland’s Seasonal Real Estate Patterns
Traditionally, spring and early summer — March through June — see a surge in new listings and buyer activity. But how’s that trend holding up now? Let’s look at the [latest from RMLS](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879):
- **August 2025:** New listings (2,476) dropped 15.5% from July, though pending sales rose 4.5% month‑over‑month — and were up 10.9% from August 2024. Closed sales also ticked up 0.8% from July and 3.3% year‑over‑year. Inventory stood at about 3.5 months, while total market time increased to 62 days.
- **Year‑to‑Date 2025 vs 2024:** New listings are up 3.2%, pending sales up 1.4%, closed sales up 1.0%. The median sale price rose to $550,000 (a 0.9% increase), while average sale price is around $616,200 (+0.7%).
Translation: Even amid fewer fresh listings, buyer demand persists — and prices are inching upward.
## The Sweet Spot for Sellers
Spring or early summer still offer plenty of buyer interest — but August shows something interesting. There were fewer competing listings, yet offers and sales increased. That tells us that motivated buyers are still actively shopping. If your home is move-in ready and you price it smartly, late summer could be your moment to stand out.
## Considering Fall or Holding for Spring?
Fewer listings in fall mean less competition, but also fewer buyers. But with August’s uptick in pending and closed sales—even amid reduced inventory—it’s clear that autumn still offers opportunity. And don’t forget spring: renewed buyer energy, school-year planning, and fresh listings can create a strong early-season opening.
## Strategy First, Season Second
Instead of fixating solely on the calendar, focus on your home’s readiness and your goals:
- **Move-in ready homes** can shine even in later summer or early fall.
- **Premium properties** often benefit from spring’s buyer surge.
- **Unique or fixer listings** may need tailored timing to get traction.
With Portland’s median sale price at $550,000 and signs of steady demand, your strategy matters far more than the month you hit “Active.”
## Local Insight Beats Guesswork
At Lovejoy Real Estate, we craft listing strategies based on real market signals — not just seasonality. With our reputation built on 500+ five‑star reviews and 200+ annual transactions, we know when your home will shine—from timing to pricing to presentation. Ready for a custom strategy? [Let’s talk.](https://lovejoyrealestate.com/contact-us/)
**Categories:** Real Estate News & Tips
---
### [Why Buyers Are Prioritizing Energy Efficiency](https://lovejoyrealestate.com/why-buyers-are-prioritizing-energy-efficiency/)
**Published:** September 5, 2025
**Author:** Charles Turner
**Content:**
# 
Energy efficiency isn’t just a buzzword—it’s fast becoming a must-have in Portland. With rising utility costs and more deliberate buying decisions, homes that offer long-term savings through smart design and upgrades are capturing attention.
## What Buyers Value Today
Whether you’re touring condos in Northwest or craftsman homes in Southeast, Portland buyers are asking:
- Does the home have a current energy score?
- Are appliances, windows, or HVAC systems updated for efficiency?
- How much could I actually save on my utility bill?
These considerations aren’t just green—they’re smart. Energy-efficient upgrades help homes stand out and sell more strategically.
## Key Efficiency Wins
- **Energy‑Star certified appliances** — efficient tech that lowers bills and adds curb appeal.
- **Heat pumps & smart HVAC** — ideal for Portland’s climate and often more efficient than traditional systems.
- **Insulation & double‑pane windows** — real savings on heating and cooling, especially in older homes.
- **Solar or battery‑ready installs** — increasingly expected in eco-conscious neighborhoods.
- **Visible energy score documentation** — buyers use it as a key comparison point across listings.
## August 2025 Market Snapshot
The [latest RMLS data](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) shows:
- New listings dropped to **2,476**, down 15.5% from July and 7.2% lower than August 2024.
- Pending sales rose to **2,275**, up 4.5% month‑over‑month and 10.9% year‑over‑year.
- Closed sales increased slightly to **2,021**—up 0.8% from July and 3.3% above August 2024.
- Inventory tightened to **3.5 months**, while total market time stretched to \*\*62 days\*\*, reflecting increasingly cautious—but still active—buyers.
- Year‑to‑date, average sale price is up 0.7% to \*\*$616,200\*\*, and median sale price is up 0.9% to \*\*$550,000\*\*, compared to the same period in 2024.
## What This Means for Sellers
With fewer new listings and more considered buyer activity, energy efficiency can be a key differentiator. Homes that deliver comfort, savings, and peace of mind tend to perform better—especially as market time lengthens.
## Key Takeaway
Energy efficiency isn’t just a trend—it’s a filter buyers are applying now. Featured sustainably smart homes get not only higher visibility—they’re more likely to win offers.
*Need help highlighting your home’s energy features—or want to find a Portland property poised for savings and comfort? [Lovejoy Real Estat](https://lovejoyrealestate.com/contact-us/)e is ready to help.*
**Categories:** Energy Score, Real Estate News & Tips
---
### [What to Expect at a Home Appraisal in Portland](https://lovejoyrealestate.com/what-to-expect-at-a-home-appraisal-in-portland/)
**Published:** September 8, 2025
**Author:** Charles Turner
**Content:**
So, your Portland home is under contract — congrats! Now comes one of the most misunderstood (but crucial) parts of the closing process: the home appraisal.
Whether you’re buying or selling, the appraisal can be a dealmaker or a dealbreaker. Let’s walk through what actually happens during a home appraisal in our current market — and how to prepare for it like a pro.
## 🏡 What Is a Home Appraisal?
In short, a home appraisal is an unbiased estimate of a property’s market value, ordered by the buyer’s lender. It protects the bank from lending more than the home is worth — and protects you from overpaying or underselling.
## 🔍 What Happens During an Appraisal?
The appraiser — a licensed third party — will:
- Inspect the property’s condition, layout, and features
- Measure square footage
- Take interior and exterior photos
- Compare it to 3–5 recent nearby sales (comps)
They’ll also factor in local market metrics — as of August 2025, inventory is at **3.5 months**, and total market time averages **62 days**, meaning this market still rewards preparation and clarity.
## 🛠️ Tips for Sellers: How to Prepare
Appraisers aren’t judging your decor, but presentation counts. Here’s how to set the stage:
- Ensure all lights, HVAC, and major systems are functional
- Fix easy-to-catch issues like leaky faucets or loose handrails
- Deep-clean and declutter — clear closets, garages, basements
- Provide a list of recent upgrades or renovations
- If you received multiple offers, have your agent share that insight
## 💬 For Buyers: What If the Appraisal Comes In Low?
If the appraised value falls short of your agreed-upon price, the lender won’t finance the full amount. Your options:
- Negotiate a price drop with the seller
- Pay the difference in cash
- Challenge the appraisal — with comparable sales evidence
In Portland’s ever‑nuanced neighborhoods, comps matter more than ever — this is where a seasoned, local agent (hello, that’s us) shines.
## 📝 The Bottom Line
The appraisal is a pivotal moment — one that can shape your financing, closing schedule, and peace of mind. With [August’s RMLS numbers](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) in front of us, you know the market’s pace and value are grounded in reality… and so should your expectations.
**Lovejoy Real Estate** has helped over 200 families buy or sell this year with 500+ five‑star reviews. When the stakes are real, your pace and value shouldn’t be guesses — they should be clear. Let us help make your appraisal (and your closing) a success.
**Categories:** First Time Buyer, Real Estate News & Tips
---
### [Tips for Selling a Rental Property in Portland](https://lovejoyrealestate.com/tips-for-selling-a-rental-property-in-portland/)
**Published:** September 9, 2025
**Author:** Charles Turner
**Content:**
Selling a rental property in Portland isn’t quite the same as selling your primary residence. From tenant laws in Oregon to market timing and trends, investors need a smart, strategic approach. Whether you’re selling a Buckman bungalow or a St. Johns duplex, here’s what you really need to know this August 2025. ## 1. Know Your Tenant Obligations Well
Oregon law doesn’t let you simply terminate leases—you must honor existing agreements. Month-to-month tenants generally require a 90-day notice, while fixed-term leases should be allowed to run or transferred to the buyer. Selling tenant-occupied can help maintain income, but showings become more complex.
## 2. Tenant‑Occupied vs. Vacant: Weigh the Pros and Cons
A vacant property may photograph better and offer smoother showings, but comes at the cost of lost rent. Tenant-occupied sales keep the cash flow intact—but be prepared for scheduling challenges. A well-timed sale between leases may offer the best of both worlds.
## 3. Market Snapshot: August 2025
[Portland’s August data](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) reflects a dynamic market:
- New listings dropped to **2,476**—down 15.5% from July and 7.2% from August 2024.
- Pending sales rose to **2,275**—up 4.5% from July and 10.9% year-over-year.
- Closed sales edged up to **2,021**—a 0.8% gain from July and 3.3% from last August.
- Inventory tightened to **3.5 months**, down from 3.7 months in July.
- Total market time stretched to **62 days**, from 52 days in July.
- Median sale price remains at **$550,000**, unchanged year-to-date; average sale price holds at approximately $616,200 YTD.
That means more buyers are moving forward, fewer listings are hitting the market, and homes are taking longer to sell—all signs of sustained demand under rising competition.
## 4. Price Strategically for Investor Buyers
With inventory down but days on market up, pricing is everything. Investors want rental data, income statements, and up-to-date comps. Package your listing with clear tenant details, projected ROI, and maintenance records to attract serious buyers.
## 5. Organize Your Documentation (and the Property)
Have these ready before listing:
- Current lease agreements & rent roll
- Maintenance and inspection history
- Move-in condition documentation
- Year-to-date financials if available
Even basic repairs and a fresh coat of paint can make a rental property look more appealing—especially if it will be shown vacant.
## 6. Consider a 1031 Exchange (If It Makes Sense)
Thinking of reinvesting in another property? A 1031 exchange could help you defer capital gains taxes. But these deals come with strict timelines and rules—so work closely with your CPA or real estate attorney.
## Let’s Talk Strategy
At Lovejoy Real Estate, with 500+ five-star reviews and 200+ annual transactions, we help landlord‑clients successfully navigate these shifts—balancing lease obligations, market timing, and property value. Let’s make your exit smooth and strategic.
**Ready to sell your Portland rental?** [Connect with us](https://lovejoyrealestate.com/contact-us/) to talk tenant nuances, timing, and pricing for your investment property.
**Categories:** Investing in Real Estate, Real Estate News & Tips
---
### [First-Time Buyer Checklist for Portland](https://lovejoyrealestate.com/first-time-buyer-checklist-for-portland/)
**Published:** September 10, 2025
**Author:** Charles Turner
**Content:**
*Ready to buy your first Portland home? Start here. This checklist walks you through the key steps — and pitfalls — specific to our market.*## Why This Market Demands a Game Plan
Buying your first home is never simple. Add Portland’s unique pace and pricing, and it’s easy to feel overwhelmed. In August 2025, the median sale price held steady at **$550,000**, with homes spending an average of **62 days on the market**. Inventory ticked down slightly to **3.5 months**, and while new listings dropped **15.5%** from July, pending sales climbed. Translation? Competition is still real — but preparation pays off.
## Your Portland First-Time Buyer Checklist
1. **🏦 Get Pre-Approved by a Trusted Lender:** Skip the online estimates and work with a real lender who can walk you through monthly payment scenarios, interest rate options, and potential down payment assistance.
2. **🧭 Set a Realistic Budget — Then Revisit It:** Be honest about your must-haves vs. nice-to-haves. With the average Portland home selling for **$616,200** YTD, clarity here helps you act quickly when the right place hits the market.
3. **🏙️ Explore Neighborhoods You Might Not Know (Yet):** You’ve probably heard of [Alberta](https://lovejoyrealestate.com/alberta-arts-district-concordia/), [Sellwood](https://lovejoyrealestate.com/sellwood-garthwick/), and [St. Johns](https://lovejoyrealestate.com/st-johns/) — but your best fit might be just a few blocks outside your original search area. We’ll help you think creatively.
4. **🕵️ Know What to Look for at Showings:** Pay attention to layout flow, natural light, street noise, and any signs of deferred maintenance. Don’t fall for the staging — fall for the structure.
5. **📄 Understand the Offer Strategy:** Portland’s market rewards speed and confidence — but not recklessness. From contingencies to earnest money, we’ll help you craft an offer that protects you and appeals to sellers.
6. **🔍 Lean on Experience:** First-time buyers we’ve worked with often say they didn’t realize how many moving pieces there were — until we helped connect the dots. Lovejoy Real Estate helps 200+ Portland buyers and sellers each year. You’re in good company here.
## [Current Market Snapshot – August 2025](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879)
- **Median Sale Price:** $550,000
- **Average Sale Price YTD:** $616,200 (+0.7% YoY)
- **Inventory:** 3.5 months
- **Average Days on Market:** 62
- **New Listings:** 2,476 (↓15.5% MoM)
- **Pending Sales:** 2,275 (↑4.5% MoM)
## Final Thought
You don’t have to do this alone. Whether you’re just getting pre-approved or ready to write an offer, our team is here to guide you — no pressure, just expert support.
**Lovejoy Real Estate** is trusted by first-time buyers across Portland, with over **500 five-star reviews** and **200+ clients served annually**. Let’s turn your first home goal into a win.[Get in touch](https://lovejoyrealestate.com/contact-us/) to connect with a local expert who gets it.
**Categories:** First Time Buyer, Real Estate News & Tips
---
### [Backyard Upgrades Buyers Love in Portland](https://lovejoyrealestate.com/backyard-upgrades-buyers-love-in-portland/)
**Published:** September 12, 2025
**Author:** Charles Turner
**Content:**
In Portland, where we celebrate our seasons — yes, even the rainy ones — outdoor spaces can make or break a home’s market appeal. As more buyers prioritize livability and lifestyle in their home search, upgraded backyards are moving to the top of the must‑have list. Whether you’re prepping your home for market or just looking to boost your own backyard enjoyment, here are the outdoor upgrades Portland buyers love most in 2025. ## 1. Covered Patios for Year‑Round Use
Portlanders are all about being outside — even when it’s drizzling. A stylish, functional covered patio gives you a cozy spot to sip your Stumptown coffee or host dinner with friends under string lights. Bonus points if it has heaters, a ceiling fan, or built‑in lighting. Covered outdoor spaces help extend the usable square footage of your home in a way that’s very on‑brand for our climate.
## 2. Firepits and Outdoor Fireplaces
Few things say “Pacific Northwest hygge” like a firepit. From built‑in gas units to modern steel bowl pits, these gathering spots invite year‑round connection and warmth. In 2025, buyers are especially drawn to sleek, low‑smoke designs that complement clean landscaping or hardscaping.
## 3. Low‑Maintenance Landscaping with Native Plants
Let’s be real — nobody wants to spend all weekend mowing. Portland buyers appreciate well‑designed, eco‑friendly yards that lean into native grasses, ground covers, and pollinator‑friendly plantings. Xeriscaping and smart drip irrigation are growing trends, especially in neighborhoods where green‑conscious living is a priority.
## 4. Outdoor Kitchens & Dining Zones
Portable grills are out. Built‑in BBQs, prep areas, pizza ovens, and beverage fridges are in. As more homeowners entertain at home, outdoor kitchens have become a high‑end feature worth investing in. Even a compact setup with a stone countertop and a mini fridge can earn buyer bonus points.
## 5. Privacy Features That Don’t Feel Closed Off
Privacy matters, but Portland buyers don’t want to feel fenced in. Think cedar screens, slatted walls, or even artful metal panels that add design while maintaining flow. Creating intentional separation between zones — dining, lounging, gardening — helps the whole yard feel more like a private retreat.
## Market Snapshot: August 2025
The [latest RMLS data](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) for Portland Metro shows:
- **New Listings:** ~2,476, down 7.2% from August 2024.
- **Pending Sales:** ~2,275, up ~10.9% year‑over‑year.
- **Closed Sales:** ~2,021, up ~3.3% from August 2024.
- **Inventory:** ~3.5 months.
- **Total Market Time:** 62 days from listing to accepted offer.
- **Median Sale Price:** ~$550,000.
- **Average Sale Price:** ~$620,500, nearly flat year‑over‑year.
What this means for yard improvements: homes with appealing outdoor features are entering a competitive zone. With just ~3.5 months of inventory, sellers who make strategic upgrades are rewarding themselves with greater buyer interest and sometimes faster offers.
## Thinking of Selling? Start with the Backyard.
At Lovejoy Real Estate, we help sellers highlight the features Portland buyers are looking for — and outdoor spaces consistently top the list. If you’re considering listing in the next 6‑12 months, let’s walk your property together and build a plan to boost value through strategic updates. With 500+ five‑star reviews and 200+ transactions annually, our team knows what moves buyers in this market.
**Thinking about backyard upgrades or selling in 2025?** [Let’s talk](https://lovejoyrealestate.com/contact-us/) about what adds real value in your specific neighborhood.
**Categories:** Fixers and Remodeling, Real Estate News & Tips
---
### [Should I Rent My Home Instead of Selling?](https://lovejoyrealestate.com/should-i-rent-my-home-instead-of-selling/)
**Published:** September 15, 2025
**Author:** Charles Turner
**Content:**
**Portland Metro, August 2025 Market Snapshot**
If you’re holding a Portland home and wondering whether renting instead of selling makes sense, you’re not alone. With the current market showing mixed signals, weighing the trade‑offs carefully can make all the difference — for your financials, your future plans, and your flexibility. ## 📊 Portland Metro Market at a Glance
- **New Listings:** 2,476 homes came on the market in August, down ~7.2% from August 2024 and down ~15.5% from July 2025.
- **Pending Sales:** 2,275 homes went under contract — up ~10.9% year‑over‑year, and modest growth (~4.5%) over July.
- **Closed Sales:** 2,021 closings in August, up ~3.3% from August last year; barely changed (~0.8%) from July.
- **Inventory:** About 3.5 months of inventory. Lower than in many past months.
- **Total Market Time:** Homes are averaging ~62 days from listing to accepted offer.
- **Median Sale Price:** $550,000. Up ~0.9% from the year‑ago figure of $545,000.
- **Average Sale Price:** $616,200 year‑to‑date, up ~0.7% from the same period last year.
## Why Renting Might Be Smart Right Now
Looking at those numbers, you can see some conditions that might favor renting over selling:
- **Side‐stepping lower buyer demand:** New listings are down, so there’s less competition, but pending and closed sales are holding or increasing slightly — so the buyer pool still exists. If your home isn’t positioned to stand out, waiting (and renting meanwhile) may allow the market to strengthen.
- **Holding value:** Prices are rising slowly (median +0.9% YoY, average +0.7%), so selling now likely won’t yield big gains. If you expect costs (maintenance, property taxes) to stay stable enough, renting may let you preserve value while the market matures.
- **Income potential:** Renting gives you monthly cash flow, which helps offset carrying costs. With inventory tight (~3.5 months), reasonable market time, and consistent closed sale activity, a well‐managed rental could perform.
- **Flexibility:** If you’re not forced to move, renting lets you wait for a stronger seller’s market without being out‐of‐pocket. You also hedge against interest rate volatility or changing economic conditions.
## Reasons You Might Still Prefer Selling
Renting isn’t pure upside. Here are the trade‑offs:
- **Landlord responsibilities:** Maintenance, tenant turnover, property management — these costs and hassles add up.
- **Carrying costs:** Taxes, insurance, utilities, repairs — while rent helps, you’ll still be investing time and money without the lump sum payout you’d get from a sale.
- **Market risk:** If the market dips, or if you need to sell soon, you may not benefit from rising prices the way you’d hope. Also, rental demand can shift too.
- **Capital tied up:** When you rent, most of your equity stays locked in — you’ll need to consider opportunity cost, especially if you planned that sale to fund something else.
## Key Questions to Ask Yourself
1. How does the rent I can realistically achieve compare to monthly costs (mortgage + taxes + insurance + upkeep)?
2. Do I have the cash reserves (or access to local property management) to handle unexpected repairs and vacancies?
3. How long am I willing to wait? Is this a 1‑year decision, or 3‑5 years?
4. What are the tax implications in my situation (especially with depreciation, income vs. capital gains)? Talk to a tax professional.
5. How mobile am I? Will I need the flexibility to sell sooner than expected?
## What the August 2025 Data Means for You
Given the [latest data](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) — fewer new listings, a relatively stable median sale price around **$550,000**, and homes spending about **62 days** on market — renting your home in Portland could be smart if you expect market strength to return. It lets you generate income while possibly benefiting from future appreciation. But it’s not a decision to make lightly.
## Next Steps if You’re Considering Renting
If you’re leaning toward renting, here are actions to consider:
- Run a detailed cash‑flow analysis: what are your projected rental income and all your costs?
- Talk to a trusted property manager to understand vacancy rates, upkeep, and market rent for homes like yours.
- Make any needed repairs or updates now, while you still own the property, to maximize rent, reduce turnover, and attract higher quality tenants.
- Stay engaged with the market: track new listings, price trends, and local rent rates so you’re ready to sell if that becomes more favorable.
Here at Lovejoy Real Estate, we’ve helped hundreds of Portland homeowners weigh selling vs renting with confidence. If you want a personalized analysis for your home, [let’s talk](https://lovejoyrealestate.com/contact-us/) — because the right choice depends on your goals, timing, and local market dynamics.
**Categories:** Investing in Real Estate, Real Estate News & Tips
---
### [The Impact of Remote Work on Portland Real Estate](https://lovejoyrealestate.com/the-impact-of-remote-work-on-portland-real-estate/)
**Published:** September 17, 2025
**Author:** Charles Turner
**Content:**
# 
What started as a pandemic workaround has become a defining force in the Portland housing market. As more professionals in tech, design, education, and beyond make remote work permanent, we’re seeing meaningful shifts in where—and how—Portlanders want to live.
If you’re buying, selling, or just watching the market evolve, here’s how remote work continues to reshape real estate in the Rose City.
## The Portland Home Office Boom
Home offices aren’t just a bonus anymore—they’re a must-have for many buyers. Detached ADUs, finished basements, bonus rooms, and even walk-in closets are being reimagined as private, Zoom-ready workspaces. In fact, we’ve seen clients prioritize a quiet home office over proximity to downtown or even bedroom count.
This shift has widened the geographic search area for many buyers, creating opportunity in outer eastside neighborhoods, SW hills, and even suburbs like Milwaukie, Beaverton, and Oregon City where square footage stretches further.
## More Flexibility, New Priorities
When your daily commute is just a few steps, what matters most in a home changes. Buyers now weigh access to nature, room for hobbies, and overall lifestyle fit more heavily than a short drive to the office. We’ve seen families choose homes with garden space in St. Johns over downtown condos, and creatives pick quirky Montavilla bungalows for their charm and flexibility.
This lifestyle-driven decision-making is influencing price trends in unexpected ways, with traditionally overlooked neighborhoods seeing renewed interest and competition.
## Suburbs Are Hot (But Not the Way They Used to Be)
Suburban demand is rising—but it’s different this time. Instead of cookie-cutter developments, today’s remote workers are drawn to neighborhoods that blend space, character, and walkability. Think: older homes in Lake Oswego, downtown Gresham charmers, or newer builds in Tigard with nearby cafes and trails.
This has leveled the playing field for once-quiet areas that offer a little breathing room and strong fiber internet. Sellers in these zones should take note—highlighting home office setups, flexible floor plans, and lifestyle perks can give your listing an edge.
## What the Portland Market Data Tells Us
According to the August 2025 [RMLS Market Action](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) report:
- **Inventory rose** to **3.5 months**, providing more options for remote workers to find their fit.
- **Median sale price** held steady at **$550,000**, a 0.9% increase year-over-year.
- **Days on market** ticked up to **62 days**, giving buyers a bit more breathing room.
With a year-to-date median price of **$550,000** and average price of **$620,500**, we’re seeing slow, steady appreciation—but not the overheated pace of recent years. That gives remote workers more time and flexibility to shop strategically.
## What This Means for Buyers and Sellers
- **Buyers:** Don’t rule out neighborhoods just because they’re farther out. With remote work, your perfect space might be in a zip code you hadn’t considered before.
- **Sellers:** If your home has a dedicated office, studio space, or private ADU, market that feature hard. It could be the detail that makes your property stand out.
## Bottom Line
Remote work isn’t a temporary trend—it’s a lasting shift that’s redefining where and how Portlanders live. Whether you’re upgrading for function, downsizing for flexibility, or rethinking your commute entirely, we’re here to help you navigate the new normal.
Thinking of buying or selling in a remote-work world? [Let’s talk strategy](https://lovejoyrealestate.com/contact-us/).
**Categories:** Real Estate News & Tips
---
### [How Long Does It Take to Sell a Home in 2025?](https://lovejoyrealestate.com/how-long-does-it-take-to-sell-a-home-in-2025/)
**Published:** September 17, 2025
**Author:** Charles Turner
**Content:**
If you’re thinking about listing your Portland-area home, one of the first questions you’ll ask is, **“How long will it take to sell?”** The short answer: a bit longer than in the spring, but still reasonable—especially when you price it well and prepare properly.
## What’s the Current Timeline?
According to the [RMLS report](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) for August 2025, the average *total market time* in Portland Metro is **62 days**—that’s the time from listing to offer acceptance. That’s up from 52 days in July 2025.
## Key Market Stats for August 2025
- **New Listings:** 2,476—down 15.5% from July 2025 and down 7.2% year-over-year.
- **Pending Sales (Offers Accepted):** 2,275—increase of 4.5% from July, and up nearly 11% from August 2024.
- **Closed Sales:** 2,021—slightly more than July’s and up about 3.3% from August last year.
- **Inventory (Months Supply):** ~3.5 months—slightly decreased.
- **Median Sale Price:** $550,000—up about 0.9% year‑to‑date compared to the same period last year.
- **Average Sale Price:** ~$620,500—flat year‑over‑year (≈ 0.0% change), slight drop from July’s ~$621,800.
## What’s Driving the Slower Sales?
The increase to 62 days suggests a more balanced market compared to earlier in 2025. Key influences include:
- **Fewer new listings:** With new listings dropping significantly compared to both July and August last year, inventory is tighter in certain price bands.
- **More options for buyers:** Pending sales are up, but buyers have more time to compare, especially when homes are priced high or need updates.
- **Seasonal cooling:** Summer tends to slow as we move toward fall, and buyer behavior is often more deliberate after peak listing months.
## How to Sell Faster in August/Autumn 2025
1. **Make your home move‑in ready.** Small repairs, fresh paint, decluttering go a long way.
2. **Work with data.** Price based on current comps, not last year’s highs.
3. **Stand out in marketing.** Great photos, virtual tours, staging—especially as viewings may decrease in certain neighborhoods.
4. **Be responsive.** Quick responses to showing requests or offers can speed things up in tighter inventory markets.
## Real Seller Story: Adjusting Timing in August
One of our clients listed a home in East Portland mid‑August. They invested in minor landscaping and updated lighting, priced it just slightly under comparable listings, and had an accepted offer in **12 days**. Closing took the usual ~30 days—but their prep and pricing made the difference. Even in a slower market, intention matters.
## The Bottom Line
In Portland Metro August 2025, selling your home now takes about \*\*60‑65 days on average\*\* from listing to accepted offer. That’s a shift from earlier in the year, but with smart preparation, you can still move faster. If you’re considering selling this fall, let’s map out a listing and pricing strategy tailored for your home and neighborhood.
**Thinking about selling?** [Reach out](https://lovejoyrealestate.com/contact-us/) to our team for a personalized timeline and prep plan that gets results—without the stress.
**Categories:** Real Estate News & Tips
---
### [10 Home Fixture Trends That Won’t Age Well](https://lovejoyrealestate.com/10-home-fixture-trends-that-wont-age-well/)
**Published:** September 18, 2025
**Author:** Charles Turner
**Content:**
When it comes to home updates, fixtures may seem like small details—but they leave a big impression. In Portland’s ever-evolving market, smart upgrades can boost both your everyday enjoyment and long-term resale value. However, before you dive into the latest trends, pause and consider: will this look still feel fresh five years from now? Below, we’re breaking down 10 home fixture fads that are fading fast—and what to choose instead for timeless appeal.
## 1. All-Black Everything
Once the darling of modern design, matte black fixtures can now feel a bit overdone—especially when used wall to wall. Instead, try incorporating black in small doses and pair it with brushed brass or nickel for a layered, livable look.
## 2. Rose Gold Fixtures
Similarly, rose gold had its 15 minutes of fame. While it can add warmth, it tends to clash with other finishes over time. For a more adaptable style, go with warm metals like champagne bronze or soft brass.
## 3. Industrial-Style Lighting
Initially popular in converted lofts and coffee shops, cage lights and Edison bulbs now feel dated in many Portland homes. Instead, look for fixtures that respect your home’s original architecture—especially if you live in a classic craftsman or mid-century.
## 4. Vessel Sinks
While they’re striking in magazine spreads, vessel sinks often frustrate in real life. Water splashes, cleaning challenges, and awkward heights are common complaints. Opting for under-mount or integrated sinks offers a cleaner and more timeless solution.
## 5. High-Gloss Cabinet Finishes
At first glance, glossy cabinets seem sleek and modern. However, they’re fingerprint magnets and reflect every smudge. Instead, choose matte or satin finishes for a look that ages more gracefully—and is easier to live with daily.
## 6. Faux Rustic Barn Fixtures
Unless you actually live in a farmhouse, heavy faux-rustic elements can feel forced. While charming in the right setting, they often clash with Portland’s urban and vintage housing stock. Aim for authenticity over theme.
## 7. Open Shelving as Storage
Open shelving has its aesthetic perks, but using it as your primary kitchen storage can backfire. It limits function and requires constant styling. For most homeowners—and buyers—a mix of closed and open storage hits the sweet spot.
## 8. Touchless Faucets in Kitchens
Although they sound convenient, many residential touchless faucets feel clunky or unreliable. Especially in Portland’s older homes, simpler, well-crafted fixtures tend to offer better performance—and style longevity.
## 9. Trendy Pendant Shapes
From geometric to teardrop, dramatic pendant lights tend to fall out of favor quickly. If you’re investing in lighting, go for clean lines and neutral tones that blend into your kitchen without dominating the space.
## 10. Oversized Rainfall Showerheads
Finally, while they look luxurious, many rainfall showerheads sacrifice water pressure and practicality. In smaller Portland bathrooms, they often feel mismatched. Instead, consider dual-head options that balance beauty with usability.
## Choosing Fixtures That Stand the Test of Time
Ultimately, timeless design isn’t about playing it safe—it’s about choosing quality, proportion, and consistency with your home’s character. To recap, aim for:
- Fixtures that complement your home’s original style
- Durable materials and finishes
- Balanced, functional design
Whether you’re preparing to sell or simply want to future-proof your investment, thoughtful choices now can pay dividends later. And in Portland’s nuanced market, those little decisions can mean a smoother sale—or a more satisfying home life.
**Lovejoy Real Estate** has helped hundreds of Portland homeowners make smart design choices before listing. With 500+ 5-star reviews and a sharp eye for what buyers love, we’re your go-to for updates that sell—and stand the test of time. *Ready to talk through your home’s potential? [Let’s connect](https://lovejoyrealestate.com/contact-us/) for a no-pressure consultation.*
**Categories:** Fixers and Remodeling, Real Estate News & Tips
---
### [Why the BRRR Strategy Is Gaining Popularity in Portland](https://lovejoyrealestate.com/why-the-brrr-strategy-is-gaining-popularity-in-portland/)
**Published:** September 23, 2025
**Author:** Charles Turner
**Content:**
# 
If you’ve been keeping an eye on Portland’s evolving real estate scene, you’ve probably heard the term “BRRR” pop up more often — and no, we’re not talking about our rainy winter mornings. BRRR stands for **Buy, Rehab, Rent, Refinance, Repeat**, and it’s becoming a go-to strategy for savvy investors looking to build long-term wealth in the Portland metro area.
## What BRRR Means, in Practice
At its core, the BRRR strategy allows investors to acquire distressed or undervalued properties, renovate them to increase value, rent them out to generate income, refinance to pull out equity, and repeat the process. It’s a rinse-and-repeat model — and in a market like Portland, where trends are shifting slowly but noticeably, BRRR is looking increasingly feasible.
## Why Now Looks Better than Before
[August 2025 Market Update](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879):
- **New Listings:** 2,476 in August 2025, which is **7.2% fewer** than August 2024 and **15.5% fewer** than July 2025.
- **Pending Sales:** 2,275 — up **10.9% year-over-year**, and also up modestly from July.
- **Closed Sales:** 2,021 — a 3.3% increase versus August 2024, and a slight uptick from July.
- **Inventory & Market Time:** Inventory sits at ~**3.5 months** (down from previous months), while total market time has risen to about **62 days** from ~52 in July.
- **Prices:**
- Average sale price in August: ~$620,500.
- Median sale price: ~$550,000.
- Year‑to‑date through August, average price has risen ~0.7%, and median ~0.9% over the same period last year.
## How These Trends Support BRRR Investors
Here’s how the numbers make BRRR more compelling in Portland right now:
- **Fewer new listings → less competition among fixers:** With new listings down by double digits compared to July, motivated sellers and under‑market properties may be more accessible. Lower competition can help you negotiate better purchase price or terms.
- **Pending & closed sales rising:** More buyers are moving forward, which means rental market remains active — good for showing scheduling, for benchmarking rehab costs, and for refinancing comps.
- **Inventory still low:** ~3.5 months of inventory means supply remains limited. That keeps values from sliding much, supporting refinance valuations after rehab.
- **Longer market time:** 62 days from listing to accepted offer gives you more breathing room to evaluate a property, do due diligence, secure contractor bids, etc.
## Local Example: Turning Fixer Potential into Passive Cash Flow
One of our clients bought a two‑bedroom fixer in Lents for $335,000 earlier this summer. They invested ~$40,000 in cosmetic / systems updates. Rented it immediately for ~$2,100/month. With the new appraisal reflecting market appreciation and reinvestment, they refinanced and freed up enough capital to fund their next fixer — without dipping back into savings. With current inventory and price stability, this kind of model is looking increasingly repeatable in neighborhoods with upside.
## Tips for Doing BRRR Right in Portland Now
1. **Zero in on neighborhoods with upside but still reasonable entry points** — think East Portland, Cully, Montavilla, or pockets of Gresham.
2. **Build a realistic rehab budget** — contractor chains are stretched, and material costs are still volatile. Always get multiple bids and build in contingency.
3. **Check refinance comps carefully** — recent closed sales (~2,021 in August) and the average price (~$620,500) are useful benchmarks.
4. **Plan for longer market time** — with ~62 days average, your cash flow projections should assume some holding / carrying costs.
## Bottom Line
The BRRR method isn’t just a trend — it’s increasingly a strategic possibility in Portland as of August 2025. With market conditions swinging toward stability, some slack in timing, and modest price growth, the window for building buy‑rehab‑rent‑refinance repeat models is wider than it’s been recently.
*Want help running the numbers or identifying neighborhood opportunities for your BRRR plan? [We’re here to strategize with you.](https://lovejoyrealestate.com/contact-us/)*
**Categories:** Investing in Real Estate, Real Estate News & Tips
---
### [Can the Stock Market Drive Portland Home Prices?](https://lovejoyrealestate.com/can-th-stock-market-drive-portland-home-prices/)
**Published:** September 23, 2025
**Author:** Charles Turner
**Content:**
# 
You may already sense it: when stock markets rise, many Portland buyers feel more financially empowered. That ripple effect can push into real estate — and August 2025’s numbers from RMLS show exactly how that’s playing out locally. Let’s dig in.
## The Wealth Effect & Buyer Behavior
Strong performance in equities tends to boost buyer confidence. Gains in your brokerage or retirement accounts can translate into:
- Stronger down payments or ability to meet appraisal gaps
- Moves into higher‑priced homes more quickly
- Less hesitation in competitive offers or multi‑offer situations
In short: capital gains are giving some Portland buyers the push they needed to act now rather than wait.
## August 2025 Market Snapshot
[Data from RMLS](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) for the Portland Metro area in August 2025 shows these key facts:
- **New Listings:** 2,476 — that’s \*\*15.5% fewer\*\* than July, and \*\*7.2% fewer\*\* than August 2024.
- **Pending Sales:** 2,275 — up \*\*4.5%\*\* from July 2025, and up \*\*10.9%\*\* from August 2024.
- **Closed Sales:** 2,021 — a slight increase of \*\*0.8%\*\* month‑over‑month and \*\*3.3%\*\* year‑over‑year.
- **Inventory:** Down to 3.5 months of supply. Homes are taking longer: average market time rose to \*\*62 days\*\*.
- **Sale Prices:** The average sale price has drifted slightly: \*\*$620,500\*\* in August 2025 vs. ~$621,800 in July. The median is \*\*$550,000\*\*, slightly below July’s $555,000.
- **Year‑to‑Date Comparisons:** Through August 2025, new listings are up ~3.2%, pending sales up ~1.4%, closed sales up ~1.0% vs same period last year. Average and median sale prices are also up modestly: ~0.7% and ~0.9% respectively.
## What This Means When Stocks Are Up
With inflation, interest rates, and economic uncertainty still in the mix, many buyers with stock market gains are using that advantage to offset some of the risk. Here’s how stock market strength may be contributing to current real estate trends in Portland:
- \*\*Stronger Buyers:\*\* Buyers who recently saw gains may feel more comfortable putting in aggressive offers, even as inventory dips.
- \*\*Price Stability Despite Lower Supply:\*\* Even though new listings are down, prices haven’t dropped — they’re holding fairly steady. That suggests demand is still firmly present.
- \*\*Longer Market Time:\*\* Homes are staying on market longer (62 days average), giving buyers who have done their prep (including those with liquidity from investments) more room to negotiate.
## Tips If You’re Thinking of Buying or Selling Now
- **Buyers:** If you’ve seen gains in your portfolio, using that capital toward your down payment or closing costs can give you an edge — especially in a tighter supply market.
- **Sellers:** You may be in a position to benefit from motivated buyers who have stronger buying power. But be realistic with pricing: buyers are still sensitive to over‑priced listings in this environment.
- **Watch Interest Rates & Carry Costs:** Even with stock gains, holding costs and rate fluctuations matter. Work with your agent to model what you can afford, not just what you \*feel\* you can.
*Lovejoy Real Estate has helped 200+ Portland‑area clients find their home this year, backed by 500+ five‑star reviews. Let’s see how your financial wins can become your next home opportunity.*
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Rising Interest Rates: What It Means for Affordability](https://lovejoyrealestate.com/rising-interest-rates-what-it-means-for-affordability/)
**Published:** September 24, 2025
**Author:** Charles Turner
**Content:**
In a market like Portland’s—where home prices are already pushing many buyers’ limits—even a small shift in mortgage rates can significantly change what you can afford. Whether you’re already in the hunt or planning to buy this fall, it’s crucial to understand how interest rates impact your monthly payment, your buying power, and your long-term investment strategy.
## What a 1% Rate Increase Can Do
Let’s say you’re shopping for a home priced at Portland’s current median—**$550,000** as of August 2025, according to [RMLS](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879). If mortgage rates increase just one percentage point, your monthly payment could jump by hundreds of dollars. That can reduce your total loan eligibility by tens of thousands, limiting your choices in an already competitive market.
## Where Rates Sit Now—and Where They’re Headed
As of late summer 2025, mortgage rates remain in the mid-7% range. That’s higher than we saw in 2021 and early 2022, but not quite the peak seen in late 2023. Buyers who adjusted expectations earlier this year are finding opportunities again—especially as inventory has been rising and prices have started to stabilize. According to RMLS, Portland’s inventory has climbed to **3.5 months** and the **median sale price sits at $550,000**—steady compared to spring levels.
## What You Can Do to Stay Ahead
- **Get pre-approved now**—and ask your lender for a scenario analysis at different rate levels.
- **Consider homes slightly under your max budget** to leave room for rate volatility.
- **Work with an agent who monitors rate-sensitive opportunities** (like seller-paid buydowns or motivated listings).
Remember, affordability isn’t just about price—it’s also about timing and strategy. A well-negotiated deal today, even at a higher rate, may beat waiting for rates to drop (and competing with the surge of buyers who re-enter when they do).
## A Portland Buyer’s Pivot
One of our recent buyers was initially set on waiting until rates dropped to 6.5%. But after crunching the numbers and seeing that prices were holding steady, she bought a SE Portland craftsman in July 2025 with a temporary 2-1 buydown negotiated by the Lovejoy team. She plans to refinance in a year or two—but for now, she’s building equity instead of waiting on the sidelines.
## The Bottom Line
Mortgage rate changes can swing affordability more than you might think. In today’s Portland market—where inventory is rising but prices remain relatively steady—it’s more important than ever to understand your numbers, watch the data, and work with a team that’s watching the shifts day-by-day.
Want a breakdown of how current rates impact *your* budget? [Let’s chat](https://lovejoyrealestate.com/contact-us/).
**Categories:** Finance & Mortgage, Real Estate News & Tips
---
### [The Closing Timeline: From Offer to Keys](https://lovejoyrealestate.com/the-closing-timeline-from-offer-to-keys/)
**Published:** September 25, 2025
**Author:** Charles Turner
**Content:**
So you’ve found “the one” — that Portland home with the perfect blend of charm, location, and vibe. You’ve made an offer (and it’s been accepted!), but what happens next? If you’re wondering what it takes to get from “under contract” to keys in hand, you’re not alone.
The closing timeline is one of the most important — and often least understood — parts of buying a home. Here’s a breakdown of what to expect in the Portland market, so you can breathe easier and feel more in control during those final (sometimes frantic) few weeks.
## Week 1: Earnest Money & Inspections
Once your offer is accepted, you’ll typically deposit earnest money within a few days — this shows the seller you’re serious. Think of it as a good faith down payment, usually 1–3% of the purchase price, held in escrow.
Next comes the home inspection. In Portland, most buyers have a 10-day inspection contingency. You’ll want a licensed inspector to check out the roof, plumbing, electrical, foundation, HVAC, and more. If issues come up (they usually do), your agent will help you negotiate repairs or credits.
## Week 2: Appraisal & Lender Work
Once the inspection is sorted, your lender will order an appraisal. This determines whether the home’s value supports the loan amount. If the appraisal comes in low, you may need to renegotiate — or bring cash to cover the gap.
Behind the scenes, your lender is reviewing your financials and prepping final documents. If they ask for extra bank statements or explanations, respond quickly — delays here can snowball.
## Weeks 3–4: Title, Insurance & Final Walkthrough
The title company will check that the home is legally clear to sell. Meanwhile, you’ll secure homeowners insurance, wire your down payment, and sign loan disclosures.
In the final days before closing, you’ll do a walkthrough to make sure the home is in the condition agreed upon — repairs done, appliances in place, no surprises.
## Closing Day: The Final Signature Sprint
In Oregon, closing usually happens at a title company. You’ll sign a stack of documents — from mortgage papers to tax disclosures — and once the loan funds and the deed records with the county (usually the next business day), you’re officially a homeowner.
**Pro tip:** Don’t schedule movers for the same day as signing. Wait until keys are in hand, just in case recording is delayed.
## What If Something Goes Off Track?
Delays can happen — inspections can reveal big issues, lenders can get backed up, and appraisals don’t always match the offer price. That’s why having a seasoned local agent (hi 👋) in your corner matters. We keep the process moving, troubleshoot issues fast, and make sure you’re never left in the dark.
## Portland Market Timing Insights
In today’s [Portland market](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879), the average time on market is **62 days**, with inventory sitting at **3.5 months** — up slightly from August. While homes are still moving, buyers and sellers are negotiating more actively, making a smooth and timely closing process even more essential to avoid backtracking or losing momentum.
## Final Thought
Closing on a home in Portland is a marathon with a sprint at the end. Having a clear picture of the timeline — and a team that keeps you ahead of the curve — makes the process smoother, faster, and (dare we say it) a little more fun. And when you get those keys? Totally worth it.
Want to talk through your timeline, your lender options, or what to expect in this market? [Let’s chat.](https://lovejoyrealestate.com/contact-us/)
**Categories:** First Time Buyer, Real Estate News & Tips
---
### [Seven Things that Affect Housing Prices](https://lovejoyrealestate.com/seven-things-that-affect-housing-prices/)
**Published:** October 17, 2025
**Author:** Charles Turner
**Content:**
## What the Fed, Inflation, and Oil Prices Mean for You:
*Our team attended a continuing education class this week hosted by Guild mortgage. Bill Bodnar shared these insights. While the session was designed for industry pros, this post translates the lessons for buyers, sellers, and homeowners. Unfortunately we don’t have the slides and graphs so feel free to reach out for additional clarity. The key takeaway: **The Fed does not set mortgage rates.***
### 1) Jobs, Not Just Rates, Drive the Housing Market
**“Jobs buy homes.”** Mortgage rates matter, but steady employment and rising wages matter more. With unemployment around **4.1%** (the Federal Reserve has floated a potential year-end view near **4.5%**), confidence in job security is the primary fuel for demand.
A “hot” economy is not automatically inflationary. Inflation shows up when money chases too few goods—exactly what happened during the pandemic when cash surged and supply chains were constrained. Today, with production normalizing and **wages running modestly above inflation**, growth can remain healthy without forcing rates dramatically higher.
### 2) Fiscal Policy Sets the Field. Monetary Policy Moves the Goalposts.
**Fiscal policy**—the rules, caps, and regulations set by Congress and the Administration—creates the clarity businesses need to invest and hire. The class cited **September as the biggest month for M&A** (mergers and acquisitions) **in 25 years**, a sign that clearer rules spur action. Investment → jobs → housing demand.
**Monetary policy**—what the Federal Reserve controls—uses rates to influence borrowing costs, but it’s a blunt instrument. It can’t directly create jobs or fix supply chains. For housing, the key question is: *does a policy headline increase clarity for businesses?* If yes, expect steadier hiring and more consistent demand.
### 3) Don’t Wait for the Fed: Watch the Bond Market Instead
A common misconception is that mortgage rates drop just because the Fed cuts. In reality, mortgage pricing takes its cues from the **10-year U.S. Treasury yield**, not the Fed Funds rate.
- In a recent episode, the Fed cut by 50 bps and then 25/25, yet the **10-year rose by ~100 bps**—and mortgage rates followed the 10-year higher.
- **Key technical levels:** ~**4.20%** on the 10-year acted as a ceiling on improvement for much of the past year. Slipping below **4.00%** is treated as a potential “game-changer” for better mortgage pricing.
- **Spread matters:** A typical mortgage–10-year spread near **1.75%** widened to ~**3.00%** during high volatility. Recently it’s narrowed to about **2.20–2.25%**, leaving room for roughly **another 0.50% improvement** in mortgage rates even if the 10-year doesn’t move.
*Practical tip:* When the 10-year dips and the spread compresses, ask your lender to re-run scenarios—small moves can deliver meaningful monthly savings.
### 4) Inflation Is Cooling, but Prices Rarely Roll Back
Quick definitions from the class:
- **Inflation**: prices rising.
- **Disinflation**: prices rising more slowly (e.g., from 9% down to ~2.9%).
- **Deflation**: prices falling outright—rare and economically harmful.
The Fed’s preferred gauge, **Core PCE**, has run about **2.9%** over the last 12 months. Monthly readings near **0.2%** (annualized ~**2.4%**) plus high prior months rolling off could pull the 12-month rate toward **~2.5%** if the trend persists.
Even so, don’t expect 2020 price levels to return. The goal isn’t to rewind prices but to bend the curve back toward **~2%** annual inflation. Also remember: not all inflation is equal. Durable goods often get cheaper; the “three H’s”—**Housing, Healthcare, Higher Education**—tend to run hotter. Housing alone is roughly **25–30%** of the inflation basket, which is why increasing supply is so powerful for long-term affordability.
### 5) Oil Prices and Mortgage Rates Often Zigzag Together
The class highlighted how **oil prices** and **30-year mortgage rates** frequently move in tandem. When oil falls, inflation expectations ease and rates often follow. When oil rises, both tend to climb.
Analysts pointed to mid-September 2024, when oil and 30-year rates hit their yearly lows within the same 24-hour period. If oil holds in the **$50s**, that’s **disinflationary** and usually friendlier for rates. Lower energy costs also act like a *tax cut* for households—especially for those spending most of their budget on food, fuel, and shelter.
### 6) The Fed’s Pandemic Playbook Still Shapes Today
**Quantitative easing (QE)** early in the pandemic stabilized mortgage bonds—critical and effective. But purchases continued for about **a year too long**, pushing mortgage rates into the **2s/low 3s** and fueling **20–25% annual** home price gains—tough on today’s affordability. The lesson: policy doesn’t always translate cleanly to today’s rate sheet. The bond market remains your best guide.
### 7) Emotion
Ok, this is my add, not from the class. Today’s market is more emotional than ever. Buyers don’t want project.
### What This Means for Portland Buyers and Sellers
- **Buyers:** Prioritize job stability, savings, and payment comfort. Use dips in the 10-year and spread compression to your advantage; even a small rate improvement can materially change affordability.
- **Sellers:** Rate windows under a mid-6% handle can widen the active buyer pool. More inventory supports healthier, single-digit appreciation rather than outsized spikes.
- **Everyone:** Oil trends, the 10-year Treasury, and inflation updates may seem distant—but they directly affect how far your housing dollar goes in the Portland metro.
- **Owner:** The image above is from the [St. Louis Federal Reserve](https://fred.stlouisfed.org/series/MORTGAGE30US#), is there an opportunity to refinance if you bought at the peak?
The encouraging setup for 2026: **disinflation progress**, **resilient employment**, and **narrowing mortgage spreads**. That trio points to a calmer, more balanced market.
## Bottom Line
When you hear about the Fed, inflation, or oil prices, translate it this way:
- **Jobs buy homes**—confidence in employment comes first.
- **The bond market** (especially the 10-year) is the cleanest signal for mortgage rates.
- **Policy clarity** breeds business confidence—and confidence supports housing.
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [The Forty-Year-Old with a Fifty-Year Mortgage](https://lovejoyrealestate.com/the-forty-year-old-with-a-fifty-year-mortgage/)
**Published:** November 13, 2025
**Author:** Charles Turner
**Content:**
If you put two recent headlines together, that’s what you’ve got. The National Association of Realtors says that the [median age of a first-time buyer is now forty](https://www.nar.realtor/newsroom/first-time-home-buyer-share-falls-to-historic-low-of-21-median-age-rises-to-40). The second headline is floating the idea of a fifty-year mortgage. As hard as math is, it doesn’t take much to prove this being the worst idea since the 40-year mortgage.
Let’s do some of the math and some of the truths that go with it.
The longer the term of the loan, the higher the interest rate. A 15-year loan, all other things being equal, has a lower rate than a 30-year loan. By extension, the 50-year will have a higher rate. For our math, we’re going to say that is a .25% hit. We can look at two $400,000 loans on a $500,000 home purchase over time. One loan for 30 years at 6% and another at 6.25% for 50 years.
### The Math Behind the Madness
Let’s compare what that extra 20 years really buys.
The 30-year loan at 6 percent carries a payment of about $2,398 per month. The 50-year loan at 6.25 percent trims that down to roughly $2,333. That’s a savings of about $65 a month, or the cost of a couple of takeout dinners.
Over time, that small difference becomes enormously expensive. The 30-year borrower will pay about **$463,000 in interest** over the life of the loan. The 50-year borrower will pay about **$1,000,000 in interest**. That’s an extra **$537,000** paid to the lender for the privilege of making smaller payments. We get it.
### How Equity Builds
After five years, the 30-year borrower has paid the balance down to around $373,000 and gained about $127,000 in home equity, assuming a 3 percent annual appreciation rate. The 50-year borrower, by contrast, still owes about $392,000 and has only about $108,000 in equity.
The gap widens every five years. By the 20-year mark, the 30-year borrower has built roughly $672,000 in equity. The 50-year borrower is sitting at about $542,000.
That difference isn’t just a number on paper. It’s the ability to sell, refinance, or leverage the home for future opportunities. The slower a loan pays down, the more trapped the owner becomes if values flatten or slip.
### Rent Versus Own
In this comparison, the homeowner’s monthly payments are for **principal and interest only**—what lenders call *P&I*. Real-world ownership costs include **property taxes and insurance**, which together make up the *T&I* portion of *PITI*.
If we add those in, the total monthly cost of ownership would likely land close to $3,000, which happens to match our renter’s payment in this example. To keep things simple, we’re holding rent steady at $3,000 a month, even though in real life rents tend to rise over time.
The difference is what happens beneath the surface. The renter’s $3,000 leaves every month with nothing coming back. The homeowner’s payment—whether 30-year or 50-year—gradually converts part of that outflow into ownership. With each payment, they’re buying back a small piece of the house, while appreciation continues to lift the overall value.
Even with costs that look similar on paper, one path builds equity and long-term stability. The other builds nothing but higher rent receipts for someone else.
### The Real Cost of “Affordability”
Fifty-year mortgages may look like affordability tools, but the numbers tell a different story. Stretching the term barely lowers the payment while doubling the total interest cost. For most buyers, it delays financial stability rather than delivering it.
The 30-year mortgage remains the benchmark for a reason. It balances payment comfort with meaningful equity growth, helping homeowners build real wealth within a lifetime, not beyond it.
### We Get It
This is one example of making the math work to prove our point. There are lower down scenarios and ways of buying rates down to turn what is a negative rate differential in our example a positive: if we lower the 50-year rate to 5.75% (instead if 6.25%) and everything else remains the same, the payment difference is about $200 per month, which can mean the difference between someone being able to buy or not. Ultimately, the goal is homeownership but even forcing these numbers doesn’t convince us.
**Categories:** Finance & Mortgage, Real Estate News & Tips
---
### [You Can’t Avoid Death and Taxes—but You Can Prepare for Both](https://lovejoyrealestate.com/you-cant-avoid-death-and-taxes-but-you-can-prepare-for-both/)
**Published:** November 21, 2025
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2025/11/oregon_property_flow_sidebar_v2.png)There are only two certain things in life: death and taxes. While neither is pleasant to think about, thoughtful preparation can make a world of difference for the people you leave behind. It is also one of the most uncomfortable conversations families can have. Talking about finances isn’t usually dinner table conversation. Add in planning to die it becomes a real conversation stopper.
When a homeowner passes away in Oregon, what happens next depends largely on how their estate was set up. If the homeowner created a **will** or **trust**, their wishes help guide how property and other assets are transferred. Without those plans in place, the estate usually goes through **probate**—a legal process overseen by the court to ensure that debts are paid and remaining assets are distributed to rightful heirs.
**Probate** is the court-supervised process of transferring ownership of a deceased person’s property. It confirms that a will (if one exists) is valid, identifies and values the assets, pays debts and taxes, and then distributes what’s left to the appropriate beneficiaries or heirs.
### How Probate Works in Oregon
When someone dies owning real property in Oregon—like a home or land—the first step is to determine whether **probate is required**. Probate may be necessary if the person’s name is the only one listed on the title and the property wasn’t placed in a trust or transferred through other estate planning tools.
The process begins when a **personal representative** (sometimes called an executor) is appointed by the court. This person manages the estate—gathering assets, paying debts and taxes, and eventually transferring the property to heirs or beneficiaries according to the will, or Oregon’s **intestate succession laws** if there is no will.
For most families, probate takes several months. During that time, the property may not be sold or refinanced without court approval. The process can become more complex if there are multiple heirs, outstanding liens, or unclear ownership records.
### How a Trust or Transfer-on-Death Deed Can Simplify Things
The good news: probate isn’t always required. Oregon offers options that allow homeowners to plan ahead and transfer real estate more smoothly when the time comes. Two common tools are **revocable living trusts** and **transfer-on-death (TOD) deeds**.
A **revocable living trust** lets you place your property into a trust while you’re alive, naming yourself as trustee. You keep full control and can change or revoke the trust at any time. When you pass away, your successor trustee can distribute the property directly to named beneficiaries—*without* going through probate. It’s typically faster, more private, and often less expensive than probate.
A **transfer-on-death (TOD) deed** allows you to name a beneficiary who automatically inherits the property upon your death. The deed doesn’t affect your ownership while you’re alive, and it bypasses probate entirely as long as it’s correctly recorded with the county.
Both options can save loved ones significant time and stress, but they should be set up carefully to ensure they’re legally valid and consistent with your broader estate plan.
### A Real-World Example: Two Very Different Outcomes
Imagine two Portland homeowners—Pat and Jordan—each owning a similar house in Northeast Portland.
**Pat’s story:** Pat passed away with only a will in place. Because the home was titled solely in Pat’s name, the estate had to go through probate. The process took nearly a year, involved court filings, legal fees, and delays in selling the home. While the outcome was fair, it was stressful and time-consuming for the family during an already emotional time.
**Jordan’s story:** Jordan established a living trust and transferred the home into it. When Jordan passed, the successor trustee followed clear instructions in the trust and quickly transferred the property to the intended beneficiary. There was no probate, no court delays, and the transition happened smoothly within a few weeks.
Both homeowners had similar intentions—to leave their property to loved ones—but planning made all the difference in how that transition unfolded.
### How to Start Planning Ahead
1. **Take inventory of your assets.** List your real estate, bank accounts, investments, and other major items you own.
2. **Decide who should inherit what.** Clarity now prevents confusion later.
3. **Consult an estate planning attorney.** They can help you decide whether a will, trust, or TOD deed best fits your situation.
4. **Keep your documents current.** Life changes—marriage, divorce, new property purchases—can affect how your plan works.
5. **Communicate your wishes.** Let your executor or trustee know where documents are stored and how to access them.
Thoughtful planning isn’t just about money—it’s about peace of mind. When your affairs are in order, your loved ones can focus on honoring your life instead of navigating complicated paperwork.
### Preparing Today Makes Tomorrow Easier
While no one likes to think about what happens after they’re gone, preparing now protects both your loved ones and the home you’ve worked so hard for. Whether you choose a will, trust, or transfer-on-death deed, having a clear plan helps ensure your wishes are honored and your property transitions smoothly.
At **Lovejoy Real Estate**, we often work with families navigating property transfers—sometimes through probate, sometimes through trusts or estates. Our goal is to make the real estate side of that process as seamless and respectful as possible. We’re here to help you understand how your home fits into your long-term plans and connect you with trusted professionals when you need them. The Oregon State Bar also has a [page on probate](https://www.osbar.org/public/legalinfo/1117_probate.htm).
*This article is for educational purposes only and is not legal advice. For guidance specific to your situation, consult a licensed Oregon estate planning attorney. Reach out for resources.*
**Categories:** Real Estate News & Tips
---
### [Top 10 Smart Year-End Moves for Oregon Homeowners](https://lovejoyrealestate.com/top-10-smart-year-end-moves-for-oregon-homeowners/)
**Published:** November 28, 2025
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2025/11/PDX-Home.jpg)As the year winds down, it’s worth taking a little time to check in on your biggest investment — your home. A few smart financial and maintenance steps before December 31 can make a real difference in your budget, taxes, and peace of mind heading into 2026. Contractors are also in their slow season (especially landscapers) so there may be opportunity to get some projects done in time for the holidays.
### 1. Review Your Escrow Account and Plan for Next Year’s Costs
If your property taxes and insurance are paid through escrow, now is a good time to manage expectations for the year ahead. Even though your **principal and interest (P&I)** portion of the mortgage is fixed, the **taxes and insurance (T&I)** portion can fluctuate as premiums or property taxes rise. Your lender may need to adjust the escrow amount collected to cover those changes. Taking a few minutes to review your latest statement can help you avoid surprises in your monthly payment next year.
### 2. Consider Making an Extra Mortgage Payment
Even a single extra principal payment before year-end can trim years of interest from your loan and help build equity faster. It’s also a good time to review your loan terms or check in with your lender if you’re planning upgrades or exploring rate changes in 2026.
### 3. Audit Your Home Insurance Coverage
Inflation and rising construction costs have pushed rebuild values higher across Oregon. Take time to confirm that your coverage limits reflect *today’s* replacement costs — not what your home was worth five or ten years ago. Does [earthquake insurance](https://lovejoyrealestate.com/are-you-prepared-for-a-disaster/) make sense?
### 4. Check Your Title and Beneficiaries
If you’ve refinanced, added a partner, or experienced a family change, verify that your title and beneficiary designations reflect your current wishes. Small oversights here can lead to big complications later.
[Read our recent post on preparing your home and estate for the future](https://lovejoyrealestate.com/you-cant-avoid-death-and-taxes-but-you-can-prepare-for-both/).
### 5. Evaluate Energy Efficiency and Available Tax Credits
Both Oregon and federal programs offer incentives for energy-efficient home improvements, from heat pumps to insulation and window upgrades. Even if you’re not ready to invest now, researching what qualifies can help you plan ahead for next year’s credits.
### 6. Schedule Preventive Maintenance
Service the furnace, clean gutters, and check for roof moss or drainage issues. The rainy season can magnify small problems, and prevention nearly always costs less than repair. Northwest roof can go weeks or even months without fully drying out, especially on the north side. Moss can shorten your roof’s life so staying on top of it is great preventive maintenance. Do not pressure wash or scrub it off as that can take more years off the life of your roof than the moss itself.
### 7. Make Sure Your Insurance and Home Value Match
Home values and rebuild costs go hand in hand — and they’ve changed dramatically in recent years. Review your insurance coverage in light of current property values to ensure you’re adequately protected if something unexpected happens.
### 8. Organize Home Improvement Receipts and Check Your Oregon Kicker Refund
Keep digital or paper copies of receipts for upgrades and repairs — these can affect your cost basis and future tax reporting.
While you’re at it, Oregon residents can check their **Kicker refund**, which returns excess state tax revenue to eligible filers.
[Use Oregon’s “Where’s My Kicker?” tool](https://revenueonline.dor.oregon.gov/tap/_/) to see if you have money coming back when you file your 2025 Oregon taxes.
### 9. Reassess Monthly Utilities and Subscriptions
Audit recurring costs like streaming services, alarm systems, or lawn care. Small savings add up quickly — and freeing up just $100 a month could fund an extra mortgage payment or home upgrade next year.
### 10. Set Your 2026 Home Goals
Whether you’re planning to remodel, downsize, or simply stay put, take a few minutes to write down what you’d like to improve next year. A little clarity now makes for smoother, more confident decisions later.
---
**Final Thought:**
Whether your home is in Portland, Salem, or anywhere in between, a little year-end organization can set the stage for a stronger, more confident start to 2026.
*Written for Lovejoy Real Estate Blog by Charles Turner— Portland and Salem, Oregon*
**Categories:** Finance & Mortgage, Real Estate News & Tips
---
### [The Pros and Cons of Listing or Buying in Winter](https://lovejoyrealestate.com/the-pros-and-cons-of-listing-or-buying-in-winter/)
**Published:** December 12, 2025
**Author:** Charles Turner
**Content:**
When the days are short and the rain feels endless, most people aren’t thinking about real estate. But winter can actually be a surprisingly strategic time to make a move, whether you’re buying or selling. The market looks and feels different this time of year, but there are some genuine advantages if you know how to use them.
Showing hours are reduced during winter months. It’s important (and safer) to see a home and yard in the daylight so we try to wrap up showings by 5PM this time of year, even with vacant house. That time can push further in summer months but regardless, we always have to be cognizant of occupied homes and schedules. Holiday activities may limit some showings.
### Motivation matters more than momentum
Both buyers and sellers who stay active in winter tend to be serious. Casual browsers and “maybe later” sellers often step back until spring, leaving the field to people who truly need to move. Many homes are “withdrawn” from the market during the holidays. This means they still have an active listing contract but don’t want to be interrupted by showings during the holidays. This focus can make negotiations more straightforward and timelines more predictable. For sellers, that means fewer showings, but a higher likelihood that each one counts.
### Lean into the season, make your home feel great
Let’s be honest: touring homes when it’s raining, dark before 5 p.m., and 45 degrees out isn’t much fun. And if a seller leaves the heat off, it can make showings even shorter and less pleasant. Sellers who make their homes warm, bright, and inviting this time of year stand out instantly. Turn up the thermostat, add soft lighting, and include a simple seasonal touch — small steps that can make a big impact on a dreary day. Sellers get much more of a free pass with landscaping during winter months. That can be a consideration unto itself. If you have beautiful yard in the spring and summer months, that selling feature is diminished in winter.
- Warmth sells — set the heat to a comfortable temperature before showings.
- Light matters — use lamps and daylight bulbs to brighten rooms.
- Keep it dry and tidy — manage entry mats and towels for wet shoes and umbrellas.
### Weather can reveal what sunny days hide
Heavy winter rains can expose issues that a dry-season inspection might miss, such as roof, drainage, or grading problems. Seeing how a home performs in tough conditions gives buyers valuable insight. Sellers benefit too, because a well-maintained property shows its strengths under pressure. Regardless of the season, [air conditioning units cannot be tested](https://terrysacandheating.com/why-we-do-not-check-air-conditioners-in-the-winter) and properly inspected below 55-60 degrees so if the home has an AC unit, a home warranty may add a bit of security for when it is turned on in the warmer months.
### Timing and strategy for occupied and vacant homes
If you contact us today about listing and you’re living in your home, we’ll probably talk about waiting until just after the New Year to list, which is less than three weeks away. We can set a timeline for hitting the market with the best form. For vacant homes, the equation changes. Even though many buyers are busy or traveling, there’s still steady online traffic, and some buyers come to town specifically to house hunt over the holidays. There’s little harm in being listed now, especially if you’d like early exposure before the January rush begins.
### What the numbers usually show
Across Oregon, showing and lockbox activity tends to taper through November and December, then rebound quickly in January and February as buyers re-engage. That rhythm can work in your favor. List now, and your home will already be positioned for fresh eyes once buyer activity surges again.
### Bottom line
Winter real estate moves at a different pace, but it can also be more efficient and less competitive. Whether you’re considering listing your home or finding your next one, this quieter season can open the door to real opportunity.
[Let’s Talk](https://lovejoyrealestate.com/contact)
**Categories:** Real Estate News & Tips
---
### [Lovejoy Real Estate: We'll Leave the Heat on For You](https://lovejoyrealestate.com/lovejoy-real-estate-well-leave-the-heat-on-for-you/)
**Published:** January 8, 2026
**Author:** Charles Turner
**Content:**
If you read the title in your best Tom Bodett voice, congratulations. If you have no idea what it references, we’ve done a good job of dating ourselves. When buyers walk into a home in January and it’s 48 degrees inside, the showing usually ends fast. They spend less time looking, move more quickly through the space, and are far less likely to feel comfortable or connected. They’re imagining getting back into a warm car, not how their furniture fits in the room.
Yet we’re seeing more vacant homes sitting cold this winter. Whether a seller is trying to save on utilities or an agent forgets to adjust the thermostat before a showing, the result is the same: a poor first impression that can easily cost a sale. Keeping the heat on and/or using a [programable thermostat](https://www.amazon.com/s?k=programmable+thermostat+for+house&crid=1229ZXTUA74A&sprefix=programa%2Caps%2C240&ref=nb_sb_ss_p13n-expert-pd-ops-ranker_ci_hl-bn-left_5_8) may be the difference between a sale and a price reduction.
### The Real Cost of Heat in a Vacant Home
We pulled the actual Pacific Power bill from our 1,800-square-foot [short-term rental](https://www.vrbo.com/500360) with an electric heat pump. The chart below shows daily energy use from December through early January.
On the left, the home was vacant with the heat set to 50. On the right, it was fully occupied and kept comfortably warm.
**Cost Per Day: Vacant vs. Occupied**
Vacant (Heat set to 50 degrees): about $0.67 per day (3.5–4.5 kWh/day)
Occupied (Heat On): about $7.23 per day (33–94 kWh/day, averaging around 45 kWh/day)
Difference: about $6.56 per day
**Monthly Cost Comparison**
Heat Down for an entire month: about $30 (including the base service charge)
Heat On for an entire month: about $217
Incremental monthly cost to keep heat on: about $187
Less to keep it a comfortable temperature for showings.
### $187 a Month Can Protect and Sell Your Home
Think about it this way: if someone asked whether you would risk losing a sale over $400, your answer would probably be no. Yet that is essentially what could happen when a home is left unheated during the listing period. That missed sale could result in a price reduction later.
For less than the price of one utility bill, you can make your home more appealing to buyers and protect it from damage. Keeping a vacant property heated helps to:
- Prevent frozen pipes that can cause thousands of dollars in repairs
- Reduce humidity and mold risks
- Protect floors, cabinets, and finishes from temperature swings
- Create a more welcoming environment for every showing
### Buyers Feel Temperature Before They See Features
When buyers walk in, temperature sets the tone. A warm entryway feels like home. A freezing one feels like work. Even if the property looks great, that initial discomfort can make it hard for buyers to picture themselves living there.
This is an emotional business, and comfort matters. The difference between a buyer lingering for fifteen minutes or leaving after three can come down to the thermostat.
### The Smart Seller Move
Leaving the heat on during winter showings is not a luxury. It is a strategy. For about **six dollars a day**, you protect your investment, prevent damage, and create a space that invites buyers to stay longer and connect emotionally. Sixty-five is a reasonable temperature and can be lowered overnight. The chart clearly shows the energy surge when the heater is get from 50 to 69 degree (and it takes about six hours) so a moderate change is recommended.
So as you prepare your home for winter buyers, ask yourself:
Would you walk away from a potential sale to save $187 a month?
If the answer is no, keep the heat on. Your buyers and your closing statement will thank you.
**Categories:** Lovejoy News
---
### [Top Ten Financial Consideration of Homeownership](https://lovejoyrealestate.com/top-ten-financial-consideration-of-homeownership/)
**Published:** February 16, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/01/US-Home-Prices-1951-2025.jpg)Housing conversations tend to get oversimplified. Prices are either “about to crash” or “guaranteed to keep rising.” The reality, as long-term data shows, is much more nuanced. Nationally, home prices have only declined year over year seven times since the early 1950s. That doesn’t mean prices never fall. It does mean homeownership has historically been a long-term financial decision, not a short-term trade. We get it, the Leave it to Beaver “white picket fence” American dream of homeownership dream isn’t today’s reality. **Affordability** is the biggest barrier to becoming a homeowner and any proposed fixes to the problem are incremental and not solutions.
With that context in mind, here are ten of the most important financial considerations of homeownership—the good and the bad—to weigh when deciding whether buying makes sense for you.
### 1. Price Appreciation Over Time
**The good:** Over long periods, housing has generally trended upward in value, especially when held through multiple market cycles. Long-term appreciation has been a meaningful driver of household wealth for many homeowners.
**The bad:** Appreciation is not linear. Short-term dips do happen, and buying with a short timeline increases exposure to market swings.
### 2. Forced Savings Through Equity
**The good:** Each mortgage payment reduces principal, gradually turning monthly housing costs into equity rather than a pure expense.
**The bad:** Equity is not liquid. Accessing it usually requires selling or borrowing, both of which involve costs and trade-offs.
### 3. Leverage
**The good:** Leverage allows buyers to control a large asset with relatively little cash. When prices rise, leverage magnifies gains. Mortgages allow you to use “other people’s money” to leverage the whole equity gain.
**The bad:** That same leverage increases risk if values decline or if a sale is forced early in ownership.
### 4. Payment Stability
**The good:** A fixed-rate mortgage locks in principal and interest payments, providing predictability compared to rent, which can increase over time.
**The bad:** Property taxes, insurance, and maintenance costs can still rise, meaning total housing costs are not completely fixed. Adjustable rate mortgages may have attractive rates at their inception but reset to market rates at a later date.
### 5. Inflation Protection
**The good:** Housing has historically acted as a partial hedge against inflation, with rising replacement costs and rents while mortgage debt stays fixed.
**The bad:** Inflation can also increase insurance, taxes, and repair costs, impacting ongoing affordability.
### 6. Maintenance and Repairs
**The good:** Regular maintenance helps preserve value and extend the life of major systems.
**The bad:** Maintenance costs are unavoidable, uneven, and often underestimated, especially with older homes. Labor for housing related projects is expensive to hire.
### 7. Liquidity
**The good:** Home equity can become a powerful financial resource over time. Intelligently using home equity to build wealth through other investments can be powerful.
**The bad:** Real estate is illiquid. Selling takes time, and transaction costs are higher than with many other investments. Using equity as an ATM machine can mean financing today’s lifestyle choices over years.
### 8. Transaction Costs
**The good:** When spread over a long ownership period, buying and selling costs become less impactful.
**The bad:** Short ownership periods magnify the financial impact of closing costs, commissions, and preparation expenses.
### 9. Tax Treatment
**The good:** Depending on income and filing status, homeowners may benefit from mortgage interest deductions or capital gains exclusions.
**The bad:** Tax benefits vary by household and tax law and should never be the primary reason to buy.
### 10. Lifestyle Stability vs. Flexibility
**The good:** Ownership rewards stability, allowing time for appreciation, equity growth, and cost amortization.
**The bad:** Reduced flexibility can become a financial constraint if life circumstances change quickly.
The takeaway isn’t that homeownership is always the right move. It’s that it tends to work best when aligned with realistic timelines, stable finances, and a clear understanding of both the upside and the trade-offs. Long-term data supports patience, not perfection—and the smartest decisions focus less on headlines and more on individual affordability and goals.
**Categories:** Finance & Mortgage, Real Estate News & Tips
---
### [Portland Real Estate Market Update: A Slow Start to 2026](https://lovejoyrealestate.com/portland-real-estate-market-update-a-slow-start-to-2026/)
**Published:** February 17, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/02/RMLS-Trends-Jan-2026.jpg)January usually brings a reset — new listings, renewed buyer interest, and early signals for the year ahead. This January, however, the Portland metro market came out of the gates slower than expected. While activity increased from December, the broader story is one of hesitation rather than momentum.
The [January 2026 RMLS Market](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=19046) Action report shows a market still finding its footing after a long, steady 2025 — and not yet ready to accelerate.
### A Seasonal Bounce — But Not a Breakout
Month-over-month, January delivered some eye-catching percentage gains, especially in new listings, which jumped sharply from December. Pending sales also increased, reflecting the normal post-holiday return of both sellers and buyers.
But context matters. Closed sales fell meaningfully from December, and both average and median sale prices declined month-over-month. That combination suggests that while sellers are showing up, buyer follow-through remains cautious.
In short: listings returned. Urgency did not.
### Year-Over-Year: A Softer Start Than Last Year
Compared to January 2025, activity across the board was slightly weaker. New listings, pending sales, and closed sales all came in lower year-over-year, and both average and median sale prices dipped.
This isn’t distress — it’s restraint. Buyers are taking more time, underwriting their decisions carefully, and moving forward only when value is clear.
### Inventory Continues to Build
[](https://lovejoyrealestate.com/wp-content/uploads/2026/02/RMLS-Inventory-Jan-2026.jpg)Inventory remains one of the most important storylines early in the year. January inventory rose to just over four months, up from the mid–three-month range this time last year.
That shift matters. While Portland is not in a buyer’s market, buyers clearly have more choice and leverage than they’ve had in years. Homes that are priced well and presented properly continue to sell. Those that aren’t are sitting longer.
Total market time increased again, reinforcing the same theme: the market is functioning, but patience is required.
### Prices: Seasonal Softness, Not a Signal — Yet
January price declines often look dramatic on paper, driven by seasonality and the types of homes that close in winter. Still, the year-over-year dip in both average and median prices is worth watching.
This reflects a market pressing up against its affordability ceiling, not one losing its footing. Buyers remain active — but selective. Condition, location, and pricing accuracy matter more than they have in a long time.
### What This Means for Buyers and Sellers
For buyers, this is one of the more favorable starts to a year we’ve seen recently: more inventory, less competition, and more room to negotiate. The Affordability Index is the most favorable it has been in years.
For sellers, expectations need to stay grounded. The market will still reward quality and realism, but it’s quick to punish overpricing.
### What to Watch Going Forward
One development worth monitoring is the change in tone coming from the Federal Reserve. The new Fed Chair has been more open about wanting to lower the federal funds rate. That doesn’t directly move mortgage rates — and he’s only one vote — but messaging matters.
Perhaps most importantly, this Chair is not Jerome Powell. Markets respond not just to policy, but to leadership style. Even subtle shifts in guidance can influence bond markets, which play a much larger role in mortgage rate movement than Fed cuts alone.
For now, mortgage rates remain range-bound. A meaningful drop shouldn’t be assumed in the near term, but clearer signals later this year could begin to shift sentiment.
### The Bottom Line
Portland’s housing market isn’t stalling. It’s pausing.
January reinforced what we saw throughout 2025: a market defined by balance, realism, and patience. Homes are selling, prices are mostly holding, and both buyers and sellers are moving more deliberately.
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Portland vs. Salem: What January's Numbers Tell Us](https://lovejoyrealestate.com/portland-vs-salem-what-januarys-numbers-tell-us/)
**Published:** February 20, 2026
**Author:** Charles Turner
**Content:**
If you’ve been watching the Portland metro or Salem market and wondering whether you’re getting the full picture, the answer might be hiding about an hour away on I-5. When you put Portland and Salem side by side, an interesting story emerges — one that matters whether you’re buying, selling, or simply trying to understand where things are headed.
For Portland, the numbers come directly from the [Portland Metro RMLS Market Action Report](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=19046) for January 2026. Salem’s data comes from the [Polk & Marion Counties January 2026 report](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=19045 "Polk Marion Market Action"):
[](https://lovejoyrealestate.com/wp-content/uploads/2026/02/Salem_Portland-Compare-RMLS.jpg)
Let’s dig in.
### What $500,000 Buys You in Each Market
The median sale price gap between Portland ($510,000) and Salem ($426,500) is roughly $83,500 — enough to meaningfully change what you’re shopping for.
In Portland, that half-million-dollar budget typically puts you in NE or SE Portland in a solid three-bedroom home, often in the 1,500–1,700 square foot range, and frequently in older housing stock that may need updates. In Salem, that same budget opens up more square footage, newer construction options, and generally less competition.
Salem’s median in January was $426,500, down 5.2% year over year. While Portland’s median was $510,000, down 5.0% year over year. On a price-per-square-foot basis, that gap adds up quickly over 1,800–2,000 square feet.
Salem is also the state capital, anchored by government employment, Willamette University, and a downtown that has steadily reinvested over the past decade. It isn’t Portland — and it isn’t trying to be. But for buyers prioritizing space, payment comfort, and relative affordability, the math increasingly points south.
### The Inventory Story Is Very Different
This is where the contrast becomes sharp.
Portland’s inventory rose to 4.3 months in January, with total market time at 89 days. That’s meaningfully higher than a year ago and reflects a more balanced environment.
Salem, however, reached 5.9 months of inventory in January, with homes averaging 78 days on market.
Six months of inventory is generally considered the line between a balanced market and a buyer-leaning one. Salem is pressing right up against that threshold. Buyers have choices. Sellers are competing for attention. The days of automatic multiple-offer scenarios are largely behind us in that submarket.
Portland, at 4.3 months, is more moderate. It’s no longer the tight seller’s market of 2021–2022, but it’s not oversupplied either. What we’re seeing is segmentation: some neighborhoods and price bands feel competitive, others feel patient.
### What’s Happening to Prices
Month-to-month comparisons show softness.
Portland’s average sale price in January was $568,000, down 5.4% from $600,300 a year prior. Salem’s average came in at $438,600, down 6.3% year over year.
But the rolling 12-month numbers tell a steadier story.
Portland’s 12-month average is flat year over year at $610,400 — a 0.0% change. Salem’s rolling average is up 2.4% year over year at $476,900.
January is always a thinner sales month, which can exaggerate percentage swings. The broader trend line suggests stabilization rather than correction. Prices have largely held their ground even as inventory has expanded.
More telling is the shift in negotiating posture. Both markets are seeing sellers accept slightly below asking in many cases. That’s a return to normal market mechanics — not a collapse, just a recalibration.
### Who Should Be Paying Attention
**If you’re a Portland buyer:**
Inventory is up, and sellers are more flexible than they were 12–18 months ago. With 4.3 months of supply and 89 average market days, you have more leverage — particularly on inspection items and closing cost negotiations. If rates dip, that leverage could compress quickly as competition returns.
**If you’re a Salem buyer:**
Nearly six months of inventory creates real negotiating opportunity. Homes are sitting long enough for thoughtful decision-making. For buyers priced out of Portland or seeking more house for their dollar, the data makes a compelling case for exploring the I-5 corridor.
**If you’re a seller in either market:**
Pricing discipline matters again. Homes priced accurately and presented well are still moving. Homes that are aspirationally priced are sitting. With Portland at 89 days average market time and Salem at 78, strategy and positioning matter more than they have in several years.
### The Bottom Line
The first quarter of the year is typically quiet, but it often sets the tone for spring.
Both markets are more balanced than they were during the pandemic surge. That’s healthy. It allows buyers to think and sellers to plan rather than react.
The $83,500 median price gap between Portland and Salem is real money. So is the difference between 4.3 and 5.9 months of inventory. For some households, that hour south on I-5 meaningfully changes both lifestyle and financial trajectory.
At Lovejoy Real Estate, we work across the Portland metro, Salem, Eugene, and SW Washington. We read both sets of data because our clients often live in the space between them. If you’d like help thinking through what these numbers mean for your specific goals, we’re always happy to have that conversation.
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Short Sales and Foreclosures in Portland Metro](https://lovejoyrealestate.com/short-sales-and-foreclosures-in-portland-metro/)
**Published:** April 3, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/04/Short-Sale-Flow.jpeg)There are 4,448 active residential listings in greater Portland right now. 31 are short sales. 40 are bank owned.
Before those numbers mean anything, it’s worth explaining what they are.
## What Is a Short Sale?
A short sale happens when a homeowner owes more on their mortgage than the home is currently worth — and the lender agrees to accept less than the full payoff to let the sale go through. The seller is “short” of what they owe. The bank absorbs the difference.
The alternative, for a homeowner in that position, is foreclosure — and that distinction matters. Sellers pursue a short sale for real reasons. A foreclosure does significantly more damage to a credit score, [stays on a credit report longer](https://www.consumerfinance.gov/ask-cfpb/if-i-lose-my-home-to-foreclosure-can-i-ever-buy-a-home-again-what-impact-will-a-foreclosure-have-on-my-credit-report-en-326/), and can delay the ability to purchase another home for years. A short sale is still a serious financial event, but it gives the seller some agency over the outcome and a faster path toward financial recovery. It’s a difficult decision made under difficult circumstances — not a strategy, but often the least bad option available.
That bank approval is where the process gets complicated. The seller can accept a buyer’s offer, but it means nothing until the lender signs off. The bank orders their own valuation, reviews the seller’s hardship documentation, and weighs whether accepting less than what’s owed is better than going all the way through foreclosure. That review routinely takes two to four months. Sometimes longer.
And it’s often not one bank — it’s two. Many homeowners in short sale territory have a first mortgage and a second mortgage or a home equity line of credit. Both lenders have to approve the transaction independently. The second lender, who stands to recover little or nothing from the sale, has limited incentive to cooperate quickly. Getting two banks to agree, on the same timeline, on acceptable terms, is its own obstacle course.
When that process fails — when the banks can’t reach agreement, when the buyer walks after months of waiting, when the numbers simply don’t work — the short sale collapses. And a failed short sale almost always becomes what the seller was trying to avoid in the first place: foreclosure. The property that couldn’t close as a short sale becomes bank-owned. Which is the other category in that 71.
## Why These Numbers Matter
A lot of people have been quietly wondering whether rising rates mean we’re heading toward something like 2008 and 2009. The foreclosure wave. The underwater homeowners. The bank-owned inventory that took years to clear. It’s a reasonable thing to wonder. Rates are high, the economy feels uncertain, and the headlines don’t always help.
That’s not what the data looks like. At the peak of the foreclosure crisis, distressed properties made up a much larger share of available inventory — in some markets, a third or more of active listings were short sales or bank-owned. In Portland today, that number is 1.6%.
## Why It’s Different This Time
The foreclosure crisis was fundamentally an equity crisis. Homeowners had borrowed against inflated values, prices dropped, and millions found themselves owing more than their homes were worth. When you’re underwater and can’t make the payment, short sale or foreclosure is often the only exit.
That’s not where most Portland homeowners are today.
The people who bought in 2019, 2020, and 2021 — even at the peak of the pandemic market — have generally seen values hold or increase since. They locked in low rates, which means their payments are manageable. And they’ve had four or five years of equity building on top of that. A homeowner with $150,000 or $200,000 in equity doesn’t short sale. They list, price it right, and move on.
High rates create affordability pressure for buyers. They create a lock-in effect for sellers who don’t want to give up a 3% mortgage. What they don’t create, in a market where owners have real equity, is mass distress.
## What Buyers Get Wrong About Foreclosures
Every market has buyers who are convinced they’re going to find a foreclosure deal. It comes up constantly. The first thing worth knowing is that the pool of buyers hunting for them is smaller than most people assume — but the inventory is smaller still.
We keep distressed inventory on our radar. Always. When a short sale or bank-owned property comes up in an area we’re working, we know about it. And of the 31 active short sales in greater Portland right now, 30 more are already pending — under contract, with buyers. That thin slice of inventory isn’t sitting.
The second thing worth knowing is what buying distressed actually means in practice.
Bank-owned homes are sold as-is. No seller disclosures. No repairs. No negotiating over the water heater that’s been failing or the roof at the end of its life. The bank has never lived there — they don’t know what they don’t know, and they won’t fix it. A $50,000 discount can disappear quickly once an inspector walks through a home that’s been vacant, had maintenance deferred for years, and possibly had fixtures or appliances removed. The purchase price is not the cost of ownership.
Short sales carry the complications described above — months-long timelines, two-bank approval processes, and sellers who often haven’t had the resources to maintain the home through a prolonged financial hardship. The process is slower and less predictable than a standard transaction, and buyers need to keep their financing intact through an uncertain wait with no guaranteed outcome.
None of this means distressed properties are never worth pursuing. Sometimes they are. But the math needs to be run honestly, with full eyes on what the property actually needs — and the process needs to be understood before committing to it.
## The Bigger Picture
The Portland market has real challenges right now. Rates are high. Affordability is stretched. But it’s not a distress market. The fundamentals that produced 2008 — overleveraged owners, inflated values with no equity cushion — aren’t what we’re looking at today.
71 active distressed listings out of 4,448. And many of them already have a buyer.
---
**Search Portland area homes on your phone.** The Lovejoy Real Estate app gives buyers full RMLS search, saved favorites, and instant alerts — and homeowners a one-stop place for home-related resources. Your data is never sold or shared. You can search for foreclosures and short sales on the app.
[](https://bk.homestack.com/lovejoyrealestate)
**Categories:** Short Sales, Real Estate News & Tips
---
### [Portland Metro Real Estate Market Update — March 2026](https://lovejoyrealestate.com/portland-metro-real-estate-market-update-march-2026/)
**Published:** April 17, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/04/RMLS-Market-Action-March-2026-Stats.jpg)March’s housing data was recorded against one of the more unsettling backdrops Portland buyers and sellers have seen in a while. The conflict with Iran began on February 28th, and by mid-March, financial markets were in retreat — the S&P 500 had dropped roughly 8% from its pre-war level, oil was pushing toward $120 a barrel, and mortgage rates, which had briefly dipped below 6%, began a five-week climb that wouldn’t stop for weeks.
And yet the Portland housing market had one of its strongest months in recent memory.
That’s not spin. The numbers say it clearly, and they deserve to be understood in that context.
## Where Things Stand Now
Before diving into the March data, here’s the current picture as of this writing: Wall Street has fully recovered. The S&P 500 crossed 7,000 for the first time in history this week and is sitting at all-time highs, having erased every loss from the war. A ceasefire was reached on April 7th, though a Hormuz blockade remains partially in effect and oil prices are still elevated around $92–96 a barrel.
Mortgage rates haven’t come all the way back. The 30-year fixed sat at 5.99% the day before the war began. It then climbed steadily for five straight weeks — peaking around 6.37–6.40% — before pulling back slightly to approximately 6.30% today. Buyers are paying meaningfully more to borrow than they were 60 days ago, and that gap hasn’t closed.
## March Numbers: Spring Actually Showed Up
Closed sales came in at 1,790 — an 11% jump from March 2025 and a 27.4% surge from February. Pending sales hit 2,319, up 5.5% year-over-year. These aren’t small moves. This is a market with genuine momentum.
New listings came in at 2,738, up 2.7% from last year, meaning supply is growing — but not faster than demand. That balance shows up clearly in inventory: March landed at 3.0 months, exactly where it was in March 2025. The supply glut of January and February has been absorbed.
Perhaps the most encouraging signal: average total market time dropped from 91 days in February to 79 days in March. Buyers are moving faster. Homes are not sitting as long. The urgency that winter had stripped away is returning.
## What Happened to Prices
In January and February, average and median prices were running below year-ago levels. March reversed that.
The average sale price was $614,200 — up 2.8% from March 2025 and up 4% from February. The median hit $543,800, up 0.3% year-over-year and up 3.6% from February. For the rolling 12-month comparison — the smoothest indicator of long-term price trend — the median is sitting exactly flat: $545,000 versus $545,000 a year ago. No decline. No spike. Stability.
The list-price-to-sale-price gap also tightened dramatically. In February, sellers were netting about 1.5% below asking. In March, that gap narrowed to roughly 0.4%. Buyers are still negotiating, but they’re not asking sellers to take big haircuts anymore.
## The Price Range Story
The $400K–$500K range remained the most active segment with 386 closings — 21.6% of all sales. The $500K–$600K band followed at 341 sales. What stands out is the upper end: homes above $800K made up nearly 15% of all March closings, and the $2M+ segment saw 19 sales versus 14 in March 2025. The luxury market is active and not flinching.
## Supply Picture
[](https://lovejoyrealestate.com/wp-content/uploads/2026/04/RMLS-Market-Action-March-2026-Inventory.jpg)Total active listings across the metro reached 6,600 in March — up from 6,163 a year ago. We have more homes on the market than we did last spring. But new listings are coming in at a much more measured pace than in January and February, and closings are keeping up. The market is digesting supply rather than being overwhelmed by it.
Inventory dropped to 3.0 months. Historically three months is the sign of a balanced number. Below that we said it was a seller’s market, above is a buyer’s market. Read back through the blog and we’ve said that 3.0 is at least 4.0, if not higher. Yet, buyer’s appear to have the upper hand in many instances. We we wrong? No. This is the indication of the bifurcated market we are in right now. Homes that are in hot neighborhoods, that are move-in ready, are selling fast with multiple offers. Other homes are taking longer to sell.
## What This Means Right Now
March’s data tells us the Portland Metro housing market is fundamentally sound. It put up strong numbers during the peak of a geopolitical shock — when buyers had every reason to hesitate. Most of them didn’t.
What changed since that data was collected: the stock market is back at records, confidence is recovering, and a ceasefire is holding. What hasn’t changed: rates remain above 6%, near their war-time high, which continues to shape what buyers can afford and where they’re looking. Affordability is still the dominant friction in this market — not demand.
For sellers, March is a signal to move with purpose. Spring is here, buyers are engaging, and homes are selling faster than they were 60 days ago. The window for optimal spring pricing is open now.
For buyers, the math is real: every fraction of a point that rates stay elevated costs money every month. The inventory is there. The competition isn’t as fierce as it was in 2022 or 2023. If the numbers work for your situation, waiting for a rate miracle probably isn’t the strategy.
The market didn’t blink during the worst of the uncertainty. That tells you something about the underlying demand here.
*Questions about what this means for your situation? [We’re happy to walk through it.](https://lovejoyrealestate.com/contact)*
[*Data and charts from March 2026 RMLS Market Action*](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=19361)
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Home Energy Scores in Portland and Across the State](https://lovejoyrealestate.com/home-energy-scores-in-portland-and-across-the-state/)
**Published:** May 15, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/05/Home-Energy-Score.png)If you’ve sold a home in Portland recently, you’ve dealt with a Home Energy Score. If you’re selling in Bend, Hillsboro, or Milwaukie, same story. For everyone else in Oregon — it’s coming up more and more, even where it isn’t required yet. The program has some pros and cons. At it’s inception it seemed like a good idea, by the time it launched, it became a data collection tool and a hoop jump that buyers and sellers have little use for (for the most part).
Here’s what you actually need to know.
## What Is a Home Energy Score?
A Home Energy Score is a 1-to-10 rating of how energy efficient your home is. A 10 is highly efficient. A 1 means the house uses a lot of energy relative to its size and systems. The score is based on the home’s structure, insulation, windows, heating and cooling equipment, and water heater — not your utility bills.
A licensed assessor does the evaluation in person. It takes roughly two hours and costs between $150 and $300. The report is valid for eight years, with a two-year refresh option if you make improvements.
The score comes with an estimated annual energy cost and recommendations for upgrades — insulation, weatherization, heat pump conversion, and so on. Those recommendations are informational. Nobody requires you to act on them.
## Where It’s Required in Oregon
Oregon has a statewide framework for home energy disclosure (ORS 469.703), but no statewide mandate. The cities that have moved ahead on their own:
**Portland** — Required at time of listing for most residential sales. Has been in effect since 2018.
**Bend** — Required at listing.
**Hillsboro** — Required at listing.
**Milwaukie** — Required at listing.
If you’re selling in one of these cities, you need a current score before the home goes on market. If you don’t have one, we schedule the assessment as part of our pre-listing prep.
## Cities Watching Closely
Eugene, Corvallis, Ashland, and Hood River have all had active conversations about adopting similar requirements. None have mandated it yet. That could change — and sellers in those markets should be aware it may become a condition of sale in the not-too-distant future.
Salem does not currently require a Home Energy Score. No mandate is pending as of this writing.
## What About the Rest of the Country?
Oregon isn’t alone. Austin, Boulder, Santa Fe, and Minneapolis have energy disclosure requirements in some form. Massachusetts has a statewide program. The policy momentum is real — it tends to start in cities with strong sustainability agendas, then spread.
Whether Oregon eventually adopts a statewide rule is an open question. The framework already exists. The political will hasn’t fully arrived.
## Where the Score Works — and Where It Doesn’t
The Home Energy Score does a reasonable job of what it was designed to do: compare homes of similar size to give buyers a sense of relative operating costs. If you’re choosing between two similar houses and one scores a 4 and the other scores an 8, that’s useful information. The lower-scored home will likely cost more to heat and cool.
Where it falls short is the square footage problem. The score accounts for size as part of its calculation — and that creates situations where a large, well-built home scores lower than a small, less efficient one. Not because the large home is poorly constructed, but because it uses more energy by nature of being larger.
We had this experience firsthand. Our home scored a 9. Then the methodology changed to more heavily weight square footage. Our score dropped to a 7. Nothing about the house changed. The math did. Buyers aren’t comparing a 2000 SQFT home to a 4000 SQFT home, they are comparing two homes of like size. Large homes play on a compressed scale, hiding the actual efficiency, or lack of, a home.
That’s not a reason to dismiss the score entirely — but it is a reason to read it in context, not in isolation.
## The Real-World Reality
In ten-plus years of selling Portland homes under this requirement, we haven’t had a single buyer use the Home Energy Score as a deciding factor.
That doesn’t mean it’s useless — it means buyers weigh it the same way they weigh a lot of disclosure information: as one data point among many, not a dealbreaker. Location, condition, price, and layout consistently outrank energy efficiency in the decision.
Sellers sometimes worry a low score will hurt their sale. In our experience, it rarely does — unless the score is revealing something else, like aging HVAC or poor insulation that buyers would have noticed anyway during inspection.
## What Sellers Should Do
If you’re in a city where a score is required, get it early. Don’t wait until you’re under contract. Schedule the assessment during your pre-listing phase so there are no surprises and no delays. If you bought your home in the last eight years, go to the registry and check to see if there is an existing report that you can use. There’s no point in paying for a new one. Substantial remodels and updates to systems make this moot.
If your score comes back low and you want to improve it before listing, the assessor’s report will tell you exactly which upgrades move the needle most. Some — like attic insulation — are relatively affordable and can shift the score meaningfully. Others, like full HVAC replacement, may not pencil out before a sale.
We can help you think through what’s worth doing and what isn’t. That’s part of the pre-listing conversation we have with every seller.
## What Buyers Should Know
Ask for the Home Energy Score report, not just the number. The full report includes the estimated annual energy cost and the breakdown by category — heating, cooling, water heating. That’s more useful than the score alone. One use may be a roadmap of what projects you might choose to focus on in the future.
If you’re buying in a city that doesn’t require a score, you can still request one or order it yourself. It’s a few hundred dollars and two hours for a home assessor to walk the property. Worth it if you’re seriously considering a home with older systems or you just want the data. It’s usually done as part of a remodel project.
And if you’re comparing two homes — one scored, one not — don’t let the absence of a score on the second home be a black mark. It may simply be in a city where disclosure isn’t required yet.
## Resources
```
See a sample Home Energy Score report for a Portland home (score: 8 out of 10, est. $1,731/year in energy costs).
Home Energy Score lookup and assessor directory: Green Building Registry
Portland-specific FAQ: PDX Hive — Home Energy FAQs
Oregon statewide framework: Oregon Revised Statute 469.703
```
**Categories:** Energy Score, Real Estate News & Tips
---
### [Working with Lovejoy Real Estate: Why 500+ Reviews Matter](https://lovejoyrealestate.com/working-with-lovejoy-real-estate-why-500-reviews-matter/)
**Published:** September 18, 2025
**Author:** Charles Turner
**Content:**
If you’ve been researching Portland real estate, you’ve probably noticed that not all brokerages are created equal. At Lovejoy Real Estate, we’ve earned more than **500 five-star reviews** — and that’s not just a number. It’s a reflection of real people, real results, and real care. ## Five-Star Reviews Aren’t Just About Stars — They’re About Trust
When you’re making one of the biggest decisions of your life, you need more than someone who knows how to unlock doors and fill out paperwork. You need a guide, an advocate, and someone who won’t ghost you after the offer is accepted.
Our reviews speak to that difference. They highlight agents who picked up the phone late at night, who calmly walked clients through multiple-offer chaos, and who turned daunting transitions into manageable ones.
## The Story Behind the Stars
Here’s what some of our clients have said:
- “Jenny and her team were with us every step of the way. We never felt lost.”
- “I’ve worked with other agents before — this was a completely different (better) experience.”
- “They didn’t just care about the sale. They cared about *us*.”
These aren’t cherry-picked quotes — they’re typical. That level of service is what we strive to deliver for every client, every time.
## More Than Reviews — Results That Count
In 2025, Lovejoy Real Estate is on track to close over 200 transactions. That kind of volume isn’t luck — it’s proof that doing good work leads to referrals, return clients, and sustainable growth in a competitive market.
And our clients aren’t just buying or selling homes — they’re relocating across the country, downsizing after decades, or investing for their family’s future. They trust us to guide them through it all.
## So Why Do Reviews Matter?
Because when you’re hiring a real estate professional, you deserve transparency. You should know what others have experienced — not from a sales pitch, but from their own words.
Whether you’re just starting to browse listings or prepping your home to sell, our reviews are a window into what you can expect: honest advice, sharp strategy, and a whole lot of local know-how.
## Let’s Make This Move Feel Different
You don’t have to settle for average. When you’re ready, we’re here to guide you with the care and clarity you actually deserve.
**Ready to talk about your real estate goals?** [Reach out](https://lovejoyrealestate.com/contact-us/) — and see why 500+ people (and counting) would do it all over again with Lovejoy.
**Categories:** Lovejoy News
---
### [What a Portland Buyer Wants in a Kitchen](https://lovejoyrealestate.com/what-a-portland-buyer-wants-in-a-kitchen/)
**Published:** September 25, 2025
**Author:** Charles Turner
**Content:**
In a city that loves coffee rituals, farmer’s market hauls, and dinner parties that casually turn into late-night hangs, it’s no surprise the kitchen is still the most scrutinized room in a Portland home. And in 2025, it’s no longer just about white cabinets and subway tile.
Today’s Portland buyers are craving function, flexibility, and personality — with just enough wow factor to make them linger at the open house. Whether you’re prepping your home to sell or planning a remodel, here’s what’s hot (and what’s not) in local kitchens right now:
## 1. Warm Modern Finishes Are In
Buyers are moving away from sterile minimalism and leaning into warm woods, matte black accents, and textured tile backsplashes. Think clean lines with a lived-in, slightly Pacific Northwest vibe. If you’re updating your kitchen before listing, you don’t have to gut it — often, swapping cabinet pulls or adding butcher block shelving goes a long way.
## 2. Storage Smarts Over Square Footage
Portland buyers know that size doesn’t always equal function. Pull-out spice racks, deep drawers for pots, hidden recycling, and walk-in pantries (even small ones) win major points. If your kitchen layout doesn’t allow for expansion, clever storage updates can still make it a standout.
## 3. Islands with Purpose
In 2025, kitchen islands aren’t just for aesthetics — they’re the workhorses of the space. Buyers are drawn to islands that double as breakfast bars, host hidden outlets, or add extra prep surface. If your island lacks these, consider a minor refresh to boost appeal.
## 4. Natural Light (or Smart Lighting)
No surprise: light sells homes. But not every Portland kitchen has the benefit of big windows. That’s where layered lighting — think pendant lights, under-cabinet LEDs, and dimmable overheads — makes a difference. This upgrade is low-lift, high-impact.
## 5. Space for Connection
Buyers aren’t just picturing themselves cooking — they’re picturing conversation, community, and connection. Open layouts still rule, but even galley kitchens are winning hearts when they feel open to the rest of the home or have a thoughtful dining nook nearby.
## Bonus: Portland Personality Still Wins
From reclaimed wood beams to local ceramic tile backsplashes, buyers appreciate kitchen details that feel uniquely Portland. That character — when paired with function — can tip the scales toward love at first sight.
## Final Takeaway
In Portland’s evolving market, kitchens still carry outsized weight in buyer decisions. If you’re getting ready to list, a Lovejoy agent can help you decide whether to refresh, remodel, or simply style your kitchen to shine. And if you’re buying? We’ll help you spot the potential (and the pitfalls) in every listing.
*Lovejoy Real Estate helps over 200 Portland buyers and sellers every year — and with 500+ five-star reviews, our clients trust us to guide smart decisions in every room of the house.*
---
### Need help evaluating your kitchen’s market potential?
**[Let’s talk](https://lovejoyrealestate.com/contact-us/)** — no pressure, just expert perspective tailored to your home.
**Categories:** Real Estate News & Tips
---
### [Your Oregon Property Tax Bill Is Here: What to Know in 2025](https://lovejoyrealestate.com/your-oregon-property-tax-bill-is-here-what-to-know-in-2025/)
**Published:** October 24, 2025
**Author:** Charles Turner
**Content:**
[](https://www.washingtoncountyor.gov/at/property-taxes/sample-tax-statement)If you own property in the Portland metro area, October brings one predictable piece of mail: your property tax statement. This quick guide explains what the colors mean (green vs. yellow), key dates and discounts, how Oregon’s tax year works, and where to find appeal information for Multnomah, Washington, and Clackamas Counties. ## Oregon’s Property Tax Year: Why It Starts in July
Oregon uses a fiscal property tax year that runs from **July 1** to **June 30**. The bill you receive this October covers the period beginning **July 1, 2025** through **June 30, 2026**. If you’d like a refresher on why Oregon uses this schedule (and what it means for planning), see our explainer: [Why Oregon’s Property Tax Year Starts in July and What It Means for You](https://lovejoyrealestate.com/why-oregons-property-tax-year-starts-in-july-and-what-it-means-for-you/).
### Green vs. Yellow: What Your Envelope Color Means
- **Green bills:** You pay the county directly. This is common if you’ve paid off your mortgage or do not escrow taxes with your lender.
- **Yellow bills:** Your mortgage servicer pays from your escrow account. The statement is for your records, but you should still review it closely.
Regardless of color, verify your name, mailing address, property description, and tax account number. If something looks off, contact your county assessment & taxation office promptly.
### Key Dates, Discounts, and Payment Options
Statements typically mail in mid-October. For the 2025–2026 tax year, the first due date is **November 15, 2025**. Oregon offers three ways to pay:
1. **Pay in full by November 15** — **3% discount**.
2. **Pay two-thirds by November 15** — **2% discount**; the remaining one-third is due by **May 15, 2026**.
3. **Pay one-third by November 15** — no discount; the second and third installments are due by **February 15, 2026** and **May 15, 2026**.
If you mail your payment, it must be **postmarked** by November 15 to receive any discount. You can also pay online via your county’s portal; review any convenience fees before submitting.
### Where Your Property Taxes Go
Your tax dollars fund local services across the Portland metro: city and county operations, libraries, public safety, parks, and infrastructure. Your statement itemizes each taxing district so you can see how funds are allocated. While the mix varies by address and county, the core idea is the same: these dollars stay local.
### How to Appeal Your Property Value (Portland Metro)
If you believe your assessed value is too high, you can appeal. Appeals in our region go through the county’s Board of Property Tax Appeals (BOPTA). The filing window generally opens in late October and closes on **December 31**. Appeals focus on your property’s value as of **January 1, 2025**, so gather objective evidence (comparable sales, appraisal, photos, etc.).
- [Multnomah County – How to Appeal Your Property Value](https://www.multco.us/assessment-taxation/how-appeal-your-property-value)
- [Washington County – Appeal Your Property Value](https://www.washingtoncountyor.gov/assessment-taxation/appeal-your-property-value)
- [Clackamas County – Property Value Appeals](https://www.clackamas.us/at/appeal)
Tip: Start early. You’ll need time to compile supporting documentation and complete county forms.
### FAQs and County Resources
For common billing and payment questions (online payment methods, partial payments, late fees, and more), see:
- [Multnomah County – Property Tax Payment FAQs](https://multco.us/info/property-tax-payment-faqs)
Washington and Clackamas Counties provide similar resources on their assessment & taxation pages.
### Smart Moves Before You Pay
- **Review your bill.** Confirm owner name, mailing address, and legal description.
- **Compare to last year.** Note changes to assessed value (AV) and real market value (RMV).
- **Plan for discounts.** If cash flow allows, paying in full by November 15 can save 3%.
- **Calendar the installment dates.** Missing one can add interest and penalties.
- **Keep records.** Your statement may be needed for income tax preparation or refinancing.
Questions about how property taxes intersect with your plans to buy, sell, or hold in the Portland metro? We’re here to help you make sense of Oregon’s system and plan your next step with confidence.
**Categories:** Finance & Mortgage, Real Estate News & Tips
---
### [Portland Metro Real Estate: November 2025 Market Update](https://lovejoyrealestate.com/portland-metro-real-estate-november-2025-market-update/)
**Published:** December 5, 2025
**Author:** Charles Turner
**Content:**
November was another relatively quiet month across the Portland metro according to [RMLS Market Action](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=18714), but it ended with encouraging signs. **Closed sales came in lower than expected**, narrowing the year-to-date gap in total transactions closed to **just over 100 sales**. Meanwhile, **pending sales rose 5% year-over-year**, setting the stage for 2025 to finish slightly ahead of 2024 in total closings.- **New Listings:** 1,805 (–1.8% vs Nov 2024; down from 2,326 in Oct 2025)
- **Pending Sales:** 1,760 (+5.0% vs Nov 2024; up 2.6% MoM)
- **Closed Sales:** 1,674 (–9.8% vs Nov 2024; down 11.4% MoM)
- **Inventory:** 3.8 months (up from 3.1 in Nov 2024)
- **Average Sale Price:** $599,700 (–1.6% YoY from $609,400)
- **Median Sale Price:** $532,400 (–1.1% YoY from $538,500)
- **Days on Market (avg/median):** 54 / 27 days
The increase in inventory from 3.1 to 3.8 months points to a market with more breathing room, but buyers are clearly responding when homes are priced right. November’s **stronger closed sales** helped shrink the year-to-date shortfall to just over 100 sales—showing how steady fall activity helped 2025 catch up to 2024’s total. Legacy thinking says that six months of inventory is the sign of a balanced market but new thinking is four months or even lower. Recent buyer sentiment and the stagnation in appreciation makes the argument for a lower number.
### Year-to-Date Perspective
Through November, total closed sales are nearly even with 2024—an impressive turnaround considering how far behind 2025 started the year. The improvement reflects both increased buyer adaptability and sellers becoming more responsive to current pricing expectations.
### Mortgage Rates: Now vs. This Time Last Year
MetricWeek of Dec 5, 2025Week of Dec 7, 202430-year Fixed Mortgage Rate**6.25%****7.03%**Change vs Year Ago**–0.78 percentage points**Rates have eased slightly from last year’s levels and from the mid-7% range earlier this fall. Even a modest drop has supported improved buyer sentiment, helping both pendings and late-year closings. It is entirely possible to get a rate in the fives with points and buy-downs. Remember that each person’s rate is based on their financial situation and the specific property. The drop in rates and pricing stagnation is making **housing the most affordable in the last 2.5 years.** We get that’s all relative.
### Looking Ahead: The Fed Meets Next Week
The Federal Reserve meets the week of **December 8, 2025**, and most forecasts call for the third rate cut of the year—or at least guidance that cuts are likely early next year. While mortgage rates don’t directly follow the Fed funds rate, any signal of easing tends to push long-term yields down. That could support early-2026 buyer activity and help maintain the momentum that’s carried through November.
### National Outlook for 2026
Looking further ahead, national forecasts point to a broader rebound in housing activity. Total U.S. home sales are projected to rise from roughly **4.8 million in 2025** to about **5.2 million in 2026**—a meaningful jump after two years of slower volume.
*We’ll be watching December results closely to confirm how 2025 wraps up before turning our attention to spring 2026 trends.*
### What It Means for You
- **Buyers:** Slightly lower rates and modest price softening are helping improve affordability. If the payment works, this market offers more selection and a chance to buy before competition picks up in spring.
- **Sellers:** Homes are still selling when they’re positioned well. November showed buyers will act on listings that are accurately priced and well-presented, even with more inventory on the market.
- **Everyone:** November’s numbers show balance returning—enough inventory for options, but solid demand to keep transactions moving. With pendings firming and rates likely to ease, the Portland metro is positioned for a steadier start to 2026.
---
### Data Notes
- **Primary source:** RMLS Market Action — November 2025.
- **Comparisons:** October 2025 and November 2024.
- **Pricing:** Average sale price $599,700 (–1.6% YoY); median $532,400 (–1.1% YoY).
- **Observation:** Closed sales narrowed the YTD gap to just over 100; strong pendings should keep 2025 ahead of 2024 once December posts.
*Written for Lovejoy Real Estate. Our team serves the Portland metro with 500+ five-star reviews and 200+ successful transactions each year.*
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Lovejoy Real Estate Launches App](https://lovejoyrealestate.com/lovejoy-real-estate-launches-app/)
**Published:** December 19, 2025
**Author:** Charles Turner
**Content:**
We’re excited to announce the launch of the Lovejoy Real Estate app, now available in both the [Apple App Store ](https://apps.apple.com/us/app/lovejoy-real-estate/id6754545582)and [Google Play Store](https://play.google.com/store/apps/details?id=com.lovejoyrealestate.app). Designed to be your go-to real estate resource, the Lovejoy app brings home search tools, neighborhood guides, and our ever-growing collection of resources right to your phone or tablet. When you use the app, you know you are connected with Lovejoy Real Estate. When you search on the major portals like Zillow, Redfin or Realtor.com, you have no control of who you’ll be assigned to our how your data will be used.
### Stay Connected with Your Lovejoy Agent
Once you’ve downloaded the app, you’ll be able to select the Lovejoy agent you’ve been working with and stay directly connected throughout the process. Communication is simple and seamless by design, making it easy to ask questions, schedule showings, or share feedback in real time. If you’re new to Lovejoy Real Estate, our dedicated client care team will personally reach out to learn more about your goals and match you with the best agent based on your needs, lifestyle, and the specific area you’re searching in.
### Personalized Tools for Every Home Search
- Custom filters and saved searches tailored to your budget, must-haves, and preferences.
- Instant notifications for new listings, updates to saved homes, and changes you need to know.
- Access to all RMLS and WVMLS listings, including Active, Pending, and Open Houses.
- One-tap contact with your agent via call, text, or chat.
Stay informed, competitive, and in control of your search every step of the way.
### Privacy You Can Trust
Your information matters. Unlike large national portals, Lovejoy does not sell your data or share your details with outside parties. Your search activity remains private, so you can browse with confidence.
### Search Anywhere, Anytime
Not on mobile? [LovejoyRealEstate.com ](https://lovejoyrealestate.com/)offers robust tools for laptop and desktop users, and the app works seamlessly on Mac. Explore our [neighborhood profiles](https://lovejoyrealestate.com/portland-neighborhoods/), use our [home search tool](https://lovejoyrealestate.com/home-search-2/), and access all Lovejoy resources whenever and however you prefer. We’re excited to share this new way to make your home search easier than ever. Download the app today and start your Lovejoy journey with us!
[](https://bk.homestack.com/lovejoyrealestate)
**Categories:** Lovejoy News
---
### [Are Mortgage Rates in the Fives? Will They Stay There?](https://lovejoyrealestate.com/are-mortgage-rates-in-the-fives-will-they-stay-there/)
**Published:** January 16, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/01/mortgage-rate-predictiion-2026-scaled.jpg)If you’ve seen headlines or social posts saying mortgage rates have dipped into the fives, you’re not imagining it—but it’s essential to understand what’s behind that number and who actually qualifies. The short version: some borrowers are indeed seeing rates in the fives, but not everyone, and not all the time. When it comes to predictions? The chart shows how hard that is… its one year outlook was off days after being published. What it does show is a pretty narrow band of movement but past history doesn’t bode well for this group getting rates right (they had rates in the fives mid 2024).
### How We Got Here
After two years of sharp swings, mortgage rates have been trending lower as inflation cooled and bond markets stabilized. In January 2026, the federal government announced plans to purchase a large amount of mortgage-backed securities (MBS). That move added some near-term relief by supporting liquidity in the bond market. In the grand scheme, it’s helpful—but it’s not a silver bullet. Markets remain sensitive to new data, and rates can shift quickly.
Case in point: following that announcement, the bond market—usually the “tortoise” compared to the stock market’s quick reactions—had a rare knee-jerk move. For roughly 20–30 minutes, the national average rate briefly touched **5.99%** before moving back up. It was a snapshot of how fast rates can move on major news, even as the broader trend has been improving.
### Who’s Actually Seeing Rates in the Fives?
The “fives” you’re hearing about generally apply to well-qualified scenarios. Think:
- Excellent credit (often 740+)
- Larger down payments (around 25% or more)
- Conventional loans
- Willingness to pay discount points or an origination fee
Other loan types and terms can also land in the fives for some borrowers. For example, many FHA and 15-year fixed loans have recently been solidly in the fives. Jumbo adjustable-rate structures (such as 7-year ARMs) can also price in that range depending on the details.
### Broad Strokes, Not Promises
Because your rate depends on credit, down payment, loan type, pricing credits/points, and daily market movement, it’s smarter to discuss a range—*“high fives to low sixes”*—than to quote a specific number. Markets can move by 50–60 basis points in a day, and that can materially change where an individual scenario lands.
The bigger takeaway isn’t chasing one headline number; it’s **affordability**. Many buyers who paused when rates were near 8% are finding their purchasing power has improved.
### What This Means for the Market
For buyers, easing rates and steady demand are creating more workable pathways into the market. Updated pre-approvals matter. If you haven’t revisited your numbers lately, a quick refresh can clarify whether you’re likely in the fives, the low sixes, or somewhere in between—and what that means for your budget and neighborhoods of interest. For existing homeowners and sellers, lower rates increase demand. It also makes it a little more palatable to consider giving up the existing super-low interest rate that so many homeowners currently have. Life events tend to outweigh current interest rates but every step down in rates moves a segment from watching the market to entering the market. Many down-sizers are unaffected by interests rates as the equity they have built in their home has made them a cash buyer.
### Your Next Step
Instead of anchoring to a headline rate, check your personal scenario. A trusted lender can model your payment targets across several options (conventional, FHA, 15-year, ARM) and show how points or a slightly larger down payment might move you into the fives—or close to it—based on current market conditions. [Stephen Bowdon at Guild Mortgage](https://branches.guildmortgage.com/wa/vancouver/stephen-bowdon-548-hpsbo.html) can give you numbers that apply to your situation, not the fuzzy math that online portals will give you.
Our Lovejoy Real Estate app, now available in both the [Apple App Store ](https://apps.apple.com/us/app/lovejoy-real-estate/id6754545582)and [Google Play Store](https://play.google.com/store/apps/details?id=com.lovejoyrealestate.app) gives buyers a better search experience and homeowners a one-stop place for home related resources.
**Categories:** Finance & Mortgage, Real Estate News & Tips
---
### [What Hidden Systems Really Cost Portland Home Buyers](https://lovejoyrealestate.com/what-hidden-systems-really-cost-portland-home-buyers/)
**Published:** April 10, 2026
**Author:** Charles Turner
**Content:**
A home inspection is one of the most valuable things you can do before buying a house. A good inspector will walk every inch of the property, test switches, poke at joists, run every faucet. And they will still miss things. Not because they’re bad at their job—because some things are simply not visible.
The photo above shows a cast iron drain line that came out of a Portland-area home shortly after the buyers moved in. The inspection passed. The sellers disclosed nothing and had no reason to because they can’t see through walls either.
This is not a story about bad luck. It’s a story about systems.
Every house has them: the water heater, the furnace, the roof, the pipes. None of them last forever. Most buyers focus on price per square foot, the kitchen renovation, the school district. Fewer ask the question that can actually change the financial reality of a purchase: *when does everything need to be replaced, and what will that cost me?*
The answer—especially in the Portland metro and Willamette Valley where a lot of our housing stock dates back to the 1950s through 1970s—can shift the math significantly.
## Two Houses, Same Neighborhood
Imagine two houses on the same block in Beaverton. One lists at $600,000. One lists at $700,000.
The $700,000 home has a new roof installed four years ago, a furnace replaced five years ago, PEX plumbing throughout, and a tankless water heater. The $600,000 home has a 25-year-old architectural shingle roof, an original furnace, galvanized supply pipes, cast iron drain lines, and a tank water heater that predates the iPhone.
**Over the first five years of ownership, those two houses may cost roughly the same amount of money.**
Here’s how.
---
## The Systems—and What They Cost to Replace in the Portland Metro
### Water Heater
Lifespan: 8–12 years (tank) / 15–20 years (tankless)
Standard tank water heaters—40–50 gallon—run **$1,500–$2,500 installed** in Portland, depending on whether you’re swapping gas or electric and whether new permits or venting upgrades are required. If you’re already opening walls for other work and want to upgrade to tankless, budget $2,500–$4,000. The long-run energy savings make it worth considering.
An 18-year-old tank water heater is borrowed time. When it fails, it typically fails suddenly. When it fails dramatically—a slow leak, a burst, standing water—you’re looking at water damage remediation on top of the unit replacement. The appliance itself is the smaller expense.
### Furnace
Lifespan: 15–20 years
The average furnace replacement in Portland runs **$4,700–$6,300** for a mid-efficiency gas unit. Larger homes—2,500+ square feet with a basement—can push toward $9,500 depending on unit size and ductwork condition. NW Natural offers rebates of $200 to $1,600 on qualifying high-efficiency replacements, which can take a meaningful amount off the top.
Those rebates don’t change the baseline cost. A 20-year-old furnace that runs fine today is statistically in its final years. In the Portland metro where winters regularly drop into the 20s, “the furnace is working” in October is not the same as “the furnace will make it through February.”
### Roof
Lifespan: 20–30 years (asphalt) / 40–50 years (metal)
Portland roofs have it hard. The moss load and sustained moisture here accelerates wear relative to drier climates—a 20-year-old roof in Portland often looks and performs like a 25-year-old roof in Sacramento. Architectural asphalt shingles cost **$7–$10 per square foot installed**. For an average Portland-area home with 1,800–2,000 square feet of roof surface, that’s **$12,000–$20,000**.
One important caveat for buyers in neighborhoods across Beaverton, Portland, and Lake Oswego where solar adoption has been high: removing and reinstalling solar panels adds approximately **$5,000** to the roofing bill. That’s not optional—panels must come off before a re-roof. If you’re buying a home with aging roofing and existing solar, build that into your mental model before the offer is written.
A 25-year-old roof in the Pacific Northwest is one hard winter away from active leakage. Once water comes in, the cost expands: damaged decking, soaked insulation, compromised drywall, potential mold remediation. The roof itself becomes the least expensive part of the repair.
### Repiping
When: homes built before ~1975 with galvanized supply lines or cast iron drain lines; homes built 1978–1995 may have polybutylene supply lines
This is the one that catches people most off guard, because it’s invisible until a pipe fails or a camera looks at it.
Portland and the Willamette Valley have significant housing stock from the 1950s, ’60s, and ’70s. Much of it still has original galvanized steel supply lines or cast iron drain lines. Neither lasts forever. Galvanized corrodes from the inside out—water pressure drops, rust discolors the water at fixtures, and pipes begin to fail. Cast iron drain lines crack, corrode, and eventually collapse. The photo at the top of this post is not unusual. It’s representative.
A full repipe of a 1,500–2,000 square foot home in Portland runs **$8,000–$15,000**. PEX is now the standard modern material—flexible, durable, and faster to install than copper. The work typically takes one to two days and requires opening walls and ceilings in targeted locations.
The complication is that repiping rarely appears in seller disclosures, because sellers often don’t know it’s needed until something fails. A sewer scope ($150–$250) can evaluate the drain side to an extent. Supply lines are harder to assess—dropping water pressure, rust at faucets, and visible corrosion at exposed pipe connections are the main tells. If you’re buying a 1960s home in St. Johns, Kenton, or the mid-Willamette Valley and nobody has mentioned the plumbing, ask.
## The Full Picture
Here’s what the numbers look like across all four systems:
SystemTypical LifespanReplacement Cost — Portland MetroTank water heater8–12 years$1,500–$2,500Tankless water heater15–20 years$2,500–$4,000Furnace (gas, mid-efficiency)15–20 years$4,700–$9,500Roof — asphalt shingles (~2,000 sqft)20–30 years$12,000–$20,000Solar panel removal/reinstall (add-on)N/A~$5,000Whole-house repipe (PEX)Varies$8,000–$15,000Total (if all needed)$26,200–$49,000+Now look at that $600,000 house again.
If the roof is 25 years old, the furnace is pushing 20, the water heater is on its last legs, and the plumbing is original—you’re looking at $26,000–$49,000 in likely capital expenses within the next three to five years. Not all at once, necessarily. But the bills will come.
**That $600,000 house is operating like a $626,000–$649,000 house + time and inconvenience.** At that point, the $700,000 home with newer systems starts to look different. Similar but different is the [Cost vs Value report](https://zondahome.com/2025-cost-vs-value-report/) which also comes into play comparing homes.
## What to Actually Do With This
This is not an argument against older homes. Much of Portland’s best housing stock is 50–80 years old and well worth buying—Craftsman bungalows in Sellwood, mid-century ranches in Maplewood, older colonials in Aloha. Age and character are not problems. Deferred capital needs are a pricing question.
“It passed inspection” is not the same as “it doesn’t have deferred capital needs.” These are different statements. Here’s how to close the gap:
- **Add a sewer scope.** Always, for homes built before 1980. It’s $150–$250 and it can surface a $10,000 repair before you’re legally on the hook for it. In Portland, the homeowner is responsible for the sewer line to the curb (yes, under the sidewalk). The City takes over once it hits the street. “Party line” line sewers have largely been remedied in Portland but a the worst parties to be invited to.
- **Read the seller’s disclosure carefully.** Oregon sellers are required to disclose known material defects. HVAC age, roof age, water heater age, and known water intrusion history should all be documented. If ages are missing, that’s a question to ask before you make an offer.
- **Price your offers with capital costs in mind.** If you love a $650,000 home and the roof has five years left, that roof is already embedded in the price you’re paying. A good agent negotiates with this on the table, not after the inspection report arrives. Think of the offer being for what you can see and the inspection negotiation being for what you can’t see.
- **Factor deferred costs into your cash reserves.** Lenders evaluate your ability to make the monthly payment. They don’t evaluate whether you have $15,000 available when the furnace quits in January. That’s your job to plan for.
## The Bottom Line
The list price of a house is a starting point that may or may not have taken all of the above into consideration. The true cost of ownership includes the systems beneath the surface—the ones that don’t show up in staging photos and don’t come up in small talk at the open house.
In the Pacific Northwest, with our rain, our moss, our older housing stock, and the cast iron pipes that have been quietly corroding since the Eisenhower administration, this math matters. A buyer who understands it walks into an offer with clear eyes. A buyer who doesn’t finds out after closing.
We help our clients think through this before the offer is written, not after the inspection surfaces it. If you’re evaluating a home and want a second set of eyes on what the systems are telling you, reach out. Happy to walk through it.
Questions about what you’re looking at in the current market? Reach out before you’re ready. The earlier we talk, the more options you have.
**Categories:** Home Inspections, Real Estate News & Tips
---
### [The Discipline Dividend: Chattanooga Insights That Hit Home](https://lovejoyrealestate.com/the-discipline-dividend-chattanooga-insights-that-hit-home-2-2/)
**Published:** June 20, 2025
**Author:** Charles Turner
**Content:**
We just got back from a quick business trip to Chattanooga—we’d never been there but will go back, maybe for an Ironman… We had the rare chance to sit in a room with about 20 agents from around the country, along with two people who are redefining how we think about real estate, business, and human behavior.
One was **Tom Ferry**, widely considered the top real estate coach in the country. The other? [**Chase Hughes**](https://www.chasehughes.com/)—a name you may not know unless you’re deep into behavioral science or military intelligence circles. Chase is the founder of Applied Behavior Research and author of *The Ellipsis Manual*, which has spent three years at the top of the charts for books on persuasion and profiling. Entrepreneur Magazine even credited him with bringing “Jason Bourne skills to business.”
What stood out about Chase wasn’t just the science. It was how simply he broke things down. He asked a question that’s stuck with us: **“Are the decisions you’re making today in service of your future self?”**
That landed. Hard.
Whether you’re buying your first home, selling one you’ve outgrown, or just trying to make progress in a noisy world, the principle is the same: today’s choices shape tomorrow’s outcome. And when you make the right ones often enough, discipline becomes habit—and habit becomes momentum.
### So what does that look like in real life?
- Making dinner at home instead of UberEats.
- A glass of water over a $7 latte.
- A walk around the block over one more episode of Netflix.
In real estate, it’s saving for a down payment (part of the [affordability conversation](https://lovejoyrealestate.com/its-not-just-interest-rates-beyond-the-headlines/) from last week)—or tackling those upgrades you’ve been putting off. It could be the patio you’ll enjoy this summer and the future buyers will fall in love with. Or just staying on top of repairs so small issues don’t snowball.
For sellers, it’s often about discipline *before* the sign goes in the yard. Things like cleaning up the landscaping, replacing burned-out lightbulbs, or finally painting that scuffed-up baseboard. These aren’t just chores—they’re trust signals. They tell a buyer, “This home has been cared for.” And that care can translate into faster offers and stronger terms.
Discipline can also look like staying engaged with the market even if you’re not planning to sell for another year or two. Because timing matters—but preparation matters more. The buyers reading this will tell the homeowners reading this that they don’t want to buy the projects you put off.
We’re constantly working to refine our own disciplines too—investing in training, tools, and coaching so we can deliver the best experience possible for our clients. We’re fortunate and grateful for the opportunity to be in the room for these conversations and love the opportunity to share them with you.
If you’re looking to buy, sell, or just make better moves this season—financially or otherwise—we’re here when you’re ready.
**Because as Chase reminded us: discipline isn’t a grind. It’s a gift you give to your future self.**
**Categories:** Uncategorized
---
### [RMLS Area Map and West Portland Stats](https://lovejoyrealestate.com/rmls-area-map-and-west-portland-stats/)
**Published:** June 14, 2006
**Author:** Charles Turner
**Content:**
May’s RMLS Market Action isn’t out yet so I thought I would start new catagory and occaisonly post stats for the different RMLS Areas. Portland is broken up into four areas. The complete [RMLS\_area\_map](/files/RMLS_area_map.pdf) (PDF) is downloadable. The areas for Portland are defined as:
> **141 North Portland** NORTH: Columbia River, WEST: Willamette River, SOUTH: Willamette River, EAST: Williams Ave.
>
> **142 Northeast Portland** NORTH: Columbia River, WEST: Williams Ave., SOUTH: East Burnside, EAST: 182nd Ave.
>
> **143 Southeast Portland** NORTH: East Burnside, WEST: Willamette River, SOUTH: Multnomah County/
> Clackamas County line, EAST: 182nd Ave.
>
> **148 West Portland** : NORTHWillamette River, WEST: Cornelius Pass Rd. to Washington Co./ Multnomah
> Co. line (including Raleigh Hills), SOUTH: Multnomah Co./Clackamas Co. Line, EAST:
> Willamette River. (Excludes Lake Oswego addresses.)
Here is the market data for West Portland. Click on the image to enlarge:
[](/files/148_stats-l.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [RMLS May Market Action](https://lovejoyrealestate.com/rmls-may-market-action/)
**Published:** June 18, 2006
**Author:** Charles Turner
**Content:**
RMLS keeps statistical records of our real estate market. May’s Market Action was just released and it doesn’t deliver the dagger to burst the bubble. What it does state is that there are more listings and fewer sales.
> This year, has continued to generate growth in new listings. For example, when comparing market activity for January–May 2006 to the same time period in 2005, new listings increased 9%. On the other hand, the number of pending and closed sales decreased 10.5% and 8.4%, respectively. See Year-to-Date rows below for more information.
[](/files/mayrmls_1-l.jpg)
Market action continues:
> Appreciation
> The area’s average sale price for the months of June 2005 through May 2006 was $301,300–a 17.4% increase when compared with the $256,700 average for the twelve months immediately prior. Also,
> using the same date range, the median sale price ending in May 2006 was $253,000–up 17.7% from the $215,000 median from the twelve months prior.
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Market Watch](https://lovejoyrealestate.com/marketwatch/)
**Published:** December 26, 2007
**Author:** Charles Turner
**Content:**
Quick cheating cut and paste job while vacationing in England:
Home prices in 20 major U.S. cities were down 6.1% on average in the past year as of October, according to the Case-Shiller price index released Wednesday by Standard & Poor’s.
Since October 2006, prices in 10 cities fell 6.7% — a record drop. The prior largest decline was 6.3% in April 1991.
“No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim,” said Robert Shiller, chief economist at MacroMarkets LLC and co-developer of the index.
Eleven of the 20 metro areas posted a record low annual growth rate, and six of the metro areas posted double digit declines. Also, all 20 metro areas declined from the prior month.
San Diego posted the largest decline of 2.6%.
Miami sustained the largest drop over the past year, with a decline of 12.4%. Next came Tampa, with a drop of 11.8%; Detroit, with a drop of 11.2%; and San Diego, with a drop of 11.1%.
Home prices are going to decline “considerably further” in coming quarters, likely reaching a double-digit pace on a year-over-year basis, according to Joshua Shapiro, chief economist for MFR Inc.
“Given conditions relating to mortgage financing, and the number of unsold homes that is piling up, all regions are likely to continue on a negative trend in the months ahead, and those with the greatest oversupply (at the bottom of the pack at the moment) will continue to fall by the most,” wrote Shapiro in a research note.
Three areas — Charlotte, N.C., Seattle, and Portland, Ore., — were the only ones still experiencing positive annual growth rates in home prices, according to the report. Charlotte gained 4.3%, Seattle gained 3.3% and Portland gained 1.9%.
Both the 10-city and 20-city composites declined 1.4% from September — their single largest monthly decline on record.
October’s results mark the 10th consecutive month of negative annual returns, and the 23rd consecutive month of decelerating returns, according to the report.
Marketwatch 11:27 AM ET 12/26/07
WASHINGTON (MarketWatch)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** macromarkets llc
---
### [Portland Real Estate in 2008](https://lovejoyrealestate.com/portland-real-estate-in-2008/)
**Published:** January 2, 2008
**Author:** Charles Turner
**Content:**
Will 2008 real estate be great? Will Portland’s real estate market deflate in 2008? It’s the crystal ball question. What if we head back to business school for a few minutes and try a [SWOT Analysis](http://www.quickmba.com/strategy/swot/); (Strengths, Weaknesses, Opportunities, and Threats) to the market? Let’s develop this together. I’ll start but make no claim to having all the answers (or that you’ll agree with me). I’ll compile the list and we’ll have the first Portland Real Estate Blog Market SWOT Analysis. The strengths and weaknesses are internal to market. The Opportunities and Threats are external). We’ll probably find that in some cases we think an item belongs in more than one category (UGB as an example)
**STRENGTHS:**
1. People want to live in Portland. The city and therefore housing needs are expanding. (CJT)
2. Urban Growth Boundary helps reduce sprawl (CJT)
3. Inventory has increased. Good for buyers. (CJT)
4. S&P/Case Shiller stat still favorable (though not great and maybe not sustainable). (CJT)
5. Low appreciation numbers are probably sustainable over the long-haul. Rapid run-up lead to where we are now. (CJT)
6. In any market, an accurately priced house will sell and people will always be buying and selling real estate (CJT)
**WEAKNESSES:**
1. High inventory of new construction and recently built condos (CJT)
2. Urban Growth Boundary limits close-in development and inflates prices (CJT)
3. Affordability is getting tighter (CJT)
4. You can probably rent the same house for less monthly out of pocket than own (CJT)
5. Inventory has increased. Bad for sellers. (CJT)
**OPPORTUNITIES:**
1. Interest rates still around historic lows (CJT)
2. Different segments of the market (Condos/Single Family/Multifamily (up to 4 units)) are counted together but perform differently. Condos had the fastest run up and will probably take a bigger hit. (CJT)
3. Real estate is local. The national market does not dictate the local market but does have an effect. (CJT)
**THREATS:**
1. ARM resets force people to sell(CJT)
2. Chance of national recession (CJT)
3. Media coverage focuses disaster. (CJT)
4. Meaningful stats are hard to come by in a changing market (CJT)
So that’s my start.
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Portland Not as Bad as the Rest](https://lovejoyrealestate.com/portland-not-as-bad-as-the-rest/)
**Published:** March 26, 2008
**Author:** Charles Turner
**Content:**
The Standard & Poor’s Case –Shiller report is pretty much what we expected having recently looked at declining prices over the last few months in a previous post. The weight of the recent months has finally brought Portland year over year prices down -.5%. That’s compared to the 20-City Composite Index which dropped 11%. Once again, Charlotte and Seattle join Portland as the top three in the index.
The Oregonian reports that Portland was buoyed by Californian’s moving to the area but, “that’s over now.” Maybe I missed the news of the CA/OR border patrol sending Californians south at the border. My clients yesterday must have slipped through. Their plan is to be here in August in time to put their kids into school. I must have dreamt about coffee with a San Francisco family and the subsequent emails last week. Maybe I have the only two Californians moving here but broad media strokes imply that part of the market is dead are wrong. What we don’t see much of now is the California investor who is selling one property there to buy two or more here anymore though. A good portion of our clients now are moving from out-of-state to Portland. We just had dinner with friends that moved here who felt priced out of the Vancouver, BC market.
It does seem like we are seeing more media balance. Portland Monthly’s “Buy Here Now” edition is on newsstands and unless I heard wrong, I thought KGW’s business piece last night was brighter than they had been reporting in recent months. I think it underscores that there is little agreement and no defined outcome and that “Portland Home Values Take First Dip” might be a little late to the party as a front page headline caption. Most of the real estate blogs have been acknowledging that declines in the most recent data would weigh numbers downwards and that it was a matter of time. As I underscored to both of my recent California clients, you have to look at the whole picture to make your decision. Many think that there is a 20% plus correction coming (the Oregonian posits 15%). I don’t see it being that drastic but in poker parlance, we’re pretty close to being all in.
The Oregonian story ends, “There is an unsustainable army \[of contractors, bankers and brokers who depend on housing for a paycheck\].” True, very true. Regular readers know that I take a pretty Darwinian stance to the real estate industry: many will leave the business and the strong will survive. In a tougher market, quality and diligence will make a difference for all three industries quoted above.
As I alluded to earlier, we’re on vacation now (this will post from LAX when we land). Our business and clients are well covered while we are gone and we’ll be in contact. I do hope to write a post about Mexican real estate and what it means as an American looking at that market (not that we’re buying). I attended a “seminar” at the Mac Club a few months back that was touted as, “buying and owning land in Mexico” but it was really, “Buy in our resort in Mexico and if you have any questions, contact an attorney or banker.”
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Portland is Late to Housing Party](https://lovejoyrealestate.com/portland-is-late-to-housing-party/)
**Published:** April 30, 2008
**Author:** Charles Turner
**Content:**
Today’s planned post can wait. This is more time sensitive. I can’t get the graphs on [MacroMarkets.com ](http://macromarkets.com/index.shtml)work so no visual but according to the just released Case-Shiller S&P Index results, Portland dropped 2% from between this Feb. and last Feb. There has been a monthly decline for each of the last six months.
There is more data available on [Standard & Poor’s webpage.](http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/indices_csmahp/0,0,0,0,0,0,0,0,0,1,1,0,0,0,0,0.html)Portland Real Estate Blog
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Friday Portland Area Housing Market Facts](https://lovejoyrealestate.com/friday-portland-area-housing-market-facts/)
**Published:** August 14, 2009
**Author:** Charles Turner
**Content:**
The research stems from the question, “how much should I offer a bank owned property?”
The result from running some searches:
- In Beaverton and Tigard since 1/1/2009 bank owned single family properties priced between $200k-$400k have sold for an average of 97% of asking price (70 of them).
- In Portland, the same criteria yields 137 properties that sold for 98% of asking price.
- There are over 1400 sold properties that were neither bank owned or third party approval in Portland. Beyond the number crunching realm. Narrowing it down to the 97214 zip code results in 42 properties that sold at 98% of asking.
- The 89 properties listed as third party approval sold for an average of 97% of asking in Portland.
Important to note that these are percentages of the most current list price, not the original list price. The initial results appear to imply that it doesn’t matter if the property is seller owned, subject to third party or bank owned when it comes to pricing bias.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Housing Market Facts, Portland Area, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Portland Housing More Affordable](https://lovejoyrealestate.com/portland-housing-more-affordable/)
**Published:** August 21, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/08/Portland-Real-Estate-Afford1.jpg)
The chart above is from the June RMLS Market Action. It shows the historical affordability of the Portland housing market. The National Association of Home Builders publishes the[ NAHB/Wells Fargo Housing Opportunity Index (HOI)](http://www.nahb.org/page.aspx/category/sectionID=135).
CNNMoney reported yesterday on the HOI index and [the most and least affordable cities](http://money.cnn.com/2009/08/19/real_estate/most_affordable_housing_markets/index.htm?postversion=2009081914) but Portland doesn’t get mention. Going into the data on from NAHB website we find Portland ranked 198th out of 226. Note that RMLS data cites the National Association of Realtors (NAR) and CNN cites NAHB. Portland is more affordable vis-a-vis itself historically but still remains one of the less affordable markets nationally.
> The typical American family, making the nation’s median income of $64,000 a year, could afford to buy 72.3% of all homes sold in the United States during the second quarter, according a quarterly report from the National Association of Home Builders (NAHB) and Wells Fargo ([WFC](http://money.cnn.com/quote/quote.html?symb=WFC&source=story_quote_link), [Fortune 500](http://money.cnn.com/magazines/fortune/fortune500/2009/snapshots/2578.html?source=story_f500_link)).
>
> That’s off just a tad from the record 72.5% reached during the first three months of 2009, but up substantially from the second quarter of 2008 when only 55% of homes sold were affordable.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** More Affordable, Portland Housing, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Property Investment Profile (PIP) and Market Tracker](https://lovejoyrealestate.com/property-investment-profile-pip-and-market-tracker/)
**Published:** October 6, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/10/Prudential-NW-PIP-1.jpg)The new Property Investment Profiles (PIP) and Market Tracker reports are available for September. These reports are emailed monthly. The Property Investment Profile report is property specific. We set them up to report on comparable properties. In the case of larger condo towers, we usually set them up to be building specific. This report is for The Henry in the Pearl District.
The Market Tracker Reports are zip code specific. We can sign you up for up to ten zip codes in a report (which come as one email).
[Sign up using this form](http://www.turnerrealtors.com/prudential_nw/modules/global/forms/propertyinvestmentprofile.asp?AccountID=27478&acc=27478).
[](https://lovejoyrealestate.com/wp-content/uploads/2009/10/Prudential-NW-PIP-2.jpg)[](https://lovejoyrealestate.com/wp-content/uploads/2009/10/Prudential-NW-PIP-3.jpg)[](https://lovejoyrealestate.com/wp-content/uploads/2009/10/Prudential-NW-PIP-4.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Property Investment Profile, Market Tracker, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Case Shiller and RMLS Provide Different Views of Portland Real Estate](https://lovejoyrealestate.com/case-shiller-and-rmls-provide-different-views-of-portland-real-estate/)
**Published:** December 7, 2009
**Author:** Charles Turner
**Content:**
A couple of weeks ago I took a look at [whether RMLS Market Action could help us predict what the trailing Case Shiller report might look like](https://lovejoyrealestate.com/realestate/2009/11/can-rmls-market-action-predict-case-shiller)? The answer was no, at least not as reported. It was pointed out that the methodologies are different. RMLS Market Action does not include Clark County. Case Shiller uses the entire Portland MSA which [Wikipedia](#wiki/Portland_metropolitan_area) defines as:
> The **Portland-Vancouver, Oregon-Washington, Metropolitan Statistical Area** (MSA), also known as the **Portland metropolitan area** or **Greater Portland**, is an urban area in the [U.S. states](#wiki/U.S._state "U.S. state") of [Oregon](#wiki/Oregon "Oregon") and [Washington](#wiki/Washington "Washington") centered around the city of [Portland, Oregon](#wiki/Portland,_Oregon "Portland, Oregon"). The U.S. Census Bureau’s definition for the MSA is currently all of the following counties: [Clackamas County, Oregon](#wiki/Clackamas_County,_Oregon "Clackamas County, Oregon"), [Columbia County, Oregon](#wiki/Columbia_County,_Oregon "Columbia County, Oregon"), [Multnomah County, Oregon](#wiki/Multnomah_County,_Oregon "Multnomah County, Oregon"), [Washington County, Oregon](#wiki/Washington_County,_Oregon "Washington County, Oregon"), [Yamhill County, Oregon](#wiki/Yamhill_County,_Oregon "Yamhill County, Oregon"), [Clark County, Washington](#wiki/Clark_County,_Washington "Clark County, Washington"), and [Skamania County, Washington](#wiki/Skamania_County,_Washington "Skamania County, Washington").[ ](#wiki/Portland_metropolitan_area#cite_note-0) The Washington counties are separated from Oregon by the [Columbia River](#wiki/Columbia_River "Columbia River").
The graphics from RMLS show that Clark County has been hit harder than the Portland area in some aspects and has done better in others:
[](https://lovejoyrealestate.com/wp-content/uploads/2009/12/Portland-RMLS-Oct.jpg)
[](https://lovejoyrealestate.com/wp-content/uploads/2009/12/Clark-County-RMLS-OCT.jpg)
It’s easy to get wrapped up in market statistics (me, the media and you) but we all have to remember that one “Portland Real Estate Market” is not necessarily the same market that someone else is talking about.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** RMLS, Case Shiller, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Portland Real Estate Condo Market](https://lovejoyrealestate.com/portland-real-estate-condo-market/)
**Published:** December 16, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/12/Portland-real-estate-condos-11-09.jpg)
RMLS Market Action was released yesterday. The last page of the Portland Metro report focuses on condos. The median sales price is down considerably but has seen an uptick the last couple of months. Closed sales appear to be fairly consistent but the number of listed condos has declined more than 20% since November of 2008. \[both graphs from RMLS\]
[](https://lovejoyrealestate.com/wp-content/uploads/2009/12/Portland-Real-Estate-Condos-Sold-11-09.jpg)
If you want to take a closer look at the reports for other regions, follow these links:
- – [All Areas (52 pages)](http://rs6.net/tn.jsp?et=1102886315038&s=7681&e=001TZYV8xOrTs8q9IYxBaDuV6Xgrqq9qRFYLWMlbnI4PLSQ3z3QFY-fEy-7adZa1jpeMkjxMJmAaYP9ZeNx6ZBEzoFaOFksXDHEYGj5NJHemn7WV0FcIIS7HXOqmATTZbpY0_jgGoUe_iD75AWghtvg0l8ElyHteNlMvkRx0cQnCLA=)
- – [Baker County](http://rs6.net/tn.jsp?et=1102886315038&s=7681&e=001TZYV8xOrTs-Aiz3gudIeGbmWvoCU7doJFrGnRleZ7zxx-BSWe280ZFlqGVLv_7a9_oBdzdkeEZ0LbBaVn9T6a-o1LDA_NW9zGm8hIWE7ULvadzAKu3AcPne_kyAt1oQGuSLLBdq_mTrj3d1xVOmRlAu5XsyzEvz8znNVp7uFsAo=)
- – [Columbia Basin](http://rs6.net/tn.jsp?et=1102886315038&s=7681&e=001TZYV8xOrTs-x7DVkk1Ty56RfeRUVhj5TTZoGyAsvSzvhP8V7hLjuNgEu2ckkvZu9JMrxNwpE4dFBwix2xoeAEl0okKzXW7vwsjPVY-K3VD_JTT6jivF5HlT-ecrg_wOa5Z9iAv2T2nogal36Joj852m5mVvaa3Ij9rbGagJDbts=)
- – [Coos County](http://rs6.net/tn.jsp?et=1102886315038&s=7681&e=001TZYV8xOrTs8tfqn4SkN9HhFZO_nATT4zf4PlAv9bcaaCB4HtP4mryvNGOOtMiW7EKp_hyFj4LsBRk1qQvggO7t69HY12rG6WrDDtFTw6YsskqGajGTQj2sFTF45G8PsmPlF4Vsz6Ya6-SERfEh-ZPhLPQQDvVo-mFQ8Si8mlQR4=)
- – [Curry County](http://rs6.net/tn.jsp?et=1102886315038&s=7681&e=001TZYV8xOrTs8UQP_TYlWDvJeNPbcpQj0Jak3dKtK28Uu-c5k3Nnm-EqPG1JRCjnuJZeRakm1a6D2XgE5UokiyvgYA22icZ09k2aLh4ixzZvBBKopewbZNenbmsRCnoYLqQngE0S8L7NfFwtSyyAdczJ8ep5ptfsVvw406TESPU6U=)
- – [Douglas County](http://rs6.net/tn.jsp?et=1102886315038&s=7681&e=001TZYV8xOrTs98Gz9H4CoQNgZR09mztcDN0jVtwC9Ziejbd0X0nvdh78onYzeuCUPdj2GlToULr91ldsm4jEwCROvMqh5TonF4z1FTfUIVQ1JpHlKiGi31ONYR9uxmw9l-0ZqqTr95TbCbx3GI0vjYvsVElUSQvSoCIvEDT9E5Ejg=)
- – [Lane County](http://rs6.net/tn.jsp?et=1102886315038&s=7681&e=001TZYV8xOrTs-UJNlD_DAzhq9BvCG0vJ3RT7OrEuEvRNOhyhgA2zWnbpkOw5-I1BGtLR6qPQB5LzMtKyiCQDytZtGo8vF3khHd9ohRL-e2QKAc0bETcKYmT4xsPs6h37fM-1yarGM7S4E5PrBwFlwy-CgBaoDc-ke50SKPKICsE04=)
- – [Mid-Columbia](http://rs6.net/tn.jsp?et=1102886315038&s=7681&e=001TZYV8xOrTs_C7x3UQEnub-LU9x3Ku8JjpOu7UlDZFPFFgJzuXt_7kJvIN2gYlBZkE1MmDtGJ4GgvovG0AaOlxjdHQOeNAapDI3JdMUxbtEGfuFwDyQneEMX4fVPMDIk3Wo3TsdSKdiipLddaaTCVsGgswKUMzIgm8av4Ta2Lz-w=)
- – [Portland Metro](http://rs6.net/tn.jsp?et=1102886315038&s=7681&e=001TZYV8xOrTs_4nSuqRczqY7YAxaRTvzuEonVYJIg2VWDHKBT4F8jsDcQp9ZC3lmuFUITeblg41SFcVLSbFWQiJMHoyZ4yVRS3P0PvsmkjxWFhrSbyKX9y0uQCbguFIqbAv_NTvzahU30QwWdUEvq7nWpXYvJZJJRaxuXRUAOnRk8=)
- – [SW Washington](http://rs6.net/tn.jsp?et=1102886315038&s=7681&e=001TZYV8xOrTs9ztcvCEPr4circYSWeROaxAvN68gG22dSJ8whiu2JvLWLmJyyTl1FmFe3bUXhY-xHPZSp2npUbHe8OUzo9BO3dVoXUjWqBX3v5ZmuHYE8I7Bu8_nsgospuY3YKJXPMj3rVjeh-ggeFlwmXEbc2r3-Zlv-Pt3YRofE=)
- – [Union County](http://rs6.net/tn.jsp?et=1102886315038&s=7681&e=001TZYV8xOrTs9cKKUvM_WKevrfPtsWDEPD3tm-GhKrOKm5OW3C5LMJu1eJLB3FTc9CHQuEKnMX5qZBMH4cuEPf3dxGkMM7mBi8KGe4joPNpTTf3Jkn0KUrwcnRn5zRy-4NBO9g2PscmyrnvPbJnmdvkA0uyI5ECQ9Oqy0uuCmsfak=)
- – [Wallowa County](http://rs6.net/tn.jsp?et=1102886315038&s=7681&e=001TZYV8xOrTs-muJpKCUI9TrHw_uHdtpAKc2nQ7aiHYstBKtsIFXQn8e_p_Gx24SNYjZtuajyPo3oPPvcJbf4dQaegskOlzz3c7UdUfV3wMZHpoONSL6G6lcWAIP5W7SInLmzFkWHqu_CBmY0jxyVLwPXINSzJ6Cg0EQQqV_d5hhU=)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Condo Market, Portland Real Estate, Homes for Sale
---
### [Portland Real Estate Inventory](https://lovejoyrealestate.com/portland-real-estate-inventory/)
**Published:** February 11, 2010
**Author:** Charles Turner
**Content:**
According to RMLS Market Statistical Reports in Multnomah County:
- There are 4804 active listings.
- There are 3135 single family detached listings worth a total of $1,115,941,000. The average price is $355,962 and the median price is $260,000.
- There are 1580 active condo and attached units for sale. The average price is $333,465 and median price is $244,900.
- 436 units sold in January. 112 for cash, 200 using conventional financing and 109 using FHA (as reported by the listing agent).
- 183 of them had three bedrooms.
- They sold for an average of 91.01% of the original asking price and 96.54% of their listing price at time of sale. Average time on market was 133 days.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/02/multnomah-feb-actives.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Inventory, Portland Real Estate, Homes for Sale
---
### [RMLS Market Action January 2010](https://lovejoyrealestate.com/rmls-market-action-january-2010/)
**Published:** February 17, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/02/RMLS-Market-Action-Jan-10-INV.jpg)Portland real estate inventory nearly doubled in January. Inventory is a ratio of closed sales and active listings. 3937 new listings were taken in January compared to 2104 in December and closed sales declined compared to the previous month pushing inventory up. Between December 2008/January 2009 inventory increased 36% and this year’s Dec/Jan increase was 67%. In the next couple of days I’ll go back through previous years and take a look what Dec/Jan has looked like historically \[percentages corrected 2.18.10\].
The highlight graph doesn’t tell us a lot by itself so I’ve added December’s here as well. Median and average price is down. What can’t be seen and will take some research, if it possible to glean at all, is whether listing prices have come down. From what we are seeing, properties coming on the market are more appropriately priced for the market.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/02/RMLS-Market-Action-Jan-10-STATS1.jpg)
[](https://lovejoyrealestate.com/wp-content/uploads/2010/02/RMLS-Market-Action-Dec-09-B.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Market Action, RMLS, Portland Real Estate, Homes for Sale
---
### [Real Estate Inventory is Seasonal](https://lovejoyrealestate.com/real-estate-inventory-is-seasonal/)
**Published:** February 18, 2010
**Author:** Charles Turner
**Content:**
\[graphs and text updated 11:50AM 2.18.10 thanks to an astute reader\]
[](https://lovejoyrealestate.com/wp-content/uploads/2010/02/RMLS-Historic-Inventory1.jpg)
In my [post yesterday about January’s 2010 RMLS Market Action report](https://lovejoyrealestate.com/realestate/2010/02/rmls-market-action-january-2010) I said that I would go back through previous reports to see if there was a trend in inventory levels between January and the previous December. There is a seasonal New Years Inventory Spike (NYIS). Every year since 1999, there has been an increase. The smallest increase was between 2002 and 2003 (12%). The NYIS had a higher unit increase this year compared to last year but the percentage increase was lower last year.
It’s still a large increase, even historically, but put in context it is to be expected. The optimists or pessimists might not want to hang their hat on it as it is just a part of the analysis of our real estate market.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/02/RMLS-Historic-Inventory-graph2.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Inventory, Portland Real Estate, Homes for Sale
---
### [PSU Center for Real Estate 1st Quarter Report](https://lovejoyrealestate.com/psu-center-for-real-estate-1st-quarter-report/)
**Published:** February 26, 2010
**Author:** Charles Turner
**Content:**
[The Portland State University Center for Real Estate](http://www.pdx.edu/realestate/research_quarterly.html) recently published their [Quarterly & Urban Development Journal 2010 First Quarter report (76 page pdf](http://www.pdx.edu/sites/www.pdx.edu.realestate/files/media_assets/quarterly_report/2010_1st/CREQ-1stQtr2010%20-%20full%20report.pdf "PSU Feb 2010 Real Estate Report Download")).
I’ve just started scanning through then entire report but can see the Scott Aster’s [“Housing Market Analysis”](http://www.pdx.edu/sites/www.pdx.edu.realestate/files/media_assets/quarterly_report/2010_1st/1Q10-9-Aster-Housing-1-31-10-wm.pdf) and Cliff Hockley’s[“Condominium Financing: FHA Rule Change Controversy”](http://www.pdx.edu/sites/www.pdx.edu.realestate/files/media_assets/quarterly_report/2010_1st/1Q10-4-Hockley-Condo%20Finan-1-30-10.pdf) deserve a closer look and discussion.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** 1st Quarter Report, PSU Center, Real Estate, Portland, Homes for Sale
---
### [Some Portland Real Estate Markets in Positive Territory](https://lovejoyrealestate.com/some-portland-real-estate-markets-in-positive-territory/)
**Published:** March 1, 2010
**Author:** Charles Turner
**Content:**
In PSU’s Quarterly & Urban Development Journal 2010 First Quarter report, “[Housing Market Analysis](http://www.pdx.edu/sites/www.pdx.edu.realestate/files/media_assets/quarterly_report/2010_1st/1Q10-9-Aster-Housing-1-31-10-wm.pdf),” Scott Aster publishes a graph that further emphasizes that real estate local. Three of the RMLS areas studied appreciated during the first quarter of the year. The rest were all in a state of decline. North Portland is the only area that was positive over last year overall.
[](http://www.pdx.edu/sites/www.pdx.edu.realestate/files/media_assets/quarterly_report/2010_1st/1Q10-9-Aster-Housing-1-31-10-wm.pdf)
It’s also important to note that different studies use different methodologies. Keeping in mind that Case Shiller reports lag three months, that report has shown the market as being fairly flat recently.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Markets, Positive Territory, Portland Real Estate, Homes for Sale
---
### [RMLS Market Action February 2010](https://lovejoyrealestate.com/rmls-market-action-february-2010/)
**Published:** March 16, 2010
**Author:** Charles Turner
**Content:**
The [February RMLS Market Action](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5209 "RMLS Market Action Portland Feb 2010") report on the Portland real estate market came out this morning. [](https://lovejoyrealestate.com/wp-content/uploads/2010/03/RMLS-Inventory-Feb-2010.jpg)When I ran the Multnomah Country report yesterday I said that I thought that inventory would remain fairly static as there is an increase in listings and an increase in activity. Note the importance of methodology: my report shows and increase in active listings while RMLS reports a decrease in new listings. My report was also more localized (Multnomah County only).
Today’s Market Action report:
*“Comparing February 2010 with February 2009, closed sales increased 18.4%. Pending sales also jumped 45%, and new listings rose 12.4%.*
*When comparing February 2010 with the month prior, January 2009, closed sales grew a slight 2.9% (1,015 v. 986) and pending sales were up 20.5% (1,850 v. 1,535). New listings, on the other hand, dropped just 1% (3,902 v. 3,937).”*
Both Case Shiller and RMLS put today’s home values at roughly June/July 2005 prices from their latest reports. Case Shiller’s latest report was released at the end of February for December.
We’ll know some time in April what Congress is or isn’t going to do with the Home Buyer Tax Credit. We have to operate under the assumption that it will expire on April 30th (must be under contract (accepted offer)) and closed by June 30th. It was extended November 7th- just 23 days before the prior expiration. April 30th is a Friday which bodes better than what would have been a fairly useless last week of November had it expired just days after Thanksgiving. There is very little to be found on the Internet even just talking about the subject of an extension. I still feel that the Credit has been a good thing for real estate but not the make or break for it.[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/RMLS-Feb-2010.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** February 2010, Market Action, RMLS, Real Estate, Portland
---
### [Portland Property Tax Scam Part 2](https://lovejoyrealestate.com/portland-property-tax-scam-part-2/)
**Published:** March 23, 2010
**Author:** Charles Turner
**Content:**
Yesterday I wrote about a [property tax reduction scam](https://lovejoyrealestate.com/realestate/2010/03/portland-property-tax-reduction-scam "Property Tax Reduction Scam") that is being investigated by the state’s attorney general. For $189.00 the letter says they will file for a reduction on your behalf. So what is involved in filing for a reduction (note that this is not tax or legal advice). Google sends us to this [Board of Property Tax Appeal 2009-2010 Real Property Petition](http://www.oregon.gov/DOR/PTD/docs/bopta/310-063.pdf "Property Tax Appeal"). You may be able to find the most current tax year forms [here](http://www.oregon.gov/DOR/PTD "Tax Appeals") in the future.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/Property-Tax-Petition.jpg)The major indicator that the offer might be a scam is found on the first and fourth page of the form: appeals had to be filed by December 31, 2009 for the tax year?
The second potential issue is the list of people that can file and attend the hearing (attending the hearing is optional). A third party firm out of California is not on the list unless they can fit into this description: “This includes Oregon licensed CPAs or PAs, or PAs from another state who have proof of substantial equivalency authorization from Oregon.” Attorneys, CPA, real estate brokers and tax professionals are on the list of non-family members that may represent the owner.
The form is two pages plus some supporting documentation.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Tax Scam, property, Real Estate, Portland
---
### [Portland Real Estate Snapshot April 2010](https://lovejoyrealestate.com/portland-real-estate-snapshot-april-2010/)
**Published:** May 13, 2010
**Author:** Charles Turner
**Content:**
How much Portland real estate do you get for your money? Does what you want exist? I created the two graphs from RMLS Home Sales Report.
- The highest concentration of homes sold were three bedrooms between $200,000 – $249,999.
- That price range also has the largest number of active listings.
- For four bedrooms homes, the largest segment was $300,000 – $399,999.
- Total residential home and condo sales in April was $551,753,722.
- 1.42% of the homes on the market cost under $100,000.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/05/April-Portland-Real-Estate-Snapshot-Sold.jpg)
[](https://lovejoyrealestate.com/wp-content/uploads/2010/05/April-Portland-Real-Estate-Snapshot-Active.jpg)
551,753,722
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Snapshot, Portland Real Estate
---
### [Portland Real Estate Lockbox Activity](https://lovejoyrealestate.com/portland-real-estate-lockbox-activity/)
**Published:** May 24, 2010
**Author:** Charles Turner
**Content:**
Each week RMLS reports on the weekly activity of the Supra lockboxes that we use. The electronic, PIN number protected box tracks when Realtors open a box in real time. The reports are for the all of the Oregon lockboxes opened RMLS subscribers. They also publish one for Washington simultaneously on the[ RMLS blog website](http://rmlsweb.wordpress.com/ "RMLS Blog").
Showings dropped off immediately after the April 3oth expiration of the Home Buyer Tax Credits. There were 5044 showings the weekend after the incentive compared to 7197 the weekend preceding. Mother’s Day tweaked the following week (May 9th) as showings for that day were off nearly 1500 compared to the Sunday before and after. Adding 15oo showings to the week of 5/3/ to 5/9 would have resulted in a decrease in overall activity, not a 6.4% increase in the last cycle. We usually only have to open a lockbox once per visit.
The Portland real estate market saw a huge jump in pending sales in April but at this point we can’t tell how many of those will result in closed sales. Did some buyers leap into contracts that they might have waited on otherwise? Probably. If their transaction failed at the end of a typical 10 business day inspection period, they may have re-entered the market last Monday so next week’s report might reflect that. I personally haven’t heard of a buyer exiting the market because they did not get into contract by April 30th. The Credit eligible pending transactions have to close by June 30th. [](https://lovejoyrealestate.com/wp-content/uploads/2010/05/RMLS-Lockbox-Activity-5-16-10.jpg)[](https://lovejoyrealestate.com/wp-content/uploads/2010/05/RMLS-Lockbox-Activity-5-9-10.jpg)[](https://lovejoyrealestate.com/wp-content/uploads/2010/05/RMLS-Lockbox-Activity-5-2-10.jpg)[](https://lovejoyrealestate.com/wp-content/uploads/2010/05/RMLS-Lockbox-Activity-4-25-10.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Lockbox Activity, Portland Real Estate
---
### [Portland Neighborhood Real Estate Market Stats](https://lovejoyrealestate.com/portland-neighborhood-real-estate-market-stats/)
**Published:** June 7, 2010
**Author:** Charles Turner
**Content:**
Every month those with an interest in the Portland real estate market eagerly wait for reports to come out. RMLS Market Action is published mid-month and Case Shiller is released on the last Tuesday of the month with a three month lag. Our Market Tracker report is emailed out on the first Sunday of every month and the Property Investment Profile is set on a 30 day cycle. The graphs are also available on our [www.PDXBuyer’s.com](http://www.pdxbuyers.com "PDXBuyers") website which always displaying the latest graphs available. The Market Tracker report is zip code based and we can sign you up for up to ten ([97210 sample](https://lovejoyrealestate.com/wp-content/uploads/2010/06/Prudential-NW-Market-Tracker-97210-May-2010.pdf "97210 Market Tracker Report")). The PIP report is property address specific ([PIP sample](https://lovejoyrealestate.com/wp-content/uploads/2010/06/May-2010-PIP-Sample.pdf "Portland Real Estate Property Investment Profile Sample"), this one is for the Pinnacle in the Pearl District). The graphs below are from the 97212 (Alameda, Beaumont, Wilshire, Eliot and Hollywood areas) Market Tracker report for May 2010. The graphs for all Portland zip codes are [online ](http://www.pdxbuyers.com "Market Tracker Graphs")and the reports are by [subscription](). We won’t share or sell your info- [privacy policy](http://turnerrealtors.com/privacy.aspx "Our Privacy Policy").
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Market Statistic, Portland Neighborhood, Real Estate
---
### [Goldman Sachs Does Not Love Portland Real Estate](https://lovejoyrealestate.com/goldman-sachs-does-not-love-portland-real-estate/)
**Published:** June 9, 2010
**Author:** Charles Turner
**Content:**
Goldman Sachs Global ECS Research published their “US Economic Analyst” on June 4th and they do not like Portland’s real estate outlook:
> Our model projects the biggest price declines in Las Vegas, Seattle and Portland, due to high homeowner vacancy rates and/or rising mortgage delinquencies. Conversely, we expect modest house price gains in Cleveland, Minneapolis, San Diego and San Francisco.
The report does not appear to be online except “for those permissioned” at [https://360.gs.com](https://360.gs.com "Goldman Sachs 360 website- login required."). I am not one them; the report was emailed to me. Goldman Sachs used Case Shiller data for their findings which lags three months.
> Given the excess supply in the housing market and rising delinquencies, our model suggests that the composite 20-city Case-Shiller index will fall by about 3% over the next year and another 1% over the following year. This projection is weaker than the current consensus forecast of a 0.4% drop in the national Case-Shiller index in 2010 followed by a 1.6% increase in 2011.
Goldman states that their findings are more pessimistic than the consensus. But there’s a second part of Case Shiller that is equally important: Case Shiller uses the seven county Portland MSA in their reporting \[previous post on Case Shiller Methodology\]. That means that a house in Klickitat (Skamnia County), a house in Sheridan (Yamhill County) and one on Council Crest are all in Portland according to the report. It’s 137 miles from Sheridan to Klickitat using Google Maps. You have to decide what is local enough for you when looking at real estate. It doesn’t mean that Case Shiller data is bad data. It means that we have to understand what we are looking at; both with good reports and bad reports.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/06/Portland-MSA-Map.jpg)The Portland MSA- crinorthwes.org
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Goldman Sachs, Portland Real Estate
---
### [Where in the World is Portland, Oregon?](https://lovejoyrealestate.com/where-in-the-world-is-portland-oregon/)
**Published:** June 14, 2010
**Author:** Charles Turner
**Content:**
“Portland real estate.” We use the phrase all of the time. So where exactly is Portland? Wikipedia lists 21 Portlands in the United States but what is that we are talking about once we decide we are talking about Portland, Oregon real estate?
The Case Shiller Index uses the Portland MSA, the 23rd largest in the country, for its reporting on the Portland real estate market. It encompasses seven counties. The is a [map of the Portland MSA](https://lovejoyrealestate.com/goldman-sachs-does-not-love-portland-real-estate.html) on last week’s post. A drive from the southwest corner of the MSA to the northeast corner would be over 140 miles.
RMLS, according to Market Action: “Statistics reflect reported activity for the greater Portland, Oregon metropolitan area, to include Multnomah, Washington, Clackamas, Yamhill, & Columbia counties; Lane, Douglas, Coos & Curry Counties in Oregon; portions of other Oregon Counties; and Clark, Cowlitz & Pacific Counties in Washington.”
So how local do we need to be? How broad of a brush stroke answers your questions? Case Shiller Index numbers are national news. RMLS Market Action stats are big news here each month An appraisal looks at houses within a half mile of a property. Market data is readily available for zip codes as well.
If we take RMLS Market Action from April, the report shows Portland has a 7.3 months inventory, the ratio of active listings to closed sale. But if we take a closer look at the five RMLS areas that make up Portland another picture is painted:
ActiveClosedInventory141North Portland498885.7Months142NE Portland10562015.3Months143SE Portland13732834.9Months149West Portland18471989.3Months149NW Portland5711015.7Months53458716.1MonthsThis means if the theory that the shift from a seller’s market to a buyer’s market at six months is accurate, four of the five Portland areas were in a seller’s market in April and the fifth, West Portland, is more of a buyer’s market than the overall picture shows . When May’s numbers are published, I’ll run the same calculations.
The most important consideration is that you understand what the data is reporting for any given report.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Where in the World is Portland, Portland Oregon, Oregon
---
### [RMLS Market Action May 2010](https://lovejoyrealestate.com/rmls-market-action-may-2010/)
**Published:** June 15, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/06/RMLS-May-2010-Inventory.jpg)The RMLS Market Action report for May 2010 was published today. I’ve written a post every month since 2005 when the blog began on the Portland Metro report. We’ve watched the Portland real estate market rise, fall and now level off, each month reporting inventory as an indicator of market health. I’m going to continue to do that but also look closer at the five RMLS areas that make up most of Portland. Portland Metro for RMLS is made up of five counties, a smaller area than seven county the Portland MSA, but still a large area when real estate is considered so local.
Inventory dropped between April in May Portland Metro and four of the five Portland RMLS areas. Metro’s inventory is the lowest it’s been since August 2007. Pending sales dropped by 50% in the same period which may be a precursor to an inventory bump next month. Tax Credit eligible transactions need to close by the end of June so that may counter that a little.
The average sales price for the metro area is $275,500 and the median price is $239,000. That’s down from May 2009 where the average sales price was $291,00 and the median $250,000.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/06/RMLS-April-May-Inventory.jpg)
At the end of the day, consistency of the data is what matters; there’s nothing wrong with either RMLS Market Action, Case Shiller or other reports as long as methodology remains the same.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/06/RMLS-area-map.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** RMLS Market Action, RMLS
---
### [How Much is your Home Worth?](https://lovejoyrealestate.com/how-much-is-your-home-worth/)
**Published:** August 3, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/08/Prudential-NW-Market-Tracker-97210.jpg)Click to for larger imageDid you get your Market Tracker report on Sunday? Market Tracker is emailed automatically from our system for any of the RMLS area zip codes on the first Sunday night of the month. We can [set you up](http://turnerrealtors.com/prudential_nw/modules/global/forms/propertyinvestmentprofile.asp?AccountID=27478&acc=27478 "Property Investment Profile and Market Tracker Request") for up to ten zip codes. Use the “additional comments” portion of the form to let us know which ones you would like included in the report.
The other report that we offer is the Property Investment Profile. The report is more property specific than the Market Tracker report. It uses a small radius around a specific property and tracks active and sold listings in the neighborhood and has listing details. In larger condo complexes we can report on a specific building. [Request this report](http://turnerrealtors.com/prudential_nw/modules/global/forms/propertyinvestmentprofile.asp?AccountID=27478&acc=27478 "Property Investment Profile and Market Tracker Request") using the same form. Click here for a [Property Investment Profile for the Henry Condominiums](https://lovejoyrealestate.com/wp-content/uploads/2010/08/Property-Investment-Profile-Henry-Condominiums.pdf).
We never share your contact information or email address with any third parties. You can read our [privacy policy](http://turnerrealtors.com/privacy.aspx "Turner Realtors Team privacy policy") on the [TurnerRealtors.com](http://turnerrealtors.com/ "TurnerRealtors.com") website.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** How Much is your Home Worth?, Market Tracker report
---
### [RMLS Market Action July 2010](https://lovejoyrealestate.com/rmls-market-action-july-2010/)
**Published:** August 16, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/08/RMLS-July-2010-Portland-Metro-Inventory.jpg)[RMLS Market Action](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5495 "July 2010 Market Actrion") for the Portland metro area was released on Friday. Metro area inventory spiked to 10.8 from June’s 7.3. The increase comes from both a rise in active listing and a slow down in closed sales.
I’ve also started to break down inventory by RMLS area for Portland. Five areas make up Portland and we can see that they do not mirror the larger metro market other than they are all increasing. City of Portland inventory, at 9.3, is a month shorter than the Metro but the smaller neighborhood areas lag or lead the city and metro rates.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/08/July-2010-Portland-Housing-Inventory1.jpg)
Median sale prices are down from July 2009 but active sales prices are up.[](https://lovejoyrealestate.com/wp-content/uploads/2010/08/RMLS-July-2010-Portland-Metro-Stats1.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** RMLS Market Action
---
### [What's Selling in Portland?](https://lovejoyrealestate.com/whats-selling-in-portland/)
**Published:** August 18, 2010
**Author:** Charles Turner
**Content:**
What’s selling in Portland? This morning’s search shows the active listings and pending listings in Portland. I used our proprietary Client Connect search software that feeds from RMLS.
Total real estate listings in Portland: Active 5835/1158 pending = 19.8%
$0-$199,999: 1542 active/307 pending = 19.9%
$200,000 – $399,000: 2589 active/551 pending = 21.3%
$400,000 – $599,000: active: 887 active/pending 187 = 21.1%
$600,000 – $799,000: active 316/pending 55 = 17.4%
$800,000 – $999,000: active 152 active/pending 20 = 13.2%
$1,000,000 and up: 188 active/pending 16 = 8.5%
It doesn’t show anything revolutionary but is a good reminder that breaking down market segments is important. We’ve been saying that the $600k-$800k market had at least picked up for us and this seems to confirm that statistically.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Active listings and pending listings in Portland, What's Selling in Portland?
---
### [Local RMLS Portland Inventory](https://lovejoyrealestate.com/local-rmls-portland-inventory/)
**Published:** September 20, 2010
**Author:** Charles Turner
**Content:**
We saw an increase in Portland metro real estate inventory to 11 months in the recently [released RMLS Market Action](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5560 "August 2010 Market Action"). For the last few months I’ve been tracking the local Portland RMLS areas as well so that we can see how area specific real estate can be. The upward trend continued on the east side of the Willamette River but on the West side there were some declines.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/09/RMLS-Portland-Inventory-August-2010.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Local RMLS, Portland Inventory, Local RMLS Portland Inventory
---
### [Portland Case Shiller January 2011](https://lovejoyrealestate.com/portland-case-shiller-january-2011/)
**Published:** March 29, 2011
**Author:** Charles Turner
**Content:**
We’re not in 2007 anymore. Case Shiller Index numbers for Portland real estate were released this morning. Since the market peaked in July of 2007 Portland has given back 27.7% according to the Index. The Case Shiller Index was set to 100 in 2000. Portland, at 135.8, is still well ahead of that but Las Vegas, Atlanta and Cleavland have joined Detroit in the sub-100 category.
Depending on where you sit determines your outlook. As I’m writing this as a commercial for the Pacifica Condominiums ran on the evening news “Auction prices 67% below original asking…” As a buyer, that’s great news/an opportunity. The Pacifica Auction takes place April 10th.
Those of us that bought property after February 2005, all other things being equal, have negative equity according to the Index. The Index reports on a seven county MSA and areas in the outer areas have been harder hit. Short sale and foreclosures will remain a part of our market for quite some time.
If you’re moving up (selling and buying bigger) you’re going to take a hit selling low but make that up on the buying bigger property. Downsizing is tougher as the loss on your sale will outweigh the “gain” on the purchase. Those are broad statements so looking at the individual situation remains as important as ever. The reasons the real estate market hasn’t stopped is that each person has individual needs in the market and there are still opportunities for some.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Case Shiller, Portland
---
### [The Tale of Two Portland Real Estate Headlines](https://lovejoyrealestate.com/the-tale-of-two-portland-real-estate-headlines/)
**Published:** September 28, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/09/iStock_000011592819XSmall.jpg)**“Housing prices looking up, sort of.”**
**“[Portland Home Price drop 8.4%](http://www.bizjournals.com/portland/news/2011/09/27/portland-home-prices-drop-84-percent.html?ed=2011-09-27&s=article_du&ana=e_du_pub "Porland Business Journal on Portland Case Shiller")“**
The first headline is by Eliot Njus of the Oregonian (print version, I can’t find it online). The second is Wendy Culverwell’s of the Portland Business Journal. Both headlines refer to yesterday’s release of the July 2011 Case Shiller Index. The two articles are an complete study in contrast. The Oregonian article leads with the Index being up, though barely, for the fourth consecutive month and then discusses the fact that over the last 12 months the Portland real estate market has dropped 8.4%. The Business Journal story is all about the twelve month decline in the first half of the story.
The Business Journal story was a part of the DailyUpdate email I get daily from the Biz Journal yesterday afternoon. I had this comment, posted on their site yesterday:
> The headline is a half truth because dread sells. Portland home prices drop 8.4 percent \[OVER THE LAST 12 MONTHS\]. That’s really not news (your headline reported 9.6% last month). It takes half of the article to get to the Case Shiller Index being up for the fourth consecutive month. That’s the news. Why isn’t it the headline? Try being positive, just once. The market, which won’t stop no matter how good or bad it is, will take years to recover (and it may or may not be starting right now as Blizer states). Short sales and foreclosures made up 35% of sales in the second quarter of 2011 in Portland Metro. That sucks (for lack of a better term) but it also means that 65% of sales were non-distressed. A lot of the news is bad, but not all of it.
There’s no saying when the Oregonian story went to press as it was on my doorstep this morning but it was nice waking up to a more balanced headline.
The Case Shiller Index is released the last Tuesday of every month for the month two months prior- yesterday’s report was for July. “Portland” is the seven county MSA from Yamhill to Skamania County and everything in between.
Portland Real Estate Headlines | Presented by the Turner Realtors Team
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Oregonian, Portland Business Journal, Case Shiller Index
---
### [2011 Year End Market Action Reports From OPB](https://lovejoyrealestate.com/2011-year-market-action-reports/)
**Published:** January 19, 2012
**Author:** Charles Turner
**Content:**
I’m just heading down to the OPB studio for this morning’s Speak Out Loud segment at 9:00 AM. Here are the links to the December 2011 RMLS Market Action reports:
- – [All Areas (68 pages)](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpxV5tUoDtDKkfGuuPlPCpttVGU_Y1z2qL24CNzi0pUrQr2_pzO0DR9mNDXSCL2CPMygJoXa7J6ShjiS6Nb1JG1GXfqdx-WySHlMgnE6teXjAeXHy09aL5hyssdKaAXn3iAyc4zYXNLHpsoMCTjF1dhsFIqlkwe2cWk=)
- – [Baker County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpy81W0i_0KkjKuXx7gbysNuJlb2gUeCwbKws3_fFe5E7Kd5pcXM3j96unBrWxaxIs7AznwFHY_4vlCFaItaKfgEhTjrY_SgdIeExaFB1duMMaE-YD9iF7z7trlu_cv-CckXI2TBUAJDd0OUxn9hezaCXqTLm_gRhG4=)
- – [Columbia Basin](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpwg03DkP8BKyIe10ao4rxZCktfPNIAmE5CgrbuMWwxtx5jDCsHFpsvNQ_73anwlzqyMkaEO7xSBCx_sNV6X3wE0tVih2EzRQejC6wMHx-iV4r_0u9mRW2P_NS-dfDXW-inRTW3aLh_1AgO9YoTRUYvxWNDgeFPNjPs=)
- – [Coos County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpwZH1zP-9MzE9snlNuOIMzVQalPTz6EMfQBhp461KsGNhIHdaFBGFIZU1ef3HnzaCY_RaAO70kNEntrWbwOR7sFYqw486EeliuQeUafil0VRHGkJ2hWQh7aye3dXL8a3JogJajHYIC0oaOx5gMw5XV_bpFEiVtJnE0=)
- – [Curry County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpxUE3SU0rRslMAXT0e39weNregvCAJxHGDDhfzR7kaaKYRlz4fKU_bqEZ3mp1pCwazw4NgVqO_QMLrtll-w10abu6v30FQ3IsKRH5Sd_CmC62fzy0YoV3Y6oQI7fd8TbL1WI8GRwQUVrIMuXx2nh-ch60RAgVrFk5o=)
- – [Douglas County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpzFRWoYJHyCG8NLgm_RbpGYXXEzw5Wex1nNF-4xRgSqno4i-_SxurwmxNe3JRWJD8p4zgRiEDTAzE2U6f6kLfkGU2D4mseGq1Yt3gMjjUnMQLky90JdptRoYlS2NNCyFIQ5kKdRVVEfwITmF86Pk9A6NtEzM0E3tP8=)
- – [Grant County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpy-6pSMiD5a8zF8nHBVkucBGqBVunESI4pmusZSv4xzH4HEI9ujqdH-bBXS1ekhROPvL8jPtJIOIffFwXZ1_s0kpAUjySWEpPh8VTkmKoUF6wnUKmUljMxcHnPf6HjCzvh2HyuELu_BB3JdKJe0Hcu_MBbEYqWVn-A=)
- – [Lane County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpyq4NIe1O65dJKA35ddt9sO9pTpjyJsEY6N5OBUxko-cHzjbHtV7LAiD-33zWP0Mh3Z2zCyeZgPrED6LrsbWwNbDf_wqGb_IlR1ukR5wYi_MUpTf5AmHesU971W1puKWc-KF3Zg6gzlUWajP8qXGNEtHEQHZjug2JA=)
- – [Mid-Columbia](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpyBLn1BDWSyv8GET_HELDfK4ierWaB2uTvIliXBZdvJkXINKtOmoboo2VeitwlIsnePrTaT__KwwEgJT6tYAdEfqnzgDi7_EqLNsuBsuNY3v6kG9q2z05juU-1eT0hEwIVCFLbxdToTDkKshAK3BQMZ4SxmtlhA3E8=)
- – [North Coastal Counties](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpzor5Kslo1tTWlbcOjVYNWa32_Hdh_8nvYXEkTqav2rH-bamHAwLM-Fk8ZboY9LzVt0iQXvWepd3505Rpgwro3QOfGAIIXmE9LmMieX6oOAo81wXUhvJkjMYP58tvVYwgVgOCQiJuTVHC1BoV0Z7ZCCfdS9GQ1odRc=)
- – [Polk & Marion Counties](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpyrRMqqND5vbZeiacO08jXN82oy4IG8D6SrFkv3kcyFOfcaWkFqOo2-Q1XxoZ7aR3hG60MJL5wb5E_WhpixBbC-qA0VQXCcP1HT9CeaJZ8ZhePiigV_jvCTt5TTeKYXiUY04SN-MRbfUvelIs7WTRmDW-0Vp1unuqk=)
- – [Portland Metro](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpy9rPc2oLVG19MpOWYUNXGGJ9pt7AZGglg7aRTy4S63RD1LqN_22q3DlcqlKHm3yj5CFNfqMHIUcxsQ08yVE58SN_5lEK6EwMvV5yifo0UTRrfydMdPy99MJ27YZyKHHrklnFnoQBqoYISRCQynhwhuh-BfJXZt7hg=)
- – [SW Washington](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpzq0e5UN6Z71nkbkX4DbVRTBQbe9gkkemduKt-jUGah7Vgna9X6sFLd3PVucXYu7sjrJEUWGs9QtF6TYmWfA1ZORjM7ni7UZ94Dg67Igm_z-SkMdG30P0hvyPvxJny9QwEFFMzy3hnYM_VoQ9L8mI-OtXW5Q5CHaP0=)
- – [Union County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpxBKSMyoXmV35sp33z1DSHlNk256esTEDDkdS8chuN71Gj9PCJ5c1Lt_nPTSEvOjutjZFAE0zzKrhkNMUIENELrhpMTChsJtC6gPWUiYSf_mMKH2we9toNeEDIi5bhRvCWwRKVD17HhW1BqLZqIFmn7jYhFwpckK04=)
- – [Wallowa County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109083242103&s=28534&e=001AHLeudHrcpz9RXR0hIAda4wdbhVvXdgDYQnSvvSfTd0Qv9txIq1lcT6VOFWElQ7fzU2eu2OxRDmUd1KvODwY2hYNSGPns337Bj9TctqNEtEguBs4N0PsleMvYhk33nHvRTHgMDcYlEtR3knyy1XZM4elWR0rbB78u7ajw4-G2aI=)
This [Willamette Valley Multiple Listing Service’s year end report](http://www.wvmls.com/stats/dec11.pdf "Willamette Valley Multiple Listing Service December 2011 Market Report").
Here’s the link to my [comparison of the average sales price of the local Portland areas for 2010 and 2011](https://lovejoyrealestate.com/realestate/2012/01/rmls-reports-lowest-portland-inventory-june-2007/ "RMLS Reports Lowest Portland Inventory Since June 2007").
Please take a moment to follow us on [Facebook](http://www.facebook.com/portlandrealestateblog "Portland Real Estate Blog Facebook Page").
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Willamette Multiple LIsting Service, OPB, RMLS
---
### [RMLS Market Action January 2012](https://lovejoyrealestate.com/rmls-market-action-january-2012/)
**Published:** February 16, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/02/RMLS-Market-Action-Inventory-Jan-2012.jpg)RMLS released the latest edition of Market Action yesterday. The Portland Metro market report shows that inventory bumped up from a month ago. Closed sales are up but the number of new listings is down. The 8514 active listings are the fewest in three years. With more buyers competing for fewer listings we’ve heard some lament that they are not finding what they are looking for because there are too few houses to select from.
Average sales price is $249,100 which is about the same as it was this time last year and at the beginning of 2005. The question for 2012 is whether prices will follow the same trend as 2011 where there were gains in the first part of the year lost in the second half or do something completely different? Lower prices and the lowest interest rates in years have pushed Portland’s Affordability Index to the highest level since reporting began in September 2003.
[](https://lovejoyrealestate.com/wp-content/uploads/2012/02/Portland-Average-Sale-Price-Jan-2012.jpg)
Here are links to all of January’s Market Action Reports.
[All Areas (68 pages)](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utpoYxRZMRx53u6dyiaMdr1UmaQIdZS96ob38sX9AB-zUYKSN_O7Fkmik6iC1bvIjts1cFAz9-l1P0sX5VGLktQO7DV6hvfPFiROxeUxzPmwUjsdzYdrKp-C8mk5w4O01cU7IdojsjbWHz3Ayt-Gfzl9hdk4XmN214Oo=)– [Baker County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utpr5pTQbK5nkOWYaplbo3mX_6FldXxN6SRYkGzTbMF3HvXANgds7mLWIiA8eipZ-WxT-38LIxKgWRlA00EUVM6cF6dIoSKI3Msmx0OEL_oFPQZpbEoBpHwtDbkKfoKHXS3NOzWPUNzgyRCZt9voU5mDJ1WWx0ZA7jQU=)– [Columbia Basin](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utprnlYH1IaMKS3NkqGKyFChJoMBNMY4vU5Gjp2hbN73bs9-QZC3TGUa-rTCcgLzTIZ_33fmfM3q5uVrIQcI_fkJzgIJxwAcdsnSKzDVlyxQmtGA53sRNz4djtbo3HbMcbAa2nFnxFYQqSryfXZ-cXW5Ml-NEUvD0npI=)– [Coos County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utpovmturN8VvwPkX1nz5TLSnFULe5pdiHk6tSv6YP1GcMAMEt0D5fxLET0Vz0inn2z_QFpNfTULYHNvzQNAFCX-o1WqKJ66Bh04E-oYaAO3HLhhtXlbrJ5ew7U8XqVy-wAxZcUv9VBMsMUGGaqepzHmcH53QmMIr_0o=)– [Curry County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utpr-fa2cxij4b_-LXOI9-hjE7rbbs4g_9lAzw68mBEjsAqv9D72ccfyseME_NUvRaHAOuiOPhHIKFido1PN-xaFH5u2_jKiNTKhT0yozscduY6BRi59ctQy-VQVKBHjPrWZG_F-0_SObo4ZJS3RGB0n-I4ZShczsWTo=)– [Douglas County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utppGEQqN7wAd8u8RUT09WlmEEOlK0pJkxYoiH03EwN0F_NL6zN5qg7atA1UEnI-d3Nswb0Pwf7I0dCqWtugcKgKvaxNok_9EYutneeAsHcSw2Pbza1xGdXyQEI1DSpY1TKdGFpjXOuxY6IVFP25jfjbdt4fCVXuiQMA=)– [Grant County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utpoaXxQepHNxrIG-suLX6c9JesM4SDPkYEXQEYQbiKEHb3DEIZYbM_cygvffsiglRQnrzAMsrm6IcTBvFucploePSN1PcEHWO4hRpvcqSlH8DWlceW9FtZxvZDb1KKc9mr0s5ixaDJR4dLW6Oel51jMb4Ao_gt52TwU=)– [Lane County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utpqqx4LVLcRW6qL_WWiv1MKSQPKiSqnG79oz7EZPdxtbs_VD6G0Zxsxm29QdHucshqT7hii6W80xAJMhqAWBZbgd5u6d3cV74lBgWzblnCm6pnAxylVbuThXPm0x42n3G1IZ-ZTTTTShL5jO0cB9wZ0fPb0W8d1ZPCQ=) – [Mid-Columbia](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utpre4nNuLumN8KX6Omlg4EaU8p-hiFLFUbAZOZknglJTOoBT8O2QJzbD2VGAchTHZK_jSC_Jshb9rBdgOtFXbKAJ9qRg4li4R11ULttbW3lalvQ-MIVW60RWBDnloOa1xZOgqy-ba6oVnRubi-UnfCzaSIHJvokfhNU=) – [North Coastal Counties](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utppKNYsPIATYzKGVCNai4SLTy7YM9MS53GEe8gT5VNYDfKF0QgULaPuybCGQVbduG0AkblWtQ3ZGmsRDrCbMjRSf2LuyxXoCKlSNATj4VS95vEEPQc2xgzkK8QLw9GUKHkKkuZ_Q_vlUtkEBasaO6ms961DgYNDMZPk=)– [Polk & Marion Counties](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utporW7lRO-Zgwgf6F0QWuNNu323Yf44YN_ENGDaziHHGir7mC7RyK5-Z-M7l2YY4wkau4LMABt4GDLSD_qykt3w_I2T9eJd33AYWwHLH8Q0Eeo41t4EiIrRxpO1BGKcHVGjkMeDH6GaOV5fLXV8eM0Polb9y0g2kmEU=) – [Portland Metro](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utppQABic-qrFCPYW9oVpLPr63RjflK9zBxnpdsUlHnserTkICHhcYsLJZC0P-yCjeNdHWE2zz5UR8V6GShPfWsTjJEu2OWdbqIwfklUAcBHz4Au_cv-pK8PnDOfFmYugx89YwR9kgC7rSSpTNnjb--uMAMjGnJPcRQ4=)– [SW Washington](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utppap32LvWS8PW_r2st4nzOafLddS4s7vtNFg6JwunXe8n1lr3Rv3j2XC8OpBG57tIOyn3iromzNGdBkdGJTZGpOYYHWx7UBMgbYt1yj1ACQLYigYQoi7J6r-4ArMSRHTn7YJFmJIUUkJSmmhrMTfnY3sYxCFU8t8iU=)– [Union County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utpqkbtTePghcbt_IAs7WLbo33iJcS4JU2piYLBitpf-Vk8WFdDoL2ozAwoFxWPPnODaK6pfGvwlOxae82551KkDLOLf3hDafwXPj9-9Iern9L63MQRoNvUj3wu2kPsdeqT7ry8tQW2GeRGzS3-SDJV-YX_IjUxZoIPM=)– [Wallowa County](http://r20.rs6.net/tn.jsp?llr=sfw5l4bab&et=1109311885685&s=28534&e=001MNsQ0V1utprkF4u70PtnCdfIe3rroqpJjXr3iewYHJu3xDeu2Otk8aNRbKK6yftoYUljaUiJJfL8NHsLr_F1NjJN_MkVCihj_keDFcO57w0zpseqtaEjd0kWazrImjR5xm1NVe549A5AFzkPRYklAp8dotHayZIJe3pXuDCkE0g=)
Graphs from RMLS.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** RMLS Market Action
---
### [RMLS Market Action April 2013](https://lovejoyrealestate.com/rmls-market-action-april-2013/)
**Published:** May 16, 2013
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2013/05/RMLS-Inventory-April-13.jpg)Bad blogger, bad blogger. When you realize your last post was March’s RMLS Market Action report and April’s came out two days ago it’s time to start typing. So here we go. There’s no real surprise the inventory is low. At 3.1 months that mean that if we stopped taking new listings, the 6498 listings would be gone just over three months at the current rate of sales. That’s a Metro Portland number so you’re going to find some variation in more localized areas: North Portland has 2.5 months, NE Portland 2.1 months, SE Portland 2.6 months and West Portland 2.1 months of inventory.
Inventory is a based on the rate of closings which is up 16.4% from 2012 and the number of new listings which is also up 4.4% compared to last year. It doesn’t take much of a memory to remember when we had 19.2 months of inventory!
We’ve seen a 15.3% increase in average sales price from a year ago. We’ve proven that the market can not sustain double digit grown but we will see some downward pressure on that when the Oregon Supreme Court rules on the legality of MERS (electronic mortgage transfers), If they rule in the banks’ favor, they will revert to the quicker non-judicial foreclosures. If the court rules in the plaintiff’s favor the judicial foreclosure process that is already taking place will eventually run its course and those, usually lower priced, homes will come to market. Either way, bank owned foreclosures have not gone away; they’re stuck in the system. I don’t believe that banks are holding sell-able inventory from the market.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** RMLS Market Action, Bank Owned, MERS, Oregon Supreme Court
---
### [2009 Portland Real Estate Recap- RMLS Market Action Dec 09](https://lovejoyrealestate.com/2009-portland-real-estate-recap-rmls-market-action-dec-09/)
**Published:** January 14, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/RMLS-Market-Action-Dec-09-INV.jpg)We’re getting a better look at how 2009 wrapped up with yesterday’s release of RMLS Market Action. For the year, there were fewer closings than in 2008 but not by much (18,955 down from 19,132). The rolling 12 month average sales price was down 12.1% to $289,000 (median down 10.8% to $247,000).
Compared to 2008, December 2009 was a great way to finish the year. Closed sales were up 52.6% from the previous snow battered month a year ago. 2008 ended with a record high 14.1 months of inventory that has now dropped nearly in half to 7.7 months. Sales were slower than November but that would be expected.
RMLS Market Action is one of the three sources I usually write about that cover Portland real estate. Market Action is released mid-month of the following month reported. The[ Case Shiller Index](#wiki/Case-Shiller_index) has a three month lag so we won’t see December ’09 until the last Tuesday of March. Prudential Northwest Properties Market Tracker reports are released the first week of the following month and are emailed to [subscribers](http://pdxbuyers.com/prudential_nw/modules/global/contact.asp?from=agentsite&accountid=124155). You can also look at the graphs from the reports on our [PDXBuyers.com website](http://pdxbuyers.com/market-tracker.aspx).
[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/RMLS-Market-Action-Dec-09-STATS.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Portland Real Estate Recap, RMLS Market Action Dec 09, Homes for Sale
---
### [How Low Can Portland Metro Housing Inventory Go?](https://lovejoyrealestate.com/how-low-can-portland-metro-housing-inventory-go/)
**Published:** August 11, 2020
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2020/08/RMLS-Inventory-July-2020.jpg)I started real estate in 2003. Only twice, has inventory hit 1.2 months: December 2015 and NOW! It rocketed to 19.2 months in January 2009. Inventory is the ratio of active listings to closed sales. If I had 100 listings and sold ten the prior month, I’d have 10 months of inventory. Tradition said that six months was the balance between buyer’s and seller’s market but I feel that number dropped closer to four months after the last market crash. Regardless, we’re deep in seller market territory.
Also of note: the average sales price cracked the $500,000 mark for the first time. The $400,000 mark was broken in mid 2016.
Taken verbatim from the new **RMLS Market Action report**:
*New listings (4,236) increased 6.8% from the 3,966 listed in July 2019, and increased 15.8% from the 3,658 listed in June 2020.*
*Pending sales (3,656) increased 21.9% from the 2,998 offers accepted in July 2019, and increased 0.1% from the 3,654 offers accepted in June 2020.*
*Closed sales (3,391) increased 15.2% from the 2,944 closings in July 2019, and increased 25.2% from the 2,709 closings in June 2020.*
There’s some wacky, contradicting stuff going on here:
- Interest rates are as low as I’ve ever seen.
- Unemployment is as high as I’ve ever seen.
- There is uncertain political uncertainty.
- There is Covid 19.
- We are spending more time in our homes than ever before.
- The stock market has rebounded like it never heard of Covid 19.
- The U.S. economy is officially in a recession.
- Multiple offers even in the $700,000+ range are not unusual.
- Condos are selling at a much slower pace than single family homes.
Today, the market is as strong as ever. Tomorrow? Who knows?
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Market Update for Q4 2020](https://lovejoyrealestate.com/clients-update-for-q4-2/)
**Published:** November 25, 2020
**Author:** Charles Turner
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Portland Real Estate: Record Low Inventory](https://lovejoyrealestate.com/portland-metro-real-estate-freight-train/)
**Published:** June 11, 2021
**Author:** Charles Turner
**Content:**
May’s 2021 RMLS Market Action report was posted today. If it is any indicator to what our market is doing, it’s going up, not down. Seven tenths of a month of home inventory is the lowest it has ever been. What is inventory? It’s the ratio of active listings to closed homes: 150 active listings to 100 closed homes would be 1.5 months of inventory. Conventional “wisdom” says that six months is the balance between a seller/buyer market. Even if we reduce that to four months, we’re a long way off at .7 months!
Prices are going to drop. Maybe. Probably not anytime soon. Portland Metro appreciation over the last 12 month is 18.9%. I’m going to be the first one to say that this is concerning, I’d like to see closer to 6% but when (not if) the market slows it’s going to hit the brakes, not grind into reverse. Demand is way above supply and when the market starts to slow it might mean a home that would have had 10 offers will “only” get three or four. Caveat here for sellers: overprice your home and the market is unforgiving.
Interest rates are going to go up. Yes, they are. It’s reasonable to expect that we will see the best rates climb to over 4% by the end of the year. Those best rates are currently under 3% and every half percent they go up, buying power goes down by 5%. If your purchasing power was $500,000- now it’s $450,00. It is entirely possible that the $500,000 house you look at today will be worth $600k next year and your financed buying power will go down.
All the other metrics: new listings, pending sales, closed sales and time on market are all indicating an upwards trend, not decline. If you’d said a global pandemic and world shutdown would tank the market back in 2019, we all would have believed you but here we are. There’s something out there that could tank the market but it’s an outlier.
“But the housing market caused the 2008 recession.” Yes, it did. And it was the housing market that pulled the economy out of the 2020 lockdown recession. Gone are the “fog a mirror” and other loans that caused the economy to collapse. There is more equity in homes now than there was then.
“Okay, prices aren’t going to drop but how do I compete with multiple offers?” Fair question. And honestly, it depends on your situation. That said, we have 38 pending buyer transactions so we’re doing something right. We may not win on the first offer but we’re winning in the end. Contact us to see how we can help get you into a home. Connect with us on [Instagram](https://www.instagram.com/lovejoyrealestate/), [Facebook](https://www.facebook.com/lovejoyrealestate/), or [LinkedIn.](https://www.linkedin.com/company/lovejoy-real-estate/)
Updated on September 5, 2025
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [RMLS Market Action September 2021](https://lovejoyrealestate.com/rmls-market-action-september-2021/)
**Published:** October 13, 2021
**Author:** Charles Turner
**Content:**
[RMLS Market Action for September 2021]() was published yesterday. No massive shifts but some trends that are worth watching. Once again, inventory ticked up 1/10th of a month. At this rate, we’ll reach a balanced market some time in 2024! Inventory is the ratio of Active Listings divided by Closed Listings for the month. New listings for the month increase 15.2% from September 2020 and 1.7% from August of this year. Closed sales dropped 1.6% from August. Pending sales dropped 10% from August so it won’t be surprising to see another bump in inventory for October. Keep in mind that “inventory” reported here is a seven county area. Drilling down into specific areas may have considerably different supply.
The average home sale price in Portland Metro is $571,500, down from June’s peak of $597,100. Since the peak, there has been a decline every month. Is the sky falling? No. Year-over-year, the average sales price is up 17.5% (from $485,200). The market needs to slow down, and it is. Interest rates are still low and buyers who so wanted to buy a few months ago are getting the chance with fewer offers being submitted in a frenzy. That’s not saying we no longer seeing multiple offers on a property; it’s that we are not seeing as many offers. That said, an overpriced home on day one will sell for less than it would have had the market believed it to have been accurately priced the day it was listed. Said another way, overpricing a home is the kiss of death. It’s also important to consider that some types of properties take longer to sell.
The real estate crystal ball is a little murky these days. Real estate in 2020, into 2021, was an unpredictable animal. Will we start to see the general trends we saw prior to the pandemic remerge or has the book been rewritten? We don’t foresee a market crash but perhaps a return to “normalcy” where long term national appreciation is about 4%. For more insights on national real estate trends, visit the [National Association of Realtors research](https://www.nar.realtor/research-and-statistics).
For local Portland market insights, check out our comprehensive Portland market analysis.
Updated on September 5, 2025
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [RMLS Market Action 2024 Price Changes](https://lovejoyrealestate.com/2024_real_estate_market_review/)
**Published:** January 23, 2025
**Author:** Charles Turner
**Content:**
### Real Estate is local
The Portland real estate market, like the city itself, is diverse. We’ve heard it all before, “Real estate is local.” But how local do we have to go?
When the December 2024 RMLS Market Action report came out, one number jumped off the page: the average sales price dropped 6.1% from $615,700 to $578,300. That means “the Portland real estate market” gave up 1.4% for the year and erased all the gains it had made through most of 2024. We waited an extra week to see if the data would be revised, but so far, it hasn’t. So here we are.
### Digging Deeper: It’s All About Location
RMLS reports on the Portland Metro area as a seven-county region, and that’s how most brokerages and media outlets talk about it too. But if you take the time to sift through the data and break it down by neighborhood, a different story emerges. North Portland saw the biggest gains, while neighboring NE Portland went the other way. It’s a classic example of why lumping the entire metro area into one number doesn’t always paint the full picture.
December is typically a slower month, but a drop like this raises some eyebrows. Is it a correction? An anomaly? Something more? The truth is, only time will tell.
### Portland Real Estate versus the Nation
So, what’s next? Portland Metro’s average sales price was up 3.3% from November 2023 to November 2024. But that end-of-year drop throws a wrench into things. What will January’s numbers show? Was December just a blip, or are we seeing the start of a new trend?
National forecasts suggest a 2.9% appreciation in 2025. In November, it looked like Portland could beat that. Now? Not so sure. We’ll have to watch the numbers closely over the next few months to get a better read.
### Mortgage Rates
A year ago, everyone was betting we’d see rates in the 5s by mid-2024. We all know how that turned out. Interest rates have remained stubbornly high, keeping some buyers on the sidelines and impacting affordability in a big way.
If rates drop in 2025, we could see more buyers jumping in and pushing prices back up. On the flip side, if they stay high, sellers might need to adjust their expectations and pricing strategies.
### What Buyers and Sellers Should Keep in Mind
**Buyers:**
- Stay Patient, Stay Ready: If rates come down, more homes will hit the market, but competition will heat up too.
- Look Beyond the Headlines: Not every neighborhood reacts the same way to market shifts.
- Think Long-Term: Whether you buy now or later, focus on value over time.
**Sellers:**
- Price Smart: Overpricing can leave your home sitting while well-priced homes move.
- Presentation Matters: Staging and small updates can make all the difference.
- Keep an Eye on the Market: What’s happening in your specific neighborhood is what really counts.
### Wrapping It Up
Portland’s real estate market is constantly evolving, and December’s price drop is just another twist in the story. Whether you’re buying or selling, staying informed and working with experienced professionals is the key to navigating what’s ahead. 2025 will have its share of surprises, but with the right strategy, you can make the market work for you.
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Are Automated Home Valuations Accurate?](https://lovejoyrealestate.com/are-automated-home-valuations-accurate/)
**Published:** February 21, 2025
**Author:** Charles Turner
**Content:**
If you’ve ever checked your home’s value on Zillow or Redfin, you’ve seen an Automated Valuation Model (AVM) like a Zestimate. These tools offer instant estimates based on market data, but how accurate are they? When it comes to valuing a home, there are three traditional models and then the ultimate answer: 1) AVMs like the Zestimate or our home value tool; 2) a comparative market analysis (CMA) done by a Realtor; 3) an appraisal; 4) ultimately what a buyer is willing to pay on the open market.
### The Pros and Cons of Automated Valuations
Online valuations are convenient, but they come with limitations. According to [Zillow’s accuracy report](https://www.zillow.com/z/zestimate/) for the seven county Portland MSA, the median error rate for off-market homes is 5.8%. 45% of Zestimates fall within 5% of the actual sale price. 69.6% are within 10%, and 88.1% are within 20%. For a $600,000 home, a 5.8% error could mean a difference of nearly $35,000—a serious gap for buyers and sellers alike. If your house is one of the 12% outside of the 20% range we’re talking a six-figure discrepancy.
AVM tools work best in cookie-cutter communities where one home looks just like the next and we all know that isn’t our reality in the pacific northwest. Many of our clients already receive personalized home value updates through our tool, which provides another perspective alongside other AVMs like Zillow or Redfin. Since AVMs use different data sources and models, comparing multiple valuations can help you get a clearer picture of your home’s potential market value.
Our tool, like others, relies on MLS data, public records, and recent sales trends. It’s not about being “better” but about giving homeowners another data point to monitor their home’s value over time. If you’d like to track your home’s value and market trends, [sign up for our free home valuation tool](https://lovejoyrealestate.hifello.com/lp/64ef33304356e6002540e960) today- and then take the results with a grain of salt. Though you can make adjustments, AVMs have a hard time accounting for improvements you’ve made to the property (or deferred maintenance you haven’t done). We are always happy to do a CMA of your property as a free service. To be accurate as possible, we need to do a walk-through of your home.
### For Buyers: AVMs Are Just a Starting Point
If you’re in the market for a home, remember that AVMs don’t tell the whole story. They can’t factor in:
- Home condition, updates, and curb appeal.
- Local competition and shifting market trends.
- Unique property features that add or detract from value.
Before making an offer, we’ll work with you to get a **Comparative Market Analysis (CMA)** for a more precise picture of a home’s value. This approach ensures you’re making an informed and strategic purchase rather than relying on an estimate that may be skewed by outdated or incomplete data. We’ve worked with buyers in the past that have stated, “I will not pay more than the Zestimate” and they’ve missed out on houses because of it. One thing to note here is that the Zestimate now resets to the listing price when a home is listed.
### Professional Appraisals: The Most Reliable Option
For the most precise valuation, a **professional appraisal** is the gold standard. Appraisals typically cost $500–$1,000 or more and involve:
- A detailed evaluation and sketch of the home.
- Adjustments for renovations, layout, and materials.
- A deep dive into comparable sales and market trends.
Lenders require appraisals to ensure a home’s value aligns with the loan amount. Even if you’re not financing a purchase, an appraisal can be beneficial in estate planning, divorce settlements, or when appealing property taxes.
### Which Valuation Method Should You Trust?
**Homeowners**: Use our valuation tool for ongoing updates and market insights alongside other AVMs.
**Buyers**: Work with a Realtor to get a CMA before making an offer.
**Serious Sellers**: A CMA can help you set the right price, but an appraisal might be needed for added credibility.
**Need a Definitive Value?** A professional appraisal is required for financing and legal matters.
### Final Thoughts
Automated tools are a great starting point, but they don’t replace expert insight. Home values shift with the market, and understanding these changes is key to making informed real estate decisions. Whether you’re keeping an eye on your equity, preparing to sell, or considering a purchase, having access to multiple valuation perspectives gives you a better advantage.
Curious about your home’s real value? Sign up for our [home valuation tool](https://lovejoyrealestate.hifello.com/lp/64ef33304356e6002540e960) or request a free Comparative Market Analysis today!
**Categories:** Real Estate News & Tips
---
### [Tips for Virtual Showings in Portland](https://lovejoyrealestate.com/tips-for-virtual-showings-in-portland/)
**Published:** September 8, 2025
**Author:** Charles Turner
**Content:**
# 
*How to make your listing shine online — and get results — in Portland’s digital-first market.*
Virtual showings aren’t a pandemic-era relic — they’re now an essential tool for attracting serious buyers in Portland’s fast-paced market. Whether your potential buyer is relocating from Seattle or squeezing in tours between Zoom meetings, a high-quality virtual showing helps your home stand out from the crowd. Here’s how to make it count.
## 1. Stage Like a Pro — Yes, Even for Video
Clutter shows up tenfold on camera. Before filming, make sure every room is clean, neutral, and thoughtfully arranged. Portland buyers love light, bright spaces — open blinds, turn on all the lights, and consider a few subtle PNW touches like fresh greenery or local art.
## 2. Choose the Right Format
There are three main types of virtual showings:
- **Live Virtual Tours:** Real-time video walk-throughs via Zoom, FaceTime, or Google Meet.
- **Pre-Recorded Video Tours:** Professionally shot (or agent-recorded) video showcasing the property highlights.
- **3D/Interactive Tours:** Tools like Matterport that let buyers “walk through” the space at their own pace.
We recommend offering **both a pre-recorded tour and a 3D walkthrough** to give buyers maximum flexibility.
## 3. Narrate Like You’re There in Person
If your video has audio, make it conversational. Instead of saying “This is the living room,” say something like, “Here’s where morning light pours in — it’s the perfect spot for your coffee and crossword.” Walk buyers through how it feels to live in the space.
## 4. Highlight the Portland Lifestyle
Don’t just film the home — include neighborhood clips, too. A quick drone shot of Mt. Tabor or a stroll down Division Street helps out-of-town buyers connect with the location. Bonus points if you can show a walkable coffee shop or nearby park.
## 5. Update Your Listing Description
Call out the availability of virtual tours in your listing and on your agent’s social channels. Add a line like: “Ask about our live virtual tour options!”
## Local Insight: What Buyers Are Doing Right Now
According to the [July 2025 RMLS Market Action Report](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879), inventory in the Portland metro area has risen to **3.7 months**, giving buyers more choice — and more motivation to screen listings online before scheduling showings. In other words: if your virtual presentation isn’t compelling, they may never step foot inside.
Median sale prices are holding relatively steady at **$549,000**, while total market time is sitting at **52 days**. With buyer attention spans spread thin, every detail of your virtual tour matters.
## Want Help Showcasing Your Home Virtually?
At Lovejoy Real Estate, we’ve helped hundreds of Portland sellers successfully market their homes online with professional virtual staging, strategic video walkthroughs, and customized launch plans — all with local expertise and a personal touch.
**Thinking about selling? [Let’s talk strategy](https://lovejoyrealestate.com/contact-us/) that meets today’s digital buyers where they are.**
**Categories:** Real Estate News & Tips
---
### [How to Price a Unique Property](https://lovejoyrealestate.com/how-to-price-unique-property/)
**Published:** September 11, 2025
**Author:** Charles Turner
**Content:**
# 
In a city as creative as Portland, it’s no surprise that unique homes show up on nearly every block—from converted churches in [Sellwood](https://lovejoyrealestate.com/sellwood-garthwick/) to ultra-modern builds in [Alberta](https://lovejoyrealestate.com/alberta-arts-district-concordia/). But pricing those one-of-a-kind properties? That’s a whole different ballgame.
Unlike cookie-cutter subdivisions where recent comps are easy to find, homes with distinctive architecture, design elements, or history require a more nuanced approach. If you’re selling something that stands out, here’s how top Portland agents (like the Lovejoy team) tackle the pricing puzzle.
## 1. Understand That “Comp” May Be a Four-Letter Word
With a truly unique property, comparable sales often don’t tell the whole story—or any story at all. A floating home on the Willamette? A passive house in Montavilla? The nearest “similar” sale might be months old and miles away. We start by identifying properties with at least *some* shared features: lot size, view, location, or era, even if the style differs.
## 2. Play to the Property’s Strengths (and Niche)
Every distinctive home attracts a specific type of buyer. An off-grid cabin in the West Hills won’t appeal to the same audience as a modernist showpiece in Slabtown. We price with those buyers in mind—highlighting rare features that make the home a standout in their eyes.
## 3. Don’t Let Emotion Cloud the Math
It’s easy to overvalue a unique home—especially if you’ve poured your heart into it. But buyers will approach your listing with a different lens. They’re comparing it to what else is out there, weighing emotional appeal against perceived risk. Our job is to help you find the sweet spot between your property’s emotional value and its market-supported price range.
## 4. Watch the Market Like a Hawk
Right now, Portland inventory has ticked up slightly—**3.7 months** as of the [August 2025 RMLS report](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879). That gives buyers more choices, which means pricing strategy matters even more. When pricing a distinctive home, we monitor how similar properties perform week by week, not just month over month.
## 5. Test, Measure, and Adapt
Sometimes the market surprises you. That’s why we build flexibility into our strategy. If we’re getting lots of showings but no offers—or hearing the same feedback repeatedly—we don’t wait. We adapt early, not late. The first two weeks on market are critical for unique homes, and we use that time to learn what the market’s telling us.
## Thinking About Selling Something Special?
If you own a home that doesn’t fit the mold, pricing it right is part science, part instinct, and a whole lot of experience. Lovejoy Real Estate has helped hundreds of clients across Portland sell homes that defy easy labels—and get results that match.
[**Let’s talk strategy**](https://lovejoyrealestate.com/contact-us/)—we’ll help you find the value in your one-of-a-kind home.
**Categories:** Real Estate News & Tips
---
### [Historic Districts in Portland: What to Know Before You Renovate or Sell](https://lovejoyrealestate.com/historic-districts-in-portland-what-to-know-before-you-renovate-or-sell/)
**Published:** September 12, 2025
**Author:** Charles Turner
**Content:**
# 
Portland’s historic homes are more than just beautiful—they’re protected by layers of policy and pride. Whether you’re considering a renovation, preparing to sell, or shopping for a home in one of Portland’s historic districts, you’ll want to understand what makes these neighborhoods so unique—and what rules might apply.
## What Is a Historic District, Exactly?
In Portland, historic districts are designated areas recognized for their architectural, cultural, or historical significance. Think of neighborhoods like [Irvington](https://lovejoyrealestate.com/irvington-sabin-lloyd-district/), [Ladd’s Addition](https://lovejoyrealestate.com/ladds-addition-clinton-colonial-heights/), or [Alphabet District](https://lovejoyrealestate.com/alphabet-district-nob-hill-portland/)—places where time seems to pause and craftsmanship shines. These districts are overseen by the City of Portland’s Historic Landmarks Commission, which reviews any exterior changes to ensure they align with the district’s historic character.
## Renovating in a Historic District: Know the Rules
If you’re planning updates—especially to your home’s exterior—within a designated historic district, you’ll likely need a Historic Resource Review. This applies to projects like window replacements, additions, siding changes, new paint colors, or major landscaping.
It’s not about stopping progress—it’s about preserving character. The city uses these reviews to maintain visual continuity and protect the district’s historic value. Skipping the review process? That could mean project delays, fines, or even forced changes.
## Selling a Home in a Historic District
Selling a home in a historic district can be a double‑edged sword. On one hand, buyers often love the architectural charm, walkable layouts, and established communities. On the other, some buyers are wary of limitations on customization or expansion.
**Here’s where the right marketing and guidance matter.** A good agent will spotlight your home’s uniqueness while also setting realistic expectations. At Lovejoy Real Estate, we know how to balance storytelling and compliance—so your listing attracts the right buyers from day one.
## Portland Metro Market Snapshot – August 2025
The broader [real estate market in Portland Metro as of August 2025](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) reveals a mix of slowing inventory and steady buyer demand. Here are the key facts:
- New Listings: 2,476 in August 2025 — down ~7.2% from August 2024, and down ~15.5% from July 2025.
- Pending Sales: 2,275 — up ~10.9% from August 2024, and up ~4.5% from the previous month.
- Closed Sales: 2,021 — up ~3.3% year‑over‑year; slight increase (~0.8%) from July 2025.
- Inventory: 3.5 months’ supply — shrinking supply.
- Total Market Time: 62 days on average from listing to accepted offer.
- Median Sale Price: $550,000 — up about 0.9% year‑to‑date over 2024.
- Average Sale Price: $616,200 — up about 0.7% year‑to‑date over 2024.
What this means: buyers are still active, closings are up slightly, but fewer new listings are entering the market. That tends to favor sellers who know how to position their homes properly, especially with special constraints or benefits like those in historic districts.
## Common Misconceptions (That Could Cost You)
- **“It’s just paint—I don’t need a permit.”** In many cases, even changing paint color requires city review in historic districts.
- **“Historic homes are impossible to update.”** Not true. Many updates are approved regularly—you just need to follow the correct process.
- **“Buyers won’t want the hassle.”** Portland buyers *love* historic homes. They just want transparency and support navigating the rules.
## How to Navigate the Process
Whether you’re planning a kitchen renovation, listing your home, or house hunting in a district like King’s Hill or Buckman, here’s your quick checklist:
- Review your home’s historic status on [Portland’s Historic Resources Inventory](https://www.portland.gov/bps/historic-resources/historic-resources-inventory).
- Check if your proposed updates require a Historic Resource Review.
- Talk to a knowledgeable real estate agent early. We’ve helped dozens of clients navigate this process smoothly—and avoid last‑minute headaches.
## Why August 2025’s Market Matters to Historic District Homes
Historic district homes often command premium appeal, but with the current market conditions—lower new listings, tight inventory, steady demand—you might see greater competition if your home is well‑maintained, properly disclosed, and appreciated by buyers. The median price being steady at $550,000 means that you’re competing in a sphere where buyers are balancing price vs character vs condition more than ever.
Lovejoy Real Estate has helped hundreds of Portland homeowners successfully buy and sell within historic districts. With over **500 five‑star reviews** and more than **200 transactions annually**, our team knows how to position your home for success—while honoring what makes it special.
## Have Questions?
[Let’s talk.](https://lovejoyrealestate.com/contact-us/) Whether you’re prepping to list or just wondering what’s allowed, we’ll help you understand your options with zero pressure. Owning a historic home in Portland should be a point of pride—not a paperwork nightmare.
**Categories:** Real Estate News & Tips
---
### [Tips for Relocating to Portland](https://lovejoyrealestate.com/tips-for-relocating-in-portland/)
**Published:** September 16, 2025
**Author:** Charles Turner
**Content:**
# 
Relocating to a new city is exciting—but let’s be real, it can also be a logistical beast. If you’re making the move to Portland, Oregon, we’ve got your back. From navigating the unique neighborhoods to preparing for our moody weather and mastering the art of a stress-free move, here’s your relocation cheat sheet from locals who’ve helped hundreds of clients settle in.
## 1. Understand the Portland Vibe (And Where You Fit In)
Portland isn’t a one-size-fits-all city. Are you into walkable neighborhoods with indie coffee shops? Check out NE Portland. Prefer quiet cul-de-sacs with easy access to hiking trails? You might love the West Hills or parts of Lake Oswego. Our city has strong micro-neighborhood identities, so it pays to do a little recon—or connect with a local expert (hi 👋) to help guide your search.
## 2. Plan Your Move Around the Weather (Seriously)
If you’re moving between November and March, prepare for rain. A lot of it. Portland’s cooler months are notoriously damp, so invest in waterproof bins, heavy-duty tarps, and a solid game plan for keeping floors clean during move-in. Bonus tip: If you can swing a spring or summer move, you’ll likely have better weather and more daylight to get settled.
## 3. Knock Out Oregon-Specific To-Dos
After your move, set reminders to update your driver’s license and vehicle registration through the Oregon DMV—known for long lead times and sparse appointment availability. Portland also has unique utility providers depending on your neighborhood (Portland General Electric, NW Natural, etc.), so don’t wait until the last minute to set up accounts.
## 4. Get Plugged Into the Community
Once you’re in, take time to explore! Farmers markets, dog parks, food cart pods, and quirky festivals are part of what makes Portland, well… Portland. Follow local Instagram accounts, subscribe to neighborhood newsletters, and try a “first timer” happy hour to meet new people.
## 5. Understand the Housing Landscape
Portland’s market is cooling from its spring peak. According to [August 2025 RMLS data](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879):
- **Inventory:** 3.5 months
- **Median Sale Price:** $550,000
- **Average Days on Market:** 62 days
Translation? Buyers relocating now may have more time—and leverage—than in peak months. At Lovejoy Real Estate, we specialize in guiding clients through relocations with local insights, honest advice, and on-the-ground support.
## Let’s Make Your Move to Portland Smooth
If you’re considering relocating to Portland, we’d love to help you find your perfect fit. Our team helps more than 200 clients each year and has earned over 500 five-star reviews. You deserve a team that knows the area and listens to what you need. [Let’s talk.](https://lovejoyrealestate.com/contact-us/)
**Categories:** Real Estate News & Tips
---
### [How to Sell a Home with Pets](https://lovejoyrealestate.com/how-to-sell-a-home-with-pets/)
**Published:** September 24, 2025
**Author:** Charles Turner
**Content:**
# 
**Portland home sellers:** love your furry family members, but not every buyer will. Here’s how to make sure your pet-friendly home appeals to all — and sells faster.
We get it — your cat rules the roost and your dog has their favorite sunbathing spot. But when it’s time to list your Portland home, those adorable quirks can turn into subtle turnoffs if you’re not strategic. Here’s how to prep your home for sale — and protect your pets — without losing your sanity.
## 1. Deep Clean Like You Mean It
Pet smells are buyer kryptonite. Even if you’re nose-blind to the scent of your golden retriever’s favorite rug, buyers will notice. Invest in professional cleaning — carpets, upholstery, drapes, and air vents — and stay on top of daily vacuuming while your home is listed.
## 2. Hide the Evidence
Bowls, beds, scratching posts, and litter boxes all need to go — at least during showings and photos. Stage your home like your pets don’t live there. This helps potential buyers imagine the space as their own (especially those with allergies or pet aversions).
## 3. Repair Pet Damage
Clawed floors? Chewed trim? Scratched doors? Fix it. Buyers notice imperfections, and when they see pet damage, they start wondering what else might be wrong. Bonus: cosmetic touch-ups can raise perceived value without a big investment.
## 4. Make a Plan for Showings
Buyers need to feel comfortable touring your space. That’s hard to do with a barking dog or a nervous cat under the bed. Arrange for pets to be out of the house during showings — whether it’s a quick drive, a walk, or a pet sitter’s help.
## 5. Call Out Pet-Friendly Features Strategically
Does your home back up to a great trail? Have a mudroom perfect for paw-wiping? If your ideal buyer is also a pet lover, we can highlight those features in a way that feels appealing — not overbearing.
## 6. Partner with an Agent Who Gets It
We’ve sold hundreds of homes for pet owners across the Portland metro. From condos in the Pearl to fenced yards in Sellwood, we know how to help buyers focus on your home’s best features — not your pet’s presence. Ask Jenny Turner or a Lovejoy agent how we make selling with pets less stressful (and more successful).
> *“I was worried my four cats would be a dealbreaker — but Jenny’s team helped me stage like a pro and we sold over asking in 6 days!”*
> – Amy R., Portland seller
## Bottom Line
You don’t have to choose between your pets and a successful sale. With the right prep and strategy, you can have both. Let’s make it happen.
**Need help getting your pet-friendly home market-ready?** [Contact Lovejoy Real Estate](https://lovejoyrealestate.com/contact-us/) — we’re here to guide you every step of the way.
**Categories:** Real Estate News & Tips
---
### [Tips and Tricks for Leveraging AI in Real Estate](https://lovejoyrealestate.com/tips-and-tricks-for-leveraging-ai-in-real-estate/)
**Published:** February 16, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/02/ai_blog.png)There’s a narrative forming in real estate right now that sounds dramatic: **AI will replace agents** because consumers can do everything themselves. We’re living in uncharted territory where the Internet and Large Language Models (LLMS), like [ChatGPT](https://openai.com/), [Claude](https://claude.ai/), [Gemini](https://gemini.google.com/) and [Perplexity](https://perplexity.ai/ "Perplexity"), can deliver information and advice at mind blowing speed. The results are either amazing or idiotic and often human interaction or intervention is the only separation between the two.
### The Shift
The data doesn’t say professionals disappear. It says the value shifts. We believe the winning combination is the client and agent that leverages AI. The danger zone is the agent that relies on AI to do their thinking for them. The agent ignoring AI is spending time on low level tasks that would be better spent elsewhere in the transaction.
Artificial intelligence excels at one thing: compressing time around information. It summarizes faster. AI analyzes faster. It generates content faster. AI makes previously hard-to-access knowledge immediately accessible. It allows us to make decisions faster with more information- if we know what we are ultimately looking for. Anyone who has used AI has been down a rabbit hole or gone miles down the left fork in the road then the answer was just around the bend on the right.
Buyers, sellers, and homeowners now have access to more data than ever. Automated valuations, predictive search, mortgage calculators, and neighborhood summaries are generated in seconds. The barrier to entry for information has collapsed. The key here is the output is templated and we’re looking at a unique situation in every housing transaction. Your agent must know enough, and pay enough attention, to know when the information returned doesn’t match reality.
### Buyer idea:
If you’re a buyer, don’t ask AI who the “best agent” is (obviously us). That’s a popularity contest. Instead, ask it something that sharpens your judgment. Try this:
*“What risks am I likely underestimating when buying a home in a competitive market, and how should I evaluate them?”*
*“Why are some homes selling in a matter of days and others sitting on the market?”*
These questions force you to think about inspection gaps, appraisal exposure, financing structure, resale liquidity, neighborhood volatility — the real variables that impact long-term outcomes. Then bring those insights into a strategy conversation with your agent. Use AI to widen your lens, not replace your representation.
### Seller Idea:
If you’re a seller, don’t ask it what your home is worth. Every algorithm can spit out a number. Instead, ask:
*“What factors cause two similar homes in the same neighborhood to sell for meaningfully different prices?”*
Now you’re exploring positioning, condition, light, timing, buyer psychology, presentation quality, negotiation strength. That’s where outcomes are created. AI can outline the variables. A professional helps you interpret which ones apply to your house.
### Homeowner idea:
And if you’re a homeowner not planning to move, don’t ask it whether now a good time is to sell. Ask:
*“If I plan to own this home for another five to ten years, what improvements are most likely to protect or increase long-term resale value in my specific market?”*
That shifts the conversation toward stewardship instead of speculation. Maintenance cycles. Functional obsolescence. Energy efficiency. Permit history. Local buyer trends. Those are strategic conversations — not headline reactions. And before you do anything, talk to us. We know from experience what projects will work in your situation.
*\*This was written with an AI assist. It wrote the framework and was then heavily edited.*
**Categories:** Real Estate News & Tips
---
### [Pocket Listings, Private Exclusives, and the Fight Over How Homes Get Sold](https://lovejoyrealestate.com/pocket-listings-private-exclusives-and-the-fight-over-how-homes-get-sold/)
**Published:** March 13, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/03/pocket-listing-AI.png)
If you’ve been following real estate news, you’ve probably noticed that one of the industry’s biggest fights right now isn’t about interest rates or inventory. It’s about who gets to see listings — and when. While the fight is taking place between industry giants, the outcome will greatly impact the consumer. Here’s what you need to know and why it matters.
### What is a pocket listing?
A pocket listing is a property for sale that isn’t publicly marketed through the MLS. The seller’s agent shops it quietly — to their own buyers, their office, or a private network — before (or instead of) putting it on the open market. The appeal is usually privacy: the seller doesn’t want a parade of strangers through their home, or doesn’t want neighbors to know they’re selling. It’s most common at higher price points.
### The fight playing out nationally
Compass, one of the country’s largest brokerages and now the mothership of the world’s largest, has built a significant part of their brand around private exclusive listings. Their argument is simple: sellers should have the right to choose how their home is marketed. [NAR’s Clear Cooperation Policy](https://www.nar.realtor/about-nar/policies/mls-clear-cooperation-policy "NAR's Clear Cooperation Policy") (CCP) — which requires listings to be submitted to the MLS within one business day of any public marketing — is, in their view, a restriction on seller choice.
Zillow sees it differently. In early 2025, Zillow launched its Listing Access Standards, which essentially say: if you’re marketing a home publicly but not putting it on the MLS, Zillow won’t show it. Their position is backed by their own data — homes sold off-market in 2024 sold for nearly $5,000 less on average than comparable homes that went through the MLS, with losses significantly higher in some markets.
Compass sued Zillow in June 2025. A federal judge denied their request to block Zillow’s policy. Compass’s CEO has since stated the company doesn’t consider CCP binding and won’t follow it. That trial is still pending. That didn’t stop Compass aligning with Redfin to share listings that Zillow won’t.
NAR, for its part, took the middle road in March 2025 — keeping CCP but adding a formal Delayed Marketing option, allowing sellers to delay public MLS syndication if they sign a disclosure form acknowledging what they’re giving up.
### What the rules actually say in Portland
RMLS, the MLS we operate under, has its own rules that largely align with the spirit of CCP. Here’s how they break it down:
Once a listing agreement is signed, it must be submitted to RMLS within 24 hours. Once active, it must be available for showing immediately — you cannot restrict showings to a future date. And once a property is publicly marketed in any form — yard signs, social media, flyers, email blasts, broker websites — it must be submitted for cooperation with other RMLS agents within one business day. Marketing before MLS submission is a violation with fines up to $1,500.
That said, RMLS does allow three legitimate paths for sellers who want to limit exposure:
**Office Exclusives** — where the seller signs a disclosure form instructing us not to publicly market the home and not to disseminate it through RMLS. The property is shared only within our brokerage. The moment it’s publicly marketed, it must go into RMLS within one business day.
**Delayed Marketing** — the listing is entered into RMLS and shared with other agents, but public syndication (Zillow, Realtor.com, IDX feeds) is delayed. Other MLS member agents can still see it and show it. What is an IDX feed? It’s the conduit for listings to every real estate website that is not the MLS. That’s every brokerage website (ours included), portal (Zillow/Realtor.com) and app that displays listings. No sign in the yard but likely to become the worst kept secret in the neighborhood.
**Coming Soon-No Showings** — the listing is visible in RMLS only (not syndicated publicly), allows a sign and flyer at the property, and gives the seller up to 21 days before going active. No showings during this period. The reality is no one uses this status.
**WVMLS** has its own set of rules which are similar but different.
### Where we stand
We’re an independent brokerage, not a franchise building national market share by aggregating private listings. Our interest is straightforward: getting our sellers the best outcome.
The data on this is fairly clear — broad MLS exposure creates competition, and competition drives price. For most sellers, maximum exposure is the right strategy.
That said, there are real situations where privacy matters more than price optimization. Tenants in the home. An estate sale where the family isn’t ready for public attention. A high-profile seller who doesn’t want speculation. For those sellers, the office exclusive or delayed marketing paths exist, and we’ll explain exactly what the tradeoffs are before anyone signs anything. That’s where having a network of agents to call is super-valuable.
What we won’t do is use pocket listings as a marketing tool for our own benefit — keeping listings in-house to double-end deals or drive traffic to our own buyer pool. That’s not seller representation. That’s a conflict of interest dressed up as a feature and what was the impetus for Clear Cooperation.
The question isn’t really whether pocket listings are good or bad. The question is: whose interests are they serving? That’s a conversation worth having before you sign a listing agreement.
**Categories:** Real Estate News & Tips
---
### [Understanding Hoarding: Challenges & Solutions in Home Sales](https://lovejoyrealestate.com/hoarding/)
**Published:** March 27, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/03/Gemini_Generated_Image_z6ws9dz6ws9dz6ws.png)Hoarding doesn’t announce itself. It builds slowly — one room at a time, one year at a time — until the house becomes something no one planned for it to be.
It comes up in real estate more than most people expect. An aging parent who can no longer maintain the home. An estate that needs to be settled after a death. A seller who knows something has to change but doesn’t know where to start. The situations vary, but the challenge is the same: a property that can’t be sold as-is, and a family that needs help before the house ever hits the market.
## What We’re Actually Talking About
Hoarding disorder is a recognized mental health condition — not a moral failing or a lifestyle choice. It involves persistent difficulty discarding possessions, regardless of their actual value, combined with real distress at the thought of letting go. The results can range from cluttered rooms to conditions that compromise safety and render a home uninhabitable.
Estimates put hoarding disorder at somewhere between 2 and 6 percent of the population. In the Portland metro area, that’s tens of thousands of households. It’s not rare. It’s just rarely talked about.
## What It Means for a Sale
A home with a hoarding condition presents real, practical obstacles. Appraisers need access. Inspectors need to see systems. Buyers need to be able to picture themselves living there. None of that is easy when rooms are inaccessible or when years of accumulation have led to structural or sanitary issues.
Disclosure matters too. Oregon requires sellers to disclose material defects. If hoarding has caused damage — to flooring, subfloor, HVAC, plumbing — those issues need to be adressed. Trying to sell a property without addressing the underlying condition typically ends in failed inspections, price reductions, and deals that fall apart at the worst possible moment.
The good news: with the right preparation and the right team, these homes sell. They just require a different kind of process and a realistic timeline.
## The Conversation Nobody Wants to Have
For families navigating a loved one’s hoarding situation, the hardest part usually isn’t the house. It’s the conversation.
Approaching it with shame or urgency tends to make things worse. Hoarding is frequently connected to grief, anxiety, trauma, and deep emotional attachment to objects. Threatening to “just throw everything away” can destroy trust and delay the help someone genuinely needs.
What tends to work better: lead with concern, not judgment. Focus on the person’s safety and well-being rather than the condition of the house. Bring in professionals — mental health providers, social workers, organizers who specialize in this work — before you ever call a real estate agent. The house conversation goes better when the person feels supported, not cornered.
## Local Hoarding Resources — Portland Area
You don’t have to figure this out alone.
**[Multnomah County Hoarding Task Force](https://multco.us/info/multnomah-county-hoarding-task-force)** provides training for professionals and community members, maintains a resource directory, and works to reduce stigma around hoarding disorder. Their quarterly meetings bring together social workers, healthcare providers, code compliance officers, and others who work with hoarding situations regularly. The most recent meeting was March 4th.
**[Multnomah County Adult Protective Services](https://apsreferral.multco.us/)** investigates cases where an adult’s inability to care for themselves — including self-neglect — may be leading to harm or endangerment. If you’re concerned about a family member who can no longer safely maintain their home, APS can assess the situation and connect them with services.
**Washington County**
- **Washington County Adult Protective Services** — 971-673-5200 (covers self-neglect/unsafe living conditions for adults 60+ and people with disabilities)
- **Elder Safe** (Washington County Sheriff’s Office) — 503-846-6048 (elder abuse/neglect response, multi-agency team)
- **Washington County Disability, Aging and Veteran Services** — county-level wraparound services for seniors and people with disabilities
---
**Clackamas County**
- **Clackamas County Adult Protective Services** — 971-673-6655 or 1-855-503-SAFE (same scope as above — adults 65+ and people with disabilities)
- **Clackamas County Aging and Disability Resource Connection (ADRC)** — 503-650-5622 / (good first call for connecting people to services)
---
**Good for the whole metro (including Washington & Clackamas)**
- **[NW Anxiety Institute](https://www.nwanxiety.com/hoarding.html)** — 503-542-7635 — This one is worth highlighting. They explicitly serve Multnomah, Washington, Clackamas, and Columbia counties. They offer individual therapy (often in-home), group therapy, and a 16-week *Buried in Treasures* workshop. One of their therapists sits on the Multnomah County Hoarding Task Force steering committee.
## When You’re Ready to Talk About the House
Once a support plan is in place and the home has been addressed, the real estate piece becomes more manageable.
A realistic timeline, an honest assessment of repair costs, and a clear picture of what the property is worth in its current condition — that’s what allows families to make good decisions rather than desperate ones. We’ve helped families through exactly this kind of situation. We know how to work alongside cleanup crews, professional organizers, and contractors. We know how to price a property honestly so that it actually closes. And we know how to treat a difficult situation with the discretion it deserves.
## The Bottom Line
Hoarding is one of those topics that stays quiet until it can’t anymore. If you’re navigating it — for yourself, a parent, a sibling, or an estate — there are people in this community who can help. And there are real estate professionals who know how to handle what comes next.
The house can be sold. The first step is just asking for help.
**Categories:** Real Estate News & Tips
---
### [Understanding Housing Styles of Portland and RMLS Listings](https://lovejoyrealestate.com/understanding-housing-styles-of-portland-and-rmls-listings/)
**Published:** May 1, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/05/William-L-Brewster-1898.jpg)If you want to understand Portland’s neighborhoods, don’t start with a map. Start with the housing styles.
The architecture of this city isn’t random. Every style reflects the era when that part of Portland was developing — who was building, what materials were available, and what buyers wanted at the time.
Learn to read the styles and you can roughly date a neighborhood by driving through it. More practically, you can start to anticipate what you’re getting into before you ever schedule a showing. This is Colonial Rival in the Alphabet District is the William L. Brewster House taken sometime around 1902. Source unknown.
We pulled the data from current RMLS active listings across the Portland metro — 931 detached homes — to see how the styles actually break down. Here’s what the inventory says, and what it means.
One caveat worth stating upfront: Style is a listing agent-entered field in RMLS. There’s no enforcement, no audit, and no consistency rule. The same 1960s ranch might be listed as Ranch by one agent and Contemporary by another after a remodel. We use the RMLS Characteristics of House Styles guide as our reference (it is not online) — but the data reflects how agents self-report, not a formal classification system. Each style linked below is to a listing showing the specific style of home.
## The Oldest Stock: Victorian, FourSquare, and Colonial
You won’t find many of these in the active market — and that’s the point. The homes built before 1910 are concentrated in a handful of inner neighborhoods: Irvington, Ladd’s Addition, parts of NW Portland.
[Victorian homes](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_439430276) — steep gables, ornate wood detail, sometimes a turret — were status symbols of early Portland prosperity. The [FourSquare](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_719148938), with its boxy two-and-a-half story profile and full front porch, was the practical working-class answer to the same era. The [Colonial](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_661922954) — formal, symmetrical, two-story with small casement windows and a steeply pitched roof — appears occasionally in Portland’s older eastside neighborhoods.
When you see any of these in the active market, you’re buying more than a house. You’re buying a century of ownership history. That means charm, character, and almost certainly a to-do list. Knob-and-tube wiring, galvanized pipes, and deferred foundation work are common companions. Price accordingly and inspect thoroughly.
## The Bungalow Era: 1910s–1930s
[Bungalows](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_497606328) are Portland’s dominant housing type — 142 active listings, the most of any style. The 1910s through 1930s were the years when the city’s grid neighborhoods filled in, streetcar lines determined where people could live, and the bungalow was the perfect fit: one to one-and-a-half stories, a gabled roof, a front porch, human scale. These homes concentrate exactly where you’d expect: Kenton, Roseway, Normandale, Rose City Park, Sellwood-Moreland, University Park.
The [Craftsman](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_241098616) is the bungalow’s more refined cousin — low-pitched gabled roof, wide eaves, exposed rafters, full front porch. You’ll find the best concentrations in Alameda. Both styles share the same era and the same inspection profile: beautiful bones, original hardwoods likely intact, but 80–100 year old systems that may have been updated once or twice or not at all.
From this same era you’ll also encounter the [Cottage](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_535691041) — similar to the bungalow but with a lower roofline, smaller or no front porch, and plainer detailing — and the [Cape Cod](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_707817089), with its steeply pitched gabled roof and attic conversion giving an additional half-story. Both appear throughout the inner eastside.
## The Postwar Spread: Ranch, Daylight Ranch, Split Level, and Tri-Level (1940s–1970s)
After World War II, Portland grew outward. The car replaced the streetcar, lots got bigger, and the [ranch](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_140083080) emerged: single story, attached garage, picture window, simple construction. The [daylight ranch](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_175276566) added a lower level basement partially above ground — a clever adaptation to Portland’s hillside topography that gave families extra square footage without going full two-story.
Combined, ranch and daylight ranch account for 163 active listings — nearly 18% of the market. They scatter across the postwar suburbs: West Portland Park, Hazelwood, Parkrose Heights, Woodstock, Brentwood-Darlington.
Two variations of this era are worth knowing. The [split level](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_524991821) — entry at grade with one staircase going up and another down — gave builders a way to create separation between living spaces on a modest footprint. The [tri-level](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_135736947) is essentially a raised ranch with a full story added on one end. Both styles are common in outer SE and outer NE Portland and tend to sit on generous lots.
These postwar homes generally have original systems reaching the end of their useful life. The good news: they’re almost always easier and cheaper to update than Victorian-era homes.
## The Portland Originals: Mid-Century Modern, English, and Tudor
Only 11 [Mid-Century Moderns](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_243925124) are active right now, but they earn a prominent mention because they’re genuinely Portland’s own. This style — clean horizontal lines, ample windows, open floor plans designed to bring the outdoors in — produced one of this city’s most beloved housing types: the Rummer. Built primarily in SW Portland from the late 1950s through the 1960s, Rummers have developed a devoted following. When one hits the market it moves fast — they’re among the quickest-selling styles in the current data.
Less celebrated but equally distinctive, [English-style homes](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_734529176) — steeply pitched roof, prominent cross gables, tall windows, sometimes half-timbered — are the fastest-selling style in the current active market. Rare and recognizable, with a buyer pool that knows exactly what it wants. [Tudor homes](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_327445886) are similar in character — low doors, small-paned windows, decorative half-timbering — and appear in pockets of North Portland and the inner eastside.
## The Suburban Expansion: Traditional and 2-Story (1980s–2000s)
The [Traditional](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_394437284) style — an open design drawing from multiple historical references without strictly following any of them — became the default language of planned community development. Forest Heights, Bethany, Cedar Mill, Bonny Slope: these neighborhoods show Traditional as their dominant style, which tells you they were largely built in the 1990s and 2000s. The generic [2-Story](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_282282457) designation covers a lot of this same ground — often applied to newer construction that doesn’t fit neatly into another category.
Together they represent more than a quarter of the active market. These homes are younger, more standardized, easier to insure and finance, and typically lower maintenance than their older counterparts.
## What’s Being Built Now — and What’s Been Reimagined: NW Contemporary, Contemporary, Modern, and Farmhouse
The [NW Contemporary](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_764786675) is a Pacific Northwest-specific designation — designs that lean into the region’s landscape with natural materials, strong rooflines, and an indoor-outdoor orientation suited to the climate.
[Contemporary](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_124911909) and [Modern](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_666084008) show up in two very different places in the data. In established inner neighborhoods like St Johns, Cully, and Hillsdale, some are new infill construction. But many are older homes — ranches, bungalows, postwar stock — gut-renovated into a contemporary aesthetic. New skin, old bones. This distinction matters: the inspection profile of a remodeled 1960s ranch is very different from a 2022 new build, even if they photograph similarly.
[Farmhouse](https://lovejoyrealestate.hsidx.com/@ccare/listing/RMLS_268498537) — simple construction, front porch, two-story — is the newest entrant, concentrated in new developments. It’s having a national moment and Portland builders have noticed.
## Why Any of This Matters
Knowing a home’s style tells you more than how it looks. It tells you roughly when it was built, which tells you what systems are likely aging out, what permits may or may not exist for past renovations, and what kind of neighborhood character to expect.
It also tells you something about the buyer pool. Bungalows and Craftsmans attract buyers who want character and are willing to do the work. Ranch homes attract buyers who want single-level living and a yard. New Traditional attracts buyers who want predictability. Understanding which style you’re selling — and who specifically is looking for it — shapes every decision from pricing to staging to where you market it.
The Portland metro has more housing variety than most markets its size. That’s part of what makes it interesting. It’s also part of what makes a knowledgeable agent worth having.
Questions about what style of home makes sense for your situation — or how to position the one you’re selling? [We’re happy to talk through it.](https://lovejoyrealestate.com/contact)
```
Data from current RMLS active listings, Portland metro, April 2026. Style definitions from the RMLS Characteristics of House Styles guide.
```
**Categories:** Real Estate News & Tips
---
### [Selling Your Home After Retirement: What to Know Before You List in Portland](https://lovejoyrealestate.com/selling-your-home-after-retirement-what-to-know-before-you-list-in-portland/)
**Published:** September 11, 2025
**Author:** Charles Turner
**Content:**
You’ve retired—or you’re about to—and now the question is, what’s next for your home? Whether you’re dreaming of downsizing, moving closer to grandkids, or finally escaping Portland’s rainy winters, your next move deserves a smart, stress-free plan. ## First, Let’s Talk Portland’s Current Market
As of August 2025, [Portland’s real estate landscape](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) is showing a few mixed signals. While new listings dropped **7.2%** compared to August 2024, pending sales jumped **10.9%** and closed sales rose **3.3%**. In short? Inventory is tighter, but serious buyers are still out there and ready to act.
Homes are now taking an average of **62 days** to sell—up from last month’s 52 days—making it especially important to price strategically and prepare your home thoughtfully for market. The median sale price held steady at **$550,000**, with average prices showing a modest **0.7% increase** year-over-year.
## Why Retirees Are Rethinking Their Homes
We often hear retirees say things like:
- “The stairs just aren’t working for us anymore.”
- “We don’t need four bedrooms—we’d rather have less to clean and more time to travel.”
- “It’s time to be closer to our kids and grandkids.”
Whatever your reason, your home has probably served you well—but it might be time to let it serve someone else, and choose a space that fits your new lifestyle better.
## Downsize or Relocate? Pros and Cons
**Staying in Portland but downsizing** can keep you near your friends, favorite restaurants, and doctors. Many of our clients love finding single-level homes, condos, or even newer ADUs that offer comfort without the upkeep.
**Moving closer to family**—whether that’s across town or out of state—can offer new community, connection, and built-in support (especially important if health or mobility is a factor).
Need help evaluating options? We often work with clients long before they’re ready to list, helping them weigh pros and cons, line up trusted downsizing vendors, and create a timeline that works with their retirement plans.
## Top Tips Before Listing Post-Retirement
- **Know your home’s current market value.** Don’t rely on outdated tax records or automated estimates—Portland’s neighborhoods shift fast. We offer free, no-pressure consultations.
- **Declutter with intention.** Whether you’re moving to 800 square feet or planning to rent for now, paring down belongings can make both your home more appealing to buyers and your move easier.
- **Time your sale strategically.** Inventory typically shrinks heading into fall and winter. Listing soon could help you avoid longer days on market or price cuts later in the year.
## You Don’t Have to Navigate This Alone
Lovejoy Real Estate has helped hundreds of Portland-area homeowners make smooth, successful transitions into retirement living. With over **500 five-star reviews** and **200+ annual transactions**, we’ve seen every kind of “next chapter” scenario—and we’re here to help make yours seamless.
Thinking about selling in the next 6–12 months? Let’s have a casual, honest conversation about what’s possible.
**Related Reading:**- [7 Minor Updates That Can Help Your Home Sell Faster](/blog/7-minor-updates-that-help-your-home-sell-faster)
- [Should You Buy Before You Sell in Portland?](/blog/should-you-buy-before-you-sell-in-portland)
**Categories:** Downsizing Real Estate, Real Estate News & Tips
---
### [Is Your Tree at Risk? Hidden Dangers You Need to Know!](https://lovejoyrealestate.com/is-your-tree-at-risk-hidden-dangers-you-need-to-know/)
**Published:** February 13, 2025
**Author:** Charles Turner
**Content:**
While avoiding coming up with a topic and writing this week’s article, I scrolled upon Ryan Cafferky’s Facebook post about a large oak tree his Hood River-based company, [**A Life With Trees**](https://alifewithtrees.com/ "A Life With Trees"), recently removed. It was well written and informative, and included some “who knew?” moments. So, I reached out to him and got permission to modify it for this space.
They strive to **preserve trees whenever possible** and only recommend removal when absolutely necessary.
### **🌳 A Hidden Threat: Why This 100-Year-Old Oak Had to Come Down**
The homeowner initially requested a **pruning consultation**, but during the inspection, **mushrooms at the base of the tree** raised red flags. The fungus, identified as **Armillaria (honey mushroom)**, often indicates hidden decay. To assess the tree’s structural integrity, we performed a **root crown excavation** and found **extensive decay, mycelium, and spongy wood** in the buttress roots. Probing further revealed significant voids where solid wood should have been.
---
### **🛠 The Advanced Technology Behind Tree Risk Assessment**
To confirm our findings, we brought in a **consulting arborist from Portland** to perform a **sonic tomography scan**. This tool allows arborists to assess the internal health of a tree using **sound waves**.
Sonic tomography works by placing **sensors around the trunk of the tree**. These sensors are connected to nails lightly tapped into the bark. When a hammer strikes each sensor, it sends **sound waves through the tree**, which travel at different speeds depending on the density of the wood. **The denser and healthier the wood, the faster the waves travel**; if there is decay or hollow areas, the waves slow down.
The collected data is processed into a **color-coded image**, providing a cross-sectional view of the tree’s internal structure. At the soil level, the oak appeared relatively solid. However, just **six inches lower**, the scan showed **major internal decay**, confirming the presence of **extensive fungal damage and structural instability**.
With **multiple risk factors**, including decay, weight distribution, and proximity to structures, we determined this tree had a **high likelihood of failure**. Had it fallen, it could have caused **significant damage to two homes**.
---
### **🚨 What Homeowners Should Know About Tree Health**
From the outside, this tree **looked perfectly healthy**—a reminder that internal decay isn’t always visible. This particular case was worsened by a **downspout draining directly at the tree’s base**, creating conditions for fungal growth over the years.
#### **Do You Have Trees at Risk? Ask Yourself:**
✅ Has the grade around the tree been changed?
✅ Is the tree in a heavily irrigated or poorly drained area?
✅ Have underground utilities been installed near the tree recently?
✅ Are there **mushrooms growing at the base** or **dead tips in the canopy**?
If you answered **yes** to any of these, consider having a **certified arborist** inspect your trees.
🌲 **Schedule a Consultation with A Life With Trees** → (541) 806-2333
🔗 **Visit:** [https://alifewithtrees.com/](https://alifewithtrees.com/ "A Life With Trees") Serving the Columbia River Gorge
All photos Ryan Cafferky
**Categories:** DIY and Organization, Real Estate News & Tips
---
### [🍂 Ten Things for the Changing Seasons](https://lovejoyrealestate.com/🍂-ten-things-for-the-changing-seasons/)
**Published:** October 31, 2025
**Author:** Charles Turner
**Content:**
*[](https://www.beckyjoanspringer.com/)As the clocks fall back on Sunday, November 2, we gain an hour — but let’s put it to good use.*Here in the Northwest, the shift from crisp fall days to steady winter rain is more than just a change in wardrobe — it’s a signal to get our homes ready. These ten simple tasks can help you stay comfortable, safe, and dry all season long.
The painting, is by [Becky Joan Spinger](https://www.beckyjoanspringer.com/), our current “artist in residence”. Come check out the 20+ pieces hanging in our Portland office. It will be here through the end of the year.
### 1. Change those smoke detector batteries
They only seem to die at 3 a.m., right when you’re finally asleep. Swap them now and save yourself a sleepy broom-handle rescue mission. A quick check today means a quieter, safer winter.
### 2. Replace your furnace filter
A clean filter keeps your system running efficiently and your air fresher. Neglect it, and your furnace works harder — burning more energy and driving up your bill.
### 3. Clean your gutters
Clogged gutters can push water back under your roof shingles or send it cascading onto walkways. If heights aren’t your thing, hire someone before the rains truly settle in.
### 4. Be a good human — clear the street drains
When leaves pile up at the curb, stormwater has nowhere to go. A five-minute rake or broom session keeps puddles (and neighbors) happy.
### 5. Pay attention to downtown leaf-cleaning signs
City crews mean business — parked cars in posted leaf zones will be towed right on time. Move your car early and skip the ticket drama. If you live in the downtown area or are visiting, you can check the schedule [here](https://www.portland.gov/transportation/maintenance/leaf-day "Portland Leaf Day Schedule").
### 6. Check window and door seals
A drafty window might not seem like much, but over a long Portland winter, it adds up. Fresh weatherstripping keeps the warmth in and the drizzle out.
### 7. Trim back branches
Winter wind plus soggy ground equals falling limbs. Take a walk around your yard now and trim anything that could threaten your roof, car, or power lines.
### 8. Test outdoor lighting
With the sun setting before dinner, good lighting is key for safety and comfort. Replace bulbs, clean fixtures, and make sure your timers are still accurate.
### 9. Swap porch plants for evergreens
Keep your home’s entry cheerful all season long. Hardy evergreens, hellebores, and ferns add life even on the grayest days.
### 10. Make it cozy
You’ve earned it. Light a candle, put on a pot of soup, and settle into the season that defines the Northwest — a little rain, a lot of warmth, and a home that’s ready for it.
**Thinking of making a move this winter?** Lovejoy Real Estate is here to help — rain or shine. [Get in touch with us](https://lovejoyrealestate.com) to talk strategy before the holidays.
**Categories:** DIY and Organization, Real Estate News & Tips
---
### [The High Cost of Deferred Maintenance: Why Small Fixes Now Save Big Money Later](https://lovejoyrealestate.com/the-high-cost-of-deferred-maintenance-why-small-fixes-now-save-big-money-later/)
**Published:** January 31, 2025
**Author:** Charles Turner
**Content:**
As the real estate market picks up and more homes hit the market, one thing is becoming increasingly clear: well-maintained homes sell faster and at a premium. Yet, many homeowners neglect routine upkeep, unaware that small, inexpensive fixes can turn into costly repairs down the line.
### The True Cost of Neglect
Deferred maintenance doesn’t just impact aesthetics—it can lead to significant structural and mechanical damage. Here are some of the most common (and avoidable) maintenance issues:
- **Furnace Neglect** – Failing to change your furnace filter regularly can cause overheating, reduced efficiency, and even complete system failure. A clogged filter forces your HVAC system to work harder, leading to higher energy bills and potential breakdowns.
- **Roof Moss & Leaks** – Portland’s damp climate makes moss growth a real issue. Left untreated, moss can damage shingles, lead to leaks, and ultimately require a full roof replacement much sooner than expected. Learn more about [roof maintenance in wet climates](https://www.oregon.gov/bcd/Documents/brochures/Wet_Climates_and_Roofing.pdf) from the Oregon Building Codes Division.
- **Paint & Wood Rot** – Peeling or chipping exterior paint isn’t just an eyesore; it exposes your home’s siding to moisture, leading to rot and expensive repairs. A fresh coat of paint acts as a protective barrier against the elements.
- **Clogged Gutters** – When gutters overflow, water seeps into foundations, causing cracks, leaks, and basement flooding. Cleaning your gutters twice a year can save thousands in potential foundation repairs. The EPA provides [helpful tips on proper water management](https://www.epa.gov/watersense/outdoor) to protect your home.
- **Plumbing Leaks** – A small leak under the sink might not seem urgent, but over time, it can lead to mold growth, warped cabinets, and costly plumbing replacements. Check out the [Department of Energy’s guide to fixing household leaks](https://www.energy.gov/energysaver/fixing-leaks).
### Spring Maintenance Checklist
With spring approaching, now is the perfect time to tackle preventive maintenance. Here are some essential tasks to keep your home in top shape:
- ✔ Clean gutters and downspouts
- ✔ Replace furnace filters
- ✔ Inspect the roof for moss, missing shingles, or damage
- ✔ Check for leaks under sinks and around toilets
- ✔ Touch up exterior paint and check for signs of rot
- ✔ Service your HVAC system before summer heat kicks in and AC unit runs frequently
- ✔ Pressure wash driveways and siding to prevent mold buildup. Schedule now for drier times!
### The Market Advantage of a Well-Maintained Home
Buyers are drawn to homes that feel well cared for. A house with a new roof, fresh paint, and updated systems not only sells faster but often commands a higher price. In today’s competitive market, small investments in maintenance can translate to significant returns when it’s time to sell.
**Feeling overwhelmed by the costs of necessary projects?** Contact us to discuss programs where repairs and updates can be covered upfront and paid from your proceeds at closing, rather than out of pocket. If you’re considering putting your home on the market, now is the time to get ahead of any deferred maintenance issues.
Need recommendations for trusted contractors? We’re happy to help connect you with local professionals who can get your home market-ready.
**Taking care of your home today will save you money tomorrow. Don’t let deferred maintenance turn into deferred dollars!**
**Categories:** Fixers and Remodeling, Real Estate News & Tips
**Tags:** Home Projects
---
### [Timing the Market vs. Investing in Real Estate](https://lovejoyrealestate.com/timing-the-market-vs-investing-in-real-estate/)
**Published:** February 7, 2025
**Author:** Charles Turner
**Content:**
We’d all love to buy low and sell high, but the only way to know if we’ve succeeded is by looking in the rear-view mirror. “I’m waiting for the market to drop” is something we hear all the time. But as [Ramit Sethi](https://www.iwillteachyoutoberich.com/) points out in [*I Will Teach You to Be Rich*](https://www.amazon.com/Will-Teach-You-Rich-Second/dp/1523505745 "I Will Teach You to be Rich"), **being in the market consistently is far more important than timing it perfectly.** Trying to buy at the exact bottom or sell at the exact top is nearly impossible, but those who stay invested over time tend to come out ahead.
This idea holds true for real estate. The [Case-Shiller Home Price Index](https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-portland-home-price-nsa-index/) shows that over the last ten years, the **annualized return for Portland real estate has been 6.79%**, compared to **8.32% for the Dow Jones Industrial Average**. While stocks have outperformed, real estate remains a strong, steady wealth builder—especially when factoring in leverage, tax advantages, and long-term stability. Of course, ownership has costs that stocks don’t, and affordability matters. If you’re weighing your options, [Nerd Wallet’s Rent vs. Buy calculator](https://www.nerdwallet.com/mortgages/rent-vs-buy-calculator) can help run the numbers.
### Where Are We Now?
The **Case-Shiller Index for Portland peaked in May 2022**, but today’s values aren’t far off that high. Since the report lags about **90 days**, this is the most current data available. The numbers represent the **Portland MSA**, a seven-county area that provides a broad view of our local housing market.
### How Waiting vs. Buying Has Played Out
Looking at the past decade, buyers who waited for a “better deal” often ended up paying **more, not less**. In 2014, the median Portland home price was **$300,000**. By 2019, that number had climbed to **$450,000**, and by 2024, it sits around **$615,000**. That means someone who delayed buying in 2014 ended up paying **50% more** just five years later, while those who waited until 2024 saw prices double.
Interest rates have added another layer to this. In 2014, mortgage rates were around **4%**. In 2020, they hit record lows of **2.75%**, but by 2023-2024, they had spiked past **7%**. Buyers who locked in those lower rates in previous years ended up with **lower monthly payments** than someone buying today, even at a higher price.
### Affordability Challenges & The Bigger Picture
It’s no secret that buying a home in Portland today is harder than it was a decade ago. Home prices have outpaced wage growth, but incomes have still risen. In 2014, the **median household income** in Portland was about **$55,000**. By 2024, it had climbed to **$85,000**. While wages haven’t fully kept up with housing costs, they have helped offset some affordability issues.
Rent has also increased significantly. In 2014, a one-bedroom apartment in Portland rented for around **$1,000 per month**. By 2019, that climbed to **$1,500**, and in 2024, the average is **$1,850**. Unlike a mortgage, which can be locked in for 30 years, rent prices tend to rise with inflation, meaning many renters today are paying **double what they were a decade ago**—without building any equity.
### How Buyers Can Navigate the Market
The cost of waiting will be an increase in competition which will lead to higher prices. This chart shows a U.S. World News and Report survey results that 67% of buyers say they are waiting for rates to drop and when they will enter the market. At 6.5% interest, it is only 15% start buying. At 5.5%, that number jumps to 74%. We don’t expect rates to do that in 2025, but it is not a stretch to expect prices to increase due to competition faster than the savings a lower rate provide.
Despite the challenges, homeownership is still within reach for many buyers. Some are choosing to **put down less upfront**—rather than waiting to save 20%, they’re opting for **5-10% down payments** to get into the market sooner. Others are looking at **loan programs like FHA or VA loans**, which allow for lower down payments and more flexible credit requirements.
Seller concessions are also making a comeback. Many buyers are negotiating **rate buydowns**, where the seller helps reduce the buyer’s interest rate for a period of time, lowering monthly payments. Additionally, looking beyond central Portland can reveal **more affordable homes** in outlying areas. While these options may not be ideal for everyone, they provide ways to enter the market rather than waiting indefinitely.
### The Takeaway
Yes, today’s buyers are facing more challenges than those who bought a decade ago. But **the key takeaway remains the same**: **long-term participation beats short-term speculation**.
Waiting for the “perfect” moment to buy often means **paying more later**. Instead, buyers who adjust their strategy—whether through creative financing, adjusting expectations, or looking at alternative locations—can still **find a way into homeownership and build long-term wealth**.
**Categories:** Investing in Real Estate, Real Estate News & Tips
---
### [Portland Real Estate Outlook: Why 2026 Could Be the Turnaround Year](https://lovejoyrealestate.com/portland-real-estate-outlook-why-2026-could-be-the-turnaround-year/)
**Published:** January 2, 2026
**Author:** Charles Turner
**Content:**
For nearly three years, Portland’s housing market has been in what economists call a *transaction drought.* Homes have continued to hold their value, but far fewer have actually changed hands. Now, as we step into 2026, there are early signs that this long, dry stretch may finally give way to a slow but steady recovery. 2025 felt a lot like Groundhog Day vis-a-vis 2024 and we should have the RMLS market data to prove that next week. ### From Drought to Recovery
National housing analysts studying five decades of market cycles describe the current moment as a *pause in movement*, not a crash in value. Each prior downturn—from the early-1980s rate spikes to the Great Recession—eventually ended in renewed activity once rates stabilized and confidence returned. The same pattern appears to be unfolding again. Portland has been through it before, and history suggests that balance follows scarcity.
### Rates Are Finally Helping, Not Hurting
By late December 2025, Freddie Mac reported an average **30-year fixed rate of 6.15%**, the lowest level since early 2023. It may not feel “cheap,” but every half-point drop in rates unlocks thousands of households who’ve wanted to move yet felt trapped by their old 3-to-4 percent loans. Lenders are also reintroducing five- and seven-year adjustable programs that can bring monthly payments within reach for first-time and move-up buyers alike. The difference between a 6.9% and a 6.1% mortgage might be the tipping point that turns curiosity back into action.
### Inventory: Still Tight, But Loosening Around the Edges
The number of homes for sale across the metro area remains well below pre-pandemic norms, but there’s a subtle shift. Homeowners who postponed downsizing or relocating are beginning to test the market again. The further we move away from historic low rates, the more want-to-move sellers become have-to-move sellers. Builders are quietly increasing single-family and townhome starts, though labor and land constraints continue to limit supply. For buyers, that means competition will remain—but perhaps with a few more choices than in 2024 and 2025.
### Prices: Stability, Not Speculation
After minor softening in 2023 and 2024, Portland’s home values largely held their ground in 2025. Most economists expect **modest 1–4 percent appreciation** through 2026—enough to keep homeowners confident without fueling another affordability crisis. Neighborhoods with strong in-town appeal, such as Sellwood, Irvington, and Beaverton, continue to attract steady demand, while new listings in emerging eastside pockets are giving first-time buyers a bit more breathing room.
### Downtown’s Luxury Reset
Perhaps the most visible real-estate headline of late 2025 was the **Ritz-Carlton Residences** downtown. After selling just 12 of 132 condos, the lender repossessed the property and **cut prices roughly in half.** That recalibration is noteworthy but localized to the Ritz. It reflects how Portland’s ultra-luxury market is adjusting to post-pandemic realities, not a signal that typical residential neighborhoods face similar distress. We’re more than happy to show these units and if you haven’t had the chance, you should check out the view from [Bellpine on the 20th floor](https://www.bellpinepdx.com/our-menus)! The mainstream market remains far more stable, supported by everyday demand for well-located, moderately priced homes. The condo market is the toughest segment of Portland’s market.
### Momentum Returning
National forecasters project roughly **5.4 million U.S. home sales in 2026**, up meaningfully from 2024’s record lows. Portland is expected to follow that same gradual recovery curve. Local showings and online searches picked up notably last fall, suggesting that pent-up demand is already forming beneath the surface. Everyone is hesitant to predict rates in the fives but the low sixes should boost sales in 2026.
### The Bottom Line
Portland’s housing market is unlikely to surge, but it’s equally unlikely to stall again. 2026 looks poised to deliver a healthier balance: more listings, more transactions, and steady—not speculative—price growth. In a city where housing conversations have centered on what *isn’t* moving, that’s welcome progress.
### Download the App
We’re excited to announce the launch of the Lovejoy Real Estate app, now available in both the [Apple App Store ](https://apps.apple.com/us/app/lovejoy-real-estate/id6754545582)and [Google Play Store](https://play.google.com/store/apps/details?id=com.lovejoyrealestate.app).
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Portland Metro Real Estate Market: Why Some Homes Sell Fast and Others Don't](https://lovejoyrealestate.com/portland-metro-real-estate-market-why-some-homes-sell-fast-and-others-dont/)
**Published:** April 24, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/04/Gemini_Generated_Image_qhbj2eqhbj2eqhbj.png)
The Portland metro housing market right now isn’t one market. It’s two.
That’s not spin or hedging. The numbers say it directly. In March, the average home in the Portland metro spent 79 days on market — down from 91 in February, a real improvement. But 79 days is a metro-wide average, and the metro is not having one experience right now. Somewhere inside that number is a Sellwood bungalow that got three offers in a weekend. Somewhere else is a home in North Portland that has been listed since January and still doesn’t have an accepted offer. Same month. Same data set. Very different realities.
## What the Split Actually Looks Like
The submarket data from RMLS makes the divide impossible to ignore. Lake Oswego and West Linn — pending sales up 41.8% year-over-year. Gresham and Troutdale — up 29.5%. Milwaukie and Clackamas — up 19.9%. North Portland — down 30.1%.
These aren’t rounding errors. They’re four different markets operating under four different sets of rules, in the same month, under the same interest rate environment.
Price point adds another layer. The $400K–$500K range — the most active segment — accounted for more than 21% of all March closings. Homes above $800K made up nearly 15%. Homes in the middle of the market, particularly in the $550K–$700K range without strong condition or location, are where the friction is greatest.
## If Your Home Is One of the Ones Sitting
First: the market hasn’t rejected your home. It’s told you something. The distinction matters.
Buyers right now are doing rigorous math. With rates still above 6%, every dollar of purchase price and every dollar of deferred maintenance gets calculated against a monthly payment. They’re not being unreasonable — they’re being careful in the way a 6% rate environment demands.
Homes that are sitting typically fall into a few categories: priced above where the market has landed, showing deferred maintenance that buyers are pricing in (often more aggressively than they should), or not presented in a way that reflects their actual value.
Most of that is fixable. Fresh paint — neutral, clean — is consistently one of the highest-return projects before listing. It signals to buyers that the home has been cared for. Updated flooring in the main living areas changes how a home feels. Landscaping and exterior cleanup shape the buyer’s emotional state before they even walk through the door. A professional deep clean and photography that actually flatters the space costs very little and changes everything about how a home performs online — which is where every buyer starts.
Location is the one thing you can’t change. But you chose this home for a reason — the lot, the school district, the commute, the quiet street. Those things don’t disappear because the market is slower. A good agent doesn’t apologize for location. They find the buyer for whom that location is exactly right.
Price is a lever. Sometimes it’s the right one. But it’s rarely the only one, and it’s almost never the first one to reach for.
## What This Means If You’re Buying
The bifurcated market changes how you should read listings — and buyers who understand this have a real edge.
A brand new listing is an untested ask. The seller has a number in mind; the market hasn’t weighed in yet. In an active submarket or at a competitive price point, that can mean moving quickly and coming in strong. Waiting to see what happens is often how buyers lose the homes they wanted.
A home that has been sitting for 60, 90, or 120 days is a different conversation — but you have to read it carefully. Price reductions tell you the seller has accepted that the market has spoken and is adjusting. A home that has been sitting for months *without* a price reduction is a different negotiation entirely — the seller either hasn’t accepted what the market is telling them, or there’s something about the home that buyers keep walking away from. Either way, you are not obligated to treat the asking price as the ceiling.
The same address. The same neighborhood. A completely different conversation depending on how long it’s been listed and what’s happened since.
## The Bottom Line
The Portland metro housing market in spring 2026 is not bad. It’s selective. It rewards homes that are priced honestly, presented well, and marketed to the right buyers. It’s slower and more frustrating for homes that aren’t.
If you’re a seller trying to understand where your home fits — and what moves would actually make a difference — that conversation is worth having before you make decisions. If you’re a buyer trying to figure out when to move fast and when to hold your ground, the signals are there. You just have to know what you’re reading.
Questions about what this means for your situation? [We’re happy to walk through it.](https://lovejoyrealestate.com/contact)
```
Data from March 2026 RMLS Market Action
```
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Buyer FAQs: Escrow in Oregon](https://lovejoyrealestate.com/buyer-faqs-escrow-in-oregon/)
**Published:** September 16, 2025
**Author:** Charles Turner
**Content:**
Whether you’re buying your first home or your third, the word “escrow” tends to pop up and cause some raised eyebrows. It sounds official—and it is—but it doesn’t have to be mysterious. In Oregon, escrow is a critical part of the home buying process, especially here in Portland where the local customs and timelines may differ slightly from other states. This guide breaks down what you need to know, what to expect, and how to avoid last-minute surprises before closing day.
## What Exactly Is Escrow?
Escrow is a neutral third-party process that ensures all the terms of your home purchase contract are fulfilled before money and property change hands. The escrow officer (typically from a title company in Oregon) holds funds, processes documents, and coordinates closing. Think of them as the air traffic controller of your transaction—making sure everyone lands safely and on time.
## When Does Escrow Start in Oregon?
Escrow officially opens once you and the seller have a mutually accepted offer. You’ll hear your agent say, “We’re in escrow,” and from there, the clock starts ticking. You’ll typically have about 30 to 45 days until closing, though this can vary.
## What Happens During Escrow?
Here’s what to expect once you enter escrow in the Portland market:
- **Earnest Money Deposit:** You’ll submit your earnest money, which is held in escrow and applied to your purchase at closing.
- **Title Search:** The title company checks for liens, easements, or ownership issues on the property.
- **Inspections and Appraisal:** You complete your inspections and, if you’re using financing, your lender will order an appraisal.
- **Loan Processing:** Your lender will finalize underwriting and prepare loan documents.
- **Final Walkthrough:** Usually within 24–48 hours of closing to confirm the property’s condition.
- **Signing:** You’ll sign a mountain of documents—often at the title company’s office or with a mobile notary.
## Pro Tip
Ask your escrow officer for a tentative settlement statement as early as possible. This doc breaks down your closing costs and cash-to-close, so you’re not scrambling for last-minute wire transfers. It’s also a great way to spot any errors or surprises before they become stressors.
## When Does Escrow Close?
In Oregon, your transaction technically closes when the deed is recorded at the county—usually the next business day after signing. You’ll get the magic call (or text) from your agent saying “You’re recorded!” That’s your cue to pop the bubbly—you officially own your Portland home.
## Local Insight: Escrow Timelines Are Shifting
With [Portland’s market](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) experiencing longer average days on market (currently **62 days** as of August 2025), buyers may have more room to negotiate not just price, but also escrow timelines. That said, with over **500 five-star reviews** and more than **200 transactions a year**, our Lovejoy agents know how to keep your closing smooth, even when the market is anything but.
## Questions About Escrow?
Every transaction is a little different. If you’re unsure what to expect or want a second set of eyes on your next steps, [reach out](https://lovejoyrealestate.com/contact-us/). We’re here to make sure you close with confidence.
**Categories:** First Time Buyer, Real Estate News & Tips
---
### [The Role of Pre-Listing Inspections](https://lovejoyrealestate.com/the-role-of-pre-listing-inspections/)
**Published:** September 9, 2025
**Author:** Charles Turner
**Content:**
You’ve probably heard of a home inspection happening \*after\* an offer is accepted—but what about before your home ever hits the market?
In Portland’s market, where inventory has climbed to approximately **3.7 months**—its highest level since early 2023—buyers are more cautious, and pricing and preparation matter more than ever. That’s why smart sellers are turning to pre‑listing inspections to gain clarity and confidence before listing.
## What Is a Pre‑Listing Inspection?
A pre‑listing inspection is essentially a buyer inspection—but ordered by the seller, pre‑listing. It covers the roof, electrical, plumbing, HVAC, and more—providing a full report before any buyer steps through the door.
## Why Portland Sellers Are Using Them
- **Prevent Negotiation Surprises:** If a major issue emerges later—say an aging roof—you can address or disclose it proactively, avoiding last‑minute concessions.
- **Stand Out in a Slowing Market:** With slower pace and longer days on market, a clean inspection report helps your home feel move‑in ready.
- **Price with Precision:** Knowing your home’s condition allows you to price based on facts—not assumptions.
- **Faster, Cleaner Closings:** When fewer repair negotiations pop up mid‑sale, transactions are smoother and more predictable.
## When a Pre‑Listing Inspection Makes Sense
- Your home is older or hasn’t had significant system updates in years.
- You want to brand your listing as “move‑in ready.”
- You’re listing in a competitive price band—where buyers compare many similar options.
- You anticipate multiple bids and want to reduce buyer hesitation.
## Market Context: August 2025 Snapshot
According to the latest updates, [Portland’s inventory](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) has increased to around **3.7 months**, approaching the 4‑month threshold that often indicates buyers gaining the upper hand.
Meanwhile, Labor Day lull aside, early signs suggest buyers and sellers will re‑engage quickly—and sellers who have their ducks in a row will be best positioned.
## Cost vs. Value
Pre‑listing inspections in Portland typically range from $400–$700. It’s an investment—yes—but one that can avert far costlier delays, renegotiations, or even fallout later.
> “We had a pre‑listing inspection on our SE Portland bungalow, proactively repaired a few items, and received two clean offers—with no inspection contingencies—within a week.” — Lovejoy Seller, Summer 2025
## Final Word
With inventory on the rise and buyers more deliberate, a pre‑listing inspection isn’t just smart—it’s strategic. If you’re thinking of selling this fall, [let’s talk](https://lovejoyrealestate.com/contact-us/) about whether an inspection at listing would give you a competitive edge.
**Categories:** Home Inspections, Real Estate News & Tips
---
### [When Should I Consider Refinancing?](https://lovejoyrealestate.com/when-should-i-consider-refinancing-what-does-it-cost-its-all-about-the-math/)
**Published:** February 27, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/02/Gemini_Generated_Image_wknc1owknc1owknc.png)If you bought or refinanced your home in 2023 when rates were pushing 7.5% or even 8%, you’ve probably been watching the rate headlines with more than casual interest. And you should be. As of late February 2026, the 30-year fixed rate in Oregon sits around 6.17%, with the 15-year coming in near 5.46%. That’s a meaningful gap from where many homeowners locked in — and for some, that gap is now worth acting on. If you are a buyer, or thinking about buying, understanding what falling rates can mean is really important.
But the answer to “should I refinance?” isn’t found in a headline rate. It’s a math problem with a specific answer: how long do you plan to stay, and does the monthly savings justify the upfront cost?
## The Core Equation: Break-Even Point
Here’s the framework that cuts through the noise:
**Monthly savings ÷ Total closing costs = Break-even in months**
If you plan to stay in the home longer than that break-even point, refinancing makes financial sense. If you’re likely to sell or move before you hit it, the numbers don’t pencil out — regardless of how good the new rate looks.
### What Does a Refi Actually Cost in Oregon?
Before running the math, you need a realistic cost estimate. Oregon has no state transfer tax on refinances, which helps. Here’s a typical breakdown for a conventional refi on a Portland-area home (these costs aren’t out of pocket, they are built into the new loan):
**Fee****Typical Range**Loan origination fee$1,000–$2,500 (0.5%–1% of loan)Title insurance (lender’s policy)$500–$900Escrow/closing fee$500–$1,000Recording fees$100–$200Credit report$25–$50Appraisal$600–$900 (if required)**Estimated total****$3,500–$6,000+**A few things can change this number significantly — and in your favor.
**Appraisal waivers:** If you have substantial equity and a strong payment history, Fannie Mae and Freddie Mac’s automated underwriting systems frequently waive the appraisal requirement entirely. For a Portland home that’s appreciated since purchase, this is more common than many homeowners realize. That saves $600–$900 off the top.
**No-cost refi provisions:** Some lenders — particularly when competing for well-qualified borrowers — structure a “lender credit” into the loan. In exchange for accepting a rate that’s 0.125% to 0.25% higher than the lowest available option, they cover closing costs. This isn’t free money; you’re paying through a slightly elevated rate over time. But if you’re uncertain about how long you’ll stay, or if you simply want to avoid out-of-pocket costs, it can be the right structure. Your lender can model both scenarios side-by-side so you can see exactly what you’re trading.
### Example 1: The Clear Case
**Scenario:** You bought in early 2023 at 7.5%. Remaining balance: $450,000. You plan to stay at least five more years.
- Payment at 7.5%: approximately $3,146/month (P&I)
- Payment at 6.17%: approximately $2,749/month (P&I)
- **Monthly savings: ~$397**
- Estimated closing costs (appraisal waived due to equity): ~$3,500
- **Break-even: about 9 months**
Nine months. After that, every payment is money back in your pocket. Over five years, that’s roughly $20,000 in savings net of closing costs. This is the scenario where refinancing is a straightforward yes.
### Example 2: The Closer Call
**Scenario:** You refinanced in mid-2023 at 7.0%. Balance: $380,000. You’re thinking about moving in two to three years.
- Payment at 7.0%: approximately $2,530/month (P&I)
- Payment at 6.17%: approximately $2,320/month (P&I)
- **Monthly savings: ~$210**
- Estimated closing costs (full, including appraisal): ~$5,500
- **Break-even: about 26 months**
If you’re confident you’ll stay at least 26 months — roughly two and a half years — this still makes sense. But if there’s a real chance of selling in 18 months, you’d be leaving money on the table. This is where a no-cost refi structure might make more sense: lower monthly savings, but zero out-of-pocket risk.
### Example 3: The 15-Year Option
**Scenario:** Same homeowner as Example 1, but willing to increase the monthly payment slightly to aggressively pay down principal.
- Payment at 7.5% on 30-year: ~$3,146/month
- Payment at 5.46% on 15-year: ~$3,667/month
- Monthly difference: ~$521 more per month
That additional $521/month is buying you a dramatically shorter loan — 15 years instead of 30 — and massively reducing total interest paid. For homeowners who have the income headroom and a long-term ownership horizon, this can be the most powerful financial move of the three.
### What About the “Rate in the Fives” Headlines?
[As we wrote in January](https://lovejoyrealestate.com/are-mortgage-rates-in-the-fives-will-they-stay-there/), some borrowers are seeing rates in the fives — specifically those with 740+ credit scores, larger down payments, and willingness to pay points. For most refinancers, the realistic target is the mid-to-high sixes on a 30-year, or low-to-mid fives on a 15-year. Don’t anchor to a headline; get a personalized scenario run.
### Three Questions to Ask Before You Call a Lender
**1. How long do I realistically plan to stay?** This is the most important input to the break-even calculation. Be honest with yourself.
**2. Do I have enough equity for an appraisal waiver?** If your home has appreciated since purchase, there’s a reasonable chance you qualify — and that saves meaningful money.
**3. Is there a no-cost option in my loan package?** If your original lender included a no-cost refi provision, dust it off and read it carefully. The threshold for action may already be met.
### The Bottom Line
Refinancing isn’t a trend to chase — it’s a financial decision with a specific answer for your specific situation. The math is not complicated, but it does require real numbers: your current balance, today’s rate for your profile, and an honest estimate of how long you’ll stay. A good lender can run that scenario in about ten minutes.
If you bought or refinanced at 7.5% or higher and you’re planning to stay put, the math is increasingly likely to work in your favor. At 6.17% — and with rates that could still soften further — the window is open. The question is whether your particular situation fits through it.
[Stephen Bowdon at Guild Mortgage](https://branches.guildmortgage.com/or/portland/stephen-bowdon-773-hpsbo.html) is the lender we trust to run those numbers honestly, without the fuzzy math the online portals tend to give you. If you’d like an introduction, we’re happy to make it.
**Categories:** Finance & Mortgage, Real Estate News & Tips
---
### [Portland’s Market Activity by Neighborhood: What Buyers and Sellers Need to Know](https://lovejoyrealestate.com/portlands-market-activity-by-neighborhood-what-buyers-and-sellers-need-to-know/)
**Published:** September 15, 2025
**Author:** Charles Turner
**Content:**
# 
Portland’s real estate market isn’t one-size-fits-all — and right now, neighborhood-level trends are showing just how true that is. From the West Hills to East Portland, market activity is unfolding differently depending on where you look. Whether you’re thinking of buying, selling, or investing, understanding these local shifts can help you move strategically.
## Citywide Snapshot: What the Numbers Say
Let’s start with the big picture. As of July 2025, Portland’s real estate market has shown steady pricing but slowing momentum. New listings increased **0.9%** from July 2024, while **pending sales dipped 0.6%** and **closed sales dropped 3.4%**. Inventory now sits at **3.7 months**, a slight uptick from June.
Here’s what that means in plain English: buyers have more to choose from, and sellers need to price competitively. The **average sale price landed at $621,800**, and the **median at $555,000**. Both are down slightly from June, but still hovering near seasonal highs.
## Spotlight on Key Neighborhoods
- **North Portland:** Still one of the most active areas for first-time buyers, especially in the $400K–$600K range. Homes here are moving, but slowly — expect to negotiate on price or repairs.
- **East Portland:** High inventory and longer market times make this an opportunity zone for buyers. We’re seeing value properties sit longer, especially if not updated.
- **Southeast ([Sellwood](https://lovejoyrealestate.com/sellwood-garthwick/), [Woodstoc](https://lovejoyrealestate.com/woodstock/)k):** Holding steady with strong demand, particularly for well-maintained bungalows and ADUs. Competitive, but not cutthroat.
- **Northeast ([Alberta](https://lovejoyrealestate.com/alberta-arts-district-concordia/), [Irvington](https://lovejoyrealestate.com/irvington-sabin-lloyd-district/)):** Historically hot and still desirable, but activity has slowed. Sellers are getting strategic with pricing as DOM rises.
- **Southwest & [West Hills](https://lovejoyrealestate.com/west-hills-raleigh-hills-west-slope/):** Luxury listings here are seeing longer days on market. Homes above $1M are moving, but only when presentation and pricing are dialed in.
## Where Are Things Headed?
July’s slight dip in sales and rise in inventory signal we’re moving toward a more balanced market — possibly even favoring buyers in select areas. While the average sale price is up **0.8%** year-to-date, homes are taking longer to sell across the board.
*Translation:* If you’re buying, you may have more room to negotiate than earlier this year. If you’re selling, sharp pricing and prep still matter — especially in neighborhoods where buyers are hesitating.
## Local Insight from the Ground
At Lovejoy Real Estate, we help over 200 Portland-area buyers and sellers navigate these exact decisions every year — and with 500+ five-star reviews, our local expertise is proven. From crafting winning offers in Irvington to pricing smart in Milwaukie, we’ve seen firsthand how hyperlocal trends shape real outcomes.
## Final Takeaway
No matter where you’re looking in Portland, market activity is highly dependent on neighborhood dynamics. Think of the [RMLS stats](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) as your compass — but let local boots-on-the-ground knowledge be your guide.
**Curious what’s happening in your neighborhood?** [Reach out](https://lovejoyrealestate.com/contact-us/) and we’ll break down the numbers street by street — no pressure, just info.
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Are Bidding Wars Back in Portland?](https://lovejoyrealestate.com/are-bidding-wars-back-in-portland/)
**Published:** September 10, 2025
**Author:** Charles Turner
**Content:**
After a quieter couple of years, it’s happening again: buyers in some Portland neighborhoods are facing bidding wars—and not just for the fixer-upper with “potential.” Well-priced homes in sought-after areas are drawing multiple offers, and fast.
But before you assume we’re back to 2021 frenzy levels, let’s break down what’s really happening, why, and how to prepare if you’re buying this season.
## What the Latest Portland Market Data Tells Us
According to [RMLS’s August 2025 Market Action Report](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879), inventory continues to hover near a seller-favorable 3.7 months. New listings are down 5.3% from June, pending sales are down 4%, and homes are spending slightly more time on market (now 52 days vs. 51 the month prior). But here’s the twist: the number of *closed sales actually increased* month-over-month, signaling that the best homes are still moving—and fast.
**What does this mean?** In pockets of Portland, competition is heating up—not across the board, but for the homes that check all the boxes: updated, well-priced, and in high-demand areas like [Alberta](https://lovejoyrealestate.com/alberta-arts-district-concordia/), [Sellwood](https://lovejoyrealestate.com/sellwood-garthwick/), and parts of Southwest Portland.
## What’s Driving the Comeback of Multiple Offers?
- **Low listing inventory:** While inventory has ticked up slightly, there still aren’t enough turnkey homes to satisfy demand.
- **Motivated summer buyers:** Many buyers who sat out spring are back, aiming to close before the school year or rainy season.
- **Lingering rate lock:** Some homeowners are staying put, keeping new listings low. The result? Extra competition for the homes that *are* available.
## How to Compete Without Overpaying
If you’re eyeing a home that just hit the market and suspect it’ll get multiple offers, don’t panic. You don’t need to throw in a wildly high offer or waive every contingency. Instead, work with your agent to:
- **Understand the home’s true market value**—not just the list price.
- **Make a clean offer** with strong terms (think fewer contingencies, shorter close, flexible timeline).
- **Consider an escalation clause** if you’re willing to go above asking but don’t want to lead with your max.
- **Write a personal letter**—yes, they can still help in the right situations.
And don’t underestimate the power of having a well-respected, experienced buyer’s agent advocating for you. At Lovejoy Real Estate, we’ve helped hundreds of clients successfully navigate multiple-offer situations without sacrificing their peace of mind—or their budget.
## When to Walk Away
Not every bidding war is worth it. If the price is getting pushed beyond your comfort zone or appraisal range, or the terms start to feel risky, it’s okay to step back. New listings are still hitting the market— in July alone—and another great fit is likely just around the corner.
## Final Thought: Be Prepared, Not Pressured
Bidding wars may be back, but this isn’t 2021. Today’s market rewards preparation over panic, clarity over competition. Know your numbers, trust your strategy, and stay focused on what’s right for *you*.
Ready to make a smart move in Portland? We’d love to help you get it right the first time.
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Portland Market Update: Mortgage Rates Hit 2025 Lows, Prices Hold Steady](https://lovejoyrealestate.com/portland-market-update-mortgage-rates-hit-2025-lows-prices-hold-steady/)
**Published:** September 5, 2025
**Author:** Charles Turner
**Content:**
*Portland, OR real estate market insights*Mortgage rates have fallen to their lowest point of 2025 so far, and you’re starting to see the impact locally. At the same time, Portland’s average sales price is essentially unchanged compared to this time last year — a sign of resilience even as buyers and sellers recalibrate expectations. > According to [Bloomberg](https://news.bloombergtax.com/daily-tax-report-international/asia-to-join-global-equity-rally-before-jobs-data-markets-wrap), markets are now anticipating three Federal Reserve rate cuts in 2025. While the Fed doesn’t set mortgage rates directly, its policy path strongly influences borrowing costs. If cuts materialize, financing conditions could ease further.”
## RMLS Pulse Check: What’s Moving Right Now
- **Pending sales are up** — buyers are re-entering as rates improve.
- **Median sale price has cooled a bit** — helpful for affordability and appraisal alignment.
- **Year-to-date closed sales are almost identical to last year** — volume is steady despite shifting rates.
*Source: [RMLS Market Action](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=18255) for data and graphic (August 2025).*
## Inventory: Why It May Feel Tighter
Two opposing forces may squeeze available supply at the same time:
- **More sales from lower rates:** When payments fall, more buyers can qualify or step off the sidelines. Listings can move faster.
- **Seller withdrawals:** Some sellers are taking homes off the market if offers don’t meet their pricing expectations, reducing active inventory without a sale.
Put together, you could feel a tighter market in the weeks ahead even if new listing activity looks steady on paper.
## What Lower Rates Mean in Real Dollars
Here’s a simple illustration of principal-and-interest payments for a **$400,000** loan on a 30-year fixed mortgage (taxes/insurance/HOA not included):
RateApprox. Monthly P&IMonthly Difference vs 7%7.00%**$2,661**—6.50%**$2,528**-$133/mo6.00%**$2,398**-$263/mo*Payments rounded to the nearest dollar using standard 30-year amortization. For illustration only; actual terms vary by lender, credit, and loan program.*
## How to Use This Moment
- **If you’re buying:** Improved payments expand what you can comfortably afford and may bring more homes into reach. Lock strategically; consider a float-down option if available.
- **If you’re selling:** Price to the market you have, not the market you wish you had. Homes aligned with today’s value are selling; mispriced homes are more likely to stagnate or be withdrawn. Testing the market at a higher price is risky.
- **If you’re timing:** With rates at 2025 lows and prices stable year-over-year, this is a practical window to make a move without chasing the market.
## Local Expertise Matters
You deserve clear guidance in a market that’s steady by the numbers but shifting under the surface. With **500+ five-star reviews** and **200+ transactions annually**, the **Jenny Turner** and the team at Lovejoy Real Estate helps you read the data and execute with confidence.
*Compliance note: Informational only. Not financial or legal advice. Equal housing opportunity.*
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Portland Metro Real Estate Update: September 2025](https://lovejoyrealestate.com/portland-metro-real-estate-update-september-2025/)
**Published:** October 10, 2025
**Author:** Charles Turner
**Content:**
As we wrapped up the third quarter of 2025, the Portland metro housing market continued its gradual shift toward balance. Activity cooled from late-summer levels—normal for this time of year—while year-over-year data points to a market that’s stabilizing rather than shrinking. At first glance, the 9.7% drop in closed sales from August appears concerning but during the same period last year, the metro market dropped 13%. Let’s dive into the other numbers. The graphic is from the new [September 2025 Market RMLS Market Action Report](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=18413).
## Closed Sales: A Clearer Year-over-Year Rebound
The standout metric this month is **closed sales**. Compared with September 2024, closed sales rose **+7.2%** in September 2025. That’s a notable improvement after last fall, when September 2024 closed sales were **-0.9%** versus September 2023. More buyers are getting to the finish line, even as overall pace moderates.
Month over month, closed sales dipped **-9.7%** from August—consistent with seasonal slowing as we head into fall. Closings fell, not the sky.
## Inventory Hits 3.8 Months — Highest Since Early 2014
September posted **3.8 months of inventory**, the highest level the Portland metro has seen since early 2014. This is a meaningful shift toward balance. With more homes available, buyers have more options and a bit more leverage, while sellers are adapting to slightly longer timelines and tighter pricing strategies.
## By the Numbers
### Month Over Month: September 2025 vs. August 2025
- New Listings: **+0.9%**
- Pending Sales: **-5.7%**
- Closed Sales: **-9.7%**
- Average Sale Price: **-0.6%**
- Median Sale Price: **-0.9%**
- Inventory: **+0.3 months**
- Total Market Time: **No change**
### Year Over Year: September 2025 vs. September 2024
- New Listings: **-3.5%**
- Pending Sales: **+3.3%**
- Closed Sales: **+7.2%**
- Average Sale Price: **0.0%** (flat)
- Median Sale Price: **+0.7%**
- Inventory: **+0.3 months**
- Total Market Time: **+7 days**
## Prices Hold Steady Despite Rising Supply
Even with higher inventory, prices remain stable. The **average sale price** is flat year over year (**0.0%**), while the **median sale price** is up a modest **+0.7%**. Month to month, small price dips are typical for fall and don’t signal a broader price correction at this time.
## What This Means for You
**For sellers:** The market is more competitive than it’s been in years. Right-price from day one, lead with presentation (staging, photography, and condition), and be prepared to negotiate. Well-positioned homes are still selling, but the margin for error is thinner.
**For buyers:** More options and a calmer pace improve your ability to compare, negotiate, and perform thorough due diligence. With inventory at a decade-plus high, this fall and winter can be an opportunity to secure the right home without the frenzy.
*Lovejoy Real Estate completes 200+ transactions annually and has 500+ five-star reviews. If you’re thinking about a sale or purchase this winter or early spring, we can help you align timing and pricing with today’s data-driven realities.*Data source: [RMLS Market Action – September 2025](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=18413). Inventory noted at **3.8 months**, the highest since early 2014.
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [October 2025 Portland Metro Market Update: What Today’s Numbers Mean for You](https://lovejoyrealestate.com/october-2025-portland-metro-market-update-what-todays-numbers-mean-for-you/)
**Published:** November 7, 2025
**Author:** Charles Turner
**Content:**
The Portland metro housing market is settling into a new rhythm this fall. After several years of dramatic ups and downs, the latest data from RMLS suggests that things are starting to even out. Prices have leveled, listings are up, and buyers finally have a little more breathing room, though well-prepared homes are still selling steadily.
It’s not a boom or a bust. It’s balance — and that’s something the local market hasn’t seen for a while. **Year-to-date closed sales** are up 1.9% from 2024. The expectation is that we will look back at 2024 and 2025 as the two lowest home sale years since the last housing recession.
### More Homes on the Market Than a Year Ago
In October 2025, there were **2,366 new listings** across the Portland metro area, up **3.6%** from a year earlier. The total number of **active listings** also climbed to **6,506**, compared with **5,737** last October.
That increase gives buyers more options, especially in neighborhoods that had felt locked up for much of the past few years. If you’ve been waiting to shop for a home without facing five offers by lunch, this fall looks a little more relaxed.
That said, the market hasn’t turned “easy.” Homes that are well-priced and in good condition are still attracting strong attention. But for the first time in a while, buyers have choices and that means more room for thoughtful decision-making rather than quick, high-pressure moves.
### Sales Activity Is Steady, Not Slowing
Even with more inventory, demand hasn’t disappeared. **Sold listings were up 4.6%** compared to last October, showing that plenty of buyers are still active. The **number of pending sales,** homes that went under contract during the month, dipped **1.5%**, a small change that suggests people are taking a bit longer to make offers rather than stepping back entirely.
In short: homes are still selling, just with a more balanced pace. That’s a healthy sign for the overall market.
### Prices Holding Firm
The **average sale price in October was $606,000**, nearly identical to a year ago: up just **0.3%**. That kind of stability might sound unremarkable, but it’s actually notable after the price swings of the past few years.
The takeaway: the market isn’t overheating, and it isn’t deflating. It’s holding steady. Sellers are getting fair prices for well-prepared homes, and buyers aren’t facing the double-digit bidding wars that were common not long ago.
For homeowners, this period of price stability can feel like a deep breath after years of uncertainty. For buyers, it means it’s possible to shop with confidence, knowing the numbers aren’t shifting dramatically from week to week.
### Homes Are Taking a Little Longer to Sell
One clear shift is **time on market**, which averaged **69 days** in October, up **12 days** from last year. That doesn’t mean homes aren’t selling; it just means the market pace is normalizing.
Sellers can expect their home to stay active for a few extra weeks compared to last year, and that’s okay. It gives buyers time to evaluate, inspect, and plan more thoroughly. For sellers, it’s a reminder that preparation matters including pricing strategy and presentation.
Homes that photograph well, show well, and hit the right price point still stand out quickly. Those that come to market looking dated or overpriced are taking longer to attract attention.
### What This Means for Buyers
If you’re buying right now, this is one of the most balanced windows we’ve seen in years. You’ll find more listings to choose from and less competition than in the ultra-fast markets of 2021–2022.
Interest rates have remained in the 6–7% range through much of 2025, which continues to shape monthly payment decisions. But even within that reality, the combination of stable pricing and a growing number of listings means you can shop with more confidence — and more negotiating room — than you could in the recent past.
This isn’t a “buyer’s market” in the traditional sense, but it is a *more reasonable* one. You can take time to focus on what truly fits your needs instead of feeling rushed to make an offer within hours.
### What This Means for Sellers
If you’re selling, this fall’s market asks for strategy and accuracy rather than speed. With more listings available, pricing your home correctly from the start is essential.
Buyers are comparing options again and they’re paying attention to condition, presentation, and value. Small improvements (fresh paint, landscaping, pre-listing inspections) can make a noticeable difference in how quickly a home moves.
One positive sign: even with more homes for sale, the number of closed transactions remains strong. Well-prepared listings are still selling near list price, and sometimes above, depending on location and condition. The difference is that today’s buyers are intentional — and they expect the same from sellers.
### Neighborhood and Suburban Highlights
- **Outer east Portland and parts of Tigard** saw an increase in available homes, helping balance prices after tight conditions earlier this year.
- **Vancouver and Camas** continue to attract steady buyer traffic thanks to relative affordability and strong new-home options.
- **Close-in neighborhoods** like NE Portland and Lake Oswego remain competitive but have eased from the frenzy of past seasons.
These variations show that Portland’s housing landscape is diversifying again. Each pocket has its own rhythm — and that’s healthy.
### The Bigger Picture
After years of dramatic swings, the Portland metro housing market is now operating on steadier ground. Inventory is rising, sales are consistent, and prices are flat but firm. It’s not a market driven by fear or urgency anymore — it’s driven by fundamentals.
That’s a good thing for long-term stability. It helps homeowners plan their next move with more clarity and helps buyers feel confident that they’re entering a more predictable environment.
Looking ahead to late 2025 and early 2026, we’ll be watching to see if inventory continues to rise and how buyer demand responds to seasonal shifts. But for now, October’s numbers tell a reassuring story: the Portland market is balancing itself — and that’s exactly what it needs.
---
*Source: [October 2025 RMLS Market Action Report](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) (Portland Metro)*
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Portland Real Estate 2025 Year-End Wrap-Up: Steady, Subtle, and Setting the Stage for 2026](https://lovejoyrealestate.com/portland-real-estate-2025-year-end-wrap-up-steady-subtle-and-setting-the-stage-for-2026/)
**Published:** January 9, 2026
**Author:** Charles Turner
**Content:**
If 2024 was the year Portland’s real estate market began regaining its rhythm, 2025 was groundhog day — a year that moved with nearly the same beat. According to the [December 2025 RMLS Market Action](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=18888) report, **total closed sales in the Portland metro region rose just 1.4% from 2024**, a modest uptick that perfectly captures the tone of the past twelve months: steady, not spectacular, but quietly stabilizing.
While the national headlines often spotlighted rate volatility, affordability challenges, and cautious consumers, the local story was more nuanced. Portland’s housing market continued to prove its resilience — not through dramatic growth, but through the absence of decline.
### Sales and Listings: Stability with Familiar Seasonality
Through 2025, the rhythm of listings and sales looked remarkably familiar. **New listings** picked up through late spring, dipped in mid-summer, and tapered as autumn arrived. **Pending sales** followed a nearly identical curve to 2024, ending the year just above last year’s totals but still well below pre-pandemic levels.
**Inventory** hovered near the **3.0-month mark** for much of the year — a range that keeps the market balanced between buyer and seller leverage. Homes that were priced and presented well continued to move quickly, while overpriced or dated listings often lingered longer than expected. The days of buyer sweat equity seem to have evaporated. Today’s buyer places high value on the move-in ready properties.
**Total market time** averaged roughly two months (hovering in the 55–60 day range during late fall), again in line with 2024. In other words, momentum has returned, but velocity has not.
### Prices: Modest Appreciation and Predictable Growth
Home prices in 2025 maintained a slow, steady climb. The **average sale price** for the year across the Portland metro area was approximately **$601,000**, up modestly from **$596,600 in 2024**. Compared to **$589,200 at the end of 2023**, that represents roughly **2% appreciation over two years** — a healthy but restrained level of growth, consistent with a maturing market.
The **median sale price** followed the same path, inching upward but staying well within the narrow band that’s characterized Portland pricing since 2022. That lack of volatility is actually good news: it signals that sellers are pricing realistically, buyers are calibrating expectations, and the market overall is working through its affordability ceiling rather than pressing against it.
Two things to watch are interest rates and the recent news about [banning institutions from buying single family homes](https://www.reuters.com/world/us/us-will-ban-large-institutional-investors-buying-single-family-homes-trump-says-2026-01-07/). The former is unlikely to move a half percent in either direction and the Pacific Northwest has not been the playground of institutional investors in housing. Investors like cookie cutter areas where one house looks just like the next from one subdivision to another because the algorithms and spreadsheets know what to expect . That’s not where we live. Oregon buyers are not competing with corporations and never have been.
### Condos: The Toughest Segment in Town
The bright spots in detached and townhome markets contrast sharply with what’s happening in the condo sector. By the end of 2025, the Portland metro’s **condominium market** continued to lag behind. **Sales volume, average prices, and absorption rates** all pointed to a soft patch that has stretched across multiple years.
According to RMLS, **average condo prices fell year-over-year**, with some submarkets seeing double-digit percentage declines since their pre-pandemic peaks. Inventory among downtown and inner-eastside condos in particular remained elevated, and properties that once sold in weeks often now take months.
The reasons are layered: ongoing HOA fee inflation, limited financing options for certain buildings, and lingering buyer caution around urban living. While there are hints of stabilization — especially in smaller, well-managed buildings — the condo sector remains Portland’s most price-sensitive segment entering 2026.
Still, there’s an upside. For buyers seeking lower entry points into ownership or investment, condos now represent some of the metro’s **best relative value**. As interest rates eventually soften, that affordability advantage could begin to draw attention back to the city core.
### Comparing to 2023: Then and Now
Looking back two full years offers a clearer picture of how the market has evolved.
- **Average Sale Price:** $589,200 (2023) → $596,600 (2024) → $601,000 (2025)
- **Total Closings:** Up roughly 1.4% year-over-year in 2025
- **Inventory:** Hovering around 3.0 months in both 2024 and 2025, versus 2.3 months in late 2023
- **Market Time:** Slightly longer in 2025, reflecting a more cautious buyer pool
While appreciation slowed, the combination of stable pricing and slightly improving sales volume signals a housing ecosystem that’s regaining its balance after years of turbulence. Sellers adjusted to higher borrowing costs; buyers adjusted to the “new normal.” The result was a 2025 market that, while unspectacular, delivered predictability — something Portland hasn’t seen much of in recent memory.
### Outlook for 2026: Momentum Gathering Below the Surface
As we discussed in last week’s post — [Portland Real Estate Outlook: Why 2026 Could Be the Turnaround Year](https://lovejoyrealestate.com/portland-real-estate-outlook-why-2026-could-be-the-turnaround-year/) — there are reasons for cautious optimism. Mortgage rates have shown early signs of easing, and pent-up buyer demand continues to build quietly in the background. If borrowing costs improve even modestly, we could see a renewed burst of activity by mid-2026.
Homeowners who’ve been sitting on the sidelines may finally test the market again, especially those relocating for work or seeking to upsize after years of staying put. For buyers, the prospect of lower rates could improve purchasing power — though competition may heat back up just as quickly.
### The Bottom Line: Calm, Capable, and Poised for a Shift
The Portland metro housing market closes 2025 in a position of relative calm — a welcome change after several years of uncertainty. Modest price growth, balanced inventory, and consistent sales volume suggest that the market’s foundation remains solid.
Yes, the condo market needs time to heal. And yes, affordability remains an ongoing challenge for many first-time buyers. But viewed as a whole, the region’s housing landscape has weathered the toughest parts of this cycle and stands ready for what comes next.
For homeowners, 2026 may finally bring the clarity — and opportunity — the past few years have lacked.
### Lovejoy Real Estate Recap
The real estate industry thinks we need to make a big deal about the 200 transactions closed and over $100,000,000 dollars in closed sales but it’s the other things that really matter. We added dozens of new five-star Google reviews this year, bringing our total to over 240- a direct reflection of the success behind those closed transactions.
We built out and remodeled our training room space which creates the perfect place to build culture and reenforce education, the cornerstone of our brokerage. The launch of the Lovejoy Real Estate app, now available in both the [Apple App Store ](https://apps.apple.com/us/app/lovejoy-real-estate/id6754545582)and [Google Play Store](https://play.google.com/store/apps/details?id=com.lovejoyrealestate.app) gives buyers a better search experience and homeowners a one-stop place for home related resources. None of that is possible without our staff, agents and clients- Thank you.
Chart from [RMLS Market Action](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=18888).
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Portland Real Estate Market Update: February 2026 — Spring Is Knocking](https://lovejoyrealestate.com/portland-real-estate-market-update-february-2026-spring-is-knocking/)
**Published:** March 6, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/03/RMLS-Market-Action-February-2026-Data.jpg)January was slow. We said so at the time. The question was whether it was a pause or a pattern. February answered that. The positive numbers still leave us playing catch up year-over-year but we’re optimistic that the national forecasts for a stronger 2026 real estate market compared to 2025 are accurate.
The [February 2026 RMLS Market Action Report](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=19209 "February 2026 RMLS Market Action Report") shows the market waking up — not dramatically, not in a way that makes headlines, but in the way that actually matters: more sellers, more buyers, and inventory that pulled back sharply after hitting its highest January level since 2013.
## Sellers Showed Up. Buyers Followed.
New listings jumped to 2,260 in February — up 17.1% from a year ago and 7.2% from January. That’s a real increase, not a seasonal blip. More telling: buyers responded. Pending sales hit 1,821, up 10.5% year-over-year.
That number means something because of where it came from. In January, pending sales were essentially flat compared to 2025 — down 0.6%. One month later, up 10.5%. That’s not momentum continuing. That’s momentum starting. There’s a difference.
Closed sales came in at 1,405, down slightly from February 2025 but up 26.5% from January. The year-over-year dip is a January hangover — closings reflect offers accepted 30–45 days earlier, and January was quiet. The pending numbers are the better signal for where things are headed.
## About That Inventory Number
[](https://lovejoyrealestate.com/wp-content/uploads/2026/03/RMLS-Market-Action-February-2026-Inventory.jpg)January’s 4.3 months of inventory got some attention — including from us. It was the highest January reading since 2013. Worth putting that in perspective.
Every January from 2015 through 2022 came in below 3.5 months. Several were below 2.0. January 2022 was 0.8 months. January 2021 was 1.0. Those weren’t healthy markets — they were inventory emergencies that produced the frantic multiple-offer environment a lot of buyers still have scars from. By that standard, 4.3 months felt alarming. By any normal historical measure, it’s unremarkable.
February pulled inventory back to 3.6 months in a single month. The last time January sat this high — 2013 and 2014 — inventory was also declining as the market found its footing coming out of the recession. Different causes, similar pattern: a ceiling getting established, then demand starting to compress supply again. Three to four months is a balanced market. We’re in it. And the direction is back toward sellers.
Total market time is 91 days — up 12 from a year ago. Homes are taking longer than they did in 2025. That’s real. But 91 days with inventory tightening and pending sales accelerating tells a different story than 91 days with both of those moving the other direction.
## Prices: January Appears to be the Floor
Average sale price in January was $568,000. Median was $510,000. Those were soft numbers — seasonal, expected, but soft.
February came back. Average hit $590,600, up 4.0% from January. Median came in at $525,000, up 2.9%. The year-over-year comparisons still look a little rough — average down 3.7%, median down 2.5% from February 2025 — but those comparisons are measuring against one of the stronger months of last year. The rolling 12-month numbers are the honest read: average sale price down just 0.5%, median flat at $545,000. Zero change. That’s a market that has found a floor, not one still searching for one.
Sellers are still leaving a little on the table — the gap between list price and sale price has been running around -1.5%. That’s not distress. That’s just what a normal market looks like when buyers have options and aren’t panicking.
## Where the Action Is
Lake Oswego and West Linn continue to be the metro’s most active submarket. Pending sales up 41.8% year-over-year, year-to-date average pushing past $1,000,000. That strength showed up in January too. This isn’t a one-month spike.
Gresham/Troutdale and Milwaukie/Clackamas are both running strong on pending sales: up 29.5% and 19.9% respectively. The middle of the market, east and south of the city, is moving.
N Portland is the exception. Pending sales down 30.1% year-over-year, and that’s been the story for several months. Elevated inventory, selective buyers, no clear turn yet. If you’re selling in North Portland, pricing strategy matters more than anywhere else in the metro right now.
## The Affordability Piece
The RMLS Affordability Index is updated quarterly. It shows a family earning Portland’s median income of $124,100 can cover 99% of the monthly payment on a median-priced home at current rates. That’s the best affordability reading in years, which may not be saying much but we’ll take what we can get.
It still isn’t easy. Twenty percent down on a $535,000 home is $107,000. That’s a real barrier for a lot of buyers and we’re not going to pretend otherwise. But for households that have the down payment, the monthly math works in a way it simply didn’t when rates were at 7.5% or 8%.
## The Bottom Line
January was the low point. February confirmed the turn.
The numbers that matter most — pending sales, inventory direction, price stability — are all pointing the same way. This isn’t a surge. Portland doesn’t do surges anymore, at least not yet. What it’s doing is something more durable: finding its rhythm after two years of hesitation.
For buyers, the window of maximum leverage may be closing. Not slammed shut — but closing. Inventory is tightening, pending sales are accelerating, and spring hasn’t even fully arrived yet. Rates have been improving but the benefit to affordability will be muted if it brings additional buyer demand.
For sellers, the market will still reward you for pricing accurately and presenting well. It will still punish you for neither. That hasn’t changed. What has changed is that the buyer pool showing up in February is larger and more motivated than the one that showed up in January — and that trend is likely to continue.
Spring is here. The data says so.
```
Graphics from RMLS Market Action Metro Report February 2026
```
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Portland Real Estate Market Update: April 2026](https://lovejoyrealestate.com/portland-metro-market-update-april-2026/)
**Published:** May 8, 2026
**Author:** Charles Turner
**Content:**
## *Flat on price. Busy on activity. Both are right.*
There are two ways to describe the Portland real estate market this April, and they are both correct. Pricing held. The median sale price was unchanged year-over-year. The average sale price slipped 0.3%. Anyone scanning the headline numbers would call this a flat market, and they would not be wrong.
But underneath that flat number, activity told a different story. Pending sales were up 5.9% year-over-year. Closed sales were up 7.1%. And the year-to-date closed sales picture is the data point I keep coming back to:
**YTD closed sales through April**
2024: 6,012
2025: 6,295
2026: 6,477
2025 was supposed to be the year demand returned and the market broke out of its 2023 to 2024 freeze. It mostly didn’t. 2026 is now quietly outpacing both. And it’s happening at a moment when, given where rates landed and the direction of the news cycle, the consensus would have predicted the opposite.
## What flat price plus busy activity actually means
[](https://lovejoyrealestate.com/wp-content/uploads/2026/05/RMLS-Activity-April-2026.png)This is the signature of a market finding balance. More buyers came back. More inventory was there to greet them. Prices didn’t need to move to clear the market, and they didn’t.
That’s not weakness. It’s also not a boom. It’s the kind of equilibrium we haven’t really seen since 2019. After several years of either frenzy or freeze, neither side of the table holds the upper hand right now, and homes are transacting at terms that both buyers and sellers can accept. That’s a healthy signal, not a flat one.
Months of inventory finished April at 3.1, the same level as April 2025. Total market time was about 51 days, up one day from a year ago and down 16 days from [March](https://lovejoyrealestate.com/portland-metro-real-estate-market-update-march-2026/). A balanced market generally runs 4 to 6 months of inventory, so we’re still in the lower band, but we’re approaching balance from a healthy direction, not via collapsing demand.
## About that “flat” median: look closer
The metro median doesn’t tell you what’s happening inside the metro. Year-to-date, sub-areas are moving meaningfully, just in different directions.
**[](https://lovejoyrealestate.com/wp-content/uploads/2026/05/RMLS-Inventory-April-2026.png)Up year-to-date (median price):** N Portland (+3.1%), NE Portland (+2.7%), Columbia County (+1.9%), Yamhill County (+1.5%), SE Portland (+0.9%), Oregon City/Canby (+0.2%).
**Down year-to-date:** NW Washington County (-7.4%), Mt. Hood (-5.8%), Hillsboro/Forest Grove (-2.6%), Milwaukie/Clackamas (-1.6%), Tigard/Wilsonville (-1.4%), Gresham/Troutdale (-1.0%), Lake Oswego/West Linn (-1.0%), W Portland (-0.7%).
Why does this average to flat? Look at the biggest-volume areas. SE Portland (253 sales), W Portland (214), Tigard/Wilsonville (200), NE Portland (191). They’re mostly moving within ±2%, so they cancel each other out. The largest single mover by percentage (NW Washington County, -7.4%) is at lower volume, as is the biggest gainer (N Portland, +3.1%). Small movements at high volumes plus large movements at low volumes equals a metro median that barely budges. That does not mean every [neighborhood](https://lovejoyrealestate.com/portland-neighborhoods/) looks flat.
There’s a directional read worth offering carefully: west-side softness lines up with tech-corridor employment headwinds. Close-in strength lines up with buyers returning to entry-level Portland neighborhoods that reset further during the slowdown. Both patterns are consistent with what we’ve been watching on the ground all year.
The practical takeaway: if you’re pricing or evaluating a specific home, the metro number isn’t useful. Your block, your floor plan, and your finish level will tell you more than any regional average.
## The macro context: what this April happened against
Rates didn’t drop the way the consensus expected at the start of the year. Geopolitical news added uncertainty. Anyone projecting forward in January would have called for a slow spring. We didn’t get one. Activity climbed anyway.
That’s the resilience signal. Not the absence of headwinds, but the transactions that happened despite them.
## What it means for sellers
This is a real window. Buyers are transacting. Prices are stable. Inventory has normalized without overshooting into oversupply. April through June is historically the strongest stretch of the year for closed sales in our market, and we’re in it now. The sellers who waited for a “perfect” market in 2024 and 2025 mostly saw it pass without arriving. The market we have right now is the one to actually list into. Flat-priced, busy, balanced.
## What it means for buyers
You have more options than you did a year ago, without paying more for them. For a buyer who’s been pre-qualified and patient, this is a workable market. The affordability barrier hasn’t gone away. Down payments and monthly payments at current rates are real, and we’re not going to pretend otherwise. But the conditions on the buying side are the most rational they’ve been in a long time.
## The market in one sentence
Prices held, buyers returned, inventory absorbed the demand. Underneath that flat headline, the metro is moving in different directions in ways the average alone can’t show you.
*Source: All charts and statistics in this post are drawn from the [RMLS Market Action Report — Portland Metro, April 2026](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=19522). For our full monthly archive, see [all RMLS Market Action posts](https://lovejoyrealestate.com/category/rmls-market-action/).*
---
***About the author.** Charles Turner is co-founder and Principal Broker at [Lovejoy Real Estate](https://lovejoyrealestate.com/), the independent Portland-area brokerage serving Oregon and SW Washington. The Turner Team has analyzed RMLS market data and represented Portland Metro buyers and sellers since 2010, and has closed over $1 billion in residential transactions across the Portland real estate market and Willamette Valley.*
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Understanding HOA Dues: What They Really Mean for Pearl District Buyers](https://lovejoyrealestate.com/understanding-hoa-dues-what-they-really-mean-for-pearl-district-buyers/)
**Published:** February 16, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/01/Pearl-District-Condo.jpg)If you’ve ever browsed condos in Portland’s [Pearl District](https://lovejoyrealestate.com/pearl-district/), you’ve probably had that moment. The building looks great, the space is perfect, the price seems fair — and then you see the HOA dues. $800, $1,000, sometimes even $1,200 a month. What do these numbers really mean? And how do you know if they’re reasonable? We dug into data from 134 active listings across the Pearl District to understand what’s behind those numbers. The punchline: listings show a low of $.51 per square foot to $1.28 per square foot with an average of $.78 per square foot with a great amount of inconstancy between listings. You can also [watch the full breakdown in our latest YouTube video](https://www.youtube.com/watch?v=X0qYqdleQBQ "HOA YouTube Video").
### Why HOA Dues Matter
HOA dues aren’t optional. They’re part of your monthly payment and factor directly into your loan qualification. But they also represent shared value — a collective budget that covers the costs of maintaining and operating your building.
In most Pearl District condos, HOA dues cover things like:
- Exterior maintenance (roof, siding, windows)
- Water, sewer, and garbage
- Common area maintenance (lobbies, elevators, carpets, and paint)
- Building systems (mechanicals, plumbing, or shared utilities)
- Reserves for future repairs
So before dismissing a property with higher dues, it’s important to understand *what those dues include* and how the building’s budget is being managed.
### What the Numbers Show
After analyzing 134 active listings in the Pearl District, we found that most HOA dues fall between **$0.70 and $0.85 per square foot**. That means a 1,000-square-foot condo would likely carry dues between **$700 and $850 per month** — though there are outliers on both ends.
Examples from the current market:
- **Flanders Lofts:** $0.52 per sq. ft.
- **The Civic:** $0.64 per sq. ft.
- **The Edge Lofts:** $0.66 per sq. ft.
- **The Casey:** ~$1.00 per sq. ft.
- **The Cosmopolitan:** ~$1.07 per sq. ft.
- **The Empress:** ~$1.25 per sq. ft.
Interestingly, larger buildings with more units tend to have lower dues per square foot because costs are spread among more owners. Smaller or boutique properties often have higher per-foot costs — sometimes because they’re offering more privacy or design prestige, not necessarily more amenities.
### Low Dues Aren’t Always Better
Buyers often get excited when they see low HOA dues — but that’s not always good news. If a building isn’t collecting enough to properly maintain itself, it can lead to major expenses later. Underfunded HOAs are at higher risk of *special assessments* when major repairs or upgrades are needed.
In other words, low dues today can mean surprise bills tomorrow.
### What’s Actually Included?
One of the most useful ways to compare HOA dues is by looking at what’s *included* in the fee. Some HOAs cover gas, hot water, and management, while others only include water and garbage. When you factor those utilities into your monthly cost, a condo with higher dues might actually be the better value.
For example, a condo with dues of $0.90 per square foot that includes gas and hot water may end up costing about the same as one with $0.65 dues where you’re paying those utilities separately.
Our research also found that having a concierge or front desk didn’t necessarily mean higher dues. Amenities like gyms or rooftop decks add costs, but they’re only one part of the equation — building age, size, and included utilities are often bigger factors.
### Why Due Diligence Matters
HOA dues alone don’t tell the full story. You won’t see a building’s reserve balance, budget, or upcoming projects in the online listing — those details only become available after your offer is accepted. That’s why it’s important to review HOA documents carefully during the inspection period.
We often recommend having a third-party company review those HOA financials with you. They can analyze budgets, reserves, and future repair planning to help you understand whether the building is financially healthy.
### Comparing HOAs: Condos vs. Single-Family Homes
Condo HOAs and single-family neighborhood HOAs both manage shared responsibilities, but they operate differently. Condos typically handle structural maintenance and utilities for the entire building, while single-family HOAs often focus on neighborhood standards and community amenities.
#### Example: A Single-Family HOA in Action
Take the [Homes Association of Cedar Hills](https://www.cedarhillshoa.org/) in Washington County, just north of Beaverton. This long-established neighborhood HOA includes more than 2,000 homes and dates back to the late 1940s. Homeowners pay annual dues that fund community upkeep, enforce neighborhood standards, and manage shared services like streetlights and landscaping approvals.
Like many single-family HOAs, Cedar Hills’ covenants help maintain neighborhood appearance and property values — though they also come with specific rules about exterior changes, parking, and landscaping. For some buyers, that structure is a benefit; for others, it can feel restrictive. Either way, it’s a useful example of how HOA fees and governance can shape both cost and lifestyle, even outside a condo building.
### The Bottom Line
The Pearl District condo market remains slow — and between mortgage payments, taxes, and HOA dues, monthly costs can feel steep. But HOA fees aren’t just an added expense; they’re a reflection of how a building is managed, maintained, and positioned for long-term value.
When you’re comparing condos:
- Look at the dues *per square foot*, not just the total number.
- Review *what’s included* in those dues.
**Categories:** Pearl District, Real Estate News & Tips
---
### [How to Use ChatGPT on Your Home Inspection Report — Without Talking Yourself Out of a Good House](https://lovejoyrealestate.com/chatgpt-home-inspection-report/)
**Published:** May 21, 2026
**Author:** Charles Turner
**Excerpt:** Buyers in Portland are feeding their inspection reports into ChatGPT and panicking themselves out of good deals. Here are four prompts that actually work — and where AI ends.
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/05/Inspection.jpg)
You’re under contract. Inspection was Tuesday. The report just hit your inbox. 80 pages of red text and hundreds of photos. Every imperfection in the house, individually flagged.
You did what most buyers do in 2026. You opened ChatGPT, dragged in the PDF, and typed something like “tell me what’s wrong with this house.”
Your favorite AI LLM(Grok, Claude (our preference), ChatGPT, etc. just rewrote the script to the [Money Pit](https://en.wikipedia.org/wiki/The_Money_Pit). If you haven’t seen it, add it the list for 80s movie night. The AI isn’t lying. but the question you asked shaped the answer, and the answer in front of you is making a perfectly normal house look catastrophic.
Here’s how to use AI on an inspection report the right way. And where to stop trusting it.
## Why every inspection report looks terrifying
A home inspection report is *designed* to flag everything. A thorough inspector walks a house and notes every imperfection. A hairline crack in the driveway. A chipped grout line in the master bath. A slow drain in the guest bathroom. A missing GFCI outlet in the garage. The standard is “if I see it, I write it up.” A 60-page report on a 1925 Sellwood bungalow is normal. A clean report with five items on it would be a red flag, because it would mean the inspector didn’t actually look.
So when you open the report and see 200 items, that’s the inspector doing their job. Not the house failing.
### Four kinds of items in every inspection report
Once you’ve calmed down about the volume, the harder sort starts. Every item the inspector flagged belongs to one of four buckets. Which bucket it lands in tells you what you can actually ask for.
**1. Things you already knew about and priced into your offer.**
The listing said the roof has a five-year certification. You offered less because of it. Now the inspection confirms five years left. You don’t get to ask for a new roof. The price you offered already accounted for it. And if you signed “as-is, no repairs” to win the deal, this whole category disappears.
**2. Things every reasonable buyer would ask for.**
Safety items. Anything required by the lender for financing. Anything required for occupancy under local code. The non-negotiable floor. These aren’t asks specific to you. They’re what any buyer in any market would put on the addendum.
**3. Things no one knew about.**
The actual surprises. A failed sewer line that hadn’t been scoped. An undiscovered oil tank in the yard. A furnace about to fail. The hidden defects the inspection exists to surface. These are the strongest asks because nobody priced them in. Not you. Not the seller.
**4. Things you personally want.**
Wish-list items. Nice-to-haves. New carpet because you don’t love the color. Replacing a working dishwasher because you’d prefer a different brand. These are your list, not the universal list. They have the lowest claim and the highest cost to your overall negotiating position. Sometimes worth including. Sometimes not.
The bucket determines what’s possible. So does the context of how you got the house. A buyer who beat ten offers with an “as-is” clause has very different room than a buyer who was the only offer at full asking. Market context decides what you can ask for, what you’ll get, and what you should let go.
This is the part AI can’t help with. AI doesn’t know what you priced in. AI doesn’t know how many offers were on the table. AI doesn’t know what’s typical in this market this month. This sort happens on the call with your agent, with your contract and your situation on the table.
## Why “tell me what’s wrong with this house” is the wrong prompt
When you give ChatGPT an unconstrained prompt like *“tell me what’s wrong with this house,”* the model does what it’s trained to do. It summarizes the document comprehensively. Every flagged item comes back. The output reads like a list of disasters because every imperfection gets equal weight, whether it’s a $40 GFCI outlet or a $14,000 sewer line.
That output is technically accurate and practically useless. It’s the equivalent of asking a doctor “what’s wrong with my body” during a physical and getting back “your left earlobe is slightly larger than your right” alongside “your blood pressure is concerning.”
You don’t need the AI to summarize. You need it to sort.
## Four prompts that work
Here are the prompts we send our buyer clients when their report lands. Paste them one at a time, with the inspection PDF attached, into the AI of your choice.
**Prompt 1: Triage.**
> *Read this home inspection report and group the findings into three buckets: (1) safety or health concerns, (2) major systems likely to need repair or replacement in the next 1–3 years, and (3) routine maintenance and cosmetic items. Don’t editorialize, just sort. Use the inspector’s own language for each item.*
This forces the AI to do the sorting work for you, in the inspector’s words. You’ll usually get back five to ten items in bucket 1, ten to fifteen in bucket 2, dozens in bucket 3. The report feels less overwhelming already.
**Prompt 2: Age check.**
> *This home was built in \[YEAR\]. For each item flagged in the report, tell me whether it’s typical and expected for a home of this age in the Pacific Northwest, or whether it’s unusual and worth real concern. Keep your answer to one sentence per item.*
This is the one that changes minds. A lot of things that look scary in isolation are completely normal for a Portland home of a certain vintage. Knob-and-tube remnants. Galvanized supply lines. A heaved front walk. Asking the AI to calibrate against the home’s age separates “alarming” from “expected for this neighborhood, this era.”
**Prompt 3: Cost handling.**
> *For any items likely to cost more than $1,000 to address, flag them as “get a real bid.” Do not estimate dollar amounts. Costs vary too much by region and contractor, and I don’t want a wrong number anchoring my thinking. My real estate agent has vetted local contractors and will pull actual numbers for the items that matter.*
This is the most important prompt in the set. More in a moment.
**Prompt 4: Questions for your agent.**
> *Based on this inspection report and what I’ve told you about the home, what are the top 5 questions I should be asking my real estate agent before deciding how to respond? Be specific to this report, not generic.*
This converts your anxiety into a productive call with your agent. Instead of arriving with “I’m freaking out about everything,” you arrive with five focused questions tied to actual findings.
## Where AI ends
Here’s the line.
AI is good at sorting and summarizing. It’s good at telling you whether a finding is normal for a 1925 house or unusual.
AI is bad at two things. Really bad.
**It hallucinates costs.** Ask ChatGPT what a sewer line replacement costs and it will confidently quote you a number. That number is a national average pulled from training data of unknown vintage. It doesn’t reflect what contractors in Northeast Portland or Battle Ground or McMinnville actually charge in 2026. We’ve seen buyers walk into negotiations anchored to a $4,000 AI estimate for a job that bids out at $14,000. They get laughed out of the room. We’ve got the data from local vendors to ballpark the cost before getting real time estimates.
**It doesn’t know what to ask for.** Every inspection negotiation has the same three options for every Major item. Ask for the repair before close. Ask for a credit at close in lieu of repair. Ask for a specialist evaluation. Which one to use depends on the price point. The seller’s situation. The days-on-market. What was already disclosed. What’s typical for that neighborhood. A dozen other things AI doesn’t have access to.
AI gives generic answers. Generic answers leave money on the table. Or kill deals that should have closed.
## The pattern we see when buyers walk
We work mostly with buyers in the Portland metro and Mid-Willamette Valley. We’ve worked through inspection reports on homes from 1898 to last year’s new construction. The pattern is consistent.
Buyers who panic and walk away from a deal almost always panic because of bad information. An inspector finding they didn’t understand. An AI cost estimate that was way off. A generic online article that scared them about something normal for the neighborhood.
Buyers who close on a great house and feel good about it had two things on their side. A clear framework for sorting the report. And a calibrated read on what’s reasonable to ask for in this market.
We can’t promise you a clean report. No report is clean. But when your inspection comes in, we’ll have done this 2,500+ times before, we’ll have [actual local cost data and a vetted vendor list](https://lovejoyrealestate.com/app/) instead of national averages, and we’ll know which findings in your specific neighborhood are typical and which ones aren’t.
## What to do when your report lands
If you’re a Lovejoy buyer, your agent has already walked you through this. The day-of-inspection handout you got at the property is the same framework you just read. The four prompts above are the same ones we email you the day the report drops.
If you’re working with another agent and you’re reading this because you’re staring at your own report right now, try the prompts. They work whether you’re our client or not.
Either way, don’t walk from a good house because the AI gave you a scary list. Sort the list first.
> **The vetted vendor list and local cost data lives in the [Lovejoy app](https://lovejoyrealestate.com/app/).** Free to install. The four prompts above get you sorted. The app gets you actual names and numbers for the items that matter. Most of our buyer clients use both. The AI to organize. The app to bid out.
### Get the Lovejoy App
Full RMLS and WVMLS search, saved favorites, instant alerts, and our vetted homeowner resources. Free to install. Your data stays between us.
[  ](https://apps.apple.com/us/app/lovejoy-real-estate/id6754545582) [ ](https://play.google.com/store/apps/details?id=com.lovejoyrealestate.app)
**Categories:** First Time Buyer, Home Inspections
---
### [Earnest Money and Wire Fraud: What Portland Buyers and Sellers Need to Know](https://lovejoyrealestate.com/earnest-money-and-wire-fraud-what-portland-buyers-and-sellers-need-to-know/)
**Published:** March 20, 2026
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/03/Gemini_Generated_Image_2ncn242ncn242ncn.png)You found the home. Your offer was accepted. You are days away from closing. Then you get an email with wiring instructions for your earnest money deposit.
You wire the money. And it goes straight to a criminal.
This is not a hypothetical. It is happening in Portland right now. And it does not only happen to buyers.
## Sellers Are Targets Too
Buyers lose earnest money deposits. Sellers lose closing proceeds. The scam works the same way on both sides of the transaction.
You are a seller. Your home just closed. You are expecting a wire transfer of your proceeds, sometimes hundreds of thousands of dollars. You receive an email that looks like it is from your title company with updated account information for where to send the funds. Except the email is fake. The account belongs to a criminal. And your proceeds are gone.
Both buyers and sellers need to treat every wire instruction with the same level of scrutiny.
## The Local Reality
A Portland woman nearly lost $200,000 in a real estate wire transfer scam. She caught it only because she made one last-minute phone call to confirm the wiring instructions. That phone call saved her. Not everyone is that lucky.
The Oregon Department of Justice has issued warnings calling real estate wire fraud one of the fastest-growing cybercrimes in the state. In another Oregon case, buyers lost $379,000 in a single wire transfer. Some of it was eventually recovered. Most wire fraud money is not.
Nationally, a 2025 report found that first-time buyers are three times more likely to fall victim to wire fraud than experienced buyers. One in four buyers reports receiving a suspicious message during a transaction. One in twenty actually falls for it.
## How It Works
The scam is sophisticated. Criminals monitor email threads related to real estate transactions. When they see a ratified purchase contract, they spoof an email address that looks nearly identical to your title company, escrow officer, or agent. The email arrives with updated wiring instructions. It looks completely legitimate. The urgency feels real. You wire the money.
By the time anyone realizes what happened, the money is gone.
## The Rules We Follow at Lovejoy
We talk about this with every buyer and seller before it becomes relevant. Here is what we tell them.
**Wire instructions will never change at the last minute.** If you receive an email with updated wiring instructions, assume it is fraud until proven otherwise. Call us immediately using a phone number you already have, not one in the email.
**Never act on wire instructions from email alone.** Always confirm verbally with your escrow or title officer using a phone number from their official website, not from any email.
**Confirm the receiving account before anything moves.** Call the title company directly and read the account number back to them out loud.
**Sellers: confirm where your proceeds are going before closing day, not the morning of.** Know the account details in advance so a last-minute email does not catch you off guard.
**Use escrow.** Earnest money should always go to a reputable escrow or title company, never directly to a seller or broker.
## If Something Feels Off, It Probably Is
Scammers create urgency. They tell you the window is closing, the seller is getting impatient, the funds must be sent today. That pressure is a tactic. A legitimate title company will always give you time to verify.
If you are ever uncertain about wiring instructions during a transaction with Lovejoy, call us directly before you do anything. We would rather slow down a closing than watch a client lose their down payment or their proceeds.
## The Bottom Line
Wire fraud in real estate is not a distant problem. It is happening in Portland neighborhoods, to real buyers and sellers, on real transactions. The good news is it is almost entirely preventable with one habit: verify before you wire. Every time. No exceptions.
## Sources
- [KGW: Portland woman nearly loses $200,000 in real estate wire transfer scam](https://www.kgw.com/article/news/local/portland-woman-almost-loses-200000-in-real-estate-wire-transfer-scam/283-eb8122fb-60cf-4a40-a588-f6b2316dfe76)
- [CNN: They were closing on their dream home. Then they fell for a real estate scam.](https://www.cnn.com/2024/12/09/business/real-estate-home-buying-wire-fraud/index.html)
- [Oregon DOJ issues warning over real estate and mortgage wire scams](https://elkhornmediagroup.com/oregon-doj-issues-warning-over-real-estate-and-mortgage-wire-scams/)
- [NAR: Wire fraud is targeting first-time buyers](https://www.nar.realtor/magazine/real-estate-news/wire-fraud-is-targeting-first-time-buyers-are-you-doing-enough-to-protect-them)
**Categories:** Real Estate News & Tips
---
### [What is a Starter Home in Portland?](https://lovejoyrealestate.com/what-is-a-starter-home-in-portland/)
**Published:** March 10, 2008
**Author:** Charles Turner
**Content:**
If you’ve been searching for a home in Portland and feeling like the entry-level market has gotten away from you, you’re not imagining things. The definition of a “starter home” has shifted considerably in the past decade — and so has the price tag. Here’s what a starter home actually means in Portland today, what you can expect to get for your money, and whether buying one still makes sense.
## What Is a Starter Home?
A starter home is generally a smaller, more affordable property purchased by a first-time buyer as a stepping stone into homeownership — not necessarily a forever home, but a place to build equity while you figure out your longer-term needs.
There’s no universally agreed-upon definition. Real estate economists at Redfin and Freddie Mac typically define starter homes as the bottom 5th–35th percentile of the market by price. In Portland, that translates to a detached single-family home in the $400,000–$500,000 range as of 2025–2026 — though condos and townhomes can be found in the $300,000–$400,000 range.
Physically, Portland starter homes tend to share a few common traits:
- 1,000–1,500 square feet of living space
- 2–3 bedrooms, 1–1.5 bathrooms
- Mid-century construction (1940s–1970s is the dominant era)
- Larger lots than new construction, often with a garage or off-street parking
- In need of updating — kitchens and bathrooms may be original
It’s sad to say, but it has to be said, HGTV has changed the mental image of what a starter home is for the worse. TV shows have almost erased the idea of sweat equity and the trade-offs may be required to get a foothold in the market. Your first home is probably not your forever home and you need to keep that at the forefront of your mind when considering what are necessities and what are dreams throughout the process.
## What Does a Portland Starter Home Cost Right Now?
As of early 2026, the Portland metro median home price sits around $529,000 for all home types. Starter homes — smaller detached single-family homes in the 5th–35th percentile — are averaging closer to $469,000, according to Q3 2025 RMLS data.
That’s a significant number. For context:
- A $469,000 purchase with 5% down puts your monthly payment (principal, interest, taxes, and insurance) somewhere between $2,800–$3,200, depending on your rate and insurance costs.
- A 10% down payment ($47,000) brings that monthly cost down noticeably and can eliminate some mortgage insurance requirements.
Portland is an expensive market. The median home price has climbed roughly $140,000 over the past four years and remains well above the national median. For many first-time buyers, the math is genuinely hard.
## Portland Neighborhoods Where Starter Homes Exist
Price varies dramatically by neighborhood. The same square footage that costs $550,000 in one zip code might be $380,000 in another. Some areas where entry-level inventory has historically been more accessible:
**East Portland and Outer SE**
ZIP codes like 97266 and 97236 have traditionally offered some of the most affordable detached homes in the city. Less walkable than inner neighborhoods, but with larger lots and more space.
**Outer NE Portland**
Neighborhoods like Centennial, Glenfair, and Pleasant Valley offer more house for the money, with easy access to major transit corridors.
**Lents and Foster-Powell**
These SE neighborhoods have gentrified steadily and offer a mix of price points, with older bungalows and Cape Cods that still come in under the median in some cases.
**Gresham, Troutdale, and Outer Beaverton**
If you’re open to the metro periphery, these areas have more inventory at lower price points. Gresham in particular has seen renewed buyer interest as Portland prices have pushed buyers outward.
## Is Now a Good Time to Buy a Starter Home in Portland?
The market has shifted meaningfully compared to 2021–2022. Here’s the current picture:
- **More inventory.** Active listings in the Portland metro rose 31% year-over-year in 2025. More supply means more choices and more negotiating room.
- **Homes are sitting longer.** Days on market have stretched to around 73 days on average — a dramatic change from the frenzy years. Sellers are more motivated.
- **Rates are lower than their 2023 peak.** Most buyers are seeing rates in the 6–7% range as of early 2026, down from the 7–8% highs of late 2023.
- **Prices are stable, not crashing.** Portland prices are essentially flat year-over-year. Forecasts suggest modest appreciation of 2–4% in 2026.
The bottom line: if you’re financially prepared and planning to stay in Portland for at least 5–7 years, buying a starter home in this market makes more sense than it did when competition was fierce and prices were climbing fast.
## Programs That Can Help Portland First-Time Buyers
Affordability is a real barrier in Portland. These programs are worth knowing about:
[**Oregon Bond Residential Loan Program**](https://www.oregon.gov/ohcs/homeownership/Documents/factsheets/factsheet-Oregon-Bond-Residential-Loan-Program.pdf "Oregon Bond Residential Loan Program")
Below-market interest rates for first-time buyers through Oregon Housing and Community Services.
[**Portland Housing Bureau Down Payment Assistance**](https://www.portland.gov/phb/down-payment-assistance-loan "Portland Housing Bureau Down Payment Assistance")
The City of Portland offers down payment assistance loans for income-qualified buyers, which can dramatically reduce the upfront cash needed at closing.
**FHA Loans**
With as little as 3.5% down and more flexible credit requirements, FHA loans remain a common path for first-time buyers in Portland.
Closing costs in Portland typically run 2–5% of the purchase price — on a $450,000 home, plan for $9,000–$22,500 in addition to your down payment.
## Should You Buy a Starter Home — or Wait for Something Better?
This is the question most first-time buyers wrestle with.
The case for buying a starter home: you stop paying rent (which builds zero equity), you start building ownership, and you have something to sell when you’re ready to move up. A modest home in Portland bought in your 30s can become significant equity by the time you need more space.
The case for waiting: if you’re planning to leave Portland in a few years, if your finances aren’t stable, or if you’re stretching uncomfortably to hit the numbers, waiting — or choosing a condo or townhome with lower maintenance responsibilities — might serve you better.
There’s no single right answer. The best starter home is one you can actually afford to stay in long enough for it to work.
*Thinking about buying your first home in Portland? Lovejoy Real Estate has worked with buyers in this market since 2005. Contact us at lovejoyrealestate.com to talk through your options.*
**Categories:** First Time Buyer, Real Estate News & Tips
---
### [Portland Metro RMLS Market Action August 2021](https://lovejoyrealestate.com/portland-metro-rmls-market-action/)
**Published:** September 13, 2021
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2021/09/RMLS-Inventory-Aug-2021.jpg)RMLS Market Action Report for August was just released and we aren’t the least bit surprised by the current state of the market.
Here are some of the main things we saw in the month of August: The average sales price of a home in the Portland Metro Area is down about $10,000 from July, at $583,600. To put that in context, the average sales price was $511,000 in August of 2020! Inventory, the ratio of active listings to closed sales, increased again from 0.9 to 1 month. Inventory gives us a snapshot of supply and demand. If four months is considered a balanced market between buyers and sellers, we are still firmly in a seller’s market with no sign of that changing.
So does this increase in inventory and slight decrease in price mean the COVID-induced frenzy is over? Our somewhat murky crystal ball says no. We know that there is expected to be a housing shortage for at ***least*** the next 24 months. We also know that we expect these record low-interest rates to at least last through next year. Meaning we still have lots of qualified buyers (demand) and not enough houses to show them (supply). The metro area is not building new construction at a rate necessary to alleviate supply issues. In the unlikely event that home prices decrease, a rise in interest rates could still make monthly payments increase.
“Inventory goes down in the winter,” or “it’s harder to buy a home as the weather turns,” are common refrains in Portland–but what does that really mean?
All that really means to us here at Lovejoy Real Estate is that as the seasons change, we see both buyers and sellers become more serious and intentional. There’s less participation int the market (fewer buyers and sellers and overall transactions) but the need to be competitive does not go away.
As a team, we meet regularly to go over the monthly market reports in order to be positioned to help our clients navigate these competitive situations and have realistic expectations. Our role is to educate our clients on market conditions so that they can make the best decision possible based on their situation. Our team will do everything we can to make sure you know what price and terms will help you to win the home you are making an offer on.
We will promise you this: anything worth having is worth hard work and struggle. In the end, you are going to get into a house and out of the real estate storm!
Whether you are a seller ready to make the transition to a new home, or a buyer looking for your perfect space, we are confident that our team has both the knowledge and determination to make your real estate dreams come true. Ready to make that next step? Give us a call, we’re confident we can get the job done!
**Categories:** Market Activity & Data
---
### [Preparing for a Portland Winter Sale](https://lovejoyrealestate.com/preparing-for-a-portland-winter-sale/)
**Published:** September 3, 2025
**Author:** Charles Turner
**Content:**
# 
Considering listing your Portland home this winter? Although summer is typically the peak selling season, winter can still be a surprisingly strategic time to sell — especially if you’re intentional about your preparation.
In fact, with fewer listings on the market and serious buyers still actively searching, your home has a real opportunity to stand out. However, to make it truly shine when the skies turn gray and the rain becomes routine, you’ll need to adjust your approach accordingly.
## 1. Set the Mood: Warmth and Light Win in Winter
Natural light is in short supply during a Portland winter, so work with what you’ve got:
- **Open blinds fully** and clean windows inside and out to maximize daylight.
- **Add layers of light**: lamps in corners, under-cabinet lighting in the kitchen, and even smart bulbs with warm tones can go a long way.
- **Use candles and fireplaces** strategically during showings for a cozy, inviting vibe.
## 2. Embrace Pacific Northwest Curb Appeal
Rain doesn’t stop Portland buyers — but it does change what they notice. Make sure your home’s exterior is putting its best foot forward:
- **Pressure wash walkways** and re-mulch beds to keep things looking crisp.
- **Add winter-hardy planters** (like evergreen boughs or seasonal greenery) by the front door.
- **Invest in a new doormat and porch light** — two small touches that make a big difference on a dark day.
## 3. Take Care of Comfort Essentials
Buyers will notice if your home feels drafty or smells musty — and not in a good way. A few simple checks can help:
- **Seal windows and doors** to prevent drafts and save energy.
- **Replace furnace filters** and have your HVAC serviced — buyers often ask about system age and maintenance.
- **Add boot trays or umbrella stands** near the entry to keep things tidy during tours.
## 4. Stage for a Season of Comfort
Think texture, not tinsel. Portland winter staging should feel like a warm hug — not a holiday display:
- **Swap light linens for heavier throws, textured pillows, and soft rugs**.
- **Use neutral tones with warm accents** — think rust, amber, or deep greens.
- **Keep holiday decor minimal** so buyers can picture themselves — not your family traditions — in the space.
## 5. Highlight Year-Round Functionality
Winter buyers are practical. Show off how your home performs when it’s dark, damp, and chilly:
- **Have your roof and gutters cleaned** and show receipts — it reassures buyers.
- **Point out storage solutions** like mudrooms, garages, or coat closets.
- **Emphasize any energy-efficient features** like updated windows or smart thermostats.
## Why Winter Works in Portland
With [inventory](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) sitting at **3.7 months as of July 2025**, buyers are still active and looking — but many sellers wait for spring. This imbalance can give your home more visibility, less competition, and potentially a better outcome.
*Just ask one of our recent sellers in Northeast Portland — they listed in late January and had multiple strong offers within 10 days, thanks to smart prep and savvy timing.*
## Need Help Prepping Your Winter Listing?
If you’re eyeing a winter sale, now’s the time to start the prep process. At Lovejoy Real Estate, we help sellers create strategic, seasonally-smart plans that lead to results. With over 500 five-star reviews and more than 200 successful transactions each year, we know what it takes to make your Portland home stand out — even when the sun’s on vacation and the market feels a bit quieter.
**[Reach out](https://lovejoyrealestate.com/contact-us/) to us and let’s get your winter game plan in motion.**
**Categories:** Uncategorized
---
### [Understanding Dual Agency in Oregon](https://lovejoyrealestate.com/understanding-dual-agency-in-oregon/)
**Published:** September 3, 2025
**Author:** Charles Turner
**Content:**
*Dual agency can streamline the process, but it’s not always the right move. Here’s what Oregon buyers and sellers need to know.*If you’re buying or selling a home in Oregon, you may come across a scenario where one agent represents both sides of the transaction. We call this dual agency—and while it often streamlines the process, it also brings nuances you should understand before signing on.
## What Is Dual Agency?
Dual agency occurs when the same real estate licensee (or two agents from the same brokerage) represents both the buyer and the seller in a single transaction. In Oregon, we refer to this as ‘disclosed limited agency,’ and both parties must give informed, written consent to move forward.
It’s legal and common, especially in tight markets like Portland’s, but that doesn’t mean it’s ideal for every situation.
## Pros of Dual Agency
- **Streamlined communication:** Fewer people involved can lead to quicker timelines and reduced back-and-forth.
- **Potential cost savings:** In some cases, the agent may reduce their commission slightly when representing both sides.
- **Easier scheduling:** The same agent coordinates showings, inspections, and closing logistics.
## Cons of Dual Agency
- **Limited advocacy:** An agent can’t fully advocate for both parties in negotiations. They’re required to remain neutral.
- **Disclosure limitations:** The agent can’t reveal confidential motivations, pricing strategies, or financial flexibility from either side.
- **Complex legal duties:** There’s a fine line between facilitation and conflict of interest—one that requires experience and trust to navigate.
## When Dual Agency Might Make Sense
If you’re an experienced buyer or seller who feels confident making decisions independently, or you’re in a unique or time-sensitive situation, dual agency could work in your favor. It’s also more common when buying new construction directly from a builder or in rural markets with fewer agents.
## When to Be Cautious
If this is your first real estate transaction—or if you want strong advocacy in pricing, repairs, or terms—it’s wise to have your own agent. It’s also worth noting that dual agency often arises from convenience, not strategy. Make sure it serves your best interests, not just the agent’s schedule.
## How It Works at Lovejoy Real Estate
At Lovejoy, our team structure helps mitigate many of the potential pitfalls of dual agency. Even when both sides are handled within our brokerage, clients typically have distinct agents—giving you access to streamlined processes while retaining full advocacy and care.
## Final Thoughts
Like many things in real estate, dual agency isn’t inherently good or bad. It depends on the context—and the quality of the professionals involved. Make sure you understand your options, read the disclosures carefully, and don’t hesitate to ask questions.
**Want help navigating your next move in the Portland market?** [Let’s talk](https://lovejoyrealestate.com/contact-us/) strategy that aligns with your goals.
**Categories:** Uncategorized
---
### [Tips for Downsizing in Portland](https://lovejoyrealestate.com/tips-for-downsizing-in-portland/)
**Published:** September 2, 2025
**Author:** Charles Turner
**Content:**
Downsizing isn’t just about moving into a smaller space — it’s about simplifying your lifestyle and finding a home that truly fits your needs. Whether you’re an empty nester, seeking a lower-maintenance home, or just ready to declutter, Portland offers a wide range of housing options perfect for this next chapter.
## 1. Know Your Why
Before you start packing boxes, take time to understand your reasons for downsizing. Are you looking to save on upkeep and utilities? Hoping to live closer to family, favorite parks, or Portland’s bustling downtown? Knowing your “why” will guide every decision and keep you focused during the process.
## 2. Evaluate Your Space Needs
Consider what spaces you use daily and which ones you could comfortably live without. Do you really need a guest room that’s used twice a year, or would a cozy den and a pull-out sofa do the trick? In Portland, many condos, townhomes, and smaller Craftsman-style homes are designed to maximize every square foot.
## 3. Declutter with Purpose
Downsizing is the perfect time to lighten the load. Start with items you haven’t used in a year or more, and be honest about what you truly need. Consider donating to local organizations like [Habitat for Humanity ReStore](https://pdxrestore.org/) or [The Salvation Army](https://pdx.salvationarmy.org/). You’ll feel good knowing your items are helping others in your community.
## 4. Think Location First
When you’re looking for a smaller home, the neighborhood often matters more than the square footage. Portland’s walkable areas — like the [Pearl District](https://lovejoyrealestate.com/pearl-district/), [Sellwood](https://lovejoyrealestate.com/sellwood-garthwick/), or [Alberta Arts](https://lovejoyrealestate.com/alphabet-district-nob-hill-portland/) — offer convenience, vibrant communities, and easy access to parks, dining, and transit.
## 5. Get Creative with Storage
Smaller spaces require smarter storage. Look for built-in shelving, under-bed storage, and multi-functional furniture. Portland’s boutique furniture shops and local makers specialize in custom solutions that make small spaces feel open and organized.
## 6. Work with an Experienced Agent
Downsizing often means balancing selling your current home and finding a new one. An experienced Portland agent can help you time your sale, find a right-sized home, and navigate the details — from pricing strategies to coordinating movers and storage.
## Final Thoughts
Downsizing in Portland doesn’t mean giving up comfort — it’s about creating a home and lifestyle that match where you are today. Whether you’re dreaming of a modern condo downtown or a quiet bungalow near Forest Park, a thoughtful plan will make your transition smooth and stress-free.
**Categories:** Uncategorized
---
### [Can a Strong Stock Market Drive Up Home Prices in Portland?](https://lovejoyrealestate.com/can-a-strong-stock-market-drive-up-home-prices-in-portland/)
**Published:** August 26, 2025
**Author:** Charles Turner
**Content:**
If you’ve been keeping an eye on both Wall Street and your Zillow alerts, you might be wondering — can a booming stock market really nudge Portland home prices higher? The short answer? Yes — and not just in the ways you might think. ## The Wealth Effect: Why Your Portfolio Can Influence Real Estate
When investors see their portfolios climb, their financial confidence grows too. This so-called “wealth effect” can lead to increased spending — and for some, that means a move-up purchase or second home. In Portland, we often see this play out when tech stocks soar or IPOs hit the headlines.
But it’s not just high-net-worth buyers in Lake Oswego or the West Hills. Many local buyers, especially those with retirement accounts or stock-heavy compensation, feel more empowered to make offers — sometimes at higher price points — when markets are green.
## Investor Behavior Shifts
A strong stock market can also shift investor strategy. When returns in equities are good, some may hold off on real estate purchases. But others diversify — investing in Portland rentals or flipping properties while their stocks give them liquidity. More investor activity can tighten inventory and drive prices up in hot neighborhoods like [Alberta Arts](https://lovejoyrealestate.com/alberta-arts-district-concordia/) or [Sellwood](https://lovejoyrealestate.com/sellwood-garthwick/).
## Confidence Fuels Demand
Psychology plays a big role in real estate. When people feel good about the economy — often mirrored by the stock market — they’re more likely to make big life decisions: buying their first home, upsizing, or relocating. That added demand puts upward pressure on prices, especially in a market like Portland where new inventory remains limited.
## What the July RMLS Data Says
According to the latest [RMLS Market Action](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) report for July 2025, Portland’s median sale price ticked up to **$549,000**, a 0.9% increase from the same time last year. Inventory rose to **3.7 months**, and average time on market remained steady at **52 days** — showing a market that’s active, but not overheated.
This stability is important. It means confident buyers are stepping in — potentially influenced by strong portfolios — but we’re not seeing irrational price jumps or runaway bidding wars like in 2021.
## The Bottom Line
A healthy stock market doesn’t guarantee rising home prices, but it can grease the wheels. If you’ve been waiting for “the right time,” consider this: when confidence is high, competition usually follows. Whether you’re planning to buy or sell, it’s worth having a strategy — and a team — that understands how financial markets impact Portland’s unique housing landscape.
At Lovejoy Real Estate, we help clients navigate these connections every day. With over 500 5-star reviews and more than 200 transactions a year, we’re trusted guides — not just in Portland neighborhoods, but in reading the economic room.
### Want to talk strategy while the market’s calm and confidence is high? [Let’s connect.](https://lovejoyrealestate.com/contact-us/)
**Categories:** Uncategorized
---
### [Lovejoy Real Estate’s Strategy: 500+ 5-Star Reviews Explained](https://lovejoyrealestate.com/lovejoy-real-estates-strategy-500-5-star-reviews-explained/)
**Published:** August 20, 2025
**Author:** Charles Turner
**Content:**
If you’ve spent even a few minutes Googling Portland real estate, you’ve likely seen Lovejoy Real Estate pop up—with over 500 five-star reviews and 200+ clients served annually, we’re not just a familiar name—we’re a trusted one. But those stars didn’t come from luck. They came from strategy, relentless client focus, and an unapologetic obsession with getting it right.
## The Secret Sauce? Spoiler: It’s Not a Secret
We don’t hoard our strategies—we share them. Why? Because we believe in transparency, and frankly, we know not everyone can execute like we do. Our team structure, hyperlocal knowledge, and client-first mindset create real, repeatable wins. Think of us as your boots-on-the-ground insiders, helping you navigate every twist in the Portland market with confidence and clarity.
## It Starts with Listening (Seriously Listening)
Every five-star experience begins with understanding. Whether you’re relocating from out of state or upsizing from a [Sellwood](https://lovejoyrealestate.com/sellwood-garthwick/) bungalow, we start by digging into your real goals—not just your bedroom count. We’ve helped families time their sale with school transitions (without mentioning school ratings, of course), coached sellers through prep and pricing strategies that net them top dollar, and guided first-time buyers through tricky lending timelines.
## Hyperlocal Expertise Is the Game-Changer
From knowing which NE Portland streets get the best fall light to predicting when [West Hills](https://lovejoyrealestate.com/west-hills-raleigh-hills-west-slope/) listings will flood the market post-holiday, our agents don’t guess—they know. Lovejoy agents work collaboratively across the region, so whether your search stretches from Beaverton to [Mt. Tabor](https://lovejoyrealestate.com/mt-tabor/), you get deep intel, fast answers, and fierce negotiation skills tailored to each micro-market.
## What “Above and Beyond” Really Looks Like
Sometimes it’s arranging pre-market contractor access. Other times it’s fielding late-night buyer jitters with calm reassurance (and a solid backup plan). One recent client arrived in Portland the night before their tour schedule—and woke up to find their agent had already stocked their Airbnb with coffee, snacks, and a printed itinerary. That’s not fluff. That’s love and logistics combined.
## We Don’t Just Close. We Continue.
The end of a transaction isn’t the end of the relationship. Clients return to us again and again—referring friends, family, and coworkers—because we stay connected. Whether it’s sending valuation updates or recommending a reliable roof repair pro years after the sale, we’re your real estate people for life.
## Is This the Year You Work with Lovejoy?
We’re proud of every one of our 500+ five-star reviews—but even prouder of the stories behind them. If you want guidance, honesty, and strategy that’s earned—not scripted—[reach out](https://lovejoyrealestate.com/contact-us/). The stars don’t lie.
**Categories:** Uncategorized
---
### [NE vs. SE Portland: Which Fits Your Lifestyle?](https://lovejoyrealestate.com/ne-vs-se-portland-which-fits-your-lifestyle/)
**Published:** August 14, 2025
**Author:** Charles Turner
**Content:**
If you’re torn between buying in Northeast or Southeast Portland, you’re not alone. These two vibrant quadrants are packed with personality, but each offers a distinct flavor when it comes to lifestyle, home styles, and everyday amenities. Whether you’re craving killer food carts, lush parks, or the perfect craftsman bungalow, this breakdown will help you choose your best Portland match.
## 🏡 Home Styles & Architecture
**NE Portland** leans historic, especially in neighborhoods like Alameda, Sabin, and Irvington. Think stately Craftsmans, early 20th-century Tudors, and larger lots. There’s a more polished, residential vibe — you’ll spot plenty of pride-of-ownership and beautifully landscaped streets.
**SE Portland** has a grittier, more eclectic edge — and we mean that in the best way. You’ll find charming bungalows, mid-century homes, and more ADUs (Accessory Dwelling Units) tucked into alleys and backyards. It’s a popular pick for first-time buyers and creatives looking for funk, flexibility, and walkability.
## 🍜 Food, Drink & Culture
Let’s be honest — both sides eat well. But the vibe is different.
**Division Street (SE)** is a foodie haven: Pok Pok (RIP), Ava Gene’s, and a rotating cast of hot spots make it a must-visit corridor. SE is also known for indie coffee shops, breweries, and a strong DIY energy. If you want your dinner with a side of zine culture or live music, SE delivers.
**[Alberta Arts District](https://lovejoyrealestate.com/alberta-arts-district-concordia/) (NE)** brings art galleries, street fairs, and high-end restaurants together with iconic Portland institutions like Salt & Straw. It’s polished but still creative — ideal if you want a little buzz without sacrificing sleep.
## 🌳 Parks & Green Space
Nature lovers will appreciate both areas, but they serve different moods.
- **SE Portland** is home to [Mt. Tabor](https://lovejoyrealestate.com/mt-tabor/) — a dormant volcano with killer views and trails. Sellwood Riverfront Park and the Springwater Corridor add to its outdoor appeal.
- **NE Portland** gives you Wilshire Park’s 14-acre dog-friendly greenspace and proximity to the Columbia River Gorge. Great for weekend warriors and daily dog walks alike.
## 🛍️ Shops, Streets & Vibes
**SE** is a little more offbeat — vintage shops, indie bookstores, and murals abound. Walk Division, Hawthorne, or Clinton Street for a truly “Portland” feel. **NE** gives you a mix of boutique shopping and established commercial pockets with a slightly more upscale feel. Think Alberta vs. Mississippi Ave — each with its own flavor, both walkable and worth exploring.
## 📊 Market Snapshot (July 2025)
As of the latest [RMLS Market Action July 2025](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879):
- **Median Sale Price (Portland Metro):** $549,000
- **Average Days on Market:** 52 days
- **Inventory:** 3.7 months
- **New Listings (July):** 2,931
- **Closed Sales:** 2,005
### 📍 **North/Northeast Portland (Area 142)**
- **New Listings:** 408
- **Pending Sales:** 303
- **Closed Sales:** 301
- **Average Sale Price:** $529,800
- **Median Sale Price:** $485,000
- **Average Market Time:** 49 days
---
### 📍 **Southeast Portland (Area 143)**
- **New Listings:** 451
- **Pending Sales:** 321
- **Closed Sales:** 320
- **Average Sale Price:** $552,600
- **Median Sale Price:** $515,000
- **Average Market Time:** 48 days
The takeaway? Inventory is up slightly, giving buyers a bit more breathing room — whether you’re leaning NE or SE.
## 🏁 Bottom Line: What’s Right for You?
If you want walkability, eclectic energy, and affordability, SE Portland might be your perfect match. If you’re after classic architecture, slightly more space, and a quieter creative pulse, NE could be calling your name. Either way, you’re landing in one of Portland’s most dynamic, beloved neighborhoods.
**Curious about listings in NE or SE Portland?** Let’s connect — our team at Lovejoy Real Estate helps buyers zero in on the best fit every day.
**Categories:** Uncategorized
---
### [July 2025 Market Update – Portland Metro](https://lovejoyrealestate.com/july-2025-market-update-portland-metro/)
**Published:** August 7, 2025
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2025/08/RMLS-July-Market-Action-Data-Portland-Metro.jpg)July brought us long, warm days — and a shift in the market’s mood. After a spring where buyers had to act fast and sellers held the cards, we’re now seeing more balance. The numbers are clear, but the story they tell is more important.
**The Big Picture**
- **Inventory:** Up to **3.7 months**, the highest since early 2023. April sat at 3.1 months, May at 3.3, and June at 3.6 — this is part of a steady upward trend.
- **Pricing:** Median sale price of **$555,000**, up 0.9% year-over-year but down 2.6% from June. That’s the second consecutive month of MoM price dips — a seasonal cooling signal, but also buyer pushback on pricing.
- **Sales Activity:** Pending sales down 0.6% YOY and 4.0% MoM; closed sales down 3.4% YOY, barely up from June.
### Fallout and Terminations — Reading Between the Lines
RMLS doesn’t publish “deal fallout” as a stat, but the gap between pendings and closings tells the story:
- In July, **92%** of pendings closed within the month — better than June’s 88% — but with fewer pendings overall, some contracts are clearly not sticking.
- This pattern started in late spring, when pendings softened while inventory rose, meaning some homes came back to market after inspection, financing, or appraisal issues.
- Fallout is most common in the $400K–$600K range, where financing contingencies dominate, and in markets where condition can mismatch the asking price.
- Cash-heavy upper-tier markets (like Lake Oswego/West Linn) see fewer terminations, but when they happen, it’s usually inspection-driven.
- Inspections may reveal projects that are overwhelming but part of buying not-new construction. This is where we have the conversation with a seller, “Is this a repair request that every buyer will make or something that is specific to this buyer?” And don’t forget the [HGTV Effect](https://lovejoyrealestate.com/is-sweat-equity-dead/).
### Year-to-Date (Jan–Jul 2025 vs. 2024)
- **New Listings:** +4.6% This is a confirmation that for many owners, life dictates decisions over rates. Interest rates have not come down significantly but more people are willing to give up those low rates they refinanced into- or don’t have a loan at all.
- **Pending Sales:** -0.1%
- **Closed Sales:** +0.3%
- **Average Price:** +0.8% ($615,700)
- **Median Price:** +0.9% ($550,000)
Compared to Q1’s across-the-board gains, July looks flatter — we’re no longer in a sharp rebound from December 2024’s downturn. Instead, we’re in a transitional market where each side negotiates harder. **If you took all the sky is falling news headlines you could not glean that our market is basically flat from last year.** It is important to note that our area is holding up much better than areas that have heavy concentrations of new construction across the nation.
### What This Means for Buyers
- You finally have breathing room. More choices, more leverage in inspection negotiations, and less pressure to waive contingencies.
- Homes that fall out of contract can be opportunity buys — sellers often return to market ready to deal.
### What This Means for Sellers
- Price to the market you’re in, not the one from this spring. Buyers now have data and options on their side.
- Watch for buyer hesitancy — a contract isn’t a closing. Keep communication open during escrow, and be prepared for negotiations throughout the transaction.
### Local Nuance
- **NE Portland** saw a small YOY median price drop, while **N Portland** posted gains — a reminder that “Portland market” is really many micro-markets.
- **Lake Oswego/West Linn** remains in its own stratosphere, with average prices near $1M and steady demand, even as the broader metro cools.
### Bottom Line
July didn’t bring a crash — it brought a pause. Inventory is building, buyers are more selective, and fallout is a reality in some price bands. If you’re strategic, there’s opportunity on both sides: buyers can find better terms, and sellers can still get strong offers if they adapt quickly.
Read the full [RMLS Market Action Report](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=18110)
**Categories:** Uncategorized
---
### [Before and After: A Property Transformation](https://lovejoyrealestate.com/before-and-after/)
**Published:** July 25, 2025
**Author:** Charles Turner
**Content:**
When this seller handed us the keys, their home was well-lived-in, full of memories—and more than a little full of stuff. The potential was there, but it was hidden behind years of accumulated belongings, heavy colors, and spaces that needed a fresh perspective.
Our job? Reveal that potential. And that’s exactly what we did.
### Before: Full, Dated, and Overwhelming
Some homes are messy. Others are simply packed with life. This one had a bit of both. The primary bedroom had become a storage zone for bedding and household overflow. The office felt dark and dated, with deep red walls and cluttered surfaces. And the main living area—despite its natural light and great layout—was overwhelmed by bulky furniture and boxed-up belongings.
[](https://lovejoyrealestate.com/wp-content/uploads/2025/07/Arbor-Lake-Bedroom-Before-scaled.jpg)
[](https://lovejoyrealestate.com/wp-content/uploads/2025/07/Arbor-Lake-Office-Before-scaled.jpg)
[](https://lovejoyrealestate.com/wp-content/uploads/2025/07/Arbor-Lake-Family-Before-scaled.jpg)
At first glance, it wasn’t obvious how to make this house feel like a home buyers would fall in love with. But with the right approach, even the most packed spaces can be reimagined.
### What We Did
Once the sellers turned over the keys, we took it from there—coordinating every step with our trusted team and handling all the moving parts behind the scenes. Here’s how we got it done:
- **Professional Paint & Repairs**
We worked with licensed contractors to repaint dark walls, brighten the home’s palette, and handle necessary touch-ups to finishes and fixtures.
- **Full-Service Staging**
Our staging team came in with a fresh layout, curated furnishings, and modern accessories—focusing on creating warmth, flow, and functionality.
- **Donation & Cleanout**
Unneeded items were removed and donated to local organizations. We made sure nothing usable went to waste and that everything else was taken care of quickly and respectfully.
- **Upfront Costs? Covered.**
We fronted the cost of all improvements, with reimbursement handled through closing proceeds. That meant no upfront payments or financial strain for the seller.
- **Turnkey Management**
From painters to stagers, cleaners to final walk-through—we managed every detail. The seller didn’t need to lift a finger.
### After: Clean, Calm, and Completely Transformed
The difference was dramatic.
The bedroom was transformed into a peaceful retreat, styled with soft textures, fresh bedding, and clean lines. No more distractions—just a space that feels like home.
[](https://lovejoyrealestate.com/wp-content/uploads/2025/07/Abor-Lake-Bedroom-After-scaled.jpg)
The office, once dark and cluttered, became a bright and functional workspace. A lighter color palette, black hardware accents, and simple, elegant decor made it feel modern and usable.
[](https://lovejoyrealestate.com/wp-content/uploads/2025/07/Arbor-Lake-Office-After-scaled.jpg)
And the living space? A total turnaround. The layout now flows naturally from one area to the next, drawing attention to the windows and highlighting the home’s best features. Staging furniture was carefully chosen to make the room feel open and inviting without losing its purpose.
[](https://lovejoyrealestate.com/wp-content/uploads/2025/07/Arbor-Lake-Family-After-scaled.jpg)
### The Outcome
This home went from feeling closed-off and chaotic to light, clean, and inviting. The transformation wasn’t just cosmetic—it was strategic. Every decision was made with the buyer’s eye in mind, and the result was a space that photographed beautifully, showed well, got a full price offer the first week on market and sold successfully.
### Why This Works
Not every seller is in a position to update or stage their home on their own. That’s why we offer a hands-on approach to getting homes market-ready:
- We coordinate everything.
- We handle the upfront cost in the right situations.
- We make data-driven design decisions paired with years of experience.
- We aim for maximum return.
### Every Home Is Unique
What we did here won’t be the right approach for every listing. But for this seller, letting us take the lead was the best decision they could have made.
If you’re thinking of selling and your home isn’t quite ready, reach out. We’ll talk through what’s possible and help you decide the right next step. Because behind every beautiful “after” is a thoughtful, strategic plan—and a team ready to make it happen.
**Categories:** Uncategorized
---
### [Why Now May Be the Best Time to Explore New Construction in Portland](https://lovejoyrealestate.com/why-now-may-be-the-best-time-to-explore-new-construction-in-portland/)
**Published:** July 18, 2025
**Author:** Charles Turner
**Content:**
**[](https://lovejoyrealestate.com/wp-content/uploads/2025/07/New-construction.jpg)Is now a good time to buy a new-construction home in Portland?**
With interest rates steady and builders competing for buyers, Portland’s new construction market offers an appealing alternative to a tight resale inventory—especially for buyers looking for modern layouts, energy efficiency, and lower maintenance.
## The backdrop: Portland’s evolving housing landscape
Portland’s housing market has remained competitive, even as activity moderates. Inventory of resale homes is improving slowly but remains constrained by the Urban Growth Boundary and homeowners hesitant to sell into today’s rates.
That’s why builders are stepping in—with communities that deliver fresh inventory and attractive terms. In 2025, that could offer you more leverage than in recent years.
## Interest rate stability matters
Mortgage rates have hovered around 6.7–6.8%, which may sound high compared to the pandemic era but has created a new equilibrium. More importantly, many builders are helping buyers manage monthly payments by offering:
- Temporary or permanent rate [buydowns](https://lovejoyrealestate.com/national-housing-market-stumbles-but-portland-charts-its-own-course/)
- Closing-cost credits
- Upgrade packages as standard
These incentives reduce your out-of-pocket costs and monthly payment, allowing you to secure a brand-new home with added value.
## Why buyers are looking at new homes now
Unlike many older Portland homes—which may need updates, repairs, or energy retrofits—new construction often comes fully equipped:
- [Energy Star](https://www.energystar.gov/) appliances
- Modern insulation
- Smart home prewiring
- Lower maintenance costs in the first 5–10 years
- New construction warranties for peace of mind
## Where to look: Emerging areas around Portland
While inner Portland’s supply of buildable lots is limited, builders are active in areas like North Portland, East Portland, and select pockets of outer suburbs.
These locations often offer:
- Larger lots
- Modern community layouts
- Proximity to parks, trails, and conveniences
Some projects even include shared amenities like playgrounds or walking paths, giving you a neighborhood feel right from move-in.
## Incentives you shouldn’t ignore
Portland builders understand today’s affordability challenges and are competing creatively for buyers:
- Appliance packages at no extra charge
- Landscaping or fencing included
- Flooring or cabinetry upgrades
- Special lender partnerships that can further reduce monthly payments
These incentives didn’t exist during the pandemic peak but are increasingly common today.
## The resale alternative still holds value—but it’s selective
Resale homes in desirable neighborhoods remain in demand, particularly if they’re updated and show well. However, many resale listings require work, and with Portland buyers becoming pickier, the appeal of a truly move-in-ready home is stronger than ever.
## The bottom line for Portland buyers
If you’re searching for a home this summer or fall, don’t overlook new construction. Builders are offering compelling deals, and the benefits—energy efficiency, customization, and warranty protection—may outweigh a resale home’s character.
At Lovejoy Real Estate, we help more than 200 Portland buyers and sellers each year navigate exactly these kinds of decisions, backed by 500+ 5-star reviews on Google and Zillow.
Whether you’re curious about what’s available or want help comparing resale and new construction options, we’re ready when you are.
## What should you do next?
Contact Lovejoy Real Estate for a custom consultation about today’s new construction opportunities. We can connect you with builders offering the strongest incentives—and help you decide if this path is right for you.
**Categories:** Uncategorized
---
### [Portland Metro Market Update: Why Prices Remain Resilient Despite Slowing Activity](https://lovejoyrealestate.com/portland-metro-market-update-why-prices-remain-resilient-despite-slowing-activity/)
**Published:** July 11, 2025
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2025/07/RMLS-Market-Action-Stats-June-2025.jpg)At first glance, the [June 2025 Portland Metro real estate](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879 "RMLS Market Action June 2025") numbers feel contradictory. If you looked only at the headline metrics—new listings down 15.2% from May, closed sales down 1.5%, pending sales essentially flat—you might reasonably expect home prices to be softening.
But they’re not.
In fact, the **average sale price has risen 1.2% year-to-date to $614,800, and the median sale price is up 1.5% to $550,000**. So, what’s driving this price resilience, even as the market cools by other measures?
### A Changing Mix of Sales
The key lies in understanding what kinds of homes are selling. While overall transaction volume is down, **the homes that are selling tend to be higher priced**. This isn’t necessarily a broad-based appreciation trend; it’s a reflection of who’s in the market right now.
Affordability remains a challenge for many first-time and entry-level buyers, especially with mortgage rates hovering near 6.8% for a 30-year fixed loan. At the same time, move-up and higher-income buyers—less constrained by rates—continue to transact, and they’re shopping in higher price brackets.
### Quality Over Quantity
Another factor is that **well-prepared, move-in ready homes remain in high demand**, while homes needing work or priced aspirationally sit longer. Total inventory ticked up to 3.6 months, but not all inventory is created equal. Buyers are competing for quality listings that are priced correctly and show well—and they’re willing to pay for them.
In essence, the market is rewarding presentation and condition, even as total activity slows. This reinforces a point we make often with our clients: **the best-prepared homes sell faster and for stronger prices, even in a shifting market**.
### Regional Resilience
Neighborhood differences also matter. Higher-priced areas such as West Portland and Lake Oswego/West Linn continue to post robust numbers, supporting overall price averages. Meanwhile, more affordable areas are seeing slower activity, and in some cases, softer pricing.
### The Bottom Line
If you’re thinking about selling this summer or fall, the message is clear:
- **Buyers remain active and willing to pay for homes that present well, but they’re selective.**
- **Strategic preparation—staging, pre-listing improvements, and correct pricing—remains critical to maximizing your sale price in today’s market.**
Even though the market is slowing by many metrics, Portland’s average and median prices show that quality inventory still commands attention and value.
**Questions about your home’s market position? Curious what small updates could make a big difference?**
[Contact us today](mailto:clientcare@lovejoyrealestate.com) for a complimentary pre-listing consultation. We’re happy to walk you through what matters most in today’s evolving market.
**Categories:** Uncategorized
---
### [What Is Earnest Money—and Why It Matters in Oregon Real Estate](https://lovejoyrealestate.com/what-is-earnest-money-and-why-it-matters-in-oregon-real-estate/)
**Published:** June 27, 2025
**Author:** Charles Turner
**Content:**
If you’re buying a home in Oregon, you’ll hear the term “earnest money.” But what exactly is it—and what happens to it if a deal falls through?
## What Is Earnest Money?
Earnest money is a good faith deposit made by a buyer to show they’re serious about purchasing a property. Think of it as a handshake backed by a check. In Oregon, this amount is typically 1–3% of the purchase price, although the amount can vary depending on market conditions or what’s agreed upon in the sale.
If the buyer wakes up the day before closing and decides they don’t want to buy the home, the earnest money will go to the seller. If the buyer terminates based on a contingency in the contract, it will be returned to the buyer.
### Where Does It Go?
Once an offer is accepted, the earnest money is deposited with the escrow or title company. It’s not just handed to the seller—it’s held in a neutral account until the transaction closes (or is terminated). This ensures both parties are protected during the escrow period.
### Part of Your Total Cash to Close
It’s important to know that earnest money is not an “extra” fee. When a transaction moves to closing, the earnest money is applied toward the buyer’s total cash to close, which includes the down payment and closing costs. In other words, it’s already part of your investment in the home.
### What Happens If the Deal Falls Through?
This is where things can get complicated. In Oregon, both the buyer and seller must mutually agree **in writing** on what happens to the earnest money if a transaction is terminated. The escrow company cannot release the funds to either party without written instructions from both sides.
It’s important to note: the buyer’s termination is unilateral—they cannot be forced to buy. It is the *disposition* of the earnest money that must be agreed upon.
If there’s a dispute, and the amount is under $10,000, the only legal avenue for resolution is small claims court.
### What We’re Seeing Now
Over the last two decades, we’ve only encountered a few situations where a seller retained a buyer’s earnest money after a deal fell apart. Typically, buyers who terminate based on contingencies (inspection, financing, appraisal, etc.) get their earnest money back.
However, that’s changing.
Right now, we’re seeing four separate earnest money disputes, and in each case, the issue stems from a transaction being terminated improperly—meaning the buyer may not have followed the contract terms or timelines precisely. If A, B, and C are valid contingencies, the buyer cannot terminate based on Z and expect to get their earnest money back.
**Who you work with to buy or sell your home matters!**
It’s a sharp reminder that earnest money is a legal commitment, not just a casual deposit. Buyers and agents alike should be extra careful to follow the terms of the contract and understand the conditions under which earnest money is refundable.
**Categories:** Uncategorized
---
### [Portland Real Estate Market Update: May 2025](https://lovejoyrealestate.com/portland-real-estate-market-update-may-2025/)
**Published:** June 6, 2025
**Author:** Charles Turner
**Content:**
### Balanced Gains Amid Rising Inventory
[](https://lovejoyrealestate.com/wp-content/uploads/2025/06/Market-Action-Portland-Metro-May-2025.png)The one thing we are certain of: the **most overused word** of the year to describe the real estate market is, “*uncertainty*.” The **most important word** to describe the real estate market is, “*resilience*.” As we roll into summer, the Portland real estate market continues to show signs of stability with subtle but meaningful shifts that buyers and sellers alike should note.
According to the latest [RMLS Market Action](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=17784) report, May 2025 brought a mixed bag of movement across key indicators. This reflects the market still adjusting to broader economic forces while inching forward in price growth.
#### Key Stats: May 2025 vs. May 2024
- **Average Sale Price**: $612,100 — up **1.5%**
- **Median Sale Price**: $547,500 — up **2.0%**
- **New Listings**: 3,651 — up **4.1%**
- **Pending Sales**: 2,299 — down **2.7%**
- **Closed Sales**: 2,018 — down **5.7%**
- **Inventory**: 3.3 months — up from 2.3 months in May 2024
- **Total Market Time**: 55 days — down 7 days year-over-year
- Note the graphic is comparing April to May 2025
#### Sellers Returning, Buyers Slowing
We’ve now seen **year-to-date gains in new listings** (+6.0%) and **closed sales** (+2.1%) when compared with the first five months of 2024. This suggests a rebalancing — not a surge, but a gradual normalization as both sides of the market recalibrate.
The **decrease in pending sales** might raise eyebrows, but when paired with the drop in market time and a healthy uptick in new listings, it likely reflects **cautious buyer behavior** rather than falling demand. Homes are still moving, just a bit more selectively.
#### Prices Edge Upward
Year-over-year, the Portland metro continues to see **modest price appreciation**. The **median price** has grown 2.6% from May 2024 to May 2025, indicating continued upward pressure — particularly in more desirable neighborhoods or move-in-ready homes.
The 12-month rolling average further reinforces this with a **+1.5% gain in average sale price** and **+2.0% in median sale price**, underscoring steady, sustainable growth.
#### What This Means for Buyers and Sellers
**For Buyers**:
- **Inventory is higher**, which means more choices and potentially less bidding pressure.
- With **market time decreasing**, homes that show well and are priced right are moving — don’t wait too long on a good one.
- Keep an eye on interest rates; they’re still dictating affordability for many segments of the market.
**For Sellers**:
- **Pricing remains key**. Overpricing in this environment will extend time on market.
- With inventory climbing, **presentation matters more than ever** — professional photos, clean staging, and minor updates can make a major difference.
- It’s still a seller’s market in many neighborhoods, but buyers are better informed and more patient than they were a year ago.
#### Looking Ahead
If the current trend continues, Portland may be heading into a **more balanced summer market**. We’ll be watching to see if **buyer activity increases in June** as the school year wraps and vacations begin — typically one of the busiest stretches of the real estate calendar.
For now, May’s numbers signal a return to fundamentals: **moderate price gains, balanced competition, and strategic opportunities** on both sides of the transaction.
*Need help navigating the Portland market? [Let’s talk](/contact-us).* And finally, thank you for reading this far, the data this month is pretty boring and it’s not easy turning it into something interesting.
**Categories:** Uncategorized
---
### [HOAs in Oregon: What Buyers Need to Know Before Signing On](https://lovejoyrealestate.com/hoas-in-oregon-what-buyers-need-to-know-before-signing-on/)
**Published:** May 30, 2025
**Author:** Charles Turner
**Content:**
For many buyers in Oregon—especially in Portland, Salem, and surrounding cities—homes that fall under a Homeowners Association (HOA) are a common part of the landscape. Cedar Hills is one of the best examples of a large, established neighborhood that is a HOA. Whether you’re eyeing a sleek [Pearl District condo](https://lovejoyrealestate.com/pearl-district/), a townhome in Keizer, or a newer development in Happy Valley, chances are there’s an HOA involved. But what exactly does that mean, and what should you be looking out for?
Here’s a breakdown of the most important things to know before you buy into a homeowners association in Oregon.
### 🧱 Condo vs. Townhouse: What Do You Actually Own?
Let’s start with a fundamental distinction that often trips people up: the difference between a **condominium** and a **townhouse** in legal and ownership terms.
- **Condos**: You typically own the *interior space only*—often described as “from the paint in.” The land, exterior walls, roof, and shared areas are owned collectively through the HOA.
- **Townhomes**: You usually own the structure and the land underneath it. That means you may be responsible for exterior maintenance and landscaping, depending on what the HOA covers.
The form of ownership—not the building’s appearance—is what matters most. Two attached units could look nearly identical, but one might be a condo and the other a townhome.
### ✅ The Pros: Why Buyers Choose HOA Communities
While HOAs come with rules and costs, they also bring value—especially for those who prefer a lower-maintenance lifestyle.
- **Maintenance-free living**: The HOA handles landscaping, exterior painting, and sometimes roof repairs—freeing up your weekends for better things.
- **Community standards**: Rules help maintain curb appeal, property values, and neighborhood consistency.
- **Shared amenities**: Pools, gyms, walking trails, and clubhouses can offer big lifestyle perks without the full expense of private ownership.
- **Insurance savings**: Condo HOAs usually carry master insurance policies that may reduce the need for full homeowners coverage.
### 📊 How HOA Dues Are Calculated
In Oregon, HOA dues are typically calculated based on your unit’s **square footage as a percentage of the entire development**. So a larger unit may pay more, even if all units share the same amenities.
This is outlined in the community’s **CC&Rs** (Covenants, Conditions & Restrictions) and budget documents. Oregon law requires HOAs to maintain reasonable reserves and conduct transparent financial practices under:
- [**ORS 94**](https://www.oregonlegislature.gov/bills_laws/ors/ors094.html "ORS 94 PUDs and Townhouses"): Governs planned communities (like townhouses)
- [**ORS 100**](https://www.oregonlegislature.gov/bills_laws/ors/ors100.html "ORS 100 Condos"): Governs condominiums
### 💰 What Do HOA Dues Actually Cover?
It varies, but here are common inclusions:
- Exterior maintenance (painting, roofing, siding)
- Landscaping and irrigation
- Master insurance policy
- Trash, water/sewer (sometimes)
- Reserve fund contributions
- Shared amenities (clubhouse, pool, gym)
**Don’t assume**—ask for the budget and a breakdown of what’s covered before you buy. Make sure that you are comparing apples to apples when looking at how much dues compare between buildings.
### ⚠️ What Are Special Assessments—and Why Do They Happen?
A **special assessment** is a one-time charge levied on owners—on top of monthly dues—to cover major expenses the HOA doesn’t have funds for. They can range from a few hundred to tens of thousands of dollars per unit.
**Common reasons assessments occur:**
- Major unforeseen repairs (e.g., roof failure, water intrusion)
- Capital projects (replacing siding, repaving roads, seismic retrofits)
- **Underfunded reserves**—a failure to collect enough in dues over time to cover predictable long-term expenses
Before buying, look for any *planned* or *recent* special assessments, and read the reserve study to see if future ones are likely. A well-run HOA with strong reserves reduces this risk. Assessments, or the potential of, can make a property unfinancable and a cash-only proposition. Once the details of the assessment are known, who pays the assessment can become a negotiated part of the transaction.
### 🚗 Lifestyle Restrictions to Know About
HOAs can also place restrictions that affect your day-to-day life—some of which may be deal-breakers for certain buyers.
- **RV and boat parking**: Many HOAs prohibit visible storage of trailers, campers, or extra vehicles—even in driveways.
- **Exterior changes**: You may need board approval to repaint your door, replace windows, or install solar panels.
- **Pet policies**: These can include limits on *number*, *breed*, or *weight*. Some allow dogs under 30 lbs only; others prohibit specific breeds. We have seen Great Danes that identify as being 30 lbs… enforcement can vary but the law will favor the HOA.
These rules help keep a consistent look and feel in the neighborhood—but make sure they don’t conflict with your lifestyle or future plans.
### 📝 Smart Questions to Ask Before Buying
- Are there rental restrictions or caps?
- Are pets allowed? If so, what are the limits?
- Are RVs, boats, or extra vehicles allowed to be stored on site?
- How often have dues increased in the last five years?
- Has the HOA had any recent lawsuits or special assessments?
- Is the community professionally managed or self-run?
### 🏁 Final Thoughts
An HOA can bring peace of mind and preserve property values—but it can also add complexity. Take time to understand what you’re buying into. Knowing how the HOA works can make or break your experience. **Need help reviewing CC&Rs or HOA rules?** We’re happy to help you read between the lines before you make your move.
**Categories:** Uncategorized
---
### [Lonely? Apply for a Loan Before Reading This](https://lovejoyrealestate.com/lonely-apply-for-a-loan-before-reading-this/)
**Published:** May 23, 2025
**Author:** Charles Turner
**Content:**
## Credit 101: What Every Homeowner (or Future Buyer) Should Know
[](https://lovejoyrealestate.com/wp-content/uploads/2025/05/Mortgage-Image0.jpg)Whether you’re buying your first home, refinancing, or applying for a HELOC, understanding how credit works is crucial. From knowing the difference between a soft and hard pull to protecting your info from lender call lists, here’s what to know before your credit gets pulled.
### Hard Pull vs. Soft Pull: What’s the Difference?
When you’re exploring loan options or getting pre-qualified, lenders ***can*** run a **soft pull**—a basic credit check that doesn’t affect your score and isn’t visible to other lenders.
Once you’re ready to formally apply for a mortgage or HELOC, your lender will run a **hard pull**. This gives them full access to your credit history from all three bureaus (Experian, Equifax, and TransUnion) and *can* lower your score by a few points temporarily. Many lenders, and most online lenders, will do a hard pull for a pre-approval or pre-qualification.
But there’s another catch: **a hard credit pull puts your name on a list that credit bureaus sell to other lenders.** That means you could start receiving unsolicited offers—emails, calls, even texts—within hours. This could be upwards of 50 phone calls!
**Before giving your lender authorization to pull your credit, ask whether they are going to do a soft or hard pull.**
If you’re just starting the process, protect yourself now. Here’s how:
- Go to [OptOutPrescreen.com](https://www.optoutprescreen.com/form) and complete the **online form** for a **5-year opt-out**. It takes about **5 business days** to go into effect.
- To **opt out permanently**, follow up by printing and mailing the signed form they’ll generate for you. This part can take a few **weeks**, but it ensures long-term privacy.
Doing both gives you immediate protection and long-term peace of mind.
### What Credit Scores Get You the Best Rates?
Your credit score does more than determine whether you qualify—it influences **how much interest you’ll pay**, every month and over the long term.
Whether you’re buying a home or pulling equity out with a HELOC, here’s how scores typically stack up when it comes to mortgage and home loan rates:
Score RangeImpact on Your Loan**760+**Best rates available**740–759**Still excellent terms- 740 was the old top tier**700–739**Good, with slight rate increases**680–699**Acceptable, but higher rates and possibly extra fees**620–679**Eligible for many loans, but with significant rate hikes or mortgage insurance**Below 620**Unlikely to qualify for conventional loans; FHA or alternative financing may be required***Example:** On a $400,000 mortgage, a borrower with a 760 score might secure a 6.825% interest rate. That same borrower with a 680 score might be quoted 7.75%, resulting in a monthly payment that’s hundreds of dollars higher—and potentially tens of thousands more over the life of the loan.*
Even for a smaller $50,000 HELOC, the difference in rate based on credit score could mean thousands in additional interest paid over time.
### How to Get Your Free Credit Report
You can check your credit reports from all three bureaus—**for free**—once a year at [AnnualCreditReport.com](https://www.annualcreditreport.com). During recent years, the site has even offered **free weekly reports**, which is especially helpful if you’re working on improving your score or monitoring for errors.
**Pro tip:** Rather than pulling all three reports at once, stagger them every few months so you can keep tabs year-round. These reports do not include your credit score, which is available for an additional charge. Your credit card company may give you access to your score from one of the bureaus for free.
### What Factors Affect Your Credit Score?
Your credit score is made up of five main components:
- **35%** – Payment History: On-time payments are key.
- **30%** – Credit Utilization: Try to keep credit card balances under 30% of the limit.
- **15%** – Length of Credit History: Older accounts help.
- **10%** – Credit Mix: A combination of credit cards, installment loans, and mortgages helps.
- **10%** – New Credit: Avoid opening new accounts before applying for a loan. **DO NOT** open new accounts during the approval process of your loan.
### Bottom Line
Your credit profile impacts more than just loan approval—it determines how much home you can afford and how much you’ll pay for it. If you’re planning to buy, refinance, or open a HELOC in the next few months:
- Opt out of lender call lists now at [OptOutPrescreen.com](https://www.optoutprescreen.com/form)
- Know your score, and understand how it affects your rate
- Pull your free credit reports and make sure everything is accurate
- Improve your credit tier if you’re close to a threshold—it can save you thousands
Want help navigating the mortgage process in Portland or just curious about how your credit score might impact your options? Let’s talk.
**Categories:** Uncategorized
---
### [Flambient Photography, the Best of Real Estate Photography](https://lovejoyrealestate.com/flambient-photography-the-best-of-real-estate-photography/)
**Published:** May 16, 2025
**Author:** Charles Turner
**Content:**
*…and What That Means (Even If You’ve Never Heard of It)*
If you’ve ever scrolled through home listings and paused on one because the photos looked like something out of a magazine, there’s a good chance flambient photography was involved. Real estate photography has evolved. In the digital age, we commonly see three types of photography used for listings:
1. **iPhone or mobile device:** the “free” option. While smartphone camera quality has come a long way, it still lags behind professional methods—making this the third-best option.
2. **HDR (High Dynamic Range) photography:** This technique blends multiple exposures to capture both the brightest highlights and darkest shadows. The result offers a fuller tonal range, but can sometimes appear flat or over-processed.
3. **Flambient photography:** Keep reading…
At Lovejoy Real Estate, we use **flambient photography** on all of our listings—not just the high-end ones. Why? Because every home deserves to look its best, and buyers deserve to see it at its best. It’s one of the many behind-the-scenes steps we take to ensure our clients get maximum visibility, faster offers, and better outcomes.
### [](https://lovejoyrealestate.com/wp-content/uploads/2025/05/iPhone_hdr_flambient_comparison-scaled.jpg)
### So… What *Is* Flambient Photography?
The term **“flambient”** is a mashup of ***fla**sh* and ***ambient***—two types of lighting photographers use. It’s a technique that combines the best of both:
- **Flash images** add detail, clarity, and accurate colors.
- **Ambient light** captures the natural lighting and mood of a space.
By blending multiple exposures and carefully editing the final images, the result is a photo that’s crisp, color-accurate, and beautifully balanced—**no harsh shadows, blown-out windows, or murky corners**. The final flambient image is constructed from a minimum of three photos, but can include as many as 10, 20, or even 30 depending on the size and complexity of the space. While this makes both the photoshoot and editing process more time-consuming, the result is a superior final product.
🎥 [Watch this behind-the-scenes video of our process](https://www.youtube.com/watch?v=YIvPje6gZH0)
### Why It Matters
Great photography is the *first showing*—and it happens online. Studies show that listings with professional photography:
- Get **more clicks** and **higher engagement**
- Sell **faster**
- Often sell for **more money**
But it’s not just about slapping on a wide-angle lens. Flambient photography is meticulous. It requires a multi-step process that includes staging, lighting control, flash layering, and editing precision. That effort translates to **more striking images** and more motivated buyers.
#### Want to See the Editing Side?
The editing process is where the magic happens—and this sped-up screen share shows the precision behind every flambient image:
### We Invest in This—So You Don’t Have To
Many brokerages reserve flambient photography for million-dollar listings. We believe *every* home deserves the best marketing, no matter the price point. That’s why we include flambient photos as a **standard service** for all our listings—from urban condos to suburban colonials. This, along with [Matterport 3D tours](https://my.matterport.com/show/?m=hUmudubcexM) and video walkthroughs, is designed to attract more serious buyers—and reduce time spent on showings with people who wouldn’t have come if the photos were subpar. It’s just one way we go the extra mile for our clients.
### Want Your Home to Stand Out?
Let’s talk about how flambient photography (and the rest of our marketing strategy) can give your home an edge in today’s market.
**Categories:** Matterport 3D Camera, Real Estate News & Tips
---
### [April Showers Sprout New Listings: Portland Real Estate Market Update](https://lovejoyrealestate.com/april-showers-sprout-new-listings-portland-real-estate-market-update/)
**Published:** May 8, 2025
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2025/05/Market-Action-Portland-Metro-April-2025.jpeg)April delivered a spring surge of listings, giving Portland’s real estate market a noticeable inventory bump at a time when buyers are actively reengaging. According to the latest [RMLS Market Action report](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5878), both supply and demand are showing signs of resilience, even as mortgage rates remain higher than many would like.
### More Homes, More Choices
One of the biggest takeaways from April: new listings jumped **7.6%** year-over-year and a whopping **25.9%** from March. That translates to **3,358** new homes on the market in a single month—the highest number since last summer. Inventory climbed to **3.1 months**, giving buyers more options and easing the bottleneck that defined much of 2023.
### Buyer Demand Still Solid
Pending sales dipped slightly compared to April 2024—down **3.8%**—but nudged upward from March. Closed sales were essentially flat year-over-year, with **1,880** homes closing in April, but that’s a **16.6%** increase from March. That month-to-month momentum is a good sign that buyers are still showing up, even amid economic uncertainty.
### Prices Continue to Rise (Gently)
Price growth remains steady without overheating. The average sale price year-to-date sits at **$616,700**—up **2.6%** from the same period last year. The median sale price is up **2.1%** to **$540,000**. Rolling 12-month averages show similar growth: +1.8% for the average, +2.1% for the median.
Notably, luxury activity is shifting. Sales between $1 million and $1.2 million surged, but closings over $2 million dropped compared to last year. In total, **234** homes sold above the $1 million mark—up from **215** in April 2024—though the ultra-luxury tier saw fewer takers. It’s a subtle but telling sign of how high-end buyer behavior is evolving in today’s market.
### Total Market Time & Trends
Homes are moving slightly faster, with average market time dropping to **62 days**. That’s still longer than the ultra-competitive market of 2021–2022, but notably better than last fall’s slowdown. In short: sellers who price appropriately are finding buyers.
### No Rate Cut Yet: Waiting on the Smoke Signals
The Federal Reserve held rates steady again at its May meeting, defying market hopes for a spring cut. Despite cooling inflation data, officials signaled they’re waiting for a clearer economic picture before making a move. With the next Fed meeting set for **June 17–18**, all eyes are on inflation, jobs—and the tone of the next announcement. At this point, the market is treating every Fed statement like smoke from the Vatican.
### What This Means Going Forward
April’s numbers are encouraging for a market still shaking off last year’s volatility. There’s more for buyers to look at, sellers are seeing steady interest, and prices are rising at a sustainable clip. If mortgage rates moderate at all in the coming months, we could see even more momentum heading into summer.
**Categories:** Market Activity & Data
---
### [Is Sweat Equity Dead?](https://lovejoyrealestate.com/is-sweat-equity-dead/)
**Published:** May 2, 2025
**Author:** Charles Turner
**Content:**
In today’s real estate market, the traditional idea of “sweat equity” — where buyers purchase fixer-uppers and invest their own time and effort into renovations — faces new challenges.
In a recent Facebook poll among Realtors, the results were clear: the majority agreed that a $25,000 investment in pre-sale home improvements typically yields about a $50,000 increase in sale price. In short, buyers today are leaning heavily toward **move-in-ready homes**, and they’re willing to pay for that convenience.
### Financing Renovations: Sellers vs. Buyers
Sellers often have a distinct advantage when it comes to funding home improvements. They can invest upfront, potentially increasing the home’s market value and recouping those costs at closing.
Buyers, however, face hurdles. Post-purchase, many struggle to find extra funds to tackle upgrades or improvements. That’s where our brokerage often steps in — coordinating and even financing pre-sale improvements to help sellers present homes that align with today’s market demands. ([University of South Alabama study](https://www.southalabama.edu/).)
It’s important to distinguish between generalized *cost-versus-value* reports and the targeted updates we recommend before listing. Sellers usually hire licensed contractors to complete these jobs professionally, while buyers undertaking improvements themselves are often paying only for materials and dedicating personal time — the true definition of sweat equity.
### The HGTV Effect
Home renovation shows have reshaped buyer expectations. Many now expect homes to be updated and stylish, often underestimating the time, cost, and effort involved in renovations.
This so-called **HGTV effect** drives demand for turnkey properties. Understandably, most buyers would rather spend weekends enjoying Mt. Hood, the Willamette Valley, or Cannon Beach — not wandering the aisles of Home Depot or figuring out how to properly dispose of renovation debris.
### Generational Shifts in DIY Confidence
Millennials, now the largest group of homebuyers, present a mixed picture when it comes to DIY enthusiasm. While they value personalization, confidence in handling home projects is often lacking.
- Only 20% feel comfortable tackling drywall repairs or fan installations.
- Nearly 30% admit hesitance when faced with changing a lightbulb.
The rise of internet “hacks” complicates matters further. Finding the correct way to complete a task online can be harder than the task itself — and shortcuts often lead to poor or unsafe results. After one failed DIY attempt or a costly fix, buyers are less motivated to try again.
### Conclusion: Is Sweat Equity Dead?
Not entirely. But it has changed.
Today’s buyers often prioritize move-in-ready homes, leaving sweat equity opportunities more appealing to seasoned investors or highly motivated buyers. Meanwhile, sellers who invest strategically in pre-listing improvements can expect strong returns and faster sales.
While rolling up your sleeves and adding value yourself isn’t obsolete, it’s clear the market favors homes where that hard work has already been done.
**Categories:** Uncategorized
---
### [National Housing Market Stumbles — But Portland Charts Its Own Course](https://lovejoyrealestate.com/national-housing-market-stumbles-but-portland-charts-its-own-course/)
**Published:** April 25, 2025
**Author:** Charles Turner
**Content:**
Two major national news outlets recently reported a rocky start to the 2025 spring real estate season.
According to [ABC News](https://katu.com/news/nation-world/home-sales-crater-in-march-getting-busy-spring-season-off-to-a-rough-start-economy-mortgage-rates-interest-inflation-tariffs-housing-market), **March 2025 marked the slowest pace of home sales nationwide in more than a decade**, with closings falling sharply year-over-year.
NPR’s [report](https://www.npr.org/2025/04/24/nx-s1-5375071/home-sales-march-spring-housing) echoed that sentiment, highlighting affordability challenges, higher mortgage rates, and stock market uncertainty as major obstacles for buyers this spring. At the national level, many sellers are facing an uphill climb — especially in markets where large amounts of new construction inventory are flooding the market with incentives like mortgage rate buy-downs, closing cost credits, and upgrade packages.
## Portland Defies the Trend
Here in Portland, the story couldn’t be more different. We shared in our [Q1 update](https://lovejoyrealestate.com/portland-real-estate-market-update-q1-2025/) a few weeks ago that **the Portland real estate market entered 2025 on a steady, upward trajectory**. With three full months of data now in the rearview mirror, that momentum is even more significant compared to the national picture.
### Portland Metro – Q1 2025 Highlights:
- **New Listings:** 7,808 — up 5.8% year-over-year
- **Pending Sales:** 6,496 — up 3.0%
- **Closed Sales:** 5,458 — up 6.7%
- **Average Sale Price:** $603,000 — up 4.2%
- **Median Sale Price:** $540,000 — up 2.9%
In March alone, pending sales rose 7.4% year-over-year, while market time fell to an average of just 71 days on market. **Inventory tightened to 3.0 months — suggesting healthy buyer demand heading into the heart of the spring season.**
## Why Is Portland Bucking the National Trend?
One big reason: **we simply don’t have the new construction inventory that many other markets do.** In much of the country, builders are offering deep discounts and incentives to move new homes, including:
- Mortgage rate buydowns
- Closing cost contributions
- Free upgrades or design allowances
These incentives have tilted the market in favor of new construction — often at the expense of traditional resale homes.
**Portland’s Urban Growth Boundary (UGB)** changes that dynamic. The UGB limits sprawl and preserves farmland by containing urban development within a fixed perimeter. While this has major long-term benefits for the environment and quality of life, it also means:
- **Land for large-scale new housing developments is extremely limited.**
- **Resale homes dominate the market.**
- **Competition is between buyers for existing homes — not buyers being lured by builder incentives.**
In short, Portland’s market strength is more “organic” — built on **genuine buyer demand** rather than temporary financial sweeteners.
## Looking Ahead
As the spring market heats up, Portland continues to show stability and resilience. If mortgage rates ease later this year, as many expect, demand could accelerate even further. Inventory remains relatively tight, and the healthy pace of sales suggests **Portland is well-positioned to outperform broader national trends throughout 2025**.
**The takeaway?**
While national headlines may sound ominous, Portland’s real estate market is writing a different — and much more encouraging — story.
**Categories:** Uncategorized
---
### [Home Energy Scores in Portland & Oregon](https://lovejoyrealestate.com/home-energy-scores-in-portland-oregon/)
**Published:** April 18, 2025
**Author:** Charles Turner
**Content:**
Since 2018, Portland has required that most homes listed for sale include a Home Energy Score (HES). The idea was to give buyers a quick way to understand how energy efficient a home is — similar to how miles-per-gallon ratings help compare cars. But as with many well-intentioned policies, the implementation hasn’t been without criticism. Not in Portland? You still need to pay attention as other cities have adopted and it is not impossible the State will pursue.
### What is the Home Energy Score?
The Home Energy Score is a 1-to-10 rating system designed to estimate a home’s energy use, with 10 being the most efficient. An assessor evaluates the home’s insulation, heating and cooling systems, windows, and other features to produce the score and a detailed report that outlines how the home uses energy and what improvements might help. The report gives the home a score, a list of potential efficiency upgrades and their cost and what the score would be after the work is done. The first page shown here scores a three today and an eight after $411 of suggested upgrades. View the complete [Home Energy Score report](https://betterbuildingssolutioncenter.energy.gov/sites/default/files/attachments/Home%20Energy%20Score%20Report%20Example.pdf).
The City of Portland requires this report to be available to potential buyers at the time of listing. That means sellers need to have the assessment done before their home goes live on the market.
### Who Needs One — and What It Costs
All Portland home sellers (within city limits) must provide a Home Energy Score unless the property qualifies for an exemption (certain foreclosures, trustee sales, and newly built homes are sometimes excluded). The requirement applies to detached single-family homes, not condos or townhomes in buildings with five or more units. Some other jurisdictions
Assessments typically cost between $150 and $250 and must be conducted by a licensed Home Energy Assessor. Most evaluations take about an hour, and the report must be uploaded to the Portland HES database and included in RMLS listings.
### Where Else Is a Home Energy Score Required?
While Portland was the first city in Oregon to implement a mandatory Home Energy Score (HES) policy, several other cities have followed suit or are considering similar programs:
- **Milwaukie, OR:** Since October 1, 2020, sellers must obtain a Home Energy Score for most single-family homes and some attached units. [Learn more](https://www.milwaukieoregon.gov/sustainability/hes-and-homeowners-2).
- **Hillsboro, OR:** Effective September 1, 2021, Home Energy Scores are required for listed single-family homes. [Learn more](https://www.hillsboro-oregon.gov/our-city/departments/city-manager-s-office/sustainability/home-energy-score-program).
- **Bend, OR:** As of July 1, 2023, sellers are required to disclose a Home Energy Score. [Learn more](https://www.canarymedia.com/articles/energy-efficiency/this-simple-score-can-help-you-find-an-energy-efficient-home).
- **Corvallis, OR:** A policy has been approved, but implementation is pending. [Learn more](https://realestateagentpdx.com/portland-home-energy-score-required-for-all-rentals-2023-update/33827).
- **Eugene, OR:** Eugene currently offers a voluntary HES program and may require it in the future. [Learn more](https://realestateagentpdx.com/portland-home-energy-score-required-for-all-rentals-2023-update/33827).
### Why It’s Been Controversial
At its core, the HES is meant to be a buyer-facing tool: to help home shoppers understand utility costs and environmental impact. But in practice, the score doesn’t always reflect what people expect. One common concern is how larger homes are treated in the scoring system.
In earlier versions of the program, square footage was not a part of the scoring calculation. However, shortly before rollout, square footage was added — significantly affecting how homes were rated. As a result, even well-insulated, energy-efficient large homes can receive lower scores simply because their total energy use is higher than that of smaller homes.
For example:
- A 2,000 sq ft home might score a 10.
- A 3,500 sq ft home — built to high standards — might only get an 8.
- A 5,000 sq ft home may max out at a 6 or lower, even with top-tier systems.
This has led some industry professionals to argue that the HES favors smaller homes and fails to fairly reflect per-square-foot efficiency.
### Do Buyers Pay Attention?
While it’s too early to draw sweeping conclusions, the available data doesn’t suggest that the HES is driving buyer decisions in any meaningful way. Buyers continue to prioritize location, layout, price, and condition over energy scores. That said, the report can be a helpful tool for environmentally conscious buyers or those concerned about utility costs — especially when comparing similar homes.
### Where to Learn More
- [City of Portland Home Energy Score program](https://www.portland.gov/bps/climate-action/pdxhes)
- [Report to Council on Ordinance No. 188143](https://www.portland.gov/sites/default/files/2020/report-to-portland-city-council-on-residential-energy-performance-rating-and-disclosure-ordinance-no.-188143.pdf)
### Final Thoughts for Sellers
Regardless of how you feel about the program, the HES is a required part of the home-selling process in Portland. Understanding how it works — and how it may affect your listing — is key to avoiding surprises.
**Categories:** Uncategorized
---
### [What is a Short Sale? Short Sales in 2025](https://lovejoyrealestate.com/what-is-a-short-sale-short-sales-in-2025/)
**Published:** April 11, 2025
**Author:** Charles Turner
**Content:**
It’s been over a decade since short sales were a regular part of the real estate landscape. In 2010–2012, they were everywhere—a byproduct of the housing crash and the widespread negative equity that followed. Fast forward to 2025, and we’re in a very different environment. Short sales are rare. But not extinct. In fact, we’re currently handling two of them. **What is a short sale?** In it’s simplest form, the sale of the home will net less money than the mortgage holder(s) is owed- the funds will be short of making the bank whole on their loan.
That raises the question: **why now?** And why does it matter?
### What’s Changed Since the Housing Crash?
The main difference between today and 2010 isn’t that people aren’t struggling—it’s that most homeowners have *options*.
- **83% of mortgage holders have an interest rate below 6%.**
That’s a huge incentive to hang on to the home if possible.
- **68% of homeowners have paid off their mortgage or have at least 50% equity.**
That’s a financial buffer that simply didn’t exist in 2010.
Even if someone is behind on payments, today’s homeowners are far more likely to have equity—and that means they can sell traditionally, pay off the mortgage, and move on without involving the bank.
### So Why Do Short Sales Still Happen?
Life happens. Divorce, job loss, medical bills, or relocating in a down market can all lead to a short sale—even in an equity-rich environment. If a homeowner bought recently and values dipped, or they pulled out equity and now need to sell under pressure, the numbers may not pencil out.
That’s the situation with the two we’re working on right now. These aren’t distressed properties—they’re simply the product of complex personal and financial circumstances.
### How Do Short Sales Work?
For those unfamiliar—or those who’ve blissfully forgotten—short sales require the lender’s approval to sell the property for less than what is owed on the mortgage. It’s a longer, paperwork-heavy process compared to a traditional sale. But it can be a win-win for both buyer and seller when done right.
We created some resources back in the thick of the short sale era that are still incredibly helpful:
- [Short Sale Process Flow Chart](https://lovejoyrealestate.com/short-sale-process-flow-chart/)
- [Flow Chart for Buyers](https://lovejoyrealestate.com/short-sale-flow-chart-for-buyers/)
- [Flow Chart for Sellers](https://lovejoyrealestate.com/short-sale-flow-chart-for-sellers/)
### What Buyers and Sellers Should Know in 2025
**For Sellers:**
If you’re in a tight spot and don’t think you can sell traditionally, a short sale might be worth exploring *before* defaulting on payments. You may still have time to work with your lender and protect your credit.
**For Buyers:**
Short sales aren’t always the deal they appear to be, but if you’re patient and flexible on timing, you could land a great home—just be prepared for a longer closing window and less certainty along the way.
### Final Thought
Short sales are no longer a market trend—they’re a niche solution. But they still have their place. If you’re unsure where you stand, or know someone who might be facing difficult decisions around their mortgage, we’re always happy to talk through options.
The Oregon State Bar goes deeper into [Foreclosure Law in Oregon](https://www.osbar.org/public/legalinfo/1202_ForeclosureRealProperty.htm).
**Categories:** Uncategorized
---
### [Portland Real Estate Market Update: Q1 2025 Shows Steady Gains Across the Board](https://lovejoyrealestate.com/portland-real-estate-market-update-q1-2025/)
**Published:** April 4, 2025
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2025/04/RMLS-Market-Action-March-20250.jpg)The first quarter of 2025 is in the books, and if there’s one word to describe the Portland metro real estate market so far this year, it’s steady. After a volatile finish to 2024—where December’s average sale price dipped more than expected—there was plenty of curiosity around how the market would open in the new year.
Now, with three months of data in hand, the story has become clearer: buyers are active, sellers are returning, and prices are gradually climbing. It’s a textbook case of a market regaining its footing.
### A Quick Note on the Data
Most of the figures we use in these updates—especially from the [RMLS Market Action March 2025](https://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879) report—compare activity **year-over-year for a given month** (e.g., March 2025 vs. March 2024). However, for this Q1 market update, we’re also looking at **cumulative Q1 data** (January through March 2025) versus Q1 2024. That gives us a broader lens on market momentum—not just a single-month snapshot. The full quarter also helps smooth out the disparity in weather between the two years, especially the Januarys.
### Strength Across the Board (Q1 over Q1)
- **New Listings:** 7,808 — Up 5.8%
- **Pending Sales:** 6,496 — Up 3.0%
- **Closed Sales:** 5,458 — Up 6.7%
- **Average Sale Price:** $603,000 — Up 4.2%
- **Median Sale Price:** $540,000 — Up 2.9%
That kind of across-the-board improvement signals a market that isn’t just recovering from last year’s late slide—it’s building real momentum. Buyers who sat on the sidelines in 2024 due to higher interest rates or economic concerns seem to be re-entering the picture. At the same time, more sellers are bringing homes to market, perhaps sensing stronger demand and stable pricing.
### Breaking Down the Quarter (Month-by-Month Highlights)
**January** started the year strong. Inventory ticked up, activity returned quickly after the holidays, and both pricing metrics were up more than 6% compared to January 2024. Even with an average of 88 days on market, homes were moving.
**February** was a bit of a mixed bag. Fewer new listings came online compared to both January and February 2024, but closed sales jumped—up over 11% YOY. That may reflect buyers scooping up older inventory or catching up from January’s active start.
**March** is where the market really gained traction compared to 2024:
- **New listings jumped 10% YOY**
- **Pending sales rose 7.4%**
- **Closed sales were up 5.9%**
- **Inventory tightened to 3.0 months**
- **Average market time dropped to 71 days**
March’s performance suggests increasing buyer urgency as spring ramps up, even with mortgage rates remaining higher than many had hoped.
### Looking Ahead
Q1 gave us exactly what the market needed: steady progress. Price growth is measured but positive. Buyer activity is climbing. And sellers are starting to re-engage. If interest rates cooperate, Q2 could be even stronger.
This is a rearview mirror look. This week is turning out to be one of the most financially newsworthy in recent memory. The stock market is in apparent free-fall but, as of this writing, is just barely up year-over-year. The irony of stock market turmoil is that money often moves into bonds—which is good news for mortgage rates.
And historically, in four of the last six recessions, home prices have actually increased. (Yes, we all remember the one exception: the recession caused by the housing and mortgage markets themselves.)
**Categories:** Uncategorized
---
### [Pandemic Real Estate, 5 Years Later: How Portland’s Market Surged—And Settled](https://lovejoyrealestate.com/pandemic-real-estate-5-years-later-how-portlands-market-surged-and-settled/)
**Published:** March 28, 2025
**Author:** Charles Turner
**Content:**
A recent [Wall Street Journal article](https://www.wsj.com/real-estate/luxury-homes/covid-homes-relocation-e2acfa9f?st=ex7rYe&reflink=desktopwebshare_permalink) explored the national trend of people who made big moves during the early years of the pandemic—only to find themselves reversing course a few years later. Portland was one of the few metro areas called out by name, and I was cited in the piece to help explain how our local market evolved during that time.
One of the featured stories involved a couple who left California in 2020, looking for a slower pace, more space, and more value for their dollar. They settled in [Lake Oswego](https://lovejoyrealestate.com/lake-oswego/), a Portland suburb known for its schools, lakefront charm, and neighborhood appeal. But after just over a year, they packed up and moved back to California.
Why? The reasons weren’t about the house—they loved that. Instead, they cited the realities of extreme weather, social unrest, and the emotional toll of moving away from long-time social networks and grown children. It’s a powerful example of how pandemic-era moves were often made quickly, but not always with long-term plans in mind.
### Portland’s Rapid Rise: What Fueled It?
Between Q2 of 2020 and Q2 of 2022, home prices in the Portland metro area jumped more than 35%, according to the Federal Housing Finance Agency. That kind of growth was dramatic, but it wasn’t random.
The pandemic fundamentally changed how people evaluated their homes. Suddenly, your home wasn’t just where you lived—it was also your office, your child’s classroom, your gym, and your safe zone. The need for more space—and more function—became immediate.
Condos and apartments quickly lost their shine. Demand shifted toward single-family homes with offices, yards, and room to spread out. At the same time, remote work allowed many to leave higher-priced coastal cities while staying employed. Portland offered a compelling option: still in the Pacific time zone, culturally vibrant, and significantly more affordable than the Bay Area or Seattle.
That confluence of factors pushed demand to levels we’d never seen before. Inventory was already low—and suddenly, competition was off the charts. Homes sold in days, sometimes hours. Prices soared.
### And Then… It Stalled (Sort Of)
Since the peak of that growth, the market has cooled—but it hasn’t collapsed.
Interest rates climbed steadily through 2023 and into 2024, eventually hitting 8%. That softened demand, but the market didn’t buckle. Why? Because while buyers were hit by affordability concerns, sellers didn’t rush to list either. Most are still sitting on historically low mortgage rates—often under 3%—and many are unwilling to trade up into a much higher rate.
That standoff has kept inventory tight and prices relatively stable. We’re no longer seeing the double-digit appreciation of the pandemic peak, but we’re also not seeing a drop-off.
More and more, we’re watching a slow shift from the “don’t want to sell” camp to the “need to sell” crowd. As we like to say, it often comes down to the “Ds”: divorce, death, diplomas, diapers, downsizing, diamonds (marriage), and (d)relocation. These are the life events that move people, regardless of market timing.
### What’s Selling—and What’s Sitting
Today’s market is more segmented than ever.
- **Done homes**—fully remodeled, well-maintained, in popular neighborhoods—are still moving fast, often with multiple offers.
- **Sweat equity properties**, once a hot commodity, are now much slower to go. Buyers don’t want to take on major projects in an era of high labor and material costs.
- The **condo market** continues to be soft. Many buyers remain cautious about HOAs, assessments, and long-term appreciation potential. It often takes some tough conversations to price these properties right.
### So… Was It a Mistake?
Some buyers who made pandemic-era moves are rethinking their decisions. That’s normal. But most aren’t heading back where they came from—they’re adjusting. They’re remodeling, refinancing, relocating locally, or simply taking a beat to reassess their long-term goals.
If you moved during the pandemic and are wondering whether to stay or go, you’re not alone. And if you didn’t make a move, but are now thinking about it, the landscape is different—but still full of opportunity.
### What Should You Do Next?
- **If you’re buying**: You have more breathing room than buyers did in 2021. The right homes still move quickly, but you don’t have to make split-second decisions. Take your time, get pre-approved, and stay focused on your long-term lifestyle goals.
- **If you’re selling**: Presentation matters more than ever. Buyers are cautious, but they’re still buying—especially if your home is move-in ready and priced right.
The Portland and Salem markets are still active. They’ve just matured beyond the adrenaline of 2021. If you’re thinking about your next step, [let’s have a conversation](/contact/) about what’s right for you—based on today’s market, not yesterday’s headlines.
**Categories:** Uncategorized
---
### [How Tariffs Are Impacting Portland’s Housing Market](https://lovejoyrealestate.com/how-tariffs-are-impacting-portlands-housing-market/)
**Published:** March 21, 2025
**Author:** Charles Turner
**Content:**
*Trade policy might feel far away, but it hits closer to home than you think.*
Tariffs don’t usually come up in home tours or listing appointments, but maybe they should. From the cost of a kitchen remodel to the mortgage rate on your next home, U.S. trade policy plays a bigger role in our local real estate market than you might expect.
Whether you’re buying, selling, or building in Portland, here’s what to know about how tariffs are shaping the market in 2025.
### **Building Just Got More Expensive**
Many of the materials that go into a home—lumber, steel, aluminum, even appliances—are imported. When the U.S. imposes tariffs (basically taxes) on these goods, builders and suppliers pay more. And yes, those costs trickle down.
Recent tariffs on Canadian softwood lumber and goods from China have pushed up the cost of new construction. That matters here in Portland, where new builds are already challenged by land scarcity and permitting delays.
A few thousand dollars in extra material costs can push homes out of reach for a large group of buyers. According to the [National Association of Home Builders](https://www.nahb.org/), every $1,000 increase in home price can price out over 100,000 buyers nationwide. In a market as tight as Portland, that makes a difference.
### **Inflation Keeps Mortgage Rates from Falling**
Tariffs don’t just affect the cost to build—they feed into broader inflation. When everyday goods and materials cost more, it puts pressure on the Federal Reserve to keep interest rates higher than they’d like.
That’s why we’ve seen mortgage rates stay stubbornly high—hovering in the high 6% to low 7% range even when many experts predicted a drop in 2024.
Here’s the catch: the Fed can’t comfortably lower rates if inflation isn’t under control. And tariffs make that harder.
### **Tighter Inventory? Blame Caution in the Construction World**
Higher building costs and higher borrowing costs mean many builders hit the brakes. Some cancel projects. Others delay. And that contributes to Portland’s ongoing inventory crunch and what is already considered a demotivating environment for builders when fees and permit processes are considered.
Even if buyer demand has cooled slightly because of rates, we’re not taking a enough listings to meet demand. In fact, Portland remains a classic low-supply market in many neighborhoods. That’s part of why prices have held steady—or even increased slightly—despite affordability challenges.
### **Where This Hits Locally**
Neighborhoods like East Portland, Gresham/Troutdale, and parts of North Portland may feel this the most. These areas typically offer more attainable pricing and see higher levels of new construction. Clark County has the largest segment of new construction in Metro Portland. When it becomes more expensive (or less profitable) to build, those projects get paused—or priced higher.
And that affects all of us: fewer homes built = fewer options = more competition = upward pressure on pricing.
### **So, What Should Buyers and Sellers Do?**
#### If You’re Buying:
- Keep an eye on mortgage rate trends—but don’t bank on big drops just yet. If you’re waiting for rates in the 5s, it’s going to be a LONG wait.
- Get pre-approved and be ready to act if rates dip or the right home hits the market. Understand what you can afford or what you want to spend.
- Focus on long-term value in neighborhoods that continue to grow.
#### If You’re Selling:
- Understand your competition. Low inventory may work in your favor, but buyers are still rate-sensitive.
- If you’re updating before listing, budget for higher material costs. We can help with what are the best value-add projects before listing and even manage that process.
- Consider highlighting any recent remodels or upgrades that help buyers avoid high renovation expenses.
### **Bottom Line? Global Policy Shapes Local Real Estate**
Tariffs might not make headlines in your next showing, but they absolutely shape what homes cost, how many get built, and what kind of loan buyers can qualify for.
Even if you’re not following trade negotiations, it’s worth keeping one eye on the big picture—because it can absolutely affect your next move here in Portland.
**Categories:** Uncategorized
---
### [Portland Real Estate Market Update](https://lovejoyrealestate.com/portland-real-estate-market-update-feb-2025/)
**Published:** March 13, 2025
**Author:** Charles Turner
**Content:**
February’s real estate data is in, and this month’s numbers tell a unique story compared to last year. As financial markets react to ongoing uncertainty, including stock market volatility, yesterday’s inflation report showing higher-than-expected price increases, and newly announced tariffs that could impact construction costs, real estate remains a stable yet evolving sector. Interest rates continue to be a major factor influencing buyer and seller decisions, while local market dynamics are shifting in response to seasonal trends and broader economic conditions.
### Comparing February 2024 to February 2025: A Tale of Two Winters
Last year, a major storm shut down Portland in January 2024, delaying real estate transactions and pushing much of that activity into February. This led to an unusually strong February 2024 in terms of pending sales but weaker closed sales. In contrast, this year’s winter was much milder, with only a few minor snow days in February. As a result, we saw a more typical seasonal pattern, with February 2025 recording stronger closed sales but fewer pending transactions compared to last year. **Overall both pending and closed sales are up combined for the first two months of the year,** 2.7% and 10.3% respectively.
### Key Market Highlights
- **New Listings:** 1,930 new homes hit the market in February, a **7.4% decline** from last year’s 2,085 and a **12.5% drop** from January 2025.
- **Pending Sales:** 1,648 homes went under contract, down **5.4%** from February 2024 and **4.1%** from January 2025.
- **Closed Sales:** 1,428 homes closed, up **11.2%** from February 2024 and **17.7%** from January 2025.
- **Year-to-Date Closed Sales:** 2,683 in 2025 vs. 2,433 in 2024, a **10.3% increase**.
- **Inventory Levels:** The market remains competitive, with inventory decreasing slightly to **3.2 months**.
- **Market Time:** Homes are selling faster, with total market time at **79 days**, down from 88 days in January.
### Price Growth Holds Steady
Despite fluctuating sales activity, home prices continue their steady upward climb:
- **Average sale price:** Up **6.3%** year-over-year, reaching **$613,100**. Remember back to November when the average sale price was $615,700 [before dropping to $578,300.](https://lovejoyrealestate.com/2024_real_estate_market_review/)
- **Median sale price:** Increased **1.6%**, now at **$538,300**.
### What This Means for Buyers and Sellers
- **Buyers:** The increase in closed sales and stable pricing suggest buyer confidence is returning. The tariff question is a new piece to the interest rate conversation. [If they lead to inflation the Fed will be less likely/unable to lower rates](https://www.cnbc.com/2025/02/03/heres-why-tariffs-may-curtail-interest-rate-cuts-in-2025.html).
- **Sellers:** With inventory remaining tight, pricing your home correctly remains crucial. Homes are selling faster, and well-staged properties continue to attract strong offers. There are distinct market segments and no blanket statement covers all.
### Looking Ahead
The market is in seasonal transition, but February’s data shows resilience. As we move into the spring season, we anticipate increased activity. Mortgage rate trends, inventory levels, and the potential impact of tariffs on construction costs will be key factors influencing the market’s direction. Home price forecasts nationally are moderate which is healthy- rapid appreciation isn’t sustainable.
*Stay tuned for next month’s update as we track Portland’s ever-evolving real estate landscape.*
**Categories:** Market Activity & Data
---
### [PODs vs Pack Rat: A Storage Container Review](https://lovejoyrealestate.com/pods-pack-rat-storage-container-review/)
**Published:** July 1, 2016
**Author:** Charles Turner
**Content:**
##### \*\*\*2025 Update:
This 2016 post is one of our most viewed so deserves an update. A quick search of the PODs and Pack Rack websites gave me the following information for a 16′ container delivered to the same Portland address:
**Pack Rat**: $209 monthly rent, $79 delivery charge, $89 pick up charge. $377 for one month. \*There is a 25% off promo online promo code for the first month not calculated here which would have made it $282.75.
**PODs**: $199 monthly rent, $128 delivery AND pickup, $10 contain insurance per month. $337 total for one month.
Another thing discovered after this post was originally written was that the Pack Rat we had leaked from the roof, a defect they owned but cost them replacement cost of the Pottery Barn sectional that was inside. The Pack Rat did not have the mouse problem the PODs did.
---
We’re in the midst of a major home remodel to the extent that we have moved out and the vast majority of our possessions are in onsite storage containers. We have three PODs and a Pack Rat container. All are the 16’ models. How do they compare?
PODs has two styles of containers. The new style is a true shipping container designed just for that- to be loaded and stacked onto ships for international transport and has better seals (more on that later). The old style is lined with plywood and has wood supports versus the 100% metal structure of the new style. Seem simple enough: always request the new style. Not so fast. Also note that they will not promise either style.
**Dimensions**: The old style POD has a 77” high x 83” wide door opening and an interior height of 96’ except where the wood cross members support the roof which results in a loss of 6”. The new style POD has a 76” high x 80” wide door opening and 84” of ceiling height. The Pack Rat has a 76” high x 66” wide door opening and the shortest ceiling height of 84”. If height matters, the old style POD is your container. These are my quick measurements with a tape measure. If your sizing is that critical, confirm with your selected company.
**Delivery**: PODs are delivered with the [famous PODzilla](http://www.pods.com/commercial/Podzilla-system.aspx). The four wheeled machine allows them to place the POD accurately in tight spaces. Conversely, the Pack Rat is slid off the back of the truck and that’s it, much like how a dumpster is delivered. If it’s not exactly where you want it, the empty containers can usually be moved with a pry bar and some brawn (three or four people seems to work).
**Doors**: PODs have a roll-up door (left). When up, the door takes up interior space (and stuff stacked close to it can get caught in it). The Pack Rat has French doors that open out (right). This could be a challenge on a street where there is traffic as they stick out an additional 22” when fully open.
**Door seals**: This is where the Pack Rat shines. There is a rubber gasket around the entire door (right). The seal on the new POD (left) is said to be better than the old style but I can confirm they are both completely porous to mice and we’ve definitely had moisture under the old style door in heavy rain as the plywood floor ends up wet. We now have traps in the corners by the doors that have frequent guests (gross). Admittedly, the Pack Rat is new to our property but so far the traps have been left alone.
**Ordering and Cost**: The only reason we have the Pack Rat is because PODs is currently sold out of 16’ containers in Portland. That speaks to the popularity of them. PODs online system works well up until there is any issue and then a phone call becomes necessary. The costs seem somewhat variable and specials come and go. I’d ordered a 12’ POD as there were no 16’s available and there was no available discount. Their online system couldn’t tell me that I could have a 12’ but not a 16’. The Pack Rat is costing me $10 per month more than the 16’ PODs and I ordered it by phone. Pack Rat asked for two weeks’ notice for pick-up.
There’s no clear winner between the two. I feel the Pack Rat seal is better than the PODs but it’s smaller in every meaningful dimension and is harder to place exactly where you want it.
**Categories:** Real Estate News & Tips
---
### [How the Short Sale was Won](https://lovejoyrealestate.com/short-sale-won/)
**Published:** October 12, 2011
**Author:** Charles Turner
**Content:**
There are currently 3386 homes for sale in Portland according to RMLS. 703 (21%) are listed as short sales and of those 251 do not have at offers that have been submitted to the bank for approval. There are 278 “pending” sale which means that new offers won’t be submitted to the bank until the current offer runs it course.
The short sale process requires constant communication by the listing agent with the bank in order to get the transaction approved. That communication requires incredible attention to detail and persistence that most Realtors don’t have, me being one of them. I’d probably have a few choice words and slam the phone down. Fortunately, Vicki on our team does all of our short sale negotiation and she’s good at it.
I’ve sat at my desk on more than one occaison and listened to Vicki have conversations that go something like this:
Vicki: “I’m calling about XYZ that you said would be done last week. When I followed up at the end of last week you said it would be done by yesterday.”
Bank: “We don’t have XYZ.”
Vicki: “Yes you do. I talked to John at 3:15 last Friday, sent and received a reply email and a fax confirmation at 3:21. I talked to Betty about the file on Tuesday.”
Bank: “We don’t have XYZ.”
Vicki: “Can I talk to John or Betty?”
Bank: “They are not available. And by the way, we don’t have XYZ.”
Vicki: “Look again.”
Bank: “We have XYZ.”
Vicki: “and????”
Repeat this conversation about 15 times with the same person about the same file during the same phone call and you quickly see why getting a short sale approved can be such a challenge. Needless to say not all banks and conversations go like this but I’d say it is more the norm than the exception and almost universally the bigger the bank the more likely the conversation goes like this.
The foreclosure process doesn’t stop while the seller is working through a short sale (or a loan modification for that matter) and one department, more often than not, does not know what the other is doing. We are fortunate enough to have Vicki working on short sales in our office. Another option is a “third party negotiator” which I can’t comment on as we have no experience using them but know that they exist. For me, a Vicki or a negotiator would have to be a part of my short sale business model because I know that I couldn’t do it myself.
**Categories:** Short Sales
**Tags:** Short Sale Negotiation, Vicki Gile
---
### [About Turner Realtors](https://lovejoyrealestate.com/about-turner-realtors/)
**Published:** January 1, 2005
**Author:** Charles Turner
**Content:**
*Visit our website: [Turner Realtors](http://www.turnerrealtors.com/) at Prudential NW Properties.*
There are hundreds of real estate agents in Portland. Charles and Jennifer Turner are the right ones for you. Working as a team, we bring the skills and experience of two people working exclusively for you.
No single Realtor can provide the experience and training of two MBA degrees, the e-PRO Certification and the Accredited Buyer’s Representative designation. The purchase or sale of a home is often the largest monetary transaction of a person’s life. You should demand that professionals guide you through the process.
As Realtors, we do not buy and sell homes. Sellers sell property and buyers buy property. We proved professional SERVICE bringing buyers and sellers together. This is a different approach compared to many other Realtors who believe that they are in sales. We firmly believe that our profession is a service industry.
Jenny has helped many first-time buyers purchase their first home and experienced buyers move into new dwellings. The ABR designation is only available to agents with extensive experience and training on the buying side of the real estate transaction. Of course, she is more than happy to work with sellers too. She completed her undergraduate degree at Lewis and Clark College in Psychology and her MBA at Portland State University. Jenny is licensed in both Oregon and Washington.
Charles is e-PRO certified by the National Association of Realtors. Eighty percent of homebuyers use the Internet to research their home purchase. If you are selling, it is vital that your property have a strong Internet presence. Charles’s work as a website developer gives you an edge in marketing your property on the web. His undergraduate degree is also from Lewis and Clark and his MBA is from the Atkinson Graduate School of Management at Willamette University.
Technology advances have changed the Real Estate Industry. We’ve embraced the advances and use them to help preserve your valuable time. The use of portable electronics allows us to draw up paperwork, research listings and keep in touch with clients almost anywhere.
**Categories:** Real Estate News & Tips
---
### [RMLS Status in Portland Real Estate](https://lovejoyrealestate.com/rmls-status/)
**Published:** January 25, 2006
**Author:** Charles Turner
**Content:**
What does Active, Bumpable, Pending, Withdrawn, Canceled, Coming Soon and Expired mean in Oregon real estate? RMLS codes each listing according to status. If you are standing outside a property with a sign up and can’t find it on Zillow, Redfin or our [search](https://lovejoyrealestate.realscout.com/homesearch/map), it may be in a category that property search engines are set not to display. Typically, only Active and Bumpable properties are shown. These are the RMLS listing definitions:
#### Active**:**
The property is on the market and does not have an accepted offer. This means a house is ready to be shown though showing instruction are much easier for a vacant house than a tenant occupied home where 24 hours or more may be required.
#### Bumpable**:**
There is an accepted offer but it is contingent. If the seller gets an offer they would rather accept, the buyer that is bumpable usually has 24-72 hours to remove the contingency and proceed with the sale or the seller can accept the other offer. Technically the home is available for showings but they get shown much less often.
#### Pending**:**
There is an accepted offer. The seller cannot accept another offer. The best a second buyer can do is a back up offer in the hope that the sale fails. It is unusual for a home to be shown when it is pending.
#### Withdrawn**:**
The listing is not on the market but the listing is still under contract with the listing agent. Usually the home is not available for showings. The seller cannot list with another agent. The expectation is that the home will come back on the market or will expire soon. A property may be withdrawn over the holidays or when the decision is made to improve the property due to buyer feedback.
#### Coming Soon/No Showing:
The Coming Soon/No Showing CSN status was added to RMLS in 2018. It puts a property in a no-showing status and limits the amount of marketing that can be done. This category gets used less than the creators intended but has cut down on the amount of pre-marketing and “pocket listings” that had become prevalent. This was in response to the National Association of [Realtors Clear Cooperation Policy](https://www.nar.realtor/about-nar/policies/mls-clear-cooperation-policy "NAR Clear Cooperation Policy").
#### Canceled**:**
The home has been removed from the market and the seller is free to relist with another agent. There may be fees or costs involved when a seller cancels a listing.
#### Expired**:**
Listings all have an expiration date. When that day arrives, the listing expires and it may be re-listed with another agent. In a hot market, listing contracts may be as short as 90 days. When the market slows, six months is not unusual. Higher price points and second home markets may see listing contracts over a year. An Realtor is bound by the Code of Ethics to not interfere with a listing under contract and cannot solicit that listing UNTIL it expires. A seller can ask an agent about listing their home when it expires or they cancel it but the Realtor cannot start that conversation.
#### Sold:
No explanation needed!
**Categories:** Real Estate News & Tips
---
### [Neighborhoods and Districts](https://lovejoyrealestate.com/neighborhoods-and-districts/)
**Published:** October 5, 2005
**Author:** Charles Turner
**Content:**
Since buying property in the Historic Alphabet District, I’ve become much more educated about where it is and what it means to live inside of the District. Our current house is just two blocks away from our new house (under major remodeling) but is outside the District.
I’ve been trying to set up a property search that only includes properties that are truly a part of the District. If I search by neighborhood, the only active listing I get is actually outside the District. That’s potentially a liability to both the listing agent and the seller if the buyer thinks they are buying within the District (Buyer Beware). In the neighborhood listing field properties within the District have been listed as NW Flats, Nob Hill, 23rd, Northwest, and, of course, the Alphabet District.
Why is it important?
If I want to remodel our current home, I trek down to the City of Portland [Bureau of Development Services](http://www.portlandonline.com/bds/) and get a permit. If I want to do the same remodel at the new house, I make the same trek, apply for a permit, follow all of the Community Design Standards and the Historic Alphabet District Guidelines Addendum, wait eight to 12 weeks for the review process and pay an approximately an additional $700 above the price of the normal permit. Wouldn’t that be a shock if you didn’t know what you were getting into? The design review process applies to any exterior alteration- including paint color!
Additionally, some properties within the District are eligible for the [State Historic Preservation Office’s ](https://www.oregon.gov/oprd/oh/pages/default.aspx)Special Assessment Program. If the property is a “contributing property” to the District, the process for being accepted into the Special Assessment Program is streamlined for the homeowner. The program freezes the property taxes for 15 years.
**Categories:** Real Estate News & Tips
**Tags:** district, neighborhood
---
### [Portland Real Estate and Natural Disasters](https://lovejoyrealestate.com/are-you-prepared-for-a-disaster/)
**Published:** January 16, 2025
**Author:** Charles Turner
**Content:**
The LA fires are a poignant reminder to ask the question, “are you prepared if disaster strikes your home?” Can you answer yes or no? Maybe on a scale from one to ten? Hopefully by the end of this we’ll move the needle or get moving in the right direction. For a lesson on all the ways Oregon (or most of the Pacific NW for that matter) could self-destruct, head over to the State’s “[Hazards in Oregon](https://www.oregon.gov/oem/hazardsprep/Pages/Hazards-in-Oregon.aspx "Hazards in Oregon")” webpage for a description of how Extreme Heat, Earthquakes, Tsunamis, Floods, Wildfire and Winter Storms may do us in if a Volcano doesn’t get us first. Do you need earthquake insurance? How you protect your Portland real estate investment is one of the most critical decisions you make.
## Homeowners Insurance
You probably have it. If you have a mortgage, your lender requires it and probably pays for it through your escrow account. If you haven’t looked at the policy in a few years, the question to ask now is, “does it reflect current home values and the cost to rebuild today?” If you’ve remodeled and not adjusted your policy to reflect that you may be underinsured.
It would seem like homeowners’ insurance should cover the home from whatever event damages it, but it doesn’t work that way. Flood insurance may be optional or mandated depending on where you live. Coverage from wildfires is clearly the conversation in California now and in the recent past. The only way to understand what you are or are not covered for is to talk to your insurance agent.
## Earthquake Insurance/Endorsement
The [Cascadia Subduction Zone](https://www.oregon.gov/oem/hazardsprep/pages/cascadia-subduction-zone.aspx "Cascadia Subduction Zone") is the fault that runs up the Oregon and Washington about 70 to 100 miles off shore. The BIG one is a 9.0 earthquake. If you’re in Portland, head over to PortlandMaps and enter your address. Scroll down to Hazards and you’ll see the predicted damage maps for a 6.8 and 9.0 earthquake at a given address. The State’s website says, “scientists are predicting that there is about a 37% chance that a megathrust earthquake of 7.1+ magnitude in this fault zone will occur in the next 50 years.”
If your house is damaged or destroyed by an earthquake and you do not have a specific earthquake endorsement on your policy, it is not covered. The catch is that it doesn’t come cheap or without a caveat: one example costs an additional 20% of the premium and the deductible is 20%. Meaning that if a home’s insured value is $600,000 the first $120,000 in repairs is the homeowner’s responsibility. It is an individual judgment call of the risk/reward of carrying the coverage. Keep in mind the cost of the land under the house may be devalued but not destroyed in an earthquake. Lot prices in the Portland real estate market are *roughly* 25% of the sale price of home.
Grab and Go- What important documents should I have?
In the best of all worlds, there is some notice that disaster is coming, and you have some time, if only a few minutes to gather important items but that’s not always the case. Perplexity AI created this list of [important documents](https://lovejoyrealestate.com/wp-content/uploads/2025/01/Important-Documents.xlsx "Important Documents") to gather (the only part of this done by AI). Some of the items:
- Passports
- Social Security Cards
- Birth Certificates
- Wills and Trust
- Insurance Policies
- Jewelry
- Digital Backups
The best option would be to have the contents in a fire rated safe. A UL Class 350-1 hour fire rating safe is designed to keep the internal temperature of the safe below 350 degrees when exposed to 1700 degrees. Paper smolders at 368 degrees and you probably read Fahrenheit 451 in high school. Bolt it down because now you’ve gathered all your important documents into one convenient location…
Nothing is ever going to be easy about a disaster but there are certain things you can take to be a step ahead.
**Categories:** Real Estate News & Tips
**Tags:** Homeowners Insurance
---
### [Sex, Drugs and Rock and Roll Update](https://lovejoyrealestate.com/sex-drugs-and-rock-and-roll-update/)
**Published:** February 11, 2008
**Author:** Charles Turner
**Content:**
Back in May of 2005, I wrote a [post](https://lovejoyrealestate.com/2005/05/sex-drugs-rock-roll-in-real-estate-part-1-drugs/) with the title above. It still gets viewed once or twice a day so I thought it might be a good idea to revisit the subject. Three properties in Multnomah County are currently on the [Unfit For Use](http://www.cbs.state.or.us/external/bcd/druglabs/druglabs.html) list. The link has a list of all counties in Oregon.
A quick search on Google for a picture of a meth lab came up with this image and list from the [International Association of Certified Home Inspectors](https://www.nachi.org/meth-labs.htm "More about meth labs"):
The Signs of a Possible Meth Lab are:
1\. Stained coffee filters
2\. Empty pseudoephedrine blister packs
3\. Strong solvent or ammonia odors
4\. Acetone
5\. Toluene
6\. Denatured alcohol
7\. Red Devil Lye
8\. Red Phosphorous
9\. Lithium batteries
10\. Anhydrous Ammonia
11\. Heet or gas-line treatments with methyl alcohol
12\. Drain cleaner with sulfuric acid
13\. Heat source\*
14\. Glassware (beakers or mason jars)
15\. Coffee grinder with white powder residue
16\. Stained tubing\*
17\. Hypodermic syringes
18\. Written recipes\*
Items to be aware of but not in photo
The State still has some good resources on its [Drug Lab Cleanup Program](http://www.oregon.gov/DHS/ph/druglab/index.shtml) page and has been updated since my previous post. There is a page for [landlords](http://www.oregon.gov/DHS/ph/druglab/rental.shtml) now.
**Categories:** Real Estate News & Tips
---
### [Film Buffs Who Live in Portland Visit Northwest Film Center](https://lovejoyrealestate.com/film-buffs-live-portland-visit-northwest-film-center/)
**Published:** December 9, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/12/bigstock-cinema-entertainment-leisure-99215225.jpg)The Portland Art Museum Northwest Film Center is a wonderful asset to all who live in Portland. This is a facility that truly encompasses every aspect of film. Film buffs who live in Portland are invited to come to view a film, attend a film festival or exhibition, take a class or enroll children in summer camp, connect with other filmmakers, find filmmaking equipment, and view film archives. Many employment opportunities are also available, as well as internships and ways to volunteer. The exhibitions and festivals mostly take place at the Whitsell Auditorium inside the Portland Art Museum. The School of Film and other offices can be found at 934 SW Salmon.
Many who own a Portland property come out several times a year to enjoy the festivals. There is a full annual schedule. The Portland International Film Festival occurs in February and is a survey of new world cinema. Films exploring Jewish identity and culture can be viewed in April during the Jewish Film Festival. Celebrate the relationship between sound and image, music and culture at the Reel Music Festival in October. Come view a juried showing of films by regional artists during the Northwest Filmmakers’ Festival in November. Last, but not least, the next generation of filmmakers in the Northwest is celebrated in both September and November at the Young People’s Film Festival. One great event that is coming up is the celebration of legendary filmmaker, Orson Welles. Come view a screening of Citizen Kane on December 12th, 2015 at 7 p.m. Visit [Northwest Film Center](%20http://nwfilm.org/)[](https://lovejoyrealestate.com/wp-content/uploads/2015/12/bigstock-cinema-entertainment-leisure-99215225.jpg) to learn more about other upcoming events and classes.
**Categories:** Real Estate News & Tips
---
### [Garage Floors: Epoxy, Urethane and Polishing](https://lovejoyrealestate.com/garage-floors-epoxy-urethane-and-polishing/)
**Published:** January 10, 2025
**Author:** Charles Turner
**Content:**
Picking a topic this week has been a challenge. RMLS Market Action for December came out this week which wraps up 2024. I want to spend some more time with the data before writing about it. Then I started writing about disaster preparedness in light of the Southern California Wildfires but decided it was too soon. We have friends that have lost their homes, lives have been lost and it there will be plenty of time to consider this later. Our hearts and prayers go out to everyone affected.
We move onto concrete refinishing. When our tenant moved out of the warehouse space at our office, he painted the floor white with house paint to cover up the over-spray from what he had been doing. It was a terrible plan on many levels as it peeled and stained. Enter [Bach Custom Coatings](https://bachcustomcoatings.com/). They did an epoxy garage floor in our house when remodeled seven years ago and it still looks great so I reached out to solve our current problem.
We discussed three options on the floor, the epoxy coating like our garage, a water based urethane or a polished concrete in a 400 grit which is base level of polish, you can go much higher. The decision would be made once the floor had been ground down to see what we were working with.
Sample of the options:
Polished concrete floor. This is what we chose and it was actually polished to an 800 grit.
Epoxy floor sample:
Urethane Finish:
Here’s a 13 second time lapse of the entire process. In reality, it took two full days and into the third. Our warehouse space looks great and is ready for new tenants.
**Categories:** Vendor Spotlight, Real Estate News & Tips
**Tags:** Epoxy Floor, Polish Concrete
---
### [Carbon Dioxide in Your Home Follow-Up](https://lovejoyrealestate.com/carbon-dioxide-in-your-home-follow-up-2/)
**Published:** December 5, 2008
**Author:** Charles Turner
**Content:**
Yesterday I wrote about the tragic [death of a family dying in a $9M home in Aspen that they had bought at charity auction](http://abcnews.go.com/US/story?id=6376209&page=1). The post listed carbon monoxide detectors sold online. We went to Costco last night and paid $29.99 for the one we bought. The graphic below is a scan of a portion of the packaging. It suggests locations for smoke detectors, the carbon monoxide detector and fire extinguishers. We have 16 smoke detectors in the house! One for each of the bedrooms, one in a storage room and one on each of four floors all wired together for City code. We have an additional four (one on each floor) wired to the security system. There’s fire extinguisher on each floor and a window ladder on both the attic and second floor.
The recommendation says that I should have at least four CO2 detectors (one on each floor). “For additional safety,” there should be an additional one in each bedroom. I placed the one we bought in the hallway between our bedroom and the nursery.
[](/files/co-l.jpg)
**Categories:** Real Estate News & Tips
**Tags:** Carbon Dioxide, Home Follow-Up, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Residential Real Estate Left Out of Redevelopment Projects?](https://lovejoyrealestate.com/residential-real-estate-left-out-of-redevelopment-projects-2/)
**Published:** May 5, 2010
**Author:** Charles Turner
**Content:**
The [Burnside Bridgehead is moving forward without residential real estate in the mix](http://portland.bizjournals.com/portland/stories/2010/05/03/story2.html "Portland Business Journal on Burnside Bridgehead") as reported by the Portland Business Journal this week. “The new plan taking shape emphasizes action and jobs, not condominiums, office towers and big box retailers.” The revised, lower cost project reflects neighborhood sentiment and economic reality \[[Skyscraperpage.com forum on the subject](http://forum.skyscraperpage.com/showthread.php?t=146719 "Skyscraperpage.com")\].
Will the [Rose Quarter Development Project](http://www.rosequarterdevelopment.org/ "Rose Quarter Development Project") do the same? The first stage of project focuses on the Rose Quarter \[[timeline](http://rosequarterdevelopment.org/files/rq_timeline_current.pdf "Rose Quarter Development Project Timeline") PDF\]. The second stage, beginning in July will address the Rose Quarter.
Back in 2006, there was [talk of a condo tower in the Rose Quarter area](http://www.portlandtribune.com/news/story.php?story_id=116587988539328200 "Portland Tribune Rose Quarter Condo"). The tower would require planning and zoning exceptions but where there is a will (and money) there is often a way. The Portland Tribune article is worth a read as it looks at the Rose Quarter history and future from a 2006 perspective.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/05/PDC-Rose-Quarter.jpg)PDC Rose Quarter Development MapThere are three proposals in the running for the Memorial Coliseum ([read the other concepts here](http://www.rosequarterdevelopment.org/Concept_Summaries.php "Memorial Coliseum Concepts")):
- The [MARC](http://www.marcpdx.org/ " Memorial Athletic & Recreation Center")
- [Jumptown](http://www.imaginejumptown.com/ "Jumptown")
- [VMAAC](http://www.vmaac.com/ "VMAAC Proposal for Memorial Coliseum")
Jumptown is the Winterhawks/Blazers proposal. Their website encompasses the entire Rose Quarter and does mention residential real estate as part of their [vision](http://www.imaginejumptown.com/vision/?id=1 "Jumptown vision"). The other two proposals are Memorial Coliseum specific so not a fair comparison as the omission or inclusion.
Would you want to live around the Rose Garden? The streetcar line scheduled to open April 2012 should help connect the area with the rest of Portland.
**Categories:** Real Estate News & Tips
**Tags:** Left Out, Redevelopment Projects, Residential Real Estate
---
### [Does Anyone Win in a Housing Market Crash?](https://lovejoyrealestate.com/does-anyone-win-in-a-housing-market-crash-2/)
**Published:** March 17, 2008
**Author:** Charles Turner
**Content:**
I thought I might write something scentilating regarding lead based paint but that would be the easy way out of what has become a very contentious topic: Portland’s housing market. Nationally and locally the economic outlook isn’t good. There is a lot of uncertainty. Sure, Portland’s market has fared better than most of the nation to date but it is not impossible that prices will fall. I’m more optimistic than those that think there will be a 20%+ correction but going into a real estate transaction now without acknowledging the possibility is folly. Somebody is going to be right on this one but calling it now is tough.
I’ve been thinking about who the “winners” are in a housing market crash/bubble burst.
The losers:
1\) Homeowners- that lose their house or equity. Equity is only realized at the sale.
2\) Properties- less money to spend means less investment into properties. This can be remodel upgrades or simple maintenance. Deferred maintenance is the single largest category of repair items in inspection addendums. Less work on houses equates to fewer housing related jobs and therefore see #4 below.
3\) Renters (at least some (I’m thinking single family home renters as the economics of apartments is outside the scope) – I am not a renter so correct me if my assertion is wrong- Increase demand for rentals drives up rents. Homeowners, tight on cash, have less desirable properties (for reasons above) but they rent because of the increased demand. This equates to renters paying more for less property (this may be negated by a large number of once-condo-now-apartments in the Pearl etc.. Some renters receive eviction notices- I have never seen a bank owned property with tenant. I’ve never evicted or been evicted but I don’t imagine that a bankrupt landlord has deposits at the ready to return (tenant/landlord law notwithstanding). Maybe someone has experience being a renter where the home went into foreclosure. I’d expect the cost of moving assuming a rental truck, deposits, time, etc. to be about $2000. A landlord requiring first last and a deposit could be looking for upwards for $4000 cash.
4\) Banks and the economy. Not sure why I put these together in retrospect.
5\) First time buyers (this one could go either way)- Prices drop so the market becomes more affordable and a larger segment of the population can enter the market if they desire. Because of the crash, they now “need” 20% down in order to purchase (I’m willing to bet that there are loans requiring less than 10% down still exist). A $200,000 house in 2005 could be bought for basically any amount of money down (not discussing here whether that is a good or bad thing, just fact). Now a $150,000 house doesn’t necessarily require it on paper but 20% down is $30,000. Did the buyer pool expand or contract?
6\) Neighborhoods (ignoring the gentrification debate which is a topic unto itself)- Flippers and true remodelers are less able to invest in neighborhoods so houses that might have reborn aren’t. My point here isn’t whether whether flippers/remodelers are building appropriately, quality or respectfully but that they are not investing into the community.
The winners may be those who stuck to fundamentals: put 20% down, used conventional loans and invested equity they may have pulled out back into the property. They should be able to whether the bumps in the road. Though they have fewer options. Investors like SRS seem to be doing well. Investors with cash to invest in real estate (not stocks about real estate) will do well. Anybody that finds the bottom of the market as a buyer should do well. Do renters win? I don’t feel qualified to answer for them.
I’ve read through the above a couple of times and don’t see anything incendiary about it but knowing from past history, I’m sure it will be taken issue with. The goal is respectful debate and I hope we can go down that path.
Discuss. Email addresses are not required to comment.
**Categories:** Real Estate News & Tips
**Tags:** Housing market crash, Portland Housing Market
---
### [A Kinder, Gentler, Blog](https://lovejoyrealestate.com/a-kinder-gentler-blog/)
**Published:** February 29, 2008
**Author:** Charles Turner
**Content:**
It seems like with increasing frequency I am having to write some variation of this post. Clearly as the housing market has shifted, views of its future have polarized. A lot of statistical data on the market isn’t good. That can’t really be argued. There are positives too. What the result will be is any body’s guess. Some will be right others will be wrong. When we get there (when and where TBD) there will be no “neener neener neener sucks to be you” or “I told you so” on this blog. It simply isn’t necessary.
The question was asked, “why are buyers buying? What are their reasons?” I personally don’t think I would have commented if I had been a buyer because it has become to clear that the response is going to be “you’re nuts” or “I want some of what you’re smoking.” It would make a great discussion but the tone of the comments makes keeping one’s mouth shut more appealing than walking into a firing squad. The conversation and discussion is being damaged by the tone. The content is on the mark (both positive and negative), the delivery of the negative, often, sucks. I don’t need to remind regular readers of the Portland Real Estate Blog Chorus (short version: everyone has their own reason for (or not) buying or selling in any market).
I implore you that even if you don’t agree with me or other participants be polite in your reply.
Previous posts on this topic:
> [Why there is a Portland Real Estate Blog](https://lovejoyrealestate.com/why-there-is-a-portland-real-estate-blog/)
> [Why There is a Portland Real Estate Blog, Again](https://lovejoyrealestate.com/why-there-is-a-portland-real-estate-blog/)
**Categories:** Real Estate News & Tips
**Tags:** gentler, kinder, blog
---
### [FSBR- For Sale By Realtor](https://lovejoyrealestate.com/fsbr/)
**Published:** January 24, 2008
**Author:** Charles Turner
**Content:**
Sometimes things just happen. There are a few faithful readers that don’t see the value in a Realtor. Put a sign in the yard and sell it. That simple. I have to admit that its pretty ironic that I put a sign in the yard and it sold. But was it really that simple?[](/files/2008/01/24/dsc_6043-l.jpg)Back when we started the project of converting a duplex into a single family, I did all the listing paperwork and withheld it from RMLS. Being Realtors, our company policy does not allow us to be a true FSBO- the buyer has to be represented. We would have referred them out to another agent if the buyers did not already have a Realtor. With a construction project you have two forces fighting each other. If you sell it early, you have to share decision making with the buyer. If you wait until it is finished, you have holding costs. The former is probably preferable to the the latter.
A couple of weeks back, I got a call from a Realtor who was outside with her clients. It just happened that I was in the area and it was easy for me to show. Still in the framing stage, it is easy to walk around so in reality, the timing is perfect. The next few weeks as finishes go up, it would have been hard to have on the market as showing it would have been near impossible. We came to an agreement last night: their offer followed by a 17 item seller’s counter followed by one additional item on their buyer’s counter.
It’s hard for me to gauge the experience as I can never be a true FSBO. I’d maintain that the sign in the yard is the easy part and the negotiation and getting to closing (which is a ways off admittedly) is the hard part. This project is a 100% true flip. There have been a lot of negative comments that this area of the market is dead. Build a quality product and there is a market for it.
And at this point in the transaction, from this side of the transaction, it doesn’t feel like zero sum. We are still putting together the quality project we had envisioned and are sharing some of the decision making on finishes.
**Categories:** Real Estate News & Tips
**Tags:** Flippers, For Sale, Property Flip, Renovation, Remodeling
---
### [July RMLS Market Action](https://lovejoyrealestate.com/july-rmls-market-action/)
**Published:** August 17, 2007
**Author:** Charles Turner
**Content:**
[](/files/2007/08/17/rmlsjulyint-l.jpg)
RMLS Market Action for July just hit my inbox. Nothing really shocking in my opinion; inventory is up yet again (though not quite as high as in January).
I maintain that you can’t put a lot of stock in the 12 month appreciation numbers as you are still factoring in some high months from the beginning of that cycle. The most recent months have been tougher than any of the proceeding months.
There’s other real estate news that shouldn’t be ignored: $11.5 BILLION to bail out Countrywide Financial. It’s front page news of the Oregonian Biz section.
**Categories:** Real Estate News & Tips
---
### [First Thursday, May 1st](https://lovejoyrealestate.com/thursday-1st/)
**Published:** May 29, 2017
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2017/05/image002.jpg)Join us for first Thursday from 6-9PM at our office to meet Maria Huppi and see her art. 818 NW 14th Ave. in the Pearl District across the street from REI:
*[](https://lovejoyrealestate.com/wp-content/uploads/2017/05/image006.jpg)I am a mouth painting artist. I became a quadriplegic in 2000 when a wind storm caused a tree to fall on the roof of our minivan. My passion for painting started when my mother gave me a paint by numbers kit, expanded when she showed me cards from the Association of Mouth and Foot Painting Artists ([vdmfk.com](http://vdmfk.com)) and continues to grow to this day. My inspiration comes from a beautiful garden and pond, where we have added goldfish and koi. Watching the flowers, koi and goldfish have not only provided peaceful therapy but also color and movement which inspire me to recreate with paint. ~Maria Huppi*
> [](https://lovejoyrealestate.com/wp-content/uploads/2017/05/image004.jpg)
**Categories:** First Thursday
---
### [Portland Area School Primer](https://lovejoyrealestate.com/portland-area-school-primer/)
**Published:** January 3, 2025
**Author:** Charles Turner
**Content:**
#### What School Will My Child Attend?
When choosing a new home, one of the most important considerations for many people is determining which school their children will attend. School boundaries often determine which public school your child will attend, and these boundaries can change over time. For example, Portland Public Schools has been adjusting boundaries over the last decade to address *Enrollment & Program Balancing*.
To simplify the process of finding your child’s assigned school, many districts provide School Finder tools. By entering your address into these tools, you can quickly discover your assigned school. Below are links to School Finder tools for districts in the Portland metro area:
- **Portland Public Schools**: [School Finder Tool](https://pdxschools.maps.arcgis.com/apps/instant/lookup/index.html?appid=7b665b666982448b86985e4a3cd1a11a)
- **Beaverton School District**: [Boundary Information](https://www.beaverton.k12.or.us/departments/long-range-planning/boundary-information)
- **Hillsboro School District**: [Find My Home School](https://www.hsd.k12.or.us/departments/transportation/find-my-home-school)
- **Lake Oswego School District**: [School Locator](https://app.guidek12.com/lakeoswegoor/school_search/current/)
- **West Linn-Wilsonville School District**: [Public School Locator](https://apps.flo-analytics.com/WLWV_PublicSchoolLocator/)
- **Oregon City School District**: [Boundary Maps](https://www.ocsd62.org/boundary-maps)
- **Vancouver, Washington Schools**: [Boundary Map](https://vansd.org/boundary-map/)
- **Salem-Keizer Public Schools**: [Attendance Areas](https://salkeiz.k12.or.us/schools/attendance-areas)
#### School Rankings and Resources
One of the questions we are asked the most is, *“What is the best school?”* or *“What’s the worst school?”* That’s subjective and something you should determine on your own, but we’ve provided the tools here to do the research. If you’re looking for additional insight into school quality, there are several resources available to help you evaluate public and private schools in Oregon and the greater Portland area:
- **Great Schools**: [Ratings and Reviews](https://www.greatschools.org/)
- **Oregon Department of Education**: [Report Cards](https://www.ode.state.or.us/data/ReportCard/Reports/)
- **US News and World Report**:
- [Best High Schools in Oregon](https://www.usnews.com/education/best-high-schools/oregon)
- [Best High Schools in Portland](https://www.usnews.com/education/best-high-schools/oregon/rankings/portland-or-38900)
- **Niche**: [Best Schools in Oregon](https://www.niche.com/k12/search/best-schools/s/oregon/)
- **Portland Monthly**: [Portland Private Schools by the Numbers](https://www.pdxmonthly.com/news-and-city-life/portland-private-schools-by-the-numbers)
These platforms provide school rankings, parent reviews, and detailed insights to help you compare options and make an informed decision.
**Categories:** Real Estate News & Tips
**Tags:** Portland Public Schools
---
### [How Interest Rates have Hurt and Saved the Real Estate Market](https://lovejoyrealestate.com/how-interest-rates-have-hurt-and-saved-the-real-estate-market/)
**Published:** December 27, 2024
**Author:** Charles Turner
**Content:**
The current state of the real estate market can be hard to articulate. 2024 featured higher than expected interest rates, lower than expected home sales, longer time on market, a national election, and global instability. Put all those things together and we would have expected the Portland and Willamette Valley real estate market to slide or as some had predicted, crash, but that didn’t happen.
Looking back to this time last year, major banks were predicting mortgage interest rates to be in the mid-fives. That didn’t happen. We saw rates in the eights, mostly sevens and are ending the year in the high sixes- for most of the buyers we worked with in 2024. No two buyers are going to have the same situation or rate so ultimately you need a mortgage professional to guide you through your situation. These same banks are predicting that rates will remain in the sixes throughout 2025. Keep in mind that it is always possible to buy down rates so what may seem like a low rate may be a very expensive loan.
Historically today’s rates aren’t that high but there are a huge number of homeowners that have their homes financed with rates under four percent. It is this segment of the market that has “saved” the market by keeping their homes off the market because of an unwillingness (or inability) to give up that rate for a new loan. This locked inventory has kept the supply in line with the lower demand that higher interest rates caused. In a year that we could have expected prices to decline, they have gone up. Waiting to buy has not paid off.
Time is the number one thing that will help unlock that inventory. Homeowners will continue to move from the “don’t want to sell” to “have to sell” or “fine, we’ll sell” categories. At the same time the sting of giving up that once in a lifetime rate will heal. Add to that, the continual appreciation has created a record amount of equity these owners can unlock when they sell. Home equity lines of credit are less attractive because of even higher short-term loan rates so pulling equity out to remodel a home may be unattractive compared to buying a new home that meets the current needs.
**Categories:** Real Estate News & Tips
---
### [Arms Length Short Sales](https://lovejoyrealestate.com/arms-length-short-sales/)
**Published:** June 22, 2011
**Author:** Charles Turner
**Content:**
One of the features of a short sale is that the transaction must be “Arms Length.” This means than an immediate family member or business partner or business associate can not buy your house if it is a short sale. The reason is that neither the seller, the buyer, nor their associates can benefit from the bank’s loss.
For example, your sister cannot buy your short sale and then allow you to live in it. Your business partner could not buy it, list it and then share the proceeds of the sale with you later. Here is a sample of what must be signed by both the buyer and seller as a part of the transaction:
> AFFIDAVIT OF “ARM’S LENGTH TRANSACTION”
>
> No party to this contract is a family member, business associate or share a business interest with the mortgagee. Further, there are no hidden terms or special understandings between the seller or buyer or their agents or Mortgagee,
>
> The Buyers and Sellers nor their Agents have any agreements written or implied that will allow the Seller to remain in the property as renters or regain ownership of said property at anytime after the execution of this short sale transaction. None of the parties shall receive any proceeds from this transaction except the sales commission.
**Categories:** Short Sales
**Tags:** Arms Length Short Sales
---
### [Short Sale Flow: Chart for Buyers](https://lovejoyrealestate.com/short-sale-flow-chart-for-buyers/)
**Published:** May 5, 2011
**Author:** Charles Turner
**Content:**
The process for buying a short sale is similar to the purchase of a conventional or bank owned property with a few key additions. The biggest difference is that a short sale adds at least one more decision maker: the bank (there may be loans with multiple banks or multiple loans with the same bank). This adds layers of complexity to the home purchase. Prospective buyers of a short sale should read the [Short Sales for Buyers Summary](https://lovejoyrealestate.com/wp-content/uploads/2011/05/Short-Sales-for-Buyers.pdf) from the Oregon Real Estate Agency. \[Text continues below graphic\]
[](https://lovejoyrealestate.com/wp-content/uploads/2011/05/flowchart-021.jpg)Short Sale Process for BuyersOnce the buyer’s offer is accepted by the seller, the bank has to approve the offer. This could take weeks, months or never happen at all. A key consideration for the buyer is whether they can stay emotionally detached in the purchase. In a typical sale, the buyer ultimately controls the decision to purchase or not. The buyer has a number of outs though contingencies and can walk away from their earnest money and the transaction at any point. The seller is obligated to sell under the terms of the accepted offer. In a short sale, the bank approves (or doesn’t approve) the sale and may change the terms of the sale, and the seller and buyer have to accept the terms of the approval.
A short sale is not a good idea for those with a time constraint, a shortage of patience or fear of losing a property for no apparently logical reason. A short sale remains listed as “active” in RMLS until there is bank approval – even if there is multiple offers. This means that other offers may be received and the property may continue to be shown. If additional offers are received, they may be held in back-up positions or submitted to the bank for consideration. Each bank and agent handles it differently. This is all outlined in the Short Sale Addendum that is submitted with the buyer’s offer.
In a standard sale, the time frames for the inspection period and other contingencies begin with mutual acceptance between the seller and buyer and earnest money is due. In a short sale, the time frames begin and earnest money must be deposited once there is written approval from the bank and the seller has agreed to the terms. The buyer can conduct inspections prior to approval but is impossible to recover those costs if the transaction fails. Sometimes it is worth doing the inspection earlier in the process so the buyer knows if it is even worth waiting.
**Categories:** Short Sales
**Tags:** flowchart, Short Sale, buyers
---
### [Updated Short Sale Flowcharts](https://lovejoyrealestate.com/updated-short-sale-flowcharts/)
**Published:** November 11, 2011
**Author:** Charles Turner
**Content:**
We’ve updated the flowcharts that we created to explain the short sale process. There are three perspectives: [Short Sales for Buyers](https://lovejoyrealestate.com/realestate/2011/11/imitation-sincerest-form-flattery/ "Short Sale Process Flowchart for Buyers"), [Short Sales for Sellers](https://lovejoyrealestate.com/realestate/2011/05/short-sale-flow-chart-for-sellers/ "Short Sale Process for Sellers Flowchart") and an [Overview of the Short Sale Process.](https://lovejoyrealestate.com/realestate/2011/05/short-sale-process-flow-chart/ "Short Sale Process Flow Chart") Those are the links to the original posts. These are the revised charts:
[](https://lovejoyrealestate.com/wp-content/uploads/2011/11/Short-Sales-Overview.jpg)
[](https://lovejoyrealestate.com/wp-content/uploads/2011/11/Short-Sales-Sellers.jpg)
[](https://lovejoyrealestate.com/wp-content/uploads/2011/11/Short-Sales-Buyers.jpg)
Every short sale is different and may or may not mirror the charts presented here. As of 11/11/11 there are 667 properties listed as short sales of the 3459 homes for sale in Portland (19.2%).
**Categories:** Short Sales
**Tags:** Overview, Short Sale, buyers, Sellers
---
### [Is the Distressed Property Era Over in Portland?](https://lovejoyrealestate.com/distressed-property-era-portland/)
**Published:** September 6, 2013
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/realestate/2013/09/distressed-property-era-portland/istock_000011592819xsmall-4/)Is the distressed property era over? In Portland, the answer appears to be, “yes” but keep reading as to why that’s not entirely true. “Distressed Properties” are those that are either short sales or bank owned (also know as REO- Real Estate Owned) In October 2011, [I wrote that 20% of all active listings in Portland were listed as short sales](https://lovejoyrealestate.com/realestate/2011/10/short-sale-won/ "How the Short Sale was Won"). Today, it’s down to 4.8%! There are 2412 active listings and only 116 short sales. There are only 46 bank owned properties showing “active” status (2% of the market).
In February 2011, [I wrote](https://lovejoyrealestate.com/realestate/2011/02/portland-short-sale-and-bank-owned-property/ "Portland Short Sale and Bank Owned Property"):
> Searching RMLS for residential property this morning there are 4208 Active listings in Portland. Of those, 441 (10.4%) are bank owned… 750 (17.8%) are listed as short sales.
In 2011, 28% of our market was made up of distressed property sales. Today it’s 7%! Let’s look at some potential reasons:
- The market has increased around 12% in the last year. As the market goes up, the number of houses “underwater” goes down. There are fewer homes with negative equity. With the Case Shiller Index at 154 in June 2013 (latest available report). The yellow line shows 93 months of negative equity compared to just 41 months today above the red line. Restated: In March 2012, you were underwater if you bought a home between July 2004 and then (93 months). In today’s market only those homes purchased between August 2005 and January 2009 are underwater (41 months). This does not take into account the cost of selling a property.
[](http://us.spindices.com/indices/real-estate/sp-case-shiller-or-portland-home-price-index)
- Banks have, until very recently, were filing few foreclosures as they waited for the Oregon Supreme Court to rule on a couple of key cases. The banks won those cases and filings have increased but these properties have not reached the market yet. I expect that we will see an increase in bank owned properties listed for sale in 2014. This speaks against the end of the distressed property era.
- Many people have been able to refinance. Ironically, the people who would benefited most, were unable to refinance because they were underwater.
- Seasonally, we typically see a drop in the market. We didn’t see that last year as the rapid real estate rise more than countered seasonality. If we see a drop this year, the pool of underwater properties will increase.
- We’re hearing more rumors that banks are less willing to go the short sale route as they would rather foreclose. That runs counter to what legislators are trying to do. New laws have gone into effect in an attempt to curtail foreclosures. Previous legislation didn’t work. Will it this time?
- Are rapid market increases sustainable? That’s a concerning question. The past proved that the market corrects drastically when inflated. Four to five percent annual increases would be much more comforting and we won’t be able to tell if today’s market is a true reflection of where it should be or an over-correction.
- Interest rates are rising. As properties come out of negative equity there may be less benefits from refinancing. Buyer’s have significantly less buying power as rates rise which will shrink the buyer pool.
It’s clear that the market has improved but it’s too early to say that everything is peachy. There are a lot of factors that could push the market down but I don’t think we’ll see a perfect storm that will decimate the market like it did previously. As a long term investment, the market is more than 50% up from 2000.
**Categories:** Short Sales
**Tags:** Bank Owned Homes, Distressed Property, REO, Short Sales, Case Shiller, Portland
---
### [A Potentially Sweeter Holiday for Short Sales](https://lovejoyrealestate.com/potentially-sweeter-holiday-short-sales/)
**Published:** December 19, 2014
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2014/12/happyholidays1.jpg)Just in time for the holidays, a bill is heading to President Obama’s desk to allow tax relief for those with short sale mortgage forgiveness in 2014.
In short (no pun intended), a **short sale** is a real estate transaction in which the amount paid for a property *falls short* of the balance and fees owed and this amount is forgiven. For example, a home may have an accepted offer of $300,000, but with outstanding loan amount of $350,000. The short sale allows for the lender to “forgive” the remaining $50,000.
In years past, this forgiven amount would have been taxable by the IRS as “income.” This typically resulted in a double burden on those with this type of transaction, as they had to pay taxes on this amount after losing their home to a short sale.
The Mortgage Forgiveness Debt Relief Act of 2007 assisted these home sellers by giving them a tax break for the short sale amount. This program was reinstituted in 2009 and 2012. For those who sold under a short sale this year, a tax bill with tax shields for homeowners selling distressed property is headed for President Obama’s desk.
The Tax Increase Prevention Act, which offers this tax shield and other benefits, has already passed the Senate (76 – 16) and the House (387 – 46). President Obama is expected to sign, which will mean a retroactive tax benefit to anyone who sold under a short sale in 2014 – up to December 31. For those with a closing date in 2015, the forgiven debt in the short sale may be considered taxable income.
If you’re curious to know if this bill will cover your real estate transaction, *please consult your tax professional*.
For more information on Short Sales, check out [our previous blog posts covering the subject](https://lovejoyrealestate.com/?s=What+is+a+short+sale%3F).
*\* Final three photos courtesy of freedigitalphotos.net*
**Categories:** Short Sales
**Tags:** mortgage forgiveness, tax relief, Short Sale
---
### [Day One of the Listing](https://lovejoyrealestate.com/day-one-of-the-listing/)
**Published:** April 9, 2006
**Author:** Charles Turner
**Content:**
This is the first post on the sale of our property at 74 NE Ivy. I’ll write about the sale as often as pertinent. We bought the house as a fixer in 2001 for $142,000 on contract from the seller and proceeded to do a permitted remodel into 2002 before making it a rental property. We will be selling it as a 1031 exchange (more on that later). The renters moved out at the end of February and it took until yesterday to get it back into “showroom condition.” The clean up included new carpet, refinished fir floors, new appliances, fresh paint and the claw foot tub refinished by Stanley Tubs. It is listed for $319,900.Portland Real Estate Blog
**Categories:** 1031 Exchange
**Tags:** 74 NE Ivy
---
### [Replacement Properties](https://lovejoyrealestate.com/replacement-properties/)
**Published:** June 1, 2006
**Author:** Charles Turner
**Content:**
We now have accepted offers on two properties for our 1031 Exchange of NE Ivy. Cash flow has become the biggest issue. Simply said, neither property does.
Rentals are tough (or at least the no-brainer they used to be). Used to be that 20% down was good enough to create positive cash flow. That’s no longer the case. We’re figuring both houses to come out about $400 a month short. The rent will cover the mortgage but not taxes and insurance. We’ll hold them as rentals and then remodel them before selling. Appreciation has been holding over 10% so we can suck it up now for the long term gain. I think as we see interest rates rise, appreciation may decrease but property isn’t going to get cheaper anytime in the foreseeable future in my opinion.
If I lose $4800 for a year of owning a $300,000 property and sell it two years later at 10% appreciation ($363,000). I think I can live with the loss (and the tax advantage gain for owning the property).
Craigslist or www.oregonlive.com is usually the best place for rental comparisons. I’d rather under-rent a little and keep it occupied than to hold the place vacant for any amount of time.
**Categories:** 1031 Exchange
---
### [Cash out of 1031 Exchange](https://lovejoyrealestate.com/cash-out-of-1031-exchange/)
**Published:** June 6, 2006
**Author:** Charles Turner
**Content:**
We’ve decided to take some of the proceeds from the sale of NE Ivy (the relinquished property in 1031 speak) and pay the capitol gains on it. The majority of the money is being used for the down payments on two new properties. The trick is that the IRS doesn’t allow the 1031 Exchange company (the accommodator) to release funds to us until:
1\) the end of the identification period if no property has been identified
2\) all identified property has been acquired or
3\) the 180th of the exchange.
Even though we will have closed/acquired all of the identified property prior to the 45th day, the funds must remain in the account until after the 45 days are up.
**Categories:** 1031 Exchange
**Tags:** Cash out of 1031 Exchange, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [RMLS Market Action for June 2007](https://lovejoyrealestate.com/rmls-market-action-for-june/)
**Published:** July 17, 2007
**Author:** Charles Turner
**Content:**
I received my emailed copy of RMLS Action yesterday and don’t really know what to make of it. It looks like the appreciation numbers (8.9%) in the last twelve months are starting to make more sense. The effect of really strong months a year or more ago are getting dropped and I expect that by then end of the year we will settle into a number between five and six percent for 2007 but that is just one Realtor’s opinion. Annual appreciation numbers work in a consistent market but not so well in a shifting market. Shorter term stats, three or six months, would be more revealing.
Inventory has increased to 5.0 months. That’s higher than we are used to but probably the sign of a healthier market. I don’t think there should be a lot of concern if the market settles in to an inventory level in the four to six months range. Of course it isn’t what sellers want to see but it is good for buyers and the market itself. If we move much above six months, things might get tough.
I wrote the above portion of this post this morning. Now KGW’s 6PM news has just finished including a clip from business reporter, Joe Smith, on our real estate market. I recorded the clip but I am not the video editing expert so will look into how to convert it from a 102mb mpeg into something viewable here. Through the typical media doom and gloom there is a discussion of the danger of over pricing ([previous post on overpricing](http://www.portlandrealestateblog.com/realestate/2006/11/danger_of_overp)) and the fact that the median home price has dropped from 12 months ago for the first time. That means one house sold above and one sold below the median price.
Overpricing is still a major factor in our market. I was asked for comments on a listing yesterday that is now 30% below its original listing price. It looks to be a steal now because it was so overpriced then. Realtors (probably including us) are equally to blame. It’s easy to tell a seller that you agree with their pricing. It’s what they want to hear so collecting the listing and then beating them up later will probably result in a commission once reality sets in. I know we have lost listings over pricing. Nobody wanted to admit the market was changing and the industry moved too slowly to educate their sellers. There are always the outliers, we had a listing that just baffled us to as why it wasn’t getting the expected results (of course it comes down to price in the end).
**Categories:** Market Activity & Data
---
### [Short Sale Flow: Chart for Sellers](https://lovejoyrealestate.com/short-sale-flow-chart-for-sellers/)
**Published:** May 3, 2011
**Author:** Charles Turner
**Content:**
There is an overall big picture for short sales but the process is different for the buyer or seller. This flow chart outlines the process for the seller. This is a simplified version of a complex process so do your due diligence.
> The term “Short Sale” is used to refer to those real estate transactions in which the agreed-upon purchase price is insufficient to pay off all of the secured debt on the property (such as mortgages, trust deeds, state/federal income taxes, liens, property taxes or other local assessments) including the costs of closing, such as escrow and recording fees, title insurance premiums, real estate commissions, etc. —[Short Sales- A Summary For Sellers](https://lovejoyrealestate.com/wp-content/uploads/2011/05/Short-Sales-for-Sellers1.pdf "Oregon Real Estate Agency Short Sale Summary for Sellers") by OREF
Two goals going into a short sale for a seller are to avoid foreclosure and to close the transaction without having to sign a promissory note for the deficiency, or the amount of money the bank is shorted in order for the bank to agree to release the loan. It may not work out that way but that is what everyone should be working towards. The decision to enter into a short sale transaction has legal and tax implications so an attorney and accountant should be consulted. There are also long term credit and FICO score ramifications.
Continued below graphic.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/05/flowchart-01.jpg)Short Sale Process for Sellers FlowchartOne feature of a short sale is that the seller have a documented hardship. A bank is unlikely to approve a short sale if the seller has the financial means to pay the debt and no hardship but simply doesn’t want to. Even with a hardship, there is nothing to say that a bank must approve a short sale. Hardships include, but are not limited to: a loss or reduction in employment and/or income, divorce, death in the family, military service, exotic loan resets, and illness. The bank will also ask for financial documents and require that they be updated once an offer is received.
The time frame for short sale could be weeks or months. Each bank handles short sales according to their own rules and if there is a second bank and a second (or third (and we’ve seen a fourth)) loan the process is longer and more complex. Logic may dictate that “something is better than nothing” and that banks shouldn’t be in the business of being homeowners but that doesn’t always translate to a successful short sale even when all the hoops are jumped through and there is a ready and willing buyer.
At the end of the day it is the seller that has to accept the bank’s terms of approval. The seller is not required to sign a promissory note or accept any other encumbrance through the sale, regardless of what the contract between the buyer and seller says. The result may be foreclosure or bankruptcy but that is a seller not bank made decision if there is approval from the banks.
**Categories:** Short Sales
**Tags:** flowchart, Short Sale
---
### [Short Sale Process Flowchart](https://lovejoyrealestate.com/short-sale-process-flow-chart/)
**Published:** May 2, 2011
**Author:** Charles Turner
**Content:**
Short sales are going to be a part of the Portland real estate market for quite some time. In its simplest form a short sale is where one or more lenders must approve a real estate sale because they are going to receive less money than they are owed. A short sale can have major legal and financial consequences so it is imperative that an accountant and/or attorney be consulted as necessary. The are also major ramifications to credit and FICO scores.
At the end of January we asked on our [Facebook page](http://www.facebook.com/portlandrealestateblog "Portland Real Estate Blog Facebook Page") what percentage of the active listings in Portland people thought were short sales. Answers ranged from six percent to 81%. At the time, it was 740 of 4316 listings- 17.1%. Today it’s 780 of 4249 active listings- 18.3%. NAR reported in March that 40% of sales nationally were distressed (short sales or bank owned). Today, 26.5% of Portland’s active listings are distressed.
The process of selling a short sale is broken down into the most basic steps below. This is the overall big picture of the process and there are some exceptions to what is outlined here. We will be publishing buyer and seller centric versions soon. The bank doesn’t start its review until there is an offer on the property. They don’t deal in hypotheticals, “if we get an offer for X will you accept it?” During the approval process the bank is simultaneously approving the seller’s situation (included documented hardship) and the price at which they will accept. The process can take weeks or months and may never get completed before foreclosure becomes a reality.
Logic may take a back seat during the approval process. What may seem like a total lack of urgency on the bank’s part cannot be interrupted that time frames or requested paperwork is not important. Missing or inaccurate documents can derail or stall the process. If the buyer backs out the process usually doesn’t stop which is why some listings may show, “approved at this price.” The bank may honor the terms they approved the first buyer at if a substitute buyer can be found.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/05/flowchart-03.jpg)Short Sale Flowchart OverviewWe can’t reiterate enough that each and every short sale is unique and must be worked through under the guidelines of the specific banks and the individual situations of the parties involved. The above is a generalization and simplified version of a complex process.
**Categories:** Short Sales
**Tags:** flowchart, Short Sale
---
### [10 Must-Have Home Organization Tips](https://lovejoyrealestate.com/home-organization-tips/)
**Published:** March 12, 2015
**Author:** Charles Turner
**Content:**
Whether you’re spring cleaning or just want to make life easier, here are ten home organization tips to make your life easier. These were originally provided through our monthly newsletter ([subscribe here to get great tips monthly](https://app.e2ma.net/app2/audience/signup/1781517/12781/?v=a)). With ideas for every room, getting started is easier than ever before.
**For the Entire Home:**
**Tip #1 – Pile Preparation:** Start by setting up 4 boxes instead of 3 piles for organizing. Boxes keep things out of the way and aid in keeping your mind focused on organizing. In addition to the traditional three (keep, donate, trash), add a box for things to go through later. This will reduce the urge to get lost in nostalgia or get stuck not knowing where an item should go.
**Tip #2 – Vertical Victory:** Whether it’s hanging pans from above an island or installing bins for foil, spices, or lids on the inside of cupboard doors, this trick isn’t new. However, consider other areas where vertical space can be utilized such as the inside of a closet door or back of the bathroom door. There are tons of tasteful storage units and shelves that allow unused vertical space to become vital storage spots.
**In the Kitchen:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/03/VO57T4JVJU_2.jpg)**Tip #3 – Tabulated Temperature:** When considering the placement of kitchen goods, think about their frequency of use in terms of temperatures. “Hot” items – those used most frequently – need to be in close proximity while the “cold” items – those rarely used – can be placed in cupboards accessable with a step ladder or in the back of cupboards lower to the ground.
**Tip #4 – Coordinated Cooking:** When organizing your kitchen, store items that are used together with one another. For example, your chopping block and knives should be within reaching distance of one another while your baking goods and utensils might form a “baking station.” Storing these items together not only ensures they are easy to find, but that you’re actually likely to use the items you keep.
**For the Closet:**
**Tip #5 – Color & Crate:** Organizing by color is a simple and effective fix for many closets. This means grouping hanging clothes by type then color as well as folded items such as sweaters. Even having the same color hangers can make a huge impact. For smaller, packable items like hats, belts, and bags, clearly [](https://lovejoyrealestate.com/wp-content/uploads/2015/03/DeathtoStock_Objects10_2.jpg)label crates for easy access and stackability without having them out in the open.
**Tip #6 – Lustrous Lighting:** Dark areas of closets – or missing lighting altogether – makes it all too easy for items to get lost or disorganized. Adding chandelier style lighting to walk-ins or fluorescent overheads to a reach-in closet helps items be seen. You can also add puck lighting to illumate trouble spots, increasing the visibility of your items, which will assist in keeping your spaces more organized.
**In the Bathroom:**
**[](https://lovejoyrealestate.com/wp-content/uploads/2015/03/baskets.jpg)Tip #7 – Baskets are Big:** Most items in the bathroom are both daily necessities and something you want tucked away. Using labeledbaskets allows you easy access while reducing the visibility of what cream or toothpaste you use.
**Tip #8 – Hidden Hamper:** Discretely placing a laundry hamper in the bathroom ensures that the clean, organized place is more likely to stay that way. From towels to clothes, keeping items off the floor and in their proper place makes continued organization both possible and probable.
**Bedrooms & Blended Spaces:**
**Tip #9 – Stamped and Stowed:** Simple bins with clear labels can be stowed in unused spaces, keeping items out of the way but easily accessible. These spaces include the floor of hall closets, under beds, and in bedside tables.
**Tip #10 – Bookshelves are Boss:** From adding spaces to neatly display meaningful knicknacks to spaces where baskets or bins can hold trinkets and non-uniform necessities, bookshelves and wall shelves offer spaces to neatly display items that are used frequently.
**Want more tips like these? [Subscribe to our Newsletter here](https://app.e2ma.net/app2/audience/signup/1781517/12781/?v=a) and get great homeowner tips like this delivered directly to your email each month!**
**Categories:** DIY and Organization
**Tags:** diy organization, home organization tips, must have organization, portland home organization, tips for home organization
---
### [Matterport Virtual Reality: The Future Is Here](https://lovejoyrealestate.com/matterport-virtual-reality-future/)
**Published:** October 10, 2016
**Author:** Charles Turner
**Content:**
Have you ever seen a house that looked so beautiful from the outside that you just had to see what it looked like inside? Maybe it’s even been on the market and you’ve been tempted to call your favorite Real Estate agent (hopefully that’s us!) to get a tour and see inside. Thanks to the Matterport camera, we’re getting even closer to being able to feel like you’re inside of a home while being nowhere near the actual home.
We’ve talked before about how our Matterport 3D camera allows a user to view a full 360° view of an entire home from any computer in the world. We include Matterport tours with every one of our listings to ensure that every listing gets viewed by the maximum number of potential buyers.
Recently, Matterport added another layer to the camera technology when they added Virtual Reality capabilities to the 3D showcases. This not only allows anyone anywhere to view the home, but allows them to immerse themselves in a full virtual reality experience.
If you’re interested in taking a spin on this great new piece of technology it’s actually quite simple. If you’ve got an Android phone, and you’ve got a Samsung Gear VR or Google Cardboard headset you just have to download the Matterport VR app, go to [this link](https://my.matterport.com/vr/show/?m=w3rC8ZBg9di), and you’ll be seeing our listing at 649 NW Alpine in full VR.
Don’t quite have all those things? That’s ok because we’d be happy to give you a personal introduction to the VR experience with the Matterport camera.
**Categories:** Matterport 3D Camera
---
### [10 Unique Places to visit in Salem, Oregon](https://lovejoyrealestate.com/unique-salem-spots-to-visit/)
**Published:** May 2, 2023
**Author:** Charles Turner
**Content:**
Salem, Oregon, and the surrounding Mid-Willamette Valley are known for their natural beauty, historic landmarks, and diverse food and beverage scene. While many of these attractions and eateries are well-known, there are plenty of hidden gems that locals might not know about. Whether you’re a longtime resident or a first-time visitor, here are some unique places to explore in the area.
1. [**Willamette Valley Pie Company**](https://www.wvpie.com/)
For those with a sweet tooth, the Willamette Valley Pie Company in Salem is a must-visit. This family-owned bakery uses locally sourced ingredients to create delicious pies, tarts, and other baked goods. Their pies come in a variety of flavors, from classic apple and cherry to more unique offerings like marionberry and chocolate hazelnut. You can also grab a cup of coffee or hot cider to enjoy with your pie.
2. [**Enchanted Forest Theme Park**](https://www.enchantedforest.com/)
For a fun and whimsical day out, head to the Enchanted Forest Theme Park in Turner, Oregon. This family-friendly attraction is inspired by fairy tales and nursery rhymes and features rides and attractions like a log flume, roller coaster, and haunted house. There are also plenty of food vendors and gift shops on-site, so you can make a full day of it.
3. [**Minto-Brown Island Park**](https://www.cityofsalem.net/Home/Components/FacilityDirectory/FacilityDirectory/122/599)
If you’re looking for a peaceful escape from city life, check out Minto-Brown Island Park in Salem. This large nature park offers over 1,200 acres of hiking and biking trails, picnic areas, and scenic views of the Willamette River. You can spend hours exploring the park and soaking up the natural beauty of the area.
4. [**Deepwood Estate**](https://deepwoodmuseum.org/)
Deepwood Estate is a historic home and garden in Salem that dates back to the late 1800s. This beautiful property features Victorian architecture, lush gardens, and walking paths. Visitors can take a guided tour of the house and learn about the history of the property, or simply stroll through the gardens and enjoy the serene atmosphere.
5. [**Historic Reed Opera House**](https://thereedsalem.com/)
The Historic Reed Opera House in downtown Salem is a must-visit for history buffs, with its rich past as a performance space for famous acts and performers, and now home to a variety of unique shops, restaurants and services.
6. [**Coin Jam**](https://www.thecoinjam.com/)
If you’re in the mood for some retro gaming fun, head to Coin Jam in downtown Salem. This retro arcade and bar features classic arcade games and pinball machines, as well as a full bar with craft beer and cocktails. It’s a great spot for a date night or a night out with friends.
7. [**Bari**](https://www.barirestaurantandbar.com/)
For a taste of authentic Italian cuisine, check out Bari in Salem. This family-owned restaurant serves up classic Italian dishes, including homemade pasta, wood-fired pizzas, and seafood dishes. The cozy atmosphere and friendly service make it a great spot for a romantic dinner or a family gathering.
8. [**Honeywood Winery**](https://www.honeywoodwinery.com/)
Honeywood Winery is a local winery in Salem that specializes in fruit wines, including blackberry, raspberry, and cranberry wines. You can visit the winery for a tasting and learn about the wine-making process, or simply pick up a bottle to enjoy at home.
9. [**Boon’s Treasury**](https://www.mcmenamins.com/boons-treasury)
Boon’s Treasury is a historic tavern in Salem that dates back to the 1800s. This cozy spot features a menu of classic pub fare, including burgers, sandwiches, and soups. There’s also a wide selection of beers on tap, making it a great spot for happy hour or a casual dinner.
10. **[ Salem Riverfront Carousel](https://salemcarousel.wixsite.com/salemcarousel)**
Located in Riverfront Park in downtown Salem, the Salem Riverfront Carousel is a beloved local attraction that is fun for all ages. This beautifully crafted carousel features 42 hand-carved wooden animals, including horses, dragons, and unicorns, as well as a menagerie of other animals like frogs, cats, and rabbits.
Overall, Salem is full of unique and hidden gems that are just waiting to be discovered. Whether you’re in the mood for nature, history, food, or fun, there’s something for everyone in the beautiful Mid-Willamette Valley region of Oregon. So, get out there and start exploring!
**Categories:** Real Estate News & Tips
---
### [What’s the Difference Between a Home Inspection and an Appraisal?](https://lovejoyrealestate.com/whats-the-difference-between-a-home-inspection-and-an-appraisal/)
**Published:** May 8, 2023
**Author:** Charles Turner
**Content:**
### 
Buying a home is a significant investment, and before closing the deal, you’ll need to go through several processes to ensure that the property is worth the money you’re paying for it. Two of these processes are the home inspection and the appraisal. But what exactly are these two things, and what’s the difference between them? Let’s find out!
First things first, *a home inspection is a thorough examination of a property’s condition*. A professional home inspector will examine the property’s structure, foundation, roof, plumbing, electrical system, and other important components. They will look for any defects, damages, or potential problems that may affect the property’s value or safety. The home inspection report will provide a detailed description of the inspector’s findings, along with recommendations for repairs or further investigation.
On the other hand, *an appraisal is an evaluation of a property’s value.* An appraiser will assess the property’s location, size, condition, and other factors that may affect its worth. They will compare the property to other similar homes in the area and consider current market trends to determine its value. The appraisal report will provide an estimated value of the property, which the lender will use to determine the amount of the loan they are willing to provide.
So, the main difference between a home inspection and an appraisal is that the inspection focuses on the property’s condition, while the appraisal focuses on its value. The two processes are equally important and serve different purposes.
A home inspection is crucial because it can help you identify any issues with the property that may affect its safety or value. For instance, if the inspection report reveals that the roof is damaged, you can negotiate with the seller to either repair it or reduce the selling price. You can also use the report to make an informed decision about whether or not to buy the property.
An appraisal, on the other hand, is essential because it helps you determine the property’s market value. This information is crucial because it determines the amount of money that the lender is willing to provide you with. If the appraisal report shows that the property is overvalued, you may have to renegotiate with the seller to lower the selling price.
In summary, a home inspection and an appraisal are two different processes that serve different purposes. While a home inspection focuses on the property’s condition, an appraisal evaluates its value. Both are critical steps when you’re buying a home and you don’t need to manage them by yourself. Let’s connect today so you have the expert guidance you need to navigate the entire homebuying process.
**Categories:** Real Estate News & Tips
---
### [Why Photography Matters in Real Estate](https://lovejoyrealestate.com/why-photography-matters-in-real-estate/)
**Published:** May 1, 2023
**Author:** Charles Turner
**Content:**
Are you looking to sell your home and wondering how to make it stand out from the rest? When it comes to listing a home for sale, the quality of the photographs can make a big difference. At Lovejoy Real Estate, we understand that stunning visuals are crucial to selling a property quickly and for the best price. In this blog, we’ll explore these different levels and why flash-ambient photography is the best method for getting more eyes on your home.
**First off, let’s talk about the different levels of real estate photography, ranging from basic iPhone quality shots to more advanced techniques like HDR and flash-ambient photography.**
With the advancements in smartphone camera technology, it’s easy to snap a quick photo of a property with your phone. However, iPhone quality photos usually lack clarity and often have poor lighting. This type of photography is usually not good enough to showcase your property in its best light.
HDR (High Dynamic Range) photography involves taking multiple photos of the same scene at different exposure levels and then combining them into one image. This technique can create more balanced lighting with greater detail in both the brights and shadows. However, HDR photos can sometimes look bland or run the risk of not being color accurate.
Flash-ambient photography is a technique that combines ambient light and artificial light (flash) to create a more balanced and natural-looking image. This technique involves using a flash in different locations to enhance the existing light in a room, resulting in a bright, evenly lit space. The goal is to make the room look as inviting and spacious as possible, while preserving the true colors and textures in the room. This method eliminates any interference from mismatched light fixtures colors (cool vs warm light) and bright exteriors.
***Now, why does photography matter so much in real estate?***
Well, think about it. Most buyers start their search online, and the first thing they see is the photos of the property. If the pictures are not up to par, the potential buyer may quickly move on to the next listing without even considering your property. That’s why it’s essential to have high-quality photos that showcase your home’s best features and make it stand out from the crowd.
At Lovejoy Real Estate, we take photography seriously, and that’s why we use flambient photography for all our listings. We want to ensure that each property we sell looks its best and is showcased in the best light possible. We understand that selling a home can be a stressful experience, but we are here to make it as easy as possible for you.
In conclusion, if you’re looking to sell your home, don’t underestimate the power of photography. It can make all the difference in getting your property noticed and sold quickly. At Lovejoy Real Estate, we pride ourselves on our attention to detail, and that’s why we use flambient photography for all our listings. Contact us today to learn more about how we can help you sell your home!
**Categories:** Real Estate News & Tips
---
### [Events To Check Out in May!](https://lovejoyrealestate.com/events-to-check-out-this-month/)
**Published:** April 26, 2023
**Author:** Charles Turner
**Content:**
### May 2023 Events
[Oregon Wine Month](https://www.oregonwine.org/events-programs/oregon-wine-month/)
All Month Long
Multiple Locations
[Cinco De Mayo Fiesta](https://cincodemayoportland.com/)
May 5th-7th
Tom McCall Waterfront Park
[Miss Oregon & Mrs. Oregon Pageant](https://elsinoretheatre.com/events/the-2023-mrs-oregon-america-and-miss-oregon-for-america-strong-pageant/)
May 6th
Salem, Elsinore Theater
[A Practically Perfect in Every Way Tea Party with Mary](https://salemcarousel.wixsite.com/salemcarousel/tea-with-mary)
May 7th
Salem’s Riverfront Carousel
[Canby BrewFest](https://clackamascountyfair.com/canby-brewfest-2023/)
Clackamas County Fairgrounds
May 12th & 13th
[Camas Plant & Garden Fair](https://downtowncamas.com/event/camas-plant-garden-fair)
May 13th
Downtown Camas
[St. Johns Bizarre & Parade](http://stjohnsbizarre.com/about/)
Saturday May 13th
St. Johns
[Bricks Cascade](https://www.brickscascade.com/)
May 13th-14th
Oregon Convention Center (Legos)
[UFO Festival](https://ufofest.com/)
May 19th-20th
McMenamins Hotel Oregon
[Mt. Angel Maifest](https://www.mtangelmaifest.org/)
May 19th-21st
Mt. Angel Biergarten
[S.T.E.A.M.’d Up for Kids](https://www.antiquepowerland.com/events/steamd-up-for-kids)
May 20th 9:00am-4:00pm
Heritage Powerland Park | Brooks, OR
[Mt. Tabor Art Walk](https://www.mttaborartwalk.com/)
May 20-21
Mt. Tabor Neighborhood
[Portland Rose Festival/ CityFair](https://www.rosefestival.org/)
May 26th-June 11th
Waterfront
[Multnomah County Fair](https://multcofair.com/)
May 27th-29th
Oaks Amusement Park
**Categories:** Real Estate News & Tips
---
### [Navigating Low Inventory as a Buyer](https://lovejoyrealestate.com/navigating-low-inventory-as-a-buyer/)
**Published:** April 24, 2023
**Author:** Charles Turner
**Content:**
Hey there, future PNW homebuyers! Are you feeling like it’s impossible to find your dream home in this low-inventory market? Fear not, because we’ve got some tips and tricks to help you navigate this challenging market with confidence and even a bit of humor!
1. **Be Prepared**
One of the best things you can do as a buyer in a low-inventory market is to be prepared. **This means getting pre-approved for a mortgage**, having your finances in order, and being ready to act quickly when you find the right home. Don’t worry, we can recommend an amazing lender that will help get you started! So, take a deep breath, organize your finances, and get ready to pounce!
2. **Be Flexible**
When inventory is low, you might not find exactly what you’re looking for right away. But don’t give up hope! Be open to different neighborhoods, home styles, and even fixer-uppers. Who knows? You might end up falling in love with a home you never even considered before.
3. **Work with a Professional**
Navigating a low-inventory market can be tricky, so don’t try to do it alone! Work with a professional real estate agent who knows the ins and outs of the local market. Our agents can help you find homes that haven’t even hit the market yet, and they can help you make a strong offer when you do find the perfect home.
4. **Stay Positive**
Remember, the real estate market is cyclical. Just because inventory is low right now doesn’t mean it will always be that way. Stay positive and keep your eyes peeled for new listings. Your dream home might be just around the corner.
5. **Embrace the Adventure**
Finally, remember that buying a home is an adventure! It’s an exciting time to explore new neighborhoods, meet new people, and create new memories. So, take a deep breath, enjoy the journey, and embrace the adventure!
In conclusion, buying a home in a low-inventory market can be a challenge, but it’s *not impossible*. By being prepared, flexible, and working with a professional, you can find your dream home in no time. So, don’t let low inventory get you down. Stay positive, embrace the adventure, and give us a call to make your home buying dreams a reality!
Just looking at what’s available? Start your search below:
**Categories:** Real Estate News & Tips
---
### [Neighborhood Spotlight: Tigard, Oregon](https://lovejoyrealestate.com/neighborhood-spotlight-tigard-oregon/)
**Published:** April 19, 2023
**Author:** Charles Turner
**Content:**
Ahoy there, adventurous readers! Today, we’re embarking on a journey to the charming town of Tigard, Oregon, where the grass is always greener and the vibes are always welcoming. With a population of over 50,000, Tigard is like a little slice of heaven nestled in the heart of Washington County. Whether you’re a peace-loving suburbanite or an adrenaline-junkie urbanite, Tigard has got you covered with its plethora of exciting options. So buckle up and get ready for a ride, because we’re about to uncover what makes Tigard an amazing place to call home and visit!
First up is Bull Mountain, where the views of Mount Hood will make your jaw drop! This affluent neighborhood on the southern edge of Tigard is just one of the many beautiful and picturesque spots you’ll encounter. Then there’s Metzger, the center of Tigard known for its established homes and tranquil streets. Or how about the newer development of Summerlake, with its mix of single-family homes and townhouses? Click the link below to see what homes are currently available in Tigard!
But hold your horses, because Tigard has way more than just stunning neighborhoods. This town is a nature lover’s paradise, with over 500 acres of parks and 20 miles of trails. Cook Park, one of the most popular parks, features a large playground, multiple sports fields, and a beautiful riverfront trail. Don’t forget Dirksen Nature Park, where you can observe a diverse array of wildlife and plant species, or Bonita Park, a beautiful spot for picnics and serene pond watching.
Shopping and dining? Tigard has got you covered. With over 170 stores at the [Washington Square Mall](https://www.shopwashingtonsquare.com/), you’ll find everything from high-end brands to budget-friendly options. [Bridgeport Village](https://www.bridgeport-village.com/) is another fashion and lifestyle shopping hot spot, with upscale and posh shopping, dining and entertainment options. And when it comes to dining outside the mall, Tigard has it all, from classic American diners, Tap houses and Pubs, to international cuisine. Yum!
Let’s not forget about the annual events that Tigard residents look forward to every year. You don’t want to miss the Tigard Farmers Market, where you can snag fresh produce and handmade crafts from local vendors every Sunday from May to October. The Tigard Festival of Balloons in June is a spectacular sight with hot air balloon rides, carnival rides, and live music. And who can resist the Tigard Art Walk or the Tigard Christmas Tree Lighting?
Last but not least, Tigard has tons of activities and attractions for everyone to enjoy. If you’re feeling sporty, you can check out [Infinity Golf](https://golfwithinfinity.com/) or [D-Bat Batting Cages](https://dbatpdxwest.com/index.php). For those who prefer something more laid back, you can visit [Senet Game Bar](https://www.senetgamebar.com/), [Stumptown Escape Games](https://www.stumptownescape.com/), or [Tigard Bowl](https://www.tigardbowl.com/). And if you’re feeling extra adventurous, you can experience indoor skydiving at [iFLY Portland](https://www.iflyworld.com/)!
In conclusion, Tigard, Oregon is a vibrant and diverse community with something to offer for everyone. Whether you’re a young professional, a growing family, or a retiree looking for a peaceful community, Tigard has it all! So pack your bags and come explore this hidden gem of the Pacific Northwest.
[](https://lovejoyrealestate.realscout.com/homesearch/map?geo_type=city&geo_id=4173650&for_sale=1&for_rent=0)
**Categories:** Real Estate News & Tips
---
### [Get your home noticed & maximize profits in a low inventory market](https://lovejoyrealestate.com/get-your-home-noticed-maximize-profits-in-a-low-inventory-market/)
**Published:** April 11, 2023
**Author:** Charles Turner
**Content:**
# 
The spring Portland real estate market is officially in bloom. However, with low inventory and more buyers than homes on the market, it can be challenging to get your home noticed among the sea of potential properties. But don’t worry, with a few tips and tricks, you can make your Portland home stand out and maximize your home sale profits.
### Price it Right
The first step in getting your home noticed is pricing it right. While buyers may be willing to pay a premium for the right home, they will also quickly lose interest in homes that are overpriced. Working with a trusted agent who knows the Portland market is crucial to determine a competitive price. A knowledgeable agent can help you avoid overpricing and ensure that your home is priced to sell.
### Make it Shine
With fewer options on the market, your home needs to stand out. One way to do this is by making sure your home is clean, decluttered, and staged to perfection. This step is essential because buyers often have a hard time imagining themselves in a cluttered space. Highlighting your home’s best features can be achieved through staging, which can help potential buyers envision themselves living in the space.
### Be Flexible
In a low inventory market, you’ll have more negotiating power. However, staying flexible on closing dates, repairs, and other factors can make your home even more attractive. If you are willing to work with buyers on these points, you may find that your home sells faster than others in your area.
### Create Urgency
Creating a sense of urgency can also help your home get noticed. One way to do this is by setting a deadline for offers or hosting an open house to generate interest. An experienced agent can share what works best in your neighborhood, as every market is different.
### In Conclusion
If you’re planning to sell your Portland home in a low inventory market, remember to price it right, make it shine, be flexible, and create urgency. And don’t forget to work with an experienced agent who knows the Portland market well. By following these tips, hiring an experienced agent, and highlighting the unique features of your home and the Portland area, you can help your home stand out and sell quickly.
If you are in need of an experienced agent to help you buy a home in the Portland-Metro to Mid-Willamette Valley area, we are here to help! [CLICK HERE](https://lovejoyrealestate.com/contact/) for more information.
**Categories:** Real Estate News & Tips
---
### [Why Aren't Portland Home Prices Crashing?](https://lovejoyrealestate.com/why-arent-portland-home-prices-crashing/)
**Published:** April 7, 2023
**Author:** Charles Turner
**Content:**
### 
Hey there, fellow Portlanders! Have you been keeping an eye on the housing market lately? With all the recent shifts, you might be wondering why home prices aren’t crashing like some predicted. Well, let’s dive in and take a closer look.
First off, we all know that mortgage rates rose dramatically last year, making it harder for many people to buy a home. Plus, after several years of rapid price appreciation, home prices finally peaked last summer. But even with these changes, prices have remained relatively flat at the national level. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), believes that will continue:
“Home prices will be steady in most parts of the country with a minor change in the national median home price.”
**So, why aren’t sellers lowering their prices to attract buyers in today’s market?** Well, it turns out there’s another factor at play: low inventory. Yep, we’ve been at or near record-low inventory levels for a few years now. And according to Yun, that’s limiting just how low prices will go:
> “We simply don’t have enough inventory. Will some markets see a price decline? Yes. \[But\] with the supply not being there, the repeat of a 30 percent price decline is highly, highly unlikely.”
In other words, if more homes don’t come to the market, a lack of supply will keep prices from crashing. And, unfortunately, inventory isn’t likely to rise significantly this year, according to industry expert Rick Sharga:
> “I believe that we’re likely to see low inventory continue to vex the housing market throughout 2023.”
As you can see in the graph below, we’ve been at or near record-low inventory levels for a few years now.
[](https://files.keepingcurrentmatters.com/content/images/20230404/20230405-months-inventory-of-homes-for-sale-MEM.png)
**So, what does that mean for sellers?** Well, since they have plenty of equity right now, and with many are locked into low mortgage rates, most homeowners are under no pressure to move. At the same time, there are still a lot of people who will sell this year. Whether they need to downsize to a smaller home, have a growing family and need more space, or are ready for a change of scenery, there will always be people selling.
If you’re in the market for a new home, it’s more important than ever to work with a trusted real estate agent who knows your preferred neighborhood and can navigate the current market to help you find the right home at the right price.
In conclusion, a lot of people were expecting prices to crash this year, but that isn’t happening. Why? There simply aren’t enough homes for sale. So, if you’re thinking about making a move this spring, be prepared for a competitive market. And don’t forget to give your Lovejoy Real Estate agent a call – we’ll be your secret weapon in this crazy market!
**Categories:** Real Estate News & Tips
---
### [Out & About: What's happening in the Willamette Valley in April?](https://lovejoyrealestate.com/out-about-whats-happening-in-the-willamette-valley-in-april/)
**Published:** April 5, 2023
**Author:** Charles Turner
**Content:**
More outdoor events are starting to pop up this month in the Willamette Valley. Check out the list below and leave us a comment if we missed anything!
##### [The Great Junk Hunt](https://www.thegreatjunkhunt.com/markets/salem-or-vintage-market)
April 14th-15th
Oregon State Fairgrounds – Salem, OR
##### [Green Living: Home & EV Expo](https://www.visitcorvallis.com/eventdetail/3466/green-living:-home-ev-expo)
Saturday, April 15th
Benton County Fairgrounds – Corvallis, OR
##### [Earth Day](https://www.solveoregon.org/solvecalendar)
April 22nd
There are so many different Earth Day Clean up events! [CLICK HERE](https://www.solveoregon.org/solvecalendar) to see a complete list of events in Oregon that you and your family can participate in and help bring awareness to your community.
##### [9th Annual Corvallis Tweed Ride](https://www.corvallistweedride.net/2023)
Sunday, April 23rd
Corvallis, OR
**Categories:** Real Estate News & Tips
---
### [Out & About - What's Happening in April](https://lovejoyrealestate.com/out-about-whats-happening-in-april/)
**Published:** March 30, 2023
**Author:** Charles Turner
**Content:**
More outdoor events are starting to pop up this month from Vancouver to Corvallis! Check out the list below and leave us a comment if we missed anything!
##### [Rhododendron Show & Sale](https://www.crystalspringsgardenpdx.org/events/earlyshow2023)
April 1st-2nd
Crystal Springs Rhododendron Garden – Portland, OR
##### [Cherry City Flea](https://www.cherrycityflea.com/)
Sunday, April 2nd
Salem Convention Center – Salem, Oregon
##### [First Thursday Portland](https://www.facebook.com/profile.php?id=100069876491387)
Thursday, April 6th
NW 13th Ave – Pearl District, Portland, OR
##### [Hop Into Spring](https://www.oregonzoo.org/events/hop-into-spring)
Saturday, April 8th
Oregon Zoo – Portland, OR
##### [The Great Junk Hunt](https://www.thegreatjunkhunt.com/markets/salem-or-vintage-market)
April 14th-15th
Oregon State Fairgrounds – Salem, OR
##### [Portland House & Outdoor Living Show](https://www.homeshowcenter.com/overview/portland3)
April 14th-16th
Oregon Convention Center
##### [Klineline Kids Fishing Derby](http://klineline-kf.org/)
April 14th-15th
Klineline Pond & Salmon Creek Park – Vancouver, WA
##### [Green Living: Home & EV Expo](https://www.visitcorvallis.com/eventdetail/3466/green-living:-home-ev-expo)
Saturday, April 15th
Benton County Fairgrounds – Corvallis, OR
##### [Portland Pizza Week](https://everout.com/portland/events/portland-pizza-week-2023/e141961/)
April 17th-23rd
All over Portland – Check website for all locations!
##### [Quilt, Crafting & Sewing Festival](https://quiltcraftsew.com/portland.html)
April 20th-22nd
Portland Expo Center
##### [Earth Day](https://www.solveoregon.org/solvecalendar)
April 22nd
There are so many different Earth Day Clean up events! [CLICK HERE](https://www.solveoregon.org/solvecalendar) to see a complete list of events in Oregon that you and your family can participate in and help bring awareness to your community.
##### [7th Annual Baker’s Dozen Coffee Beer & Doughnut Fest](https://www.merctickets.com/events/135681235/2023-s-7th-annual-baker-s-dozen-coffee-beer-doughnut-festival)
Saturday, April 22nd
John’s Marketplace – Portland, OR
##### [9th Annual Corvallis Tweed Ride](https://www.corvallistweedride.net/2023)
Sunday, April 23rd
Corvallis, OR
##### [Hood River Hard-Pressed Cider Fest](https://www.hoodriverciderfest.com/home)
Saturday, April 29th
Hood River, OR
**Categories:** Real Estate News & Tips
---
### [4 Key Tips for Selling Your Home This Spring](https://lovejoyrealestate.com/4-key-tips-for-selling-your-home-this-spring/)
**Published:** March 30, 2023
**Author:** Charles Turner
**Content:**
Hey there Portland to Willamette Valley area home sellers, spring is finally here! And you know what that means, it’s time to dust off those old home selling skills and get your home ready for the market. But wait, before you start putting up those “For Sale” signs, there are a few things you need to keep in mind to make sure you get the most out of your home sale.
1. **Make Sure You Give Buyers Access**
Hey, don’t be a “garden gnome” and limit the days and times when buyers can come and check out your home. Trust me, if you want to sell your home quickly and for the best price, you need to make sure potential buyers have easy access to it. So, make sure you’re flexible and available for showings.
2. **Make Your Home Look as Good as Possible on the Inside**
Don’t let your home be the “black sheep” of the neighborhood. Put in the effort to make it look inviting and appealing to buyers. Get creative with some fresh paint, steam clean those carpets, and declutter your spaces. And if you need some expert advice, your Lovejoy Real Estate agent is always there to lend a helping hand.
3. **First Impressions Matter**
Remember, first impressions are everything! So, make sure your home’s exterior is just as appealing as the interior. Freshen up your landscaping and give your home a little TLC. You want buyers to feel “at home” as soon as they pull up to the curb.
4. **Price It Right**
Listen, I know we all want to make a quick buck, but pricing your home too high can lead to it “hanging out” on the market for longer than you’d like. That’s why it’s important to work with a trusted real estate professional who can help you set the right price based on what’s happening in the current market.
**Bottom Line**
Selling your home doesn’t have to be a “dad joke” – it can actually be a smooth and hassle-free experience. Just make sure you follow these tips while working with a professional and experienced agent, and you’ll be on your way to selling your home quickly and for the best price possible. So, let’s get you connected with an agent and get started on your spring home selling journey!
**Categories:** Real Estate News & Tips
---
### [Our Favorite Female-Owned Businesses](https://lovejoyrealestate.com/our-favorite-female-owned-businesses/)
**Published:** March 3, 2023
**Author:** Charles Turner
**Content:**
### 
### Check out this list with a few of our favorite local, female-owned businesses you can support on this day and every day of the year! Be sure to share your favorite in the comments below.
##### Decor, Apparel & Gifts
[Wax & Wane Candles](https://waxandwanecandles.com/)
Bend, Oregon
[Wild For Oregon](https://www.wildfororegon.com/)
Stayton, Oregon
[Woonwinkel](https://www.woonwinkelhome.com/)
935 SW Washington St, Portland, OR 97205
[Wild Fang](https://www.wildfang.com/)
404 SW 10th Ave, Portland, OR
##### Flowers
[Fauning Over Flora](https://www.fauningoverflora.com/)
1221 Riverbend Rd. NW Suite 100, Salem, Oregon 97304
[Goose Hollow Flowers](https://www.goosehollowflowers.com/)
1219 SW 19th Ave. Portland, OR 97205
##### Services
[Vibrant Photo Co.](https://vibrantphotoco.mypixieset.com/)
Salem, Oregon
[Elle Eye Design](https://elleeye.com/)
Oregon
[SW Portland Dental](https://www.southwestportlanddental.com/)
1616 SW Sunset Blvd Ste B, Portland, Oregon 97239
[Amy & Reba’s Day Drinking Wine Tours](https://driveyou2drink.com/)
Portland, Oregon
[Heidi the Window Lady](https://heidithewindowlady.com/)
Portland, Oregon | [CLICK HERE](https://youtu.be/GdtynnZxoBI) and check out our Real Talk video with Heidi!
[Optimal Living](https://optimallivingsalem.com/)
Salem, Oregon
##### Jewelry
[Wild By Design Co.](https://www.wildbydesignco.com/)
Oregon
[Fig Jewelry](https://www.figjewelry.com/)
Salem, Oregon
##### Food & Beverages
[Freeland Spirits](https://www.freelandspirits.com/)
2671 NW Vaughn Street. Portland, OR. 97210
[Cellar 503 ](https://www.cellar503.com/)
4407 SW Corbett Ave, Portland, OR 97239
[CLICK HERE](https://youtu.be/0sjB7Ps9DpA) and check out our Real Talk video with Carrie from Cellar 503
[Silverton Coffee Station](https://www.instagram.com/silvertoncoffeestation_/)
Silverton, OR | [Click Here](https://www.instagram.com/reel/CoDeNevjJs7/?utm_source=ig_web_copy_link) to check out our video with Jenna
[Kelly’s Jelly](https://www.kellysjelly.com/)
Lake Oswego, Oregon
[Wild Friends Foods](https://wildfriendsfoods.com/)
Portland, Oregon
[Holm Made Toffee Co.](https://holmmadetoffee.com/)
Bend, Oregon
**Categories:** Real Estate News & Tips
---
### [Out & About: What's happening in March!?](https://lovejoyrealestate.com/out-about-whats-happening-in-march/)
**Published:** March 2, 2023
**Author:** Charles Turner
**Content:**
Check out what’s happening this month from Vancouver, Washington to Salem, Oregon!
[](https://www.facebook.com/events/1242543326339785/1242543339673117/?ref=newsfeed)
[First Friday Art Walk](https://www.facebook.com/events/1242543326339785/1242543339673117/?ref=newsfeed)
Friday, March 3rd
Downtown Salem, Oregon
[](https://vdausa.org/first-friday/)
[Vancouver First Friday](https://vdausa.org/first-friday/)
Friday, March 3rd
[](https://www.portlandsaturdaymarket.com/)
[Portland Saturday Market](https://www.portlandsaturdaymarket.com/)
Every Saturday starting March 4th
[](https://www.salemcommunitymarkets.com/saturday-market.html)
[Salem Farmers Market](https://www.salemcommunitymarkets.com/saturday-market.html)
Every Saturday Starting March 4th
[](https://www.shebrew.beer/)
[SheBrew Festival](https://www.shebrew.beer/)
Sunday, March 5th
Featuring local female-identified craft beer and cider makers, entertainers, businesses and community partners.
[](https://www.pickleballtournaments.com/tournamentinfo.pl?tid=6939)
[Willamette Valley Open Pickleball Tournament](https://www.pickleballtournaments.com/tournamentinfo.pl?tid=6939)
March 9th-12th
[McMinnville Wine & Food Classic](https://www.mcminnvillewineandfood.com/)
March 10th-12th
Evergreen Aviation & Space Museum
[](https://www.timbers.com/)
[Join the Timbers Army and Watch a Timbers Game](https://www.timbers.com/)
March 11th & March 25th
**Celebrate St. Patrick’s Day at one of the many local events:**
[Kell’s Saint Patrick’s Irish Festival](https://www.kellsportland.com/) | March 10th-18th
[Portland St. Patrick’s Day Parade](https://www.portlandstpaddysparade.com/) | Sunday, March 12th
[Shamrock Run](https://www.shamrockrunportland.com/) | Sunday, March 12th
[Paddy’s Saint Patrick Festival](https://paddys.com/st-patricks-day) | Friday, March 17th
[Salem St. Patrick’s Day Walk-About](https://www.travelsalem.com/events/st-patricks-day-walk-about/) | Saturday, March 18th
[](https://www.vancouverfarmersmarket.com/markets.php?page=downtown)
[Vancouver Farmers Market](https://www.vancouverfarmersmarket.com/markets.php?page=downtown)
Every Saturday Starting March 18th
[Worst Day of the Year Ride](https://orbike.com/wdyr/)
Sunday, March 19th
Grab your bike and get ready to ride with thousands of other fun-loving people at the annual Worst Day of the Year Ride.
[Visit Wooden Shoe Tulip Festival](https://www.woodenshoe.com/events/tulip-fest/)
March 24th-April 30th
Hot air balloons are returning to the festival this year, weather permitting.
[Hit up a Portland Trail Blazers Game at the Moda Center](https://www.nba.com/blazers/tickets)
Multiple Games to choose from in March
**Categories:** Real Estate News & Tips
---
### [March Home Maintenance Checklist](https://lovejoyrealestate.com/march-home-maintenance-checklist/)
**Published:** February 23, 2023
**Author:** Charles Turner
**Content:**
No need to get overwhelmed by March spring cleaning — take it room by room in manageable groups of threes. After all, three’s a charm!
##### **In your living room**
1. Dust ceiling fans and light fixtures
2. Vacuum or dry clean curtains and clean window blinds (Thinking about updating your blinds? [CLICK HERE](https://youtu.be/GdtynnZxoBI) to check out our Real Talk Episode all about custom blinds for your home with Heidi the Blind Lady)
3. Wipe down baseboards and clear corners of dust bunnies and cobwebs
##### 
##### In your bedrooms
1. Clean out drawers and closets ([CLICK HERE](https://lovejoyrealestate.com/2023/02/spring-cleaning-where-to-donate-locally/) for our list of local Portland and Willamette Valley donation sites to drop off gently used items)
2. Wash comforters, shams, and blankets
3. Rotate and/or flip your mattress *(CLEANING TIP: Mix Baking soda and lavender essential oil and sprinkle over your bare mattress, let sit for a few minutes and vacuum up for a clean and fresh smelling bed)*
##### 
##### In your kitchen
1. Empty the fridge and wipe down all the shelves (or stick them in the dishwasher if they’ll fit)
2. Go through and organize your kitchen cabinets and drawers. [*Donate items*](https://lovejoyrealestate.com/2023/02/spring-cleaning-where-to-donate-locally/) you have multiples of or no longer use.
3. Wipe down your microwave, stovetop, coffeemaker, and any other small appliances
##### 
##### In your bathrooms
1. Toss out expired makeup, toiletries, and medicines\* (How long have you been using that toothbrush? If you’ve had it longer than four months, toss that sucker in the garbage and open up a fresh one.)
2. Wash the shower curtain and floor mats
3. Clean your grout *(TIP: We have been seeing a lot of people on TikTok using toilet bowl cleaner and a toothbrush to get their grout looking brand new! Have you tried this?)*
*\*Most Portland/Willamette Valley Area Walgreens have medication disposal kiosks to drop your old/expired medications, just like putting a letter in a mailbox. [Click Here](https://www.walgreens.com/topic/pharmacy/safe-medication-disposal.jsp) for the list of locations and more information.*
---
Spring cleaning is definitely not our favorite activity at Lovejoy Real Estate, but we love how we feel and how our home looks after a serious cleaning session! Want this checklist in a printable version? Click the Link and Download the PDF below!
[](https://lovejoyrealestate.com/wp-content/uploads/2023/02/Home-Maintenance-print-3.pdf)
**Categories:** Real Estate News & Tips
---
### [Spring Cleaning - Where to donate locally](https://lovejoyrealestate.com/spring-cleaning-where-to-donate-locally/)
**Published:** February 22, 2023
**Author:** Charles Turner
**Content:**
### Decluttering Done, Time to Donate
If you have spring cleaning on the brain, or just read our March Home Maintenance Checklist, you may have some gently used clothes or home items that will soon be looking for a new home. To help, here are a few local places in Portland and the Willamette Valley that we trust will make the most of your generous donations.
### Portland Metro Area
#### [Rose Haven](https://rosehaven.org/)
1740 NW Glisan Street, Portland, OR
Rose Haven is the only day shelter and community center specifically serving women, children, and gender-diverse people in Portland. Rose Haven has limited ability to accept **gently used** supplies and clothing, but there are certain things they can ALWAYS use such as seasonally appropriate clothing, raincoats, bras, umbrellas, flashlights, tents, sleeping bags and tarps, backpacks and suitcases. Donations are accepted Tuesdays and Thursdays anytime between 1 and 4pm.
#### [William Temple House](https://www.williamtemple.org/thrift-store/)
2230 NW Glisan Street, Portland, OR
The William Temple House Thrift Store accepts donations of new and gently-used clothing, furniture, housewares, and more. All proceeds from the sale of your donations help William Temple House support people in our community through mental health counseling and emergency assistance programs. Donations are accepted at the Thrift Store during business hours Tuesday–Sunday *as space allows*.
##### [MainSpring PDX](http://www.mainspringpdx.org/)
3500 NE 82nd Ave, Portland, OR
Mainspring PDX is a community pantry providing free food, clothing and hygiene products to those in need. They accept usable clean clothing, food that is unopened and not past the use by date, wearable shoes, unused personal hygiene products, clean blankets, sleeping bags, sheets, backpacks, bags, tents and towels. Donations are accepted Monday-Thursday 9am-1pm.
#### [CAT Thrift Store](https://catthriftstore.org/)
4838 SW Scholls Ferry Rd, Portland, OR
Donations support the Cat Adoption Team, a local nonprofit animal shelter helping homeless cats and kittens. CAT accepts donations of new and gently used clothing, shoes, craft supplies, books, housewares, jewelry and accessories, and other amazing unique and vintage finds. Donations are accepted by appointment only.
##### [Abbys Closet](https://www.abbyscloset.org/donation-drop-off-sites)
PO Box 402, West Linn, OR 97068
The mission of Abby’s Closet, an Oregon-based nonprofit, is to inspire confidence and respect in high school women by providing free formal dresses for prom or other memorable events. They accept new or gently used formal dresses (long and short), prom bags, shoes and jewelry. Donations are accepted year-round. They can be dropped off at one of several area business locations
##### [NW Childrens Outreach](https://nwchildrens.org/donation-information/)
Multiple donation locations to choose from including Beaverton, Tualatin, NE Portland, Vancouver, WA and South Sound, WA.
Northwest Children’s Outreach supplies diapers, clothing, formula, blankets, and toys to help vulnerable children in our area. They accept New and like new clothing, Baby items, Hygiene items, Toys, Books and other gifts.
### Mid-Willamette Valley
#### [Helping Hands Resources](https://helpinghandssalem.org/)
1755 13th Street SE, Salem, OR
Helping Hands Resources is a 501(c)(3) non-profit organization that gathers donated clothing, bedding and household items and provides them to anyone in need at no charge. Donations are accepted Monday-Thursday & Saturdays from 9-11am.
#### [Willamette Humane Society Thrift Store](https://www.oregonhumane.org/ohs-thrift-store/)
548 High Street NE, Salem, OR
Oregon Humane Society (OHS) Thrift Store, opened its doors in 1968 as a revenue source to support shelter services for cats and dogs. They accept donations of gently used clothing, home décor, household goods, toys, collectibles, jewelry, sporting goods, and more. Donations are accepted Monday to Saturday from 10am-4pm.
#### [Habitat for Humanity of the Mid-Willamette Valley](https://salemhabitat.org/restore/)
1249 13th Street SE, Salem, OR
Donations and purchases at the ReStore help fund the homebuilding mission, transforming lives in our community. They accept a variety of new and reclaimed building materials, furniture, decor, and appliances in good working condition. Donations are accepted Monday-Saturday from 9am-3pm.
#### [UGM Salem](https://ugmsalem.org/shop/)
1100 Front Street NE, Salem, OR
Whether your donations are sold at the Mission Store or given directly to UGM guests, your items help our homeless neighbors. Along with accepting good items in good condition, UGM Salem Donation Center accepts ripped, stained, and torn clothing, bags, purses, belts, stuffed animals, hats, and shoes that are ready to be tossed and recycles them.
Did we miss your favorite local donation spot? Leave us a comment below.
**Categories:** Real Estate News & Tips
---
### [Planning to Sell your Home in 2023?](https://lovejoyrealestate.com/planning-to-sell-your-home-in-2023/)
**Published:** February 10, 2023
**Author:** Charles Turner
**Content:**
Selling your Portland Metro or Willamette Valley home doesn’t have to be a source of stress and anxiety. At Lovejoy Real Estate, we believe that with a little preparation, selling your home can be a smooth and enjoyable process. Here are a few tips from our experienced team of real estate professionals to help you get started:
#### **Get to know our local housing market.**
Take the time to speak with one of our agents and learn about the current value of your home and what comparable properties are selling for in your specific Portland Metro or Willamette Valley neighborhood. It’s important to remember that the value of older homes in our area can be more nuanced than just square footage or school zone, so having a local expert on your side is key.
#### **Work with a trusted listing agent.**
When it comes time to list your home, it’s crucial that you choose a real estate agent who is knowledgeable about your neighborhood and has a genuine connection with you. Your Lovejoy agent will be your trusted advisor throughout the process, offering support and guidance every step of the way.
#### 
#### **Plan for a realistic timeline.**
Selling your home is not a quick process, so it’s essential to set a realistic timeframe for your sale. Depending on the condition of your home, it may take 2-4 weeks or more to prepare your property for the market. When you’re ready, reach out to us at Lovejoy Real Estate and we can help you determine a timeline that works best for you, and provide any assistance you may need to get your home ready for sale.
**Categories:** Real Estate News & Tips
---
### [Why Today’s Housing Market Isn’t Headed for a Crash](https://lovejoyrealestate.com/why-todays-housing-market-isnt-headed-for-a-crash/)
**Published:** February 10, 2023
**Author:** Charles Turner
**Content:**
### 
[67%](https://www.nerdwallet.com/article/mortgages/2023-home-buyer-report) of Americans say a housing market crash is imminent in the next three years. That means that about 7 of every 10 Portlanders are waiting for the next 2008. With all the talk in the media lately about shifts in the housing market, it makes sense why so many people feel this way. But there’s good news. **Current data shows****[ today’s market](https://www.simplifyingthemarket.com/2023/02/02/experts-forecast-a-turnaround-in-the-housing-market-in-2023/?a=422589-5b9d8acd1d21593adb498f780aa5d9bd) is nothing like it was before the housing crash in 2008.**
#### 
During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. Banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance an existing one.
As a result, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices. Today, things are different, and purchasers face much higher standards from mortgage companies. I mean, really. Just try to buy a house around Portland without solid work history or with too much credit card debt and see for yourself. Even when you use our preferred lender (Stephen Bowden with Academy Mortgage… shameless plug, we know) you won’t be qualifying for a loan unless your financials show you can responsibly afford it. That being said, call Stephen anyways because you never know if it turns out you actually can afford to buy that first or next home even if you thought you couldn’t!
So then what are the facts? Don’t worry, Lovejoy brought the receipts. Check out the graph below that uses[ data](https://www.mba.org/news-and-research/newsroom/news/2023/01/10/mortgage-credit-availability-decreased-in-december) from the Mortgage Bankers Association (MBA) to help tell the real story. In this index, the higher the number, the easier it is to get a mortgage. The lower the number, the harder it is.
[](https://files.mykcm.com/2023/02/08135553/lending-regulations-remain-stable-MEM.png)
This graph also shows just how different things are today compared to the spike in credit availability leading up to the crash. Tighter lending standards have helped prevent a situation that could lead to a wave of foreclosures like the last time. So the cause of the crash in 2008 just can’t happen again because new standards won’t allow for those same mistakes to be made in 2023.
#### 
Another difference is the number of homeowners that were facing foreclosure when the housing bubble burst. Foreclosure activity has been[ lower](https://www.simplifyingthemarket.com/2023/01/25/why-you-shouldnt-fear-todays-foreclosure-headlines/?a=422589-5b9d8acd1d21593adb498f780aa5d9bd) since the crash, largely because buyers today are more qualified and less likely to default on their loans. The graph below uses[ data](https://www.attomdata.com/news/market-trends/foreclosures/attom-year-end-2022-u-s-foreclosure-market-report/) from ATTOM to show the difference between last time and now:
[](https://files.mykcm.com/2023/02/08135922/foreclosure-starts-past-and-present-MEM-1.png)
So even as foreclosures tick up, the total number is still very low. And on top of that, most experts don’t expect foreclosures to go up drastically like they did following the crash in 2008. Bill McBride, Founder of Calculated Risk,[ explains](https://calculatedrisk.substack.com/p/the-housing-bubble-and-mortgage-debt-76d) the impact a large increase in foreclosures had on home prices back then – and how that’s unlikely this time.
> *“The bottom line is there will be an increase in foreclosures over the next year (from record level lows), but **there will not be a huge wave of distressed sales as happened following the housing bubble**. The distressed sales during the housing bust led to cascading price declines, and that will not happen this time.”*
#### 
For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to fall dramatically. Supply has increased since the start of this year, but there’s still a[ shortage of inventory](https://www.simplifyingthemarket.com/2023/02/08/number-of-homes-for-sale-up-from-last-year-but-below-pre-pandemic-years/?a=422589-5b9d8acd1d21593adb498f780aa5d9bd) available overall, primarily due to years of underbuilding homes.
The graph below uses[ data](https://www.nar.realtor/sites/default/files/documents/ehs-12-2022-overview-2023-01-20.pdf) from the National Association of Realtors (NAR) to show how the months’ supply of homes available now compares to the crash. Today, unsold inventory sits at just 2.7-months’ supply at the current sales pace, which is significantly lower than the last time. There just isn’t enough inventory on the market for home prices to come crashing down like they did last time, even though some overheated markets may experience slight declines.
[](https://files.mykcm.com/2023/02/08135550/housing-supply-is-lower-than-last-time-MEM.png)
### **Bottom Line**
If recent headlines have you worried we’re headed for another housing crash, the data above should help ease those fears. Expert insights and the most current data clearly show that today’s market is nothing like it was last time. Don’t just take our word for it. The facts and stats speak for themselves. But if you aren’t quite convinced, give us a call and we can show you why, even in this market, our admin, staff and agents are still personally buying homes for themselves and as investments. Everyone here at Lovejoy doesn’t just talk the talk, we walk the… well you get it!
**Categories:** Real Estate News & Tips
---
### [Fixer-Upper: Dream Home or Money Pit?](https://lovejoyrealestate.com/fixer-upper-dream-home-or-money-pit/)
**Published:** February 3, 2023
**Author:** Charles Turner
**Content:**
There are so many charming homes filled with character spread through different neighborhoods all over the Portland area. Let’s say you found a beautiful old home in your dream neighborhood but it needs some work done. How do you know if what needs to be done will end up being a money pit or your dream home? Check out the list below of 5 things to look out for PLUS Before & After photos of actual Fixer Upper properties from our team!
#### **Foundation Issues**
A fixer-upper should be structurally sound, only requiring general maintenance and cosmetic repairs. However, if there are major flaws and expensive issues, it may be best to move on. The foundation is the most important aspect to examine as it supports the entire house and without a solid foundation, the house is not structurally sound. Serious issues with the structure can be costly and time-consuming to fix. Check for cracks, uneven floors, bowing walls, and moisture in the basement or crawl space. If there are any concerns about the structural integrity of the house, it may be best to move on.
#### 
#### Water Damage
Water damage can also be a red flag for potential buyers. Uncontained water within a building can cause extensive damage and create the ideal environment for mold to grow, leading to health implications and high remediation costs. Keep an eye out for damp smells, signs of leaks, and moisture in the basement or crawl space.
#### 
#### Outdated Mechanical Systems
It is really important to remember if the home’s mechanical systems, such as plumbing, electrical, and heating, require a full overhaul, this could be your sign to find a new property. Updating these systems can be costly and have limited lifespans. In addition, outdated electrical systems pose serious risks such as electrocution or fire hazards. The cost of fixing these issues may exceed any potential benefits, potentially causing financial loss.
#### Damaged Roof
When looking at older homes, especially most fixer-uppers, you will probably find some level or roof repairs needed to be done like replacing cracked or missing shingles. But if you find evidence of more extensive damage such as signs of sagging, multiple layers of shingles, leaks, and dry, brittle shingles, you might be looking at a complete replacement. A damaged roof can be very expensive to repair or replace, especially if there is extensive damage.
#### 
#### Pest Infestations
Check for signs of rodents or termite damage, such as crumbling wood, buckling floors, and mud tubes climbing foundation walls. If there is an active infestation, make sure to get help from a professional to understand the full scope of the damage.
#### Don’t get discouraged
*While the opportunity to refresh a property and add your personal touch is exciting and can be a less expensive purchase initially, it is important to make sure that the home is not a money pit in disguise.* Remember to always look beyond the surface and consider the hidden costs and issues when purchasing a fixer-upper.
Having an experienced Lovejoy Real Estate professional by your side during your home buying process is essential, especially when issues come up and you need real life advice or references for trusted professionals. Check out some before and after photos below of fixer-upper homes Jenny & Charles Turner have purchased and updated.
BeforeDuringAfterDuringAfter
BeforeAfter
**Categories:** Real Estate News & Tips
---
### [February Home Maintenance Checklist](https://lovejoyrealestate.com/february-home-maintenance-checklist/)
**Published:** February 2, 2023
**Author:** Charles Turner
**Content:**
HELLO FEBRUARY! A new month means a new home maintenance checklist. Here are the 8 tasks we recommend homeowners do this month to stay on track with maintenance tasks for the year:
#### Clean or replace HVAC filters
HVAC filters are essential components in heating, ventilation, and air conditioning systems. They help remove contaminants, dust, and other particles from the air before it is circulated in the home. To clean or replace HVAC filters, follow these steps:
1. Locate the filter: HVAC filters are usually located in the ductwork or near the unit itself.
2. Determine the type of filter: There are several types of filters, including fiberglass, pleated, and HEPA filters. Make sure you know which type of filter you have.
3. Remove the old filter: Turn off the HVAC system and then carefully remove the old filter by either pulling it out or releasing it from its slot.
4. Clean the filter: If the filter is not too dirty, you can clean it using a vacuum cleaner or a damp cloth. If it is heavily soiled, it’s best to replace it.
5. Replace the filter: Insert the new or cleaned filter back into its slot, making sure it fits securely.
6. Turn the HVAC system back on: Once the filter is in place, turn the HVAC system back on and check that it’s running smoothly.
It’s important to clean or replace HVAC filters regularly, as dirty filters can reduce the efficiency of the HVAC system, leading to increased energy bills and potential damage to the unit.
#### Clean the kitchen drain/garbage disposal.
Cleaning a kitchen drain and garbage disposal can help keep your sink and kitchen smelling fresh and reduce clogs. Here are the steps to clean your kitchen drain and garbage disposal:
1. Fill the sink with hot water and add a few drops of dish soap. Turn on the disposal and let it run until the water and soap have cleared the pipes.
2. Clean the drain: Mix equal parts baking soda and vinegar, then pour the mixture down the drain. Let it sit for a few minutes, then rinse with hot water.
3. Scrub the disposal: Use a scrub brush or an old toothbrush to clean the interior of the disposal, removing any built-up grease or grime.
4. Deodorize: You can also sprinkle a small amount of baking soda and lemon juice down the disposal and let it run for a few seconds to freshen up the smell.
5. Turn the power back on: When finished, run the disposal for a few seconds to make sure it’s working properly.
#### Inspect each fire extinguisher in your home.
If there is ever a time you need to use your fire extinguisher, it’s important to have it in working condition. Here’s how to inspect your fire extinguishers to make sure you are prepared for a fire emergency:
1. Check the pressure gauge: The pressure gauge should be in the green zone, indicating that the extinguisher is fully charged and ready to use.
2. Check the pull pin: The pull pin should be in place, and the safety seal should be intact.
3. Check the hose and nozzle: Make sure the hose and nozzle are not clogged and that there are no signs of damage or corrosion.
4. Check the expiration date: Fire extinguishers have a limited lifespan and should be replaced after a certain period of time. Check the manufacturer’s instructions for the specific lifespan of your fire extinguisher.
5. Check for any visible signs of damage or leakage: Look for any dents, cracks, or signs of corrosion. If you see any of these, the fire extinguisher should be replaced.
6. Clean the exterior: Wipe down the exterior of the fire extinguisher to remove any dirt or grime.
#### Vacuum your refrigerator’s coils.
The coils, located either at the back or bottom of the fridge, can accumulate dust and debris over time which can reduce the efficiency of the cooling system. To clean the coils, you’ll need a vacuum cleaner with a brush attachment. Here are the steps to follow:
1. Unplug the refrigerator: To avoid any electrical hazards, make sure to unplug the fridge before starting the cleaning process.
2. Locate the coils: Look for the coils at the back or bottom of the fridge. They are usually covered by a metal grille or a plastic panel.
3. Remove the grille or panel: Remove the grille or panel covering the coils. This may involve unscrewing screws or pressing clips.
4. Vacuum the coils: Use the brush attachment of your vacuum cleaner to carefully clean the coils of any dust or debris.
5. Replace the grille or panel: Once the coils are cleaned, replace the grille or panel and secure it in place.
6. Plug the refrigerator back in: Finally, plug the fridge back in and turn it on.
By regularly cleaning the coils, you can help to keep your fridge running efficiently, reducing energy usage and extending its lifespan.
#### Clean your kitchen exhaust hood and air filter
A kitchen exhaust hood and air filter play a crucial role in removing smoke, grease, and odors from your kitchen while cooking. Cleaning them regularly helps maintain their performance and prolongs their lifespan. Here’s how you can clean them:
1. Turn off the power: Before starting the cleaning process, make sure to turn off the power to the hood. This is usually done by flipping the switch or unplugging the unit.
2. Remove the air filter: Most air filters are easily removable, either by pulling them out or releasing a latch. Depending on the type of filter you have, you may need to wash it in warm, soapy water or replace it.
3. Clean the hood: Use a damp cloth to wipe down the exterior of the hood, including the fan blades. For heavy grease build-up, a degreaser may be necessary. Avoid using abrasive cleaners as they can damage the finish.
4. Clean the interior: Use a damp cloth or sponge to clean the interior of the hood, including the ductwork and light fixtures. If there is heavy grease build-up, a degreaser may be necessary.
5. Reinstall the air filter: Once the hood is clean, reinstall the air filter and turn the power back on.
By following these steps, you can help ensure your kitchen exhaust hood and air filter are functioning properly and removing smoke, grease, and odors effectively.
#### Check sinks and toilets for leaks, and make any necessary repairs.
Checking for leaks in your sinks and toilets is a simple and important step in maintaining your home. A leak can waste a lot of water and potentially cause damage to your home, so it’s important to identify and fix them promptly.
To check for leaks in your sinks, make sure the faucet is turned off and no water is running. Look under the sink for any signs of water damage or dripping. Also, check the faucet for any drips.
To check for leaks in your toilets, place a few drops of food coloring into the tank. If the color starts to show up in the bowl within 15 minutes, it means you have a leak. Another sign of a leak is a constantly running toilet.
If you find a leak, it’s important to have it fixed as soon as possible to avoid any further damage or waste of resources.
#### Check the hoses on your washing machine, dishwasher and ice maker for leaks, and replace as needed.
1. Turn off the water supply: Before you start, turn off the water supply to the appliance. This will help prevent any water from spilling out and causing damage.
2. Locate the hoses: Find the hoses that connect the appliance to the water supply. They are typically located at the back of the appliance.
3. Look for signs of wear and tear: Check the hoses for signs of cracking, bulging, or other damage. This can indicate a potential leak.
4. Check for leaks: Turn the water supply back on and check the hoses for any leaks. If you notice water spilling out or a steady stream of water, it means the hose is leaking and needs to be replaced.
5. Replace the hose: If you find a leak, turn off the water supply and replace the hose. You can purchase a new hose from a hardware store.
By following these steps, you can keep your appliances in good working order and prevent potential water damage.
#### Test GFCI outlets in kitchens, bathrooms and laundry room.
A Ground Fault Circuit Interrupter (GFCI) is a safety device that protects people from electrical shock by detecting any loss of current in an electrical circuit and shutting off the power to that circuit if necessary. To ensure your GFCI outlets are working properly, you should test them regularly. Here’s how to do it:
1. Locate the GFCI outlets in your kitchen, bathroom, and laundry room.
2. Press the “test” button on each outlet. The outlet should shut off power immediately and the “reset” button should pop out.
3. Press the “reset” button to turn the power back on.
4. If the power does not come back on or the “reset” button does not pop out, the outlet is not working properly and should be replaced by a licensed electrician.
It is important to test your GFCI outlets regularly to make sure they are working properly and to protect yourself from electrical shock.
Make sure you are [subscribed to our email newsletter](https://mailchi.mp/lovejoyrealestate/email-newsletter-sign-up) to receive these monthly checklists delivered directly to your inbox as well as market updates, local guides and more!
**Categories:** Real Estate News & Tips
---
### [Office Remodel Update](https://lovejoyrealestate.com/office-remodel-update/)
**Published:** February 2, 2023
**Author:** Charles Turner
**Content:**
The Lovejoy Office remodel is finally starting to feel like we have an end in sight! Our team has been working temporarily out of the warehouse space in the back end of our building since the remodel started at the end of August 2022. The layout and fixtures are coming together even better than we imagined and making us so excited to get to move back in and start enjoying the new beautiful space.
*Scroll down to view photos and see the progress we have made so far!*
Buh-Bye old ugly siding!Can you spot the change?Our crews are working around the clock to get this job done!Downstairs Bathroom with ShowerDownstairs | Cabinets being installed in our open office kitchen/meeting spaceWe love the gold modern hardware and all of the storage space these large cabinets and drawers are going to provide!Upstairs bathroom | Matte Black hardware with an awesome modern gold light.Upstairs | Lots of supplies needed for this remodel. On the right you can see the walls going in for our in-house videography room and the open space on the right will be a glass-walled office space.Upstairs Marketing Space | Our marketing team will have desks in the open space and behind the wall on the left will be our in-house videography room! Upstairs Marketing Department Area. New windows, added skylights for more natural light and the new door is in! This space is coming along nicely!View looking down on the kitchen/meeting space. We love how open, bright and versatile this space is going to be.
**Categories:** Real Estate News & Tips
---
### [Out & About: Events to check out this month](https://lovejoyrealestate.com/out-about-events-to-check-out-this-month/)
**Published:** February 2, 2023
**Author:** Charles Turner
**Content:**
[](https://pdxwlf.com/)
**February 3rd-11th**
Opening Fire Performance at Pioneer Courthouse Square with other pop-up art installations throughout Portland.
Portland, OR
[](https://portlandmardigras.com/portland-mardi-gras-2023/#parade)
**Tuesday, February 21st**
The parade marches down North Mississippi Avenue from N Skidmore to N Fremont, starting at 7:00 PM.
Portland, OR
[](https://www.hillsbrewfest.com/)
**February 24th-26th**
Wingspan Event Center
Hillsboro, OR
**Categories:** Real Estate News & Tips
---
### [The 3 Factors That Affect Home Affordability](https://lovejoyrealestate.com/the-3-factors-that-affect-home-affordability/)
**Published:** January 25, 2023
**Author:** Charles Turner
**Content:**
If you’ve been following the housing market over the last couple of years, you’ve likely heard about growing affordability challenges. Well, brace yourself for some good news. Experts are saying the key factors that determine housing affordability are projected to improve this year. Selma Hepp, Executive, Deputy Chief Economist at *CoreLogic*, [shares](https://www.corelogic.com/intelligence/u-s-home-price-insights-january-2023/ "shares"):
> *“. . . with slowly improving affordability and a more optimistic economic outlook than previously believed, the housing market could show resilience in 2023.”*
The three measures used to establish home affordability are home prices, mortgage rates, and wages. Let’s dive in and see what’s in store for each one.
#### **1. Mortgage Rates**
Mortgage rates shot up to over 7% last year, causing many buyers to put their plans on hold. But things are looking different today as rates are starting to come down. George Ratiu, Senior Economist at *realtor.com*, [explains](https://www.realtor.com/news/trends/mortgage-rates-are-sliding-could-they-fall-below-6-soon/ "explains"):
> ***“Let’s celebrate some good news. . . . mortgage rates are down****. With inflation showing a tangible slowdown, I do expect mortgage rates to follow suit in the months ahead.”*
Even a small change in rates can impact your purchasing power. Nadia Evangelou, Director of Forecasting for the *National Association of Realtors* (NAR), gives this [context](https://www.nar.realtor/blogs/economists-outlook/instant-reaction-mortgage-rates-january-12-2023 "context"):
> *“With a 6% rate instead of 7%, buyers pay about $2,700 less every year on their mortgage. As a result, owning a home becomes affordable to about 1.4 million more renters and 4.3 million more homeowners.”*
If 7% rates paused your homebuying plans last year, this could be the opportunity you need to get back in the game. Lovejoy recommends the most experienced and knowledgable lenders in the area with the best advice for the current Portland market.
#### **2. Home Prices**
The second factor at play is home prices. Home prices have made headlines over the past few years because they skyrocketed during the pandemic. When discussing home prices in 2023, Lawrence Yun, Chief Economist at NAR, [says](https://www.nar.realtor/magazine/real-estate-news/2023-real-estate-forecast-market-to-regain-normalcy "says"):
> *“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”*
So, while prices will likely be flat this year in some markets, others could see small gains or slight declines. Currently in Portland we are seeing a stable market with opportunities for buyers and sellers. Inventory is still sufficiently low but, as we move into our historically busy Spring market, prices could resume an upward climb.
#### **3. Wages**
The final component in the affordability equation is wages. The graph below uses [data](https://www.bls.gov/charts/usual-weekly-earnings/usual-weekly-earnings-over-time-total-men-women.htm#%E2%80%8B "data") from the *Bureau of Labor Statistics* (BLS) to show how wages have increased over time:
[](https://files.mykcm.com/2023/01/23134805/american-wage-growth-since-2000-MEM-1.png)
When you think about affordability, remember the full picture includes more than just mortgage rates and prices. Wages need to be factored in as well. Because wages have been rising, many buyers have renewed opportunity in the market.
While affordability hurdles are not completely going away this year, based on current trends and projections, 2023 should bring some sense of relief to homebuyers who have faced growing challenges. As Mike Fratantoni, Chief Economist at the *Mortgage Bankers Association* (MBA), [says](https://finance.yahoo.com/news/real-estate-ceos-economists-other-113600300.html "says"):
> *“Rates are expected to move lower for the year, and home price growth is expected to cool, both of which will help affordability challenges.”*
### **Bottom Line**
If you have questions, let’s connect. You’ll also want to make sure you have chatted with one of our trusted local lenders so you can explore all the different financing options available to you now. You may be closer to owning a home than you think.
**Categories:** Real Estate News & Tips
---
### [Lovejoy Real Estate Concierge Program](https://lovejoyrealestate.com/concierge-program/)
**Published:** January 20, 2023
**Author:** Charles Turner
**Content:**
Level up with the Lovejoy Concierge Program to transform and sell your home with zero upfront cost or interest.
We all move-in-ready homes sell faster and for a better price than fixer-uppers, but making repairs and improvements can mean spending your savings, not to mention the hassle of finding dependable professionals to do the work. **That’s where we come in!** With the Lovejoy Concierge Program, you do not have to pay the initial out-of-pocket costs for your home improvement services like painting, staging, flooring, junk removal, and more. When your home sells you simply pay back the cost of the services provided.
Contact us today to get connected with an agent and start this hassle-free program!
**Categories:** Real Estate News & Tips
---
### [Advantages of Multi-Generational Homes](https://lovejoyrealestate.com/advantages-of-multi-generational-homes/)
**Published:** January 20, 2023
**Author:** Charles Turner
**Content:**
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.
Living with multiple generations can also be a great opportunity to strengthen bonds with family members. Whether it’s having your grandparents around to offer advice and support or being able to help them with tasks, a multi-generational home can foster a sense of community and security.
In addition, multi-generational homes are becoming more popular in the housing market, making them a valuable investment. With people living longer and wanting to age in place, these homes can be a great way to accommodate aging family members while also being a solid investment for the future.
Lastly, multi-generational homes can be a perfect solution for growing families. Whether you’re expecting a new addition or have a growing family, the extra space and privacy provided by a multi-generational home can make life easier for everyone.
So, if you’re in the market for a new home, whether you are a millennial or not, don’t overlook the benefits of a multi-generational home. It can save you money, provide emotional and practical benefits, and be a great investment while accommodating the lifestyle you desire. Reach out today to get connected with an agent and go over your options.
**Categories:** Real Estate News & Tips
---
### [December 2022 Market Update](https://lovejoyrealestate.com/december-2022-market-update/)
**Published:** January 13, 2023
**Author:** Charles Turner
**Content:**
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.**
**Categories:** Real Estate News & Tips
---
### [Your guide to Silverton, Oregon](https://lovejoyrealestate.com/your-guide-to-silverton-oregon/)
**Published:** January 3, 2023
**Author:** Charles Turner
**Content:**
****
> 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.
[**The Oregon Garden**](https://www.oregongarden.org/)
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**](https://thegordonhouse.org/)
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
**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.
**[Silver Falls Brewery](https://www.silverfallsbrewery.com/alehouse)**
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
[](https://jennyturner.realscout.com/homesearch/map?geo_type=city&geo_id=4167650&for_sale=1&for_rent=0)
#### Silverton Resources
[Mark Twain Elementary School](https://marktwain.silverfallsschools.org/)
[Silverton Middle School](https://silvertonmiddle.silverfallsschools.org/)
[Silverton High School](https://silvertonhigh.silverfallsschools.org/)
[City of Silverton](https://www.silverton.or.us/)
[Silverton Chamber of Commerce](https://www.silvertonchamber.org/)
**Categories:** Real Estate News & Tips
---
### [Your guide to easy house plants](https://lovejoyrealestate.com/your-guide-to-easy-house-plants/)
**Published:** January 2, 2023
**Author:** Charles Turner
**Content:**
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](https://www.solabeeflowers.com/pages/solabee)
*801 N Killingsworth St*, *Humbolt* & *1759 NW 24th Ave, Nob Hill*
##### [Pistils Nursery](https://pistilsnursery.com/)
*3811 N Mississippi Ave, Mississippi & 2139 NW Raleigh St, Suite 108, Slabtown*
##### [Potted in Portland](http://pottedinportland.com/)
*2627 SE Clinton St, Richmond*
##### [**Garden Fever!**](https://www.gardenfever.com/index.html)
*3433 NE 24th Ave, Alameda*
##### [Cedar & Stone](https://www.cedarandstoneshop.com/)
*22540 SW Main St, Sherwood, OR*
##### [The Sun Bear Den Plant Shop](https://www.thesunbearden.com/)
*189 Liberty St NE #101, Salem, OR*
##### [Furbish](https://www.furbishsalvage.com/)
*1185 12th St SE, Salem, OR*
Did we miss your favorite shop or house plant? *Comment below and share your recommendations!*
**Categories:** Real Estate News & Tips
---
### [7 To-Do’s to Prep Your Home to Sell this Spring](https://lovejoyrealestate.com/7-to-dos-to-prep-your-home-to-sell-this-spring/)
**Published:** December 30, 2022
**Author:** Charles Turner
**Content:**
> 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!
**Categories:** Real Estate News & Tips
---
### [Planning to Retire? It could be time to make the move.](https://lovejoyrealestate.com/planning-to-retire-it-could-be-time-to-make-the-move/)
**Published:** December 23, 2022
**Author:** Charles Turner
**Content:**
### 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](https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers "rising today"), meaning many homeowners are living in their houses even longer *(see graph below)*:
[](https://files.mykcm.com/2022/12/14120042/homeowners-are-living-in-their-homes-longer-in-recent-years-MEM.png)
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](https://www.fhfa.gov/DataTools/Tools/Pages/House-Price-Index-(HPI).aspx "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.**
[](https://get.homebot.ai/?id=58374506-71ff-47f9-85f2-9199b0ba2dcc)
#### **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.
**Categories:** Real Estate News & Tips
---
### [Neighborhood Spotlight - St. Johns](https://lovejoyrealestate.com/neighborhood-spotlight-st-johns/)
**Published:** December 21, 2022
**Author:** Charles Turner
**Content:**
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
[Wonderwood Springs](https://www.wonderwoodsprings.com/)
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.
[St. Johns Twin Cinema and Pub](https://stjohnscinema.com/)
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](https://www.mcmenamins.com/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.
[Signal Station Pizza](http://www.signalstationpizza.com/)
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.
[The Sparrow Bakery](https://www.thesparrowbakery.net/)
Grab a delicious coffee and house-made baked good at The Sparrow Bakery.
[The Groovy Floret](https://www.instagram.com/thegroovyfloret/)
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
[St. Johns Farmers Market](https://www.stjohnsopportunity.org/stjohnsfarmersmarket)
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.
[St. Johns Parade](http://stjohnsparade.org/committee/)
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.
[Cathedral Park Jazz Festival](https://stjohnsboosters.org/cathedral-park-jazz-festival/)
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.
[](https://jennyturner.realscout.com/homesearch/map?geo_type=neighborhood&geo_id=11593&for_sale=1&for_rent=0)
##### Neighborhood Resources
**Parks**
[Cathedral Park](https://www.portland.gov/parks/cathedral-park)
[Forest Park](https://www.portland.gov/parks/forest-park)
The [Smith and Bybee Wetlands Natural Area](https://www.oregonmetro.gov/parks/smith-and-bybee-wetlands-natural-area)
The [Columbia Slough](https://www.portlandonline.com/bes/index.cfm?c=32202)
[Pier Park](https://www.portland.gov/parks/pier-park)
[St. Johns City Park](https://www.portland.gov/parks/st-johns-park)
**Schools**
Elementary school: [James John Elementary School](https://www.pps.net/jamesjohn)
Middle school: [George Middle School](https://www.pps.net/george)
High school: [Roosevelt High School](https://www.pps.net/roosevelt-hs)
**Categories:** Real Estate News & Tips
---
### [NEW PROGRAM: 100% Conventional Financing for First-Time Homebuyers](https://lovejoyrealestate.com/new-program-100-conventional-financing-for-first-time-homebuyers/)
**Published:** December 20, 2022
**Author:** Charles Turner
**Content:**
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.
**Categories:** Real Estate News & Tips
---
### [Top 5 tips for selling your home with kids](https://lovejoyrealestate.com/top-5-tips-for-selling-your-home-with-kids/)
**Published:** December 19, 2022
**Author:** Charles Turner
**Content:**
**Let’s talk about selling your home and moving with kids – here are our 5 do’s and don’ts!**
1. Don’t make it a surprise. Be as transparent as early as possible and answer ALL their questions openly and honestly.
2. 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.
3. 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.
4. 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.
5. 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!**
**Categories:** Real Estate News & Tips
---
### [Adulting 101 - Wills, Trusts, Charitable Giving & More](https://lovejoyrealestate.com/adulting-101-wills-trusts-charitable-giving-more/)
**Published:** December 19, 2022
**Author:** Charles Turner
**Content:**
[](https://www.youtube.com/watch?v=jUxgIJ3dCA4)
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.
[www.Freewill.com](http://www.Freewill.com)
**Laila Cook**
(503) 802-9910
Lcook@oregon.wish.org
**Categories:** Real Estate News & Tips
---
### [Neighborhood Spotlight - Pearl District](https://lovejoyrealestate.com/neighborhood-spotlight-pearl-district/)
**Published:** December 14, 2022
**Author:** Charles Turner
**Content:**
###### The Pearl District is located centrally in Portland, Oregon. Surrounded by Old Town / China Town, Goose Hollow, Downtown, and Northwest District neighborhoods, as well as the Willamette River.
One of the most recognizable neighborhoods in Portland, The Pearl District offers urban living at its finest, while still showing hints of its former warehouse district’s past with loading docks and cobblestone streets.
Full of stylish shops, trendy bars, must-try eateries, and huge arts community, it’s no question why The Pearl District is arguably one of Portland’s most famous neighborhoods.
#### Read on for our favorite things to see and do in this chic neighborhood.
The entire Pearl District is essentially mixed use: both residential and commercial. [Powell’s Books](http://www.powells.com/) operates the largest independent bookstore in town along an entire city block within the Pearl. Bookworms from around the globe head to Powell’s to satisfy their craving, often spending hours browsing, reading, and drinking coffee.
##### With over 110 active listings currently within the neighborhood, you will find an average price per square foot of $520 and average sale price of $660,000. (As of December 2022)
View of Streetcar Loft Unit on NW 12th Ave.If you work downtown, enjoy an easy commute and upscale city living, The Pearl District is definitely the neighborhood for you. It’s going to be very hard to find another urban location with beautiful luxury high rise condos and multiple open green spaces. Multi-level, floor to ceiling windows, large balconies and beautiful views of the city and hills are found from multiple units around the neighborhood. You can really mix and match your favorite features to find the perfect home to meet your needs and price point.
[Click here to see all the Pearl District Neighborhood homes for sale.](https://jennyturner.realscout.com/homesearch/map?geo_type=zipcode&geo_id=97209&for_sale=1&for_rent=0)
If you are interested in buying a home in the Portland area, we recommend meeting up with one of our top producing agents on the Lovejoy Team. Visit our [Lovejoy Real Estate](http://www.lovejoyrealestate.com) website for more info.
The Portland Streetcar is a distinctive part of the Pearl District landscape. This notable transportation option runs from Northwest Portland, through the Pearl District, south through downtown Portland, and currently ends in the south Waterfront area. Nothing beats the convenience of living in the city with such great accessibility and transportation options.
##### *Our Favorite Places to visit in The Pearl District:*
- [Lovejoy Bakers](https://www.lovejoybakers.com/)
- [Yama Sushi and Sake Bar](https://yamasushiandsakebar.com/)
- [Andina Restaurant](https://www.andinarestaurant.com/)
- [Piazza Italia](http://www.piazzaportland.com/)
- [Deschutes Brewery & Public House](https://www.deschutesbrewery.com/visit-us/portland-public-house/)
- [10 Barrel Brewing](https://10barrel.com/pub/portland-brewery/)
- [Powell’s City of Books](https://www.powells.com/)
- [Portland Center Stage](https://www.pcs.org/)
### Pearl District Neighborhood Parks
[The Fields Neighborhood Park in Portland](http://www.portlandoregon.gov/parks/44338)
[Jamison Square](http://www.portlandoregon.gov/parks/finder/index.cfm?action=ViewPark&ShowResults=yes&PropertyID=1140)
[North Park Blocks](http://www.portlandoregon.gov/parks/finder/index.cfm?action=ViewPark&ShowResults=yes&PropertyID=447)
[Tanner Springs Park](https://www.portland.gov/parks/tanner-springs-park)
### Pearl District Community Resources
[Pearl District Business Association](https://explorethepearl.com/)
[Pearl District Neighborhood Association](http://www.pearldistrict.org/)
**Schools**
[Chapman Elementary School](https://www.pps.net/chapman)
[West Sylvan Middle School](https://www.pps.net/westsylvan)
[Lincoln High School](https://www.pps.net/Domain/136)
 
**Categories:** Pearl District, Real Estate News & Tips
---
### [3 Ways you can use your home equity](https://lovejoyrealestate.com/3-ways-you-can-use-your-home-equity/)
**Published:** December 13, 2022
**Author:** Charles Turner
**Content:**
If you’re a homeowner, odds are your equity has grown significantly over the last few years as home prices skyrocketed and you made your monthly mortgage payments. Home equity builds over time and can help you achieve certain goals.
As you weigh your options, especially in the face of inflation and talk of a recession, it’s important to understand your assets and how you can leverage them. A real estate professional is the best resource to help you understand how much home equity you have and advise you on some of the ways you can use it. Here are a few examples.
**1. Buy a Home That Fits Your Needs** If you no longer have the space you need, it might be time to move into a larger home. Or it’s possible you have too much space and need something smaller. No matter the situation, consider using your equity to power a move into a home that fits your changing lifestyle.
If you want to upgrade your house, you can put your equity toward a down payment on the home of your dreams. A real estate advisor can help you figure out how much equity you have and how you can use it toward the purchase of your next home.
**2. Reinvest in Your Current House** According to a recent survey from Point, 39% of homeowners would invest in home improvement projects if they chose to access their equity. This is a great option if you want to change some things about your living space but you aren’t ready to make a move just yet.
Home improvement projects allow you to customize your home to suit your needs and sense of style. Just remember to think ahead with any updates you make, as some renovations add more value to your home and are more likely to appeal to future buyers than others. For example, a report from the National Association of Realtors (NAR) shows refinishing or replacing wood flooring has a high cost recovery. Lean on me for the best advice on which projects to invest in to get the greatest return on your investment when you sell.
**3. Pursue Your Personal Goals** In addition to making a move or updating your house, home equity can also help you achieve the life goals you’ve dreamed of. That could mean investing in a new business venture, retiring or downsizing, or funding an education. While you shouldn’t use your equity for unnecessary spending, leveraging it to start a business or putting it toward education costs can help you achieve other lifelong goals.
##### **Bottom Line**
Your equity can be a game changer. If you’re unsure how much equity you have in your home, let’s connect you with an agent so you can start planning your next move.
**Categories:** Real Estate News & Tips
---
### [Holiday Decorating](https://lovejoyrealestate.com/holiday-decorating/)
**Published:** December 6, 2022
**Author:** Charles Turner
**Content:**
#### Holiday Decorating Mode: *ACTIVATED*
Post-Covid, the Holidays are looking a little different, and we are excited to see where the trends take us!
Times change, and the decorating changes based on what is happening in your life. One hot trend right now is a more organic and natural look, not decor you can find at your local grocery store or Costco. What it comes down to is your traditions and the decorations YOU LIKE.
**Tip #1: Skip the real garland for high-touch places –** like the staircase banister. Instead, put your fresh garland above your kitchen sink or fireplace mantel. You can also do a mixed fresh and faux garland! (FRESH GREENS HACK: Keep it outside in the cold until you need it for a party or entertaining. Be strategic about the timing when you bring it inside and put it up so it lasts longer in high-traffic areas.)
**Tip #2: Keep it simple –** Adding a splash of red and green by decorating with a bowl of ornaments or fresh floral in different spots of your home are simple and easy ways to add in some holiday cheer. Michelle recommends potted amaryllis, a collection of mini cypress trees, and blooming white calendula plants.
**Tip #3: Keep your tree alive –** If you choose to have a real tree there are a few things you can do to extend its life and help it last. Give it a fresh cut off the bottom before you bring it inside and put it in water. It is going to drink a lot of water the first couple of days so make sure you are being mindful of the water level so it doesn’t get too thirsty.
**Tip #4: Start from the top –** If your tree is not pre-lit, start the light strands from the top and work your way down, adding more strands of lights as needed. If you end up with extra lights at the end, just hide the cord behind the tree and no one will know.
**Tip #5: Layer your decorations –** When putting ornaments on the tree start off with one kind of ornament. If you do big silver balls, strategically spread them all over the tree so they are distributed in a diamond shape, then fill in with all your other ornaments from there.
Ready to hear all the tips and tricks? Watch the full episode on youtube or click the link below to listen to the full podcast.
**Categories:** Real Estate News & Tips
---
### [Portland to Mid-Willamette Valley Holiday Light Displays](https://lovejoyrealestate.com/portland-to-mid-willamette-valley-holiday-light-displays/)
**Published:** December 5, 2022
**Author:** Charles Turner
**Content:**
Looking for a little sparkle this holiday season? You are in the right place! Below is a list of our favorite places from Portland to the Mid-Willamette Valley to see holiday lights.
[**Clackamas County Winter Fair**](https://clackamascountyfair.com/winter-fair-and-holiday-market/)
**Where:** Clackamas County Fairgrounds: 694 NE 4th Ave. Canby, OR 97013
**Cost:** $10/adult, $5/child, 2 and under free.
**[Zoo Lights](https://www.oregonzoo.org/visit/zoolights)**
**Where:** 4001 SW Canyon Road, Portland.
**Cost:** $21-$29 for walk through, $65 for drive-through. All tickets are timed-entry and must be purchased in advance online.
**[The Grotto](https://thegrotto.org/christmas-festival-of-lights/)**
**Where:** NE 85th & Sandy Boulevard, Portland.
**Cost:** $14/adult, $6/child, infants free.
**[Peacock Lane](https://www.facebook.com/peacockln)**
**Where:** SE Peacock Lane between Stark & Belmont.
**Cost:** Free!
[**The Sunshine Division Winter Wonderland at the Portland International Raceway**](http://winterwonderlandportland.com/)
**Where:** Portland International Raceway, 1940 N Victory Boulevard, Portland.
**Cost**: $48/car, price increases for larger passenger vehicles like mini buses and RVs.
**[Christmas Ships](http://www.christmasships.org/)**
**Where:** Check their website for a detailed schedule and recommended public viewing spots.
**Cost:** Free!
**[Beaverton Winter Lights](https://www.beavertonoregon.gov/502/Beaverton-Winter-Lights)**
**Where:** Beaverton City Park on SW 5th St., and The Round at 12655 SW Millikan Way.
**Cost:** Free!
**[Keizer Miracle of Christmas Lights Display](https://www.facebook.com/MiracleofChristmas)**
**Where:** Begins at Lockhaven Dr and 14th Ave NE, Keizer, OR, United States, Oregon
**Cost:** Free!
**[Silverton Christmas Market](https://silvertonchristmasmarket.com/)**
**Where**: 895 W Main Street, Silverton.
**Cost:** $15-18/adult, $5-8/child, free ages 5 and under. Parking $10, snowless tubing $3/1x, $7/3x.
**Categories:** Miscellaneous Portland
---
### [Winter Home Maintenance Checklist](https://lovejoyrealestate.com/winter-home-maintenance-checklist/)
**Published:** December 1, 2022
**Author:** Charles Turner
**Content:**
# [](https://mailchi.mp/lovejoyrealestate/winter-home-maintenance-checklist)Don’t let the cold weather catch you unprepared! ☃️
Download our free PDF winter home maintenance checklist to make sure your home is ready for the colder months. This checklist will help you prepare your home for winter, including tasks like checking your heating system, sealing cracks and gaps in your home, and more. By preparing your home for winter now, you can avoid costly damage and repairs later on.
### [CLICK HERE TO DOWNLOAD](https://mailchi.mp/lovejoyrealestate/winter-home-maintenance-checklist)
**Categories:** DIY and Organization, Real Estate News & Tips
---
### [It's Giving Tuesday](https://lovejoyrealestate.com/its-giving-tuesday/)
**Published:** November 29, 2022
**Author:** Charles Turner
**Content:**
### *It takes a community to make a change.*
On this day, we would love for you to partner with us in supporting the causes below that are near and dear to our hearts. Thank you for helping the Lovejoy Real Estate team begin the holiday season with a focus on charitable giving.
[](https://secure2.wish.org/site/SPageServer?pagename=donate_today&chid=005-000)[](https://fruitandflower.org/contribute/donate/)[](https://www.projectlemonadepdx.org/donate)[](https://nwchildrens.org/donation-information/)[](https://givenow.lls.org/give/342076/#!/donation/checkout) [](https://give.oregonfoodbank.org/give/92782/donation/checkout?_gl=1*fo2nlm*_ga*MTE4OTAwOTI4My4xNjY5NjYxMDcx*_ga_B1234VTSRX*MTY2OTY2MTA3MC4xLjAuMTY2OTY2MTA3MC42MC4wLjA.#!/donation/checkout)[](https://rosehaven.org/helping/financial-gifts/)
[](https://support.joyrx.org/give/285353/#!/donation/checkout) [](https://chappdx.org/give/) [](https://www.angelhairfoundation.org/how-you-can-help/) [](https://secure.givelively.org/donate/word-is-bond) [](https://www.itsourschool.org/donate) [](https://interland3.donorperfect.net/weblink/weblink.aspx?name=E9944&id=5)
**Categories:** Real Estate News & Tips
---
### [Holiday Gift Guide](https://lovejoyrealestate.com/holiday-gift-guide/)
**Published:** November 28, 2022
**Author:** Charles Turner
**Content:**
[](https://issuu.com/lovejoyrealestate/docs/holiday_gift_guide_2022)[Fin](https://mailchi.mp/lovejoyrealestate/holiday-gift-guide-download-2022)
[d the best gifts this season at a local small business! Click Here for our complete Holiday Gift Guide!](https://issuu.com/lovejoyrealestate/docs/holiday_gift_guide_2022)
**Categories:** Real Estate News & Tips
---
### [Spooktacular October Events](https://lovejoyrealestate.com/upcoming-events/)
**Published:** September 22, 2022
**Author:** Charles Turner
**Content:**
The leaves are turning yellow and pumpkin spice lattes are in full force which can only mean one thing – fall is officially here! We have put together a list of fun fall activities, perfect for celebrating the new season.
## 
## Portland Ghost Tours
**September 16th-November 10th**
Lan Su Chinese Garden
Portland, OR
Bring on the freakish tales from the most ghost-infested places in Portland! Visit several historical sights during this 60 or 90-minute long tour around Downtown Stumptown.
[Click Here for more information.](https://portlandghosts.com/)
## Hood River Hops Fest
**Saturday, October 1st**
At the Columbia Lot
Hood River, OR
Head to downtown Hood River for this fun, family-friendly event featuring brewers from around the region, a variety of food vendors and live music.
[Click here for more information.](https://visithoodriver.com/event/hood-river-hops-fest-2/)
## Pick your Pumpkin Party
**Saturday, October 15th**
Lovejoy Real Estate Parking Lot
828 NW 19th Ave.
Portland, OR
We are excited to invite our clients and friends to come pick out the perfect pumpkin at our Lovejoy Pumpkin Patch! Enjoy live music, festive drinks + snacks, photobooth & more.
[\*Click Here to RSVP](https://forms.gle/pmXyBQCKbT9oDCYr5)
## Giant Pumpkin Regatta
**October 15h-16th**
Lake at the Tualatin Commons
Tualatin, OR
If you have never seen adults rowing around a small lake in giant pumpkins, this is your chance. There are plenty of other activities including a costume contest, face painting, pumpkin bowling, and more!
[Click here for more information.](https://www.facebook.com/Westcoastgiantpumpkinregatta)
**Categories:** Real Estate News & Tips
---
### [Neighborhood Spotlight - Lake Oswego](https://lovejoyrealestate.com/neighborhood-spotlight-lake-oswego/)
**Published:** October 1, 2021
**Author:** Charles Turner
**Content:**
The beautiful Oswego Lake is the centerpiece for the suburban community of Lake Oswego! Its small-town feel, while only 16 minutes away from Downtown Portland, is just one of the many reasons Lake Oswego residents chose the area.
The town of “Oswego” was first founded by Albert Alonzo Durham in 1847, and named after his birthplace in New York. After the acceptance of the discovery of iron ore in the Tualatin Valley in 1861, the iron industry began its boom, and the town of Oswego was home to the iron industry. When the iron industry reached its demise, the town turned to land development and after the incorporation of the City of Oswego in 1910, began building power poles as a way to get electricity to the community. The true development of the Lake Oswego we know today happened around the 1930s when Paul Murphy developed the Oswego Lake Country Club to make the city a place for work and play. The residential development around Oswego Lake really took off in the 40s and 50s and by 1960 the town was renamed Lake Oswego, the town we know today.
Oswego Lake Country Club – [Then](https://www.ci.oswego.or.us/library/brief-history-our-city) & [Now](http://westlakeconsultants.com/site/project/oswego-lake-country-club/)
Today, the city of Lake Oswego is known for its spectacular shopping and dining, tight-knit community feel, and fabulous schools. The city hosts a variety of events including a farmers market, summer concerts, movies in the park, and the Festival of the Arts. With the community situated around Oswego Lake, there are also plenty of fun outdoor activities to enjoy, including the Lake Oswego Swim Park which is open to all residents through the summer.
We are still seeing a hot real estate market in Lake Oswego with an average sale price of $878,000. Typically we are seeing homes on the market for around 17 days. We sell a lot of houses in Lake Oswego. Mainly buyers looking for great schools for their kids and a great community vibe. At the beginning of COVID, Kaycee and John called and wanted to raise their daughter Grace out of the city of Portland. They had toured a house on Greentree and it turned out to be the perfect setting for their next chapter. We sold their house in Colonial Park and they moved to Lake Oswego. Grace loves her new home and large yard to run and play! Laura and Peter were similar in that they were looking for the best school for their 4th grader Ryan. Ryan was a favorite – always wanting to help open lockboxes and having a definite opinion about every house we saw! We landed in Westlake backing greenspace so plenty of room for Ryan to run & friends around the corner. The perfect match after a long search for perfection!
Our favorite spots in Lake Oswego:
- [Gallery Without Walls](http://artscouncillo.org/gallery-without-walls/tour) – A unique outdoor sculpture exhibit throughout Downtown Lake Oswego 🗿
- [Jefe](https://www.jefemex.com/) – A traditional yet modern take on Mexican cuisine 🌮
- [Iron Mountain Park](https://www.ci.oswego.or.us/parksrec/iron-mountain-park) – A 51-acre park featuring natural and developed features🌳
- [Babica Hen Cafe](https://www.babicahencafe.com/) – A cute brunch and lunch spot with a variety of delicious choices 🍳
- [Nola Doughnuts](https://www.noladoughnuts.com/) – Doughnut shop and bakery with a Louisiana flair 🍩
Resources:
- [City of Lake Oswego](https://www.ci.oswego.or.us/library/brief-history-our-city)
- [Lake Oswego Chamber of Commerce](https://lakeoswegochamber.com/about-lake-oswego-2/)
- [Lovejoy Real Estate](https://lovejoyrealestate.com/)
Want to see Lake Oswego? Contact one of our agents today, we’d be happy to show you around!
**Categories:** Real Estate News & Tips
---
### [Neighborhood Spotlight - Beaverton, OR](https://lovejoyrealestate.com/neighborhood-spotlight-beaverton-or/)
**Published:** August 31, 2021
**Author:** Charles Turner
**Content:**
If you are looking for a suburban neighborhood feel within minutes of Portland, Beaverton is the place to be! Nike may have put Beaverton on the map, but the food and atmosphere are why Beaverton is ranked #12 in best suburbs to live in by [niche.com](https://www.niche.com/places-to-live/search/best-suburbs/s/oregon/). With a thriving downtown area, convenient shopping, and great schools it is no wonder Beaverton is the second-largest city in Washington County.
Beaverton has a rich history dating back to 1868 when a railroad was built leading into town that spurred the growth of the small farming community. In 1893, the City of Beaverton was incorporated and had appointed its first mayor, Alonzo Cady. In 1914, Beaverton businessman and Postmaster F.W. Cady built the Cady Building to house his general store, but little did he know the historical significance the building would hold. In 1925 the Cady Building became the home of Beaverton’s first library, and now 102 years later the historical landmark is home to restaurants, retail stores, and apartments.
The Cady Building – [Then](https://www.oregonlive.com/beaverton/2014/02/beavertons_historical_cady_bui.html) & [Now](https://www.instagram.com/p/CKU073-HJKG/)
Beaverton is only 15 minutes outside of Downtown Portland, yet provides all the convenience of the city with major retailers, a variety of small businesses, and plenty of community activities. The city has a suburban community feeling and also boasts being home to 5 of the top 10 best schools in Oregon, so if top-notch education is what you are looking for in a neighborhood, Beaverton could be your place. Aside from great schools, there is also an amazing network of public parks, sports centers, and hiking trails to enjoy!
We are currently seeing a competitive housing market in Beaverton with a median home price of $498,000. On average, homes tend to be on the market for about 5 days, compared to a 13 day average from last year. I just helped a friend in Beaverton sell her home to make the move to San Diego. Her home stayed on the market for 5 days, had 18 showings, and ended up with 3 offers, we ended up selling for $25,000 over the asking price. We are definitely still in a seller’s market, which means it is even more important now than ever to have an experienced realtor in your corner.
Our favorite spots in Beaverton:
- [Ki Coffee](https://www.ki.coffee/) – A Japanese-American coffee spot with delicious breakfast sandwiches ☕️
- [Decarli](https://decarlirestaurant.com/) – A warm and inviting restaurant with delicious Italian cuisine 🍝
- [Staghorn Mercantile](https://staghornmercantile.com/) – A small boho boutique with an excellent selection of fun home goods 🤩
- [Ex Novo Brewing](http://www.exnovobrew.com/welcome) – Local brewery that donates 100% of its profits to a variety of charitable causes 🍻
Neighborhood Resources:
- [Beaverton School District](https://www.beaverton.k12.or.us/)
- [Beaverton Downtown Association](https://downtownbeaverton.org/)
- [Beaverton’s History](https://www.beavertonoregon.gov/95/History)
- [Lovejoy Real Estate](https://lovejoyrealestate.com/resources/)
Want to check out Beaverton? Contact one of our agents today, we’d be happy to show you around! 😊
**Categories:** Real Estate News & Tips
---
### [RMLS Market Action Report - July 2021](https://lovejoyrealestate.com/rmls-market-action-report-july-2021/)
**Published:** August 19, 2021
**Author:** Charles Turner
**Content:**
The RMLS Market Action Report for July didn’t provide for any surprises, but it did mirror what we are starting to see on the ground here at Lovejoy Real Estate.
Here are the highlights: The average sale price of a home in the Portland Metro area in July of 2021 has rocketed up to $593,100, an almost 20% appreciation from July 2020. Furthermore, average days on market in July 2021 was half compared to the same time last year, it has dropped from 41 days on market in July 2020 to only 20 now. Conversely, we saw a slight increase of inventory on the market this month.
As we all know, the market has been crazy both nationwide, but especially here in the Portland Metro market. However, we have started to see what may be a beginning of a shift in our market place here since July. And before anybody gets excited (or scared), market experts and we don’t anticipate a market crash or dramatic price changes coming soon, just a slight shift in the level of competition compared to the extreme conditions we were seeing earlier in the year.
As we mentioned earlier, we saw the inventory increase to 0.9 months of inventory from 0.8 the month prior. This change may seem insignificant, but our agents are feeling this change in their operations both on the selling side and buying side already.
On the buying side, we’re starting to see the increase in inventory (or in some cases, that things are staying on the market just a wee bit longer than they have been lately). Allowing our buyers a little more breathing room when selecting homes to see and making offers. In certain price points, this looks like more appointment times being available as more homes are available for buyers to choose from (even if it’s only a handful more). Then if they find one they’re ready to make an offer on, they’re competing against 2-5 offers instead of 10+!
On the selling side, this minor shift doesn’t mean you’ve missed the window of opportunity—not by any means! It simply means it’s even more critical now to find a realtor or team who truly knows the market and how to build that frenzy around your property. Considering we’ve just accepted an offer well over asking on two of our most recent listings within a week of it going on the market, we’re confident when we say we fit the bill 😉
Bottom line is, both buyers and sellers should take advantage of the still shockingly low inventory and historically low interest rates (which we don’t expect to last going into 2022). If you’re a seller and want to see what price and strategy would work best for getting top dollar for your home, contact us today and we’ll schedule a quick walk through to get the process started!
Buyers? We’ve got you, even in the tougher market, we were able to get our buyer’s offers accepted every weekend! So as the market shifts, with the insights we have daily on both sides of the transactions in our market we’ll know best when you’re ready to make an offer. Contact us to find your roadmap to homeownership today.
**Categories:** Real Estate News & Tips
---
### [The Benefits of Homeownership](https://lovejoyrealestate.com/the-benefits-of-homeownership/)
**Published:** July 30, 2021
**Author:** Carla Dumo
**Content:**
The benefits of homeownership are undeniable, some even consider it to be the “American Dream”. Buying your first home can provide financial and emotional security, a sense of belonging, and an opportunity to build equity. Here at the Turner Team, we want to see you succeed financially and one way to do so is making the long-term investment in homeownership.
#### Stable Monthly Payments
When deciding whether to continue to rent or to buy a home, one thing to consider is your monthly payment. Sure, at first glance, renting seems to provide a stable monthly payment but you must consider that typically rent steadily rises each and every year. In Oregon, the maximum rent increase for 2021 was 9.2%, which may not seem like a large number in the short term, but in the long run that is more money out of your pocket and into your landlord’s. By owning your own home your monthly mortgage payment goes toward your investment and offers stable monthly payments in the long term, which is beneficial for budgeting and peace of mind.
#### Opportunity to Build Equity
In the last 12 months, the average homeowner gained approximately $33,400 in equity. So what does that mean for you as a first time homeowner? The market right now may seem crazy, and you may be wondering if now really is the best time to purchase a home, but let me give you some insight.
The median home price in Portland as of July 2021 was $549,000, with an average annual appreciation rate of 5.86%. This annual appreciation rate places Portland in the top 10% nationally for real estate appreciation, making Portland homes an excellent investment. Right now if you were to buy a home for $549,000 with this appreciation rate, in five years that home would be worth about $730,000.
Think of your home purchase as a savings account, instead of paying rent to your landlord you are now putting your “rent” into that savings account and watching your money grow as your home value appreciates.
#### Freedom to Make Changes
Have you been renting your home or apartment, but dreaming of having new paint or an upgraded kitchen? When you own your own home, the opportunities for customization and change are endless! Being a homeowner you are free all your HGTV inspiration dreams come true. Not to mention, these changes also add value to your home in the long run, so those changes just add to the savings account we talked about.
#### Added Privacy
Owning your own home offers an extreme increase in privacy compared to renting. As a former renter, nothing compares to the annoyance of unannounced drop ins, thin walls, and noisy neighbors. Sure, you never know how quiet your future neighbors will be, but you do have a lot more space between you.
If this all sounds great to you, the Turner Team is here to help. Being a first time homebuyer can feel like navigating a maze, confusing and without direction, which is why it is important to choose a great realtor to guide you through the process and advocate for you!
**Categories:** First Time Buyer
**Tags:** First Time Buyer, Mortgage, Portland Real Estate Market, Turner Realtors, Real Estate
---
### [RMLS Market Action June 2021](https://lovejoyrealestate.com/rmls-market-action-june-2021/)
**Published:** July 14, 2021
**Author:** Charles Turner
**Content:**
The state[](https://lovejoyrealestate.com/wp-content/uploads/2021/07/RMLS-Inventory-June-2021.jpg) of the Portland real estate market was confirmed by June’s RMLS Market Action: crazy; crazy good for sellers and crazy frustrating for buyers.
Inventory is one of the market indicators we look at. Conventional wisdom used to say that market equilibrium is six months. Anything below that is a seller’s market and above, the market favors the buyer. We’re at .8 and have been at a month or lower since November of last year. Even if we move the six month line to four, or even three months, I can’t see that happening anytime soon. More on that later.
The average sale price of a home in Metro Portland in June 2020 was $479,700. Fast forward to June 2021 and it’s just under $600,000 at $597,100- a whopping 24.4% increase. The year-to-date appreciation is 20.1%.
Compared to May, new listings were up 8.2%, pending sales down 4.9% and closed sales up 9.2%. Pending sales are the best indicator of the following month’s closed sales so we might see a small uptick in inventory? It depends how many new listings we get.
When does it stop? Right now, we’re looking at a supply and demand issue. In June of 2019 there were 6,735 listings. Now there are 2,722. Factor in even lower interest rates, a rebounding economy, a shortage of new construction and a change in attitude about living space during Covid, I don’t see a market drop on the horizon. A slow-down? Yes. A reversal? No. The current situation is not sustainable.
Sellers are in great shape. It’s hard for buyers. 3,477 got new homes in June but many qualified buyers did not get what they wanted. Some are starting to suffer from buyer fatigue, there is a roller coaster of hoping you are going to get a home and being beat out. There are things we can do to increase the odds of getting an offer accepted but sometimes there is simply someone better positioned to buy that home. We have 26 buyers pending right now so it’s challenging, not hopeless.
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Top Four Seller Questions](https://lovejoyrealestate.com/top-four-seller-questions/)
**Published:** March 29, 2021
**Author:** Charles Turner
**Content:**
Selling your home can feel intimidating for many reasons. It’s easy to imagine worst-case scenarios and base your entire mindset around those fears.
In an effort to help you shift from a mindset of fear to one of empowerment, here are some of the top questions (and answers) we hear from our sellers before listing with us.
##### 1: Is it safe to sell during COVID?
COVID has changed the way we do some things. Please rest assured, our team will make every effort to maintain all health and safety standards throughout all our interactions with you and your home.
This includes wearing masks, gloves and booties, and limiting the number of people on the property when we work with you, potential buyers, and your home. Our COVID precautions have been proven to be effective in selling your home safely.
##### 2: Is now the time to sell? Should I wait until summer, or until COVID is over?
The Lovejoy Real Estate team members recognize that now is a fantastic time to sell based on what we’re seeing in the market (record low inventory, record high closed sales prices, etc.). One could argue there isn’t a better time to sell than now.
However, we also know that market activity isn’t enough to determine what’s right for you in your current chapter of life.
In our first listing consultation with you and your family, we’ll work together to understand why you’re considering selling, and walk through the process together so you can decide whether now is the right time to sell for you.
##### 3: What’s involved with getting my home listing ready? 
It’s common to feel like you need to do a major remodel of your home to get the best ROI when you sell. Thankfully, that isn’t the case. There are several simple things you can do to increase the ROI on your home, without remodeling.
Here’s what we recommend you spruce up before you sell your home: refresh any landscaping, fix any peeling paint or damaged siding, give it a nice deep clean, and vacate the property if at all possible.
Don’t worry about needing to have a brand-new bathroom – most buyers are looking to make the place their own anyway. If you’re not sure where to start, let’s chat! We will build a strategy to get your home ready to list in your consultation.
##### 4: Where will I go when the house sells?
With such a wild market, sometimes listing your house can feel like risking potential homelessness. Do not panic though! When we sit down with you in the consultation, here are some (not all) options we’ll discuss:
- Up to 60 days of rent back
- Defining your buying strategy with your agent, so we can get your search started right away
- There’s always plan B, which could look like short-term rentals or temporarily staying with family
Here’s some reassurance for you: we’ve had a lot of clients have a plan B prepared… rarely however, do they actually need the backup plan. Sometimes the peace of mind is really all it takes.
Finally, even with the fear of the unknown or what ifs, remember that in the end your goal is to get the most out of the sale of your home!
**What other questions do you have about selling your property? Share your thoughts with us on [Facebook](https://www.facebook.com/turnerteaminc), [Instagram](https://www.instagram.com/lovejoyrealestate/), or [email](mailto:clientcare@lovejoyrealestate.com) us today to let us know!**
**Categories:** Real Estate News & Tips
**Tags:** Home Selling
---
### [Covid-19 and Real Estate](https://lovejoyrealestate.com/covid-19-and-real-estate/)
**Published:** March 17, 2020
**Author:** Charles Turner
**Content:**
What will Covid-19 do to the real estate market? That’s a really good question. Let’s take a look at where we were, where we area and were we are going in the Portland and SW Washington real estate market.
## Where we were:
- RMLS Market Action reported 1.9 months of inventory in February: a strong seller’s market. Conventional wisdom says that historically six months is a balanced market between buyers and sellers. I personally think that four months is more realistic.
- Multiple offer situations were the norm for homes priced under $600,000 if they were appropriately priced. Buyers were often frustrated by having what seemed like a crazy-good offer get beat. An overpriced house is overpriced in any market and is likely to sit (and eventually sell for less than it would have).
- Interest rates fell and then went up (though still WAY better than this time last year (4.41%). Buying power is increasing. [https://ycharts.com/indicators/30\_year\_mortgage\_rate](https://ycharts.com/indicators/30_year_mortgage_rate)
- The Dow Jones Industrial was flirting with 30,000 (closed at 21,237 today).
## Where are we now?
- The Dow first hit 20,000 on January 21, 2017. It dipped below that last week having been flirting with 30,000 just weeks before. If your down payment was coming from cashing out stocks, this is major. If not your future stock based nest egg clearly took a hit but the loss is only realized if you cash out.
- The Fed cut short term interest rates to zero. What does this mean to mortgage interest rates? Nothing. Mortgage rates a correlated but not tied to Ten Year Treasury notes. That said, mortgage interest rates hit historic lows and then came back up.
- Real estate is still happening though in a heavily modified manner: NWMLS (Seattle area) has banned open houses. In Oregon and SW Washington (served by RMLS) we are still left to our own discretion but extra precautions are the norm (sanitizer, wiping down surfaces, keeping parties separated). Reports showed strong participation at open houses last weekend though many were canceled.
- Showings and listing appointments are still happening with the same considerations above. More are being done virtually though FaceTime and other online methods.
- Loan funding, escrow signings and title recordings are still happening.
## Where are we going?
- Buyers will rely now and in the near future, more than ever, on strong visual representations of home including 3D Tours (which we do for all of our listing anyways) and professional photos. Here’s a sample of a 3D tour for our [310 NW Maywood Dr.](https://my.matterport.com/show/?m=7onwFSbSBxf) listing.
- We launched two new listings in the last 24 hours.
- Buyers are at home, watching HDTV and looking for their dream home on Zillow.
- Some buyers will step back from their home search. Whether by choice or circumstances.
- Some buyers will relish the current market and take advantage of interest rates and some reduced competition.
- Sellers usually don’t wake up one morning and decide to sell, it’s part of a planing cycle. Now, sitting at home, that plan may developing more. Staying at home gives one a chance to pack up the clutter, touch up some paint, or sit on the sofa and watch HGTV while searching for their dream home on Zillow. Again, listing appointments and new listings are still happening.
## What we can’t predict:
- This time next year, an old white guy (or potentially their VP) will be president. Will it be your old white guy? How will said white guy’s policy impact the economy?
- How long will it take to get Covid-19 under control? Is it worse than it looks because we are not testing enough or is it better than it looks because we are paying attention? Will two+ weeks of social isolation work? The last economic crash was caused by the real estate market. This one may be saved by the real estate market.
- How long will it take for economically impacted buyers to re-enter the market? Just as the “summer selling season” starts?
- Will a few “quality” weeks at home with family convince people that their home is too big, too small or just right? Are they going to remodel it or go out and find what they want already done? When are they going to do it?
- When I turn the news on this evening, will everything above be wrong?
**Categories:** Real Estate News & Tips
---
### [RMLS Market Action Feb. 2019](https://lovejoyrealestate.com/rmls-market-action-feb-2019/)
**Published:** March 14, 2019
**Author:** Charles Turner
**Content:**
I have to confess I’ve been a remiss blogger lately. But here we go… RMLS Market Action for February 2019 was released today. Portland Metro inventory remains low at 2.7 months. What does inventory mean in real estate? Inventory is the ratio of active listings to closed sales. If there are 100 homes on the market and ten close in a month there is 10 months of inventory. Tradition says that six months in a balanced market between buyers and sellers but I’d argue that is closer to four months as buyers have become more informed/savvy and willing to walk away in a transaction. That said, 2.7 months leaves us firmly in a seller’s market. Also keep in mind that that is for the five county metro area. North and SE Portland both have 2.2 months of inventory compared to West Portland’s 4.3 months- real estate is local!
[](https://lovejoyrealestate.com/wp-content/uploads/2019/03/14FEB2019_Portland_RMLS_Infographic-SMcopy2-615x404.jpg)[](https://lovejoyrealestate.com/wp-content/uploads/2019/03/14FEB2019_Portland_RMLS_Infographic-SMcopy2-615x404.jpg)
**Categories:** Real Estate News & Tips
---
### [Air Conditioning in Portland](https://lovejoyrealestate.com/air-conditioning-portland/)
**Published:** July 30, 2018
**Author:** Charles Turner
**Content:**
As Portland heads towards a record number of 90 degree days in July, I thought I would take another look at the percentages of homes for sale in Portland with air conditioning.
There are currently 2544 active residential listings in the city of Portland. 1255 (49.3%) of those listings are described in the listing as having ‘Central Air’, ‘Energy Star Cooling’, or ‘Heat Pump’.
Breaking down into price ranges:
- Under $300,000: 52 of 252 listings (20.6%)
- $301,000-$500,000: 453 of 1075 listings (42.1%)
- $501,000-$700,000: 314 of 608 listings (51.6%)
- $701,000 and up: 444 of 620 listings (71.6%)
**Categories:** Real Estate News & Tips
---
### [Can a Seller Record or Video Us During Our Showing?](https://lovejoyrealestate.com/seller-record-video-showing/)
**Published:** May 25, 2018
**Author:** Charles Turner
**Content:**
We live in a digital world. We have to assume that anything we do may end up online with millions of viewers. That said, there are limitations. In Oregon, recording a phone call requires one-party concent. Recording video without audio, does not require concent. This includes nanny/security cameras.
It all changes when audio is recorded. The seller (in Oregon) cannot record your showing unless all participants are aware that they are being recorded. This is covered in the state statutes:
**2017 ORS 165.540¹**
Obtaining contents of communications:
(1) Except as otherwise provided in ORS 133.724 (Order for interception of communications) or 133.726 (Interception of oral communication without order) or subsections (2) to (7) of this section, a person may not:
(c) Obtain or attempt to obtain the whole or any part of a conversation by means of any device, contrivance, machine or apparatus, whether electrical, mechanical, manual or otherwise, if not all participants in the conversation are specifically informed that their conversation is being obtained.
That said, you need to go into every property assuming that you are being recorded, it’s just a part of today’s societal expectations even if it is against the law.
\*\*\*I am not an attorney. This is my interpretation of the statute.
**Categories:** Real Estate News & Tips
---
### [Will I Need a Home Energy Score in Portland?](https://lovejoyrealestate.com/home-energy-score-portland/)
**Published:** October 10, 2017
**Author:** Charles Turner
**Content:**
The Home Energy Score is coming to Portland on January 1, 2018. At that time, all homes listed for sale (including For Sale By Owners (FSBO)) will need to have a score *before* being advertised for sale. There are two determinants as to whether a property requires the Score: property type and location.
**Property Type:** All “Covered Buildings” are required to have a score. Long story short is that all single family homes need a score. More complicated are condos: from what I read below, if you have neighbors above or below you, you do not need a score, otherwise you do. From the City’s [Administrative Rules](https://www.portlandoregon.gov/bps/article/655310):
**“Covered Building” or “Home”** means any residential structure containing at least one dwelling unit or house, regardless of size, on its own lot. Covered building also includes an attached single dwelling unit, regardless of whether it is located on its own lot, where each unit extends from foundation to roof, such as a row house, attached house, common-wall house, duplex, or townhouse. A covered building is defined based on the type of structure and physical qualities, regardless of the ownership or whether the property is privately held or part of a home owner’s association or other ownership arrangement. Covered building does not include multiple housing units that are stacked vertically, such as an apartment or multifamily structure. Covered building also does not include detached accessory dwelling units or manufactured dwellings, such as mobile homes or residential trailers. Covered building also does not include single dwelling units used solely for commercial purposes.
**Location:** The rule only applies to properties in the City of Portland. www.PortlandMaps.com is the best source to make the determination. Enter the property address and look for “Portland” in the jurisdiction.
If you meet both requirements, you need a score.
For more information, see [this post](https://lovejoyrealestate.com/2017/09/home-energy-score-starts-january-1st-portland/).
**Categories:** Energy Score, Real Estate News & Tips
**Tags:** Home Energy Score, Covered Home, Portland
---
### [Home Energy Score Starts January 1st in Portland](https://lovejoyrealestate.com/home-energy-score-starts-january-1st-portland/)
**Published:** September 28, 2017
**Author:** Charles Turner
**Content:**
Sample Home Energy ScoreWhat is the Home Energy Score? In its simplest form, it is the home equivalent of the MPG comparison for cars. Starting January 1st, 2018, all homes listed in the City of Portland must have a Home Energy Score BEFORE being listed. This includes FSBOs (For Sale By Owners). Homes that are on the market prior to January 1st do not need the score as long as they remain on the market. If you cancel a listing and relist in the new year the home will need a report.
[The City Administrative Rules](https://www.portlandoregon.gov/bps/article/655310) describe the types of properties that require the Home Energy Score. Without retyping the description here it includes all houses and multiplexes, including townhouses and row houses and excludes vertically stacked buildings such as condos. Manufactured homes and detached accessory dwellings (ADUs) are excluded.
The 1 to 10 score is just part of the overall report. Five is the score for the “average” Portland home. Houses below five are less efficient and above five are more efficient. The report also includes the home’s estimated annual energy cost and compares the home’s carbon footprint compared to other similar size homes.
The second page of the report makes suggestions of how to raise the issue score. In the sample report, the home scored a “3”. By following the steps outlined in the report, the home would be expected to score a “7”. This gives the seller a guide of what improvements might make the home more appealing or a home buyer ideas of how they might invest improvement dollars to lower utility costs and increase efficiency.
There are still a lot of questions and details to be worked out. The City believes that the inspection will take about 45 minutes and cost around $250 but the ultimate pricing will be market based- it will be up to the companies doing the inspections to charge what the market will support. One question is whether they will be enough inspectors on January 1st to meet demand. Sellers wanting to avoid the having to have the inspection will have to list before January 1st but that will also assign an MLS # starting with 17XXXX rather than 18XXXX.
There’s a lot more to this so I’ll be following up with more posts (and editing this one to reflect the updates). If you have questions, ask. There are fines for being out of compliance.
This link is to the [City Website that outlines the program](https://www.portlandoregon.gov/bps/71421).
**Categories:** Real Estate News & Tips
**Tags:** Home Energy Score, Portland Real Estate
---
### [RMLS Market Action April 2017](https://lovejoyrealestate.com/rmls-market-action-april-2017/)
**Published:** May 15, 2017
**Author:** Charles Turner
**Content:**
Spring has sprung, maybe the rain will stop. Portland remains one of the hottest markets in the country. Over the past 12 months, the average sales price has increased 11.3%. Demand is clearly outpacing supply and I don’t see that changing anytime soon.
Fears of a bubble and a burst are valid but there has been a massive change in financing, which was the primary cause of the last crash. That coupled with the supply/demand issues cited above and the region ranking consistently as one of the top places people a moving to a crash seems unlikely at this point. A slowdown is more likely and might even be welcomed to keep prices somewhat in check. Interests rates will rise and that will cause the market to cool.
[](https://lovejoyrealestate.com/wp-content/uploads/2017/05/RMLS-Market-Action-April-2017.jpg)
**Categories:** Market Activity & Data
**Tags:** RMLS Market Action
---
### [Best Beer Neighborhoods in Portland](https://lovejoyrealestate.com/beer-neighborhoods-portland/)
**Published:** April 12, 2017
**Author:** Charles Turner
**Content:**
*\*\*\* Note: we usually don’t do guest posts here but I wrote a piece for Trulia and in return they wrote one for us.*
By Jennifer Riner, Trulia
[](https://lovejoyrealestate.com/wp-content/uploads/2017/04/Beer-cheer.jpg)Portland’s bustling beer scene has a long and enduring history. Today, Portland is praised for its influential microbrewery culture, bold flavors and unparalleled production quality. Not to mention, the sheer quantity of local breweries – 91, to be exact – helps Portland maintain its rank as the [Best Beer City in America](http://www.seriouseats.com/2016/06/portland-best-beer-city.html) year after year.
If you’re moving to Portland and consider yourself a craft beer aficionado, the following hops-friendly havens could be your new home base.
Pearl District
Although Pearl District is known for its upscale vibe, the neighborhood offers a good mix of homegrown brews and chic eateries. Deschutes Brewery Portland Public House, BridgePort Brewpub and Fat Head’s Brewery are three top-rated beer bars located within Pearl, which is part of Portland’s lesser-referenced Northwest District. This area holds a [Live-Well Index](https://www.trulia.com/OR/Portland/#map-live-well-traffic-volume) of 36.6, meaning locals can stay active and healthy after being filled to the brim with their draft of choice.
Living in Pearl is a good option for singles, who account for 73 percent of the neighborhood population. Pearl District holds a 32 percent homeownership rate and the median age is 40. [Home prices in the Pearl District](https://www.trulia.com/real_estate/Pearl-Portland/5718/) rose 20 percent over the past year and the median sales price is now $595,000.
*\[\*\*\* Stop by and visit our office at 818 NW 14th Ave., across the street from REI\]*
East Portland
Founded in 1993, Hair of the Dog Brewing Company in East Portland is popular for its European-style and deeply matured ales. Perhaps their most famous and expensive brew, the “Dave” is aged 19 years before being released during limited and competitive sale periods. For a practical drink fix, the daily brews are reasonably priced without sacrificing quality or taste.
In East Portland and its adjacent communities, 61 percent of residents are single, 41 percent are homeowners and the median age is 34. To buy in ZIP 97214, expect a median sales price of $550,000, down 3 percent since last year. East Portland tends to cater to affordability, while nearby Buckman and Ladd’s Addition are more expensive places to buy a home.
Boise
Between StormBreaker Brewing, Lompoc Brewing (5th Quadrant) and Ecliptic Brewing, it’s challenging to rate the best bar in Boise. Each caters to a different taste, whether you’re looking for seasonal cuisine, craft cocktails, low-key dishes or creative dinner options. Fortunately, these acclaimed hangouts are situated within a half-mile of each other, so regular visits don’t require a car or public transportation.
If you’re considering buying in Boise, the [median sales price](https://www.trulia.com/real_estate/Boise-Portland/5662/) is $494,000, down 3 percent year-over-year. Sixty percent of Boise residents are single and 33 percent are homeowners. The median age in Boise is 33-years-old, demonstrating a slightly younger demographic compared to Portland’s centrally-located neighborhoods.
Wherever you land, finding the perfect pint in Portland isn’t all that difficult. Choosing between the many neighborhoods that cater to beer fans might be the more complex home buying endeavor to tackle after you’ve determined your budget and additional must-haves.
**Categories:** Because I Can
**Tags:** Storm Breaker, Portland, Pearl District, Lompoc Brewing, Hair of the dog, Fat Heads, East Portland, Deschutes Brewing, Bridgeport brewing, Boise Elliot, beer
---
### [Oregon lawmakers want to make it easier for first time homebuyers to save for a down payment](https://lovejoyrealestate.com/first-time-homebuyers-savings-program/)
**Published:** March 28, 2017
**Author:** Charles Turner
**Content:**
It’s no secret to most everyone in the Portland metro area that homes are quickly becoming less affordable for first time home buyers. Oregon lawmakers are trying to help first time homebuyers make it easier to save money to purchase their first home.
### How would they do it?
The Oregon First-Time Homebuyers Savings Program ([HB2996](https://olis.leg.state.or.us/liz/2017R1/Measures/Overview/HB2996) and [SB849](https://olis.leg.state.or.us/liz/2017R1/Measures/Overview/SB849)) would allow individuals to take a state tax deduction for saving money towards a down payment on their first home. The savings would be stored in a special bank account. Deposits into the account would be tax deductible, up to a limit, and the interest gained on the account would be tax free.
If the plan is approved, the funds would need to be used for the down payment or other closing costs for a home. You could save up to $50,000 in the account over the span of 10 years to receive the tax credit, and you would need to be a first time homebuyer to qualify for the tax credit.
### What this means for you as first time homebuyers?
The gap between family wealth for owners and renters continues to grow.If the bill passes, it makes it easier for first time home buyers to save up money towards their down payment, and make the jump from renting to buying. Saving money for a down payment is often the hardest part of buying a home. While many people think they need [more than they do](http://realestate.usnews.com/real-estate/articles/first-time-buyers-how-much-down-payment-do-you-really-need-these-days/) for a down payment, it’s still not an easy task.
Getting this tax credit and no tax interest goes a long way towards helping ease the burden of saving for a down payment. With home prices in Portland steadily rising, this would make it easier for you to jump in and become a homeowner.
There is no word yet on when the bills will be taken to a vote, you can visit [oregonfirsthome.com](http://oregonfirsthome.com/) for more information.
**Categories:** Real Estate News & Tips
---
### [RMLS Market Action: February 2017](https://lovejoyrealestate.com/portland-market-overview-feburary-2017/)
**Published:** March 22, 2017
**Author:** Charles Turner
**Content:**
The latest Portland market update is out and the Portland Real Estate Market seems to be picking up, if only slightly.
February saw a drop in closed sales, but an increase in activity as both new and pending listings increased over January. The drop in closed sales is generally linked to activity in earlier months, as most homes take about 30 or more days to close, so the lower closes are to be expected.
Average prices took a slight drop, while the median price came up 1%. After a large increase in prices in the first half of last year, prices have calmed down in recent months and remain fairly stable, but have still been heading upward, if only slightly. For buyers this is good news as it doesn’t look like we’re going to see massive price jumps like we did last year, but there is still plenty of time for that to happen, so if you’re looking to buy, it might be smart to move quickly!
The market can be very up and down right now, with some homes getting multiple offers and going off the market within just a few days, while others sit on the market for weeks without much interest. Sellers who want to sell quick will want to price their home aggressively and hope to get lots of interest early so they can get their offers fast.
As we head into the warmer months, we can expect the market to pick up some pace as more homes go on the market and as more buyers decide it’s time to get out on the market, and more sellers decide it’s time to list.
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [RMLS Market Action: December 2016](https://lovejoyrealestate.com/rmls-market-action-december-2016/)
**Published:** January 18, 2017
**Author:** Charles Turner
**Content:**
We’ve reached the end of one of the most exciting years in Portland real estate in recent memory. This past year was one that saw prices rise to all time highs multiple times, and saw homes go pending with multiple offers the second they went on the market.
Things have leveled out a fair amount in the last few months and the holiday season brought a little more calm to the market. The weather we’ve had in Portland lately surely hasn’t helped either!
In December, average and median sale prices came up to $399,300 and $349,900 respectively. While these aren’t records for the year, they’re both over 11% above last year’s prices. We’re not likely to see a 10% increase in prices in the coming year, we should still see some small growth as the city is [still experiencing growth](https://www.atlasvanlines.com/migration-patterns/) and is a place a lot of people still want to come to.
Inventory in December reached it’s low for the year at 1.3 months of inventory. Unlike the spring when we hit that same number, this month was not that low because of homes coming off the market, but rather the fact that people didn’t want to put their homes on the market during the holiday season. We should see inventory pop back up in the next month or two as people will finally be ready to list their homes for sale.
The slowdown may concern some people, but looking at 2016 overall the biggest takeaway is that the supply just simply couldn’t meet the demands, and the fast rising prices probably scared some people away from selling as they didn’t want to deal with the buying market. A slower, more stable market is more favorable for buyers, and most sellers who aren’t flipping a property or moving out of state. The 2017 Portland real estate market should be an interesting time, and it’s shaping up to be a very good year to buy or sell.
**Categories:** Real Estate News & Tips
---
### [Thank you for helping to make 2016 one of our best years ever](https://lovejoyrealestate.com/helping-2016-years/)
**Published:** January 5, 2017
**Author:** Charles Turner
**Content:**
As the holiday season wraps up and we start a new year, we get the chance to look back and ponder what took place over the last year. 2016 was quite the year for us, and we just can’t wait to see what 2017 brings to our team.
We couldn’t have done all of this alone though. It takes people willing to put their trust in us to help navigate them through one of the most important moments in their life, buying a home, to make this possible.
When you look for a Realtor, you’re looking for someone who is going to be knowledgeable, trustworthy, and reliable, and we’re so glad so many people had the trust that we could do all of that and more for them.
We’re also grateful that so many people appreciated how we helped them buy or sell a home, that they told their friends or family that they thought we should be the ones to help them buy or sell a home.
We want to thank you all so much for helping us have a great year, and we look forward to helping even more people achieve their home dreams in 2017.
**Categories:** Real Estate News & Tips
---
### [RMLS Market Action: October 2016](https://lovejoyrealestate.com/rmls-market-action-october-2016/)
**Published:** November 17, 2016
**Author:** Charles Turner
**Content:**
The traditional seasonal cool down of the market seems to be taking shape in Portland. With the latest numbers in the RMLS Market Action, the winter season is typically a slower season in real estate as focus tends to shift from buying a new home to vacations and the holidays.
New listings, pending sales, and closed sales all fell about 4-5% in October compared to last year. Average sale prices bounced back 3.5% compared to September after slowly dropping for a few months.
So what does this all mean for someone looking to buy or sell in the winter months?
People who were looking to buy in the summer months that were scared off from the market earlier this year may be ready to go back out and shop now that things have leveled out somewhat. The market should feel a little less intimidating for them and allow them to get out and do more shopping and consideration before buying.
For sellers, the rising prices are a good sign that the market isn’t truly slumping. Sellers don’t have the luxury of putting their house on the market and seeing a pending sticker on the sign the next day that they did this summer, but that doesn’t mean their homes won’t sell. A little patience and working with a Realtor who works hard to market their home can go a long way towards getting their home sold.
**Categories:** Market Activity & Data
---
### [RMLS Market Action: September 2016](https://lovejoyrealestate.com/rmls-market-action-september-2016/)
**Published:** October 16, 2016
**Author:** Charles Turner
**Content:**
The latest RMLS market action is out, and we see that the market is continuing to even out after the last year or so that saw the Portland market explode.
Month to month over the last 2-3 months, the market is certainly headed away from being the hot seller’s market it was early this summer. Homes are sitting on the market longer than they were before and prices have dropped compared to last month, but the market is still incredibly strong.
Time on market is the third shortest it’s been in three years, and prices over the last year have risen at one of the fastest rates in the country. If you’re looking to sell in Portland right now, you don’t need to worry. Sure you might not get 5-6 offers over ask the day your home goes on the market like you might have in May, but if your home is priced right, you’re likely to see strong offers rather fast.
If you’re on the buying side, things are looking pretty good for you compared to just a few short months ago. You’re no longer having to write your offer the second you see a house. You do still have to be quick, but you can take just a little more time on your home search.
The winter season is typically slower than the summer for real estate, but with the market in a slight cool down, it may be the perfect time for buyers and sellers to hit the market and get prices they’re happy with.
**Categories:** Real Estate News & Tips
---
### [Vendor Spotlight: SONS Carpet Cleaning](https://lovejoyrealestate.com/sons-carpet-cleaning/)
**Published:** September 30, 2016
**Author:** Charles Turner
**Content:**
Being in real estate, we see all sorts of homes every day. Since we see so many homes, we’re also often relied upon to be a trusted source of information for clients who need things done at their home or related to their homes.
We wanted to share some of our favorite people and companies we know and trust to help clients with whatever they need. These aren’t companies we’ve asked for money to pay to promote them, these are the people we trust with our own homes when we need their help.
First up is [Son’s Carpet Cleaning](http://www.sonscarpetcleaning.com/), a company we trust to always do outstanding work when cleaning our carpets or our clients carpets. Click read more to learn more about them, and as a bonus to our readers, they’re offering a promo to our great readers.
**Tell us about what you do and how long you’ve been in the industry**
We are a small family owned and operated carpet & upholstery cleaning company. Bryan is a 2nd generation carpet cleaner & has been servicing the Portland/Vancouver areas since 2003.
**How does your service help homeowners who are getting ready to sell their home or moving into a brand new home?**
Whether it’s helping prepare a home for market or for a new family we pride ourselves on making sure the carpeted areas are looking their absolute best. Helping them save money by not having to replace the carpets.
**What do you do to make your company stand above the competition?**
As a 2nd Generation Cleaner I pride myself on what I have been taught over the last 30 years. With a Father still in business as Cascade Carpet Cleaning in Central Oregon it has become second nature to provide to those I serve the highest quality product I can at the best price possible.
I enjoy helping those I serve either maintain their quality of life or in some cases make it better. I invite my customer to stick around and watch “the show” so to speak. For some, the results are something they never thought possible and that is a fantastic feeling.
**Bryan has been so gracious to offer any 3 areas (up to 500 sq ft) for $115, good till Feb 1st 2017 when you mention this vendor spotlight. Contact him today by calling 503-449-8743 or visit [SONS website](http://www.sonscarpetcleaning.com/).**
**Categories:** Real Estate News & Tips
---
### [RMLS Market Action August 2016: Taking a longer look at the market](https://lovejoyrealestate.com/august-2016-market-action/)
**Published:** September 16, 2016
**Author:** Charles Turner
**Content:**
To some, the latest edition of the RMLS market action may look like the market might be on a downturn first glance, and it certainly does without context. Zooming out and taking a longer look at what the market has done over the last year paints a much different picture.
Looking at the numbers month to month, average and median prices have dropped and average market time has increased. Under normal market conditions, these numbers might indicate that we’re heading into a buyer’s market. Looking at the year over year numbers it may not be that simple though.
Average and median sale price increases are still the highest in the country over the last year according to the most recent [Case Shiller Report](https://www.spice-indices.com/idpfiles/spice-assets/resources/public/documents/395144_cshomeprice-release-0830.pdf?utm_medium=Email&utm_source=Eloqua) and average market time is 18% lower than it was in August 2015, so really this may only be a slight speed bump for a market that has been going 100 miles per hour for the last year. We are seeing more seller concessions or willingness to accept contingencies. We may be cruising at 95 MPH now.
The market slowing down slightly is welcome news for buyers looking to get into a new home, as it is more likely they won’t have to battle multiple offers well above asking price when looking for a new home. They can now spend a little more time considering homes when they’re looking to buy, but don’t think too long or it will get snapped up. There will always be overpriced houses on the market, regardless of market temperature.
While sellers can’t expect to get the record high prices they were getting just a month ago, homes are still selling rather quickly, a seller who’s priced their home correctly is still likely to get the offer they want on their home relatively quickly. And, like always, location and price point matter: 1.9 months of inventory represents the metro market, not the pocket that you want to live in.
**Categories:** Market Activity & Data
---
### [What We Loved at Street of Dreams 2016: Gorgeous Outdoor Spaces](https://lovejoyrealestate.com/portland-street-dreams-2016/)
**Published:** August 23, 2016
**Author:** Charles Turner
**Content:**
As our team does every year, we went down to [Street of Dreams](http://www.streetofdreamspdx.com/p/about) to check out the selection of handpicked luxury homes to see what real estate trends are next, to get some inspiration for our own homes, and just to gaze at some fantastic homes. We then asked our team to pick out something that they enjoyed the most about the homes and had them write about it.
Ray Gardner is up next and is one of our newest buyers agents on the team. He really loved the outdoor spaces at Street of Dreams, and the sheer beauty of all of them.
It’s no secret, Oregonians love the outdoors. In fact, love may be a bit of an understatement. This was never more evident than at this year’s Street of Dreams event in West Linn. As soon as you approach the area, you can see why this location was hand picked as the spot for these five dream homes.
All of the homes overlook acres and acres of rolling hills freshly planted with grapevines. In the valley of the hills you can see what will be an elegant tasting room for the wine once it is made and beyond that you get a breathtaking view of Mount Hood that makes you feel it is close enough to reach out and grab a handful of snow off it’s peak.
Contrary to popular belief, Oregonian’s don’t just like to sit back with a glass of wine, put our feet up and just look at our amazing scenery (Although that doesn’t sound like such a bad idea). We also know how to entertain ourselves while we enjoy our unbeatable summer weather. Every home had it’s own unique outdoor entertainment area. Huge doors leading you from your family room out to your own paradise where one minute you can be working on your tan and the next find cover in the shade and watch the Timbers game on one of the many flat screens.
Whether you are spending time around a cozy fire pit or hosting a barbecue, these homes will be the number one holiday and vacation destination among your family and friends.
---
*To see all of the things we loved and the 2016 Street of Dreams, [click here](https://lovejoyrealestate.com/street-of-dreams-2016/).*
**Categories:** Street of Dreams 2016, Portland Street of Dreams
---
### [What We Loved at Street of Dreams 2016: Art Imitating Nature](https://lovejoyrealestate.com/street-of-dreams-2016-art/)
**Published:** August 10, 2016
**Author:** Charles Turner
**Content:**
Recently, our team ventured to [Street of Dreams 2016](https://www.facebook.com/StreetofDreamsPDX/) in West Linn to get a look at out this year’s selection of homes to see what real estate trends are happening in the luxury market and to get some inspiration for our own homes. We wanted to get some unique perspectives on each of the homes, so we enlisted each of our buyers agents to write a blog post about the things they liked the most.
Melissa Messner is one of the newest agents on our team and always brings her unique perspective to everything. Read below to learn more about some of her favorite things she saw at Street of Dreams.
I was fascinated with all of the unique ways that Street of Dreams 2016 brought art and nature into the homes as an organic integral feature. Some of my favorite features included a rain wall, a stone outdoor shower, amazing floor to ceiling windows that opened completely creating access to the views and outside. But what captured my eye and heart the most was the art often celebrating nature that was interlaced throughout the homes, especially in my favorite home: Quintessence.
The gorgeous life size metal trees that graced the front of the house almost seemed living and their branched presence resonated in art throughout the house and my favorite feature: the gorgeous open outdoor fireplace that was ringed with metal cattails. This same home had a lovely rain wall and an open shower with a 2,200 pound boulder for seating. It also had my favorite barn door (seen below). This year’s Street of Dreams had an amazing amount of barn doors. The actual barn door was a magnificent piece of art.
It is such a celebration of the environment that it is the largest luxury home in Oregon to earn platinum level Earth Advantage Certification. Heating and cooling are estimated to be only $200 a month for this amazing 6,275 square foot home. Beauty, art, nature and function all make this a house that I can’t stop dreaming about.
---
*To see everything we loved and the 2016 Street of Dreams, [click here](https://lovejoyrealestate.com/street-of-dreams-2016/).*
**Categories:** Street of Dreams 2016, Portland Street of Dreams
---
### [What We Loved at Street of Dreams 2016: Wine Cellar](https://lovejoyrealestate.com/street-of-dreams-2016-wine-cellar/)
**Published:** August 4, 2016
**Author:** Charles Turner
**Content:**
As our team does every year, we headed to [Street of Dreams](http://www.streetofdreamspdx.com/p/about) to check out this year’s latest selection of gorgeous luxury homes to see what real estate trends are next, to get some inspiration for our own homes, and just to gaze at some fantastic homes. We asked our team to pick out something that they enjoyed the most about the homes and had them write about it.
Jessica Berger, our Director of Sales, loved the wine cellar in the second home so much that she had to claim it as the piece she was going to write about as soon as she saw it so nobody else on our team could take her favorite thing. Check out her thoughts below.
My favorite event of the year is the Street of Dreams. I love being able to follow the trends in high end homes so I can let me buyers know what the next big thing will be. There are always many things that I love about each of the homes, but for me, the biggest stand out was the wine cellar with a glass ceiling.
On the main floor, you can walk out of the kitchen and look down into your wine cellar. No need to be wary of the glass floor. It is very thick glass with steel reinforced beams supporting it which gives it an almost industrial feel. This fits very well with the house as the home features many industrial accents throughout the home.
When you travel down to the lower level, you can really see how stunning the wine cellar is. There is ample built in wine storage as well as a gorgeous display wall for your finer wines. The other two walls are tempered glass so you can admire your fantastic wine collection from any angle while you are downstairs. The room is also big enough to fit a small table and some chairs, which is perfect for hosting a little wine tasting with your friends.
While not every home can have a wine cellar, those that do will surely aspire to be like this one. If you have a chance to check it out this year, don’t miss Street of Dreams!
---
*To see all of the things we loved and the 2016 Street of Dreams, [click here](https://lovejoyrealestate.com/street-of-dreams-2016/).*
**Categories:** Street of Dreams 2016, Portland Street of Dreams
---
### [Using Drone Photography to Enhance Your Real Estate Listing](https://lovejoyrealestate.com/drone-photography-enhance-real-estate-listings/)
**Published:** August 2, 2016
**Author:** Charles Turner
**Content:**
With technology advancing at a constant rate these days, it’s sometimes hard to keep up. This is especially true in the real estate world. There is constantly a new way to enhance your listing and make it stand out. It’s tough to wade through all the different ways to make your listing unique to find the ones that truly work. Sometimes something will even goes away before it’s really gained traction in the marketplace.
We’ve always wanted to be at the forefront when it comes to technology ready to embrace these trends and be one of the first to try them out and see how they can help our listing, evidenced by our Matterport camera, that we use to do 3D tours of all of our properties.
One of the newer trends that appears to have found it’s place in the market is drone photography. Drone photography has of course become incredibly popular over the last few years as the drone industry has taken off, but how can we apply the use of drones to real estate?
There are certain homes or properties for which the real estate listing can be greatly enhanced with the use of drone photography. A large house with a spectacular view or a expansive plot of land fit this criteria perfectly as it allows you to show off the views and the property at the same time, which often isn’t possible with traditional photography.
Drone getting ready to take off to shoot photos at our listing on 649 NW Alpine TerraceWe decided our latest listing on NW Alpine Terrace in the Northwest Hills would benefit greatly from drone photography due to the size of the home and the beautiful views from this gorgeous home.
The process only takes about 20-30 minutes to finish since there are only so many photographs the photographer needs to take, but the results as you can see below, are outstanding.
Contact us today if you’re interested in learning more about how we can give your home that extra potential it needs when you list with us.
**Categories:** Real Estate News & Tips
---
### [RMLS Market Action: June 2016](https://lovejoyrealestate.com/rmls-market-action-june-2016/)
**Published:** July 20, 2016
**Author:** Charles Turner
**Content:**
The Portland Metro area RMLS Market Action for June 2016 was just released, and the numbers look a little more promising for buyers than they have in recent months. Inventory has slightly increased, Prices are increasing – but not at as dramatic rates as months past – and the number of active listings is the highest it’s been in 2016.
Over the course of 2016 inventory has been staggeringly low. From a high of just 1.8 months in January and February, to a low of 1.3 months in March. It’s managed to slowly climb back to 1.5 months. Buyers will be optimistic this upward trend continues, but it’s still a far cry from where buyers probably want it to be.
On the selling side, the market of course remains excellent. Average and median prices have both gone up $10,000 and $8,000 respectively, and time on the market has dropped to 33 days. [A little over a year ago](https://lovejoyrealestate.com/2015/06/may-2015-rmls-market-action/) we called a time on market of 55 days staggering, so we’re not even sure what to call this. That number is likely the result of the inventory being so low that many homes are still receiving multiple offers so buyers have been prepared to be fast with their offers for a while now. Sellers can expect to sell their home very quickly if it’s priced well.
With interest rates expected to rise in the next year, now may be the time for homeowners who may be interested in selling to start taking a hard look at it as the increasing inventory could make finding their next home after selling a bit easier.
**Categories:** Real Estate News & Tips
---
### [RMLS Portland Market Action: May 2016](https://lovejoyrealestate.com/rmls-portland-market-action-may-2016/)
**Published:** June 16, 2016
**Author:** Charles Turner
**Content:**
Recently there has been a lot of suggestion that the red hot Portland real estate market may be cooling down a bit. People feel like they are seeing less activity on the market, more houses available, etc. Is this true? Is the market finally levelling off? Or is this all just rumors?
Lucky for us, the May 2016 RMLS market action just released, and rather than take a blind guess at what’s actually going on in the market we can look at facts and data to find out, so let’s take a look at the data after the jump.
The numbers for April didn’t match some of the high month to month increases we’ve seen in recent years, but the numbers aren’t entirely flat.
The best news for buyers may be that average sale prices may be slowing down and they only increased by about $5,000 to $402,500. Compared to the last couple of months when average sale prices increased by over $10,000 each month. This may not be the greatest news for buyers, as this marks the first time ever that the average Portland home has cost over $400,000.
There was a small increase in new listings over April, but there was also a slight increase in pending sales over April, which means there is still only 1.4 months of available inventory in Portland. The small amount of inventory is likely impacting the still decreasing time on market, which fell to a three year low of just 37 days.
Heading into the typically busy summer, it would appear that the market may have reached a bit of a peak in terms of price, Is it a peak or just a point on an upward trend?
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [New Development in Portland: Five Unique Projects](https://lovejoyrealestate.com/new-development-in-portland/)
**Published:** May 31, 2016
**Author:** Charles Turner
**Content:**
If you’ve spent any time in Portland in the last couple of years, you’ve probably seen the abundance of construction happening. Portland is booming, and there seems like there’s a new project popping up every single day.
Taking inspiration from[ Next Portland’s](http://www.nextportland.com/) extensive map of upcoming and ongoing construction projects, we’ve gone through and selected a few of the more interesting projects that are under construction or soon to be that are helping to shape the future of an ever expanding Portland.
### James Beard Public Market
Portland native James Beard’s legacy is known throughout the food world, and the [The Historic Portland Public Market Foundation](http://jamesbeardmarket.com/) has been working for over a decade to conceive their vision of a flagship public market that showcases the wealth of food farmed and produced right here in Portland that James Beard loved so much. The market will be located at the west end of the Morrison Bridge on Naito Parkway. Unfortunately for food lovers, the project won’t break ground until 2018.
### Oregon Square
The [Oregon Square development](http://www.oregonlive.com/business/index.ssf/2015/03/lloyd_district_redevelopment_p.html) is looking to radically change the face of the neighborhood. The development will add over 900 brand new apartments, with the cornerstone building of the development being the largest building east of the Willamette in Oregon. The developers aren’t just adding the buildings to the area either, they’re also adding over 100,000 square feet of open space. Adding a vast amount of open space to a densely populated area of the city will certainly be a welcome addition.
### Framework
The Pearl District has probably undergone the most significant transformation in Portland over recent years, but nothing will be as radical as Framework, the first tall timber structure in Portland. Using cross laminated timber to build the frame of the building, the firms behind the building are hoping the building will be on the forefront of green skyscraper design in the nation. Framework will consist of a mix of office space as well as low income housing.
### Under Armor Western Campus
For over 30 years Nike has been the company everyone thinks of when they think of sportswear in Oregon. Under Armor is hoping to change that with their [brand new offices in Southwest Portland](http://www.oregonlive.com/playbooks-profits/index.ssf/2015/04/under_armours_portland_expansi.html). Taking over the former Metro Family YMCA space, Under Armor hopes to make their mark in the Pacific Northwest with a beautiful new office space.
### PSU School of Business
[The over $60m renovation of the Portland State University School of Business](http://www.psuf.org/expansion-psus-school-business-administration-will-have-wide-ranging-impact) will almost triple the amount of space the school has and will allow for more collaborative space for students and will provide a hub for visiting speakers and business leaders visit campus.
What’s your favorite new project going up in Portland? Did we miss one? Let us know in the comments!
**Categories:** Real Estate News & Tips
**Tags:** Port
---
### [How Much Are Home Inspections Going to Cost You?](https://lovejoyrealestate.com/home-inspections-cost/)
**Published:** May 25, 2016
**Author:** Charles Turner
**Content:**
After you’ve gotten your offer accepted on a home, the next step most buyers take is going through the different home inspections that you need to make sure the home is truly the dream home you’re hoping it is.
Inspections are entirely voluntary though, and with [the market as hot as it has been](https://lovejoyrealestate.com/realestate/2016/05/rmls-portland-market-action-april-2016/) recently, some buyers are choosing to waive inspections entirely, and are prepared to deal with any issues that may come up on their own.
For the vast majority of buyers, taking the risk of not knowing what issues might come up before you sign the paperwork is not feasible. There are so many inspections available though, and it’s hard to know which inspections to do and how much this might set you back.
Every home is different and the home inspections you should do vary depending on a number of variables (You’re not going to need an underground sprinkler inspection on a new construction condo.)
Typically we recommend three “must have” inspections for our buyers: general, radon, and sewer. An oil tank search or soil sample is property specific based on records (or lack of). [The Oregon Property Buyer Advisory](http://www.hs1.com/info/hs1oregonpropertybuyeradvisory.pdf) outlines other possible inspections, which may be recommended for your transaction.
## **General Home Inspections**
A general inspection is the most common home inspection, and an inspection that most buyers will have done. It covers things like electrical wiring, roofing, insulation, plumbing, as well as structural features of the home.
General inspections will typically run about **$400-500** depending on various factors. There are many things that can be found with a general inspection and often your agent will advise you on what you should do next when issues come up. Inspectors do not provide bids for the repairs.
## **Radon Inspection**
Radon gas is a naturally occurring radioactive gas and can build up in enclosed spaces, and it’s important to check for, especially in basements. Radon is the second leading cause of lung cancer behind smoking! A radon inspection will typically cost about **$125**. The electronic monitoring device is set up for 72 hours on the lowest floor with usable living space. If high levels of Radon are found, typically it is recommended to install a Radon mitigation system. [*These are our previous posts regarding radon.* ](https://lovejoyrealestate.com/realestate/tag/radon/)
## **Sewer Scope Inspection**
It’s important to check your sewer system to make sure that there are no cracks, root intrusions, or other common issues associated with sewer lines. A party sewer, where one or more houses share a single connection to the sewer, violates Portland code and must be corrected. A homeowner in Portland is responsible for the sewer line from the house to the curb. It’s a quick test and takes about an hour, and will typically cost **$125.**
All told you’ll probably be looking at about **$700** to get the home inspected. That’s not an insignificant amount of money to be spending, but the peace of mind that it provides to ensure that issues with a house are known before you finalize the purchase, is priceless.
**Categories:** Home Inspections
**Tags:** Home Inspections, radon, sewer scope
---
### [Multiple Offers: Rising Above the Crowd](https://lovejoyrealestate.com/multiple-offers/)
**Published:** May 19, 2016
**Author:** Charles Turner
**Content:**
If you’ve been looking to buy a home in the Portland Real Estate market in the last few months, you may have had first hand experience with a home with multiple offers. If you’re one of the many people with an offer on a house, it can be a nervous period for you, worrying that your offer may not get accepted and you’re going to have to end up looking at more homes and working with your agent to write more offers. You don’t want to do that, you want to be able to move into your new house now, not wait to find another house. Follow along below as we take a look at a few tips for getting your offer accepted so you can get a new home without writing 100 offers.
## Cash is (not always) king
Presenting a cash offer can be a very strong way to ensure that your offer is accepted, but most people don’t have hundreds of thousands of dollars in cash just sitting around. How do you counter those cash buyers?
1. **Make sure you’re not just pre-qualified, but pre-approved for a specific amount**. Pre-approval guarantees that your finances are what they need to be and that the seller won’t run into issues when completing the transaction.
2. **Work with a local lender.** This can help assure both sides that the transaction will be smoother, as you can .
3.
4. **Increase your earnest money.** Having a solid amount of earnest money tells the seller you’re not messing around and that you’re ready to buy.
## Make your offer irresistible
The most money doesn’t always win the bidding war. Making your offer terms better than the next offer can often get you put on top of the pile when it comes to multiple offers. Doing things like limiting your contingencies and shortening your contingency periods shorter can help boost you past offers that may be higher but demand a lot of the seller.
Making yourself flexible can also help as well. Maybe you’re able to offer rent back so the seller can find their next home, and maybe you’re even willing to offer free rent back to sweeten the deal. Making the closing date flexible can also help. Maybe the seller wants to move quick, or perhaps they need some time to close. Giving the seller this kind of leeway can help.
## Let your agent guide you
Your agent is there to assist you and guide you through the whole process, and a good agent will take those extra steps to assure that you’re being taken care of. They can build a rapport with the seller’s agent in order to try and find out what the seller is looking for so that your offer is more likely to get accepted. They can also connect with your lender and go over the property with them so that they know what to expect when it comes time for your loan to be approved.
Hopefully this has prepared you to battle through multiple offers, and when you’re ready to take the leap, [contact us](http://turnerrealtors.com/contact/) if you’re looking for an agent willing to step up and help you navigate a multiple offer situation.
**Categories:** First Time Buyer, Real Estate News & Tips
---
### [RMLS Portland Market Action: April 2016](https://lovejoyrealestate.com/rmls-portland-market-action-april-2016/)
**Published:** May 13, 2016
**Author:** Charles Turner
**Content:**
The Portland Market Action report from RMLS for April 2016 was just released, and may be a little early to speculate, but it could be quite the summer for real estate in the Portland Metro area if the market continues to trend like it has been. On the sales side, all of the numbers are up and the Portland market continues to be one of the hottest markets in the nation.
The good news for buyers is that there were over 500 more new listings in April compared to March, bringing up the total inventory very slightly from 1.3 months of inventory to 1.4. If you’re looking to buy there are a few more options available than there were just a month ago.
The downside for buyers is that the average time on the market has dropped 8 days from 51 days to 43 days. Many homes are often getting multiple offers and closing shortly after they’ve gone on the market. As a buyer you need to be prepared for this and make sure you present a strong offer in hopes of being selected.
On the flipside, if you’re looking to sell your home there may be no better time than now. Average and median home prices continue to climb to all times highs in the metro area, reaching $397,000 and $350,000 respectively. These numbers are each over $10,000 higher than they were just last month. The only thing sellers need to worry about in this market is being able to find a home quick enough that they can purchase before their current home is sold.
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Does Portland have a good bike score?](https://lovejoyrealestate.com/portland-bike-score/)
**Published:** May 5, 2016
**Author:** Charles Turner
**Content:**
We’ve talked about walk scores in the past on the blog, but what if your preferred method of transportation is via bike?
Using your bike as your primary mode of transportation certainly isn’t something Portlanders are unfamiliar with. According to Forbes, [Portland is the 3rd most bike friendly city in the US](http://www.forbes.com/sites/frankbi/2015/05/14/the-most-bike-friendly-cities-in-the-u-s-ranked/#20ca1c521b34), and you’ve surely seen plenty of cyclists all around as you’ve traveled around the city.
The chart above shows the top 10 neighborhoods ranked by bike score ([click here for the full list](https://www.walkscore.com/OR/Portland)). Many of these probably aren’t too surprising, these are some of the more densely populated parts of the city and feature plenty of shops and things to do very close to each other. What about some of the neighborhoods that have great bike scores, but fly a little under the radar? Let’s take a look at a few of them.
### Arbor Lodge
With an impressive bike score of 95, Arbor Lodge is a cyclist’s paradise. The North Portland neighborhood is a breeze to navigate by bike thanks to an abundance of bike lanes and the almost completely level elevation of the area. There is a high concentration of shops and restaurants in the area, and you should have no issue getting your daily errands done via bike. Arbor Lodge features some fantastic homes like the ones featured below.
\[idx-listings zip=”97217″ statuses=”1″ propertytypes=”150″orderby=”DateAdded” orderdir=”DESC” count=”3″\]
### Irvington
This beautiful neighborhood features a high density of historic homes from the 20’s and 30’s, as well as a bike score of 93. What could be better than taking a trip through one of Portland’s most historic neighborhoods and getting your daily errands done while you’re on your bike? Check out a few listings from the Irvington area below.
\[idx-listings zip=”97212″ statuses=”1″ propertytypes=”150″ orderby=”DateAdded” orderdir=”DESC” count=”3″\]
### South Tabor
The South Tabor area might not be the first neighborhood people think of when it comes to bikeability, but they’re certainly no slouch with a score of 93. South Tabor is a very heavily residential neighborhood featuring a vast selection of restaurants and bars. For the more adventurous cyclist who may not always want the easy, flat commute through the neighborhood, Mt. Tabor sits in waiting close by.
\[idx-listings zip=”97206″ statuses=”1″ propertytypes=”150″ orderby=”DateAdded” orderdir=”DESC” count=”3″\]
There are so many other Portland neighborhoods that are great for biking, what are some of your favorite? Let us know in the comments.
**Categories:** Real Estate News & Tips
---
### [Portland Home Prices Lead the Nation](https://lovejoyrealestate.com/portland-home-prices-lead-nation/)
**Published:** April 11, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/04/bigstock-New-Home-In-Wilsonville-Oregon-777957411.jpg)Experts are turning in more in depth analysis and issuing predictions for the US housing market for the rest of the year. The Portland home market is one of the fastest-growing in the nation. January 2016 was the fourth straight month where the price gains of metro Portland real estate led the rest of the country. Between January 2015 and January 2016, Portland home prices gained 11.8 percent. Seattle and San Francisco held the second and third place, with gains of 10.7 percent and 10.5 percent, respectively.
From December 2015 to January 2016, Portland was also near the top of the list for price gains, with a gain of 0.4 percent. Miami and San Diego had the same monthly gain. Los Angeles topped the list with a 0.5 percent gain. San Francisco lost 0.7 percent over the same period.
Low inventory seems to be the major drive behind Portland’s rising housing costs. In January and February, there was a 1.8 months’ supply of homes, that is, it is estimated that at the current prices, it would take less than two months to sell off the inventory of homes for sale. The increase in housing prices is hardest for first-time buyers and those with lower incomes. However, the high prices are also enticing for those who might want to sell a home to trade up, which could have a positive effect on supply.
**Categories:** Real Estate News & Tips
---
### [Tour the Retro Homes of People Who Live in Portland](https://lovejoyrealestate.com/tour-retro-homes-people-live-portland/)
**Published:** April 6, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/04/bigstock-Interiors-nice-living-room-of-91165679.jpg)Come out to see how those who live in Portland have restored historic homes to fit into today’s modern standard. The Old House Revival Tour will take place on Saturday, April 9th 2016 from 10 a.m. until 4 p.m. Guests can explore eight historic homes and also visit with homeowners and contractors who have been through the process of working on such properties. There are many who feel overwhelmed with the thought of purchasing a historic Portland property, but there are many rewards in saving these gems from demolition and bringing them back to their once grand state.
**See Renovated Vintage Portland Property**
Homes on the tour will range in building date from the 1800’s to the 1960’s. Even if a home renovation is not in your near future, it can still be really fun to explore these older homes. Find some inspiration for your own home, no matter the age, from others who live in Portland. Find a new use for that nook or cranny, get new ideas for built ins around the fireplace, or perhaps general decorating or landscaping ideas. Tickets are $30 for adults, $20 for members of the Architectural Heritage Center, and $15 for young preservationists ages 18-25. Visit the [Architectural Heritage Center](https://architecturalheritagecenter.z2systems.com/np/clients/architecturalheritagecenter/event.jsp?event=1633) to learn more about this event, view a map of the homes on the tour, and to register online.
**Categories:** Real Estate News & Tips
---
### [Portland Home Sales See Strong Gains in February](https://lovejoyrealestate.com/portland-home-sales-strong-gains-february/)
**Published:** April 4, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/04/bigstock-Mixed-Race-Excited-Military-Co-80338202.jpg)The National Association of Realtors has just released the Pending Home Sales Index for February. The PHSI is based on contract signings and is a sign of how the market will perform in the coming months. February’s PHSI was 109.1, which is 3.5% higher than January’s 105.4. It’s also 0.7% higher than February 2015. Anyone on the market for a Portland home this spring should pay attention to what these numbers mean. Experts believe that two factors are driving the increase in the PHSI. The first is low interest rates, which have reached their lowest level in about a year. A small increase in housing inventory is the second factor.
**Increased Inventory of Metro Portland Real Estate Driving Home Sales**
If these trends continue, people on the market for metro Portland real estate might have an easier time negotiating a favorable price. More inventory means buyers can check out another Portland home if a seller won’t work with them on the price. Less competition makes for a less stressful buying experience and may lure people to the market who are waiting for prices to come down a bit and for bidding wars to subside. Real estate experts agree that for spring sales to increase over last year, inventory must increase, which it is expected to do.
Call our office to find out about the latest trends in Portland neighborhoods and get advice on buying and selling Portland real estate.
**Categories:** Real Estate News & Tips
---
### [Oregon Rail Heritage Center Is a Fun Place for Those Who Live in Portland](https://lovejoyrealestate.com/oregon-rail-heritage-center-fun-place-live-portland/)
**Published:** March 28, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/03/bigstock-Train-Engine-With-Flags-3357279.jpg)The Oregon Rail Heritage Center is an interesting place for all who live in Portland to visit. This can be an especially great place for families with little ones who love trains. Come often to see the changing exhibits about the history of the railroad in Oregon. In addition to the exhibits, guests are able to go on a guided tour of the big engines, shop at the giftshop, and even take a short train ride. The Oregon Rail Heritage Center is home to three locomotives, two of which have been restored after sitting out in the weather for many years. The third locomotive is currently being restored and will join this group of operating locomotives upon completion. All who live in Portland are invited to come visit on a Saturday and enjoy a short trip on the Oregon Pacific Railroad to the Oaks Bottom Wildlife Refuge. Call 503-233-1156 to inquire about this train ride.
**Portland Property Owners Explore Trains and Rail History**
The Oregon Rail Heritage Center is located at 2250 SE Water Ave. in Portland and is open from 1 until 5 p.m. Thursdays through Sundays. Admission is free, but donations are greatly appreciated so that this facility can continue to be open to the public. The ORHC is also a great option for holding a child’s birthday party. Prices begin at just $100 and this is a fun way to hold a party away from your Portland property. Visit [Oregon Rail Heritage Center](http://www.orhf.org/%20) to learn more and to plan a visit.
**Categories:** Real Estate News & Tips
---
### [Should You Get Solar Panels for Your Portland Home?](https://lovejoyrealestate.com/solar-panels-portland-home/)
**Published:** March 23, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/03/bigstock-Solar-Panel-On-A-Red-Roof-14532428.jpg)Many homeowners are looking for green energy solutions for their Portland home. One idea to look into is solar power. Solar panels can cut down costs and also drastically reduce the amount of carbon dioxide a home uses. Installing solar panels could be a great idea, but there are many things to keep in mind before deciding if they are right for your Portland home. First of all, is there a clear enough space on your roof to collect sunlight between the hours of 10 a.m. and 2 p.m.? Are there too many trees in the way, or does your roof have a chimney, skylights, or other vents that would impede installation? Solar panels are also most often installed on asphalt or composite shingles. If your roof is composed of a different material, it is best to check with an installer to see if it is even possible.
**Metro Portland Real Estate Must Get Enough Daytime Sun**
Only install solar panels if the roof of your metro Portland real estate has many years of life left. Families should also consider how much energy they use and expect to use in the coming years. Go over past bills to find the average energy consumption of the household, then do the calculations to see if the cost of installing solar panels would be worth it for your family. Be sure to educate yourself on permits required as well as any rebates that are out there for going green. Find a quality installation company to work with and research all the options before deciding if solar panels are the right fit for your home.
**Categories:** Real Estate News & Tips
---
### [BikeBar is the Brewpub for Cyclists Who Live in Portland](https://lovejoyrealestate.com/bikebar-brewpub-cyclists-live-portland/)
**Published:** March 21, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/03/bigstock-Bike-52521976.jpg)Cyclists who live in Portland are welcome to head over to BikeBar, a bicycle- and family-friendly brewpub and restaurant. Proudly serving up Hopworks beer, there’s a great variety to choose from. Try India red ales or pale ales, wheat beers, ciders, stouts, or lagers. BikeBar is the place to go for lunch or dinner and also has a great happy hour. Actually, there are two happy hours. Come in from 3 to 6 p.m. or from 9 p.m. to closing every day of the week. The happy hour menu includes garlic fries, Hopworks famous pretzels, black bean corn cakes, warrior wings, meatball sliders, and more. These appetizer-sized plates are all under $6.
**Sample Hopworks Beer Brewed on Portland Property**
If you work on commercial Portland property, go to BikeBar for the lunch special. Have a slice of pizza with a salad and a soda or a beer before heading back to work. There are also great burgers, sandwiches, and build your own pizzas and calzones. Families that live in Portland are more than welcome to bring their kids, and the little ones can choose their favorites off a special menu just for them. BikeBar prides itself on using the highest quality ingredients, locally sourced and organically grown when possible.
Visit [BikeBar online](http://hopworksbeer.com/eat/bikebar) to see the full menu and plan a meal out.
**Categories:** Real Estate News & Tips
---
### [Selling a Portland Home? Price It Right for the Market](https://lovejoyrealestate.com/selling-portland-home-price-market/)
**Published:** March 16, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/03/bigstock-Property-Value-Real-Estate-C-99391091.jpg)If you’re thinking of selling your Portland home, one of the most important things you can do is get your house appraised and set the asking price in accord with the appraiser’s evaluation. It is very common for homeowners to believe that their homes are worth several thousand dollars more than they actually are. When you’ve lived in the same house for many years and made significant improvements, the house is of great value to you. However, when you’re looking to enter the metro Portland real estate market, it’s important to price your house competitively so that it will sell in a timely manner. A house that’s been hanging around for weeks or months will look less attractive to buyers. People wonder if it’s taking too long to sell because of some issue with it. Appraisers are looking at homes in your area every day and have a very clear idea of what the current market conditions really are.
**Get Metro Portland Real Estate Appraised to Get True Market Value**
In fact, studies have found that, on average, homeowners are currently valuing their homes at about 2% higher than appraisers. This may not sound like a lot. But if you take 2% of $300,000, which is the current average price of a Portland home, you get $6,000, which is a significant amount of money. Market conditions are constantly changing. While the classic example of pricing a house incorrectly is pricing too high, the opposite situation does sometimes occur, and homeowners think their house is worth less than it really is. Because the real estate market is so volatile right now, it’s wise to take the advice of professionals who are in the thick of home buying and selling. Feel free to call our office to talk about your home selling plans.
**Categories:** Real Estate News & Tips
---
### [Live in Portland and Celebrate Paddy’s Day](https://lovejoyrealestate.com/live-portland-celebrate-paddys-day/)
**Published:** March 14, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/03/bigstock-Mug-Of-Beer-On-Wooden-Backgrou-120630689.jpg)Irish folks who live in Portland are smiling at Paddy’s 2016 St. Patrick’s Day Celebration. This downtown Portland property shuts down the street for an Irish party like no other each March 17th. In its 7th year, Paddy’s annual event brings a bit of Irish culture to the neighborhood. Opening at 11 a.m. the soulful sound of bagpipes fills the air. A day brimming with Irish traditions follows. Savor Irish fare with an authentic meal of corned beef and cabbage. Toast to friends and neighbors that live in Portland with a sip of Guinness and take part in cultural music and dancing. Live acts include AnDaire Irish Dancers, Galway Ramblers and the Boys of Malin. Partygoers can also purchase a chance to win a trip for two to Ireland. The winner will travel to the Emerald Isle in style with paid air fare, lodging and a trip to the Guinness Factory.
**Music, Food, and Drink Flow at Paddy’s Portland Property**
A select amount of VIP passes are available at the pub for advance purchase. Perks consist of no wait access, private bar privileges and preferred seating. VIP Passholders may also indulge in complimentary whisky tastings. Benefiting the Children’s Cancer Association the fundraiser has collected thousands of dollars through the years.
As the oldest pub in downtown Portland this historic establishment has been the site of many St. Paddy’s Day revelries. For more information please visit Paddy’s website. Raise up a pint of Irish ale and join the fun!
**Categories:** Real Estate News & Tips
---
### [Timing Is Everything When Selling a Portland Home](https://lovejoyrealestate.com/timing-selling-portland-home/)
**Published:** March 9, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/03/bigstock-Sold-Home-For-Sale-Real-Estate-108735764.jpg)If you’re thinking of selling a Portland home, a new study will be of interest to you. This study found that homes sold in late spring, defined as May 1st through 15th, sell on average 18.5 days faster and for one percent more of the listing price than homes sold at other times of the year. Low inventory is a major factor determining the speed of sales as well as prices. The metro Portland real estate market is very competitive, with buyers usually looking at many homes and putting in several offers in a short time frame. Experts believe that the increase in selling prices, as well was the quick selling times, reflect the fact that buyers are getting more impatient later in the home buying season. Buyers are often willing to pay a premium price in order to make sure they secure a home.
**Metro Portland Real Estate Prices Affected by Weather**
The other thing to consider when selling a Portland home is weather. Markets with distinct seasons, like the Portland area, see the biggest difference in prices, depending on the season in which a house is sold. Sellers who have some flexibility about when to put their homes on the market should consider these factors carefully. Be sure to have a discussion with an experienced real estate agent to help determine the best time to put your home on the market.
**Categories:** Real Estate News & Tips
---
### [Outdoor Enthusiasts Who Live in Portland Enjoy Forest Park](https://lovejoyrealestate.com/outdoor-enthusiasts-live-portland-enjoy-forest-park/)
**Published:** March 7, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/03/bigstock-Trail-To-Punch-Bowl-Falls-Oreg-50706341.jpg)If you live in Portland or nearby, embrace nature at Forest Park and feel your spirit rejuvenate. With over five thousand acres of glorious wilderness there is plenty of outdoor space to explore. Located at NW 29th Avenue and Upshur Street to Newberry Road, the park has a multitude of trails and pathways waiting for you to explore. Hikers, whether expert or novice will find walkways to satisfy them. There are also expert led hiking excursions designed to educate participants about Forest Park, its resident animals and their surrounding habitats. During these Forest Park Discovery Hikes, staff naturalists and volunteers help hikers spot local birds and creatures while learning the history of the land.
**Explore Untamed Portland Property**
Equestrians who live in Portland can enjoy the scenic views from uptop their horses on designated trails. Bicyclists will find their own marked trails to ride upon as well. Forest Park hours are from 5 a.m. to 10 p.m. Take an early morning hike as the sun rises or a wind down the day watching a glorious sunset on this seemingly never ending Portland property.
Portland residents should consider becoming a part of the Forest Park Conservatory. Volunteers find plenty of opportunities to assist in the conservation and maintenance of beautiful Forest Park. Experience this natural wonderland today. Visit [Forest Park online](https://www.portlandoregon.gov/parks/finder/index.cfm?action=ViewPark&PropertyID=127) to get more information about hiking, horseback riding, and other activities.
**Categories:** Real Estate News & Tips
---
### [The Portland Home Market is Moving Fast](https://lovejoyrealestate.com/portland-home-market-moving-fast/)
**Published:** March 2, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/03/bigstock-Famous-Downtown-Portland-Orego-1529832.jpg)For the first time, metro Portland real estate has made it to realtor.com’s “hotness index”, coming in at number 16 for February 2016. A Portland home sold in an average of 45 days in February, down considerably from January’s 73 days. The usual pattern is to have a slow market through the winter months, with housing purchases really picking up in March or April.
**Metro Portland Real Estate is Number 16 on the Top 20 Hottest Markets**
Nationally, homes are on the market for an average of 96 days, so a Portland home is selling in less than half the time of much of the rest of the country. Markets on the top 20 list have homes on the market 44 to 78 days faster than the national average. Experts believe that the quick selling times is driven by two factors: strong demand and a small increase in housing inventory.
A fast market can take some of the stress out of the process for sellers, who don’t have to cope with the complications of keeping homes in showing-ready condition for weeks on end. Under these conditions, buyers need to be ready to decide quickly when they find the house they want to buy. Working with an experienced real estate agent can help to clarify the process. Feel free to contact our office to discuss your buying or selling needs and find out how we can help.
**Categories:** Real Estate News & Tips
---
### [Get Home Tips if You Live in Portland at the Home and Garden Show](https://lovejoyrealestate.com/home-tips-live-portland-home-garden-show/)
**Published:** February 24, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/02/bigstock-Multi-colored-blooming-petunia-21064448.jpg)Home owners who live in Portland can leap into Spring and get inspired at the Portland Home and Garden Show. Held at the Portland Expo Center February 25 through the 28th, this annual event packs the Portland property with a vast number of vendors offering goods, services and advice. The resources are here for projects big or little, simple or complex. Professionals are onsite with conceptual designs for remodeling homes, gardening and improvements. Look for new innovations, products and modernization designs.
**Find New Landscaping Choices for Your Portland Home**
The garden displays are showcased and an annual crowd favorite. A multitude of colors and scents, the plants and flowers highlighted are a definite sign that springtime is on the way and it’s time for rejuvenation. This year there is an emphasis on landscaping options. Several varieties of plants are available for purchase in the plant sale. Do it yourselfers that live in Portland will want to head over to the DIY stage where a variety of workshops will be scheduled. Watching the experts step by step is a wonderful way to become motivated. Don’t miss the largest Home and Garden Show in the State, now in its 69th year. General admission costs only $10 and children under 12 are admitted for free. Tickets may be purchased online at the [Portland Home and Garden Show](otshows.com).
**Categories:** Real Estate News & Tips
---
### [Quick and Easy Solutions to Make Your Portland Home Shine](https://lovejoyrealestate.com/quick-easy-solutions-portland-home-shine/)
**Published:** February 22, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/02/bigstock-Kitchen-utensils-92091971.jpg)Make your Portland home shine with a few of these ideas that cost less than $20.00. Fresh flowers add a vibrant touch to a home, but are expensive to keep well stocked. Consider a houseplant or a potted orchid to add the same effect. Also freshen up the look of your kitchen sink by adding decorative soap dispensers. Ditch the bottle of dish soap and put it in a nice dispenser that coordinates with your hand soap. As for the living space, a great and simple way to add class is to add an old fashioned clock.
Other handy and inexpensive ideas for your Portland home are centered around improving your organization. Clutter makes a house look messier and not as desirable. Baskets are a great way to keep coordinated items together. Toys, bathroom items, blankets, and just about anything you can think of will look better in a basket. Plus, you can often find them for cheap at second hand stores. Put remotes in a basket too, or find a nice box or other creative way to keep them all together and out of sight. Last, corral all of those cords dangling of around your metro Portland real estate. There are many do it yourself ideas online, or check out cable clips, cable twisters, leg cord manager, or a cable management box. With just a few dollars and a few minutes of your time, there are plenty of small things that can be done around the house to make it more appealing to the eye.
**Categories:** Real Estate News & Tips
---
### [Chowder Lovers Who Live in Portland Go to the Chowder Challenge](https://lovejoyrealestate.com/chowder-lovers-live-portland-chowder-challenge/)
**Published:** February 17, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/02/bigstock-Clam-Chowder-48181646.jpg)All who live in Portland are invited to come and help crown a new (or possibly returning) chowder champion. Twelve restaurants and pubs from around the region will come see who will take home the Chowder Cup in the 10th annual Chowder Challenge. The event will take place on Saturday, February 20th, 2016 from 12 p.m. until 3 p.m at Lompoc Fifth Quadrant, located at 3901 N Williams Avenue. Anyone aged twelve and above who wishes to participate can purchase a tasting tray of all twelve samples for only $10.00. The cups will not be labeled, and participants can vote for their favorite after tasting all samples. The chowder that gets the most votes will be proclaimed the People’s Choice Winner and will take the Chowder Cup back with them, as well as a cash prize.
The winner will earn bragging rights, and the proceeds from this event will directly benefit
young people who live in Portland via Portland’s Community Transitional School. Come to taste chowders from Lompoc Beer 5th Quadrant, Burnside Brewing Co, Cascade Brewing Barrel House, Farm House Cafe, D’s Bar, Pelican Brewing Company, Saraveza, Produce Row Cafe, Sports on Tap, Stormbreaker Brewing, Uptown Market, and Widmer Brothers Brewing. In addition to the delicious chowder, Portland property owners and all others who attend can enjoy live music, a beer garden, and a raffle for gift cards from the participants. Learn more at the [Chowder Challenge Facebook page](https://www.facebook.com/events/1659200937687671/).
**Categories:** Real Estate News & Tips
---
### [Ideas to Improve the Curb Appeal of Your Portland Home](https://lovejoyrealestate.com/ideas-improve-curb-appeal-portland-home/)
**Published:** February 15, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/02/bigstock-Luxury-house-at-dusk-in-Vancou-26752334.jpg)Curb appeal can add a great amount of value to your Portland home. Curb appeal not only makes your home more attractive to potential buyers, it can also increase the value by up to 17%. There are many small and big improvements that you can do to really make your house shine as people drive by to check it out.
Update your front door as well as your garage door. Sometimes a fresh coat of paint can do wonders, but often times it is a good idea to go ahead and replace the doors. A steel or fiberglass front door can be very attractive to a home buyer. There are also many choices for garage doors these days. Boring is out, and choosing a garage door that really fits the style of your home and makes a statement is in.
Make the front of your home look inviting through updated and improved lighting and adding furniture to the front porch. Help potential buyers feel safe by installing lamp posts that line the front walkway leading up to your Portland home, or choosing a new and modern light for your porch. Also help them envision being cozy and drinking coffee on the front porch with a bistro table or pair of rocking chairs.
A final idea is to spruce up the landscaping outside your metro Portland real estate. Plant some new flowers, pull weeds, care for your grass, and trim trees and shrubberies to make the yard look beautiful and orderly. Also consider adding a low-height fence to make the yard look longer and create an evident boundary around the property.
Take the time to really make sure the outside of your house shines before putting it on the market. First impressions are often very important in making a sale and getting the best price for your property.
**Categories:** Real Estate News & Tips
---
### [Get Lunch at Elephants Delicatessen and Live in Portland](https://lovejoyrealestate.com/lunch-elephants-delicatessen-live-portland/)
**Published:** February 10, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/02/bigstock-Grilled-Sandwiches-68455063.jpg)Elephants Delicatessen has been serving delicious food to those who live in Portland for over 30 years. Stop into one of the many locations around the Portland metro area and sit down to a fine meal. Patrons can also order food to take back to their Portland property, have a sack lunch delivered, or consider this company for any catering needs. All diners enjoy every bite knowing that the food is made from scratch every day from fresh ingredients. This company strives to be a positive member of the community. Elephants Delicatessen offers many special events at their shops, has a strong presence volunteering around Portland, makes generous monetary donations, and gives unsold food to a variety of community outreach programs at the end of the day.
Each location offers something a little different to all who live in Portland. Best known for sandwiches, try something new each time, or stick with an old favorite. Try a turkey club, tuna sandwich, grilled cheese and tomato, hand carved roast beef, and many others. Guests can also enjoy salads, baked goods, and breakfast at several locations. Sack lunches are available for delivery every day of the week between the hours of 10:30 a.m. and 4:30 p.m. Place an order by phone or email to have lunch brought to you. Visit [Elephants Delicatessen](http://www.elephantsdeli.com/%20) for ordering information, a full menu, a list of locations, and more details about this beloved Portland restaurant.
**Categories:** Real Estate News & Tips
---
### [Tips to Spruce Up Your Portland Home: Living Room Edition](https://lovejoyrealestate.com/tips-spruce-portland-home-living-room-edition/)
**Published:** February 8, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/02/bigstock-Modern-tastefully-decorated-li-11881280.jpg)There are many simple and cost effective ideas to revitalize one of the most used rooms in your Portland home, the living room. A no brainer to breathe new life into your living room is to choose new curtains. However, an idea you may not have considered is to use shower curtains to make over your windows. These are often less expensive than window curtains, often more durable, and come in a huge variety of colors and patterns. Many will work straight away on your current curtain rods, or a small amount of modification can make them the perfect fit for your Portland home.
Another idea that is making a comeback these days is to add glass accent pieces to your living space. That does not mean you need to dig up kitschy old vases and knickknacks, unless that’s the look you’re going for. For a more sleek look, add a tasteful etched glass door to an entryway, new coffee table, or a glass art piece to a bookcase can really make a difference. A final idea to enhance your metro Portland real estate is to change the color pattern in your living room. Change drab browns and tans into vibrant oranges or reds. Look around other parts of your home to find items that will match the new color scheme. Purchase new accent pillows to make a neutral couch pop, and choose storage containers for children’s toys other other items stored in the living room to match as well. With just a little thought and a small amount of money, homeowners can create a living space that will make you feel happy and relaxed and impress guests with your good taste.
**Categories:** Real Estate News & Tips
---
### [Live in Portland and Learn About Japanese American History](https://lovejoyrealestate.com/live-portland-learn-japanese-american-history/)
**Published:** February 3, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/02/bigstock-Japanese-Flowering-Cherry-blos-82406468.jpg)All who live in Portland are invited to come and learn more about Japanese American history at the Oregon Nikkei Legacy Center. Located in Portland’s Old Town neighborhood, which is where Japantown once prospered in the Portland area, this facility offers a permanent collection as well as rotating exhibits. Come take a stroll through the museum anytime Tuesday through Saturday between the hours of 11 a.m. and 3 p.m. or Sunday from 12 p.m. until 3 p.m. Admission is only $5.00, with reduced rates for large parties. Group tours of the museum are available in addition to school field trips, opportunities to do research, and traveling speaking presentations for classrooms or other community groups.
The permanent exhibits explore the beginnings of Japanese communities in the Portland area, how they grew, how the communities were interrupted after Pearl Harbor, and what today’s community looks like. There is a wealth of information online at the museum’s website and the rotating exhibits change a few times a year and guests can learn about things like Japanese labor camps, religious beliefs, and farming. Visit the [Oregon Nikkei Legacy Center](http://www.oregonnikkei.org/) to learn more about the story of Japanese Americans who live in Portland and plan a visit.
**Categories:** Real Estate News & Tips
---
### [Portland Home Sales Way Up in December 2015](https://lovejoyrealestate.com/portland-home-sales-december-2015/)
**Published:** February 1, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/02/bigstock-Happy-Family-After-Buying-New-6181243.jpg)December was a surprisingly active month for home sales throughout the country. The western quadrant of the country was especially active, including metro Portland real estate. Prices rose 8.2% from December 2014 to December 2015. Additionally, existing home sales jumped 11.9% in comparison to December 2014. This was in part because of a holdover from November, with home closures delayed by the implementation of the new Know Before You Owe rules. However, buyers were also motivated by increasing mortgage rates. While experts predict that the 2016 Portland home market might not reach the same level as it did in 2015, there is still much to be positive about right now.
People who desire to move to a larger Portland home will create inventory for those who are just entering the market. Low supply in general, and especially in the lower price brackets, has led to stiff competition. Buyers and sellers should also be aware that the new rules are leading to longer closing times. If you need to buy or sell on a specific time frame, consider starting a home search sooner rather than later. Be sure to work closely with your real estate agent so you can meet your deadline.
**Categories:** Real Estate News & Tips
---
### [Experience Exotic Plants that Live in Portland at Hoyt Arboretum](https://lovejoyrealestate.com/experience-exotic-plants-live-portland-hoyt-arboretum/)
**Published:** January 27, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/01/bigstock-Beautiful-cherry-blossoms-sha-15280346.jpg)There are an abundance of outdoor activities available to all who live in Portland. The Hoyt Arboretum is one place that offers trails, programs, rentals, as well as the chance to view rare and endangered plants. Because of the temperate Pacific Northwest climate, the arboretum has the ability to house a wide variety of plants, some of which you would have to travel around the world for another chance to view them. Enjoy a stroll around the grounds by yourself or with friends, go on a guided tour, attend an event or class, or consider hosting your wedding or other special event at the Hoyt Arboretum.
A short drive for Portland property owners, the arboretum is located just two miles west of downtown Portland. Come out for a tour that occurs most Saturdays April through October. Learn more about the plants from a guide on the 90 minute tour that leaves from the Visitor Center at 12 p.m. All who live in Portland are also invited to consider becoming a member of Hoyt Arboretum. This property exists because of generous people that become members or donate when they visit. Choose a membership for as little as $25 or as much as $1,000. Enjoy perks such as a 10% discount at the gift shop, free guided tours, discounts on classes, and invitations to member only events. Visit [Hoyt Arboretum](http://www.hoytarboretum.org/) to learn more about getting out and enjoying the great outdoors close to home.
**Categories:** Real Estate News & Tips
---
### [Portland Home Projects with High Return on Investment](https://lovejoyrealestate.com/portland-home-projects-high-return-investment/)
**Published:** January 25, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/01/bigstock-New-Entry-Door-Installation-69853.jpg)It is always a good idea to think about the return on investment before deciding on improvements for your Portland home. Sure, there is value in pursuing a project because it will make you happier in your home, but also think about how it will affect your home’s resale value. Some costly projects such as adding a master suite or adding a sunroom may sound like a great idea. However they will often offer a lower return on investment simply because of how costly the project is to undertake. They may not appeal to every buyer, either. A quick chat with a trusted realtor could help you prioritize your projects for your Portland home in terms of return on investment.
Surprisingly, one inexpensive improvement that has a highly effect on your home’s value is installing a new steel front door. First impressions are very important. Other projects that often have a high return on investment are a kitchen remodel, siding replacement, installing a new fireplace, turning an attic into a bedroom, and replacing the windows. Other metro Portland real estate improvement projects that may not a high return are turning a room into a home office or adding a new upscale garage. Choose your projects based on how much longer you plan to stay in your home. If you plan to sell soon, think about investment. If you plan to stay for a while, think about your happiness as well as the investment.
**Categories:** Real Estate News & Tips
---
### [Looking to Live in Portland? First Time Buyers and Boomers Lead the Market](https://lovejoyrealestate.com/live-portland-time-buyers-boomers-market/)
**Published:** January 20, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/01/bigstock-Happy-Young-Couple-Moving-Hous-13676345.jpg)The real estate market is changing, as more first time buyers are able to enter the market. As home values increase, more people are able to upgrade to a larger home, creating entry-level homes. People who live in Portland or are looking to move into the city will have more options as the market moves. The other big change in Portland property is that baby boomers are downsizing and moving into 55+ communities and other retirement-oriented housing. This is another change that is making room for first-time home buyers to find starter houses.
New construction is increasing, as developers are better able to get financing. This increasing inventory for first time home buyers, as well as baby boomers. A fair share of new construction is for age-specific communities. While some baby boomers are downsizing, many are looking for homes that are not necessarily smaller but are better set up to accommodate their lifestyles. Proximity to friends and activities is a premium for these buyers.
Going into 2016, we’re excited about a real estate market that is looking strong, fueled by a stronger economy over all. If you’d like to live in Portland, whether it’s your first time buying a house, you’re looking to expand, downsize, or just find something that works better for your life, get in touch with our office. We’re happy to help you find the right home for you.
**Categories:** Real Estate News & Tips
---
### [Attend Events Near Your Portland Home at the Crystal Ballroom](https://lovejoyrealestate.com/attend-events-portland-home-crystal-ballroom/)
**Published:** January 18, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/01/bigstock-Red-Chandelier-713451.jpg)A favorite spot for many who call Portland home is McMenamins Crystal Ballroom. Located on W. Burnside in downtown Portland, this property includes Ringlers Pub, Lola’s Room, the Crystal Hotel, and the Crystal Ballroom. This historic building hosts an impressive calendar of shows and is also available to rent for special occasions such as weddings, meetings, and other social events. Come on out for a musical concert, fashion event, holiday dance, themed event, and a variety of other occasions. Big names such as Bone Thugs-n-Harmony and Yonder Mountain String Band grace the stage as well as local artists looking for a great start in their Portland home.
Come to McMenamins Crystal Ballroom location for a drink after work, dinner with friends, for a special event, or for a tour. A 30 minute tour begins every day at 2 p.m. and meets at Ringlers Pub. Guests can view the Crystal Ballroom and Lola’s Room as well as take a Crystal Brewery Tour. This is a great activity for out of town guests visiting metro Portland real estate. McMenamins had its start in Portland and has since spread throughout Oregon and Washington, offering great beer, tasty food, and an unforgettable time to all who make a visit. Take a look at the [Crystal Ballroom website](http://www.mcmenamins.com/CrystalBallroom%20) to learn more and see a full schedule of events.
**Categories:** Real Estate News & Tips
---
### [All We Wanted for Christmas was some Inventory](https://lovejoyrealestate.com/wanted-christmas-inventory/)
**Published:** January 15, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/01/2016-01-15_06-04-12.jpg)Realtors and homebuyers spent the holidays wishing for more inventory. They didn’t get it. The just released RMLS Market Action reports just 1.2 months of inventory for Portland Metro, the lowest level since 1999! Metro is a five country area, if we look closer we find that North Portland’s inventory is .82 months, .92 months in NE, .94 in SE and 1.6 month on the west side.
December’s Market Action report also allows us to look at 2015. The average sales price rose 6.5% to $354,500 and the median price climbed 7.9% to $285,500. Activity was up to: closed sales up 20%, pending sales 22.5% and new listings 8.4%. We have low historically low inventory because the number of closed sales went up much more than the rate of new listings.
The Feds raised interest rates for the first time since 2006 in December. Will this cool the 2016 market? Will they raise rates again? It’s an election year. How will the market respond? The Dow is off 2000 points from its high. These are factors that could cool the market.
That said, we’ve already discussed super-low inventory. The rental market is crazy. It is often less expensive to own a home rather than to rent the same home. We understand that there are costs associated with it (down payment) but there are also tax advantages to go along with it. The average first time home buyer is putting down 4.5% on their home purchase. With any rate increase, a buyer’s buying power drops.
Portland has been in the news recently as a top migration destination and that adds to the already steep competition for a small selection of houses.
Will the questions drag the real estate market down or will the drivers continue to push it up? Baring any major shift in the questions, the market will continue its march.
As always, if you have questions as a buyer or seller, let us know and we’re happy to chat. Advice is always free.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** RMLS, Real Estate, Portland
---
### [Foodies Who Live in Portland Will Love Eat Adventures Food Tours](https://lovejoyrealestate.com/foodies-live-portland-love-eat-adventures-food-tours/)
**Published:** January 13, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/01/bigstock-people-leisure-and-food-conce-107274359.jpg)Eat Adventures Food Tours offer a great way to learn about the city of Portland and indulge in samples of its tastiest cuisine. Tours here are unique in that participants move from place to place in the comfortable “Eat Van”. This mode of transportation creates a casual and cozy atmosphere, perfect for interacting with the host and absorbing their knowledge of the city. Three main options are available for those who live in Portland or are new to the area and focus on wine tasting, food carts and upscale dining.
The Portland Urban Winery Tour focuses on wine tasting at its best. Chauffeured to first class local wineries, participants indulge in three separate samplings and delicious snacks while exploring the history of Pacific Northwest vineyards. Recommended for newcomers and tourists, the Portland Food Carts and Neighborhoods Tour navigates the city, showing patrons various neighborhoods and the best food cart businesses. Learning the lay of the land will help newbies find their way back to the Portland property where their their newest favorite food is waiting. The “Best of Portland” Tour has a bit of everything in it for those who live in Portland including visits to breweries, food carts and fine dining spots. Visit [Eat Adventures Food Tours](http://www.eatadventures.com/) today to schedule a tour today.
**Categories:** Real Estate News & Tips
---
### [Tips for Updating a Portland Home Kitchen](https://lovejoyrealestate.com/tips-updating-portland-home-kitchen/)
**Published:** January 11, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/01/bigstock-Coffee-Pot-Enamel-Mugs-And-Ru-69482668.jpg)Whether you’re considering putting your Portland home up for sale or you’d like to keep your new year’s resolution to have a tidier house, the kitchen is a good place to start with upgrades and improvements. The kitchen is the heart of the house, and it should be both functional and attractive. Before rushing out to buy new appliances or compare paint chips, start with decluttering. Go through your cabinets and donate or sell appliances and dishes you don’t use. When you can easily access the items you use on a daily basis, everything is going to run more smoothly.
You probably have special occasion or seasonal dishes or linens you use to decorate your Portland home. These items should be stored apart from the everyday things, but if they’re all together, you can pull them out for the next big dinner party without a fuss.
Once your kitchen is purged of unused clutter, sit down and think about the flow of the room. Where do you do food prep? Keep knives, cutting boards, mixing bowls and measuring cups close by. Do you have your pots and pans, stirring spoons and spatulas within easy reach of the stove? Are dishes near the dining table? Organizing dishes and tools so that they live near where they’re needed will streamline cooking and serving.
If you are planning to spruce up metro Portland real estate with a big kitchen facelift, come up with a design concept and palette to help organize your shopping. Try to keep appliances in one finish. Pick a paint color that highlights the color of your dishes. When you’re updating the kitchen for the purposes of selling the house, keep things fairly neutral to appeal to a broad range of tastes but don’t be afraid to have some fun with colorful towels or a statement clock.
**Categories:** Real Estate News & Tips
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### [Live in Portland and Repay Student Loans with New Program](https://lovejoyrealestate.com/student-loan-assistance-program-helps-young-adults-live-portland-home/)
**Published:** January 6, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/01/bigstock-Real-estate-agent-showing-hous-24611642-1.jpg)For young people who live in Portland and are struggling with repaying student loan debt, a new program could be a lifeline. The program, called the Revised Pay as You Earn program (REPAYE), caps student loan payments at 10 percent of discretionary income. Discretionary income is calculated as the difference between the adjusted gross income on the tax return and 150 percent of the current poverty level. The program also has loan forgiveness for those who have made payment for 20 years, or 25 years for graduate students.
The program is open to all students who have taken out federal student loans. No program will fit everyone. Those with low incomes might make too little for their payments to cover principal and interest, for example. Borrowers should check with a qualified student loan counsellor before signing up
It is hoped that this program will help people feel unable to make major financial decisions because of heavy student debts. Many in the millennial generation are putting off home buying because of student loan burdens. If you dream of owning Portland property, this program or one of the other federal student debt assistance programs may help you achieve your dream and live in Portland in a home you own.
**Categories:** Real Estate News & Tips
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### [Sample Spanish Tapas Near Your Portland Home at Bar Vivant](https://lovejoyrealestate.com/sample-spanish-tapas-portland-home-bar-vivant/)
**Published:** January 4, 2016
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2016/01/bigstock-Tapas-or-antipasto-food-medit-82606706.jpg)Travel to the tapas bars of San Sebastian in Spain without having to go far from your Portland home. Bar Vivant strives to offer an authentic experience of Spanish bar food–really, really good bar food, as they say. This is the place to meet up with friends, for good drinks and eats, while chatting about work, families, and life in general. Crowd around one of the stand-up tables, filling up on exotic dishes and savoring the flavors of Spain. The atmosphere is casual and convivial, and patrons should feel free to toss dirty napkins on the floor to make room for the next round of drinks or snacks.
Get a jump start on the weekend on Tapas Thursday. Before you head back to your Portland home, stop in for free tapas, with the purchase of adult beverages. Round up a group of friends so everyone can sample the amazing tastes of real tapas. Try tinto, a refreshing red wine, similar to sangria, or txakoli, a dry white wine, each just $4 a glass. Bottles of wine are 10% off, too.
For your next big party, consider Bar Vivant to cater the food. You can also rent the metro Portland real estate to make the party a night to remember. Go to [Bar Vivant](http://www.barvivant.com/) to see the menu and learn more about catering.
**Categories:** Real Estate News & Tips
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### [Chocolate-Loving Portland Home Owners Love Pix Patisserie](https://lovejoyrealestate.com/chocolateloving-portland-home-owners-love-pix-patisserie/)
**Published:** December 28, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/12/bigstock-Homemade-double-chocolate-maca-75005656.jpg)Anyone with a sweet tooth living in a Portland home should head out to Pix Patisserie for the best desserts in Portland. Stop in to try their famous macarons, which come in a dizzying array of flavors. From hazelnut to Scotch whiskey to chocolate, you’ll never go wrong. They hand-dip and mold their chocolates in 75% dark chocolate. For the kids in your Portland home, pick up a box of their “Kinder” surprise eggs, which come with a fun little toy. These are the ideal gift for all the chocolate lovers in your life. All of Pix’s treats can be ordered in advance to serve at your next party.
Pix also hosts decadent dessert events at their metro Portland real estate. Come in for one of their weekend teas. These include a pot of tea from Townsend’s Tea House, as well as a buffet of sweet and savory treats. Try macarons, salmon tea sandwiches, chocolate eclairs, and more. Call 971-271-7166 to reserve your spot.
Celebrate the New Year with a free midnight chocolate buffet at Pix. Purchase a beverage, then enjoy chocolate mousse, chocolate cake, chocolate truffles, and much more.
Visit [Pix Patisserie](http://www.pixpatisserie.com/about/) to see all the scrumptious offerings for your next party, as well as a current list of special events.
**Categories:** Real Estate News & Tips
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### [Rates Are Rising; Act Soon to Live in Portland](https://lovejoyrealestate.com/rates-rising-act-live-portland/)
**Published:** December 23, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/12/bigstock-Young-couple-meeting-financial-83287316.jpg)If you’d like to live in Portland and are starting a search for the right Portland property, you might want to decide sooner rather than later. Because of the continuing health of the economy, the Federal Reserve has raised the interest rate that banks charge each other for short term loans by a modest 0.25%. The increase will also impact interest rates for credit cards and mortgages, among other financial tools. This is the first rate hike since 2006 and shows the confidence the Fed has in the strength of the economy’s recovery.
This will not be a huge burden for mortgage payments. Most experts agree that the hike will help to slow price gains that have lead to a highly competitive market, especially for mid-priced homes. Many hope that this will lead to more price normalization. Experts also predict that this hike is probably the first of several small increases the Fed will make in the coming year.
At Turner Realty, we love to help people achieve their dreams of home ownership and live in Portland, with all its natural beauty and quirky culture. For help with finding the right home for your life, feel free to [contact us](http://turnerrealtors.com/contact/). We’d be happy to discuss your plans and what the rate increase will mean for you.
**Categories:** Real Estate News & Tips
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### [Portland Home Owners Decorate for the Holidays on Peacock Lane](https://lovejoyrealestate.com/portland-home-owners-decorate-holidays-peacock-lane/)
**Published:** December 21, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/12/bigstock-Beautiful-Christmas-lights-dis-15284504.jpg)Start or continue a holiday tradition by visiting a neighborhood where each resident decorates their Portland home for Christmas every year. This neighborhood, located in the southeastern part of Portland between SE Stark Street and SE Belmont Street and one block east of SE 39th, is truly a sight to see. Bring the whole family to view twinkling lights, Santa, Frosty, and Rudolph replicas, nativity scenes, spinning Christmas trees, and anything else these Portland home owners can cook up.
It is best to view the lights on foot, as the area can become quite crowded. Park a few blocks away and walk over. If you would like to come view the lights from your car, it is best to come view them at a day and time that is not as popular such as before 7 p.m. or after 10 p.m. The lights are available for viewing from December 15th until December 31st from 6 p.m. until 11 p.m. Pedestrian only nights are December 18th, 19th, and 20th. Cocoa and cider are available each night for the visitors at no charge. Donations can be made at the booth to benefit a local charity. One of the best things about this event is that these are just regular metro Portland real estate owners who decided to decorate their homes and allow others to come view them and get into the holiday spirit. This is not a commercial event, just good old family fun. Visit [Peacock Lane](http://www.peacocklane.org/%20) to find out more.
**Categories:** Real Estate News & Tips
---
### [Want to live in Portland? Check Out Credit Unions to Get a Home Loan](https://lovejoyrealestate.com/live-portland-check-credit-unions-home-loan/)
**Published:** December 16, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/12/bigstock-Bank-Building-872925.jpg)If you want to live in Portland and are considering buying Portland property, you need to be aware of financing options for your mortgage. Commercial banks are an obvious choice, and most of us see advertisements for their services on a daily basis. Another option to consider is a credit union. Whereas commercial banks are owned by outside shareholders, credit unions are owned by their members. They’re becoming an increasingly popular option for home loans. In the first quarter of 2015, 11 percent of home loans were with credit unions, which is an increase of four percent over the past two years.
Credit unions are attractive to borrowers for several reasons. Because they are small and member-owned, you are likely to get more personal attention and individualized service. This can be especially helpful for first-time buyers. First-time buyers can also benefit from special programs to help them meet all the costs of buying a home. Using a credit union for your home loan can result in lower fees, too, which means significant savings over the life of the loan. For buyers who don’t have a traditional credit history, it may be easier to get a loan at a credit union. They are more likely to give loans to lower and middle income borrowers.
Do a little research to see if your college, job, or community offers membership in a credit union. For people who’d like to live in Portland, this can be a great way to find an affordable loan. Feel free to call us if you need help deciding what type of bank to use.
**Categories:** Real Estate News & Tips
---
### [Enjoy the Christmas Ships Parade Near Portland Homes](https://lovejoyrealestate.com/enjoy-christmas-ships-parade-portland-homes/)
**Published:** December 14, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/12/bigstock-Christmas-Boat-36592051.jpg)Bundle up the family and come to the river’s edge to watch the Christmas Ships. This event has been a holiday tradition since 1954, when the first, lone sailboat decked out with green and red ribbons cruised the currents. In the years following, skippers from the metro Portland real estate area and beyond have joined in the nautical parade, with this year’s encompassing up to 60 boats. The twinkling lights and holiday decor adorning each is the design of the owners. Divided into two groups, the fleet will travel the Columbia and Willamette Rivers respectively while crowds gather on the shore near Portland homes to watch.
For those who want a closer look, the Christmas Ships will be on display at the downtown Portland public dock across from the RiverPlace Hotel on December 19th from 3 to 5:30 p.m. A very special meet and greet, the public can view the Christmas Ships’ decorations up close and say hello to the captains. Santa and Mrs. Claus will be there for a visit, too. Little ones living in Portland homes can whisper to them any last minute Christmas wishes. Ships will sail regardless of most weather conditions. Weather updates and exact parade locations are available at the [Christmas Ships website](http://www.christmasships.org/).
**Categories:** Real Estate News & Tips
---
### [Tour Portland's Parish Restaurant](https://lovejoyrealestate.com/tour-portlands-parish-restaurant/)
**Published:** December 10, 2015
**Author:** Charles Turner
**Content:**
T[](https://lovejoyrealestate.com/wp-content/uploads/2015/12/Parish-logo.jpg)he 3D Matterport home tours are cool. There’s no better way to see inside a house without actually being there. The best analogy we’ve found is, “Google Street View inside a home.” We’ve take our Matterport camera out on the town and did a 3D tour of [The Parish](http://www.theparishpdx.com/ "The Parish Restaurant in Portland's Pearl District"). The Parish and it’s neighboring coffee spot, [Palmentto Cafe ](http://www.palmettopdx.com/ "Palmetto Cafe")are located in the Pearl District at NW 11th and Everett (231 NW 11th to be exact).
What’s on the [menu](http://www.theparishpdx.com/dinner/ "The Parish Menu")? The focus definitely has a Southern theme but don’t miss the oysters (you can read the fresh oyster menu board on the wall of the restaurant in the tour below.
Take a look at the tour and let us know. Have questions about you can have a 3D tour when you list your home for sale? [Send Mail]() or call 503-501-2490.
**Categories:** Pearl District
**Tags:** 3D Tour, Matterport, NW Portland, The Parish
---
### [Portland Home Furnace Maintenance Tips](https://lovejoyrealestate.com/portland-home-furnace-maintenance-tips/)
**Published:** December 7, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/12/bigstock-Home-Air-Filter-Replacement-14696804.jpg)Preparing for the cold winter months is very important for all who own a Portland home. By taking the time to keep up on proper maintenance and being mindful of the changing seasons, homeowners can get the most life and efficiency out of their furnaces. By far, the most important and easiest part of furnace maintenance is regularly changing the filter. Different brands will have their own recommendations, so consult the owner’s manual of yours to be sure. A general rule of thumb is to change the filter once every three months for a typical home. However, if you have pets or allergies, you will probably want to change it every other month or even once a month. Especially if your furnace is a newer unit, this is all that should need to be done. The older your furnace gets, the better idea it is to call a professional out to your Portland home to give your furnace thorough inspection.
Even though it may not be a first thought, it is very important to read through your furnace’s owner’s manual. This will give all metro Portland real estate owners a better idea about what they should be doing each year to make sure their furnace runs efficiently and lasts the longest. Some of the biggest problems that homeowners have with furnaces are actually because of improper installation or choosing a unit that is the wrong size for their home. Be sure to go with well rated and trusted professionals when choosing someone to install or service your furnace.
**Categories:** Real Estate News & Tips
---
### [If You Live in Portland, Get to CiderFest](https://lovejoyrealestate.com/live-portland-ciderfest/)
**Published:** December 2, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/11/bigstock-apple-juice-inside-big-glass-w-16005911.jpg)All who live in Portland are invited to celebrate all of the incredible ciders that are made in the Pacific Northwest. Come on out to the Eastburn on Saturday, December 5th, 2015 for this fun event. The 2nd Annual Ciderfest runs from 4 p.m. until midnight. Everyone who attends will be able to taste some great ciders and help Toys For Tots to ensure a joyful Christmas to children in the area. The entry fee is only $10.00 and includes 5 tasting tokens. All who bring in a toy to donate to Toys For Tots will receive 5 extra tokens per toy donated. Extra tokens can also be purchased at the door.
Mingle with others who live in Portland, try some new ciders or enjoy old favorites, and groove to the beats. There will be live music in the dining room and a DJ in the Tap Room. Be sure to try your chances in the raffle. There are some great prizes to take home to your Portland property. Everyone who attends will get an Eastburn Ciderfest glass. The Eastburn is located at 1800 East Burnside Street in Portland. It is a favorite spot for good food, refreshing and tasty drinks, stand up comedy, live music, and many specials in their tastefully decorated establishment. Get more details about [Ciderfest](http://www.nwcider.com/cider-events/2015/12/5/the-eastburn-presents-2nd-annual-ciderfest).
**Categories:** Real Estate News & Tips
---
### [Eco-Friendly Decorating Tips for Your Portland Home](https://lovejoyrealestate.com/ecofriendly-decorating-tips-portland-home/)
**Published:** November 25, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/11/bigstock-Modern-bright-clean-kitchen-89157449.jpg)Many homeowners are looking for ways to make their Portland home more eco friendly. This has become very important as we have become more aware of our carbon footprint. There are many ways that we can all choose environmentally friendly options for our home that still keep it looking stunning and comfortable. Here are a few ideas to help make informed choices for your Portland home.
Look for organic fibers and recycled materials when choosing new products for your home. Hemp, bamboo, tencel, wool, and organic cotton are great choices for things like rugs, linens, curtains, and pillows. These materials are generally friendly to the environment and even hold up better to wear and everyday life. There are many who upcycle used furniture or create beautiful backsplashes and doors out of recycled glass or other materials. Sustainably harvested bamboo flooring is also a great choice when considering installing new hardwoods.
Look for low VOC in paints, finishes, and carpets. This will help keep chemicals released into the air at a minimum during home improvement projects.
Keep as many indoor and outdoor trees and plants and possible. These make lovely natural decorations and help clean the air around your metro Portland real estate.
Be sure that your home is well insulated, so as to not waste heating and cooling fuels and also choose energy efficient bulbs for lighting such as LED. Motion detecting light fixtures are also a great way to save energy.
By making a few small changes around the home and keeping these tips in mind when making home improvement choices, we can help cut our own costs and be kind to the environment.
**Categories:** Real Estate News & Tips
---
### [Runners who Live in Portland Run the Turkey Trot at the Zoo](https://lovejoyrealestate.com/runners-live-portland-run-turkey-trot-zoo/)
**Published:** November 23, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/11/bigstock-Race-505012.jpg)Before indulging in a decadent Thanksgiving dinner, those who live in Portland can go for a morning run with friends and family in the annual Oregon Zoo Turkey Trot. The race begins at 8 a.m. with the 4 mile fitness walk and run. Circulating in waves, runners with strollers or little ones in back packs are asked to join the last groups. A “Tot Trot” follows at approximately 9:30 a.m. and is perfect for families that live in Portland to have fun together making their way along the quarter mile course.
Beginning at the World Forestry Center, the Turkey Trotters will wind their way to the finish line inside the zoo by the Central Lawn. At the end of the race nutritious snacks will be provided for participants. Over 100 lucky finishers will be randomly selected to receive a pumpkin pie to take home to their Portland property for Thanksgiving dessert. And having completed the course they should have no reason to say “no” to having a piece or two. Sponsored by the Oregon Road Runners Club, funds raised by the Turkey Trot benefit animal care and programs at the Zoo. This annual event is the perfect way to begin Thanksgiving morning, with animals peeking out from their enclosures almost as if they know those running past are helping to support their well being. More information regarding this traditional event may be found at the [Oregon Zoo Turkey Trot webpage](http://www.oregonzoo.org/news/2015/11/lace-thanksgiving-morning-zoos-annual-turkey-trot).
**Categories:** Real Estate News & Tips
---
### [What School Will My Child Attend in Portland? Version 2016](https://lovejoyrealestate.com/school-child-attend-portland-version-2016/)
**Published:** November 18, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/11/pps.jpg)Normally we’d refer anyone asking about what schools a particular house is assigned to to look it up on Portland Public School’s [Look Up page. ](http://www.pps.k12.or.us/departments/enrollment-transfer/6478.htm%20 "Portland Pubic Schools Look Up")It’s still a great resource but needs to be taken with a grain of salt and potential reality check as PPS looks at moving school boundaries throughout the Portland Metro area.
We attended one of the [Growing Great Schools](http://www.pps.k12.or.us/departments/enrollment-transfer/9522.htm "Growing Great Schools") meetings on Monday at West Sylvan Elementary in SW Portland. The meetings are designed as a public comment period discussing two proposals put forth for [enrollment balancing district-wide](http://www.pps.k12.or.us/files/enrollment-transfer/GGS-Scenario-Comparison-Brochure.pdf "Enrollment Balancing Scenarios"). The vast majority of attendees we west-side residents and focused on west-side school. The meeting was passionate but civil. I heard four themes:
1. Chapman parents are concerned that growth in the Pearl will be far greater than the proposals forecast. Data from [NextPortland.com](http://www.nextportland.com/ "NextPortland.com") was cited: there are nearly 4500 units under construction and if even a small fraction of them add kids to the school, all bets are off. Chapman is already at 112% capacity.
2. Bridelmile parents are concerned about some areas being moved from a Lincoln High School track to a Wilson High School track.
3. Skyline just wants to be left alone. They don’t fit on the district map and don’t fit in the district box. Becoming a K-5 and busing to West Sylvan for middle school isn’t a good plan.
4. Hayhurst also hosts the Odyssey program. The library has been cut in half to make temporary classrooms and enrollment at Hayhurst is growing. The two entities have a symbyotic relationship but Odyssey needs to move, before the next school year starts.
There were a lot of good ideas floated, too many to go into here. The proof will be in whether the ideas were heard. The most important thing for people looking at a real estate purchase now is that they understand the scenarios (the two are almost identical on the west-side) and that they are just scenarios- the final version is likely to be very different or could be exactly the same.
- [Scenario 1](http://www.pps.k12.or.us/files/enrollment-transfer/Scenario-No1-WEB.pdf "PPS Scenario 1 School Boundaries")
- [Scenario 2](http://www.pps.k12.or.us/files/enrollment-transfer/Scenario-WEB-No2.pdf "PPS Scenario 2 School Boundaries")
I focused on the west-side as it’s the meeting we went to. The [Growing Great Schools](http://www.pps.k12.or.us/departments/enrollment-transfer/9522.htm "Growing Great Schools") page has info and maps for all the areas of Portland. The scenarios are much more divergent on the east-side than they are on the west-side.
**Categories:** Real Estate News & Tips
**Tags:** Portland Public Schools, Growing Great Schools, What School
---
### [Live in Portland and Learn the City's History at Oregon Historical Society](https://lovejoyrealestate.com/live-portland-learn-citys-history-oregon-historical-society/)
**Published:** November 18, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/11/bigstock-Covered-Wagon-40789981.jpg)You don’t have to live in Portland for long to realize that the city is rich with history. The Oregon Historical Society is dedicated to preserving that history and bringing it to life for today’s Oregonians. The museum has both permanent and rotating exhibits. The permanent exhibit entitled “Oregon My Oregon” won the 2005 MUSE Award. It includes many fascinating artifacts that belonged to the Native Americans and the first European settlers to live in Portland. Interactive stations help visitors connect with their past. The geology of Oregon and the ways it shaped the state’s history are explored in “Oregon: 150 Years of Statehood; 150 Million Years in the Making.” Some of the propaganda of World War II is on display until February 2016. This absorbing exhibit explores the ways words and images were used to unite the country for the war effort.
The museum is open to the public Monday through Saturday, from 10 a.m. to 5 p.m. and from noon to 5 p.m. on Sundays. Admission for adults is $11; for seniors and students it’s $9; for youth ages 6 to 18 it’s $5; and children under 5 are free. If you own Portland property, bring your identification, because residents of Multnomah County get in free. You can help support the museum with a membership. Learn more about the museum and see some unique online exhibits at the Oregon Historical Society.
**Categories:** Real Estate News & Tips
---
### [Tips for Getting a Portland Home Ready to Sell](https://lovejoyrealestate.com/tips-portland-home-ready-sell/)
**Published:** November 16, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/11/bigstock-Kitchen-And-Breakfast-Area-7012708.jpg)Selling a home is an intensely emotional experience for many people. Most of us form an attachment to the place we’ve lived in. However, in order to be successful in selling a Portland home, we advise our clients to be clear-headed and think of things from the perspective of a buyer.
First of all, it’s important to price your home in accordance with market conditions. Metro Portland real estate is a crowded market, and if your home is too expensive in comparison to similar homes, most people will just skip your listing altogether. The price you paid for the house isn’t relevant to determining the selling price. Current market conditions are.
Next, get the house into saleable condition. This means cleaning, decluttering, repairing and sprucing up the interior and exterior. New paint and light fixtures are inexpensive ways to brighten up the house and make it feel bigger. If you have pets, try to find a boarding situation for them during the selling process. Not everyone loves animals, and not having to deal with vacuuming up pet hair will lower your stress level. Most real estate agents find that houses sell faster when the owners have made the house feel more like a hotel, with neutral paint and furniture.
Be honest about potential issues. If buyers find out that the foundation of the house is in bad shape or that there are other big problems, this could mean that they back out of a deal or demand you fix the issue. Home sellers look dishonest when they don’t disclose the true state of their house, and this can give a bad reputation very quickly. Getting a pre-sale home inspection can help you determine how to proceed to avoid unpleasant surprises.
Finally, be accommodating about scheduling showings for your Portland home. It’s more comfortable for most buyers to view the house without the current owner present. Being flexible about showings will bring a lot of good will to the negotiating table, too.
**Categories:** Real Estate News & Tips
---
### [Irving Street Kitchen a Great Spot for Date Night for Couples Who Live in Portland](https://lovejoyrealestate.com/irving-street-kitchen-great-spot-date-night-couples-live-portland/)
**Published:** November 11, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/11/bigstock-Vanilla-Bean-Cheesecake-6310531.jpg)A perfect date night location, couples who live in Portland enjoy fine dining at Irving Street Kitchen. Start off the evening with a glass of red or white wine and a decadent appetizer such as rosemary citrus marinated olives. The dinner menu accommodates all tastes with various selections including shrimp and dirty rice stuffed Dungeness crab with Meyer lemon Hollandaise and horseradish or TSK buttermilk fried chicken with mashed potatoes, collard greens, and Tasso bacon gravy.
Once the tray rolls by, dessert will not be an afterthought. Locals who live in Portland rave about the Butterscotch pudding and vanilla bean cheesecake. A charming patio is available for those wishing to dine romantically outside amongst the stars. Happy Hour at Irving Street Kitchen boasts an array of dining and drink specials every afternoon from 4:30 to 6 p.m. complete with a fun, friendly atmosphere. Friends will want to gather here and relax after their workday. Irving Street Kitchen serves a generous brunch on the weekends as well. Reservations are recommended for those wishing to dine at this vibrant Portland property, but the restaurant will make every attempt to seat those just passing by and deciding to stop in. Visit [Irving Street Kitchen](http://www.irvingstreetkitchen.com/) to see the full menu or make reservations.
**Categories:** Real Estate News & Tips
---
### [What Sellers Need to Know About Portland Home Comps](https://lovejoyrealestate.com/sellers-portland-home-comps/)
**Published:** November 9, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/11/bigstock-Sold-Home-For-Sale-Real-Estate-55735562.jpg)Whether you’re buying or selling a Portland home in metro Portland real estate, you’re probably crunching numbers based on “comps”, that is, on recent comparable sales. While this sounds like a straightforward concept, for many people it ends up feeling opaque and complicated. Over time, most real estate agents develop a clear sense of which houses are truly comparable to each other when it comes to setting prices. It’s important to get this right for several reasons. A house priced too high for the market is probably going to stay on the market for a while. When buyers see that a house has been for sale for a couple of months, they will often wonder if something is wrong with it. Eventually, sellers may have to drop the price of their home and end up selling it for less than they would have if they had better understood market conditions and comparability of houses.
In order to come up with a price for a Portland home based on comparable recent sales, there are a couple of factors to keep in mind. The first is the age of the home. Houses are usually compared within a range of five years. An older home is usually thought to need more repairs, though that can be mitigated if the owners have done a lot of upgrading. The other factor to consider is the direction the market is going. Most comps are made with reference to housing sales from the last one to three months.
It’s easy for sellers to believe the market will improve, that their house is special, and that they should price it higher to get the best deal. If there’s a big disconnect between what the seller wants to ask and what the agent thinks is reasonable, it’s time to sit down and have a conversation. For sellers, there is a lot of emotion wrapped up in the house. For the agent, it’s easier to be objective, because a house sale is just business. Most sellers find themselves happier when they listen to the advice of their agent on house prices, because the house sells faster and at a better price if the initial asking price is in line with the market.
**Categories:** Real Estate News & Tips
---
### [Fall Market Predictions for Those Who Live in Portland](https://lovejoyrealestate.com/fall-market-predictions-live-portland/)
**Published:** November 4, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/11/bigstock-New-House-For-Sale-Portland-Or-90118670.jpg)The fall market is in full force, with both good and not so great news for people looking to live in Portland. Low inventory is predicted to continue. As of August, for existing homes, there was about five months’ worth of inventory on the market, which is a drop of 1.7% from last year. For new homes, there is inventory for 4.7 months, which is about three weeks less than the same time last year. This means that there is more competition for Portland property.
On the other hand, the housing market has fewer foreclosed properties going for cheap, which means that cash buyers looking for a quick investment are dropping out of the market. Cash buyers are also dropping out as mortgage rates climb. Economists estimate the 30-year fixed rate may be at just under 4.5% by the end of the year.
Housing prices are also on an upward trajectory. From July 2014 to July 2015, prices climed 4.7%, according to Standard & Poor’s housing price index. At the same time, some economists are predicting that lending standards may relax a bit.
They say all real estate is local, so people who would like to live in Portland and either buy or sell a home should contact a Portland real estate agent to find out how national housing trends are affecting the local market.
**Categories:** Real Estate News & Tips
---
### [Live in Portland and Taste the Best Wine at Pairings](https://lovejoyrealestate.com/live-portland-taste-wine-pairings/)
**Published:** November 2, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/10/bigstock-Assorted-Cheese-98500757-1.jpg)On a modest corner of Northeast Portland property, sits a shop dedicated to a whole new approach to the world of wines. Pairings Portland is not only a wine shop, but it is also a classroom committed to spreading the wisdom of wine, as well as a bar that serves wine. The shop’s unique perspective on this ancient beverage changes the way their customers view it by making wine approachable and fun, while pairing it to everything from different foods to their varying moods. People who live in Portland now have a place to go to find the perfect wine that will go with just about anything, whether it’s a specific movie or even a particular person.
Pairings offers many ways for the community to get involved with their wine pairing obsession. They have classes that are designed to show students how wine is actually an ingredient that is another part of a dish or meal, and there are even Seasonal Pairings Potlucks where wines are paired with the various dishes that people bring from all over the area. After learning all that Pairings offers their customers, it’s no surprise that they keep coming back for more. The owner, Jeff Weissler, has moved from his native New York to live in Portland, and with him he has brought over 30 years of experience loving and selling wine. At Pairings he brings the most beautiful, unique wines he has found over the years and makes them available to the community. His shop opens at noon from Tuesday through Saturday, and closes at 8 p.m. on Tuesday, 9 p.m. on Wednesday and Thursday, and 10 p.m. on Friday and Saturday. To learn more about this charming Portland shop, visit [Pairings Portland Wine Shop online](http://pairingsportland.com/), or call 541-531-7653.
**Categories:** Real Estate News & Tips
---
### [Portland Home Owners Honor Veterans with Parade](https://lovejoyrealestate.com/portland-home-owners-honor-veterans-parade/)
**Published:** November 2, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/10/bigstock-Marine-Corps-Veterans-in-Parad-25716104.jpg)Honor all veterans who call Portland home and those who live all over the country by attending the Ross Hollywood Chapel Veterans Day Parade. This has been a tradition for over 40 years and is a fun time for all who attend. Come on out on Veterans Day, November 11, 2015 at 9:45 a.m. to take part in the festivities. Be sure to get there a little early to snag a great spot to view the parade. The route begins at the corner of NE Tillamook Street and NE 40th Avenue in Portland and heads south. The route then turns onto NE Sandy Boulevard and ends at 48th Street. Parking is limited, so everyone is encouraged to use public transportation or carpool.
Enjoy spending time away from your Portland home tapping your feet to the sounds of the marching bands. Take in the creative and intricate floats designed by those in the community who want to pay homage to our nation’s veterans. Wave to friends and coworkers as they march by promoting their cause. Events such as these make metro Portland real estate owners feel proud to live in such an active and caring community. Visit [Portland Veterans Day](http://veteransdaypdx.org/) for more details and to plan your morning at the parade.
**Categories:** Real Estate News & Tips
---
### [Simple Ways to Protect Your Portland Home from Water Damage](https://lovejoyrealestate.com/simple-ways-protect-portland-home-water-damage/)
**Published:** October 28, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/10/bigstock-Raining-15364484.jpg)If you own a Portland home, it’s important to take steps to protect your investment. With the wet climate here, metro Portland real estate is most in danger from water damage. Fortunately there are several steps you can take to prevent damage due to storms.
Install rain gutters and be sure to direct the flow away from the house. Consult with a landscape designer if you notice water pooling around the foundation of your home. Discuss ways to change the drainage on your property.
Most advice given says to clean out rain gutters at the beginning of every season. Another, more permanent fix, is to install gutter protectors that keep out leaves and other debris so water can flow freely.
A Portland home with a basement needs to be secure against flooding. Seal the walls of the basement with masonry waterproofer. This will help to keep water from seeping into the walls and foundations, causing expensive damage. Masonry waterproofer is available online and in most brick and mortar home improvement stores. Invest in a quality sump pump so that if flooding does occur, you can get the water out quickly, before it causes permanent damage.
A backup generator might also be a good investment if you are in an especially storm-prone area or if you are caring for very young or very old people whose bodies cannot cope with extreme temperatures. A generator can also save you money by keeping your fridge and freezer cold so food doesn’t spoil.
A home is the biggest investment most of us will make in our lives. It pays to take steps to protect it from damage due to foreseeable storms and other common problems.
**Categories:** Real Estate News & Tips
---
### [Sail the Portland Spirit and Live in Portland](https://lovejoyrealestate.com/sail-portland-spirit-live-portland/)
**Published:** October 26, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/10/bigstock-Disguised-people-drinking-in-c-99720671.jpg)The Portland Spirit is a beloved piece of life and culture for those who live in Portland, and has been a main feature of the Portland waterways for many years. Every evening she hosts a dinner cruise from 7 until 9:30 p.m., where guests are able to enjoy a fine dining experience unlike any they can find at any Portland property on land. The Spirit also offers lunch, Sunday brunch, and year-round sightseeing cruises for all her guests. She is not only well known for her romantic dinner trips, but the Spirit also provides themed excursions on a regular basis for guests who are interested in more than just the beautiful atmosphere and exquisite meals.
Riding on the Spirit is a must for people who live in Portland, and this Halloween she is offering entertainment that no one wants to miss! On October 31st, Dear Drummer will be performing live music with their smooth vocals and dance-able beat on the Spirit’s Halloween Boo Cruise. This all male quintet not only creates their own tracks, but they have a talent for transforming covers with their unique style as well. Boarding for the Boo Cruise starts at 10:30 p.m., and they’ll be rocking on the water from 11 p.m. until 1 o’clock in the morning. This outing is specifically for those who are 21 years old and over, and a bistro menu with a full service bar will be provided. There will be costume contests with prizes, so everyone is encouraged to dress up! To learn more about this unique way to celebrate Halloween with the Portland Spirit, visit [Halloween Boo Cruise](http://www.portlandspirit.com/boocruise2015.php).
**Categories:** Real Estate News & Tips
---
### [Visit Endangered Species That Call Portland Home at the Zoo](https://lovejoyrealestate.com/visit-endangered-species-call-portland-home-zoo/)
**Published:** October 21, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/10/bigstock-Mom-And-Baby-Elephants-747191-1.jpg)Get wild at Oregon Zoo, where 59 endangered and threatened species call Portland home. Visitors enter through the Great Northwest and continue into Pacific Shores and Asia, wandering through Fragile Forests and into Africa. Oregon Zoo Foundation’s mission is to educate the public while providing homes for rare, endangered and threatened species from around the world – almost 2,000 animals total. The zoo is part of 21 Species Survival Plans.
Portland’s zoo is currently undergoing exciting renovations. The zoo recently completed Elephant Lands and Condors of Columbia and will soon open an education center, polar bear habitat, primate habitat and rhino habitat.
The zoo hosts special events throughout the year, including an outdoor summer concert series, Halloween extravaganza, sleepovers, nature walks and naturalist lectures.
Oregon Zoo is open every day except for Christmas and is located at 4001 SW Canyon Road in Portland next to Washington Park and hot metro Portland real estate. Visitors can bring their own food and drinks from their Portland home or eat at any of the three restaurants serving hamburgers, ice cream and popcorn. On the second Tuesday of every month, admission is only $4 per person.
For maps and information on admission pricing and upcoming events, visit Oregon Zoo.
**Categories:** Real Estate News & Tips
---
### [Portland Home Sales and Supply Increases Steadily](https://lovejoyrealestate.com/portland-home-sales-supply-increases-steadily/)
**Published:** October 19, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/10/bigstock-Happy-Mixed-Race-Couple-in-Fro-80861864.jpg)Sales for new Portland home construction is on the rise in the Metro Portland real estate market and around the nation. Both August and July saw significant increases in home sales, in comparison to last year. For the first time since 2008 more Americans have purchased new homes and at a faster rate than in recent years.
Partly attributed by experts to continual low interest rates for mortgages and a gain in steady employment, this surge in new construction creates enthusiasm in the market. New home construction has been slow for the past several years. Luckily construction for single family dwellings is again on the rise, increasing options for those searching the market and bringing about more employment opportunities to the construction field. New home prices are also seeing more modest increases than in years past, making them more affordable for buyers. Although experts admit new housing numbers can be volatile, they are optimistic that sales will continue to increase with these improved circumstances.
Buyers considering a Portland home purchase are well advised to work with an experienced real estate agent. While there is a larger supply of houses to meet demand, the market is still hot. A local agent can help buyers narrow down their choices and move quickly when their dream home becomes available.
**Categories:** Real Estate News & Tips
---
### [Know Before You Owe Makes Portland Home Loan Documents Easier to Understand](https://lovejoyrealestate.com/owe-portland-home-loan-documents-easier-understand/)
**Published:** October 14, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/10/bigstock-Realtor-89443394-1.jpg)October has brought the roll-out of a new initiative from the Consumer Finance Protection Board. Nicknamed the “Know before you owe” rule, it is designed to insure that consumers understand the terms of their home loans before they sign on the dotted line. If you’re considering purchasing a Portland home, you need to pay attention to these changes.
One of the biggest changes is that information on all charges, fees, and line items must be included along with the loan estimate at least three business days before closing. This should prevent unpleasant surprises at the closing table. Interest rate increases from an eighth of a percentage point, pre-payment penalties, or other fees that would increase the buyers costs requires new documentation and a new three-day waiting period. Decreases in fees or interest rates would not necessitate another three-day window. The new forms are also much easier to read and understand and do not use complicated terms or overlapping information.
This should make the understanding the loan process much easier for Portland home buyers. The only downside is that if you need to buy metro Portland real estate on a deadline, you will need to plan ahead and begin negotiations quickly. A local, experienced real estate agent can be a real asset to this process. Call our office to discuss how the new ruling might affect your house buying process. Be sure to visit the [Know Before You Owe page](http://www.consumerfinance.gov/know-before-you-owe/) on the CFPB website to learn more about these changes.
**Categories:** Real Estate News & Tips
---
### [Kruger's Farm a Favorite for Families Who Live in Portland](https://lovejoyrealestate.com/krugers-farm-favorite-families-live-portland/)
**Published:** October 12, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/10/bigstock-Little-Kid-Sitting-With-Lots-O-97406408.jpg)Kruger’s Farm has taken their beautiful Portland property on Sauvie Island and turned it into a festive salute to Pumpkin Season on the Farm. People who live in Portland are familiar with the high quality of Kruger’s Farm produce provided at the St. John’s Marketplace and the Hawthorne Market, and those who can make it out to the island are able to enjoy the harvest as well as the atmosphere of the Farm. They host field trips, birthday parties, and farm to plate dinners, as well as summertime concerts and camps for the surrounding area. On Kruger’s Farm there are plenty of ways to spend the day no matter what time of the year guests visit.
During pumpkin season, families who live in Portland are welcome to enjoy the Corn Maze from 9:00 in the morning until 6:00 in the evening. There are free hayrides on the hour, every hour, out to the pumpkin patch where everyone can pick their favorite pumpkin for only 29 cents a pound! From 11 a.m. until 6 p.m., there are caramel apples, roasted corn, pie, and hot apple cider for everyone to enjoy, and farm animals to meet as well. On the weekends and school holidays they also have pony rides and Phil’s Grill, wood-fired pizza!
The Corn Maze Cabaret is the highlight of the farm fun on Fridays and Saturdays throughout the month of October. There are fire dancers and cabaret performers, and inside a big top circus tent visitors can enjoy an outdoor movie as well as music from a live band. With so many wonderful opportunities for family fun, Kruger’s is a popular destination for seasonal festivities for everyone living in the Portland area. To find out more about all the farm has to offer visitors, visit their website at [Kruger’s Farm](http://www.krugersfarm.com/), or call 503-621-3489.
**Categories:** Real Estate News & Tips
---
### [Our Best Tips for Portland Home Shopping in the Fall](https://lovejoyrealestate.com/tips-portland-home-shopping-fall/)
**Published:** October 7, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/10/bigstock-Colorful-fall-leaves-in-the-gu-74387752.jpg)Summer and spring tend to be the most intense seasons for the metro Portland real estate market. Families want to find a new Portland home before the school year starts. Many people find they have more energy during the warmer months. However, buying a home in the fall can be a great idea. Some sellers may have missed out on higher prices and feel pressured to make a deal quickly. There are also fewer people looking, which means there’s less competition and chance of a bidding war.
If you do decide to go Portland home shopping this fall, you should have a checklist to find out how potential houses will cope with our famous rain, especially in the winter. Start with the heater and air conditioner. Be sure to get them inspected to make sure you won’t be shivering in the coming winter or sweltering when summer rolls around.
Since you’re looking around the inside, have a look at the windows. They should open easily and have good seals so you don’t let in the weather. If they’re very old, consider replacing them with modern, high-efficiency models. This can help you save on the heating and cooling bill.
The next thing to check out are the gutters, which should be able to cope with many inches of rain and possible snow. Don’t forget the property’s drainage, either. Standing puddles could indicate broken or leaky pipes. Be sure you know what you’re getting into before it starts pouring, and everything gets harder to fix. How steep is the driveway? You don’t want to be slipping around trying to get out for work during a big storm.
Finally, it’s always a good idea to meet potential new neighbors to get inside information on how the street handles rain. Be sure to ask if new construction is planned for the spring.
Follow our tips to be sure a new home will suit your needs through all four seasons.
**Categories:** Real Estate News & Tips
---
### [Learn Photography Near Your Portland Home with Outdoor Viewfinder](https://lovejoyrealestate.com/learn-photography-portland-home-outdoor-viewfinder/)
**Published:** October 5, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/10/bigstock-Young-photographer-taking-phot-80722181-1.jpg)Explore the unmatched natural beauty that is available to explore for those who call Portland home. A neat way to see some really beautiful areas of the Pacific Northwest while also honing in photography skills is to take a tour with Outdoor Viewfinder. All participants are given one-on-one attention to improve their photography. No matter if a beginner or a seasoned photographer looking for new inspiration, an Outdoor Viewfinder tour can be the perfect fit for someone who enjoys taking pictures of the outdoors.
There are classes that Portland home owners can take advantage of for free, as well as classes that run about $100.00 per participant. Classes need a minimum of 5 participants and no more than 10 to ensure a quality experience. Metro Portland real estate owners have the chance to explore areas such as Tryon Creek State Park, the Oregon Marine Reserve, and the Friends of Straub Environmental Learning Center when on a tour with Outdoor Viewfinder. All licensed guides are first aid and CPR certified and also have a special land use permit that allows the business to operate on United States Forest Service property. Browse offered classes at [Outdoor Viewfinder](http://oviewfinder.com/) or call 503.705.6769 to set up a private class or tour.
**Categories:** Real Estate News & Tips
---
### [History Buffs Who Live in Portland Love Pittock Mansion](https://lovejoyrealestate.com/history-buffs-live-portland-love-pittock-mansion/)
**Published:** October 2, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/10/bigstock-Pittock-Mansion-38236147-1.jpg)A wonderful way for those who live in Portland to learn more about their beloved city is to visit Pittock Mansion. This beautiful piece of architecture that overlooks the city’s skyline was built in 1914 for the Pittock family, a very active and influential family that directly aided in the extensive growth of Portland. Henry Pittock became the owner of the Weekly Oregonian in 1860 and continued on to get a foot in the door with big businesses such as banking, railroads, steamboats, real estate, silver mining, the pulp and paper industry, and sheep ranching. His wife, Georgiana had a big heart and worked hard to help women and children in the community. An avid gardener and flower lover, their Portland property was kept beautifully and Georgiana can be thanked for the annual Rose Festival.
This beautiful home still stands thanks to concerned citizens and is richly decorated with many of the family’s original belongings. It is a great way to step back in time and truly appreciate the labors of the early residents of Portland. Tours are available daily for those who live in Portland and for out of town visitors. Admission is only $10.00 for adults, $9.00 for seniors over 65, $7.00 for children ages 6-18, and free for those under 6. Memberships are also available for individuals and businesses who would like to support this worthy historical structure. Check out [Pittock Mansion](http://pittockmansion.org/) to find more information and plan a visit.
**Categories:** Real Estate News & Tips
---
### [Learn About Your Portland Home with Sea to Summit Tours](https://lovejoyrealestate.com/learn-portland-home-sea-summit-tours/)
**Published:** September 30, 2015
**Author:** Charles Turner
**Content:**
[](http://turnerrealtors.com/wp-content/uploads/2015/09/bigstock-Portland-Oregon-Japanese-Garde-26250083.jpg)Explore the world around metro Portland real estate with Sea to Summit’s three-hour Portland Oregon Tour. The tour is a wonderful way for locals to delve into the history of their community, for tourists to get a good feel for the outdoor spaces of the city, and for people in town shopping for a Portland home or who’ve recently moved into a Portland home to begin to appreciate Portland’s beauty.
The tour stops at four sites:
- The Japanese Gardens are a collection of tranquil gardens influenced by traditional Japanese spirituality incorporating stone, water and plants.
- Pittock Mansion is an eclectic early 20th century mansion and the former home of Portland rage-to-riches tycoons Henry and Georgiana Pittock.
- Rose Gardens showcase hundreds of varieties of roses in a sprawling garden of quiet walkways and green laws.
- Washington Park is the most versatile outdoor space in Portland, with a historic fountain rimmed with gargoyles, trails and a grassy amphitheater.
Sea to Summit is run by native Portlandians and is the oldest Portland tour company in the city. It also leads Willamette Valley Wine Tours, Columbia River Gorge Tours and Columbia Gorge and Mt. Hood Tours. For more information, [visit the tour company online](http://www.seatosummit.net/tour/portland-oregon-tours).
**Categories:** Real Estate News & Tips
---
### [LIVE in Portland: Author Readings at Powell's City of Books](https://lovejoyrealestate.com/live-portland-author-readings-powells-city-books/)
**Published:** September 28, 2015
**Author:** Charles Turner
**Content:**
[](http://turnerrealtors.com/wp-content/uploads/2015/09/bigstock-International-Books-On-Library-63712156.jpg)Used and new books sit together on the shelves of Powell’s bookstores, the beloved Portland original. The four-story flagship store, Powell’s City of Books, is one of the most famous bookstores in the world and carries over one million books. For people who live in Portland, the bookstores are a go-to venue for book releases and signings, readings lead by world-famous authors, family events and writer’s workshops.
The City of Books location hosts authors nearly every day of the year, and many authors also visit Powell’s Books at Cedar Hills Crossing and Powell’s Books on Hawthorne.
City of Books also hosts events every Saturday morning and the first Thursday of every month. On First Thursdays at 6:30 p.m., a professional illustrator is invited to speak about their work, life and inspiration. Every Saturday morning at 11 a.m., the store hosts Kids’ Storytime, where bookstore staff and available authors read recently published children’s books aloud to young audiences who live in Portland.
Powell’s City of Books has four locations in Portland and one in Beaverton. Powell’s City of Books is located at 1005 W Burnside St. near your new downtown Portland property. Call them at (800) 878-7323. You can also visit [Powell’s online](http://www.powells.com).
**Categories:** Real Estate News & Tips
---
### [Should I Sell with a Tenant in My Home?](https://lovejoyrealestate.com/sell-tenant-home/)
**Published:** September 4, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/09/iStock_000011592819XSmall.jpg)It’s clear that selling a tenant occupied home can be challenging:
- The are notice requirements (that can be negotiated)
- The tenant may be non-cooperative (they may be great)
- The may refuse to leave for showings (and talk negatively about the landlord and property)
- The property may not be in “showroom condition” for showings
- Showing may be hard to set up
- Agents may choose not show at all because of notice requirements
That said, you could have great tenants and there is nothing that guarantees a vacant or owner occupied property isn’t going to have some, if not all, of the issues above. Additionally, a buyer with owner-occupied financing may be required to move into the home within 30-60 days. If the tenant’s occupancy is for longer than that, the buyer pool may shrink.
These are all hypothetical issues. What’s the math? I took 500 recently sold tenant occupied properties, 500 vacant properties and 500 sold properties in Portland from RMLS and discovered the following:
Average Days on Market:
- Tenant occupied: 49 days
- Vacant: 38 days
- Owner occupied: 19 days
Average Selling Price per Square Foot:
- Tenant occupied: $166
- Vacant: $173
- Owner occupied: $195
We clearly see that tenant occupied properties spend more time on the market and sell for less than their vacant and owner occupied counterparts.
**Categories:** Real Estate News & Tips
---
### [Case Shiller Climbs to 3% Below 2007 Peak](https://lovejoyrealestate.com/case-shiller-climbs-3-2007-peak/)
**Published:** July 28, 2015
**Author:** Charles Turner
**Content:**
The Case Shiller report for May was released this morning and shows that Portland has climbed back to near pre-crash levels. From a peak of 186 in August of 2007 to a valley of 129 in February 2012 all the way back to 18 today! Portland’s 7.4% year-over-year increase matches Seattle’s as the fourth fastest appreciating market in the 20 city index.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/07/2015-07-28_10-10-571.jpg)Initially there’s reason for bubble concern when we look at the Case Shiller provided chart. I added the two trend lines and feel that concern is somewhat mitigated when we see that we’re now at a point where we’d expect to be based on steady appreciation. The lines start at 2000 because the Index was reset to 100 1/1/2000.
A cause for concern will be if the market continues 6% or higher annual appreciation beyond 2016. This isn’t to say the market is “safe.” The market will respond to interest rates, the tightening of lending laws, the global and US economy, and the presidential election cycle. Statistically, the pool of underwater buyers has dropped to those that purchased between August 2007 and January 2008 (not considering buying and selling costs in the equation). Market value increases will increase the supply of homes that are available to come on the market and will put downward pressure on appreciation as well.
**Categories:** Case Shiller Index, Real Estate News & Tips
---
### [7 Staging Tips to Win with Buyers](https://lovejoyrealestate.com/7-staging-tips-to-win/)
**Published:** June 19, 2015
**Author:** Charles Turner
**Content:**
*This Guest Blog was written by the Professional Stagers at Chancellor Designs. Here are their recommended staging tips to help you win with home buyers and help sell your home:*
Today’s market moves fast. Buyers expect to either find a “great deal” on a house with some rough edges, or fall madly in love with a move-in ready home. Home Staging gets your home ready to be the latter, making sure that buyers connect emotionally with your home and make a top offer. We focus on the things that increase the market value of your home, setting the stage for love at first sight.
There are seven key areas to get a home ready to win over potential buyers.
**1. De-clutter and Organize**
Removing extra furniture helps rooms appear more spacious and creates a flow. Also, keeping objects that are not needed for everyday use stored away, rather than displayed on horizontal surfaces, makes a home feel orderly and peaceful for showings. As an added bonus, it will help you with the impending move as you are packing up anyway!
**2. Deferred Maintenance, Updates and Repairs**
Has that “honey do” list piled up? Now is the time to tackle it. Completing any deferred maintenance ensures that buyers can move right in without hesitation. Consider additional updates that, though relatively inexpensive, add value to your home and get buyers excited, such as new light fixtures, appliances (almost always receive your money back) or a backsplash. If you’re at a loss for inspiration, seek out an expert opinion to get the ball rolling and to help you make the right design choices that will be most appealing to your target audience.
**3. Paint**
Paint is an inexpensive update with a significant return on investment. A fresh coat of a current neutral color palette makes a room fresh and inviting. Not to mention a crisp paint job creates the feeling of cleanliness. This kitchen feels brand new with just a coat of paint.
**Before & After:**  
**4. Curb Appeal**
First impressions speak the loudest. Ensure that the yard is tidy and well-watered. Fresh mulch and flowers go a long way in attracting buyers (another investment almost surely to more than pay for itself). Curb appeal makes potential buyers excited to see the inside of the home and ensure they’ll do more than a quick drive bye without venturing inside. When it comes to home buying, people definitely judge the book by its cover.
**5. White Glove Clean**
There is no such thing as too clean. Leave no stone (or rug, or toilet or surface) unturned or unwashed. Make sure to pay special attention to all light fixtures, windows, baseboards, etc. This includes both inside and outside. For ideal curb appeal, clean the front door and porch frequently so cob webs don’t accumulate.
**6. Room Identity**
Make it easy for buyers to visualize their life in their new home. Giving a purpose to each room in the house ensures that buyers do not have to wonder how the room should function or think it as wasted space. This is particularly critical in homes with unique or unconventional floor plans, and is key strength of staging. If you have been baffled by the purpose of a particular room, Chancellor Designs is more than happy to help assign a function and design the room to serve that.
**7. Style**
Add polish to show off your house and the potential life style. Artful arrangements and well-placed art add perceived value. If you have the means to add fresh flowers or plants, it suggests to buyers that this is attainable for them too. If you don’t know where to start in styling or accessorizing a room, let Chancellor Designs do what we do best. Here are just a few spaces we have transformed.
**Before & After:**
  
As you accomplish tasks in a room or area, stand at the entrance to see what first draws your eye. Is it a selling feature? Does this area add value? Or is your eye drawn to clutter or outdated style. The goal is to showcase the best features of your home and help buyers see the potential in the property. At the end of the day, making the first impression a positive one excites buyers to seek other positive aspects that reinforce their initial impression.
Learn more at [www.chancellordesigns.com](http://www.chancellordesigns.com).
**Categories:** Real Estate News & Tips
---
### [May 2015 RMLS Market Action Report](https://lovejoyrealestate.com/may-2015-rmls-market-action/)
**Published:** June 15, 2015
**Author:** Charles Turner
**Content:**
The just released May 2015 RMLS Market Action shows a 1.7 month inventory, which is the lowest we’ve seen in 10 years. In addition, average prices have increased and the market time has dropped to a staggering 55 days. This amount includes the time in escrow, which means homes spent an average of a couple of weeks on the market. Check out our latest infographic below:
New listings are up compared to last month, but still lower than a year ago. This plus a solid increase in closed sales has contributed to the decreased inventory. A shortage of listings is driving a seller’s market where multiple offers in some areas is the new norm. Interest rates are starting to creep up which may cool the market (but if Greece’s economy crashes and burns it may help our rates).
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** May 2015 RMLS Market Action, May 2015 RMLS Market Action Report, May RMLS Market Action
---
### [Home Odor Removal](https://lovejoyrealestate.com/home-odor-removal/)
**Published:** June 8, 2015
**Author:** Charles Turner
**Content:**
Does your home have a strong odor problem? If you have pets, smoke or cook aromatic food, it may. If your home has gone through remediation because of fire or flooding, it also might need home odor removal. It’s not something many homeowners want to think about.
Typically when we discuss odor removal, the options include treatments that require a lot of time, money and labor. Often, the conversation includes removing carpets and the pads under them, sealing with Killz, or the “ozone machine.” Now, there is a new method that might be a viable option.
> You don’t get a second chance to make a first impression.
A Realtor® friend recently recommended BioSweep® as an option for home odor removal. Their website claims that “Virtually any odor or contaminant can be completely eradicated from any indoor space in one BioSweep® treatment.” This treatment takes about 3-12 hours to complete. During this time, all animals, plants, and people must be removed from the environment. The area is declared odor neutral 72 hours after treatment.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/05/air.jpg)Ozone and hydrogen peroxide are introduced. These elements are detrimental to living tissues, but result in oxygen. This process makes BioSweep® an environmentally responsible option. This process mimics nature taking its course in the matter of hours instead of years. It’s notable that this 5-stage process is reported to handle many scents that other programs leave behind.
The BioSweep® treatment is not just used for odor removal, but also airborne and surface contaminant destruction. Because it kills living cells, it also destroys mold spores. Once a home has been treated, the dead mold spores are captured in the system’s HEPA filtration.
Our team hasn’t had experience with these treatments. So, we can’t vouch for the effectiveness. However, there is a 14-day guarantee that makes it seem worth a try. Have you had experience with this service?
**Categories:** Real Estate News & Tips
**Tags:** biosweep, home odor problems, home odor removal, odor removal
---
### [March Case Shiller - Showing Promise](https://lovejoyrealestate.com/march-case-shiller-showing-promise/)
**Published:** May 26, 2015
**Author:** Charles Turner
**Content:**
This morning, S&P Dow Jones Indices posted the latest results of the S&P/Case Shiller Home Price Indices. Case Shiller looks at information with a 60 day lag, so this latest report covers March 2015. The Case-Shiller Indices compare home prices by looking at actual current home sales and comparing them with previous selling prices for that home.
A look at the 10-city composite shows a year-over-year change of +4.7% in prices, while the 20-city composite (including the Portland metro) saw a +5.0% change. Portland metro, specifically saw an increase of 6.9%, which is evident in our current seller’s market.
> “Home prices have enjoyed year-over-year gains for 35 consecutive months.” – David M. Blitzer
Portland not only saw an increase in year-over-year. The change from Feb/Mar was 1.1% while Jan/Feb was 0.7% As we continue to see this forward momentum, we edge closer to the home prices a 4% increase would have provided from an average market. Keeping an eye on our Friends to the North, Seattle has edged ahead of us after a strong March increase: they’re at 174.18 compared to our 173.9.
**Categories:** Case Shiller Index, Real Estate News & Tips
**Tags:** Case Shiller
---
### [The April 2015 RMLS Market Action](https://lovejoyrealestate.com/april-2015-rmls-market-action/)
**Published:** May 14, 2015
**Author:** Charles Turner
**Content:**
The April 2015 RMLS Market Action report for the Portland metro was just posted today. It covers the home sale data for the previous month – in this case, April. The data shows another drop in inventory in months. This trend has kept us at [2005 inventory levels](https://lovejoyrealestate.com/realestate/2008/01/year-end-december-market-action/) while we are seeing a significant increase in available listings. The available inventory just can’t keep up with home sales. The results include an increased average price worth noting and low average time on market.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/05/15MAY_Portland_RMLS_Infographic.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** RMLS Market Action, April 2015 rmls market action, april market action
---
### [February Case Shiller: Solid Growth](https://lovejoyrealestate.com/february-case-shiller/)
**Published:** May 3, 2015
**Author:** Charles Turner
**Content:**
The February Case Shiller Index was just released this week. This report covers home price changes over 20 metropolitan areas and always has a 60 day lag.
The latest data shows continued solid growth with a 0.68% monthly change for the Portland Metro. This is higher than the 0.50% increase for the 20 city composite. We are still not on pace for the average 4% since January 2000. However, the rate we’ve averaged in the last three years is just under 10% which shows solid growth for our area. It’s unknown how long this rate will continue. However, we’re
Below is a graph showing the current data for the Portland Metro. I have included the 4% line of expected average growth. As you can see, the recent growth rate is edging us closer to where we would be if the growth had been steady since 2000.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/04/caseshiller.png)
**Categories:** Case Shiller Index
**Tags:** case shiller 2015, february 2015 case shiller, february case shiller, Case Shiller
---
### [The ABCs of Loan Pre-Approval](https://lovejoyrealestate.com/loan-pre-approval-abcs/)
**Published:** April 22, 2015
**Author:** Charles Turner
**Content:**
*This guest blog post about the loan pre-approval process has been written by Shane Musselwhite of Guild Mortgage. If you have questions about the loan process or your specific situation, inquire with a trusted mortgage professional.*
[](https://lovejoyrealestate.com/wp-content/uploads/2015/04/DeathtoStock_Creative-Community8.jpg)I know the feeling: the intimidation and concern that comes from going to meet with a stranger to talk about money. I experience a bit of it myself when applying for a loan of any kind and I’ve worked in lending and finance for over 30 years. Above all I hope first time buyers will look at the process as an education that can eventually lead to one of the largest and most important steps in their financial life.
I can’t tell you how many times I have met with clients who walked through my door with concern and fear, and 15 minutes into our meeting, I knew that they were well positioned to purchase their first home. An experienced lender is not in the business to pass judgment and you don’t need to be bashful about your finances. Chances are I have counseled with and helped clients just like you.
There is a ton of information about the mortgage process and qualification available to clients these days and to a degree it’s helpful. Unfortunately web sites, online calculators and even blogs like this one often times don’t explain that each file is a custom build that requires an experienced, full time lender to sort through the details and determine what a client is qualified for and which products best fit their needs. There are simply too many loan options and specific underwriting guidelines for each program for you to try and navigate them on your own.
Trust your Realtor’s recommendation and don’t be afraid to ask your loan officer about their time in the business, personal production and company volume. Working with someone who is experienced, works full time in the business and does a high volume of loans is important to a smooth process because they know first-hand what is required.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/04/AL0V4Q84GP.jpg)Get prepared and be ready to provide:
- Two years complete federal tax returns
- W2 forms
- Your last two pay stubs
- Two months of bank and asset statements.
If you’re new to the job market don’t let that stop you. Just be prepared to document what you have been doing for the past two years by having your college transcripts or other documentation in hand. Personally, I prefer that clients provide this documentation along with my pre-qualification form (a mini loan app that takes less that 10 minutes to complete) prior to our meeting so I can sort out the details prior to our meeting in person. Doing so makes our time together more effective allowing me to focus on the mortgage process in general (back to that educating role I mentioned earlier) and how they fit into the programs that are right for them. I’m always happy to have clients bring friends or family with them if they want another person to help them with the process.
Don’t be afraid and will pick up the phone and get the ball rolling. If now is not the right time for you to purchase your first home at least you will have a better understanding of the process and what you need to accomplish to be ready.
*[](https://lovejoyrealestate.com/wp-content/uploads/2015/04/Guild_Mortgage_Logo_2.jpg)
Guild Mortgage Company is an equal housing lender.
Company NMLS# 3274 OR ML-176 Shane Musselwhite NMLS# 249862 Loan Officer 503.908.9116*
*The information contained in this training has been prepared and distributed for educational purposes only. This training information shall not be construed as a guarantee of loan approval. All loans are subject to underwriter approval. Guild Mortgage Company is not affiliated with Keller Williams or Portland Real Estate Blog.*
**Categories:** Real Estate News & Tips
---
### [6 Home Improvement Projects that Add Value](https://lovejoyrealestate.com/home-improvement-projects-that-add-value/)
**Published:** April 20, 2015
**Author:** Charles Turner
**Content:**
Your home is an investment. Home improvements, repairs, and renovations can add value to that investment. However, not all improvements are alike. Whatever your budget is, we want to offer you the projects that will yield the highest returns. Here are six of our favorite home improvement projects that add value to your property.
**Getting Started** When considering home improvement projects that add value, look at curb appeal and common areas to bring the highest return on investment. This means the landscaping and entryway as well as the kitchen. The master suite can also be a great starting point.
### **Low Cost, High Impact**
**Work on your brush stroke:**
One of the most cost effective and easiest upgrades is new paint. If selling is in your future, consider a neutral color which is more likely to appeal to a larger audience. Estimated cost: less than $100 per gallon in most cases. Grey is becoming the new beige in real estate!
**Make Your Entrance**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/04/door.jpg)Your front door not only gets used frequently, it’s one of the first things people see. Updating your entry door can make a visible difference for the whole house. If the door is older or shows signs of use, consider replacing the door. If you’re just looking for a revived look, new door hardware may be all you need. Estimated cost: $200 for a new door, $100 for a new lock set (cost can vary).
### **Mid-Range Cost, High-Range Return**
**Now You’re Cooking** Upgraded appliances will help add significant value to homebuyers. Current buyers are looking for stainless steel appliances, which can be purchased at reasonable cost, and offer a high rate of return when selling. *Estimated cost: $2000*
**[](https://lovejoyrealestate.com/wp-content/uploads/2015/04/yard.jpg)First Impressions Count** They say you never get a second chance to make a first impression, so start your home’s viewing out right with some updated landscaping. For the return on your money, it doesn’t get much better than this. *Estimated cost: varies on size of property.*
### **Big Projects for the Highest Return**
**Making Room** [](https://lovejoyrealestate.com/wp-content/uploads/2015/04/construction.jpg)One of the highest value-adding home improvement projects is adding a room. Bathrooms and bedrooms make the highest-yielding additions, but no matter what room you add, more square footage will be one of the best investments you can make. You’ll need to hire a contractor and check with local laws first. *Estimated cost: varies.*
**Let There Be Light** Not only can you build up walls to add values, tearing them down can also prove beneficial. Open floor plans are highly desirable in today’s market, so tearing down walls that separate a kitchen and dining area, for example, can make your home be worth more to potential buyers now and in the future. *Estimated cost: $10,000 for a 1-story, or $20,000 for a 2-story.*
Not all projects need to have a positive return. Some project may be ideally suited to your needs but may not have the broad market appeal that a buyer might find value in. If you’re going to be in your home to enjoy the fruits of the project, go for it. If you’re doing the project with the idea with the idea of selling soon, it may not be a great idea. We also love projects that bring a lesser feature of the home up to par with the rest: if you have a C+ kitchen in an otherwise A- house, focus on the kitchen to bring it up to par with the rest of the house. We’re also happy to consult on what projects make the most sense for your situation.
**Categories:** Real Estate News & Tips
**Tags:** home improvement ideas, home improvement ideas that add value, home improvement projects, home improvement projects that add value
---
### [Low Real Estate Inventory in the Portland Metro](https://lovejoyrealestate.com/low-real-estate-inventory-portland-metro/)
**Published:** April 15, 2015
**Author:** Charles Turner
**Content:**
The March 2015 RMLS Market Action report released Monday shows the Portland Metro housing inventory at 1.9 months! It hasn’t been that low [since September 2005](https://lovejoyrealestate.com/realestate/2008/01/year-end-december-market-action/). The number of homes listed has been rising over recent months but that is counter balanced by even more rapid sales which pushes the inventory ratio down.
The Portland metro for this report includes five counties – from Yamhill to Clark. While some areas saw a very low inventory – including 1.1 months in the Beaverton/Aloha area, 1.3 months in NE Portland, and 1.5 in SE Portland, other areas such as Mt. Hood and Yamhill County were considerably higher at 5.8 and 4.1, respectively. Below is a heat map showing the region’s inventory level by zip code.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/04/tabtest.html)Click for interactive version.If you’re curious about previous high and low real estate inventory and RMLS market data for the Portland metro, [search our blog](https://lovejoyrealestate.com/page/2/?s=rmls+inventory).
**Categories:** Real Estate News & Tips
---
### [Listing Photography - the Good, the Bad, the Ugly](https://lovejoyrealestate.com/listing-photography-needs/)
**Published:** April 7, 2015
**Author:** Charles Turner
**Content:**
You may have seen our [Facebook](https://www.facebook.com/turnerteaminc) post about [real estate photography gone horribly wrong](http://www.buzzfeed.com/patricksmith/inexplicably-terrible-estate-agent-pictures). That link gave many people a good chuckle, but can you imagine if it was your own home? Sadly, many real estate agents, for one reason or another, choose not to use professional photography. Beyond the studies that show that listings with professional photographs sell faster and for more money, we want buyers to make an appointment to see your home to verify what they see online, not walk through listings that don’t meet their criteria. Better photos result in better qualified showings.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/04/DSC_0009.jpg)Putting a home on the market involves more than just snapping a few pictures, putting a sign in the yard, and posting to the MLS. It’s entirely likely that the day the photographer arrives at your home it will be the best your home has ever looked. The landscaping will be fresh, everything will be put away in it’s place, the clutter gone or packed away (you’re moving anyways so you might was well get an early start), you may have had staging done with your possessions or rented furniture. All the things that put your home in the best light. We’ve heard more than once, “We should have done this years ago.”
Let’s consider [our latest listing](http://www.liveportlandmetro.com/homes/1303-SW-Marigold-St/Portland/OR/97219/49144367/). This home has a great layout and with 3 bedrooms, 2 and a half baths and great location. It’s a desirable property. I’ve seen other agents take pictures with their cell phones and call it good, but not only is that risking bad photos, it’s risking not having the *best* ones.
I took these pictures with my Samsung 5S on HD mode. It has a decent camera (for a phone), and I’ve been happy with most of the photos I’ve taken with it. But check out the ones below. I purposefully took some of the angles that I’ve seen on agent’s websites. They’re often odd angles, or include unnecessary elements for that particular photo. You’ll also notice a dreadful glare. It kind of looks like “kitchen glamor shots,” right?
[](https://lovejoyrealestate.com/wp-content/uploads/2015/04/20150331_105812.jpg)Cell Phone Camera[](https://lovejoyrealestate.com/wp-content/uploads/2015/04/20150331_105738.jpg)Cell Phone CameraCell Phone Camera[](https://lovejoyrealestate.com/wp-content/uploads/2015/04/20150331_105726.jpg)Cell Phone CameraI also took a “photographer’s angle” for comparison. It may not look bad, and you may be thinking “I could cook in there.” But, it also doesn’t look great. It has the same glare issue, and the colors are dulled, but a homebuyer might not realize this by the photo alone. They may not know how beautiful it is. It might be the perfect kitchen for the buyer but it was passed over simply because the photos did not match their perception.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/04/DSC_0020.jpg)Professional Photo by NWPixIf you look at a similar angle from our team’s professional photographer, you’ll see what a difference that experience and camera makes. Buyers are more likely to see themselves cooking, entertaining, and living here. The colors are bright and it has a solid angle that shows how the home’s natural light and open layout adds to this room.
There are exceptions to every rule. A skilled digital photo editor could make a go of my cell phone shots with the right equipment and time. Most people would believe they were taken by a professional. The problem is, that person probably isn’t a Realtor.
**Categories:** Real Estate News & Tips
**Tags:** home listing photography, listing photography, real estate listing photography
---
### [Competing with Multiple Offers](https://lovejoyrealestate.com/competing-with-multiple-offers/)
**Published:** April 3, 2015
**Author:** Charles Turner
**Content:**
What does it take to purchase a home in today’s market? More than you might think. In addition to the effort to find a home with such low inventory, multiple offers are the new norm in certain areas of Portland. This means buyers have to put their best foot forward when writing their offer. If there are terms or pricing issues, it’s unlikely we’ll see a counter offer; they’ll select another offer. We won’t win them all but we can raise the odds.
[](https://www.facebook.com/turnerteaminc)The highest dollar offer may be the most appealing on first blush but it doesn’t necessarily make it the best offer. If you’re writing an offer and expect to be competing, ask yourself, “What is the most amount of money I am willing to pay for the property and will be okay with it if someone else gets their offer accepted by offering a dollar more?”
Cash might be king but you can go further than just a simple pre-approval letter with a lender. Some lenders will take your file all the way to their underwriter to run your scenario by them prior to actually writing an offer. Those extra steps can be conveyed to the seller to show that you are a solid buyer and have done your homework. It’s still not loan guarantee but its another way to tip the scales. Typically a local lender will be looked on favorably over one without a local presence: if you can walk through their door, though you may never do that, you’re in good shape. If they’re in New Jersey and leave the office at 2PM Pacific time you might want to reconsider or get a second, local opinion.
Other terms to consider are the amount of earnest money. It’s going to be part of your down payment and anything under $10,000 is a small claims court issue if there is a dispute. The earnest money is the only thing a buy can be held to to close a transaction. If there isn’t a contingency that allows the buyer to terminate the sale and the buyer changes their mind about buying, that money would be forfeited to the seller. We’ll talk about an appropriate amount for your situation.
What’s the seller’s plan? We’ll try to find out. Maybe they need two weeks of “rent-back,” where they get to stay in the home after closing so that they can close on their new home and move out. Let them stay there for two weeks for free? Being flexible there might be a difference maker. Presenting in person may be appropriate too- us as Realtors to the seller and listing agent, not you. We would like you to be “standing by the phone” though so if the seller asks if you’ll do XYZ, we can get an answer right then and there rather than having to get back to them later with your answer.
The “buyer love letter” needs to be handled with care. There is a fine line of stepping over Fair Housing laws with them.
Every situation is unique so there’s no definitive way to get an offer accepted. You might not win them all but you want to know that you did everything you could and were comfortable with, and that we did too, in order to give you the best shot at getting the offer accepted.
**Categories:** Real Estate News & Tips
**Tags:** Buying a home, how to buy a home, how to make an offer, make an offer on a home, Multiple Offers, first time homebuyer
---
### [February Residential Review from the RMLS - 2015](https://lovejoyrealestate.com/february-residential-review-2015/)
**Published:** March 21, 2015
**Author:** Charles Turner
**Content:**
Our latest infographic featuring the February Residential Review for the Portland Metro can be found below. As the data shows, the sales price saw a slight draft – though not significant for this time of year. The number of new listings hitting the market has increased, but there is still a high demand, as seen in the continued low inventory and increase in closed sales.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/03/februaryRMLSreport.jpg)
If you’re a seller in the area and interested in what this data means for you, call us at 503-312-4642. We would be happy to schedule time to discuss the options for your property as well as share how our extensive marketing plan and expertise in the local market can benefit you.
If you’re a homebuyer in the area and wonder how you can find a home that fits your needs in a market with low inventory, we are here to help. We have a team of local agents and can match you with the person best suited for your search. Just call us at 503-501-2454!
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** February 2015 Residential Review, Portland Real Estate Market Data, RMLS Residential review, Portland Real Estate Market
---
### [Construction on the N Williams Corridor](https://lovejoyrealestate.com/n-williams-corridor/)
**Published:** March 11, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/03/IMG_1950-e1425792446306.jpg)Since mid-September, the N Williams Corridor has been a haven for this construction activity, as the city improves the safety for this bicycle byway – a project three years in the making. The expected benefits should benefit those who travel through this area soon.
This $1.5 million grant-funded project is intended to create a safer place to travel for everyone. According to the City of Portland’s transportation department website, construction is expected to be completed within the next three months. This project was intended as a safety action for pedestrians, cyclists, and motorists in the area.
So far, left side bike stripping, shared use pavement markings, speed bumps, and test diverters have all been installed. As the project continues, plans to implement curb extensions will be completed as well as “Pass on the Right” pavement stencils for the bike lane. In the meantime, cyclists traveling through the area can travel on NE Rodney as an alternative and those driving can always use N Interstate or NE MLK Blvd, though the need for an alternative route is minimal.
Construction in the area isn’t new, however most of what residents usually see is due to the boom in housing, retail, and restaurants along the corridor. New buildings and a vibrant, growing neighborhood has not just required this increased safety project, but also has increased home values considerably over the past few years.
Since this general area crosses NE and N Portland, both are worth considering. A look at the Market Action data from 20 years ago (January 1995) shows that N Portland’s average home price was $70,200 and NE Portland was averaging $103,200. The most recently published data (January 2015) shows N Portland averaging $301,900 while NE Portland is at an average of $359,900. If you’re interested in homes in the N Williams Corridor area, [check out the available listings here](http://www.liveportlandmetro.com/results-map/?status=A&swlat=45.53461212942914&swlng=-122.70451247625732&nelat=45.567489538205024&nelng=-122.60949790411377&midlat=45.55105323783039&midlng=-122.65700519018554&zoom=14&firstcall=true&polygon=W3siayI6NDUuNTM1MjcyOTM0NzAwMzQsIkQiOi0xMjIuNjY2NDczMzg4NjcxODh9LHsiayI6NDUuNTM1MjEyODEyODQyOTMsIkQiOi0xMjIuNjYxODM4NTMxNDk0MTR9LHsiayI6NDUuNTYyNzQxODk2Nzc4NjA0LCJEIjotMTIyLjY2MjE4MTg1NDI0ODA1fSx7ImsiOjQ1LjU2MjU2MTYxOTEzNjc0LCJEIjotMTIyLjY3NDM2OTgxMjAxMTcyfSx7ImsiOjQ1LjU0NTE5MjE2MDg5OTA1NiwiRCI6LTEyMi42NzQ0NTU2NDI3MDAyfSx7ImsiOjQ1LjU0ODEzNzUzMzQ5MzkzLCJEIjotMTIyLjY2ODI3NTgzMzEyOTg4fSx7ImsiOjQ1LjUzNzM3NzE1OTIxNTA4LCJEIjotMTIyLjY2ODEwNDE3MTc1MjkzfV0%3D).
**Categories:** Real Estate News & Tips
---
### [Calculating a Good Investment Property](https://lovejoyrealestate.com/calculating-a-good-investment-property/)
**Published:** February 26, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/02/OW04REOKW6.jpg)If you’ve decided that purchasing an investment property is right for you, the next step is to figure out what constitutes a good investment. You can check what we look for in an investment property [here](https://lovejoyrealestate.com/realestate/2007/01/what-do-we-look-for-in-investment-properties/) – the post is older, but the idea is the same. Once you know what type of property you want, and in what condition, you need to figure out if a particular property is worth the money – after all, it is an “investment.” There are various formulas to calculate whether an investment is “good” for you. The simplest is the ROI – return on investment. It’s simple because you just need to compare what you’ll get out of it to what you’re going to have to put into it. However, it’s perhaps a little too simple. The three calculations below will provide you with a more strategic outlook on such an investment.
#### Cash on Cash: Calculating a Good Investment Property
[](https://lovejoyrealestate.com/wp-content/uploads/2015/02/ATAR-Calculator1.jpg)Cash on Cash Return = Annual Before Tax Cash Flow/Total Cash Invested A higher cash on cash return is typically a better investment (“typically” because it doesn’t account for appreciation/depreciation). This calculation is overly simplistic, but a quick way to determine if further examination is warranted. Let’s say an investor puts $150,000 down on a $600,000 property and expects to generate a $4,000/mo. return on that property, after expenses. The before tax income would be $6,000 x 12 = $72,000. So, the Cash on Cash return would be $72,000/$150,000 = 48%.
#### GRM: Calculating a Good Investment Property
Gross Rental Multiplier = Sales Price/Annual Rent The lower the GRM, the better the investment. This calculation, like the above one, is highly limited, but it can be compared to the area’s average GRM. To get information on that, contact your Realtor®. In the above example, if the monthly rent were $12,000, this would give you an annual rent amount of $12,000 x 12 = $144,000. The GRM would then be $600,000/$144,000 = 4.2 (rounded up).
#### Cap Rate: Calculating a Good Investment Property
[](https://lovejoyrealestate.com/wp-content/uploads/2015/02/Free_Calculator.jpg)Capitalization Rate = Yearly Income/Total Value The higher the cap rate, the better. Let’s consider the running example of the $600,000 property. With a yearly income of $72,000/$600,000, the Cap Rate would be 0.12 (or 12%). Where this differs from the cash on cash is that it does allow for appreciation/depreciation. Let’s say in 3 years, the value of that home rises t0 $1.2M, the Cap Rate would be 0.06 (6%), a much less favorable number. The investor could then consider options.
**Online Calculators:**
Making these calculations is easy with [this online calculator](http://www.proapod.com/calculator/free/o_cap.php). For those wanting a more robust calculation, you can also take a look at [this cash flow calculator](http://propertycashflowcalculator.com/).
At the end of 2014, [RealtyTrac](http://www.realtytrac.com/news/home-prices-and-sales/renting-less-affordable-than-buying-in-most-u-s-markets-but-not-where-millennials-are-moving-most/)® released an analysis of fair market rents and median home prices. Most markets – and the market overall – said buying is better than renting. In areas with an increase in millennials, like Portland, the rental market showed increasing strength. With more renters in the market, having a good investment property can prove to be the right move for many. If you’re interested in what investment properties Portland offers, give us a call at 503-406-5232.
**Categories:** Real Estate News & Tips
---
### [Jan 2015 RMLS Portland Market Action Shows Increased Inventory, Decreased Average Price](https://lovejoyrealestate.com/jan-2015-rmls-portland-market-action/)
**Published:** February 17, 2015
**Author:** Charles Turner
**Content:**
The latest RMLS Portland Market Action data was released last week, and our latest infographic is below. Two notable points in this data are the inventory level and the average sales price change.
As the infographic notes, there was an increase in new listings and a decrease of closed sales compared to December 2014, which pushed inventory up to a recent high. [Looking back at the RMLS Portland Market Action data](https://lovejoyrealestate.com/realestate/2015/01/rmls-portland-market-action-year-end/ "RMLS Portland Market Action & 2014 Year End Review") covering 2012, 2013, and 2014, there has been a trend of increased inventory early in the year. This has been followed by a decline as home sales increase in the spring, With an inventory higher than recent months, but lower than previous years’ January data, it will be interesting to see what inventory does in the coming year.
The second notable feature of the RMLS Portland Market Action data is the shift in average sales price. Although January 2015 shows an increase from January 2014 and the 12 month rolling average sales price also shows an increase, there is a decrease from last month. Home value projections shown an expected increase of about 4% nationwide for 2015. So, it will be interesting to see what happens in the local market in the coming months.
#### Our Latest RMLS Portland Market Action Infographic:
[](https://lovejoyrealestate.com/wp-content/uploads/2015/02/jan2015marketupdate.jpg)
Based on the data you’ve seen, what expectations do you have for the 2015 housing market in the Portland metro area? Do you think we will see a boom in early spring inventory? Or an unprecedented low followed by a huge summer?
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** RMLS Market Action, rmls portland market action, Local RMLS Portland Inventory, portland market action
---
### [Turned Down for a Mortgage? What to Do Next](https://lovejoyrealestate.com/turned-down-for-a-mortgage/)
**Published:** February 13, 2015
**Author:** Charles Turner
**Content:**
One reason it is recommended to [get pre-approved](https://lovejoyrealestate.com/realestate/2015/01/pre-approval-letter-for-mortgage/) for a mortgage early in the home buying process is to reduce barriers once you find a [](https://lovejoyrealestate.com/wp-content/uploads/2015/02/ID-10096064.jpg)property. However, the pre-approval process is not a guarantee. While it is not common, there are occasions when a client has their home selected and is ready and willing to sign, only to have the mortgage denied. The good news is that there *may* be options available; getting turned down for a mortgage isn’t necessarily the end for every buyer.
#### **What causes one to get turned down for a mortgage?**
The first thing to understand about the mortgage process is that a pre-approval is completed by a mortgage professional, not an underwriter. This means that a buyer’s loan is likely to be approved, based on the information the mortgage professional has been provided. An underwriter may have more specific requirements that a buyer may not meet.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/02/ELH3Z13NMX.jpg)According to a recent post in the [Wall Street Journal](http://www.wsj.com/articles/when-a-lender-denies-your-mortgage-application-1423672781), the primary reason reported for denials, for both purchases and refinances, was applicant credit history. Other major reasons may include a high debt-to-income ratio and borrowers with insufficient funds in reserve. These issues may cause problems for some lenders while other lenders may allow some blemishes. If you are denied, you may not be completely out of luck. For many buyers, there are options available.
### **What to do next:**
**Step 1:** Find out why your mortgage was rejected. Lenders are required by law to issue a written “adverse action notice” within 30 days when rejecting a mortgage. This notice must include the reason for the rejection. Once you know why the mortgage was rejected, you can work to correct any errors on your credit or work with your mortgage professional to see what other options are available.
**Step 2:** In certain cases, the reason for rejection can be argued to your favor. If that is your situation, you can request a second opinion, just like you might ask a second opinion for a medical diagnosis. Some lenders have a second tier of review that will allow you to present your case – including discussing any issues that are currently marring your credit history. Some buyers have been successful in implementing this step to receive approval.
**Step 3:** If you are still without a mortgage after the second opinion, or if your lender does not allow it, the next option is to shop around. The underwriter’s job is to assess risk and different lenders have different assessment criteria. One lender may reject your application for a reason that another lender will allow. These three steps are not a failsafe, but they can assist some buyers.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/02/OSASuBX1SGu4kb3ozvne_IMG_1088.jpg)No matter why you were turned down for a mortgage, if there are blemishes on your credit that you know about now, it’s best to take care of these sooner rather than later. And, if you have questions about the mortgage process or about your specific mortgage application, it’s best to discuss them with a mortgage professional who can present options that match your situation.
\* some photos from freedigitalphotos.net | Stuart Miles
**Categories:** Finance & Mortgage
---
### [5 Things To Consider When Buying a Home](https://lovejoyrealestate.com/5-things-to-consider-when-buying-a-home/)
**Published:** February 10, 2015
**Author:** Charles Turner
**Content:**
**Is Buying a Home Right for me?**
Buying a home used to be the default American Dream. The real estate market crash/bursting of the bubble changed the market to some extent. Whereas buyers that could afford $300,000 wanted to spend $350,000, and often could, today’s buyer might be able for afford $300,000 and only be comfortable with a $250,000 purchase. For some, the best decision may be to rent, bucking the “Now is a great time to buy” hoopla. The selection of a real estate agent, a mortgage broker, the inspections you have and understanding the process is more important that ever before. I hope you find these Five Things To Consider When Buying a Home helpful:
**1) Selecting an Agent**
Your real estate agent should be your trusted advisor. Our role is to give the best advice possible and execute and negotiate your decisions. Your role is to listen to the advice and make the best educated decisions based on the information available. It has to be a mutual, trusted relationship. No two agents are going to be the same. You can look at online reviews, ask for referrals, and interview until you find the right match. A team may have different points of contact that specialize in certain areas of the transaction whereas an individual agent will be your single point of contact from beginning to end. There are pros and cons to both models.
**2) Selecting a Lender**
Most buyers need a loan to purchase a home. Some are blessed with enough cash to skip this step. Talking to a lender should always be the first or second step in a real estate purchase. If you’ve selected a Realtor®, ask them for their referrals. The working relationship between the lender and the Realtor® is critical to your transaction. “Going local” is also important. There is nothing more
frustrating than trying to get a critical piece of information from a lender that closed at 2PM because they are on Eastern Time. I’ve been told by a mortgage manager that, “we really can’t help with that as we are a call center, not an actual office of lenders.”
**3) Understanding “Agency”**
A real estate agent either represents the buyer, the seller, or both. When the agent represents both it is referred to as “Disclosed Limited Agency” or “Dual Agency.” As a business practice, the [Turner Team](http://turnerrealtors.com/) will not practice dual agency under any circumstance, other than if we represent a bank owned property. We believe that you want to make 100% certain that your agent represents *your* best interests throughout the transaction. Others will argue that there are some deals that will only come together and may potentially save their clients some money by the agent taking a reduced commission. The [Agency Disclosure Pamphlet](https://lovejoyrealestate.com/wp-content/uploads/2015/02/SampleAgencyDisclosurePamphlet.pdf) is a required handout by ALL Oregon real estate agents at “first contact.”
**4) Inspections**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/02/ID-10099923.jpg)Inspections are a part of the buyer’s due diligence. The default timeframe in the offer paperwork to complete and negotiate any repairs or credits is 10 business days. Inaction means the buyer accepts the property as-is, so it’s wise to consider a home inspection as non-optional. Other common inspections include a sewer scope, radon testing, oil tank search/locate, and soil samples (if a tank, or evidence of a tank, is found). The home inspector may recommend a specialist for specific areas of concern – as a general practitioner might recommend a cardiologist. All inspections are buyer-paid; plan to budget $500-$800 for an “average” property. Learn more: [Oregon Buyer Advisory](https://lovejoyrealestate.com/wp-content/uploads/2015/02/Oregon_Buyer_Advisory.pdf).
**5) Understanding Earnest Money**
Earnest money is money sent to the title company, after your offer is accepted, to show that you are “earnest” about buying the property. It is usually in the form of a personal check and becomes part of the down payment. If you are putting $100,000 and your earnest money is $5,000, you’ll be bringing in $95,000 (plus closing costs) at closing (usually about 30 days after your offer is accepted).
These 5 Things To Consider When Buying a Home are just a few of the key things you will need to know as a first (or second, or third) time homebuyer. This process can be challenging and confusing. However, it will also be a positive investment in your future, and with the right agent or team, it can be a positive experience. When you’re ready to take the first step, give us a call at 503-406-5232 and speak to an agent that knows the area and the business, and who will work for your best interests.
###### Some images on the page from freedigitalphotos.net: Stuart Miles| Ambro | Marco Torresin | stockimages
**Categories:** First Time Buyer, Real Estate News & Tips
**Tags:** First Time Buyer, First Time Buyers, first time home, first time home buyer, first time homebuyer, need to know, things to consider when buying a home
---
### [Portland Distressed Properties - 3 Things for Buyers to Know](https://lovejoyrealestate.com/portland-distressed-properties-update/)
**Published:** February 2, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/01/AllAreas4QDistressedSM.jpg)Are Portland distressed properties on the upswing? The current data, provided by RMLS and shown on the right, shows that the final quarter of 2014 revealed an increase in distressed homes – markedly in Bank Owned/REO properties. In September 2013, we wrote [a blog about a downshift in Portland distressed properties](https://lovejoyrealestate.com/realestate/2013/09/distressed-property-era-portland/) which showed a considerably lower distressed rate of 7%. What does this mean for our market?
Because distressed listings typically sell for 15-20% below market value, this can mean considerable savings for buyers who might be interested – although not everyone will be. Before homebuyers begin rejoicing at such savings, it is important to know what these properties mean for a homebuyer. After all, this option isn’t for everyone.
Distressed properties are those that are being sold because of negative financial situations. [Short sales](https://lovejoyrealestate.com/realestate/2014/12/potentially-sweeter-holiday-short-sales/) are properties being sold for an amount less than what is owed by the current owners and Bank Owned/REO are those that have been foreclosed on. The savings that stem from reduced asking prices is enticing to many. However, this doesn’t mean that these properties are always the best deal.
### Here are the three things you need to know before you start looking at distressed properties:
#### 1. The “distress” in Portland distressed properties isn’t just about the previous owner’s financial situation.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/01/ID-100297709.jpg)Many of these homes have serious damages and repairs that need to be made. You’re not likely to find a gaping hole like this one, but there are, more than likely, a significant amount of repairs that will be needed. Some of these may be visible, but others may not be. You will want to make sure you know what repairs are needed before you close.
#### 2. Inspections will be key.
Banks by law are not required to make any disclosures regarding the condition of the property. Other properties require full disclosure, but banks are not held to the same accountability because they may not have current information. This means getting reliable information about a foreclosed property’s physical condition can be challenging, which translates into an added risk for the buyer. Because of this, you will need to make sure to get inspections done on the property so that you are well-informed on the true condition of the property.
#### 3. You’ll be in charge of all repairs.
In a traditional real estate transaction, there can be some negotiation on repairs after an offer is accepted (during the inspection period). Will the seller pay for repairs? Maybe. Will the seller reduce the price with the contingency that the buyer will make the repairs? Perhaps. However, in a distressed property situation, the home is offered on an “as is” basis. Hiring a contractor to make the repairs can significantly add to the cost of the home, so if you’re considering purchasing, work with a trusted contractor (we can recommend some that our clients have used in the past) who can look at the property and give you an estimate.
For buyers still interested in distressed property, the increased percentage of available Portland distressed properties is great news. Even better news? We can assist you in the home buying process. Our team can help you find the properties you want as well as put you in contact with trusted contractors to help you estimate and then make necessary repairs.
**Give us a call at 503-406-5232 when you’re ready to check out the current inventory!**
\*One of the images on this post came from freedigitalphotos.net/phasinphoto.
**Categories:** Real Estate News & Tips
---
### [RMLS Portland Market Action & 2014 Year End Review](https://lovejoyrealestate.com/rmls-portland-market-action-year-end/)
**Published:** January 26, 2015
**Author:** Charles Turner
**Content:**
The RMLS Portland Market Action report recently released for December 2014 offers insight not just to last month, but as a year-in-review. Our most recent infographic (shown below) provides a visualization of the trends of the last three years. The main theme? It’s a seller’s market so buyers need to position themselves to compete.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/01/ID-10014609.jpg)One of the figures that points towards this is the notable 2.3 month inventory level. That level shows that if no other homes were to enter the market, it would take 2.3 months to sell all of the current inventory. The infographic below reveals that it is the lowest in recent years. To give some context, a quick view of [our past RMLS Market Action posts](https://lovejoyrealestate.com/?s=rmls+inventory) reveals that it goes beyond the three years shown. The last time we saw such a low inventory count was back in March of 2006 – over 8 years ago! Low inventory means added value for every seller in the market.
This RMLS Portland Market Action report also shows an increase in closed sales and a notably reduced market time from last year. This means that a reduced inventory isn’t marked by reduced transactions. Buyer’s are still looking for homes. The law of supply and demand shows that reduced supply with continuous (or increased) demand will positively influence the price to ensure an economic equilibrium.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/01/ID-100276801-e1421778127121.jpg)For those considering selling their home, this winter seems to be the “perfect storm” for a solid asking price and quick market movement. The RMLS Portland Market Action report reveals the continued increase in average sales price, which combined with low inventory and all signs showing that active, serious buyers are looking puts any seller at a higher advantage. In addition, economists believe that the low interest rates we’re currently seeing will increase through 2015, and buyers know this.
For those who have been considering selling their home and either upgrading or downgrading their home, real estate experts note that now is the time to take action. Those looking to buy and sell will find a better price for their current home and reduced interest rates on their next home purchase. In some ways, now isn’t just a seller’s market; it’s a real estate market – an everyone’s market.
For buyers, the lack of inventory means the competition can be fierce for an accurately priced home. While the highest offer and cash terms is like having a straight flush, the hand can still be beat (by a royal flush). It’s important to talk to your agent \[ (us 🙂 \] about the other components of your offer and how to set yourself apart from the pack.
The average sales price in Portland (Metro) was up 7.2% to $333,000 from $310,600 in 2013. That’s way down from the double digit gains (12.9%) last year but brings us closer to the historic national average of 4% appreciation. The crystal ball? If inventory stays low and rate remain at historic lows throughout the year, appreciation is going to be driven those factors. There’s some more data in last week’s post about the [impact interest rates and appreciation factors can have on buying power.](https://lovejoyrealestate.com/realestate/2015/01/nbc-segment-mortgage-interest-rates/ "NBC Segment on Mortgage Interest Rates")
\*above images from freedigitalphotos.net
[](https://lovejoyrealestate.com/wp-content/uploads/2015/01/infographic.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** RMLS Market Action, rmls market action 2014, rmls market action in portland, rmls portland market action, rmls portland market action 2014
---
### [NBC Segment on Mortgage Interest Rates](https://lovejoyrealestate.com/nbc-segment-mortgage-interest-rates/)
**Published:** January 21, 2015
**Author:** Charles Turner
**Content:**
NBC Nightly News just aired a segment on mortgage interest rates and a renewed refi craze. 30 year rates are down from 4.5% this time last year to 3.81%. The experts crystal ball is that rate will remain low but now is the time to act if you are thinking about a refi. Does a refi make sense to you with these interest rates? Talk to a lender and see what your break-even point is. Thinking about buying a home? I used this [mortgage calculator](http://www.tech-soft.com/loancompare/loancompare.cgi?goal=twoloans "Mortgage calculator to comapre loans") to run these comparisons:
A $300,000 house with 10% down at 4.0% for 30 years has a monthly principle & interest payment of $1289.
A $300,000 house with 10% down at 4.5% for 30 years has a monthly principle & interest payment of $1368
A $300,000 house with 10% down at 5.0% for 30 years has a monthly principle & interest payment of $1449.
A $325,000 house with 10% down at 4.0% for 30 years has a monthly principle & interest payment of $1396.
A $325,000 house with 10% down at 4.5% for 30 years has a monthly principle & interest payment of $1482
**A point increase has a bigger impact on the payment than a $25,000 price increase.**
Here’s the full segment:
**Categories:** Finance & Mortgage
**Tags:** NBC Nightly News, Interest Rates
---
### [2015 FHA Mortgage Insurance Changes](https://lovejoyrealestate.com/fha-mortgage-insurance-changes/)
**Published:** January 19, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/01/ID-100145476.jpg)Before the year even started, 2015 was deemed the “Year of the First-Time Homebuyer.” If the latest changes to the FHA Mortgage Insurance Premium (MIP) is any predictor, this moniker is likely to ring true. The FHA mortgage insurance changes coming into effect on January 26, 2015 will save first time homebuyers entering into an FHA loan a lot of money on their MIP.
#### What is mortgage insurance?
This type of insurance protects lenders against default by the borrower and is required on mortgages with less than a 20% downpayment. It is paid by the borrower, often in monthly installments though sometimes as a lump sum, with the lender as the beneficiary. With new programs allowing a lower percentage down, many first time homebuyers are encountering their first exposure to this requirement.
#### What do the FHA mortgage insurance changes mean for you?
[](https://lovejoyrealestate.com/wp-content/uploads/2015/01/ID-10044259.jpg)In a [recent letter](http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2015/HUDNo_15-001) from the Federal Housing Administration (FHA), it was announced that 30-year FHA mortgage loans will have a reduced MIP. This reduction will take the current rate of 1.35% to 0.85% – a reduction of 0.5% for homebuyer’s mortgage insurance payment. The 15-year mortgages will not see a change in rate, however.
This means saving the average homebuyer with an FHA mortgage in the US will save about $900 per year. To find out how much it might actually save you (price varies on home price), consult your mortgage professional.
The agency said it will temporarily allow FHA purchase loan and refinancing applications now in process and that have a case number but have not closed to be canceled. Then, borrowers can restart the process and get new case numbers assigned on or after Jan. 26.
\*images from freedigitalphotos.net
**Categories:** Finance & Mortgage
**Tags:** fha mortgage insurance, fha mortgage insurance changes, fha mortgage insurance premium, mortgage insurance changes
---
### [4 Reasons Why You Should Get a Pre-Approval Letter for Mortgage](https://lovejoyrealestate.com/pre-approval-letter-for-mortgage/)
**Published:** January 15, 2015
**Author:** Charles Turner
**Content:**
If you’re considering purchasing a home, you’re likely to be asked “have you been pre-approved?” For some, the answer is an easy “yes.” However, for others, it may leave you wondering what the fuss is about – especially if you’re in the “looking” phase. So, why would you want to get a pre-approval letter for mortgage?
First, let’s clear up the misconceptions about what pre-approval is, and isn’t, by looking at the differences between these pre-qualification, pre-approval, and approval:
#### Pre-Qualified vs. Pre-Approved vs. Approved
[](https://lovejoyrealestate.com/wp-content/uploads/2015/01/ID-100279466.jpg)Think of these three as steps towards home ownership, each with an increasing level of weight to your home purchasing power.
The first step is to say “if these things are accurate,” you could get approved for a certain amount; this is the pre-qualification. The second step is to verify the accuracy of your documentation and get official documentation that “these are accurate” and “you are likely to get approved” for a certain amount; this is the pre-approval.
Where the rubber hits the road (or in this case, the stairwell) is when an underwriter is brought in, which allows these steps to move into the approval phase. Prior to the introduction of an underwriter, the documents were created by a loan officer and while the pre-approval showed a high level of promise, there is no guarantee until the approval is complete.
Now, why would you want to get to that 2nd step before looking at homes?
### **Four Reasons Why You Should Get a Pre-Approval Letter for Mortgage:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/01/ID-10058394.jpg)1. Getting pre-approved shows you what homes you might view. If you have a pre-approval letter for mortgage that states you’re eligible for homes up to $320,000, you can narrow your search so that you do not fall in love with a home in the $500,000 range. It also allows you to see that *you don’t have to settle for less home than is right for your family*.
2\. Getting pre-approved reveals to a seller that you’re mortgageable. Imagine finding the home of your dreams at the right price point; everything seems perfect. But then you learn that the home has other potential buyers. Having a pre-approval letter for mortgage shows the seller that a bank will consider offering you a mortgage, which means that there’s less likelihood of problems – *giving you an advantage over those who do not bring one*.
3\. Getting pre-approved lets you know if you’re mortgageable. You may wonder “if I’m just trying to see how much home I might qualify for, why would I want to go through the whole pre-approval process?” Aside from discerning what you can afford in a mortgage situation, the pre-qualification can also ensure there aren’t other factors that can disqualify you form obtaining a mortgage. *Knowing that you do qualify and how much can give you a lot of peace of mind when you find that dream home*.
[](https://lovejoyrealestate.com/wp-content/uploads/2015/01/ID-10088182.jpg)4. Getting pre-approved also enables you to move more quickly when you find the perfect place. When you find that home and make an offer, *you’ll save time* because your offer won’t be contingent on obtaining financing. This connects back to showing the seller that you’re serious about this home purchase and are ready to move forward quickly.
**Moving forward: what you’ll need for pre-approval**
Since a pre-approval of mortgage letter is written based on documentation, you’ll need those documents to receive the letter. Here’s what you’ll need: two years of W-2 forms (or, if you’re self-employed, your profit-and-loss statements), recent pay stubs from your current job, three months of bank statements, and two years of tax returns.
**Once you have a pre-approval letter for mortgage**
[](https://lovejoyrealestate.com/wp-content/uploads/2014/12/ID-100107394.jpg)Once you’re ready to start seriously searching, our site **[liveportlandmetro.com](http://www.liveportlandmetro.com/) offers full access to the MLS** or call us directly for an all-access view to area homes that meet your specific search criteria: **503-406-5232**.
\*images from freedigitalphotos.net
**Categories:** Finance & Mortgage, Real Estate News & Tips
**Tags:** mortgage pre-approval, mortgage preapproval, pre-approval letter for mortgage, preapproval letter for mortgage
---
### [Portland Radon Action for Area Homeowners](https://lovejoyrealestate.com/portland-radon-action-homeowners/)
**Published:** January 9, 2015
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2015/01/2014RadonMap1.jpg)Source: Oregon Health AuthorityThe Environmental Protection Agency (EPA) has designated January as National Radon Action Month. If your home tested positive and you haven’t begun mitigation, or you have made recent changes to your home that may warrant re-testing, we encourage you to take this opportunity to **take action**. Portland radon issues are real. Recent news posts have covered radon issues in the area including [Portland Metro ](http://www.oregonlive.com/health/index.ssf/2015/01/parts_of_portland_areas_in_ore.html)and the [Vancouver](http://www.oregonlive.com/health/index.ssf/2015/01/vancouver-area_homes_at_high_r.html) area. So what is this mysterious gas and what can be done about it?
### What is radon?
[](https://lovejoyrealestate.com/wp-content/uploads/2015/01/radonsm.jpg)
Simply put, radon is a *colorless, odorless, tasteless, and* **radioactive** gas. What this means for homeowners is that it is undetectable through our natural senses, so outside testing must be done, and it is a known carcinogen. It is the second the leading cause of lung cancer after smoking. According to the EPA, an estimated 20,000 lung cancer deaths, each year in the U.S., are radon-related.
### How does radon enter the home?
Radon can enter the home through a variety of sources and can affect new or old homes with a basement or without one. Some of the primary ways known to leak radon into the home are cracks in floors or walls, gaps around pipes or in suspended floors, construction joints and wall cavities, as well as through the water supply. Because *it can affect any home in any zipcode*, we encourage professional testing in all homes.
### How can a home be tested for radon?
[](https://lovejoyrealestate.com/wp-content/uploads/2015/01/Continuous-Radon-Monitor-Results-NEO-PCs-conflicted-copy-2014-04-04.jpg)There are three types of testing that can be done in your home:
- Short term tests last 2 – 90 days
- Long term tests last more than 90 days
- A Continuous Radon Monitor (CRM) shows periodic readings of radon levels over time
Both short term and long term tests come in the form of a kit for the home, which many homeowners do themselves. The short term test is for “closed house” conditions while the long term test is for normal home conditions. For the most accurate read, a CRM is recommended. As the graph on the right demonstrates, the fluctuations in radon levels can vary within the same space.
[](http://alphaenvironmental.net/radon/)Source: Alpha Environmental### What can be done if radon is found in the home?
Based on the amount (pCi/L) of radon found in your home, mitigation may be necessary. Removing this dangerous gas from your home can be relatively simple and involves a fan system that removes the gas from your home. However, you can’t simply buy a fan and blow it on your neighbor’s property – the proper mitigation protocol is required. Because of this, we recommend professional mitigation services.
If you’re concerned about the level of radon in your home, have questions about testing, or know you need mitigation, we have a preferred partner that we recommend to clients. We care about you and your health and want the best for your home and family. **Simply call us at 503-406-5232 and we would be happy to provide you with their information.**
**Categories:** Real Estate News & Tips
**Tags:** portland radon, portland radon concerns, radon and cancer, Radon in Portland, radon
---
### [October 2014 Portland Case Shiller - Showing Continued Strength](https://lovejoyrealestate.com/portland-case-shiller-october2014/)
**Published:** January 7, 2015
**Author:** Charles Turner
**Content:**
The latest Portland Case Shiller Index report is out. As always, it covers the data from 60 days ago, meaning this report centers on data from October.
Both the National Index and the Composite Index were down slightly. In addition, the City Composites also showed a decrease of -0.1% for October. It’s notable that San Francisco and Tampa led in gains for the cities at 0.8% while Chicago saw a decrease of -1.0% and Cleveland had a decrease of -0.7%. The Portland market kept with the National and Composite Indices with a decrease of -0.31%.
#### Portland Case Shiller Specific:
As the graph below shows, although the home price indices are down slightly from the previous month in Portland, we remain on a slow trend upward for the year, closing out October at 170.35. Based on these numbers, we are expected to close out 2014 in the positive, though not with quite as much vigor as 2013 presented. However, we’ll have to wait until February for the full determination. As it stands now, the current movement points to a continued strong market. Interest rates are expected to remain low throughout 2015. The number of “underwater” homes (those with negative equity) is also decreasing. We’re still shy of the August 2007 peak but not by much.
If you’re curious to know what this Portland Case Shiller Index report means for you as a potential home seller, we invite you to call us directly at 503-406-5232 or visit our home valuation site at [portland-home-value.com](http://portland-home-value.com/). And, if you’re curious to know more about the Portland Case Shiller, check out a quick view of our [previous blog posts on the subject](https://lovejoyrealestate.com/?s=case+shiller).
[](https://lovejoyrealestate.com/wp-content/uploads/2014/12/CaseShiller.jpg)
**Categories:** Case Shiller Index
**Tags:** Portland Case Shiller, Case Shiller Index, Case Shiller for Portland, October Case Shiller, Portland Case Shiller Index
---
### [South Waterfront: Portland’s Newest Neighborhood](https://lovejoyrealestate.com/south-waterfront-portlands-newest-neighborhood/)
**Published:** December 29, 2014
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/09/DSC_4231.jpg)Once discounted as a *failed experiment*, the South Waterfront in Portland is a growing area, now being labeled as “Portland’s Newest Neighborhood.” Originally tailored to an older generation, this booming area of Portland is expanding into a diverse community. A once industrial area is now an ever-expanding high-density residential area with an interesting penchant towards a more natural habitat on the waterfront.
**Businesses and Residents Benefit Alike**
OPB’s Think Out Loud recently replayed “The Past, Present, and Future of the South Waterfront” with Dave Miller. In this interview with local residents and business owners, the shift towards a vibrant community is evident.
Daniel Nguyen, owner of Bambuza Vietnamese Bistro (where the show was aired) in South Waterfront Portland, noted that he saw the potential for this area in 2007, as he looked at mockups of what the area was to become. Upon opening in 2008, when the recession hit the area hard, business was slow. However, as the condo builders began to rent and people began to move into the area, he saw the potential he had envisioned slowly come to life in this area.
> It was the kind of beginning of that sense of community where I’m dependent on my customers – the residents who live here – but then the residents want to see the business succeed so that it will attract other businesses, as well.
>
> – Daniel Nguyen
**Positive Changes Moving Forward**
Now, over 6 years after the plummet of the recession, the area is starting to take shape of the potential Mr. Nguyen and others like him saw in those original plans. Area homeowners are seeing an increase in home value, which will likely only increase once the bridge at Tilikum Crossing is opened, allowing further connection to the east side by train, foot, or motor-less wheel. However, there is still a journey to reach this goal.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/John-Ross.jpg)Currently, the lack of freeway access and missing grocery store has left this area feeling slightly isolated. For some, this is beneficial, as it doesn’t offer the high traffic concerns that other Portland neighborhoods may be experiencing. However, others find the lack of sufficient walkability to be disconcerting for the time being. For those, this is less like “Portland’s Newest Neighborhood” and more like “Portland’s Next Neighborhood To Be.”
Even with the current challenges, there’s no denying that this is an up-and-coming area, and thus a great real estate investment. If you’re considering moving into this area or purchasing investment property, call us today at 503-406-5232 to set up a quick coffee meeting to discuss your goals.
Want to listen to the whole show as you further consider this area?
[](https://lovejoyrealestate.com/wp-content/uploads/2009/05/South_Waterfront_Development.jpg)
**Categories:** Miscellaneous Portland, Investing in Real Estate, Real Estate News & Tips
**Tags:** Portland south waterfront, Portland waterfront real estate, Portland's South Waterfront, south portland waterfront real estate, South Waterfront, South Waterfront Condos, south waterfront Portland, Portland Real Estate
---
### [Buying and Selling in Winter](https://lovejoyrealestate.com/buying-selling-winter/)
**Published:** November 4, 2014
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2014/11/IMG_1555.jpg)“Honey, let’s bundle the kids up and go look at houses in this cold, wet, miserable weather. It will be fun,” said no one. The winter months see a slow down in the number of new listings and the number of active buyers. But, those that come to market and continue to look at homes are doing it for a reason.
Buyers are looking for a reason. There is a myriad of possibilities as to why but enjoying taking your shoes off in a house that has the heating turned off after tromping through a mountain of wet leaves in rapidly fading daylight isn’t one of them. For all intensive purposes showing have to end before five o’clock because viewing homes in the dark is somewhat pointless- you can’t see the exterior.
Another advantage of buying in winter is that you typically get a true understanding of where water is versus where it might be in summer. It doesn’t mean a lot if the basement is dry when it hasn’t rained more than a trace in 90 days but if we’ve just experienced record rains and the basement is dry, that’s a pretty good sign.
For the seller, much of the benefit lies in the above. You’re less likely to have to make accommodations for a dinner-time showings. The showings you have should have serious buyers.
In the spring, we expect the yard to be in showroom condition. In the winter, that expectation lessens.
The downside of listing in the winter is that holiday planning and decorating may be interrupted. There’s nothing like having a holiday cookie production line in progress when you get the request to show your home in an hour. The buyer’s agent is likely to be understanding but your house might get skipped over. If your house is anything like ours, someone in your household may think someone else in the household goes a little overboard with the decorations… that means it is likely a buyer may too (bah humbug).
No matter how carefully everyone removes their shoes and puts on the booties, stuff is going to get trekked into the house or it is going to blow in.
**Categories:** Real Estate News & Tips
**Tags:** Selling Buying and Selling in Winter
---
### [RMLS Market Action September 2014](https://lovejoyrealestate.com/rmls-market-action-september-2014/)
**Published:** October 15, 2014
**Author:** Charles Turner
**Content:**
RMLS Market Action for September is hot off the presses and here’s our monthly info graphic we produce monthly in-house. Want to know the amount of equity in your home? We offer a no cost/no obligation [custom report of your property](http://portland-home-value.com "Free home value report").
[](https://lovejoyrealestate.com/wp-content/uploads/2014/10/Sep_Portland_RMLS_Infographic_print11.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** RMLS Market Action, Portland Real Estate
---
### [Case Shiller June 2014](https://lovejoyrealestate.com/case-shiller-june-2014/)
**Published:** August 26, 2014
**Author:** Charles Turner
**Content:**
The Case Shiller has a 60 day lag so this morning’s monthly report reflects June 2014. Portland has climbed to 168.97, just 9.5% lower than July 2007 high of 186.51. That’s significant as the increase from this time last year is 9.1%.
[](https://lovejoyrealestate.com/wp-content/uploads/2014/08/case-shiller-june-2014.jpg)
The graph above shows Portland’s Case Shiller Index and a 4% average increase since 2000, when the Index was set at 100. Historically the housing market’s long-term increase has been about 4% so we can see that we still have some room for “normal.” Following the 4% line, we’d reach an all time Portland high in December of 2015.
Had the Index followed the 4% line, at July 2007 peak, the Index would have been 134.2 instead of 186.51. Today, the Index would be 176.02 following the 4% trend instead of the actual 168.97. On a historical basis, we can say the market is 4% below what history tells us to expect.
It seems fair to expect the market to slow down. We’ve seen very tight inventory which has created a seller’s market. Interest rates have dropped to where we expect they can only go up. We’re not far from reaching expected historical market values. We can’t factor global and national political situations in here but neither can they be ignored. All of this leads to the assumption that we’re not going to continue to see annual increases at the rate we have seen recently- that’s a good thing as we want to ease back onto the 4% line.
**Categories:** Real Estate News & Tips
---
### [RMLS Market Action July 2014](https://lovejoyrealestate.com/rmls-market-action-july-2014/)
**Published:** August 18, 2014
**Author:** Charles Turner
**Content:**
RMLS Market Action for July 2014 was released on Friday and our custom info graphic distilling the information from the report is hot off the presses today. Available listings in the Portland Metro area remains under three months for the 4th month in a row. Inventory, the ratio of active listings to closed sales shows how long it would take for the existing inventory to sell if no new listings were added. Six months was the typical length of time assigned to indicate the equilibrium between a buyer and seller market but I think in our post-bubble era, that number is closer to 4.5 – 5 months. Buyers are more likely to walk away from a transaction if they feel something is “off.”
Low inventory and a seller’s market continues to drive prices up. The average sales price is $344,700. That’s only about $10,000 less than the August 2007 peak! That’s a 7.9% increase over this time last year. We probably don’t want to continue at that pace but it’s a lot healthier than the 12% increase we saw in 2013. 5% is probably healthy and sustainable and historically the national housing market has seen a long-term return of about 4%.
[](https://lovejoyrealestate.com/wp-content/uploads/2014/08/Jul_Portland_RMLS_Infographic_print.jpg)
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** RMLS Market Action
---
### [Search by Walk Score](https://lovejoyrealestate.com/search-walkscore/)
**Published:** July 10, 2014
**Author:** Charles Turner
**Content:**
We’re often asked for walkable neighborhoods. We’ve got the ability to search by Walk Score right here. Scroll down below text here to see the homes and condos that rate 95 and higher. You can adjust the search to your needs. Walk Score says:
> # Walk Score Methodology
>
> Walk Score measures the walkability of any address, Transit Score measures access to public transit, and Bike Score measures whether a location is good for biking.
>
> The Walk Score methodology was developed with the [Walk Score advisory board](http://www.walkscore.com/advisory-board.shtml) and has been validated by [leading academic researchers](http://www.walkscore.com/professional/walkability-research.php).
>
> **Planners and Analysts:** [Learn about using Walk Score data](http://www.walkscore.com/professional/research.php) in your research.
>
> ## Walk Score
>
> 
>
> Walk Score measures the walkability of any address using a patented system. For each address, Walk Score analyzes hundreds of walking routes to nearby amenities. Points are awarded based on the distance to amenities in each category. Amenities within a 5 minute walk (.25 miles) are given maximum points. A decay function is used to give points to more distant amenities, with no points given after a 30 minute walk.
>
> Walk Score also measures pedestrian friendliness by analyzing population density and road metrics such as block length and intersection density. Data sources include Google, Education.com, Open Street Map, the U.S. Census, Localeze, and places added by the Walk Score user community.
> Walk Score®
> Description
> 90–100
> **Walker’s Paradise** Daily errands do not require a car.
> 70–89
> **Very Walkable** Most errands can be accomplished on foot.
> 50–69
> **Somewhat Walkable**Some errands can be accomplished on foot.
> 25–49
> **Car-Dependent**Most errands require a car.
> 0–24
> **Car-Dependent**Almost all errands require a car.
**Categories:** Real Estate News & Tips
**Tags:** Walkability, Property Search, Walk Score, Portland, Homes for Sale
---
### [Is it Better to Rent or Buy in Portland?](https://lovejoyrealestate.com/rent-buy-portland/)
**Published:** May 22, 2014
**Author:** Charles Turner
**Content:**
Is it better to rent or buy in Portland? We see lots of static graphics with various scenarios that try to answer the question. This morning, I posted a link to the New York Times’ interactive rent versus buy calculator on our [Facebook Page](https://www.facebook.com/portlandrealestateblog "Our Facebook Page") but decided that it would make a good post here too. Obviously the graphic below is static but clicking on the image ([or here](http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html?_r=1 "NYT's Rent Versus Buy")) will launch the calculator. There are more sliders that you can adjust on the site than are shown here.
[](http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html?_r=1 "NYT's Rent Versus Buy ")
**Categories:** Real Estate News & Tips
**Tags:** Rent versus buy, real estate calculators
---
### [97003 and 97078 Zip Codes Coming to Beaverton](https://lovejoyrealestate.com/97003-97078-zip-codes-coming-beaverton/)
**Published:** May 20, 2014
**Author:** Charles Turner
**Content:**
Beaverton zip codes are bursting at the seams. Beginning July 1st, two new zip codes will be instigated. [According to KOIN 6](http://koin.com/2014/05/19/zip-codes-changing-for-some-in-beaverton-aloha/), the streets listed below will retain their zip codes.
How will this impact real estate searches? We’ve seen changes in street names (Portland BLVD to Rosa Parks and 39th Ave. to Caesar Chavez) but never the addition of new zip codes. It will probably take a few days and some research to get a clearer picture. Zip codes are a popular way to define searches so we’re going to have to figure out if client searches are affected.
> **Description of boundaries for new zip code 97003:**
>
> *Northern Boundary:* SW Jenkins Road running east to west from SW Murray Boulevard, converges into west Baseline Road and ending at SW Cornelius Pass Road.
>
> *Western Boundary:* SW Cornelius Pass Road from west Baseline Road to SW Tualatin Valley Highway.
>
> *Southern Boundary:* SW Tualatin Valley Highway running west to east from SW Cornelius Pass Boulevard to SW Murray Boulevard.
>
> *Eastern Boundary:* SW Murray Boulevard from SW Tualatin Valley Highway to SW Jenkins Road.
>
> **Description of boundaries for new ZIP Code 97078:**
>
> *Northern Boundary:* SW Tualatin Valley Highway running east to west from SW Murray Boulevard to SW 229th Avenue.
>
> *Western Boundary:* SW 229th Ave. from SW Tualatin Valley Highway to SW Rosedale Road then west to SW River Road then south to SW Farmington Road.
>
> *Southern Boundary:* SW Farmington Road running west to east from SW River Road to SW Murray Boulevard.
>
> *Eastern Boundary:* SW Murray Boulevard from SW Farmington Road to SW Tualatin Valley Highway.
**Categories:** Real Estate News & Tips
**Tags:** 97003, 97078, Beaverton, Zip codes
---
### [Counting Bathrooms in RMLS](https://lovejoyrealestate.com/counting-bathrooms-rmls/)
**Published:** May 6, 2014
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2014/05/toilet.jpg)There is often confusion about counting bathrooms in RMLS. Standard convention says that two full and one half bath would be 2.5 baths. That’s pretty clear until you have two full and two half baths. Now we have a problem. .5 + .5 = 1 added two two full equals 3 baths. But we just established there are two full baths and two half baths, not three full. What now?
Realtor-speak says we have 2.2 baths. The number before the decimal is the number of full baths and the number after is the number of half baths. When you’re looking at RMLS listings, the vast majority will follow this system. Some agents will still call 2 and a half baths 2.5 but it’s usually pretty easy to pick up on since we don’t see five half baths very often if there are only two full.
I know at least one of you out there is thinking, “what about the house with 11 half baths?” I have no idea whether RMLS will let us go to .11 but it’s a problem I’ll be more than happy to report back on when I have first hand experience taking that listing!
**Categories:** Real Estate News & Tips
**Tags:** bathrooms, RMLS
---
### [RMLS Market Action March 2014](https://lovejoyrealestate.com/rmls-market-action-march-2014/)
**Published:** April 15, 2014
**Author:** Charles Turner
**Content:**
March 2013’s 3.1 months of housing inventory ties the lowest levels we’ve seen in the last two years according to the latest RMLS Market Action report. We saw the same level in April and August last year. Actual closed sales are down slightly compared to March of 2013 but the drop in listings is what is really driving the low inventory levels. Inventory is the ration of active listings to closed sales.
[](https://lovejoyrealestate.com/wp-content/uploads/2014/04/RMLS-March-Listings.jpg)
3.1 months represents the five county area that defines “Portland Metro” for RMLS. If you dig a little further, North Portland has a 1.7 month inventory! NE Portland has 2.0 months of inventory, 2.4 months in Southeast and 2.6 months.
Here’s our monthly info graphic compiling the RMLS Market Action report:
[](https://lovejoyrealestate.com/wp-content/uploads/2014/04/Mar_Portland_RMLS_Infographic_print_small.jpg)
**Categories:** Market Activity & Data
---
### [Case Shiller Portland: Flat is Good](https://lovejoyrealestate.com/case-shiller-portland-flat-good/)
**Published:** February 25, 2014
**Author:** Charles Turner
**Content:**
The national Case Shiller report for December 2013 was released this morning. Portland remained flat in December at 159.84. During the traditional “slowdown season” of real estate, the Portland market has hovered at this level since August. The Case Shiller Index report has a two month lag and reports on the Portland Metro MSA. This is a seven county area compared to RMLS Market Action’s five county report. RMLS data is only 15 or so days old when it is released. The current market is good for both sellers and buyers. Low inventory means buyers are competing for property. Low interest rates and prices that have yet to recover to normal appreciation rates still makes property based on past history a good value when looking at the macro market. Real estate is local so both reports need to be used as a guide, not an absolute. RMLS breaks down into smaller areas but must requires additional math to get localized inventory levels.
[](https://lovejoyrealestate.com/wp-content/uploads/2014/02/Case-Shiller-Portland-Dec-2013.jpg)
—Chart from
**Categories:** Case Shiller Index
**Tags:** Case Shiller, Portland
---
### [emee Home Comfort Heating Control System](https://lovejoyrealestate.com/emee-home-comfort-heating-control-system/)
**Published:** February 5, 2014
**Author:** Charles Turner
**Content:**
Our house was pretty much a gut remodel. All the systems were new-to-the-curb and I was never happy with the HVAC system. We’ve got a high end variable speed furnace with AC but in reality we would have been better off with two separate systems to heat and cool the four floors. One system can’t deal with pumping air evenly. The basement was usually 20 degrees colder than the top floor. I looked into Home Comfort Systems years ago. The cost of the install was about the same as the new furnace and AC we had just paid a boatload of money for.
Fast forward to this year and Home Comfort is now owned by emme. An improved system costs less than half of the original bid. The premiss is that a computer controls bladders in all the ducts and the wireless thermostat in every room tells the system where it needs to heat or cool. Using the fan, it can circulate air from floor to floor to adjust the temperature. The video here is sped up by a factor of 4:
There are three levels of programming available and to be totally honest, we’re using the basic mode as I haven’t taken the time to program the more complicated programs. The thermostat is disappointingly slow in its response time, even after two software updates. It’s on WiFi so at least I could sit at a computer to program. We used to use space heaters in both the home office and our son’s room and those are no longer required. The basement still runs warmer than any of the other floors when the furnace is running but the temp difference is small compared to before. The in-room controllers allow a temporary setting to be held for two hours or to send that room into “saver” mode which lowers the heat/cool for that room until it is turned off.
[](https://lovejoyrealestate.com/wp-content/uploads/2014/02/IMG_2809.jpg)
The control system attached to the furnace. There are also two wireless access points boosting the signal from the room controllers.
[](https://lovejoyrealestate.com/wp-content/uploads/2014/02/IMG_2810.jpg)
**Categories:** Real Estate News & Tips
---
### [Lenders Share Their Favorite Offerings](https://lovejoyrealestate.com/lenders-share-favorite-offerings/)
**Published:** January 31, 2014
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2014/01/iStock_000002291750XSmall.jpg)We work with some great lenders. Every lender out there offers the standard 20% down, good credit, conventional loan but each lender also has unique or favorite products that they can offer. I asked our lenders what loan products they like best. \*\*\*Disclaimer: every loan is unique and not everybody will qualify for a given product or interest rate. These are examples only start to show the myriad of loan products that are available.
**[Shane Musselwhite]() – Mortgage Professional, Northwest Mortgage Group,Inc., , 503-908-7116, NMLS # 249862 / MLO249862 | Corp. #40562 / CL 40562**
> Condominium Financing is very complex, and can be a source of great frustration when dealing with a lender unfamiliar with intricate agency guidelines. Not only does Northwest Mortgage Group, Inc. have extensive experience in knowing what to look for up front, we also have the ability to perform full condominium project review “in house” from our corporate office in Portland and grant approval for many of those condominium projects that don’t meet agency limited review guidelines. Full project review at large banks can take weeks, or even months to complete, and can be a faceless process where reaching someone capable of answering a question or making a decision is virtually impossible. This is just one more example of why trusting your transaction to a proven, local professional can be one of the most important choices you make when purchasing a home.
**[Liz Marre]() NMLS 118575 & [Amanda Good](mailto:amanda@mgtmortgage.com) NMLS 298019—Green Mortgage Northwest MLO 106–1739—503-568-1285**
> Our favorite loan product is our Agency Direct product. Because of the size of our company, we have the ability to sell our conforming loans directly to Fannie Mae and Freddie Mac. Mortgage lending has become a pretty rigid system, but our in-depth knowledge of guidelines help us create flexibility for those borrower’s that may not otherwise be approved. The below list is an example of how a Fannie/Freddie direct loan helps us approve more home buyers:
>
> -The ability to finance up to 10 properties with conforming loans (most lenders only allow 4 financed properties).
> -No occupancy restrictions for condominiums in an established project when the client is obtaining a loan for an owner occupied or second home (a lot of lenders require the project be at least 51% owner occupied).
> -No minimum borrower contribution when using gifted funds on a 95% conforming loan (most lenders require the borrower be liquid for 5% of sales price before receiving a gift of less than 20%).
> -The ability to use business funds for down payment or reserves (some lenders may allow this, but always with a lot of red-tape).
> -Higher than 45% debt to income ratio allowed with an ‘accept’ on Freddie Mac’s underwriting software (many lenders will not go above a 45% debt ratio).
> -1 year’s tax returns only for self-employed borrower’s when we receive an ‘accept’ through Freddie Mac (most lender’s require 2 years tax returns for self-employed borrowers with no exceptions).
**[Drew Lovern](), Mortgage Loan Officer, Umpqua Bank, 503-219-6174, NMLS # 650099**
> One of my favorite programs would have to be the Mortgage Credit Certificate (MCC). A homeowner is able to get 20% of their interest paid on their mortgage loan back as a tax credit at the end of the year. What is even better, we can take that 20% you will get back and add it to your income, thus increasing the amount of home you can afford. Unlike most programs that have very low income limits and restrictive qualifications, MCC allows solutions for a wide range of buyers. It was just announced that the new annual income limit is $69,400 for 1-2 person households, or $79,810 for 3 or more person households. MCC can be paired with a purchase using a Conventional, FHA, or VA Loan. With just a little extra paperwork, you save a lot of money, and could afford a better home.
Thanks to these great lenders for taking the time to write these up.
**Categories:** Real Estate News & Tips
**Tags:** Loans, Mortgage
---
### [Case Shiller: Portland Real Estate Market Unseasonably Strong](https://lovejoyrealestate.com/case-shiller-unseasonably-strong/)
**Published:** January 29, 2014
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2014/01/Case-Shiller-nov2013.jpg)The November 2013 Case Shiller report was released yesterday. There was a slight dip in the Portland index but a drop of less than a point at this time of the year shows the market remains strong.
Historically real estate has seen about 4% appreciation. If we apply that to the Portland real estate market since 2000 when the Index was set to 100, we can see that the market is still below the line.
As the market climbs, the number of properties with negative equity decreases. We’re looking at a window of roughly October 2005 to November 20008 where the market was above where it is now. If we had 4% appreciation from here on out, it would be July 2015 when we matched July 2008’s 180.6, thus wiping out all underwater purchases statistically.
The crystal ball doesn’t expect 2014 to repeat 2013’s 13% year-over-year increase but we can see that there is some room to beat the market average.
**Categories:** Real Estate News & Tips
**Tags:** Case Shiller, Portland
---
### [Reading MLS Numbers](https://lovejoyrealestate.com/reading-mls-numbers/)
**Published:** January 9, 2014
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2014/01/DSC_0033.jpg)The MLS (Multiple Listing Service) number is essentially the serial number of a listing. In RMLS the first two digits denote the year: [13208782](http://portlandhomeexplorer.com/s/WLchJD3v "MLS 13208782") shows that the property was listed in 2013. So what do the next six numbers tell us? Absolutely nothing. The last six digits are randomly assigned. Up until a couple of years ago listings were assigned sequential numbers. Low numbers in the series meant the listing was older. This caused many agents to “refresh” the listing by canceling it and relisting so a new MLS number was assigned It also reset the Days on Market calculation. Though the practice of relisting still goes on there is less motivation to do it now. The second deterrent was the addition of Cumulative Days on Market tracking. Instead of the days resetting with a new MLS number the days continue accrue unless the property is off the market for at least 30 days.
**Categories:** Real Estate News & Tips
**Tags:** MLS Numbers, RMLS
---
### [The "New" Real Estate Market in Portland](https://lovejoyrealestate.com/real-estate-market-portland/)
**Published:** January 3, 2014
**Author:** Charles Turner
**Content:**
What a difference a couple of years makes! In February of 2011, I ran a search in RMLS that resulted in 4208 active listings in Portland. 441 of those were bank owned (REO) and 750 were short sales. REOs made up 10.4 of the market and 17.8% were short sales.
I ran the same search yesterday: 1544 active listings of which 45 were REO (2.9%) and 87 short sales (5.6%).
Why the drop? The simple answer is that the economy is better. There have been fewer foreclosure actions/defaults and as the real estate market improves, the number of underwater owners decreases. Additionally, a strong argument can be made that those that have held on this long can/will probably ride through the rest of the storm. The system has worked through the majority, but not all of the at risk properties.
On the bank owned front, there are additional reason. A quick scan of the listed REO tells me that the majority are owned by the quasi-government agencies, Fannie Mae and Fredi Mac. These agencies are not subject some of the restrictions and laws (for mediation) placed on the commercial banks and were not subject to the impact of the MERS related ruling in the Oregon Supreme Court. My belief is that the banks are not sitting on property they can bring to market and sell but that they are holding property that they don’t have the ability to clear title and therefore cannot bring to market. I know of two instances where the mortgagee filed for bankruptcy and the properties have been stuck in limbo and vacant for more than a year.
I expect that we will see another wave of bank owned property in the Portland area but it will be nothing like what we saw in the past and I don’t think those properties will be massively discounted. Why? Look at the number of active listings. There’s just 36% of the number of listings on the market now as there were two years ago. I did discover that Zillow appears to universally discount bank owned properties 13% from their Zestimates.
I’ll do more of a year in review when the next RMLS market Action comes out mid-month.
**Categories:** Real Estate News & Tips
**Tags:** Short Sale, Inventory, Bank Owned, REO
---
### [RMLS Market Action November 2013](https://lovejoyrealestate.com/rmls-market-action-november-2013/)
**Published:** December 13, 2013
**Author:** Charles Turner
**Content:**
RMLS Market Action for November was released yesterday and we have our new infographic ready! The Portland real estate market has slowed some but we expect that with the holidays. We typically expect to see fewer buyers and sellers in the market at this time of year but they are usually more motivated- it’s not a lot of fun looking at homes in the rain and cold.
It’s been quite a year. Year over year, the average sales price is up 13.5% to $310,800. We can’t do that forever but it gets us a lot closer to getting back on the 4% track we have seen historically over the last 40 years. The market went way over the trend line pre-bubble and way under it a the post-bubble bottom. Like all markets we’ll have our ups and downs and we got a painful reminder that real estate is a long term investment (there are exceptions).
[](https://lovejoyrealestate.com/wp-content/uploads/2013/12/Nov_Portland_RMLS_Infographicb.jpg)
**Categories:** Real Estate News & Tips
**Tags:** RMLS Marekt Action
---
### [Portland Case Shiller September 2013](https://lovejoyrealestate.com/portland-case-shiller-september-2013/)
**Published:** November 27, 2013
**Author:** Charles Turner
**Content:**
Case Shiller’s September 2013 housing report was released yesterday. The two-month lagging report show that the Portland real estate market edged up from August. The 160.18 is up less than a point but more importantly has rebounded 30 points from the March 2012 low of 129! That means that the pool of underwater houses has dropped to three years: the market was higher than today between October 2005 and September 2008, not taking into account entry and exit costs to the property.
[](https://lovejoyrealestate.com/wp-content/uploads/2013/11/Case-Shiller-September-2013-Portland.jpg)
Historically, over time, real estate markets have increased 4% annually over time. If we extend that out from October 2004, Portland’s index would be at 180 so we are still behind that trend. How long will it take to catch up? That’s the crystal ball question which the “Now is a great time to sell” and “now is a great time to buy” pundits ignore. Have you ever noticed that most real estate marketing suggests that right now is the best time to do something? It may be for some but for others there will be other opportunities.
**Categories:** Case Shiller Index, Real Estate News & Tips
**Tags:** Case Shiller
---
### [RMLS Market Action October 2013](https://lovejoyrealestate.com/rmls-market-action-october-2013/)
**Published:** November 14, 2013
**Author:** Charles Turner
**Content:**
[RMLS Market Action for October 2013](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879 "RMLS Market Action Portland Metro October 2013") is hot off the press and it shows that housing inventory in the Portland Metro area dropped to 3.4 months. Inventory was 3.7 months in September and 3.8 months this time last year.
The average sales price is $314,100 which is a slight drop from September but up 13.5% from October 2012. That level of year-over-year increases isn’t sustainable. Historically housing prices have increased about 4% over time and after the bubble crash, we’re still behind that but not by much. \[Graphic below infographic\]
We’ve created a new info-graphic for this month’s Market Action (click image to view full size):
[](https://lovejoyrealestate.com/wp-content/uploads/2013/11/Oct_Portland_RMLS_Infographic_web.jpg)
[](https://lovejoyrealestate.com/wp-content/uploads/2013/11/Annual-Price-Graphic.jpg)
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action
---
### [Neighbor's Tree Blocks My View](https://lovejoyrealestate.com/neighbors-tree-blocks-view/)
**Published:** October 29, 2013
**Author:** Charles Turner
**Content:**
[](http://www.telegraph.co.uk/news/uknews/7849469/Tree-blocking-view-felled-during-the-night.html)I got a call today from a home buyer asking if there are any view ordinances preventing neighbors from planting trees that will eventually block their view? The answer would logically apply to an existing tree as well.
I wasn’t entirely satisfied with my Google search to figure out the answer but I was leaning towards, “No, there is nothing protecting your view.” I found this article [regarding your neighbor’s trees](http://www.portlandoregon.gov/parks/article/424270 "What can you do with your neighbor's trees?") on the City website. There’s a [mediation program](http://www.resolutionsnorthwest.org/neighborhood_mediation_program "Neighborhood Mediation Center") for dealing with your neighbors too. Maybe you can work something out before it escalates into something ugly. They deal with more than just tree issues.
I called Urban Forestry to ask the question. As long as the tree is planted legally, “there is no intention of protecting views.”
In other words: caveat emptor.
**Categories:** Real Estate News & Tips
---
### [RMLS Market Action September](https://lovejoyrealestate.com/rmls-market-action-september/)
**Published:** October 14, 2013
**Author:** Charles Turner
**Content:**
We’re trying something new this month with September’s RMLS Market Action: an infographic (click the image to enlarge):
[](https://lovejoyrealestate.com/wp-content/uploads/2013/10/Sep_Portland_RMLS_Infographic_rev21.jpg)
Please note- image is copyrighted. Feel free to share, please do not edit our contact info out or yours in.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** RMLS Market Action
---
### [RMLS Market Action August 2013](https://lovejoyrealestate.com/rmls-market-action-august-2013/)
**Published:** September 13, 2013
**Author:** Charles Turner
**Content:**
RMLS Market Action for the Portland Metro real estate market just went to to press. Inventory, the ratio between the number of active listings and the number of closed listings, continues to hover around three months. Previously, pundits have said that six months of housing inventory is the neutral point between buyer and sellers but I think that number has dropped to between 4.5-5 months. Either way, 3.1 months is considered a seller’s market.
In the last few months we’ve seen some price gains: “The average sales price so far this year is $309,200, up 14.1% from the same period in 2012, when the average was $271,100. In the same comparison, the median price increased 15.2% from $230,000 last year to $265,000 thus far in 2013.” Those numbers are great in some respects: the number of underwater homeowners decreases as the market increases; owners have more options as their equity increase and they undertake more home improvement projects which in turn builds the economy. BUT we’ve proven in the past that markets can’t sustain continual rapid increases. It’s ironic that I’m saying that I hope the market slows down but I do. If the market can settle into 5%-7% annual increase it should be sustainable.
From: rmls.com
**Categories:** Market Activity & Data
---
### [What's My Home Worth?](https://lovejoyrealestate.com/home-worth/)
**Published:** September 3, 2013
**Author:** Charles Turner
**Content:**
What’s my home worth? The answer is the foundation for intelligent decision making. No matter what type of evaluation is done, the result is *a matter of opinion*. There are three basic types of home valuations:
1. Completely automated reports like those from Zillow (Zestimate), Trulia or our [Market Snapshot](https://lovejoyrealestate.com/market-snapshot-signup/ "Market Snapshot Signup"), which is a Realtor.com product. These reports have no human interaction and may be online or emailed to you on a periodic basis. This is the instant gratification method.
2. The Realtor generated Comparative Market Analysis (CMA). These reports can be very broad or drill down to very specific criteria. This the report that we create to advise clients regarding pricing the property that they are buying or selling. This is the free report that we are offering here and can take anywhere from five minutes of hands-on time to over an hour. The final valuation may be manually calculated and adjusted or formula based. View a [Sample CMA](https://lovejoyrealestate.com/home-worth-request/2013-nar-home-buyer-seller-generational-trends-2013-07-08/) and sign up for yours:
Free Evaluation
Interested in your home’s value? We will follow up with you to create a customized home valuation.
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3. The appraisal: this report is done by a licensed appraiser most commonly for the bank’s benefit (if you were paying cash, an appraisal would be optional). The fee for an appraisal starts around $350 and can climb into the thousands depending on what is being appraised. $450 is a good budgeting number for a single family, owner occupied appraisal. Appraisals for investment property cost more as rent rates and income potential are examined. A full appraisal is often used for valuation purposes on estates, refinancing and purchases.
**Categories:** Real Estate News & Tips
**Tags:** Appraisal, CMA, Comparative Market Analysis, Zestimate
---
### [Will My Transaction Close? RMLS Market Action July 2013](https://lovejoyrealestate.com/transaction-close-rmls-market-action-july-2013/)
**Published:** August 15, 2013
**Author:** Charles Turner
**Content:**
July 2013’s RMLS Market Action was published yesterday. Inventory remains tight and consistent at 2.8 months and other metrics are in positive territory as well. The average sales price is $326,500 compare to $287,000 this time last year.
Here’s a metric we’ve never looked at before: the ratio of accepted offers to closed offers. We could call it the “Likelihood to Close.” Year-to-date there have been 15,467 closed transactions and 17,406 accepted offers. That’s and 89% Likelihood to Close factor.
For the same period in 2010, there was a 92% Likelihood to Close. In 2007 94% of accepted offers closed. What does it mean?
Even in a tighter inventory market than we’ve seen in years, transactions are more likely to fail. My personal opinion is that the main cause is buyers are more cautious than ever before and are more willing to walk away.
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action, Portlan Housing Inventory
---
### [Portland Makes CNBC Top Ten](https://lovejoyrealestate.com/portland-cnbc-top-ten/)
**Published:** August 7, 2013
**Author:** Charles Turner
**Content:**
I haven’t been the best at writing timely posts lately but a [recent post](https://lovejoyrealestate.com/realestate/2013/07/rmls-market-action-june-2013/ "RMLS Market Action June 2013") garnered me a quote in the [CNBC Top 10 Turnaround Towns for 2013](http://www.cnbc.com/id/100944264/page/4 "CNBC Top Ten Turnaround Markets") where Portland came in 8th.
> “Our team has been closing a record number of transactions in the last few months,” Turner Team realtor Charles Turner wrote in a [recent blog post](https://lovejoyrealestate.com/). “These numbers exceed the month that the First Time Buyer Credit expired and any of the peak months of the 2005-2007 ‘crazy’ market before the crash,” he said.
>
> Of course, it becomes a case of be careful what you wish for. The double-digit jump in the average sale price is “frightening,” Turner writes. “Hopefully the market will settle down to an appreciation rate of around 5 percent. That should be sustainable.”
I wrote that just as interest rates were spiking. July was our best month yet but August has cooled which seems to mirror both our local and the national markets.
**Categories:** Real Estate News & Tips
---
### [RMLS Market Action June 2013](https://lovejoyrealestate.com/rmls-market-action-june-2013/)
**Published:** July 16, 2013
**Author:** Charles Turner
**Content:**
June 2013’s RMLS Market Action shows a slight cooling compared to May but still way ahead of May 2012. Inventory climbed to 2.9 months which is still an indicator of a seller’s market. Six months has traditionally been viewed as the neutral point between a sellers market and buyers market but I think in this “new” housing market we’ll see that number drop to somewhere between 4.5. to five months as buyers are going to be more willing to let deals die as the market settles in. Regardless, we don’t want to see an extended period of time in very low inventory numbers as it’s been proven that the market cannot sustain rapid run-ups.
That said, our team has been closing a record number of transactions in the last few months. These numbers exceed the month that the First Time Buyer Credit expired and any of the peak months of the 2005-2007 “crazy” market before the crash. We’re educating buyers that they need to put their best foot forward as it’s likely that they’ll be competing with other offers. Cash is king but their are lots of other terms that can cause the seller to accept financed offers or offers with preferable terms.
The average sales price in Portland Metro area is up over $300k for the first time in years at $302,700. That’s a 13.8% increase which is frightening. At that rate, we’ll be at $344,472 next year and $392,009 in 2015. That’s bad for a myriad of reasons. Hopefully the market will settle down to an appreciation rate of around five percent. That should be sustainable.
Interest rates are now a hot item in the news. Rates spiked which greatly reduces buyer’s buying power. In combination with rapidly increasing prices, we’ll see buyers priced out of the market which will reduce the buyer pool.
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action
---
### [Air Conditioned Homes in Portland](https://lovejoyrealestate.com/air-conditioned-homes-portland/)
**Published:** July 3, 2013
**Author:** Charles Turner
**Content:**
[](https://www.google.com/search?oe=utf-8&client=firefox-a&ie=UTF-8&q=air+conditioning,+portland&fb=1&gl=us&hl=en&tbm=isch&source=og&sa=N&tab=li&biw=1037&bih=655&sei=ICbUUeOdLsm2igLcqIHYDA#client=firefox-a&gl=us&hl=en&tbm=isch&sa=1&q=air+conditioning&oq=air+conditioning&gs_l=img.3..0l10.3140.3140.0.3429.1.1.0.0.0.0.43.43.1.1.0....0...1c.1.19.img.dIVDySfK2LQ&bav=on.2,or.r_cp.r_qf.&bvm=bv.48705608,d.cGE&fp=f5b2e2a376e0423d&biw=1037&bih=655&facrc=_&imgdii=_&imgrc=r-plQNfyPLsg4M%3A%3BPp9-Hz4wTLYzBM%3Bhttp%253A%252F%252Fcoolwaves.net%252Fwp-content%252Fuploads%252F2013%252F04%252Fair-conditioning1.jpg%3Bhttp%253A%252F%252Fwww.coolwaves.net%252F%3B1200%3B763)Air conditioning in Portland? Our heat wave is tapering off to more comfortable conditions but it’s unlikely we’ve seen the last of the hot days of summer.
Heading over to our trusty RMLS search we find 717 homes for sale in Portland out of 2151 active listings have central air conditioning (33%). Digging into the numbers we find it’s an amenity that is price-range driven:
- 0-$300,000: 941 active listings, 172 with AC; 18%
- $301,000-$500,000: 610 active listings, 225 with AC; 37%
- $501,000-$700,000: 270 active listings, 125 with AC; 46%
- Over $700,000: 326 active listings, 195 with AC; 60%
[Thinking about installing AC or servicing what you’ve got](http://goo.gl/maps/rk3j8 "Google Map for AC in Portland")? The link goes to a Google Map for AC in Portland.
**Categories:** Real Estate News & Tips
**Tags:** Air Conditioning, Portland
---
### [RMLS Market Action May 2013](https://lovejoyrealestate.com/may-2013-rmls-market-action/)
**Published:** June 17, 2013
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2013/06/RMLS-Market-Action-May-2013.jpg)Housing Inventory = Number of Closed Transaction/Number of Active Listings = Two point five months! The last time we saw Portland Metro housing inventory this low was in May, 2006. May’s RMLS Market Action tells us that every metric of the Portland real estate market is strengthening. Days on Market is 85 days compared to 152 days in January of 2009 when we also had 19.2 months of housing inventory.
Close in areas have even lower inventory:
- North Portland: 1.9 months
- NE Portland: 1.9 months
- SE Portland: 2.1 months
- West Portland: 2.3 months
- NW Portland: 2.0 months
- Lake Oswego/West Linn: 3.1 months
- Beaverton/Aloha: 1.5 months.
- Tigard/Wilsonville: 2.1 months
Most striking is Beaverton/Aloha’s 1.5 months. We’ve typically seen the close-in Portland areas with the lowest inventories but recently we’ve seen the ‘burbs competing for the tightest inventory title.
What does it all mean? Buyers have to put their best foot forward to compete with other buyers. Multiple offers are not unusually and escalation clauses are used by some agents though I would argue against their use (an escalation clause says that buyer is willing to pay $X over the next highest offer). Rapid increases in prices can cause appraisal issues. If the appraiser can’t find comparable sales to support the price there may be problems: is the buyer going to bring in the difference? Is the seller going to agree to lower the price? With a cash deal, no appraisal is necessary which strengthens the “cash is king” theory which means financed offers need to compete on other terms.
Potential sellers have reasons to be optimistic about the current market. An accurately priced house is going to sell in any market but this market is stronger than anything we’ve seen in the last five years. Will it continue to run up? For how long and will it level off or dive? The winter months could be concerning as typical seasonal declines occur and we should start to have a clearer picture of how new laws and court rulings impact the foreclosure market. There are very few REO properties for sale right now, if there is an increase in bank listings it will push market values down as the majority of those properties are typically lower priced.
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [Portland Case Shiller March 2013](https://lovejoyrealestate.com/portland-case-shiller-march-2013/)
**Published:** May 28, 2013
**Author:** Charles Turner
**Content:**
The Portland Case Shiller Index continues its upward trajectory. The latest report, March 2013, was released this morning. Portland’s index has climbed to 145.52. That’s a 16 point game from where the index was at this time last year! The rapid increase borders on being a little scary but it also is a huge help to homeowners who have been thinking about selling but have not because they did not have any equity, or enough equity, to meet their goals. Each uptick pulls more owners into the black. This time last year we were at April 2004 index levels, now, the current 145 matches April 2005’s index.
When the Index hits 150, the window of underwater owners drops to less than four years: July 2005 – March 2009. There was close to an eight year window of negative equity owners when the market (appears to have) bottomed out at 129 (July 2004 – March 2012). Keep in mind that these are Metro statistics that span the seven county MSA and not localized. The methodology hasn’t changed so the comparisons over time are valid but what happened in Inner Southeast Portland does not mirror what happened in Skamania County.
As I said above, and previously, rapid increases are a scary. History shows that to be the case. There are lots of factors that make up the increase and we could see any of those change at any time. In fact, interest rates are creeping up- they’re still historically very low but not as low as they were. There are fewer bank owned homes on the market due to the Oregon Supreme Court pending ruling on MERS and the transfer of foreclosed homes.
[](https://lovejoyrealestate.com/wp-content/uploads/2013/05/Portland-Case-Shiller-March-2013.jpg)
**Categories:** Real Estate News & Tips
**Tags:** MERS, Case Shiller
---
### [Million Dollar Homes in Portland](https://lovejoyrealestate.com/million-dollar-homes-portland/)
**Published:** May 20, 2013
**Author:** Charles Turner
**Content:**
Remember mixed tapes? My ex-girlfriend from college made me one that included Barenaked Ladies ‘If I had a Million Dollars” which include the lyrics, “If I had a million dollars / well, I’d buy you a house.” If you decided to buy a million dollar house in Portland today you’d have a choice of 128 active properties. That includes all residential properties within Portland city limits.
If you were feeling particularly flush, perhaps you’re the lucky person in Florida who won the PowerBall jackpot, after taxes you could by all 128 properties and still have around $77M to play with! Portland’s most expensive listing today is $4,995,000 up on Skyline BLVD.
Here’s a link to all the [Million dollar](https://lovejoyrealestate.com/idx/?idx-q-PriceMin=1000000&idx-q-PriceMax=20000000&idx-q-Cities%3C0%3E=Portland&idx-q-PropertyTypes%3C0%3E=148) homes listed in Portland right now. The properties shown are constantly updated and will vary from the 128 listed as I write. The ten most expensive are:
\[idx-listings city=”Portland” minprice=”1000000″ maxprice=”20000000″ statuses=”1″ propertytypes=”148″ orderby=”Price” orderdir=”DESC” count=”10″\]
**Categories:** Real Estate News & Tips
**Tags:** Portland
---
### [Our New Brand: Carrington Real Estate Services](https://lovejoyrealestate.com/brand-carrington-real-estate-services/)
**Published:** May 17, 2013
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2013/05/Carrington-Real-Estate-Services-Rebrand.jpg)On May 7th, the Atlantic & Pacific Real Estate name went the way of the dinosaurs and we rebranded to Carrington Real Estate Services. Over the last 18 months you’ve grown accustomed to the orange and green signs outside of our listed properties. Now you’ll see our fresh new look of the Carrington Real Estate Services brand in and around Portland. The Turner Team, the individual agents in our office and management remains unchanged but now we have the ability to leverage the Carrington name in all of our efforts. Carrington Real Estate Services is now in 25 states and growing.
[](https://lovejoyrealestate.com/wp-content/uploads/2013/05/tteam-CRES-sign.jpg)
**Categories:** Real Estate News & Tips
**Tags:** Carrington Real Estate Services, Turner Team
---
### [RMLS Market Action March 2013](https://lovejoyrealestate.com/rmls-market-action-march-2013/)
**Published:** April 11, 2013
**Author:** Charles Turner
**Content:**
How low will it go? RMLS Market Action for Portland real estate was released yesterday. Metro inventory dropped to 3.2 months which is the lowest it’s been since June 2006. “Metro” is a five county area so when you look at the closer-in areas the picture changes:
- North Portland: 2.6 months
- Northeast Portland: 2.2 months
- Southeast Portland: 2.3 months
- West Portland: 3.2 months
- Northwest Portland (area beyond Skyline): 2.0 months
Average prices are up 15.3% from the first quarter of last year but I advise a little caution when looking at this figure. The number of REO properties has dropped significantly in the market place. These properties are typically lower priced than the market average. The switch from non-judicial foreclosures has not stopped the foreclosure process. The appearance is that REO has gone away when in reality the pipe that they have to flow through has simply gotten much longer and they will eventually reach the end of the pipe and come to market. We should expect that to apply downward pressure on average prices.
Other indicators are strong: Accepted offers and closed sales are the highest since 2007. The 12 month rolling average price is up 7.5% to $282,000. The median price is up 9.1% to $240,000. Again, we’ve got the highest number since mid-bubble years so a little caution may be in order. Alternatively, I could be a little pessimistic and we’ll power right through all of this. The stock market certainly seems immune recently.
Traditional buyers (non-investors) need to make sure they are in the strongest position possible when it comes down to writing an offer. That means being educated on the market and the process and having a trusted Realtor adviser. Tools on the Internet, like this blog, Zillow etc, can provide lots of information but neither can replace one-on-one interaction.
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action, Portand Real Estate Market
---
### [How do I find a Portland Address?](https://lovejoyrealestate.com/find-portland-address/)
**Published:** April 10, 2013
**Author:** Charles Turner
**Content:**
[](http://www.stjosefswinery.com/)You can’t buy a house if you can’t find the house. Finding a Portland address is pretty easy if you remember these tips. In an era of GPS navigation, Google Maps and cell phones we may spend less time not knowing where we are but it’s still nice to have a basic understanding of the city.
Portland is divided east and west by the Willamette River. The Burnside Bridge divides the north and the south. If you are in Southwest, you know you are on the west side of the river and south of Burnside. The intersection of the bridge and river is also the “zero block”. Street numbers, 100 per block, start there and fan out. 3900 SE Hawthorne is 39 blocks from the river (at SE 39th). The exception to the rule is North Portland which is the peninsula formed by the Willamette and Columbia Rivers. The eastern edge of North Portland is Williams Avenue.
There are a few areas (Laurelhurst and Ladd’s Addition) that get off the grid system in SE Portland. Sandy BLVD cuts a swath through SE and NE Portland heading northeast from SE 11th Avenue all the way to NE 82nd and beyond. Some addresses in southwest near Johns Landing and Lewis and Clark College and the Willamette River start with zero. Lewis and Clark College is located at 0615 SW Palatine Hill Rd and electronic systems don’t always get it right.
The streets in Northwest are alphabetical starting at Burnside. Many of the names in the “Alphabet District” are named after the figures that shaped Portland’s past including Lovejoy and Pettygrove who settled the city’s name with a flip of the coin (if Lovejoy had won, we’d be living in Boston). You may notice that Portland native and Simpson’s creator Matt Groening, borrowed some of the neighborhood’s street names for characters. Beware that there is no rhyme or reason to the two way and four way stop signs throughout the area. Even more alarming can be the total lack of traffic control at some intersections in some of the southeast and northeast neighborhoods. NW 21st and NW 23rd are business district streets where the speed limit is 20 MPH and every intersection is a crosswalk- the pedestrian has right of way, posted or not.
The building numbers on the north and west sides of the streets are numbered odd. If you can remember “Northwest is odd,” you’re set. With near pinpoint accuracy, you are now ready to find Portland real estate with a native’s confidence. Just leave the umbrella at home.
**Categories:** Real Estate News & Tips
**Tags:** Portland Addresses
---
### [Portland Real Estate Market Update](https://lovejoyrealestate.com/portland-real-estate-market-update/)
**Published:** March 26, 2013
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2013/03/DSC_0089.jpg)40+ Offers on this Home!When the Portland Business Journal’s January 2013 Case Shiller Index headline is, “[Housing recovery starts to look like a boom,](http://www.bizjournals.com/portland/blog/real-estate-daily/2013/03/housing-recovery-starts-to-look-like-a.html "Portland Business Journal Housing Article")” y’all better be paying attention. Long the messenger of doom and gloom Portland’s 8.3% year over year increase is something that’s hard to ignore. That said, the Portland index slid a little between December and January. The .55 point drop is expected during the winter months and small compared to December 2012- January 2013’s 2.8 point loss. It does look like Portland is poised to finish the usually weak winter months in a much better position than we have seen in years. I’d like to see 5-7% increases as we have to be concerned with creating a bubble if prices rise to fast. Also see my caveat below.
What does this mean to what we actually see on the streets? General consensus is that interest rates will remain low and that the Fed will act when unemployment gets down to around 6.5%. They are continuing Quantitative Easing measures which will help keep rates low. As the stock markets continue to charge forward, investors start to pull money out of bonds which cause rates to rise. Huge interest rates are unlikely but in reality rates have little room to go down and lots to go up.
Multiple offer situations aren’t unusual so having your ducks in a row when you’re ready to go is critical. We’ve got an (under priced) REO property with 40+ offers submitted. That’s a stark reminder that the listing price has no baring on the selling price. The market will determine the final price. Though 40+ offers is the exception, not the rule it is a very strong indicator that the real estate investor has returned to the Portland market. All of these offers are hard money or cash- no financing is being considered, even a rehab loan, as the bank wants as close to a sure thing as they can find.
It’s also worth filing this in the back of your mind: the Oregon Supreme Court is expected to rule on the legality of MERS transfers and that will determine how foreclosures are handled in Oregon. Banks have started filing judicial foreclosures which are more expensive (for everyone) and take longer. This has caused the percentage of REO sales in the market to decline and as they are typically lower priced properties the average price has increased. When those properties start coming to market we may see a decrease in average price even if the quantity of sales stays high or increases. I do not believe that banks are sitting on sell-able properties. Those in the shadow inventory have some sort of issue.
Since I was remiss in posting about the February RMLS Market Action let’s make note here that inventory dropped to 4.5 months and the February 2013 closed sales we more than we’d seen since February 2008.
**Categories:** Market Activity & Data
**Tags:** Shadow Inventory, RMLS Market Action, Case Shiller
---
### [Case Shiller Looks Strong in Portland](https://lovejoyrealestate.com/case-shiller-strong-portland/)
**Published:** March 5, 2013
**Author:** Charles Turner
**Content:**
A little tardy with regarding last week’s December 2012 Case Shiller Index but here we go. The Index in Portland dropped .78 of a point in December. Even though that’s more than the .5 it lost in December 2011 and many areas posted positive December 2012 numbers the reason for the title of this post and optimism is that between August and December 2011 the Index lost 3.04 points. In the same period in 2012, it was up 1.23 points. The same five month period in 2010 posted a 10.10 loss! In fact, we have to go all the way back to 2006 to see the previous gain for that period.
This doesn’t mean we are in a full recovery. Many of the markets tracked by Case Shiller showed a positive December. I’ve already talked about how the slow down in foreclosed properties coming to market may be creating some false gains as well. Case Shiller uses match pairs in its data. 123 Main St. doesn’t get reported in Case Shiller until it matches up with a sale of 123 Main St. If it is currently in judicial foreclosure we’re not going to see that property weigh down the Index until it resells as a foreclosure- presumably for less money than its prior sale.
We’ve seen losses in January, February and March the last three years so we should be able to see the cumulative loss for the winter months in May when the March report is released.
**Categories:** Real Estate News & Tips
**Tags:** Case Shiller
---
### [RMLS Market Action January 2013](https://lovejoyrealestate.com/rmls-market-action-january-2013/)
**Published:** February 20, 2013
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2013/02/RMLS-Inventory-Jan-2013.jpg)RMLS Inventory Jan 2013All of the conversations I have been having with Realtors lately center around a the theme, “I am loving this market, just wish there were more houses to show my clients.” December gave us the lowest Portland housing inventory we’d seen in years. Inventory climbed to 4.7 months in January but there were only six more listings on the market at the end of the month compared to December. Why did inventory climb if the number of houses on the market is the same? Inventory is a ratio: listings/closing. For January, listings remained virtually unchanged but closings slowed, pushing inventory closer to market equilibrium. Traditionally six months has been considered the middle point between a buyer’s and seller’s market but I would argue that in this “new” recovery market, it is five months or less. Buyers are more apt to walk away from a transaction than they were in the bubble market.
Equally important is the lower box of the graphic- prices are rising. Looking at the same report a year ago, the 12 month rolling average was down 6.1% and the median was down 6.9%. Now it’s up 5.4% and 7.3%, respectively.
It’s entirely possible that we’ll see prices drop a little when REO properties (bank owned) start to work themselves through the judicial foreclosure process. With the uncertainty of how the Oregon Supreme Court will rule on the legality of MERS transfers (the transferring of deeds without recording), banks have started going down the judicial foreclosure route. It’s a longer and more expensive process than the non-judicial foreclosures. Since those properties are typically lower priced than traditional sales that may put downward pressure on prices and they may be somewhat inflated now because there are very few REOs on the market now.
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action, Bank Owned, REO
---
### [FHA Bridal Registry Gift Funds No More](https://lovejoyrealestate.com/fha-bridal-registry-gift-funds/)
**Published:** February 19, 2013
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2013/02/iStock_000011707007XSmall.jpg)A few weeks ago I found a reference to an 1997 HUD directive for the creation of [FHA Bridal Registry Gift Fund accounts](http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_36273.txt "HUD directive for FHA Bridal Registry"). Google was little help in uncovering what the in-and-outs about the program. There are lots of references to it on Realtor websites, recent blog posts and the like but not one of them actually provided a real case example. I couldn’t find a mortgage broker who knew anything about it. Since the directive asks that lenders register with their local HUD office, I contacted HUD. HUD suggested I contacted FHA directly. FHA says the program is no more. Any current reference to it would be inaccurate. But not all is lost. You may not be able to register for a home anymore through this specific program (you should talk to a lender about other options using gift funds), but you can [register for a Dodge Dart](http://www.dodgedartregistry.com/ "Dodge Dart Registry ").
**Categories:** First Time Buyer, Real Estate News & Tips
**Tags:** Bridal Registry, FHA, HUD
---
### [Make Your In-Laws Sleep in the Yard. Build an ADU.](https://lovejoyrealestate.com/inlaws-sleep-yard-build-adu/)
**Published:** February 1, 2013
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2013/02/ADuPDX.jpg)Credit: DMS Architects ADUpdx.comI love my in-laws but I don’t particularly want to live with them. That said, there are certain life events that might necessitate that later on. What would we do? Where would we put them? Maybe an ADU would be the answer. An accessory dwelling can be internal to the main house, attached or detached. Before going any further it is important to note that each jurisdiction has different rules and regulations so check with your government entities before getting deep into your project. For this post, we’re going to use current City of Portland regulations. Most of this post is based on the continuing education class taught by Kathy at DMS Architects and Darin Walding at Advanitis Credit Union. DMS has a resource website at [www.ADUpdx.com](http://www.ADUpdx.com "ADUpdx").
The City of Portland restricts the maximum size of an ADU to 800SQFT and up to 75% of the main house. That means a 1000SQFT house could have a 750SQFT ADU. There are lot coverage restrictions, height and setback requirement and that’s why it is necessary to seek City and professional advice before getting too deep into your project. Jurisdictions also have different rules as to what determines an ADU. In Portland it is a second sink. In others it is the presence of a second stove. DMS provides the links to each [jurisdiction’s ADU website](http://www.adupdx.com/Resources.php "ADUPDX Resource Page").
Another consideration is the construction of an ADU is enough to trigger a tax assessment (pulling a permit to remodel in Portland triggers). That means that they have the ability to reassess the *entire* property so if you have a sweetheart deal now that may go away.
ADUs don’t come cheap. [Advantis Credit Union](https://www.advantiscu.org/ "Advantis Credit Union") has a Rehab Mortgage that is ideal for this part of the project. Its styled after a “construction loan.” where the Loan to Value is calculated on the predicted finished value, not current value. There are additional hoops to go through and there are more fees as the money for construction held in escrow and paid out in draws as work is completed. The expectation is that a contractor is doing the work, not the homeowner. They will go to 90% LTV on owner occupied and 75% on investment property.
ADUs aren’t going to be for everyone but it might be the best way to get additional space without moving.
**Categories:** Real Estate News & Tips
**Tags:** Accessory Dwelling, ADU, Advantis Credit Union, DMS Architects
---
### [November 2012 Portland Case Shiller Dips](https://lovejoyrealestate.com/november-2012-portland-case-shiller-dips/)
**Published:** January 29, 2013
**Author:** Charles Turner
**Content:**
The loss of .31 of a point in November 2012 ended seven straight months of gains for Portland’s Case Shiller Index. The Index, at 142.13 is nearly nine points higher than it was this time last year and closely matches February and October 2010, and November 2004. The Index is up 12.5 points (10%) since it’s most current low in March of 2012. With each passing month we can become a little more confident that March was the bottom of this current market. That’s not to say that we are totally out of the woods yet. While interest rates are expected to remain low in the foreseeable future there are any number of things that could torpedo a recovery. A sustainable market can probably handle between four to seven percent annual appreciation. Assuming the market adds six percent a year it will be May 2017 by the time we reach the August 2007 peak of 186— a 10 year recovery.
[](https://lovejoyrealestate.com/wp-content/uploads/2013/01/Case-Shiller-November-2012.jpg)
It’s always important to remember that the Case Shiller Index is released the last Tuesday of the month, lags 60 days and defines Portland Metro as the seven county MSA.
**Categories:** Real Estate News & Tips
**Tags:** Housing Recovery, Case Shiller, Portland
---
### [Zillow, Truila, SmartZips, Tax Records and an Apprasial Oh My](https://lovejoyrealestate.com/zillow-truila-smartzips-tax-records-apprasial/)
**Published:** January 25, 2013
**Author:** Charles Turner
**Content:**
We have an rental property that we had a full blown appraisal on about 90 days ago. It came back at $315,000 which is about what I expected given that it does not have the showroom ready curb appeal that I would want if listing it for sale. While testing out Realtor’s Property Resources site I used our property to check out its functionality. Why stop there? I checked, Zillow, Trulia, SmartZips, and the tax record to see what they had to say:
- Zillow: $310,273
- Trulia: $329,000
- SmartZip: $322,200
- RPR: $349,000 \[range of $309,901-$410,799 and a note that the value was last update 11.18.12 which is about the appraisal date\]
- Tax Record Market Value: $285,940
- Tax Record Assessed: $126,060.
Overall they’re pretty close to the appraisal, which like all of these, is a matter of opinion. The public records run on the low side because we’ve owned it since 1998, haven’t done any remodeling work requiring a permit, and are protected by Oregon property tax law. The appraisal came back lower than we needed for what we want to accomplish so we’re going to do some work that needs doing anyways before having a second appraisal. It will be interesting to track what the work costs versus the change in value.
I like this graphical representation from SmartZip. We can generate both a home owner and investor report:
[](https://lovejoyrealestate.com/wp-content/uploads/2013/01/smart-zip-a.jpg)
**Categories:** Real Estate News & Tips
**Tags:** Zillow, Trulia, Realtor Property Resources, RPR, SmartZip
---
### [RMLS Market Action- Year in Review](https://lovejoyrealestate.com/rmls-market-action-year-review/)
**Published:** January 16, 2013
**Author:** Charles Turner
**Content:**
The December 2012 RMLS Market Action gives us the complete picture of the 2012 Portland real estate market. There 17,84 fewer new listings than 2011. Coupled with 3,340 more closings than 2011, inventory was driven to lows we haven’t seen since 2006. The low inventory has created the first seller’s market we’ve seen in years. Multiple offers, which were almost nonexistent for years aren’t that uncommon now. As always, the lower end of the price spectrum is seeing more activity than the upper end where the qualified (willing and able) buyer pool is smaller.
Affordability (not quoted this month) is much higher than it has been due to lower home costs and the lowest interest rates in history. Most of us thought rates couldn’t go any lower than they were in 2012 but we were proved wrong. Most pundits believe they will remain fairly steady in 2013.
Today’s Oregonian says that new listings in the first couple of weeks of the year are way down compared to last year. That’s going to put more pressure on inventory and may fuel the seller’s market. Can we get to 10,000 listings and 4-5 months of inventory? That would be a healthy market.
The increase in average sales price from $260,800 to $290,220 equates to a 4.4% rise which is a strong result. The market can handle numbers like that year in and year out where it couldn’t sustain the rapid growth of the run up.
The crystal ball? It’s a little less murky than its been the last few years. It looks like we will be able to call March 2012 the bottom of the market. I’d like to be in June before making the final call but sans something major we appear to be out of the woods. If there really is a huge shadow inventory it would seem like now is the time for banks to put them on the market. Working through that inventory while it is low seems prudent. That might put some pressure on the average sales price as REO property tends to be less expensive but we need to get people into these homes so they don’t sit vacant.
[](https://lovejoyrealestate.com/wp-content/uploads/2013/01/RMLS-2012-Year-End.jpg)
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action, REO
---
### [RMLS Inventory in Review](https://lovejoyrealestate.com/rmls-inventory-review/)
**Published:** January 11, 2013
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2013/01/RMLS-Inventory-9-years.jpg)
When RMLS Market Action was released this afternoon the first thing I noticed was that December’s inventory is the lowest shown on the graphic. The write-up doesn’t help as it just says it, “is the lowest in months.” A quick dive back into the December 2006 & 2009 Market Actions helps paint a better picture (and show some evolution of the report). It isn’t until we get to 2006 that we see inventory this low (so “lowest in months” equals 76 months). In August of 2006 there were 10,544 active listings. This December there were 6,352. Since inventory is calculated as a ratio of Active Listings divided by closed sales we can see there more closed sales driving the August ’06 inventory numbers. That means buyers had more homes to look at but they were being snapped up in larger quantities. Today’s buyer has fewer homes to look at.
These are “Portland Metro” numbers, a five county area. When we drill down a little we see:
- North Portland: 3.5 months
- NE Portland: 2.3 months
- SE Portland 2.5 months
- Lake Oswego/West Linn: 5.5 months
- West Portland: 4.0 months
- NW Washington County: 3.0 months
- Beaverton/Aloha: 2.5 months
- Tigard/Wilsonville: 2.75
We then notice that the low inventories aren’t just isolated to the close-in city center areas. Beaverton and Tigard/Wilsonville also have really low numbers.
Rather than continuing with other market stats in review I’ll stop here and continue in another post shortly.
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action
---
### [Case Shiller in 140 Characters](https://lovejoyrealestate.com/case-shiller-140-characters/)
**Published:** December 28, 2012
**Author:** Charles Turner
**Content:**
Portland’s Case Shiller this month is really only worth a twitter type post: “PDX CS up 1pt in Oct to 142. Down 1pt same period in ’11 & ’10 so good news. Winter key to recovery picture. Market strong at year end.” 138 characters, ’nuff said.
**Categories:** Real Estate News & Tips
---
### [November 2012 Market Action Cools Down](https://lovejoyrealestate.com/november-2012-market-action-cools/)
**Published:** December 15, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/12/RMLS-Market-Action-Nov-2012-Inventory.jpg)‘Tis the season to expect real estate markets to slow down. Right on cue, all indicators were off from October but that doesn’t mean the market is in free fall. Inventory remains historically low for this time of year. At 4.2 months, that’s less than half of November 2010’s 10.2 months and well ahead of last year’s 6.2 months. In both of the last two years, inventory dropped between November and December and then spiked in January so we’ll see if that trends continues. RMLS Market Action Reports:
> In the first 11 months of 2012, there were 30,964 new listings, 22,726 accepted offers, and 21,546 closed sales. Compared to the same period last year, new listings are down by 4.2% from the 2011 listing count of 32,315; but pending sales are up 17.1% from 19,411 last year; and closed sales are up 19.9% from 17,968.
Days on market has dropped from 143 days last year to 112 for the first 11 months of the year (the data I just got from our corporate office reports Atlantic & Pacific Real Estate’s average days on market is 61 for the same time period).
Always keep in mind that these stats reflect the “Portland Metro” area. That’s a five county swath of land. Southeast Portland has a meager 2.7 months of inventory. That’s a clear sign of a seller’s market if you hold to the traditional thought of 6 months indicating a neutral market. My feeling is a neutral market is probably closer to five months as the market crash made buyers more willing to walk away. Beaverton has 2.9 months of inventory so the suburbs are low on listings too. Conversely, Columbia County has a 10 month supply of homes at their current sales rate.
**Categories:** Real Estate News & Tips
---
### [Portland Case Shiller up for Sixth Straight Month](https://lovejoyrealestate.com/portland-case-shiller-sixth-straight-month/)
**Published:** November 27, 2012
**Author:** Charles Turner
**Content:**
The Case Shiller Index was released this morning for the September 2012 reporting period and for the sixth consecutive month, the Portland MSA has increased. Today’s 141.10 is the highest since November 2010 and 11.5 points above the March 2012 low. The next few months will be the most telling as we head into the winter months as we typically see a seasonal decline in the winter months. Case Shiller reports 60 days back. Here is [a refresher on how Case Shiller works](https://lovejoyrealestate.com/realestate/2008/08/whatwho-is-case-shiller/ "What/Who is Case-Shiller").
Last month’s [RMLS Market Action for October](https://lovejoyrealestate.com/realestate/2012/11/rmls-inventory/ "RMLS Inventory- How Low Can It Go?") was also positive with an increase in almost all metrics. We’ve started to see more movement in the higher end of the market- those houses over $300,000 where the buy pool is the biggest. Investors, first-time buyers. down-sizers and those making a lateral move all compete at lower price ranges but the pool of qualified buyers shrinks.
Seattle and Portland have always remained relatively close in the Case Shiller Index. During the 2005-2007 run-up Seattle led Portland by around 5 points. Portland took the lead and the two areas have traded back and forth for the last few years. Seattle now leads Portland by .99 of a point.
I think it is likely that we will look back to March 2012 as the bottom of the market. That’s based on the seven point drop we saw from September 2011 to March 2012 and the fact that we have a 12 point cushion right now on the March low. Time will tell and the Fiscal Cliff makes for some tough economic forecasting. Interest rates remain amazing and the media is a little less doom and gloom.
**Categories:** Real Estate News & Tips
**Tags:** RMLS, Case Shiller
---
### [RMLS Inventory- How Low Can It Go?](https://lovejoyrealestate.com/rmls-inventory/)
**Published:** November 15, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/11/rmls_market_action_Oct_2012_inv.jpg)RMLS Market Action for October 2012 was released yesterday and inventory has dropped even further to 3.8 months. 2012 has seen fewer new listing than 2011 but an increase in closed sales has pushed inventory levels even lower. At the end of October there were only 7981 active residential listings! That’s a huge drop from 2010’s 13,805 or even 2011’s 10,012.
Prices continue to climb which makes us wonder if we’ve seen the bottom of the market? Case Shiller puts the bottom of the current market in March 2012 but RMLS reported a lower average price in the spring of 2011 than 2012. To measure the Portland real estate market the two reports use different methodology and geographic areas so you cannot compare one directly to the other.
The stock market is currently in a bit of an upheaval which is good for interest rates which remain at historic lows. Principle and interest on a $100,000 loan in 2007 was $624 per month (6.38%). At today’s rates the monthly cost for the same loan is $443 (Freddie Mac 30yr rate of 3.4%). The bad news for the real estate market is that lower stock markets tend to indicate less confidence in the economy which is not good for home prices.
The question we get asked the most at this time of the years is, “should I wait?” Buyers and sellers are more serious in the winter. Sellers have to put up with showings during the holidays and yards that look stellar in the summer tend to look lousy in the winter months. As a buyer it isn’t exactly fun when it’s near freezing and raining horizontally. Lots of out-of-town buyers use the holidays to start the move process and many companies relocate their employees at the beginning of the year. If you’re ready to sell hanging out on the sidelines doesn’t make a ton of sense but we wouldn’t recommend going on the market on Christmas Eve.
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action, Case Shiller
---
### [How Do Property Values Down But Taxes Go Up?](https://lovejoyrealestate.com/property-values-taxes/)
**Published:** October 31, 2012
**Author:** Charles Turner
**Content:**
You probably got your property tax bill in the mail a couple of weeks ago. If your mortgage payment doesn’t include an impound account to pay your taxes and insurance, in order to get the maximum discount you need pay the bill by November 15th.
This time of year we tend to get a lot of questions regarding property taxes. In Oregon, the tax year runs from July 1st to June 30th the following year. The amounts are certified in October and bills are sent out. The most common question is, “how do my property taxes keep going up if my property values keep going down?” There are lots of factors that make up the total tax bill including the taxes themselves, voter approved levies and bonds are a few examples. In the 1990s there were a series of tax reform measures that defined how Oregon property taxes are assessed, including [Measure 47](http://en.wikipedia.org/wiki/Oregon_Ballot_Measure_47_%281996%29 "Measure 47"). Measure 47 states that property taxes can not go up more than 3% per year and you’d pay based on the lesser of Assessed Value or Real Market Value. Taking a very simplified look at the math, here’s what happened:
Assuming the 1996 tax bill was the first under Measure 47 and both the Assessed Value and Real Market Value were $100,000. Assessed value increases 3% annually and Real Market Value tracks the Case Shiller Index (this is not the true method of tracking RMV but illustrates this example.
In 1997 AV was $103,000 and RMV $106,090. This trend continues: in 2007, at the peak of the market the Assessed value from the same $100,000 property was $142,476 compared to the RMV of $236,632. At this point no one was complaining they were paying on the assessed value!
When the market started to decline, so did RMV but the assessed values continued to truck along at 3% per year. Now, in 2012, the Assessed Value is $160,470 and the RMV is $166,456. The assessed value is still below the RMV and there’s no real case for an appeal.
If you can show that your market value is below the Assessed Value then you have a case that your taxes should be lower. There is an appeal process that is unique to each county so do your homework and make sure you follow the process. Also remember that this is just an illustration of a generalized scenario.
**Categories:** Real Estate News & Tips
**Tags:** Property Tax, Property Tax Appeals
---
### [Portland Case Shiller Up, Again](https://lovejoyrealestate.com/portland-case-shiller/)
**Published:** October 30, 2012
**Author:** Charles Turner
**Content:**
The Case Shiller Index for Portland continued to climb in August. The market looks much better than it did last year but history also paints a cautionary tale. The graph below shows the Index for Portland for the last two years. We’re showing the change from the previous month and the change from 12 months prior. What gives us pause is that last year the market climbed through September before logging six months of consecutive losses. On the plus side, in August 2011 the market was 11 points below August 2010. This August the Index is up five points since this time last year and the highest it has been since October 2010.
All of that said, the Index tend to give back in the winter months so we shouldn’t jump into the life rafts at the first sign of a dip. Was March 2011’s 129.01 Index the bottom? During the seasonal decline last year mentioned above, the Index lost seven points. We have a 12 point cushion now.
IndexPrior MonthPrior YearJanuary 2011135.8-2.43-11.49February 2011133.66-2.14-10.03March 2011132.67-0.99-10.94April 2011132.840.17-13.41May 2011134.51.66-13.48June 2011134.520.02-14.21July 2011135.81.28-12.53August 2011135.910.11-11.11September 2011136.10.19-8.2October 2011135.44-0.66-6.72November 2011133.26-2.18-6.66December 2011132.76-0.5-5.47January 2012129.96-2.8-5.84February 2012129.6-0.36-4.06March 2012129.01-0.59-3.66April 2012131.622.61-1.22May 2012135.093.470.59June 2012138.513.423.99July 2012140.121.614.32August 2012140.80.684.89
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate Market, Case Shiller
---
### [Portland Real Estate Market Continues to Gain](https://lovejoyrealestate.com/portland-real-estate-market-continues-gain/)
**Published:** October 11, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/10/RMLS-Market-Action-September-2012.jpg)RMLS Market Action was released this morning just after I hit “post” on the [time lapse video](https://lovejoyrealestate.com/realestate/2012/10/time-lapse-kings-heights-listing/ "Time Lapse from Kings Heights Listing") so today is a twofer. New listings are down compared to last year and last month but inventory returned to 4.6 months which is better for the overall health of the market than last month’s 3.9.
Year-to-date the average sales price is up 2.9% to $281,400 and up 4.9% from last month. The average sales price since last September is -.1% which mirrors what we hoped for 2012: flat is good. Last year the market gained for the first half of the year and then gave it all back plus some in the closing months of the year. We spend the beginning of 2012 digging out of those losses. Will the market finish the year strong? Will the Spring of 2012 be the point that we look back to as the bottom of the market? For 2010 and 2011 September was close to the peak for that year with a drop off to close it out.
Days on market has also dropped compared to last year. At 102 days, it’s slightly higher than August’s 97 days but significantly lower than last September’s 131.
It’s always important to remember that these stats reflect the entire Portland Metro Area, meaning a five country area. Different locations within the area and different price ranges see very different results. SE Portland has 3.3 months of inventory and an average days on market of only 62.
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action
---
### [Time Lapse from Kings Heights Listing](https://lovejoyrealestate.com/time-lapse-kings-heights-listing/)
**Published:** October 11, 2012
**Author:** Charles Turner
**Content:**
We took this time lapse video last week during the full moon from the deck of our listing in Kings Heights in NW Portland. It starts late afternoon and goes through the moon coming up out of the east.
**Categories:** Real Estate News & Tips
**Tags:** Time Lapse, Portland, Homes for Sale
---
### [Is Vacant Property Registration a Good Idea?](https://lovejoyrealestate.com/vacant-property-registration-good-idea/)
**Published:** October 10, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/10/tagged-house.jpg)I’m recycling this photo from a February posting on, ‘[How often will my home get shown](https://lovejoyrealestate.com/realestate/2012/02/house-shown/ "How Often Will My House Get Shown?")?’ as it is even more apropos to the Mayor’s Office proposal to require **vacant property registration**. One September 13th, the Mayor’s Office posted a [request for feedback](http://www.portlandonline.com/mayor/?a=410267&c=52750 "Feed back request on Vacant Property Registration in Portland") on the [proposed code](http://www.portlandonline.com/shared/cfm/image.cfm?id=410984 "PDF of Proposed Vacant Property Registration for Portland"). While the problem is obvious and needs addressing, I’m not convinced that this is the way.
The news coverage that surround the announcement highlighted part of the issue. Put teeth to existing code rather than enacting new code that doesn’t address the problem. The worst offenders are not going to register regardless. And, many of the worst offenders aren’t vacant as shown by the [KOIN story interviewing an occupant that blamed the landlord](http://www.katu.com/news/local/Mayor-wants-to-take-action-against-extremely-distressed-properties--169709436.html "KOIN story on Vacant Property Registration"). This property, by the proposed code doesn’t need to be registered, does it? ““Vacant Property” means Property that is not occupied by a human…” A human answered the door. It’s a Landlord/Tenant dispute according to the story.
I also question whether the program will be sustainable? If we say that bank owned and foreclosed properties are going to be around for five years (I chose five years, it may be more or less) as a factor in Portland the revenue stream is going to dry up but you can guarantee trashed vacant (or occupied) houses will still exist. Five years ago most people (including Realtors) could not tell you what a short sale or knew of someone that had been foreclosed on but there were lots of trashed houses. The $30 fee for when a Notice of Default is filed and the $350 Vacant Property Registration for single family homes makes up the bulk revenue stream. I don’t believe that the number of problem properties will decrease proportionally to the number of defaults and vacancies. If there were 450 vacant homes (City estimate) in 2011 and 45 “problem” houses (my estimate) in 2011 and in 2015 if there are 100 vacant homes I expect there would still be 25-30 “problem” homes the City would be left to deal with a fraction of the revenue. The City estimates a surplus of $100,000+ a year but that’s based on a revenue stream that hopefully isn’t sustainable.
I have to admit that I don’t get involved beyond voting at election time but this did make me take action. I contacted and had a conversation with the City Attorney’s office and also an ongoing conversation with Sam Adam’s office. The original proposal was to go before Council today but was postponed. The email I received last week says to watch for an updated date and updated code proposal on [www.mayorsamadams.com](www.mayorsamadams.com "Sam Adam's office") but I don’t see anything there at this time. It will be interesting to see what the new proposal will look like.
**Categories:** Real Estate News & Tips
**Tags:** Bank Owned Property, REO, Vacant Property Registration
---
### [Case Shiller Continues Climb](https://lovejoyrealestate.com/case-shiller-continues-climb/)
**Published:** September 25, 2012
**Author:** Charles Turner
**Content:**
The July 2012 Case Shiller Index was released this morning and Portland continues to climb. At 140, the Index has climbed back up to November 2010 levels from its January through March 2012 low of 129. That’s an eight percent increase but we have to look at 2011 for potential warning signs: in 2011, the Index peaked in September and then lost ground for six consecutive months. It appears that most of the other market indicators are stronger than they were this time last year so maybe we can optimistic that the a strengthening market can outweigh normal seasonal declines.
[](https://lovejoyrealestate.com/wp-content/uploads/2012/09/Case-Shiller-July-2012.jpg)
**Categories:** Real Estate News & Tips
**Tags:** Case Shiller, Portland
---
### [RMLS Market Action August 2012- Good News](https://lovejoyrealestate.com/rmls-market-action-august-2012-good-news/)
**Published:** September 14, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/09/RMLS-Market-Action-Aug-2012.jpg)[RMLS Market Action for August 2012](https://lovejoyrealestate.com/stayton-learn-burn/ "RMLS Market Action August 2012") was released yesterday and almost all metrics are better than they were last month and last year. Inventory dropped back to 3.9 months. The same as June which is the lowest level in years. Inventory is a good measure of urgency and competition. Fewer houses means buyers are competing for fewer houses. Inventory can also be a measure of frustration as multiple offers become more common and finding that perfect house for difficult. In a healthy market five to seven months would be ideal.
I’ll break out some sales by price range soon. We’ll see that properties under $300,000 are moving much faster than those over $300,000. That’s typical but it also means that expectations should be adjusted based on the situation. This month’s 117 average days on market is much lower than last August 2011’s 146 but broken down into price ranges the numbers will look very different.
Prices are on the rise:
> Prices are stabilizing and showing improvement. The average sales price year-to-date of $271,100 is 2.7% higher than the average price in the same period last year, while the 2012 year-to-date median of $230,000 is 4.5% higher than the median last year.
The snapshot image of the market looks good but we still have to be cautiously optimistic looking forward. Interest rates remain low and prices are on the rise but we have an election coming up, global economic and political issues making headlines and we’re moving into a traditionally slower time of the year for real estate. Winter real estate participants tend to be more serious as a whole than their summer brethren since looking at homes in the dark, wet and cold isn’t particularly pleasant but markets don’t stop, they adjust. A good end to the year will be if the Portland real estate market can remain flat through the rest of the year without giving anything back like it did last year.
\[Graphic from RMLS\]
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action
---
### [Portland Rent Versus Buy](https://lovejoyrealestate.com/portland-rent-buy/)
**Published:** September 13, 2012
**Author:** Charles Turner
**Content:**
Is it cheaper to rent or buy a home in Portland? It depends. There are so many factors that determine the answer but [Trulia released a report](http://trends.truliablog.com/2012/09/rent-vs-buy-summer-2012/ "Trulia Rent VS Buy") today showing that it is cheaper to own than rent. The article also shows the importance of taking all the deductions possible to make that math work. Appreciation is not considered in the model. Ultimately the decision to buy or rent is very personal but this gives a great primer on things to consider.
[](https://lovejoyrealestate.com/wp-content/uploads/2012/09/Portland-Rent-Versus-Buy.jpg)Trulia states:
> *Cost of homeownership assumes that the home is sold after 7 years and includes closing costs, maintenance, insurance, property taxes and other costs. Cost of renting includes security deposit and renters insurance. Monthly cost is based on net present value of costs over 7 years. Monthly costs are based on the average across all properties listed in the metro area, including those for sale and those for rent, in summer 2012.*
**Categories:** Real Estate News & Tips
**Tags:** rent vs buy, Trulia
---
### [NW Portland Gets New Master Planned Community](https://lovejoyrealestate.com/nw-portland-master-planned-community/)
**Published:** September 2, 2012
**Author:** Charles Turner
**Content:**
Con-way has long owned the majority, but not all, of land to the west of I-405 by the NW Vaughn exit around NW 21st. Development plans have been in the works for years and a coming closer to fruition. Historically the area has been known as Slabtown and abuts the Alphabet District but that may not be a sexy enough moniker for the new development. There’s a [good description of the project here](http://chatterbox.typepad.com/portlandarchitecture/2011/12/16-acre-con-way-site-in-northwest-being-planned-as-major-mixed-use-development.html "Con-way developement in Slabtown").
The first thing to be built is a grocery story by a currently unnamed entity. Building the services first takes a different tack to the South Waterfront where the residences were built first and when the economy flagged, the services were slow to come in. Buying groceries as South Waterfront resident still leaves leaving the area for either Zupans on Macadam Avenue or Safeway on SW Jefferson (there is a small shop and a few restaurants currently serving the South Waterfront along with a growing contingent of food carts). The Con-way development has the advantage of new apartments already going in on NW 23 and on NW Lovejoy and residences of the Alphabet District that lack a grocery store to call their own, the nearest being the soon to be remodeled Fred Myer and Zupans on Burnside and the new(er) Safeway in the Pearl.
KGW has this report:
**Categories:** Real Estate News & Tips
**Tags:** Alphabet District, Conway, Slabtown, NW Portland
---
### [Portland Case Shiller for June 2012 Increases](https://lovejoyrealestate.com/portland-case-shiller-june-2012-increases/)
**Published:** August 30, 2012
**Author:** Charles Turner
**Content:**
The Case Shiller Index for June 2012 was released on Tuesday. For the second month in a row, Portland showed strong gains, increasing 2.5% to 138.51. Combined with the 2.6 % gain from April to May, the Case Shiller Index for Portland is up 3.0% in the last year. It’s good news but has a cautionary tale: in 2011 we saw similar mid-year gains what were all given back in the second half of the year. If we can have two or three more strong months we really might be able to say we were looking at the bottom in March at 129.01 but two strong months does not equal a recovery unto itself. We’re currently at the same level as December 2010.
Case Shiller looks back two months and includes all of the seven county Portland/Vancouver MSA.
**Categories:** Case Shiller Index
---
### [Last Weekend of 2012 Portland Street of Dreams](https://lovejoyrealestate.com/weekend-2012-portland-street-dreams/)
**Published:** August 24, 2012
**Author:** Charles Turner
**Content:**
Tomorrow marks the closing ceremonies for the 2012 Portland Street of Dreams in at the Vineyard in West Linn. This has to be my “better late than never” post on the subject as I misplaced my notes from my visit a few weeks ago. Overall, the show is making a progressive return to to dreamy. In 2009 the flagging real estate market “forced” organizers to move the show into the Pearl District to highlight already constructed penthouse condos. It was bold and smart move in an era where constructing a new subdivison didn’t make any sense. In 2010, the show moved to NW Cresap Lane and the houses were nice but didn’t stand out. The 2011 Bull Mountain homes didn’t crack the $1M. This year’s show features multiple homes over $1M.
One commenter on a previous post pointed out that the street, Coeur D Alene Dr., is very steep, making accessibility an issue. A couple of homes had elevators but what good do the do if you are essentially trapped within the confines of your driveway? I can’t remember any Street of Dreams house being built as truly accessible but this show was clearly a struggle for those who have a harder time walking.
The $1250,000 bronze bath tub purchased originally by Brad Pitt was staged in one of the properties but not included in the sale. Where will it go now?
[](https://lovejoyrealestate.com/wp-content/uploads/2012/08/DSCN0627.jpg)
For me, no one home stuck out as a clear winner. While some of the outdoor kitchens might be a little over the top (dreamy) I love to see how the homes incorporate the outside with traditionally inside features; especially in our NW environment.
Under the “why did the do that?” heading I think I would have to give the award to the in-law “bedroom” next family living space with no separation.
The 2013 Portland Street of Dreams will be at Stonehenge, a development created by Measure 37 laws in the Stafford area near West Linn. [The Portland Tribune has an interesting story about it](http://portlandtribune.com/wlt/95-news/113583-stonehenge-to-be-site-of-2013-street-of-dreams "2013 Street of Dreams site").
**Categories:** Real Estate News & Tips
**Tags:** 2012 Street of Dreams, 2013 Street of Dreams, The Vineyard
---
### [July 2012 RMLS Market Action](https://lovejoyrealestate.com/july-2012-rmls-market-action/)
**Published:** August 15, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/08/RMLS-Inv-July-2012.jpg)RMLS Market Action for July 2012 was just released and it shows positive metrics compared to July of last year. Inventory has bumped up to 4.6 months which is probably healthy for the overall market; if inventory stays too low for too long its going to put unsustainable pressure on the market.
> All measures of real estate activity are positive when comparing July 2012 with July 2011. There were 2,372 accepted offers, 23% more than the 1,928 reported in July 2011 although down slightly (-2.6%) from last month.
>
> The 1,973 closed sales represent a 15.4% increase over the same month last year, when 1,709 were recorded. This represents the highest number of closed sales in the month of July since 2009.
The report continues:
> Home sale price measures were all positive in July. The median sales price rose 7.8% when comparing July 2012 with the same month in 2011 and 1.2% when comparing it to the previous month. When comparing the percent change of the last 12 months with the previous 12 months we see a 0.7% gain in the median price.
[](https://lovejoyrealestate.com/wp-content/uploads/2012/08/RMLS-July-2012-Highlights.jpg)
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action
---
### [Street of Dreams meets London Shard](https://lovejoyrealestate.com/london_shard/)
**Published:** August 6, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/08/DSC_19692.jpg)What does the London Shard, pictured here to the left of Tower Bridge, have to do with the 2012 Portland Street of Dreams? Very little, but as a comparison, you could by EVERY house in this year’s show four (maybe five) times over and still have money left over to fill all the garage spaces with luxury cars. One of the condo units will set you back a cool £40M. That converts out to about $60M. The building is the tallest in Europe, cost over $2 billion to build, and has an observation deck on the 72nd floor (Portland City Grill is on the 30th floor of the US Bank Building).
It’s not lost on me that I still owe my review of the Street of Dreams from last week’s visit.
**Categories:** Portland Street of Dreams
**Tags:** London Shard
---
### [Case Shiller Up But too Early to Call Bottom?](https://lovejoyrealestate.com/case-shiller-early-call-bottom/)
**Published:** July 31, 2012
**Author:** Charles Turner
**Content:**
We’ll start with a little self-congratulatory pat on the back: this is the PortlandRealEstateBlog.com’s 1000th post!
The May 2012 Case Shiller Index was released this morning and all 20 regions tracked were up. Portland was up 2.6% from 131.62 to 135.09. It’s only the second increase in a row for Portland but we’re starting to hear a lot of talk that we are passed the bottom and heading up. It is easy to see why: tight inventory and the return of the investor to the market is putting on pressure that we haven’t seen in years. RMLS data, which runs about 15 days out when it is released compared to Case Shiller’s 60 days has been showing increases recently as well. Interest rates are below 4% for the well qualified, even jumbo loans.
BUT, we were having the same conversations last year. A strong first half of the year was paired with a lackluster second half. Housing inventory, the ratio of closed sales to active listings, was twice what it is now but there are a lot of factors that could apply downwards pressure. [Radar Logic thinks that real estate investing may still be a short](http://www.dsnews.com/articles/index/prices-up-but-2nd-half-of-2012-may-see-declines-radar-logic-2012-07-24 "Radar Logic"):
> “Those people looking at current results and calling a bottom are being dangerously short-sighted,” said Michael Feder, Radar Logic’s CEO. “Not only are the immediate signs inconclusive, but the broad dynamics are still quite scary. We think housing is still a short.”
We’ve been seeing a lot of our Realtor friends on Facebook lament that fact that inventory is low and they need listings to show potential buyers. They may get their wish:
> The analytics company \[Radar Logic\] explained the higher prices seen will lead to more supply as financial institutions start unleashing their foreclosure inventory and homeowners that were unable to sell due to negative equity will at last list their homes. As supply increases, prices will move downward again.
You won’t get a “buy now” spiel from us. The decision to buy (or sell) a house is individual. All markets hold an element of risk and it is usually those closer to the edge have the biggest losses or rewards. We’re past the era of using housing as an ATM machine but as a long term investment many are moving off the sidelines looking for their versi0n of the American Dream.
**Categories:** Real Estate News & Tips
**Tags:** housing inventory, Radar Logic, Case Shiller
---
### [Street of Dreams Discount Coupon](https://lovejoyrealestate.com/street-dreams-discount-coupon/)
**Published:** July 27, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/07/SOD_coupon_12-1.jpg)Everyone loves a deal. Here’s a weekday deal for the 2012 Street of Dreams. Two cans of food for each person gets you $2 off each admission ticket. You can [download the coupon here](http://www.nwnaturaloffers.com/assets/uploads/PDFs/SOD_coupon_12.pdf "Street of Dreams Discount Coupon"). We’ll be heading over there on Monday for Realtor Day.
**Categories:** Portland Street of Dreams
**Tags:** Discount Coupon
---
### [Countdown for 2012 Portland Street of Dreams](https://lovejoyrealestate.com/countdown-2012-portland-street-dreams/)
**Published:** July 23, 2012
**Author:** Charles Turner
**Content:**
The 2012 edition of the Portland Street of Dreams will take place at The Vineyard in West Linn starting on July 28th. A couple of months back I wrote a [preview piece](https://lovejoyrealestate.com/realestate/2012/05/2012-portland-street-dreams-preview/ "2012 Portland Street of Dreams May Preview"). I wrote back in May that there are seven homes in the show and that one was pre-sold and the others were on the market from $900,000 to $1.1 million. I just ran an RMLS search and the six are available from $995,000 to $1,295,000.
Here are the listing details on the six homes. If the results say the listing is unavailable it means that it is no longer in active status. None of these are our listings (but we’d be happy to help you buy one). The site may ask you to register after viewing a few properties, sorry (if you do register and don’t want to be contacted put that in the “how you found us box.”
- **[2934 Coeur D’ Alene Dr](http://turnerrealtors.com/search/#PropertyID=46062889 "Street of Dreams Listing")**
- **[2934 Coeur D’ Alene Dr](http://turnerrealtors.com/search/#PropertyID=48102307 "Street of Dreams Listing")**
- **[2948 Coeur D’ Alene Dr](http://turnerrealtors.com/search/#PropertyID=48537572 "Street of Dreams Listing")**
- **[3058 Coeur D’ Alene Dr](http://turnerrealtors.com/search/#PropertyID=48454545 "Street of Dreams Listing")**
- **[2825 Coeur D’ Alene Dr](http://turnerrealtors.com/search/#PropertyID=48567935 "Street of Dreams Listing")**
- **[2945 Coeur D’ Alene Dr](http://turnerrealtors.com/search/#PropertyID=48138543 "Street of Dreams Listing")**
For the next two days, there is a [discount coupon to the Street of Dreams](http://www.livingsocial.com/cities/1757/deals/384790-two-tickets-to-home-show-plus-two-drinks "Living Social Street of Dreams discount") through Living Social. The promotional value expires on August 3rd. I’ll write a post after Realtor Day next Monday.
**Categories:** Portland Street of Dreams
---
### [What is SSP- Short Sale Pending?](https://lovejoyrealestate.com/ssp-short-sale-pending/)
**Published:** July 17, 2012
**Author:** Charles Turner
**Content:**
A few months ago RMLS added the short sale pending field to listings. In a traditional sale, the life of a listing is Active –> Pending –> Sold. When a property is changed to Pending in RMLS it is removed from search engines and is off the market.
With a short sale, the bank has to approve the offer before the property is Pending and off the market. Therefore the short sale listing goes from Active –> Short Sale Pending (SSP) –> Pending –> Sold. The listing is changed to SSP when an offer is received and sent to the bank for approval. During the SSP period the property remains on search engines and is available to show. There is an offer in the works but there is room for a better offer or back-up offer depending on how the short sale is being handled. Once the bank approves the sale the listing is changed to Pending. \*RMLS rules give agents 72 hours to update status changes in the computer.
Active, Short Sale Pending, and [Bumpable](https://lovejoyrealestate.com/realestate/2006/01/what-does-bumpable-mean/ "What Does Bumpable Mean?") listings are the only ones appear in searches.
**Categories:** Real Estate News & Tips
**Tags:** Short Sale Pending, SSP, RMLS
---
### [RMLS Market Action June 2012](https://lovejoyrealestate.com/rmls-market-action-june-2012/)
**Published:** July 13, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/07/RMLS-Inventory-June-2012.jpg)Portland real estate inventory continues to drop and June 2012’s 3.9 months is the lowest since March 2007 according to the June 2012 RMLS Market Action released yesterday. It’s important to note that this is a totally different market than 2007. The market peaked in July 2007 and there were nearly twice the number of listings and twice the number of closed sales in a given month. Inventory is the ratio of closed sales to active listings. North and NE Portland both have 2.9 months of inventory, SE Portland: 2.5 and West Portland has 3.8 months. There are 8799 homes for sale in the Portland metro area.
The median sales price is up 8.6% since this time last year. We’re not there yet but another month or two of positive numbers will force the Portland Business Journal to revise their doom and gloom theme as the 12 month rolling average is down just 2.1% and median price is down .9%. Rolling averages compare the average of the most recent 12 months with the 12 months prior to that. All other metrics are in positive territory compared to last year.
We’re still seeing the trend we’ve previously discussed: homes under $300,000 are hot commodities with tough competition and lots of instances of multiple offers. Higher priced homes aren’t moving as quickly. That’s too be expected but it feels more pronounced than we saw in the run-up to the 2007 market peak.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** Inventory, average price, median price, Market Action, RMLS, Homes for Sale
---
### [Eminent Domain and the Sellwood Bridge](https://lovejoyrealestate.com/eminent-domain-sellwood-bridge/)
**Published:** July 9, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/07/Riverpark-Townhouse.jpg)Let’s start with a disclaimer: this is not legal advice. If you have an eminent domain question or issue, contact an attorney.
Eminent domain in its simplest form is the government’s right to take private property with just compensation regardless of whether the owner wants to sell or not. If the government can’t reach an agreement with the owner to voluntarily sell they may proceed with what is essentially a compensated eviction. If the property is a business, there may also be monetary consideration for that. ExpertLaw has a more thorough [definition of eminent domain](http://www.expertlaw.com/library/real_estate/eminent_domain.html "ExpertLaw descrtiption of eminent domain").
We don’t know the exact circumstances of how the transaction was completed, but we do know that the southern most townhouse of the Riverpark Condominiums is a victim of the [Sellwood Bridge Project](http://www.sellwoodbridge.org/?p=field-work "Sellwood Bridge Project Website"):
> The contractor has begun work to demolish the southernmost townhouse at Riverpark Condominiums on the north side of the bridge. The interior will be demolished first, then the exterior siding and windows will be removed. The exterior structure will be deconstructed in July. The structure is being removed to make room for the detour bridge and the new bridge.
[PorlandMaps](http://portlandmaps.com/detail.cfm?action=Assessor&propertyid=R500074&state_id=1S1E22DD%20%2080104&address_id=926888&intersection_id=&dynamic_point=0&x=7647255.622&y=662930.615&place=188%20SE%20SPOKANE%20ST&city=PORTLAND&neighborhood=SELLWOOD-MORELAND%20IMPROVEMENT%20LEAGUE&seg_id=130153 "Portland Map's Listing of townhouse.") shows “Multnomah County/Transportation Division” as the owner of the property and a Warranty Deed transfer price of $600,000 in June of last year. There are no recently sold Riverpark townhouses in RMLS but the two most recently canceled listings were $399,500 and $425,000 (in 2009 and values have dropped across the Portland real estate market since then). Not all the units are identical so we’d expect some variation and the south facing end unit may very well have been the most desirable but we have to wonder if there city paid a $200,000 premium for the property???
The bridge project is slated to be competed in 2015.
**Categories:** Real Estate News & Tips
**Tags:** Riverpark Condominums, Sellwood Bridge Project
---
### ["Local" Portland Inventory Lower then "Metro" Portland](https://lovejoyrealestate.com/local-portland-inventory-metro-portland/)
**Published:** June 28, 2012
**Author:** Charles Turner
**Content:**
When RMLS released the May 2012 Market Action report last month it was hard to ignore 4.2 months of inventory as being the lowest it has been post-bubble. That 4.2 months represents the Portland Metro area, which for RMLS, is made up of a five country area. Turning to the second page of the report, RMLS breaks down the number for the individual RMLS areas and the inventory numbers, when calculated, are much lower than the broader based metro numbers. Inventory is the ratio of homes for sale divided by the number of homes sold:
- N Portland: 2.8 months
- NE Portland: 2.8 months
- SE Portland: 3.2 months
- W Portland: 4.1 months
Lake Oswego/West Linn has 5.5 months of inventory. Columbia County has 10.2 months of inventory. All of the areas mentioned above, along with about a dozen others, figure into the Metro figure. There were 8,742 homes for sale in Metro Portland when the report was released.
Location doesn’t tell the whole story though. Last week, we looked at [sales by price range in Portland](https://lovejoyrealestate.com/realestate/2012/06/market-tighter/ "Market Tighter at Lower End"). Homes under $300,00 are selling much more rapidly than higher priced homes. The average sales price in West Portland is $434,000 compared to $231,900 in North Portland. Higher priced would be expected to have higher inventory rates.
Six months of inventory was largely considered the neutral point between a seller’s and buyer’s market. I’ve hypothesized that in this post-bubble market that it may be four to five months as I feel buyers are more apt to walk away from a transaction than they had been previously. Even with revision of the neutral point, these are clearly seller favored statistics.
**Categories:** Real Estate News & Tips
**Tags:** lake oswego, west linn, housing inventory, RMLS Makret Action, Portland
---
### [Portland Case Shiller Up for 1st Time in 7 Months](https://lovejoyrealestate.com/portland-case-shiller-1st-time-7-months/)
**Published:** June 26, 2012
**Author:** Charles Turner
**Content:**
The April 2012 Case Shiller report was released today and Portland reported its first gain in seven months. The current Portland index is 131.62. That’s 31.62 points above the reset point at 100 in January 2000 but well off the index high of 186.51 in July of 2007. The index has lost .9% over the last year. Today’s index is almost the same as August 2004 pricing.
[](https://lovejoyrealestate.com/wp-content/uploads/2012/06/Case-Shiller-April-2012.jpg)
The Case Shiller Index is released the last Tuesday of each month and lags 60 days. “Portland” is defined as the seven county MSA which includes Multnomah, Washington, Clackamas, Columbia, Yamhill, Clark and Skamania counties. RMLS Market Action lags 15 days and uses a five county area to define its “Portland Metro.”
**Categories:** Case Shiller Index, Real Estate News & Tips
---
### [Market Tighter at Lower End](https://lovejoyrealestate.com/market-tighter/)
**Published:** June 21, 2012
**Author:** Charles Turner
**Content:**
There’s been a lot of talk lately about low inventory and how quickly houses are selling. We all know that real estate is local, even down to the neighborhood level within cities but our market is also price driven. These stats were compiled yesterday. We searched for residential properties listed in Portland. The “Active” column are the total number of active listings in each price range. The sold column is the number of homes that have sold in the given price range in the last 90 days.
Price ($k)ActiveSold 90 Days<200645836130%200-300559591106%300-400336371110%400-60034733897%600-8001789051%>8002075125%I don’t think there’s really any surprise in the results. The buyer pool at the low end of the market is bigger than at the higher end. I was surprised though by the disparity between the high and low priced segments. We can clearly see why we’re seeing so many stories of multiple offers but they’re really price-range specific. There’s turnover at the high end but it’s a fraction of what it is at the low end. Buyers and sellers (not to mention agents) need to manage their expectations as to how they need to compete in their segment of the market.
**Categories:** Real Estate News & Tips
**Tags:** Sold Homes in Portland
---
### [RMLS Market Action May 2012](https://lovejoyrealestate.com/may-2012-market-action/)
**Published:** June 15, 2012
**Author:** Charles Turner
**Content:**
[](https://www.facebook.com/johnbrittle)https://www.facebook.com/johnbrittleIs this picture and accurate representation of our market? The May 2012 RMLS Market Action was released yesterday and Portland Metro inventory has dropped to 4.2 months. RMLS:
> Home sale price measures were all positive in May. The median sales price rose 6.6% when comparing May 2012 with the same month in 2011 and 0.9% when comparing the first five months of 2012 to that period in 2011. This is the second consecutive month in 2012 that the median home price has risen.
>
> The average sales price has also risen 7.2% when comparing the current month to the same month in 2011 and 1.1% over the comparable period so far this year.
The number of new listings is down compared to this time last year but there are increased sales which pushed inventory down to levels not seen since March of 2007. There was 6.8 months of inventory this time last year. As we’ve discussed before, the traditional break between a seller’s and buyer’s market is six months. My feeling is that number may be closer to five months now as I think buyers are more willing to walk away than they were previously.
A couple of months of positive news isn’t enough to allow anyone to declare that we are out of the woods yet but it’s certainly a start.
**Categories:** Market Activity & Data, Real Estate News & Tips
---
### [HUD Good Neighbor Next Door](https://lovejoyrealestate.com/hud-good-neighbor-door/)
**Published:** June 12, 2012
**Author:** Charles Turner
**Content:**
I can picture the guy standing out front spinning the sign saying, “This house 50% off!!!” The HUD Good Neighbor Next Door program does just that for [qualified buyers](http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot "About HUD's Good Neighbor Next Door program"):
> Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.
[](http://www.hudhomestore.com/Listing/PropertyDetails.aspx?caseNumber=431-471690&sLanguage=ENGLISH&zipCode=&city=Portland&county=&sState=OR&fromPrice=0&toPrice=0&fCaseNumber=&bed=0&bath=0&street=&buyerType=0&specialProgram=&Status=0&OrderbyName=SCASENUMBER&OrderbyValue=ASC&sPageSize=10&pageId=1#)This home is currently listed on the HUD website.You can search [HUD’s website for home for sale in Portland](https://www.hudhomestore.com/Listing/PropertySearchResult.aspx?zipCode=&city=Portland&county=&sState=OR&fromPrice=0&toPrice=0&fcaseNumber=&bed=0&bath=0&street=&buyerType=0&specialProgram=&Status=0&sLanguage=ENGLISH "HUD listing for sale in Portland"). Some homes will be listed stating that only “*Good Neighbor Next Door Participants, Nonprofits, and Government Agencies Only*” may bid. After a period of time, usually five days, the bidding will open up to the general public.
Good Neighbor Next Door participants are required to sign a “silent second” for the portion discounted but the note is canceled at the completion of the three year residency requirement.
For more information on how the program works, [check out HUD’s FAQ](http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndfaq "FAQ for Good Neighbor Next Door").
**Categories:** Real Estate News & Tips
**Tags:** Good Neighbor Next Door, HUD
---
### [Case Shiller March 2012](https://lovejoyrealestate.com/case-shiller-march-2012/)
**Published:** May 30, 2012
**Author:** Charles Turner
**Content:**
The Case Shiller report for March 2012 was released yesterday. The report is released on the last Tuesday of each months and reports for a period ending sixty days prior. “Portland” is defined as the Portland/Vancouver MSA and covers seven counties. In contrast, RMLS Market Action defines “Metro Portland” as a five county area and the report is released about 15 days after the month ends. The two reports use different methodology to come up with their stats. You really can’t compare to two to each other but have to look at one report and compare it to itself in another time period.
Portland dropped a half point to 129.01. This is the lowest post-bubble report and equates to July 2004 prices. The Index was set to 100 in January of 2000. Five of the 20 tracked areas report indexes of under 100. Washington DC remains the strongest market at 176.48.
We’re consistently hearing and seeing reports of tight inventory and low prices (and high Affordability Index reports). I expect that we’ll start to see average sales prices increase in RMLS reports over the next few months. This was true last year but the end of the year gave back all of the gains from the “summer selling season” so we have to be a little pessimistic about calling it a true beginning to a recovery until we see it. What we weren’t feeling this time last year is an inventory shortage which we seem to have now.
**Categories:** Real Estate News & Tips
**Tags:** Case Shiiler, Real Estate Market data, Homes for Sale
---
### [Lack of Inventory Frustrates Some](https://lovejoyrealestate.com/lack-inventory-frustrates/)
**Published:** May 29, 2012
**Author:** Charles Turner
**Content:**
We’re hearing more tales of multiple offers, buyers writing strong offers and getting beat out, and talks of this being the beginnings of a seller’s market. We ran some reports in the different RMLS areas for detached houses under $300,000. This is what we found:
**RMLS Area****Location****Houses Available**141N. Portland93142NE Portland248143SE Portland412144Gresham/ Troutdale area233145Milwaukie/Happy Valley Clackamas270146Oregon City/Camby area212147Lake O./ Wets Linn45148West Portland95149NW WA Co.37150Beaverton/Aloha179151Tigard/Tualatin/Sherwood/Willsonville146152Hillsboro/Forest Grove228Six months of housing inventory used to be considered the neutral point between a buyer’s and seller’s market. The inventory statistic is a ratio of the number of available houses divided by the number of closed houses in a month. My feeling is that the neutral point in today’s market is between four and five months. Buyers are more willing to let the not-quite-perfect house for their needs go by and the sense of urgency may not be what it was. The neutral point may rise as the market settles in but I think sellers with an accepted offer should probably feel less secure than the did in a pre-bubble market. Buyers are willing to compete for listings but not as hard as they were when the market had run a long upwards trajectory.
Regardless of where the neutral point, most buyers would probably agree that there is a shortage of listing to look at. This, of course, bodes well for sellers thinking about coming to market and if the number of available listings doesn’t increase may change for a new market attitude adjustment yet again.
**Categories:** Real Estate News & Tips
**Tags:** Available Homes for Sale, housing inventory, Portland
---
### [Home Inventory Drops More: RMLS Market Action May 2012](https://lovejoyrealestate.com/home-inventory-drops-rmls-market-action-2012/)
**Published:** May 15, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/05/RMLS-Market-Action-April-2012.jpg)The supply of homes for sale in the Portland market continues to drop according to the RMLS Market Action report released today. The general convention is that six months of inventory indicates a neutral market but that number should probably be revised downwards as I think buyers are more willing to walk away than they were in the past. It was 153 days in April of 2011. Inventory in the close-in areas of Portland is lower in three instances than the five country Portland Metro reporting area.
- N Portland: 4.3 months
- NE Portland: 3.5 months
- SE Portland 3.2 months
- W Portland 4.8 months
[](https://lovejoyrealestate.com/wp-content/uploads/2012/05/RMLS-Rolling-Average-May-2012.jpg)Average ($262,500) and median ($225,000) prices are almost the same as this time last year. The report shows Days on Market is down to 123 days. It was 153 this time last year. On the other hand the graphic to the right shows that the rolling average and median prices are down. That compares the last 12 months with the 12 months prior to that.
\[Both graphics are from the Market Action report\]
**Categories:** Market Activity & Data
**Tags:** Average Home Price, Housing Invetory, Median Home Price
---
### [2012 Portland Street of Dreams May Preview](https://lovejoyrealestate.com/2012-portland-street-dreams-preview/)
**Published:** May 1, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/05/DSCN0474.jpg)Sometimes you’re just in the right place at the right time. I’d been thinking that it was about time to head out to the 2012 Portland Street of Dreams site in West Linn and happened to be somewhat nearby so decided to see how things are progressing. Little did I know there was a free lunch involved, thank you NW Natural. Turns out it was Realtor preview day and I had perfect timing.
The Vineyard is just off Salamo Rd. near the 10th Street exit from 205. It’s a J.T. Smith development with seven homes being built for the show that runs July 30th to August 24th. Home sizes range from 4000SQFT to 4700SQFT and are priced between $900,000 to $1.1M. Six are available and one is presold.
Today’s event was a great opportunity to walk though the homes as they are being built.
**Categories:** Portland Street of Dreams
**Tags:** J.T. Smith, west linn, The Vineyard
---
### [Portland Real Estate Market Better Than Some](https://lovejoyrealestate.com/portland-real-estate-market-2/)
**Published:** April 24, 2012
**Author:** Charles Turner
**Content:**
February’s Case Shiller Index was released today. CNN’s headline reads, “[Home Prices Lowest Since 2002](http://money.cnn.com/2012/04/24/real_estate/home-prices/index.htm?hpt=hp_t1 "CNN Home Prices").” For Portland, home prices sit at July 2004 prices: 129.60 which represents a .36 slide from January’s Case Shiller Index. Case Shiller reports lag 60 days and are released on the last Tuesday of the month.
[](https://lovejoyrealestate.com/wp-content/uploads/2012/04/Case-Shiller-FEB-2012.jpg)
After the Index was set to 100 in January 2000, Portland seemed to lag about a year behind the rest of the country. The majority of the areas tracked started their rise and hit their peak about a year ahead of Portland. In recent years though it appears that Portland has fallen in line with the Composite indexes. The Dallas chart line is interesting as they never saw the highs or lows that the majority of the country experienced. Flat seems to be the rule for their market: talk about real estate being local!
Trying to compare RMLS Market Action to Case Shiller doesn’t work. They reports use different areas, methodology and the most up-to-date reports are always a month apart. RMLS reported the [lowest inventory in years](https://lovejoyrealestate.com/realestate/2012/04/rmls-market-action-inventory/ "RMLS Market Action- Low Inventory") when the March report was released a couple of weeks ago which may put some upward pressure on prices. It’s too hard to tell what factors will have the biggest impact on the market. Does low market inventory, low interest rates and highest levels of affordability in years trump market jitters, foreclosures, political outcomes and economic concerns or vice versa?
**Categories:** Case Shiller Index, Real Estate News & Tips
---
### [Competing in tight markets](https://lovejoyrealestate.com/competing-tight-markets/)
**Published:** April 16, 2012
**Author:** Charles Turner
**Content:**
We’re hearing it more and more: multiple offer situations on properties in Portland. A tighter real estate market has resulted in inventory that, at least by statistical measure, can be classified as a seller’s market. Six months of inventory is usually considered market equilibrium and [Portland Metro inventory is now 5.0 months](https://lovejoyrealestate.com/realestate/2012/04/rmls-market-action-inventory/ "RMLS Market Action- Low Inventory") and even lower in some close-in areas.
Friday’s Portland Business Journal included Wendy Culverwell’s article titled, “[Tight markets pose hurdles](http://www.bizjournals.com/portland/print-edition/2012/04/13/tight-markets-pose-hurdles.html "Portland Business Journal "Tight markets pose hurdles."").” Unfortunately it’s a subscription only story so you can only read the first few paragraphs. No matter what the market situation, buyers always want to put their best foot forward. One tactic is to, “write an admiring note to the seller to show they’re the right buyer for the home.” We fully agree and will often recommend that buyer’s write what we call a “love letter” to the seller. Money talks but it’s not the only thing on the table.
Not mentioned in the article and potentially equally or even more powerful is having the buyer’s agent present the offer to the seller in person. Stuffing an offer in into a scanner or fax with no cover letter or explanation happens frequently. Often the transmission isn’t even followed up on. “I just wanted to let you know that I sent an offer over on your listing to your email. Can you confirm that you got it and let me know if you have any questions” is a lot easier phone call to make than, “I sent an offer over to you a couple of days a go and just wanted to check in.” “We accepted an offer yesterday.” “But I sent your offer to fred@homeseller.con.” “Yeah, but my address is .com, not .con.” Ooops. We’ve seen it happen and now the next call has to be to the buyer to explain why they didn’t get the house… What happens with the offer after it is signed is equally important to what is in the offer.
Presenting in person falls out of favor in a buyer’s market. The competition is lower and often the only one on the table. Schedules and locations have to be coordinated and listening to multiple offers can be a little arduous. The buyer has the right to have their offer presented in person unless the seller specifically declines to entertain offers in person. It is not the listing agent’s right to make that decision. Of course if the seller is out of town, it’s not an option which makes the agent’s cover letter important:
> “Our has written the attached letter introducing themselves to you and why they love you home and can see raising their family there. Of the houses we looked at yours is by far the best match for them. Additionally, we have tentatively scheduled the home inspection for tomorrow at noon. They’re pre-approved for their loan through John at XYZ bank. The pre-approval letter is attached but you can call John directly at 555-1212. He is expecting your call. If you have any questions for me, please let me know.”
The goal is to convey the human aspect of the offer than the numbers on the earnest money agreement can’t convey. None of the tactics are going to be appropriate for every situation. An investor planning on tearing down the home that has been in the family may not want to share that! There isn’t any room for anything but the truth in presenting.
**Categories:** Real Estate News & Tips
**Tags:** buyers, Sellers
---
### [RMLS Market Action- Low Inventory](https://lovejoyrealestate.com/rmls-market-action-inventory/)
**Published:** April 13, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/04/RMLS-Inv-March-20121.jpg)[RMLS Market Action for March 2012](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879 "RMLS Market Action March 2012") was released yesterday. Inventory has dropped to recent low levels at 5.0 months. The pending and closed sales are up both when compare to last month and last year. New listings are down compared to last year but up from February. We appear to be seeing another shift in the market where buyers are competing for properties and having a harder time finding properties that meet their criteria.
Average sales price climbed to $252,600 but is still down .04% for the year. In 2010 we saw strong numbers in the between March and August that was all given back as the year came to a close. It’s too early to tell if we’re going to have a repeat of last year or whether we have really started to turn the corner. I do feel more confident than last year. The Fed reported yesterday that they were not touching interest rates which helped perk the stock market to near highs.
I’ll update my local inventory chart ASAP but as a teaser N. Portland has 4.4 months of inventory, numbers that indicate a seller’s market. West Portland, an area that has been averaging higher numbers than the Metro report, is at 5.4 months.
**Categories:** Real Estate News & Tips
---
### [Portland Case Shiller January 2012](https://lovejoyrealestate.com/portland-case-shiller-january-2012/)
**Published:** March 27, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/03/Case-Shiller-Markets.jpg)Source: S&P Indices and FiservPortland’s Case Shiller report for January 2012 looks like deja vu all over again. The Index dropped 2% from December, mirroring the start to 2011. In 2011 the Index posted losses for the first three months of the year followed by six straight months of gains. The small gains fueled a lot of optimism and talk of “we’ve reached the bottom” but the last quarter of 2011 gave all of the gains back with three consecutive down months. At today’s 129.96 the Portland real estate market is close to July 2004 prices and a new low since July 2007’s peak.
A couple of weeks ago when RMLS Market Action for February was released [most of the metrics were positive](https://lovejoyrealestate.com/realestate/2012/03/february-strong-month-portland-real-estate/ "February Strong Month for Portland Real Estate"). Case Schiller looks at a seven county MSA versus and has a sixty day lag versus RMLS’s “Portland Metro” which is a five county area and reported on two weeks after the end of the previous month. They also have different methodologies so making direct comparisons is difficult.
You’re going to have to make you own determination as to whether “Now is a Great Time to Buy” or whether we’re yet to see the bottom. While Portland has suffered, a quick look down the list shows a lot of markets have experienced a lot worse. Las Vegas peaked at 234. The Index was set to 100 for all markets January 2000. Washington DC has remained the strongest of the bunch. When were there in 2010 a local said its because, “politicians arrive when they are elected but then they never leave: they become lobbyists.”
**Categories:** Case Shiller Index, Real Estate News & Tips
---
### [How Social Media Cost Johny $5000](https://lovejoyrealestate.com/social-media-cost-johny-5000/)
**Published:** March 20, 2012
**Author:** Charles Turner
**Content:**
We’ve often told sellers that when a buyer walks through the house they sometimes know more about the house than the seller does. PortlandMaps offers a wealth of information about a property. On the other hand, Facebook and Google can tell a lot about either party (or their wonderful Realtor).
Buyer Johny looks at a house and subsequently makes an offer. Johny has been warned that if the seller is there to keep a poker face. You don’t love or hate the house. They don’t meet so its never becomes an issue.
Savvy Seller gets the offer and is somewhat torn between accepting the offer and countering back. Do I take the risk of the buyer walking away in an attempt to get a little more money or do I just grit my teeth and live with it? Johny’s agent had him write a brief “love letter” as to why the seller should accept his offer but anyone can pen a good cover letter. It’ll be his first house, it’s at the top of price range but meets all the requirements and he promises to be a good steward of the house if the seller will let him have it. Savvy Seller wishes he knew more about the buyer’s true motivation. Wonder who this Buyer Johny is…
[](https://lovejoyrealestate.com/wp-content/uploads/2012/03/FB-Search.jpg)
Buyer Johny hasn’t changed any of the default privacy setting in Facebook and Savvy Seller is now reading Johny’s wall posts and status updates. Here’s a sample of what is shown:
- I’ve got to get out of this rental. The neighbor’s dog won’t shut up and I swear the couple upstairs are nocturnal.
- Got pre-approved today. Can afford a lot more than I want to spend so should have lots of options. One step closer to getting out of this hell hole rental.
- Got a raise today!!!
- Made an offer on a house today. I have to have it. Love it. Perfect. Offered less than asking…fingers crossed. I really hope I don’t have to pay more to get it.
So much for the poker game. Johny has given Savvy Seller the social media equivalent of a neon sign declaring his love of the house. Completely unintentional but the damage has been done as it makes the seller feel much more confident in the decision to counter. The status updates are a much truer representation of Johny’s feelings than the “love letter” is. Savvy Seller counters $5000 and Johny decides he can’t let it slip away.
Is it fair to say that Johny’s updates cost him $5000. They may not have been the only factor in the decision to counter but it certainly didn’t help his cause. If Savvy Seller hadn’t changed his privacy settings Johny might have learned that Savvy Seller has been unemployed for six months and had just found a new job in Seattle so is really motivated to sell. This scenario is only somewhat contrived and is aimed at underscoring that not everything stays where you hope it will on the Internet. It’s based off a status update from a Realtor friend last night.
**Categories:** Real Estate News & Tips
**Tags:** Social Media
---
### [RMLS Adds Short Sale Pending (SSP) Status](https://lovejoyrealestate.com/rmls-adds-short-sale-pending-ssp-status/)
**Published:** March 16, 2012
**Author:** Charles Turner
**Content:**
321 properties in Portland had their RMLS status changed to Short Sale Pending (SSP) yesterday. A short sale is a real estate transaction where the proceeds of the sale will not fully pay off the creditors that are owed money. Short sales are subject to the approval of at least one third party. Each creditor that will not receive all the money they are owed has to approve the sale. Under the new SSP status, “When the Seller accepts an offer, the status will change to SSP. When the Third Party accepts that offer, the status will change to PEN\[ding\].” You can read [more about the short sale process](https://lovejoyrealestate.com/realestate/2011/11/updated-short-sale-flowcharts/ "Updated Short Sale Flowcharts") here.
Example 1: Bank A (“the First”) has an $80,000 note on a property. Bank B (“the Second”) is owed $20,000. We’re going to ignore closing costs which will drive the cost of the sale up and the proceeds down. If the property’s market value is $90,000 the Second is going to be shorted at least $10,000 in the sale as the First is entitled to all of their debt to be cleared before the Second receives any proceeds. The Second has to approve the sale before it can close. The Bank A does not approve the sale as they are being paid in full. Under the new RMLS rules when the seller accepts an offer the status will be changed to SSP and when Bank B approves the sale the status will be updated to Pending. If the property forecloses Bank A will take ownership of the property and Bank B will get nothing which should provide motivation to approve the sale. Note that logic does not always apply!
Example 2: The property is going to sell for $75,000 so both banks are going to be shorted and therefore both banks have to approve the sale. The status will be changed to SSP when the seller accepts the offer and it is sent to the banks for approval. When the second bank approves, regardless of what order that occurs in, the property will be changed to pending.
The SSP status is similar to the Bumpable (BMP) status in that it will still show in searches as available property. Pending sales do not appear in searches. Our “[What is Bumpable](https://lovejoyrealestate.com/realestate/2006/01/what-does-bumpable-mean/ "Bumpable")” post is one of the most viewed posts on this blog.
**Categories:** Real Estate News & Tips
---
### [February Strong Month for Portland Real Estate](https://lovejoyrealestate.com/february-strong-month-portland-real-estate/)
**Published:** March 15, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/03/RMLS-Market-Action-Inventory-Feb-2012.jpg)I’m still trying to compose myself after heading over to the Portland Business Journal to grab the link to the story discussing Portland unemployment at the bottom of this post. I was shocked to see this headline: “[Portland homes prices up 4.3 percent”](https://lovejoyrealestate.com/realestate/2012/03/mirgration-helps-portland-real-estate/ "Portland Business Journal "). What’s truly amazing about it is headlining a positive about the Portland real estate market and not the normal pick-the-worst-part-of-the-report title (“Median Prices Down 1.3%” was what I was expecting to read). Everything must be peachy now… now back to our regularly scheduled RMLS Market Action report.
Most of the monthly metrics for the Portland real estate market were up in February according to the [February 2012 RMLS Market Action released today](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=6505 "RMLS Market Action February 2012"). Inventory dropped from 7.0 months in January t0 6.5 months. In February 2011 there were 10.9 months of listing inventory. The drop comes from a higher rate of sales (up 17.5%) and a decrease in new listings coming to market (-13.6% from February 2011). The jump in pending listings, up 32.5% since this time last year, is encouraging too. The average sales price is up 2.4% to $255,100 compared to January but the median price lost 1.3% to $211,000.
From the “real estate is local” theme inventory levels are considerably lower on the east side of the Willamette River within the city than shown from the five county “Metro Portland” data shown in Market Action:
- North Portland: 4.6 months
- NE Portland: 3.7 months
- SE Portland: 4.8 months
- West Portland: 6.6 months
- NW Washington County: 7.4 months
The average sales price of $255,100 is down from a peak of $355,000 in 2007. That’s pushed affordability rates higher than we’ve seen in nearly a decade.
> AFFORDABILITY – According to a formula from the National Association of REALTORS®, buying a house in the Portland metro area is affordable for a family earning the median income. A family earning the median income ($72,000 in 2011, per HUD) can afford 182% of a monthly mortgage payment on a median priced home ($216,600 in December). The formula assumes that the buyer has a 20% down payment and a 30 year fixed rate of 3.96% (per Freddie Mac). \[Reporting December 2011, the most current month available\]
With low inventory levels, interest rates and other positive signs ([Portland unemployment down to (a still high) 8.2%](http://www.bizjournals.com/portland/news/2012/03/12/portland-unemployment-82-percent.html "Portland Unemployment 8.2%")) we still need to be cautiously optimistic about where our market is heading. Last year it looked like the market was on an upswing throughout the first half of the year. That fizzled out and left us mostly flat for the year. Even with less than five months of inventory in certain areas around Portland I don’t think that we’re going to be comfortable with the phrase “seller’s market” for some time. We’re seeing the return of the investor to the market which is increasing the competition for what is already a reduced number of active listings. We’re seeing multiple offer situations more often and other houses going sale pending with just a handful of days on market. That’s due to increased competition but also because sellers are more willing to embrace the importance of accurate pricing and reacting to market feedback quickly. Buyers are going to continue to be afraid of overpaying for property until we have a long run of stability or market increases. Their fear, real or perceived, is going to keep sellers twitchy about getting escrow closed versus losing the buyer and going back on the market. There may have been multiple offers to start but many buyers won’t come back after being rejected once.
**Categories:** Market Activity & Data
**Tags:** RMLS Market Action, Portland Business Journal
---
### [A "Different & Better" Bank Listing Time Lapse Video](https://lovejoyrealestate.com/bank-listing-time-lapse-video/)
**Published:** March 14, 2012
**Author:** Charles Turner
**Content:**
Part of our motivation in joining Atlantic & Pacific Real Estate in November was to gain access to bank owned listings in Portland and the surrounding areas to compliment our existing business. Bank owned listings are going to be a significant part of our market for a number of years and we have no intention of heading down the road of being the stereotypical “bank owned agents” and foregoing the core of our business: our past clients, their referrals and our Internet presence, including this blog . We saw what happened to the “new construction agents”: eventually the niche players become extinct if they fail to evolve as the market changes. In the near future we’ll be launching a website featuring pre-list bank owned homes. It will be a place to be notified of upcoming listings before they are in RMLS.
Part of APRE’s motivation in wanting us is to hire successful agents that can apply traditional real estate methods to the oft maligned stigma of bank listings; some of it well earned. Our goal, along with Atlantic & Pacific’s, is to elevate the purchase and sale of REO/Bank Owned property to an experience on par with that of traditional real estate. Atlantic & Pacific, through their affiliated business ventures and systems, is able to alleviate some of the challenges of taking on bank owned listings so that we can focus on getting them sold. During a recent call to a utility company it was assumed that I was putting the utility in my name and on my credit card. Not the case, we have a department that takes care of that. Her response, “that’s cool, I wish more did it that way.” That’s an indication of APRE’s tagline, “Different & Better.”
Ultimately John Q. Public Seller and an institutional seller want the same thing: the most amount of money possible for their listing for the least amount of hassle. The process of getting there is similar but no two properties or sellers need every tool available. Monitoring bank owned listings requires a systematic approach and an understanding that we are the eyes and ears locally; they’ll never see the property they’ve been charged with selling first hand. What’s obvious to you and me standing there has to be conveyed in pictures and words- the same for a traditional seller who has relocated or is selling an investment property. Honing those skill benefits our traditional sellers too.
Our newest listing (bank owned) in the Pearl District’s Pinnacle Condominiums provided the perfect opportunity to try something new: a time lapse movie highlighting the view. The two bedroom/two bathroom unit has 180 degree views from the West Hills to the Fremont Bridge. I used painter’s tape to fix the iPad to the window for 18 hours. What you see here is nearly 4000 photographs compressed into just over two minutes. It’s not perfect but its pretty cool to me nonetheless. I learned some things that should make the next one better.
**Categories:** Real Estate News & Tips
**Tags:** Bank Owned Property, Atlantic & Pacific Real Estate, Pinnacle Condominiums, Time Lapse, Turner Team Inc, Pearl District
---
### [Mirgration Helps Portland Real Estate](https://lovejoyrealestate.com/mirgration-helps-portland-real-estate/)
**Published:** March 6, 2012
**Author:** Charles Turner
**Content:**
Interactive maps make me happy which makes this a happy post. MetroTrends has a nifty interactive map that show migration to and from the 100 largest metro areas. Relocation to Portland remains strong; over the last ten years Portland has seen a migration inflow. Seattle is our largest trading partner and we’ve actually exported more residents than we’ve gained from our neighbors to the north. Californians seem to like it here (I’m one of them) and I think we can understand the allure of Phoenix weather.
[](http://datatools.metrotrends.org/charts/metrodata/MigrationMap_files/MigrationMap.cfm)Click image to launch interactive mapFrom the [interactive map](http://datatools.metrotrends.org/charts/metrodata/MigrationMap_files/MigrationMap.cfm "Interactive Map") there is a drop-down box on the upper right side that give more mapping options, including housing prices and rental affordability.
The [short term migration forecast for Oregon remain a net positive](http://www.oregon.gov/DAS/OEA/demographic.shtml "Oregon Office of Economic Analysis Migration Forecast") but the Office of Economic Analysis says:
> Slowdown in Oregon’s economy in the recent years resulted in smaller net migration and slow population growth. Estimated population growth and net migration rates in 2011 are the lowest in over two decades. This slow population growth, as a result of slow economy and high unemployment rate, is expected to continue in the near future.
Longer term forecasts show that Oregon will add over 1.4 million people between 2015 and 2040.
**Categories:** Real Estate News & Tips
---
### [Natural Disasters and Portland Real Estate](https://lovejoyrealestate.com/natural-disasters-portland-real-estate/)
**Published:** March 5, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/03/Kings-Heights-4.jpg)It was less than three minutes after [an earthquake hit the San Francisco Bay Area this morning](http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/03/05/BASN1NG6VT.DTL "SFGATE about this morning's 4.0 earthquake") that the first posts started to appear on my Facebook page. You can’t avoid the horrifying images of the tornadoes that swept through the Midwest and South a few days ago. Floods, earthquakes, forest fires, and other natural disasters make up a significant amount of our headlines, just not locally. Yet.
On one of those brilliant “five mountain view days” we have to remember that we’re looking at a bunch of volcanoes. A number of years ago I got an email asking about volcanoes and earthquakes. I wrote a brief reply and the response was a long diatribe about how all of us in the Northwest are on the brink certain destruction by volcanic activity and if those didn’t get us the earthquakes will. Not exactly a comforting thought but not impossible. Mt. Saint Helens reminds us once in a while that its an active volcano. The Oregonian has a good write up on the [potential for Pacific Northwest earthquakes](http://www.oregonlive.com/earthquakes/index.ssf/2010/07/earthquakes-west-coast-portland-seattle.html "Potential for Portland Earthquakes"). Someone once told me that, “an extinct volcano is extinct until it is not.”
With each natural disaster, the news coverage eventually makes mention of insurance. The event was or wasn’t covered. What happens when “The Big One” hits? Most pundits say it isn’t a case of “if” but “when?” Will you be covered? I can’t say what insurance coverage you should have but you want to know if your covered even though the whole goal is to never have to use it. Earthquake coverage is often an add-on to a policy. Would an act of God be covered under your policy? What about a landslide?
Flood insurance is one type of coverage that is often mandated by lenders. If you are in a flood plain, it’s likely flood insurance will be required. You can do your initial search for potential hazards on [PortlandMaps](http://www.PortlandMaps.com "PortlandMaps"). Enter the property address and click on the “hazards” link on the “maps” tab. There’s flood, slide, earthquake and fire information on that tab.
I think most of us take our insurance policies for granted. An audit of your policy might reveal that you’re under-insured, not covered or even paying for coverage you don’t need. And if you’re reading this as a renter: please take a minute to make sure you have a renter’s policy. The odds are your possessions aren’t covered under the landlord’s policy.
**Categories:** Real Estate News & Tips
**Tags:** Act of God, Home Insurance, Natural Disasters, Renter's Insurance
---
### [Is it Cheaper to Own or Rent in Portland?](https://lovejoyrealestate.com/cheaper-rent-portland/)
**Published:** February 29, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/02/Loan-Amount.jpg)Is it cheaper to own or rent a home? I did a Craigslist search for a close in home with the complete property address listed so I could then research what I thought it would sell for as a comparison. I happened to find a home that sold for $150,000 at the end of last year. I can tell from the pictures in RMLS and the ones posted on Craigslist that some work has been done. I think I am being generous with adding $10,000 for a theoretical market prince of $160,000.
After adding in the property taxes and an educated amount for home insurance we get a payment of $1013.86 per month. The house is listed for $1250. The downturn in the real estate market has made owning a home more affordable than it has been in years. If you put down the FHA 3.5% down for a loan of $155,440 your payment would drop to $992 plus any required mortgage insurance. With 20% (investors may be required to put 25%) the payment is only $861 per month.
We need to acknowledge that this is massively simplified. Not everyone will qualify for a 4.0% loan, we haven’t addressed down payments, maintenance costs, tax advantages, market risks or anything else. It shows us one reason that investors are retuning to the market and the investment properties should cash-flow positive which they didn’t do at the peak of the market: appreciation was the carrot (and therefore not a sound investment strategy looking back). It shows how competitive the rental market has become and that may give some potential buyers reason to further investigate their own situation to see if which scenario works best for them.
**Categories:** Real Estate News & Tips
**Tags:** Rent versus buy
---
### [Portland Median Home Prices](https://lovejoyrealestate.com/portland-median-home-prices/)
**Published:** February 22, 2012
**Author:** Charles Turner
**Content:**
CNN/Money reported today that [median home prices have reached a ten year low](http://money.cnn.com/2012/02/22/real_estate/home_sales/index.htm?hpt=hp_t3 "CNN/Money Ten Year Home Prices"). They graphed the decline since 2007 on a national basis. We’ve taken their national numbers (sourced from the National Association of Realtors) and added RMLS data for “Portland Metro” and ten of the RMLS areas reported in RMLS Market Action. The median price is the point at which half of homes are sold for a higher price, and half are sold at a lower price. The prices reported are for January of each year. Click on the graph to see the [full size version](https://lovejoyrealestate.com/wp-content/uploads/2012/02/Median-Home-Prices.jpg "Portland Median Home Prices").
[](https://lovejoyrealestate.com/wp-content/uploads/2012/02/Median-Home-Prices.jpg)
Between 2011 and 2012, the NW Portland area (roughly west of NW Skyline and between HWY 26 an HWY 30), was the only area reporting a median price increase.
The article also has a video of how Habitat for Humanity in Florida is [turning foreclosures into opportunities for their clients](http://money.cnn.com/video/news/2012/01/31/n_habitat_foreclosures.cnnmoney/ "Habitat for Humanity Neighborhood Stabilization") as part of the national [Neighborhood Stabilization Program](http://portal.hud.gov/hudportal/HUD?src=/program_offices/comm_planning/communitydevelopment/programs/neighborhoodspg "HUD's National Stabilization Program"). It’s a departure from their typical model of building new construction homes.
**Categories:** Real Estate News & Tips
---
### [How Often Will My House Get Shown?](https://lovejoyrealestate.com/house-shown/)
**Published:** February 18, 2012
**Author:** Charles Turner
**Content:**
Once upon a time, before my time in real estate, a potential buyer had almost no idea what a house was going to look like before they got out of the car in the driveway. Real estate was ruled by an MLS book that closely resembled a phone book. There were no pictures, floor plans, Google Street Views or videos available. We don’t have many clients say, “keep driving,” anymore. When we pull up to a house now, the buyer is often verifying what they already know because they’ve already “seen” the house online. The richer the listing, the fewer showings that should be required to sell it.
I took this picture a couple of weeks ago while stuck in traffic. I cropped the “For Sale” sign out from the right hand side. The photograph will self select a large portion of the potential buyer pool out. No need to visit if you’re looking for a move-in ready home. But it is “pending” in RMLS now so there is a buyer for every property (at the right price).
[](https://lovejoyrealestate.com/wp-content/uploads/2012/02/tagged-house.jpg)
Another component to the number of showings relates to the notice needed to view it. Sometimes the answer to, “why isn’t my home getting shown?” is, “Because buyers can’t get into to see it.” The less restrictive the showing instructions the more likely the property will be shown.
- “**Vacant- RMLS lockbox**” No need to call unless I’m is looking for more detailed information. We won’t discuss how a house that is colder inside than it is outside shows poorly here.
- **“Call first”** “Hi, this is Charles Turner with Atlantic & Pacific Real Estate.” I’d like to show your home between noon and 1PM. If that’s going to be a problem please call me…” This is the best scenario for an agent when setting up appointments for occupied homes.
- **“Appointment Required”** Actual contact needs to be made to show. If you’re not good at returning calls this is a terrible option to get your home sold. I’ve left messages and gotten calls back days after our showing request.
- **“Agent Accompany”** I need to coordinate with the listing agent to show your home because they need to be there. Scheduling conflicts may eliminate the showing. Agent accompany showings requires all four parties to the transaction coordinate.
- **“Tenant Occupied”** Some sellers and their tenants come to some sort of an agreement where “call first” is sufficient notice but this is the exception, not the rule. Most require 24 hours notice. This eliminates potential showings when a pre-planning is not an option.
There are some situations that can’t be avoided. A day sleeper has to sleep when the majority of us are working. We try to respect kid’s nap times. Pets and security systems can also make showings difficult. Our advice is to make the showing instructions as simple as possible while covering the needs. Adding restrictions because it is inconvenient will reduce showings. Selling a home is inconvenient but remaining on the market is even worse. We use “Call listing agent” as necessary. It works well when English isn’t the seller’s native language but is more often than not totally useless with a vacant home just so the agent can “monitor showings.” That’s what the electronic RMLS lockbox is for. It notifies the agent when the box is opened and if the agent is using a home feedback system the seller is also notified. To reiterate, most of these situations can be worked out and the house will get shown but in some instances showings don’t happen to qualified buyers because of them.
**Categories:** Real Estate News & Tips
**Tags:** Home Showings, Showing Instructions
---
### [The Best Schools in Portland?](https://lovejoyrealestate.com/schools-portland/)
**Published:** February 14, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/02/school-ap.jpg)“Good schools” is often one of our client’s top criteria. As Realtors, the problem we face that it is largely a subjective decision and subject to change. It is similar to the “safe neighborhood” conversation: you can tell us what neighborhoods you want to search based on them but we can’t tell you where you should live based on them. Both require buyer research so our goal is to provide the resources to make good decisions.
Useful links include:
- [Oregon Department of Education Report Cards](http://www.ode.state.or.us/data/reportcard/reports.aspx "Oregon Department of Education Report Cards")
- [Clackamas County School Locator](http://web5.co.clackamas.or.us/taxmap/schlocator/ol/ "Clackamas School Locator") (includes Lake Oswego)
- [West Linn/Wilsonville School Locator](http://www.wlwv.k12.or.us/Page/195)
- [Portland Public Schools Locator](https://pdxschools.maps.arcgis.com/apps/webappviewer/index.html?id=12d5d0ad4b534457a44c4eaf2d169eb0 "Portland Public Schools Locator")
- [Beaverton School District attendance information](http://www.beaverton.k12.or.us/home/district/attendance-area-information/ "Beaverton School Information")
- [Tigard-Tualatin School Information](http://www.ttsd.k12.or.us/schools "Tigard & Tualatin School Information")
- [Hillsboro School Information ](http://www.hsd.k12.or.us/Schools/MapsBoundaries/tabid/76/Default.aspx "Hillsboro School Information")
- [Hilsboro School Locator](https://mybus.hsd.k12.or.us/Login.aspx?j=vms) (use ‘guest’ as user and password)
Additionally, Portland Monthly publishes their [Best Schools report ](https://lovejoyrealestate.com/realestate/2012/02/schools-portland/)annually (last online updated we found was 2013).
[GreatSchools.net](http://greatschools.net) or [GreatSchools.org](http://www.greatschools.org) are popular resources for school information nationwide.
**Categories:** Real Estate News & Tips
**Tags:** Clackamas Schools, Hillsboro School, Portland Monthly, Portland Public Schools, Tigard Schools, Tualatin Schools
---
### [Portland Real Estate Loses Traction](https://lovejoyrealestate.com/portland-real-estate-slips/)
**Published:** January 31, 2012
**Author:** Charles Turner
**Content:**
Six continual months of (minimal) Portland real estate price appreciation has slipped away in the last two month. The Case Shiller Index, released this morning shows Portland lost 2.18 points to end November at 133.26, essentially the same level as February of last year.
The Case Shiller Index reports “Portland Metro” as the seven county MSA and lags sixty days. RMLS reports a five county “Portland Metro” and the mid-month report features the previous month. In January 2000 the Index was reset to 100. Portland peaked at 186.51 in August 2007. In contrast, the Composite 20 Index peaked at 206.52 in July 2006. Both indices were almost identical in July 2010 at 148 and now the Composite 20 is five points ahead of Portland.
[](https://lovejoyrealestate.com/wp-content/uploads/2012/01/Case-Shiller-Index-Portland-Nov-2011.jpg)Portland was “late to the party” during much of the run-up and the beginning of the decline but appears to have fallen into the same groove as the national indices.
**Categories:** Real Estate News & Tips
**Tags:** Portland Metro, RMLS, Case Shiller, Portland
---
### [This Week's Real Estate News](https://lovejoyrealestate.com/weeks-real-estate-news/)
**Published:** January 20, 2012
**Author:** Charles Turner
**Content:**
Here’s four real estate related stories in the media this week. The first is yours truly on OPB’s Think Out Loud discussing the same year end Portland real estate market data cited in the second Portland Business Journal article. The third article from the USA Today is more of a national story but interesting nonetheless. The fourth, on Oregon’s unemployment rate (bad but getting better) is a key factor to any housing recovery.
## [Is the Housing Market Coming Back?](http://www.opb.org/thinkoutloud/shows/housing-market-coming-back "Charles Turner on OPB's Think Out Loud")
Oregon Public Broadcasting (includes link to stream or download radio segment)> Is the Portland housing market beginning to turn around?
>
> Analysts are taking up that question with the release of a new report from the [Regional Multiple Listing Service](http://www.rmlsbenefits.com/Home.aspx). The bad news is that the organization’s data [show](http://www.oregonlive.com/front-porch/index.ssf/2012/01/more_portland-area_homes_sell.html) the median house price in the Portland metro area fell another 7.9 percent to $221,000. Home sales totaled $5.2 billion in 2011 — an 11-year-low.
## [Home sales end 2011 mixed](http://www.bizjournals.com/portland/news/2012/01/17/2011-ends-on-mixed-note-for-home-sales.html "Oregon Business Journal year end housing article")
Portland Business Journal> Year-end sales figures paint a mixed portrait of Portland’s residential real estate market for 2011. Overall sales rose compared to the prior year but other metrics, including price, fell.
## [Bartiromo: JPMorgan’s Jamie Dimon sees housing at bottom](http://www.usatoday.com/money/companies/management/bartiromo/story/2012-01-13/maria-bartiromo-jp-morgan-chase-ceo-jamie-dimon/52583386/1 "Bartiromo: JPMorgan's Jamie Dimon sees housing at bottom")
USA Today (online)Scroll down to question on U.S. housing Market:
> We have seen the worst. We are at the bottom. We may hug along the bottom for a while, but we are at the bottom. People think housing is terrible, but the early indicators tell you a lot about where it will be in 18 months or so. Supply and demand are rapidly coming in balance. Renting is now more expensive than buying in half of America. We’re adding 3 million Americans a year. In the next 10 years, we have 30 million more Americans. Those 30 million Americans are going to need 15 million homes, or something like that. Household formation has gone so low. You had kids move back home — and, yes, by the way, it doesn’t work for them, either.
## [Oregon unemployment 8.9%](http://www.bizjournals.com/portland/news/2012/01/18/oregon-unemployment-89.html "Oregon Unempoyment 8.9%")
Portland Business Journal
> Oregon’s unemployment rate has dropped to its lowest level in three years.
It’s not a real estate article but jobs are a key factor in the housing market.
I’m not loving the orange background on the quotes, will work on getting that toned down!
**Categories:** Real Estate News & Tips
**Tags:** Portland Business Journal, OPB, Think Out Loud, USA Today
---
### [Buying a Bank Owned Property Part 2](https://lovejoyrealestate.com/buying-bank-owned-home-part-2/)
**Published:** January 18, 2012
**Author:** Charles Turner
**Content:**
Yesterday I wrote [Buying a Bank Owned Property Part 1](https://lovejoyrealestate.com/realestate/2012/01/buying-bank-owned-property-part-1/ "Buying a Bank Owned Property Part 1"). Today we’ll dive right in with more of the FAQs from Atlantic & Pacific Real Estate with my commentary added in *italics.*
**Will the seller make repairs?**
Most foreclosures are sold “AS IS, NO DISCLOSURES.” This means the property is offered “as is,” without repairs or upgrades. The seller has already reduced the price of the property for any damages or needed repairs, which are reflected in the listing price. As for “No Disclosures,” the seller cannot provide disclosures because typically the seller has not personally seen the home to have knowledge of its condition. Foreclosure sellers generally rely on what the listing agent and appraiser have seen.
*Going in, you should expect “as-is.” That being said we have seen instances where banks have made repairs that were not considered in the original pricing as they were unknown prior to thorough inspections. One bank paid for the decommissioning of two underground tanks on the property found during the inspection period- one oil and one fuel. Another did sewer repairs.*
**Will the seller allow for an inspection period?**
Typically, yes. This inspection period is normally 10 days long. It is designed so that the buyer can have a home inspection, termite inspection, septic inspection, survey (if desired) and appraisal completed. An appraisal is part of the inspection period.
The inspection is not designed to allow the contract to be re-negotiated. Generally this will kill the transaction if the buyer attempts this. The seller will not activate utilities if the condition of the property is deemed unsafe. Ask the listing agent for more information.
*See my previous comment. This underscores that the inspection period is not a negotiation period. It may be necessary to have the home de-winterized to conduct inspections.*
**Does the seller have any special forms?**
Most sellers do have what they call “special addendums.” These forms vary from lender to lender. The addendums supersede the original purchase and sale agreement and become part of the purchase and sale agreement. Most of these forms have a few items that the buyer must pay close attention to, such as per diem charges, inspection periods, closing costs, and earnest money requirements.
*If the bank provides additional addendum with their acceptance it is imperative to return them promptly as their acceptance may be contingent on their return to have a binding contract.*
**When will the seller respond to my offer?**
Response times on an offer can vary from just a few days, to much longer.
*You may feel like you are playing a game of “hurry up and wait.” Always try to get any requested material or response back as soon as possible but realize that a reply may be slower than desired.*
**Should I get a home inspection?**
Yes. A thorough home inspector can provide the buyer with valuable information.
*Yes, yes, yes. In Oregon, read the [Oregon Property Buyer Advisory](http://www.oregonrealtors.org/.docs/pg/10421 "Oregon Property Buyer Advisory"). Remember, banks are exempt from disclosures so it is your responsibility to discover any property defects through your own due diligence.*
**Can my agent provide me a home inspection?**
No. A home inspection can only be performed by someone associated with ASHI (American Society of Home Inspectors) or NACHI (National Association of Certified Home Inspectors).
**Will the seller pay my loan closing costs?**
Closing costs, along with other aspects of the transaction, are subject to negotiation.
*When a seller pays any or all of the buyer’s closing cost it lowers the seller’s net proceeds. Full price offer A with no seller paid closing costs nets the seller $3000 more than full price offer B with $3000 seller paid closing costs. Those are just two components of an offer so it is not impossible that offer B could be considered the better offer when the whole package is presented. As mentioned [yesterday](https://lovejoyrealestate.com/realestate/2012/01/buying-bank-owned-property-part-1/ "Buying a Bank Owned Property Part 1"), there may be incentives to use the in-house lender.*
**Does the seller accept FHA?**
This depends on the seller and the condition of the property.
**Will the seller finance the property?**
This depends on the lender. If they do, it will be advertised as such.
**Will the seller accept contingencies or a Lease/Purchase?**
No. Contingency and lease/purchase offers are generally not accepted on foreclosed properties.
*The previous three statements are are pretty black and white so there isn’t anything I can add!*
The ultimate goal of any property purchase is minimizing risk. The road to getting there requires due diligence regardless of who the seller is.
**Categories:** Real Estate News & Tips
**Tags:** Bank Owned Home
---
### [Buying a Bank Owned Property Part 1](https://lovejoyrealestate.com/buying-bank-owned-property-part-1/)
**Published:** January 17, 2012
**Author:** Charles Turner
**Content:**
In its simplest form purchasing a home can be broken into three parts: 1) find house; 2) buy house; 3) get keys to house. Generalizations pretty much end there. The three legs of the current real estate market are the traditional sale, the short sale and bank owned property (aka: Real Estate Owned (REO)). There are currently [230 bank owned homes listed in Portland](What price does the bank (seller) want for the property? The same as if a private seller was listing their home. They want the listing price or better. How did the seller come up with their listing price? The sellers typically try to determine fair market value through a combination of Broker Price Opinions and appraisals on the property. The condition of the property was also taken into consideration. How do I place an offer for the property? All offers must have either a pre-qualification letter or proof of funds attached to them. A pre-qualification letter can be obtained by going to a direct lender. Proof of funds can be a bank statement showing the balance in the account exceeds the offer amount or a statement from a securities company. A prequalification letter must be current and contain the following information: * Borrower’s name * Borrower’s lending limit * Lender’s name * Lender’s address * Loan Officer’s name * Loan officer’s direct phone and fax numbers. Once you have obtained proof of funds or a pre-qualification letter, then you should begin looking at houses. What should I offer for the property? You should make an offer that feels comfortable to you. However, if you are going to submit an offer substantially below the list price, be prepared that you may: (1) be outbid by other prospective buyers (2) need to wait an extended amount of time for a seller’s answer; or (3) be forced to look for a different property if your offer is not accepted. Will the seller look at more than one offer? YES. And the seller will not consider a property under contract until the seller has signed all contract forms and addendums. (They will not do this until the buyer has signed all of these forms first). Therefore, if you make an offer on a property and receive seller addendums back, you need to review and (if you agree to the terms) sign them immediately and return them. (Never cross out or make changes on the seller addendums unless you are willing to have the seller treat such changes as a counter offer that can result in your offer subsequently being rejected by the seller) "Bank owned properties listed for sale in Portland"). For the purpose of this discussion we pick up the conversation where the property is listed for sale, not the process of getting it there.
During a traditional sale and short sale the seller is the homeowner. In a traditional sale, the buyer and seller negotiate the terms (through their Realtors). In a short sale, the seller typically rubber stamps the buyer’s offer so it can be given to the bank for third-party approval. The bank will counter with their terms for and both the buyer and seller have the option as to whether they accept them. The majority of the negotiation is between the listing agent and the bank’s representative.
When a bank owned property is listed for sale the institution is the owner of record and there is no third party to the sale. There are many ways in which the intitution becomes the owner (foreclosure, deed in lieu of foreclosure or by purchasing a portfolio from another institution, etc) . The Asset Manager makes all decisions as the seller. They use Broker Price Opinions (BPOs), which are mini-appraisals (not dissimilar to a CMA), pictures, bids and other information to make their decisions. It is very unlikely that they have physically seen the home.
This is the first part of Atlantic & Pacific Real Estate’s FAQ about buying bank owned property. Keep in mind that every situation cannot be covered here. I’ve added some comments (my opinions) from experience in *italics.*
**What price does the bank (seller) want for the property?**
The same as if a private seller was listing their home. They want the listing price or better.
**How did the seller come up with their listing price?**
The sellers typically try to determine fair market value through a combination of Broker Price Opinions and appraisals on the property. The condition of the property was also taken into consideration.
**How do I place an offer for the property?**
All offers must have either a pre-qualification letter or proof of funds attached to them. A pre-qualification letter can be obtained by going to a direct lender. Proof of funds can be a bank statement showing the balance in the account exceeds the offer amount or a statement from a securities company. A prequalification letter must be current and contain the following information:
\* Borrower’s name \* Borrower’s lending limit \* Lender’s name \* Lender’s address
\* Loan Officer’s name \* Loan officer’s direct phone and fax numbers.
Once you have obtained proof of funds or a pre-qualification letter, then you should begin looking at houses.
*You should always get pre-approved early on in the home search process and you are typically able to choose what lender you use to complete the purchase. Most bank owned properties will also require a pre-approval from their selected bank (a pre-approval from Wells Fargo Mortgage for a Wells Fargo owned home). Your Realtor will have those instructions in the listing. There may be incentives offered by the seller to use their bank. It’s an extra step to get pre-approved for a second time but it also provides a second opinion which can never hurt. You might have to go through the hoop-jump numerous times if you are making offers on property owned by different banks. **If you are providing a bank statement as proof of funds black out your account numbers before giving it to anyone, including your Realtor.***
**What should I offer for the property?**
You should make an offer that feels comfortable to you. However, if you are going to submit an offer substantially below the list price, be prepared that you may: (1) be outbid by other prospective buyers (2) need to wait an extended amount of time for a seller’s answer; or (3) be forced to look for a different property if your offer is not accepted.
*We always want our buyers to be comfortable with what they are offering on a property. In the case of multiple offer situations we ask the question, ” if you know you want the property and the other party gets it for $x more than your offer will you be upset?” Just because someone else is willing to pay more doesn’t mean you should be. Multiple offer situations are returning to our market in both traditional and bank owned properties. An accurately priced home will sell in any market and just because it is bank owned doesn’t mean it is underpriced, accurately priced or overpriced.*
**Will the seller look at more than one offer?**
YES. And the seller will not consider a property under contract until the seller has signed all contract forms and addendums. (They will not do this until the buyer has signed all of these forms first). Therefore, if you make an offer on a property and receive seller addendums back, you need to review and (if you agree to the terms) sign them immediately and return them. (Never cross out or make changes on the seller addendums unless you are willing to have the seller treat such changes as a counter offer that can result in your offer subsequently being rejected by the seller)
*The Asset Manager may reject, accept or counter an offer; just like a traditional seller. In the case of multiple offers they may come back to all interested parties with “make your highest and best offer.” At that point the buyers can choose to revise their offer or stand pat. Potential buyers are not going to know what others have offered. Banks will often have their own paperwork and addendums. Most banks use some sort of electronic property and offer submission system and Realtors may never have the opportunity to talk directly with the asset manager so complete paperwork is imperative and filling it out in a timely manner is equally important. Electronic signatures such as those through DocuSign may or may not be permitted.*
Read [Part Two](https://lovejoyrealestate.com/realestate/2012/01/buying-bank-owned-home-part-2/ "Buying a Bank Owned Property Part 2")
**Categories:** Real Estate News & Tips
**Tags:** Bank Owned, REO, Short Sales
---
### [RMLS Reports Lowest Portland Inventory Since June 2007](https://lovejoyrealestate.com/rmls-reports-lowest-portland-inventory-june-2007/)
**Published:** January 16, 2012
**Author:** Charles Turner
**Content:**
RMLS has released the year end December 2011 Market Action report. Portland Metro inventory is 5.3 months. This is the lowest inventory level since June of 2007 (5.0 months). Inventory is the ratio of the number of closed listings for a month divided by the number of active listings. There are fewer closed sales and fewer active listings than there were in 2007 but what it shows is that buyers have fewer homes to look at and compete for.
Overall, the Portland Metro market average sales price slid 6.2% from the previous year. The local market areas are interesting because in 2010 the close in markets fared better than the suburbs. That wasn’t universally true in 2011 (compare West Linn/Lake Oswego to SE Portland):
AreaAverage Price December 20112011 Change: 1/1/11-12/31/112010 Change: 1/1/10-12/31/10N Portland (141)$222,000-3.6%-2.5%NE Portland (142)$266,900-5.8%-1.4%SE Portland (143)$214,700-9.7%-1.4%W Portland (148)$384,800-6.2%-2.3%NW Washington Co (149)$358,100-1.7%-1.1%West Linn/Lake Oswego (147)$428,500-1.4%-10.4%Gresham/Troutdale (144)$195,700-8.4%-4.1%Milwaukie/Clackamas (145)$240,000-7.8%-9.7%Oregon City/Canby (146)$233,400-8.0%-9.4%Beaverton/Aloha (150)$213,000-9.7%-2.3%Tigard/Wilsonville (151)$278,000-8.7%-3.6%Hillsboro/Forest Grove (152)$206,300-9.2%-6.9%
**Categories:** Real Estate News & Tips
**Tags:** Gresham, lake oswego, Troutdale, west linn, RMLS, Real Estate, Portland
---
### [This Week's Real Estate Headlines](https://lovejoyrealestate.com/weeks-real-estate-headlines/)
**Published:** January 6, 2012
**Author:** Charles Turner
**Content:**
I collected a few real estate related articles this week. The first couple of paragraphs of each are quoted here and the complete stories are linked. All three are somewhat interrelated. The first, from the National Association of Realtors says that the market is picking up on its own. The third article suggests that the Feds might act lower interest rates even further in order to stimulate the housing market. The middle article underscores how important it is to make money available to those that qualify or even those who do not qualify under new (and needed) lending requirements . Loan modifications have never worked the way they should have.
## [2012 Home Sales: Positives on Many Fronts](http://speakingofrealestate.blogs.realtor.org/2012/01/03/2012-home-sales-positives-on-many-fronts "National Association of Realtors")
National Association of Realtors:> NAR released its latest pending home sales index figure last week and for the second month in a row the index is up. But more than that, the index has broken 100. This is significant because the only time since the housing boom collapsed that the index has broken 100 is when the home owner tax credit was in effect. The fact that the index has returned to that level a year since the credit has been in effect means the housing market is strengthening completely on its own, without any stimulus.
## [CoreLogic: More Portland homes in trouble in October](http://www.bizjournals.com/portland/news/2012/01/05/corelogic-more-portland-homes-in.htm "Portland Business Journal")
Portland Business Journal:> More Portland area homeowners lost their property or fell behind on their mortgages in October but the region is still performing better than average. [CoreLogic Inc. ](http://www.bizjournals.com/www.corelogic.com), a Santa Ana, Calif.-based real estate firm, said Thursday the foreclosure rate for Portland rose to 2.45 percent in October, an increase of 0.24 percentage points compared to one year ago.
>
> Portland’s highest rate was 2.72 percent, recorded in July 2011. The national foreclosure rate in October was 3.51 percent, a 1.06 percentage point increase from the prior year.
## [Dudley Calls for Government Steps on Housing as Fed Considers More Easing](http://www.bloomberg.com/news/2012-01-06/fed-s-dudley-calls-for-action-to-revive-housing.html "Bloomberg")
Bloomberg:> Federal Reserve Bank of New York President [William Dudley](http://topics.bloomberg.com/william-dudley/) called on the U.S. government to try new programs to revive the housing market while saying the central bank may still consider ways to cut interest rates.
>
> “Implementing such policies would improve the economic outlook and make monetary accommodation more effective,” Dudley said today in a speech to bankers in Iselin, New Jersey. At the same time, it’s “appropriate” for the Fed to consider steps to ease monetary policy, he said.
**Categories:** Real Estate News & Tips
**Tags:** Portland Business Journal, Bloomberg, national association of realtors
---
### [Portland's 2012 Real Estate Market Will Either Go Up or Down](https://lovejoyrealestate.com/portlands-2012-real-estate-market/)
**Published:** January 4, 2012
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2012/01/crystal-ball1.jpg)Predictions for Portland’s real estate market is that it will either go up or down. Or be flat. Depends on who you ask. [Housing Predictor gives their 2012 prediction](http://www.housingpredictor.com/2012/oregon.html "Housing Predictor Portland Forecast"):
> Portland should witness an increase in sales in 2012 but a weak job market and lay-offs among high-tech firms in the region will keep home sales, including condos sluggish. Portland is forecast to sustain another year of falling home prices, netting 5.1% less.
Back in October we linked to a Wall Street Journal interactive graphic with data from Fiserv Case Shiller that predicts [Portland property values will increase 5.9%](https://lovejoyrealestate.com/realestate/2011/10/portland-real-estate-prices-rise-59/). The two sources have a 10% spread and there are so many variables that crystal ball predictions are risky at best. What we’re telling our potential clients now is that the market may remain mostly flat or even lose a little on the short-term but that with a long-term view (more than a few years) there are lots of reasons for optimism. As a buyer how you personally weigh each of the factors will determine if this is a “Buy Now” market for you or whether the sidelines are still the place to be.
- Interest rates
- (Un)employment rates
- Size of shadow inventory- homes that will be foreclosed on or that are already owned by banks but not yet on the market
- Local and national politics- election year
- Strength of rental market
- Your personal feeling about the market- your gut
- How you qualify for a loan now versus working on your credit, building a larger down payment, etc
As a seller you have to weigh the factors above but you may not have a choice based on hardship or other events. I started to write a list of things to consider as a seller but quickly realized that there a too many situational factors which in list format are either to vague, don’t apply or are too complex depending on the individual situation. The best advice is going to come from having a conversation so that an educated decision can be made. That’s true for a buyer too. Decide on a goal and pick a strategy to get there.
**Categories:** Real Estate News & Tips
**Tags:** real estate predictions
---
### [Real Estate Rental Scams](https://lovejoyrealestate.com/real-estate-rental-scams/)
**Published:** December 29, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/12/Scam-Alert.gif)If there is a legitimate endeavor you can pretty much guarantee there is a scam to go with it. While most “for rent” postings are probably legit we’ve seen numerous scam attempts over the years using a property that is listed “for sale” as bait. [ I wrote this post about Craigslist in 2009.](https://lovejoyrealestate.com/realestate/2009/02/beware-of-craigslist-scams-advertizing-property-for-rent/ "Craigslist Rental Scam") One of our listings became a target of a rental scam this week.
The scammer used hotpads.com account to post the home for rent which then syndicated to other real estate related websites, including Zillow, which allowed the “for rent” listing to overwrite our legitimate “for sale” listing. The scammer went as far as to create an email address using a derivation of the owner’s name. What tends to happen is that people do drive-bys to check out the property and once they see it they call us from the real estate sign outside. It doesn’t take long to figure out there is a scam in progress. In this case the lady who called had also talked to the scammer: “we’re retired and the house is vacant. Wire money and we will send you the keys.” Presumably the callback came from a disposable cell or blocked number.
We reported the posting to both Zillow and Hotpads and they were removed within 24 hours. Zillow has a dedicated page of “[Five Tips to Help You Avoid Becoming a Rental Scam Victim](http://www.zillow.com/blog/2010-12-15/5-tips-to-help-you-avoid-becoming-a-rental-scam-victim/ "Tips to avoid rental scams").” Zillow’s tips are listed here but go to their page for the details. Criagslist has a similar [scam awareness page](http://www.craigslist.org/about/scams "Craigslist Scams").
1. Remember the mantra, “If it seems too good to be true, it probably is.”
2. Carefully analyze email correspondence for red flags.
3. Make sure that the property you are interested in is legitimately for rent.
4. Use a reputable source in your search for rental listings.
5. Finally, if someone asks you pay rent without seeing the property and signing a lease, don’t do it
**Categories:** Real Estate News & Tips
**Tags:** Zillow, Hotpads
---
### [Portland Real Estate Shedding Less Blood Than A Year Ago](https://lovejoyrealestate.com/portland-real-estate-shedding-blood-year/)
**Published:** December 28, 2011
**Author:** Charles Turner
**Content:**
October 2011’s Portland Case Shiller Index was released yesterday. Portland slipped slightly over the previous month from 136.10 to 135.44. October’s pricing nearly mirrors January’s 135.80 but the 12 month average still makes the Portland Business Journal’s headline, “[Home prices down 4.7% in past year.](http://www.bizjournals.com/portland/news/2011/12/27/Case-Shiller-Portland-home-prices-down.html)” True but this time last year it was down 7.8% over the previous 12 months and the 12 month rolling average was at its worst between May 2009 and May 2008 where it dropped 16.3%. The market’s health is improving but years of abuse isn’t going to allow it to recover overnight. The reality for 2011 is that, “flat is good.”
I has a long conversation yesterday with a reporter from Reuters. Among the things we talked about was the ability to buy at at historic low interest rates with down payments at 3.5% for and FHA loan. There’s the mortgage insurance hit but not much, if any, interest rate hit for these types of these loans. Lending requirements are more stringent but for those that qualify (and want t0) money is available. In Portland, we’re looking at January 2005 pricing according to Case Shiller. A CS report recently pegged [Portland’s 2012 potential price rise at 5.9%](https://lovejoyrealestate.com/realestate/2011/10/portland-real-estate-prices-rise-59/ "Portland Real Estate Prices to Rise 5.9%?").
We also talked about the return of the single family property investor. We’ve got clients looking to take advantage of a really strong rental market in Portland. Buyer’s are using conventional financing but also self directed IRAs to purchase. I’ll write an updated post on using an IRA to purchase real estate soon.
There are certainly positive signs for a strong 2012 but we’ve still got to be wary of Portland’s unemployment rate, local and national politics/elections and global economic problems. Any one of these or in combination could hamper recovery.
**Categories:** Real Estate News & Tips
**Tags:** Case Shiller Index, Portland
---
### [Do You Match the Profile?](https://lovejoyrealestate.com/match-profile/)
**Published:** December 19, 2011
**Author:** Charles Turner
**Content:**
I just downloaded the 100+ page National Association of Realtor’s 2011 Profile of Buyers and Sellers. Obviously there’s a lot to read there but these are the highlighted stats listed for buyers:
***Characteristics of Home Buyers***
- Thirty-seven percent of recent home buyers were first- time buyers, a drop from 50 percent in 2010.
- The typical buyer was 45-years-old, a jump from 39-years-old in 2010.
- The 2010 median household income of buyers was $80,900. the median income was $62,400 among first-time buyers and $96,600 among repeat buyers.
- Sixty-four percent of recent home buyers were married couples—the highest share since 2001. eighteen percent of recent home buyers were single females—the lowest share since 2004.
- For 27 percent of recent home buyers, the primary reason for the recent home purchase was a desire to own a home.
There shouldn’t be much surprise that there were fewer first time buyers in the mix: 2010 featured the Homebuyer Tax Credit. The other bullet points are more interesting than profound. It looks like the shift in the economy has placed a higher premium on being in a more secure in your place in life- either by choice or lending necessity.
**Categories:** Real Estate News & Tips
---
### [Portland housing market resolving for better 2012?](https://lovejoyrealestate.com/portland-housing-market-resolving-2012/)
**Published:** December 15, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/12/RMLS-Market-Action-Nov-2011-Inventory.jpg)Writing for me is like going to the gym. Love doing it but get out of the habit and it’s hard to get back to. Today’s release of RMLS Market Action should get me back in the groove. Inventory is four months lower than it was this time last year. That partially because there are currently only 9,451 active residential listings and partially because closed sales are up 18.9% from November of 2010.
Average price is down 4.6% from this time last year but edged up .3% from October. Can we be cautiously optimistic about the Portland housing market going into 2012? I previously wrote about the [Case Shiller article predicting gains](https://lovejoyrealestate.com/realestate/2011/10/portland-real-estate-prices-rise-59/ "Portland Real Estate Prices to Rise 5.9%?"). Yahoo/CNBC wrote “[Residential Housing Ready to Waken](http://finance.yahoo.com/news/residential-housing-ready-awaken-180608056.html "Residential Housing Market Ready to Waken?")?” on Friday of last week. We should note that Portland has typically been about a year late to the party.
> “It has become increasingly apparent to us that the pieces for a housing rebound next year are beginning to fall into place,” declared Barclays Capital analyst Stephen Kim in a recent note to investors.
Affordability and interest rates are as good as they have ever been in recent years. There’s plenty of reason to be a pessimist too: jobs, politics, Europe being just a few of them.
**Categories:** Market Activity & Data
**Tags:** Housing Market, RMLS, Portland
---
### [Please Excuse the Dust. We've Moved.](https://lovejoyrealestate.com/excuse-dust-moved/)
**Published:** November 23, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/11/APRE-Classic1.jpg)We are excited to announce that we are now the Turner Team, Inc at Atlantic & Pacific Real Estate (US), LLC. The decision to leave Prudential Northwest Properties was the hardest business decision we have ever made. We leave our old home with nothing but fond memories and the nicest things to say about their tools and people.
Atlantic & Pacific Real Estate is full-service brokerage with locations across the country and this is their introduction to the Pacific Northwest. Founded in 2008, we are a part of the Carrington family of companies. The entire Turner Team has moved with Jenny and I.
We’re making the transition as quickly as possible but if you see something out of place we apologize. If you need any assistance with anything let us know and we’ll be happy to help.
Happy Thanksgiving!
**Categories:** Real Estate News & Tips
**Tags:** Atlantic & Pacific Real Estate
---
### [RMLS Market Action and the NBA](https://lovejoyrealestate.com/rmls-market-action-nba/)
**Published:** November 16, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/11/RMLS-Market-Action-Inventory-Oct-2011.jpg)[RMLS Market Action for October 2011](https://lovejoyrealestate.com/realestate/2011/11/updated-short-sale-flowcharts/ "Portland RMLS Market Action October 2011") was released yesterday. The average price of residential property in Portland is $258,700. The median price is $221,000. So what does the NBA lockout have to do with that? CNBC reports that [the average NBA player has lost $220,000](http://espn.go.com/nba/story/_/id/7238632/nba-lockout-average-player-loses-220000-paychecks-arrive "ESPN video on NBA lockout") in wages thus far due to the lockout (Kobe has lost over a million dollars). That means the NBA’s 450 players could have purchased 5% of Portland’s housing inventory and reduced the current 6.8 months of inventory to 6.5 months just by playing some basket ball.
In reality most of that salary income would not have been spent in Portland and it is not the players losing out. The economic impact to Portland is of far greater concern than the impact to millionaires fighting with billionaires. The NY Times which has a documented love affair with Portland [reported on how cities that are a one-team-town suffer the most](http://www.nytimes.com/2011/11/06/sports/basketball/idle-nba-leaves-sports-void-in-cities-like-portland.html "Idle N.B.A. Leaves Void in Cities Like Portland") (they failed to acknowledge the Timbers). Joe Freeman at the Oregonian also wrote of [the impact to the local economy](http://www.oregonlive.com/blazers/index.ssf/2011/10/nba_lockout_threatens_to_deliv.html "NBA lockout threatens to deliver big blow to Portland businesses and workers") which was repudiated by economist [Patrick Emerson](http://oregonecon.blogspot.com/2011/10/does-nba-lockout-hurt-portland-economy.html "Does the NBA Lockout Hurt the Portland Economy?"). The Rose Garden employs 900 people a night and the City gets $77,000 for its coffers on games days. Six games of revenue would have paid for the police overtime last weekend at Occupy Portland protests. All the money referenced above will be spent one way or another but a large portion probably won’t be spent in Portland.
Moving off the soapbox, let’s go back to RMLS Market Action. The average and median prices referenced above are both declines on both an annual and monthly basis. Inventory has pretty much remained static, up just one tenth of a month. 6.8 months of inventory is lower that it was at any point in 2010. A positive note is both pending and closed sales are up compared to October 2010 and year-to-date compared to 2010. More houses are selling but for less money.
**Categories:** Market Activity & Data, Real Estate News & Tips
**Tags:** NBA Lockout, RMLS Marekt Action
---
### [Imitation is the sincerest form of flattery](https://lovejoyrealestate.com/imitation-sincerest-form-flattery/)
**Published:** November 8, 2011
**Author:** Charles Turner
**Content:**
Imitation is the sincerest form of flattery. It’s also a copyright violation. This post should duplicate, just like all of my other posts, on http://www.portland-property-management-companies.info/blog/. It’s a site that I have no affiliation with and have certainly not given them permission to repost my content.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/11/PPM-Copy-Violation.jpg)
Looks an awful lot like the post I wrote that day:
[](https://lovejoyrealestate.com/wp-content/uploads/2011/11/The-original-copy.jpg)
I’ve always taken pride in writing my own copy and citing what isn’t mine. Apparently not the case here. Who is affiliated with the site is a little murky but my call to the domain registrant has yet to be returned.
**Categories:** Real Estate News & Tips
**Tags:** copyright infringement
---
### [Portland Home Ownership Rates](https://lovejoyrealestate.com/portland-home-ownership-rates/)
**Published:** November 4, 2011
**Author:** Charles Turner
**Content:**
I asked our fans on [Facebook](http://www.facebook.com/portlandrealestateblog "Portland Real Estate Blog Facebook Page") for a topic idea for today. Raqon was the first to respond with: “How about this: Switzerland- country with one of the top income per capita,yet 70% of all Swiss are renters.” Interesting unto itself but a little hard to tie back to Portland real estate which is something I always try to do (no farmer’s market schedules here).
Home ownership as the American Dream has shifted in the last few years. In the first quarter of 2005, the national home ownership rate was 70.4%. For the third quarter of 2011 it was 68.0%. 76.1% of West Virginians owned their homes at the end of the third quarter compared to 54.5% of New Yorkers (Hawaii close behind at 55.0%). Oregon is a little below average at 66.4%. The Portland Metro MSA (the same area used by Case Shiller in their reporting) has a home ownership rate of 64.1%. The District of Columbia has the lowest home ownership rates on the list at 44.3% but as 51st state… All of the data above is from the [US Census Bureau “Housing Vacancies and Homeownership](http://www.census.gov/hhes/www/housing/hvs/rates/index.html "US Census Housing Vacancies and Homeownership Rates")” site.
West Virginia has the highest rate of home ownership and the 49th out of 50 lowest [per capita income level (2009) according to Wikipidia](http://en.wikipedia.org/wiki/List_of_U.S._states_by_income "Per Capita Income By State"). Maryland, with the highest per capita income level is 15th on the list for home ownership. New York, highest on our home ownership list is 15th on the per capita list. It does appear that the higher the income level, the lower the level of home ownership in the United States which corresponds with Raqon’s high Swiss income/low ownership statement.
**Categories:** Real Estate News & Tips
**Tags:** Census Bureau, Home Ownership rates, Per Capita Income
---
### [Portland and Vancouver Bank Owned Properties](https://lovejoyrealestate.com/portland-vancouver-bank-owned-properties/)
**Published:** October 28, 2011
**Author:** Charles Turner
**Content:**
We hear a lot of talk about the shadow inventory that banks are holding off the market so that they don’t flood the market. We ran some searches in RMLS to count how many homes for sale are bank owned. We didn’t look at every single metro Portland location but our fifty searches revealed that both Washington and Oregon are carrying 6.6% of the total listings as bank owned. Outlying areas tend to have a higher percentage than the closer in locations. The map is interactive so you can click around it to view specific ranges.
View [Portland and Vancouver Bank Owned](http://batchgeo.com/map/3ba74fe04a9e0b2f9b0620e388ea3e95) in a full screen map
**Categories:** Real Estate News & Tips
**Tags:** Bank Owned
---
### [PRB goes to Las Vegas](https://lovejoyrealestate.com/prb-las-vegas/)
**Published:** October 27, 2011
**Author:** Charles Turner
**Content:**
We’d had a trip to Vegas planned for some time and when we received an email from Prudential Americana Group, Las Vegas agent [Nancy Storey](http://www.nancystorey.com/ "Nancey Storey- Prudential Americana Group, Las Vegas"). We met Nancy at the Summit Conference in San Francisco in September and decided that we should drive around and take a look at some areas. We also have local Portland friends who have recently bought a couple of houses as rental property in Las Vegas.
Her email included a condo that originally sold for $504,900 and then resold for $87,500! On our drive out to [Red Rock Canyon](http://www.blm.gov/nv/st/en/fo/lvfo/blm_programs/blm_special_areas/red_rock_nca.html "BLM Red Rock Canyon Site") we drove through Summerlin where a home sold for $340,000 and then resold for $170,000. Summerlin is on the west side of Las Vegas.
The Summerlin subdivision that we drove through had about ten for sale signs. Only two had flier boxes which were both empty and none of them had any sort of permanent/eco flier that we are seeing more and more of in Portland. We’ve been using permanent fliers for a few years now as we we constantly losing the battle to keep boxes full with readable fliers- every time it rains they turn into a solid mass. Different markets utilize different tool to market homes.
We didn’t enter any of the gated communities but what was most striking was how many gated communities there were- they don’t feature a lot in the Portland area until you hit much higher price points.
A few more of Nancy’s examples:
- 2 bedroom with 1 car garage 1,054 square feet in Henderson $69,900 originally sold for $223,500.
- 2 bedroom with 1 car attached garage 1,031 square feet in Henderson
$69,900 originally sold for $200,000
- 4 bedroom 2 ½ bath 2,067 square feet located in Summerlin $188,000
originally sold for $399,950
- 1 bedroom Palms Place Resort 25th floor 1220 square feet $274,900
originally sold for $746,900
[](https://lovejoyrealestate.com/wp-content/uploads/2011/10/Las-Vegas-and-Portland-Case-Shiller.jpg)
For comparison purposes, Case Shiller’s August 2011 report show Las Vegas at 95.18 and Portland’s at 135.91. The Index was set to 100 January 1, 2000. Las Vegas peaked at 234.78 in August 2006. Portland was at 181.71 at the time and reached its peak in July 2007 at 186.51. By February 2008 Las Vegas had dipped below Portland, never to regain the lead.
**Categories:** Real Estate News & Tips
---
### [Excel Geek's Guide to Multnomah County Property Taxes](https://lovejoyrealestate.com/excel-geeks-guide-multnomah-county-property-taxes/)
**Published:** October 21, 2011
**Author:** Charles Turner
**Content:**
Multnomah County property tax statements came in the mail yesterday. We got three yellow statements which means we do not owe- our mortgage company pays the bills out the our impound accounts. Green statements mean that you owe by November 15th in full to get the maximum discount. You can pay in thirds but pay extra for the privilege. Readers have pointed out in the past that they have received the wrong color statements for their situation so be extra careful if you have refinanced or purchased recently as they are not always correct. The complete [2011 Property Tax statement guide](http://web.multco.us/assessment-taxation/2011-2012-property-tax-statement-guide "2011-2012 Property Tax Statement Guide"), included in the mailing, can be downloaded here. If you have any questions about your statement, contact the Assessor’s office as your statements may not be represented by mine.
[](http://web.multco.us/assessment-taxation/2011-2012-property-tax-statement-guide)
There are two property value amounts on your statement: 1) the Real Market Value (RMV) which is the amount the tax assessor’s estimate of what your house would have sold for on January 1, 2011; 2) the Tax Assessed Value (TAV) which is the amount your tax bill is based on. Your tax assessed value cannot increase more than 3% from the previous year by law (Measures 5 and 47 in the 1990s). You are actually taxed on which ever value is lower but RMV has always been higher in every case I have seen. My Excel sheet comparing RMV and TAV put the tax assessed value at 55%, 44% and 37% of RMV on the three statements. RMV declined on all three statements and the TAV went up on all three. All three bills are more expensive that last year’s. Since the Tax Assessed Values are so low compared to RMV I clearly don’t think I would have anything to appeal. If I did, [Multnomah County Property Tax appeals](http://web.multco.us/assessment-taxation/appeals "Multnomah County Tax Appeals") must be received/postmarked by January 3, 2012 (usually 12/31 but New Years falls on a weekend).
Our bills average 2.227% of the tax assessed value. Our southeast property is a little higher than the two west side properties as the east side has a slightly higher Soil and Water CD charge. That means that for every $100,000 of tax assessed value I should expect to pay $2227.06. Your bill may be different and for a total geek trip down Excel lane take a look at the [Levy Rates](http://web.multco.us/sites/default/files/assessment-taxation/documents/2011-12_tax_rates.pdf "Levy Rates for Multnomah County 2011") and [Summary of Assessments and Taxes](http://web.multco.us/sites/default/files/assessment-taxation/documents/summaryofassessmentsandtaxes20112012.pdf "Summuary of Assessments and Taxes") for more exact numbers.
This is what the average of the three bills we received looks like:
PercentCost Per $100,000Multnomah ESD0.04134% $41.34Portland Community College0.02532% $25.32Portland Public School0.47208% $472.08Portland Public School SD LOC Option0.17958% $179.580.71832% $718.32Port of Portland0.00638% $6.38City of Portland0.41346% $413.46Metro0.00878% $8.78West/East Mult Soil & Water0.00726% $7.26Multnomah County0.39219% $392.19City of Portland Child Child Loc0.03669% $36.69Multnomah County Historical Society0.00459% $4.59Multnomah County Library Local Tax Option0.08105% $81.05Portland Fire/Police Pension0.22299% $222.99Urban Renewal – Portland0.24563% $245.631.41902% $1,419.02City of Portland Bonds0.01721% $17.21City of Portland New Bonds0.00462% $4.62Metro Bonds0.01991% $19.91Multnomah County Bonds0.01423% $14.23TRI-MET Transportation Bonds0.00534% $5.34PCC Bonds0.02841% $28.410.08972% $89.722.22706% $2,227.06Remember that this is not tax advice. If you think there is something to be discussed with your statement contact the appropriate parties and be sure to follow any required time frames.
**Categories:** Real Estate News & Tips
**Tags:** Multnomah County Property Taxes, Real Market Value, Tax Assessed Value
---
### [RMLS Market Action September 2011](https://lovejoyrealestate.com/rmls-marekt-action-september-2011/)
**Published:** October 17, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/10/Portland-RMLS-Inventory-September-20111.jpg)[RMLS Market Action for September 2011](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879 "Portland RMLS Market Action September 2011") was released on Friday afternoon. I’d consider the report mostly neutral. Inventory, median price, pending and closed sales were up but average price and the number of new listings decreased compared to August. Note that an increase in inventory is not considered a positive though at 6.7 months it is lower than it was at any point in 2010 and all but one month in 2009.
The rolling 12 month average sales price is down 5.9% to $266,900 from $283,600. [Interestingly 5.9% is the same amount reported last week as predicted appreciation for Portland ](https://lovejoyrealestate.com/realestate/2011/10/portland-real-estate-prices-rise-59/ "Portland Real Estate Prices to Rise 5.9%?")between the first quarter of 2012 and the first quarter of 2013 by Case Shiller/Firserv.
RMLS Market Action reports “Portland Metro” as a five county area. Case Shiller reports “Portland Metro” as the seven county MSA. Tomorrow I will post the more localized City of Portland inventory numbers.
**Categories:** Market Activity & Data
**Tags:** RMLS Market Action, Portland Metro, Case Shiller
---
### [Home Buyer Credit- One Year Later](https://lovejoyrealestate.com/home-buyer-credit-year/)
**Published:** October 11, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/10/irslogo.gif)The Home Buyer Credit came to an end on September 30th, 2010 and is now mostly forgotten. Now’s as good as time as any to remind you to consult your accountant about the Credit if you received it and are thinking about selling or moving out. There were various iterations of the Credit. The 2008 version was basically a 15 year interest free loan that starts to get repaid in the 2010 tax year ($500/year). The 2009 First Time Buyer Credit and the 2010 Home Buyer Credit (which was not just limited to first-time buyers) do not have to repaid unless the property claimed stops being your primary residence in the first three years of ownership (there are exceptions such as death, destruction of the home and divorce, so do your homework). From the [IRS’s Buyer Credit Resource Page](http://www.irs.gov/newsroom/article/0,,id=206294,00.html "IRS Newsroom for First Time Credit Resource Center"):
> **S9. What are repayment triggers for the first-time homebuyer credit?**
>
> A. Generally, if you received the first-time homebuyer credit for a home purchase in 2008, you must repay the credit over 15 years beginning with your 2010 tax return (repayment period). If you received the credit for a home purchase in 2009 or 2010, you do not have to repay the credit if you own and use the home as your main home for 36 months after the date of purchase. There are also exceptions to these general rules when a repayment triggering event occurs during the repayment period for 2008 home purchases or during the 36 month-period following 2009 or 2010 homes purchases.
>
> **S10. Taxpayer A sold her home to a related party. Is she required to repay the credit?**
>
> A. It doesn’t matter whether Taxpayer A had a gain or a loss on that property. She is required to repay the entire credit with the tax return for the year that she sold the home, reduced by any amount of the credit that she previously repaid.
>
> **S11. Taxpayer A converted her entire home to a business or rental property and no longer uses the home as her main home. Is she required to repay the credit?**
>
> A. Taxpayer A is required to repay the entire credit with the tax return for the year she converted the home, reduced by any amount of the credit that she previously repaid.
There are also more resources here on the [5405 Form instructions (PDF)](http://www.irs.gov/pub/irs-pdf/i5405.pdf "IRS 5405 form instructions").
**Categories:** Real Estate News & Tips
**Tags:** Home Buyer Tax Credit, IRS, Real Estate
---
### [PDX and Portland Real Estate](https://lovejoyrealestate.com/pdx-portland-real-estate/)
**Published:** October 10, 2011
**Author:** Charles Turner
**Content:**
Traffic notwithstanding it takes about twenty minutes to get to Portland International Airport from downtown Portland. Its convenient proximity to so much of Portland also means that flight paths can be disruptive. Though the majority of takeoffs and departures run along the Columbia River, that isn’t always the case. The cool factor of living on the river near the airport can be tempered at times by aircraft noise. Figuring out flight paths isn’t as easy as looking for railroad tracks. There are currently 76 residential homes and condos for sale north of Columbia BLVD and between Interstates 5 and 205.
[www.PortlandMaps.com](http://portlandmaps.com "PortlandMaps") has some static maps that show flight information under the “noise” tab under specific address searches. [There is an airport zone that restricts building and tree height.](http://www.portlandonline.com/shared/cfm/image.cfm?id=53338 "City of Portland Airport Zone") The Port of Portland has a [noise management department](http://www.portofportland.com/Noise_Mgmt_Home.aspx "Port of Portland Noise Management") and a [flight tracker](http://webtrak.bksv.com/pdx "Port of Portland Flight Tracker") that shows what flight paths are being used in a nearly-live format (either the clock is off two hours or it is delayed by that amount). You can go back in time and watch at an accelerated pace to see what flight paths look like over time.
[](http://webtrak.bksv.com/pdx)Click on map to go to tracker.PDX and Portland Real Estate | Presented by the Turner Realtors Team
**Categories:** Real Estate News & Tips
**Tags:** Flight Paths, Noise Management, Port of Portland, PortlandMaps
---
### [Portland Real Estate Prices to Rise 5.9%?](https://lovejoyrealestate.com/portland-real-estate-prices-rise-59/)
**Published:** October 6, 2011
**Author:** Charles Turner
**Content:**
I’m sitting here listening to [Steve Job’s commencement address](http://www.youtube.com/watch?v=UF8uR6Z6KLc) to Stanford’s class of 2005 for the second time (on my MacBook). It’s 15 minutes well spent. Five minutes into the speech he says that, “you can’t connect the dots looking forward; you can only connect them looking backwards.” He was talking about his time at Reed College and how what happened there would greatly impact the development of the Mac ten years later.
Heeding his advice, looking forward is a speculative business at best. The Wall Street Journal in conjunction with Case Shiller put this map together of predictive real estate prices between the first quarter of 2012 and the first quarter of 2013. Portland’s prediction is for a 5.9% increase. Bend is considerably higher up the list at 13.7% as are some of the other Oregon markets. Put that with CNN’s report today that interest rates for a 30 year fixed conventional loan are under 4% for the first time ever at 3.94% and you might have a reason feel a little more optimistic.
A note about this table. Width limitations make it necessary to scroll over to the right in order to scroll down the list. If you want the full size of this map, [click here](http://graphicsweb.wsj.com/documents/HOMEPRICES1108/ "Full Size Map"). I’ve fixed the embedded image twice now so if it disappears again, just use the link.
[Powered by Tableau](http://www.tableausoftware.com/public?ref=http://public.tableausoftware.com/views/HomePriceChange/Dashboard1)
Portland Real Estate Blog | Presented by the Turner Realtors Team
**Categories:** Real Estate News & Tips
**Tags:** Bend, Real Estate Prices, Wall Street Journal, Oregon, Case Shiller
---
### [Oscar the Grouch's Luxury Second Home?](https://lovejoyrealestate.com/portland-real-estate-oscar-grouchs-luxury-home/)
**Published:** September 30, 2011
**Author:** Charles Turner
**Content:**
A little Friday afternoon fun for you. Gregory Kloehn has taken your standard dumpster and turned it into a luxury “home.” There are granite counters and hardwood floors, an outdoor shower and grill. Relax under the rooftop awning and enjoy the sunset (and pray the garbage truck isn’t in the neighborhood).
Portland Real Estate Blog | Presented by the Turner Realtors Team
**Categories:** Real Estate Humor
**Tags:** Dumpster Home, Gregory Kloehn
---
### [The Portland Real Estate Market and Beyond](https://lovejoyrealestate.com/the-portland-real-estate-market-and-beyond/)
**Published:** September 19, 2011
**Author:** Charles Turner
**Content:**
RMLS Market Action for August 2011 the Portland Metro area was released last week. Inventory dropped to 6.2 months from July’s 7.0 months, and average and median prices slid a little. This month’s report seems to continue a recent trend of a combination of good news tempered with not-so-good news and vice versa. Inventory is the ratio of homes for sale to the number of closed transacti0ns. The market has remained largely flat through the summer.
We’re in San Francisco right now at the Prudential Real Estate Summit Convention. It’s a gathering of some of the top Prudential agents across the country and our discussion of markets yesterday provides some context to our market. Washington DC has remained one of the strongest markets despite what the rest of the country has experienced because, “politicians come to DC as elected officials but they never leave, they become lobbyists.”
Denver is seeing an return of the investor. A strong rental market coupled with low interest rates has the agents there seeing multiple offers on multiplexes. You can buy a one bedroom condo with a garage for under $55,000 in Las Vegas.
The general consensus is that both buyers and sellers need to take a long term view of the market. As a seller, if you can wait out the market you’ve got to be planning on five to ten years to see any help from appreciation. A buyer needs to look at holding their purchase for the long haul too. If this is “temporary” housing solution with a short-term view buying a house is probably risky.
There’s a lot of concern about the “shadow inventory” that banks are holding onto. These are houses that they’re are having to hold onto until they can clear up the mess caused by robo-signing and also avoiding flooding the market and driving prices down even further.
Portland Real Estate Market | Presented by the Turner Realtors Team
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action, Bank Owned, RMLS, Homes for Sale
---
### [Good Walking Neighborhoods in Portland](https://lovejoyrealestate.com/good-walking-neighborhoods-in-portland/)
**Published:** September 13, 2011
**Author:** Charles Turner
**Content:**
One man’s garbage is another man’s treasure. He might want to walk for exercise while she may want to walk from restaurant to shopping to more shopping. [Walkscore.com](http://www.walkscore.com "Walkscore") has become a very popular real estate resource. Enter and address and based on its criteria it gives a score between 1-100. According to WalkScore, [Portland has an overall walkability of 66](http://www.walkscore.com/OR/Portland "WalkScore score of Portland, Oregon"). The best area: downtown (96). The worst: Forest Park/Linton (12). He’d probably love walking in Forest Park!
[](http://portlandmaps.com/detail.cfm?action=Walkability&x=7645965.58811&y=684323.920418&site_name=0-19%20%20BURNSIDE%20BRG%20%28null%29&city=PORTLAND&ResultCount=4)[PortlandMaps](http://www.PortlandMaps.com "PortlandMaps") is another great resource. We’ve cited it many times before but they keep adding new resources so we’ll keep writing about it. We use it to check the status of permits (or whether one was issued for a project) and to look for evidence of oil tanks (under the historic permits heading). From the zoning map you can click on the zoning map you can click through to overlay districts (historic, flight, etc. You can even find out [who is the local garbage hauler is for a property](http://www.portlandmaps.com/?action_override=Hauler "Garbage Hauler lookup for Portland"). Note that the information found on these websites isn’t always 100% accurate.
PortlandMaps has added a walkability heat map which focuses on what they referred to as “20 minute neighborhoods”:
> This mapping analysis highlights areas that have relatively good, walkable access to commercial services and amenities. It indicates locations that have concentrations of commercial services that are within relatively short walking distance of homes. Besides taking into account the availability of grocery stores and other commercial services, it takes into account factors that impact pedestrian access, such as sidewalks, street connectivity, and topography.
>
> The resultant “hot spot” map shows the gradient of access in different part of the city. “Hot spots” – orange, yellow, to white (hot) reflect areas with a greater degree of access. Magenta to blue areas have less convenient pedestrian access to services.
>
> Portland’s Climate Action Plan sets an objective for 2030 calling for vibrant neighborhoods in which 90% of Portland residents can easily walk or bicycle to meet all basic daily, non-work needs.
>
> More information and detailed maps are available on the [Portland Plan website](http://www.portlandonline.com/portlandplan/index.cfm?c=52256#cid_288098).
There is a [PDF map of the 20-Minute Neighborhood Concept Analysis](http://www.portlandonline.com/portlandplan/index.cfm?c=52256&a=288547 "20-Minute Neighborhood Concept Analysis").
Portland Real Estate | Neighborhoods | Presented by the Turner Realtors Team
**Categories:** Real Estate News & Tips
**Tags:** Walkability, WalkScore, PortlandMaps
---
### [For Rent and For Sale- At The Same Time?](https://lovejoyrealestate.com/for-rent-and-for-sale-at-the-same-time/)
**Published:** September 7, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/09/for-rent.jpg)Can I have my house listed for sale an[](https://lovejoyrealestate.com/wp-content/uploads/2011/09/for-sale-sign.gif)d rent at the same time? In theory yes. For practical purposes I would advise against it. Possible perceptions of three key players:
**The potential renter:** I don’t want to move into a house that is listed for sale because I may get evicted (within the framework of Oregon/Tenant law) because it is only a month to month contract. Even if I sign a lease the landlord will probably list it for sale before my leases ends and it may become a hassle to keep everything tidy so it can be shown and I really don’t want people tromping around my house. I’ll find something else to rent. The landlord probably isn’t that committed to the house if they are trying to unload it.
**The buyer**: What’s wrong with this house? They can’t sell it which means it is overpriced and a renter doesn’t want it either. They’re probably not that serious about selling it if they can keep it as a rental and probably won’t entertain my offer, which is going to be low, anyways.
**The Realtor**: I’ve got a long list of potential houses and in talking to the listing agent they really don’t know how much interest it is getting as a rental because they don’t have any part of that. We write an offer only to be informed that “the seller signed a lease yesterday.” Our offer is how the listing agent finds out that they have lost a listing (this has happened).
That being said there are all sorts of scenarios where being a “for sale” should become a “for rent” and vice versa. We had a listing that as hard and creative as we tried to get after price reduction after price reduction the seller decided that renting is the best option to wait out the market. That makes sense. We know that when all else fails it comes down to price but the motivation to sell goes away at some point if the sale is a choice, not a need. I think you need to choose one and go after that market rather than diluting the effort on both rental and sale. We have no problem going into a listing appointment and telling a potential seller to rent the property out if that meets their needs. The market isn’t going to change enough in the next few years to make a huge difference but if you’re going to hold the property for five or more years waiting for a different market may be the best option.
Of course everyone’s perception of a situation is different. There are buyers, renters and Realtors who will disagree with each and every one of my points but there will be an equal share that agree.
**Categories:** Real Estate News & Tips
**Tags:** Homes for Rent, Homes for Sale
---
### [Wait Until After Closing To Go On Shopping Spree](https://lovejoyrealestate.com/portland-real-estate-wait-until-after-closing-to-go-on-shopping-spree/)
**Published:** September 1, 2011
**Author:** Charles Turner
**Content:**
My friend’s Facebook page has been counting down the hours to the Ducks game on Saturday night. What better way to watch the big game on a brand new big screen TV? I’d have to agree. Sounds like a great idea but if you are in escrow STOP! My friend is not in escrow and he has a massive TV but we have a transaction working around the purchase of a big ticket item prior to closing. The point is if you are buying a home your lender is watching what you are doing with your cash and the liabilities you take on (credit).
This includes “no interest or payments for” \[pick time frame\]. A number of years ago a client rolled up in their brand new car and exclaimed, “Don’t worry there are no payments for six months.” The bank refused to lend as their debt to income ratio had changed beyond guidelines.
Going back to the TV example… Many lenders require that you have cash reserves at closing. Let’s say six months and the mortgage payment is $1000. With the bank statements given to the lender they see you have $7000 in savings and they are happy. Your approval is based on what was provided weeks or even months ago. Then right before closing they request the most recent statement or transaction summary and see that you only have $5000. “What happened,” the lender asks? “I bought a new TV… is that a problem?” “Yup.”
Add to the list of things not to do while buying a home: quit your job or get fired. You may not be able to control the latter but escrow is not the time to walk into your boss’s office and sing, “take this job and shove it.” Funny thing these days- lenders care that you are employed and they may even verify employment the day a property is scheduled to record.
Portland Real Estate Blog | Presented by the Turner Realtors Team
**Categories:** Real Estate News & Tips
**Tags:** Cash Reserves, Debt to Income
---
### [Portland Case Shiller June 2011](https://lovejoyrealestate.com/portland-case-shiller-june-2011/)
**Published:** August 30, 2011
**Author:** Charles Turner
**Content:**
Portland’s Case Shiller Index for June 2011 is up two one hundredths from May. The change, while nonexistent for all intensive purposes, marks the third consecutive month of increases in the Index. The last time there were three consecutive months was the same period last year. Last year’s increases were then followed by nine months of straight decline until this recent run. During the 2010 run, the Index gained 5.12 points. During the same period this year it gained 1.85 points. Today’s 132.67 is 14 points below June 2010. Today’s index matches September 2004’s.
The seasonally adjusted index is actually down a point from May. Case Shiller reports come out the last Tuesday of the month reporting two months prior.
Portland Case Shiller June 2011 | Presented by the Turner Realtors Team
**Categories:** Case Shiller Index
---
### [Third 2011 Portland Street of Dreams House "Sale Pending"](https://lovejoyrealestate.com/third-2011-portland-street-of-dreams-house-sale-pending/)
**Published:** August 29, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/08/2011-Portland-Street-of-Dreams-331.jpg)And then there were two. Only two of the five homes for sale in this year’s Portland Street of Dreams in Tigard, off Bull Mountain road [remain on the market](http://www.portlandrealestateblog.idxco.com/idx/10322/results.php?stp=advanced&idxID=037&pt=sfr&city[]=46386&showField=cityField&lp=819900&hp=979900&ba=0&srt=DESC&start=1&per=10&cid=10322&cid=10322&requestReg=false "Active 2011 Street of Dreams listings. Two available as of this post."). Pahlisch Homes house is listed for $850,000 and Dreambuilder Custom Home’s is listed for $338,810.
This year’s Street of Dreams has enjoyed an increase in popularity- so much so that they have extended the show an additional week. You can visit the site through 9PM on Labor Day (ticket sales end at 8PM).
The last truly dreamy Street of Dreams was in 2008. The 2009 edition was held in the Pearl District. Those condos, while very nice in their own right, left behind the previous model of over the top homes. Last year’s event on NW Cresap Lane marked the reinvention of the show to a high-end mainstream home. Only one home was priced over $1M and it was not in the main subdivision. 2011 is the first time that none of the homes has cracked the million dollar price point. What the show does do is highlight how much can be done in a home on a “budget.” The homes are full of ideas that could be carried over into most remodel projects.
2011 Portland Street of Dreams | Presented by the Turner Realtors Team
**Categories:** Portland Street of Dreams
**Tags:** Pahlisch Homes, Dreambuilder Custom Homes
---
### [Helping Responsible Homeowners Act Could Stimulate Economy](https://lovejoyrealestate.com/helping-responsible-homeowners-act-could-stimulate-economy/)
**Published:** August 26, 2011
**Author:** Charles Turner
**Content:**
The [Helping Responsible Homeowners Act](http://www.govtrack.us/congress/bill.xpd?bill=s112-170&tab=summary "Description of Helping Resonsible Homeowners Act") could allow for people to refinance Fannie Mae and Fredie Mac loans regardless of whether they have positive or negative equity. If you are current on payments and your property is worth less than it was when you bought it shows that you are meeting the obligation that you signed up for-the definition of responsible. This is a Congress sponsored bill by Barbra Boxer (D) and Johnny Isakson (R). The Obama administration could also act on its own in a way that would not require Congressional approval. [That doesn’t mean that it is happening](http://www.washingtonpost.com/blogs/ezra-klein/post/can-the-obama-administration-refinance-your-mortgage/2011/08/25/gIQAQs3BeJ_blog.html "Washington Post' Ezra Klein on Oboma Refinace Plan").
Typically banks haven’t wanted to talk to anyone that was current. You’re current and we’re getting paid so why would we talk to you? This attitude has prevailed for years and has probably led to more short sales and foreclosures than if the banks had acted with foresight they’d probably own a lot.
This program would allow owners to lower their payments and therefore have (in theory) more money to pump into the economy all while reducing short sales and foreclosures. Fees would be lower than typical refinances and that should also free up money for consumers to pump into the economy.
There has to be some question of what credit scores should have to be in order to qualify? Does a low credit score get overlooked in this situation? “I’m current on my current debt obligations but have been late or done something to hurt my credit in the past.” Do you look at the overall debt obligation of just the mortgage in question?
**Categories:** Real Estate News & Tips
**Tags:** Foreclosures, Helping Responsible Homeowners Act, Obama Refinance Plan, Short Sales
---
### [Portland Home Inventory Low in North and NE Portland](https://lovejoyrealestate.com/portland-home-inventory-low-in-north-and-ne-portland/)
**Published:** August 23, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/08/Portland-RMLS-Home-Inventory-July-2011.jpg)Click image for full size chart.RMLS Metro Portland home inventory climbed to 7.0 months from June’s 6.0 months but City of Portland housing inventory only climbed .3 months to 5.5. This is the third consecutive month that Portland inventory has remained below six months, the inventory level that has traditionally been considered the point between buyer and seller markets. Anything higher than six months is a “buyer’s market” and below is a “seller’s market”.
We’ve been tracking the “local” Portland inventory since April of last year. Since then the local inventory for the five RMLS areas that make up the majority of Portland has averaged 1.3 months less than the Portland Metro area reported in RMLS Market Action. The “Metro” area is a five county region. Inventory is the ration of the number of homes for sale divided by the number of closed sales for that area. North and Northeast inventory remains very low.
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action, Homes for Sale
---
### [RMLS Market Action August 2011](https://lovejoyrealestate.com/rmls-market-action-august-2011/)
**Published:** August 16, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/realestate/2011/08/rmls-market-action-august-2011/rmls-market-action-aug-2011-inventory/)[RMLS Market Action for August 2011](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=6201 "RMLS Portland Metro Market Action August 2011") was released yesterday. Inventory is up to 7.0 months. Six months has been considered the equilibrium in the past but with the market changing so much in the last few years one has to wonder if there will be a new normal? There are just under 12,000 home for sale.
Pending sales and closed sales were both down compared to June 2011 but up considerably this time last year. The average sales price was up 3% from June 2011 but of course is still below July 2010.
I’ll update the local inventory by RMLS area and post that soon. We typically see the local inventory track about a month less than the Metro inventory.
RMLS Market Action August 2011 | Presented by the Turner Realtors Team
**Categories:** Market Activity & Data
---
### [2011 Portland Street of Dreams Report](https://lovejoyrealestate.com/2011-portland-street-of-dreams-report/)
**Published:** August 12, 2011
**Author:** Charles Turner
**Content:**
I attended Realtor Day at the Street of Dreams on Tuesday. Before we get to the houses on The Street, it should be noted that the parking at SW 144th and Bull Mountain Rd. is pretty rough terrain and very dusty. I was glad I was driving the SUV and not the low-to-the-ground sedan. Buses run every few minutes to the homes on SW 155th Terrace. I did notice one enterprising homeowner charging $5 for parking a couple of blocks from 155th. Parking is free in the official lot.
[](https://lovejoyrealestate.com/realestate/2011/08/2011-portland-street-of-dreams-report/2011-portland-street-of-dreams-5-2/)The homes are an impressive example of making more from less. Though gone are the days multi-million dollar homes there are always new ideas and features we haven’t seen before. The airbrushed cabinetry in Brentwood Homes’ “Con Amore” are very striking. I’m not sure that I’d want to live with them and would be in constant fear of damaging them but I like the way the theme was carried out throughout the house and not just in the kitchen.
I liked the way that Pahlisch Homes put an oversized door on the third door of the garage without it looking out of place. I wasn’t so wild about the unenclosed urinal at the back of it. “Howdy neighbor.” The floor plan shows that it would take a fourth car tandem in that bay. The outdoor kitchen and living area is very pretty.
For me, Arbor Custom Homes’ “Chateaux Marseille” was the favorite. It had the right combination of features and layout that made it my personal winner, though I didn’t like the way the ADU was incorporated into the outdoor living space. My general impression is that an ADU should neither be seen or heard. All of the houses in the show have attached ADU and I think Dreambuilder Custom Homes did the best job of incorporating that into their floor plan in the “Koderra.”
It’s been four days since I was there and I am having a bit of a hard time separating what home had what features. Probably partially a commentary on me but also indicative of what happens when we look at a lot of homes at once. By the time we show home number ten or so in a day it gets hard to remember which house was which when we start discussing them later.
2011 Portland Street of Dreams Report | Presented by the Turner Realtors Team
**Categories:** Portland Street of Dreams
**Tags:** Arbor Custom Homes, Brentwood Homes, Dreambuilder Custom Home, Palisch Homes
---
### [2011 Street of Dreams Underway (and coupon)](https://lovejoyrealestate.com/2011-street-of-dreams-underway-and-coupon/)
**Published:** August 8, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/08/Street-of-Dreams-Coupon.jpg)The 2011 edition of the Portland Street of Dreams is underway. The show runs through August 26th and you can use [this coupon ](http://myemail.constantcontact.com/-HBA--Get--2-Off-Street-of-Dreams-Tickets.html?soid=1101215570829&aid=vCRB4KHX8Kw "2011 Street of Dreams Coupon")Monday-Friday. It is a paper coupon and not valid for online sales.
We’re heading up to the show today so will have more pictures and impressions online soon. Each of the five homes in the show feature and ADU (Accessory Dwelling Unit). The show is at Brentwood Estates on Bull Mountain and parking is at SW 144th and Bull Mountain Rd, about 11 blocks.
This years builders are Arbor Custom Homes, Brentwood Homes, Dreambuilder Custom Homes, Pahlisch Homes, and Steel Creek Homes. These are the [four listed homes for sale](http://www.portlandrealestateblog.idxco.com/idx/10322/results.php?stp=advanced&idxID=037&pt=sfr&city[]=46386&showField=cityField&lp=819900&hp=979900&ba=0&srt=DESC&start=1&per=10&cid=10322&cid=10322&requestReg=false "2011 Street of Dreams homes currently listed for sale.").
**Categories:** Portland Street of Dreams
**Tags:** Arbor Custom Homes, Brentwood Homes, Pahlisch Homes, Steel Creek Homes, Dreambuilder Custom Homes
---
### [RMLS Year Built Descriptions](https://lovejoyrealestate.com/rmls-year-built-descriptions/)
**Published:** August 5, 2011
**Author:** Charles Turner
**Content:**
I ran a search last month in RMLS looking for something very specific: homes for sale that were new but older than 2010. It should have been an easy search. But early a third of the results were either owner or tenant occupied. Realtors clearly weren’t understanding the definition of “new”. It can’t be new if it is lived in. A new car is no longer a new car the second you drive it off the lot. Live in a house and it is no longer new. I emailed back and forth with RMLS and though I expect most of this was in the works, the date description is now required in a listing and they have clearly (re)defined what the descriptions mean:
> **APPROX:** Approximately – Year Built indicates the approximate year in which the home was built.
>
> **FIXER:** Fixer – Needs Repair.
>
> **NEW:** New – Construction completed, but home has never been occupied.
>
> **PROPOSD:** Proposed – Not yet under construction.
>
> **REGHIST:** Home is on the Register of Historic Homes.
>
> **REMOD:** Remodeled – Some or all of the home has been remodeled.
>
> **RESALE:** Resale – Existing home for sale.
>
> **RESTORD:** Restored – Homes restored to original condition.
>
> **UNDERCON:** Under Construction – Ground broken and construction actually under way.
>
> **UNKNOWN:** Unknown due to loss of county records.
I expect that all of the houses that came up in my search will now fall under the RESALE category.
Portland Real Estate |RMLS Year Built Descriptions | Presented by the Turner Realtors Team
**Categories:** Real Estate News & Tips
**Tags:** Year Built Descriptions, RMLS
---
### [Dual Agecy in Oregon](https://lovejoyrealestate.com/dual-agecy-in-oregon/)
**Published:** August 1, 2011
**Author:** Charles Turner
**Content:**
The relationship between Realtors and their clients is defined by agency. The agency relationship with the client is what defines who is working for who. In my opinion the system is flawed. [The Oregon Disclosure Pamphlet states](http://www.oregonrealtors.org/.docs/pg/400/rid/10272/f/Initial_Agency_Disclosure_Pamphlet.pdf): Oregon law provides for three types of agency relationships between real estate agents and their clients:
> **Seller’s Agent** — Represents the seller only \[aka listing agent\];
>
> **Buyer’s Agent**— Represents the buyer only \[aka selling agent\];
>
> **Disclosed Limited Agent** — Represents both the buyer and seller, or multiple buyers who want to purchase the same property. This can be done only with the written permission of both clients.
It should be noted that buyers or sellers (FSBOs) can represent themselves. Both are advised to seek legal advice. The issue for me lies with Disclosed Limited Agency. The seller wants to sell for the most money, making the least amount of repairs in the shortest time possible and buyer that wants to pay the least amount possible, have the seller repair everything and have the seller acquiesce to their time frame.
There is a limited amount of resources within the transaction and if one agent has seen both the seller’s and buyer’s proverbial cards, the odds of a win-win situation are greatly diminished. At least one party is likely to withhold information from the Realtor because of the relationship with the other side. We’ve heard numerous times that the majority of legal action proceeding against Realtors is in a transaction where there was a single dual agent in the middle of the transaction.
So why would a Realtor want to be a dual agent? There is an increase income potential in the transaction. A listing in RMLS has a co-op buyer’s agent built into it by contract between the seller and listing agent. That fixed dollar amount or percentage is defined and published. A dual agent has the opportunity to keep that split or reduce the total commission. In numerical terms: if a $100,000 house was listed with 10% commissions and the defined co-op split was 50%-50% each agent would earn $5000 gross when the transaction closes. A dual agent could keep all $10,000 or reduce their commission. In a co-op transaction, each agent gets credit for the sales price in volume and one unit ($100,000 and one unit). The dual agent gets credit for both sides of the transaction ($200,000 and two units). There is built in incentive for an agent to promote dual agency and avoid the co-op Realtor.
Sounds like the pot is calling the kettle black? No. We have completed two dual agency transactions in our career. The first was a short sale in 2005 where we knew both the buyer and seller prior to the transaction and they wanted us as dual agents (the transaction/listing was not our introduction). We would not repeat that transaction today even though it went smoothly and closed. The second was an immediate family member buying from friends who though not blood related are referred to as aunt and uncle. Both transactions were legal but questionable as to whether they should be. We’ve been talking about [dual agency and whether real estate is zero sum](https://lovejoyrealestate.com/realestate/2008/01/is-real-estate-zero-sum) for years on this blog.
I do think that in the case of new construction an exception should be made. A Realtor representing a subdivision or complex should be able to assist a buyer without a co-op agent. The number of units that qualify for an exemption should be defined- I would use five. Builder paperwork often varies from the standard forms used in Oregon real estate. The buyer is always advised to seek legal advice when “builder paperwork is used” as the paperwork was written by the seller (or attorneys) for the seller.
How can you market my house if you won’t sell it? Of course we’ll do everything in our power to find a buyer for your property. If we get a sign call we’ll show it and do everything we can get to get the offer written but we won’t write it up ourselves. We will either refer it to another agent or in many cases we find the buyer already has a relationship with a Realtor but had not planned on using them in the transaction. A good Realtor should be able to put some if not all or even more money back into their client’s pocket by good negotiation and transaction management. Statistically the transaction is less likely to have issues after closing.
Of course the majority of dual agents are putting the transaction’s interests first but the door is opened a small fraction of overall transactions to taint the overall market. I think the door should be closed. I haven’t been actively involved in our Realtor related associations in the past but I would be open to it.
Portland Real Estate | Dual Agecy in Oregon | Presented by the Turner Realtors Team
**Categories:** Real Estate News & Tips
---
### [2011 Portland Street of Dreams Promo Code](https://lovejoyrealestate.com/2011-portland-street-of-dreams-promo-code/)
**Published:** July 28, 2011
**Author:** Charles Turner
**Content:**
The 2011 Street of Dreams is just a week away but if you buy your tickets online through July 31st you can take advantage of a $2.00 of discount code “DREAMS” on the [Ticket Oregon](http://ticketsoregon.com/event.php?event_id=984 "2011 Street of Dreams Tickets through Ticket Oregon") website. Regular price tickets are $12 and children under 10 are free. When I put a single ticket in the cart there is 42 cent handling charge added.
This year’s show features five homes. [Read our previous posts on the Street of Dreams](https://lovejoyrealestate.com/realestate/category/street-of-dreams.html "Portland Real Estate Blog Street of Dreams posts").
2011 Portland Street of Dreams | Presented by the Turner Realtors Team
**Categories:** Real Estate News & Tips
**Tags:** Discount Code, Promo Code
---
### [Live in it Like it is Listed](https://lovejoyrealestate.com/portland-real-estate-listed/)
**Published:** July 27, 2011
**Author:** Charles Turner
**Content:**
There are a lot of questions you should ask your Realtor when you are interviewing but one that we’ve never heard is, “when was the last time you sold your own home?” As Realtors we help people buy and sell homes all the time but we’re not the ones making the bed each and every morning and heading out the door with the house in showroom condition. Until now. With our house listed for sale we’ve got to through the same routine that all of our sellers go through every morning- picking up and making sure the house is ready to be shown with little notice. It’s not easy with a toddler and a dog whose combined “house trashing power” makes the Peanut’s Pigpen look sterile.
A fellow Realtor friend says that part of every Realtors license renewal should be that they move every five years so that they don’t forget the feeling of having their home on the market (it’s been six years for us so it is time).
The non-optional morning routine now includes (we normally do a lot of this but rarely complete all under normal not-listed circumstances):
1. Making the bed (and helping a four year old make his)
2. Cleaning up 100% after breakfast
3. Picking up after the dog in the yard
4. Picking up any dirty laundry and putting away any clean laundry
5. Putting all toys away
6. Putting all the things that just end up on every flat surface away
7. If you know that the house is being shown turning on every light and making it look as inviting as possible.
They all seem like simple enough projects but they don’t always happen everyday without a concerted effort. We have two Roomba robotic vacuum cleaners that do a pretty good job on the floors. They make keeping up with the dog hair manageable.
There’s a lot of truth to the Murphy’s Law syndrome that the best way to get your house shown is to walk out the door with it trashed. If you really must run out the door focus on what might result in, “oh— gross” from a potential buyer. Some examples (listed from experience): last night’s dinner and this morning’s dishes piled in the sink, dirty underwear on the bathroom floor, unflushed toilets, etc.
Another Realtor friend receive a call from a seller that went something like this, “you showed my home today and either you or your client left a used Q-Tip and Kleenex on the counter. How could you do that??? That’s so unprofessional.” “Ummm. It wasn’t us. They weren’t there when we left. Don’t know what to tell you.” The phone rang a few minutes later. “My husband fessed that it was him. So sorry.” Having you home listed is stressful. Trust us, we understand.
Portland Real Estate Listed | Presented by the Turner Realtors Team
**Categories:** Real Estate News & Tips
**Tags:** Home listed for sale
---
### [Portland's Case Shiller Rockets Skyward](https://lovejoyrealestate.com/portlands-case-shiller/)
**Published:** July 26, 2011
**Author:** Charles Turner
**Content:**
The title of this post might be stretching it a little but in light of most of the recent death-of-real-estate-media coverage I’m taking a little liberty with it. The May 2011 Case Shiller Index for Portland is up 1.66 points. That’s the highest increase since May 2010 and only the second increase, joining last month’s .17 point increase, this year. In fact, it’s the second highest monthly increase since May 2007.
Now for the gut check. Two months of increases does not make for a recovery. We can see that five of six Aprils and Mays in 2008, 2009 and 2010 were also increases which were followed by declines through the fall and winter months. Last year the market managed three months of consecutive gains before rattling off nine straight losses. During the real estate boom the Index increased 32 consecutive months between February 2004 and September 2006.
Today’s index mostly closely matches November 2004. The Case Shiller report for “Portland” is the seven county MSA. It runs from Yamhill County to the south to Skamania County in Washington.
My crystal ball for the short term is cautiously optimistic. That’s working under the assumption that our government figures out their budget issues and financial markets remain stable. Jobs, which are tied to any real estate recovery have remained stable but lower than we need.
**Categories:** Case Shiller Index
**Tags:** Portland Housing Market
---
### [More Portland Houses Close with Cash](https://lovejoyrealestate.com/more-portland-houses-close-with-cash/)
**Published:** July 25, 2011
**Author:** Charles Turner
**Content:**
July 2007 is considered the peak of Portland real estate’s boom. Since then, the housing market has dropped nearly 30% in the Metro area.
The way people are paying for homes has changed greatly too and that has affected the type of homes that are favored by buyers. When mortgage money was widely available the fixer was popular: take a 80% conventional loan and then additional money, often up to or over 100% of the value of the home a second to reduce the cash-to-close of have money to make those sweat equity repairs or hire a contractor to do the work. In July 2007, 85% of all home sales closed with conventional loans. Thirteen percent closed with cash according to the report for Multnomah County I ran in RMLS Statistics. There were no FHA loans and only 1% were VA.
Forward to today (actually June 2011). Cash purchases jumped to 23%, conventional loans dropped to 50% and the typically low down (3% to start and now 3.5% down) FHA loans now makes up 21% of the payment methods for sales in Multnomah County.
The death of the high loan-to-value Home Equity Line of Credit has changed the profile of the homes we see selling. Financing buyers (who still make up 75% of the market can’t take more cash to do project so the “done/finished” home makes more sense. The cash buyer has two typical profiles: 1) buying the houses that can’t be financed and typically needs major work and 2) buyers, often retirees, downsizing into move-in ready homes. Of course there are exceptions but these are the primary profiles we see.
The result is still the same: sellers need to look at what projects they need to complete before going on the market that will appeal to the buyers. The buyer reaction has changed from “this will be perfect if we move this wall, gut this, and do that” to “this is too much work, let’s go.” Sellers often don’t have the funds to do anything so picking the projects that get the most bang for the buck are really important.
**Categories:** Finance & Mortgage
**Tags:** fixers, home repair
---
### [2010 Street of Dreams in 2011](https://lovejoyrealestate.com/2010-street-of-dreams-in-2011/)
**Published:** July 23, 2011
**Author:** Charles Turner
**Content:**
I was driving along NW Skyline this afternoon and from there you can see a new home going in at the bottom of the cul de sac on NW Cresap Lane, the site of the 2010 Street of Dreams. There are still numerous empty lots on the street.
portland real estate blog: 2010 Street of Dreams in 2011
**Categories:** Portland Street of Dreams
**Tags:** Portland homes for sale, portland oregon real estate, Real Estate, Portland Real Estate, Homes for Sale
---
### [2011 Portland Street of Dreams Photos](https://lovejoyrealestate.com/2011-portland-street-of-dreams-photos/)
**Published:** July 22, 2011
**Author:** Charles Turner
**Content:**
I was somewhere near the neighborhood so decided to take a walk around the 2011 Portland Street of Dreams site on SW 155th Terrace off of Bull Mountain Rd. With only a couple of weeks until show time there is a lot of activity. The street has 16 lots. There are two houses that are completed and have signs outside saying that they are occupied. Then there are the five show homes, one of which has a SOLD sign on it. The other four homes are listed [for sale](http://www.portlandrealestateblog.idxco.com/idx/10322/results.php?stp=advanced&idxID=037&pt=sfr&city[]=46386&showField=cityField&lp=819900&hp=979900&ba=0&srt=DESC&start=1&per=10&cid=10322 "2011 Street of Dreams homes listed for sale").
Portland Real Estate Blog: 2011 Portland Street of Dreams
**Categories:** Portland Street of Dreams
**Tags:** Street of Dreams homes for sale
---
### [2011 Portland Street of Dreams](https://lovejoyrealestate.com/2011-portland-street-of-dreams/)
**Published:** July 21, 2011
**Author:** Charles Turner
**Content:**
Last year we ran a whole series of posts for the 2010 Street of Dreams on NW Cresap Lane. This year’s show is on Bull Mountain so regular construction updates made less sense at $4 gallon. The 2011 Portland Street of Dreams runs August 6th – 28th and is located at SW 155th Terrace. Parking will be at [SW Bull Mountain Rd. at SW 144th](http://maps.google.com/maps?f=d&source=s_q&hl=en&geocode=%3BCcbNsfaQ49fvFYn8tAIdVNit-Cn5sQFBoBKVVDG76zubqvBFWQ&q=SW+Bull+Mountian+Rd+and+SW+144th+Ave,+Tigard,+OR&aq=&sll=45.415548,-122.830839&sspn=0.010363,0.019205&ie=UTF8&hq=&hnear=SW+Bull+Mountain+Rd+%26+SW+144th+Ave,+Beaverton-Hillsboro,+Washington,+Oregon+97224&daddr=SW+Bull+Mountain+Rd+%26+SW+144th+Ave,+Beaverton-Hillsboro,+OR+97224&ll=45.415563,-122.824616&spn=0.010363,0.019205&z=16 "Google Map to 2011 Street of Dreams").
Last year’s show marked a partial return to the traditional Street of Dreams format of detached homes on a single street. The 2009 show was held in mostly penthouse condominiums in the Pearl District. I say partial as there were only three homes on Cresap Lane itself as there was a more conservative build-it-once-they-come rather than build-it-and-they-will-come which more often than not resulted in builders holding an inventory of unsold homes at the end of the show. The are no active listings on the street now. A number of the detached condominiums on the back side of NW Cresap Lane went bank owned after the show and are currently listed. I wrote at the time that the only truly dreamy home was the off site [Forest Edge](https://lovejoyrealestate.com/street-of-dreams-forest-edge-and-ideabox.html "Street of Dreams’ Forest Edge and IdeaBox") home that was listed for $1.7M.
This years show features five homes. One each by Arbor Custom Homes, Brentwood Homes, Pahlisch Homes, Steel Creek Homes, and Dreambuilder Custom Homes. [Four of them are listed in RMLS](http://www.portlandrealestateblog.idxco.com/idx/10322/results.php?stp=advanced&idxID=037&pt=sfr&city[]=46386&showField=cityField&lp=819900&hp=979900&ba=0&srt=DESC&start=1&per=10&cid=10322&cid=10322&requestReg=false "Street of Dreams Houses listed for sale") and are all priced under $1,000,000.
The [Palisch home](http://www.pahlischhomes.com/Available-Homes/Dream-Home/ "Palisch Street of Dreams home listed for $825,000") is described on their website and Dreambuilder has a lot of pictures of the construction of their home, the “[Koderra](http://dreambuildercustomhome.com/street-of-dreams/ "Dreambuilder Custom Homes Street of Dreams "Koderra""),” on their website as does the main [Portland Street of Dreams](http://www.streetofdreamspdx.com/ "HBA NW Natural Street of Dream website") site run by the HBA.
A feature that all the homes have this year: ADUs. The Street of Dreams website describes the ADU:
> Unless you’re in the building or real estate business, you probably don’t know that ADU stands for Accessory Dwelling Unit. Still confused? How about Mother-in-Law Apartment. Now you get the picture: An attached or detached, self-contained living space, commonly referred to in today’s industry as an ADU, is a feature of each 2011 NW Natural Street of Dreams home.
>
> At 12,000 to 14,000 sq. ft., the 2011 Street lots are among the last of their size within the tri-county Metro Urban Growth Boundary. Metro rules require that such large lots meet minimum density standards for new construction. That’s why every home includes a separate-yet-inclusive extra living space. Each one fits the ADU definition, but your mother-in-law might be surprised at what she sees inside.
**Categories:** Portland Street of Dreams
**Tags:** and Dreambuilder Custom Homes, Arbor Custom Homes, Brentwood Homes, Pahlisch Homes, Steel Creek Homes, Accessory Dwelling, ADU
---
### [The Most Expensive Condos For Sale In Portland](https://lovejoyrealestate.com/the-most-expensive-condos-for-sale-in-portland/)
**Published:** July 20, 2011
**Author:** Charles Turner
**Content:**
We posted [the most expensive homes for sale in Portland](https://lovejoyrealestate.com/the-most-expensive-homes-for-sal.html "The Most Expensive Homes for Sale in Portland") yesterday. Today we have the most expensive condos in Portland.
### Condos For Sale In Portland Oregon
[$2,000,000 – $3,000,000](#)[$3,000,000 – $4,000,000](#)[$4,000,000 – $5,000,000](#)[Over $5,000,000](#)$3,475,00[2336 SW OSAGE SW ST 800, Portland, OREGON 97205](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=11090931 "2336 SW OSAGE SW ST 800 Portland, OREGON 97205 ")
Beds: 4 Baths: 4 $2,700,000[1221 SW 10TH AVE 1801, Portland, OREGON 97205](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=10020284 "1221 SW 10TH AVE 1801 Portland, OREGON 97205 ")
Beds: 3 Baths: 3 $2,500,000[1001 NW Lovejoy PH-3 PH-3, Portland, OREGON 97209](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=8086177 "1001 NW Lovejoy PH-3 PH-3 Portland, OREGON 97209 ")
Beds: 3 Baths: 3 $2,450,000[1500 SW 11TH AVE 2701, Portland, OREGON 97201](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=9074235 "1500 SW 11TH AVE 2701 Portland, OREGON 97201 ")
Beds: 3 Baths: 2 $2,400,000[1221 SW 10TH AVE 1601, Portland, OREGON 97205](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=9016659 "1221 SW 10TH AVE 1601 Portland, OREGON 97205 ")
Beds: 3 Baths: 3 $2,016,000[949 NW Overton 1602, Portland, OREGON 97209](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=8113216 "949 NW Overton 1602 Portland, OREGON 97209 ")
Beds: 3 Baths: 3 Portland Real Estate Blog “The Most Expensive Condos For Sale In Portland”
**Categories:** Real Estate News & Tips
**Tags:** portland condos for sale, Oregon, Portland, Homes for Sale
---
### [The Most Expensive Homes for Sale in Portland](https://lovejoyrealestate.com/the-most-expensive-homes-for-sale/)
**Published:** July 19, 2011
**Author:** Charles Turner
**Content:**
The average piece of Portland real estate costs an average of under $300,000. If you had ten or more times that to spend on a house these would be some of your option. These homes are currently listed for sale.
### Detached Homes For Sale In Portland Oregon
[$2,600,000 – $3,000,000](#2-3m)[$3,000,000 – $4,000,000](#3-4m)[$4,000,000 – $5,000,000](#4-5m)[Over $5,000,000](#over-5m)$6,900,000[1837 SW GREENWOOD RD, Portland, OREGON 97219](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=9069925 "1837 SW GREENWOOD RD Portland, OREGON 97219")
Beds: 6 Baths: 4 $6,895,000[1837 SW GREENWOOD RD, Portland, OREGON 97219](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=10076672 "11000 SW RIVERWOOD RD Portland, OREGON 97219 ")Beds: 3 Baths: 3 $5,900,000[1551 SW UPPER HALL ST, Portland, OREGON 97201](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=11212925 "1551 SW UPPER HALL ST Portland, OREGON 97201 ")
Beds: 4 Baths: 6 $5,750,000[4311 SW GREENLEAF DR, Portland, OREGON 97221](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=11006369 "4311 SW GREENLEAF DR Portland, OREGON 97221 ")
Beds: 10 Baths: 9 $4,995,000[4700 SW HUMPHREY BLVD, Portland, OREGON 97221](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=10018762 "4700 SW HUMPHREY BLVD Portland, OREGON 97221 ")
Beds: 5 Baths: 6 $4,875,000[1905 SW GREENWOOD RD, Portland, OREGON 97219](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=9075988 "1905 SW GREENWOOD RD Portland, OREGON 97219 ")
Beds: 5 Baths: 5 $4,500,000[240 SW TRYON HILL RD, Portland, OREGON 97219](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=11515114 "240 SW TRYON HILL RD Portland, OREGON 97219 ")
Beds: 8 Baths: 5 $4,500,000[1305 SW MYRTLE CT, Portland, OREGON 97201](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=10052948 "1305 SW MYRTLE CT Portland, OREGON 97201 ")
Beds: 3 Baths: 3 $3,998,850[10600 SW MOAPA AVE, Portland, OREGON 97219](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=9046098 "10600 SW MOAPA AVE Portland, OREGON 97219 ")
Beds: 3 Baths: 3 $3,885,850[465 NW ROYAL BLVD, Portland, OREGON 97210](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=10087602 "465 NW ROYAL BLVD Portland, OREGON 97210 ")
Beds: 5 Baths: 4 $3,495,000[2422 SW 16TH AVE, Portland, OREGON 97201](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=11406217 "2422 SW 16TH AVE Portland, OREGON 97201 ")
Beds: 4 Baths: 4 $3,490,000[16805 NW BRUGGER RD, Portland, OREGON 97229](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=10018270 "16805 NW BRUGGER RD Portland, OREGON 97229 ")
Beds: 5 Baths: 5 $3,400,000[5526 SW HEWETT BLVD, Portland, OREGON 97221](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=10029733 "5526 SW HEWETT BLVD Portland, OREGON 97221 ")
Beds: 5 Baths: 6 $3,350,000[4343 SW FAIRVIEW BLVD, Portland, OREGON 97221](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=11081575 "4343 SW FAIRVIEW BLVD Portland, OREGON 97221 ")
Beds: 5 Baths: 4 $2,998,000[11505 SW BREYMAN AVE, Portland, OREGON 97219](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=11335594 "11505 SW BREYMAN AVE Portland, OREGON 97219 ")
Beds: 6 Baths: 6 $2,995,000[11645 SW MILITARY LN, Portland, OREGON 97219](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=11433600 "11645 SW MILITARY LN Portland, OREGON 97219 ")
Beds: 6 Baths: 5 $2,950,000[1960 SW MILITARY RD, Portland, OREGON 97219](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=11509999 "1960 SW MILITARY RD Portland, OREGON 97219 ")
Beds: 4 Baths: 3 $2,900,000[1616 SW GREENWOOD RD, Portland, OREGON 97219](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=10086695 "1616 SW GREENWOOD RD Portland, OREGON 97219 ")
Beds: 4 Baths: 5 $2,849,000[12610 NW SKYLINE BLVD, Portland, OREGON 97231](http://www.portlandrealestateblog.idxco.com/idx/10322/details.php?idxID=037&listingID=11439583 "12610 NW SKYLINE BLVD Portland, OREGON 97231 ")
Beds: 6 Baths: 6 Portland Real Estate Blog
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale
---
### [RMLS Market Action June 2011](https://lovejoyrealestate.com/rmls-market-action-june-2011/)
**Published:** July 18, 2011
**Author:** Charles Turner
**Content:**
RMLS Market Action for June 2011 was released just before happy hour on Friday afternoon. I’ve updated our graph of housing inventory levels in the Portland and local market areas and the trend continues that City inventory averages about a month less than Portland Metro as reported in Market Action. North Portland has just 4.2 months of inventory whereas West Portland is at 7.1 months. Metro reports in at 6.0, the lowest level since July 2007. Southeast Portland, which I wrote about last week, has 4.7 months of inventory. The average sales price in Southeast Portland is $218,600 compared to West Portland’s $408,500.
Market Action reports an average sales price of $267,000. That’s up from last month but down from $289,800 a year ago (down 7.8%). Last year at this time listing inventory was 1.3 months higher (7.3 months) than it is today.
What this means for the Portland housing market is hard to say. Interest rates remain low, lending rules are largely static and home prices are down around 2005 levels, if not 2004 levels. Home prices increased last summer but then declined through most of the fall, winter and spring. We have personally seen signs of market strength but our clients represent just a small portion of the overall market. The national budget (or lack of) and job strength (or lack of) in Portland remain concerning.
**Categories:** Market Activity & Data
**Tags:** home prices, Portland Metro
---
### [Will Southeast Lead Portland's Comeback?](https://lovejoyrealestate.com/will-southeast-lead-portlands-comeback/)
**Published:** July 13, 2011
**Author:** Charles Turner
**Content:**
It doesn’t take long to find two sides that don’t agree (NBA, NFL, US Government) and predicting a real estate comeback is no easier but if there was a front runner I’d be backing Southeast Portland right now.
The Portland Business Journal reported last week on [Waverly Commons](http://www.bizjournals.com/portland/print-edition/2011/07/08/developer-plans-large-portland-project.html "Waverly Commons on Portland Business Journal- site may make you pay or answer question."), a new 18 home subdivision at SE 35th a and SE Woodard (just south of Division). Developer Mark Desbrow sees the need for new houses in an established neighborhood. I agree that in the current market the majority of buyers don’t want project houses. Even renovated homes require more maintenance and upkeep than a (well constructed) new home and that turns lots of people away from the close-in neighborhoods where they might otherwise choose to live.
Older homes often have challenging layouts for today’s family. It’s hard to find any sort of a master suite in many older homes. Kitchens can be small and carving space out for additional bathrooms or kitchen space can be challenging. New construction may be the answer for some. Garages are another issue but I have seen some pretty cool [accessory dwellings](http://www.shelter-solutions.net/Accessory_Dwelling_Units.html "Shelter Solutions") created while maintaining the garage space.
I’ve had two offers accepted in close-in Southeast Portland in the last month. Nothing impressive or noteworthy there except for that in the first case there were four offers on the table and five for the second! The houses are at two different price points so I doubt there was any overlap between buyers on the properties. That’s nine buyers for two listings in what the Business Journal calls the, “gloomy residential home market.” Two listings don’t represent the market but that scenario has been virtually absent from the Portland real estate market for the last couple of years. We didn’t hear of it happening and now we’re hearing it more often and fairly frequently.
Only time will tell if these are anomalies or the beginning of the market strengthening.
**Categories:** Real Estate News & Tips
**Tags:** Lead Portland's Comeback, Waverly Commons, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon
---
### [Case Shiller April 2011](https://lovejoyrealestate.com/case-shiller-april-2011/)
**Published:** July 5, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/07/Portland-Case-Shiller-Index-Change.jpg)“How’s the market?” Our business coach wisely points out that, “It depends.” What are you trying to do in the market? The Case Shiller report for April 2011 was published last week. If you read didn’t read anything more than the headline in last week’s Portland Business Journal or didn’t make it all the way to the last paragraph, “[Portland Home Prices Drop 9.2%](http://www.bizjournals.com/portland/blog/2011/06/home-prices-hit-2004-levels.html "Portland Home Prices")” you’d have missed one of the rare bright spots in what has been a very challenging market: **the index rose for the first time in almost a year**. Conversely, the Oregonian headline reads, “[Housing prices tick up in Portland and U.S., but gain might be short-lived](http://www.oregonlive.com/business/index.ssf/2011/06/housing_prices_in_tick_up_in_p.html "Oregonian on Case Shiller April 2011").” And to be fair, on a seasonally adjusted basis the Index is still down and both headlines are accurate.
When I was named to the Portland Business Journal’s 2011 Forty Under 40 I stated that one of the biggest challenges in our industry is “keeping a positive but realistic attitude in the face of doom and gloom media coverage.” Don Henly reminds us to “kick then when they’re up and kick them when their down. We love dirty laundry” and it’s no less true when discussing the Portland real estate market. Real estate market education is more important than ever. “Stick a sign in the yard and it will sell” worked for a number of years in an up market. In a decline market education became key. People need to understand how the market has changed and how it effects their situation. Some of our listing presentations end with a recommendation to rent the property. Some situations don’t allow for that. Buyers have more buying power than they have had in close to a decade. Finding the best balance for a long term situation is a team effort of both Realtor and seller or Realtor and buyer.
When we discuss “Portland” in terms of real estate there needs to be some definition of what Portland is. For Case Shiller, it is a 140 miles from the tip of Skamania County to the bottom of Yamhill County and everything in between. For RMLS, it is a slightly smaller five country area. The City of Portland is just a fraction of the size of either reported area. The methodology of the reports hasn’t changed so the comparisons from then and now are accurate but the outlying areas have been hit harder in the decline than the closer in area. Both Realtors and appraisers start their value estimations looking at a neighborhood micro level not a metro macro level.
I watch a lot of the local real estate social media chatter and after months and months of no mention of multiple offer situations I’m starting to see more and more of them. This isn’t a sign that the market is picking up and taking off (well it could be) but that homes are coming on the market with more accurate pricing and perhaps even underestimated pricing. It’s better to be slightly on the low side now than stuck on the high side where price reductions are required to catch the market. The balance of accurate pricing is a challenge because no one wants to leave money on the table so pricing strategy isn’t black and white- you can’t create a bidding war/multiple offer situation if there is only one potential buyer interested.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/07/Portland-Case-Shiller-April-2011.jpg)
**Categories:** Case Shiller Index
**Tags:** Case Shiller, Portland Real Estate, Homes for Sale
---
### [Portland Schools](https://lovejoyrealestate.com/portland-schools/)
**Published:** June 28, 2011
**Author:** Charles Turner
**Content:**
I was asked today for a good resource for Portland schools. There are lots of them. Some are subjective, some provide rankings, some confirm what school your child will go to within a school district. Schools are either of utmost importance or of no importance for individual buyers but is probably one of the most important features in real estate that is not actually a part of the property. It is possible to search for homes in any given (public) elementary, middle or high school.
- [Oregon Department of Education Report Cards](#)
- Clackamas County School Locator:
- Portland Public Schools [http://www.pps.k12.or.us/schools-c/find\_your\_school.php](http://www.pps.k12.or.us/schools-c/find_your_school.php)
- Beaverton School District attendance information
- Tigard-Tualatin
- Hillsboro
Portland Monthly has an annual “[Schools Issue](http://www.portlandmonthlymag.com/real-estate/articles/our-best-schools/ "Portland Monthly Schools Report")” filed under the real estate heading on their website.
[GreatSchools.org](http://GreatSchools.org) is a national site that provides ranking and a fair number of pop-up ads. It has Yelp-like ratings which is unique to any of the site listed here.
**Categories:** Real Estate News & Tips
**Tags:** Elementary School, Portland Schools, Portland Real Estate, Homes for Sale
---
### [RMLS Market Action May 2011](https://lovejoyrealestate.com/rmls-market-action-may-2011/)
**Published:** June 17, 2011
**Author:** Charles Turner
**Content:**
RMLS Market Action for May 2011 is out with mixed news. The average sales price in Portland is down from April 1.8% to $262,400. During the same period the median price increased .1% to $220,000. The average sales price has dropped 7.3% over the last year.
Inventory levels continue to decline. New listings have dropped and pending transactions are up. RMLS reports Portland Metro as a five county area. We’ve updated our inventory graph for the more localized markets. The trend continues that the City of Portland has about one month less inventory than Portland Metro.
Looking at history doesn’t help crystal ball predictions of where the market is heading. While interest rates remain amazingly low other economic information prognosticates continued tough times. An accurately priced house will sell in any market. We just got an accepted offer on a property where four offers were presented to the seller three days after it was listed. We’ve seen other properties sit on the market for months, if not years. I just showed a house with an RMLS number starting with 9 (RMLS numbers of properties listed in 2011 start with 11).
[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/RMLS-Market-Action-Iventory-May-2011-e1308324729344.jpg)
**Categories:** Market Activity & Data
**Tags:** Market Action, RMLS, Portland Real Estate, Homes for Sale
---
### [Class Action Lawsuit Against American Home Shield (AHS)](https://lovejoyrealestate.com/class-action-lawsuit-against-american-home-shield-ahs/)
**Published:** June 13, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/AHS1.jpg)American Home Shield logoAmerican Home Shield current and past policy holders may have already received a letter informing them that they may qualify to be a part of a class action lawsuit brought against the home warranty company. The [Abney Class Action Settlement](http://www.abneyclassaction.com/ "Abney Class Action Lawsuit against AHS") website has all of the documents associated with the case. While both parties vigorously maintain their side of the case, it has been agreed that a settlement is better than a protracted court battle. The crux of the case is whether AHS’s payment to Realtors was a RESPA violation or not? If the settlement goes through the payment will be $45.11 and not to exceed $60.
Regardless of the outcome I like the home warranty concept and think that AHS is the best of the ones we have had dealings with. Home warranties don’t cover everything and like most insurance policies you really hope you never need them but for the cost of the warranty and associated deductible we have seen AHS pay out many times the cost of the product. In the case of properties with air conditioners it is a great idea because those units cannot be inspected if it is too cold.
If you have a home warranty the key is to call the warranty company first when there is an issue. Don’t have it fixed and then call hoping to be reimbursed.
**Categories:** Real Estate News & Tips
**Tags:** American, Class Action, Home Shield, Lawsuit, Real Estate, Portland
---
### [Got Trash, Portland? Meet the Bagster](https://lovejoyrealestate.com/got-trash-portland-meet-the-bagster/)
**Published:** June 11, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/Waste-Management-Bagster-Pickup.jpg)Got trash? The [Bagster](http://www.thebagster.com/ "The Bagster by Waste Management") might be your solution. For all intensive purposes the Bagster is a 8′ x 4′ x 30″ dumpster that would fit under your bed when not is use. Load it with up to 3300 pounds of just about anything nonhazardous and call to have it picked up.
[Amazon sells the Bagster](http://www.amazon.com/BAGSTER-3CUYD-Bagster-Dumpster-Bag/dp/B002U0KC2E/ref=sr_1_1?ie=UTF8&s=hi&qid=1272507252&sr=1-1 "Amazon.com Bagster link.") for $29.99 and if you can’t wait to start dumping Lowes and Home Depot carry them. Waste Management picks up the first bag for $129 and each additional bag for $103. The two bags pictured below look like they could easily be consolidated into one (though you can’t fill over the rim of the bag). A mixed waste covered load weighing the Bagsters maximum of 3300 pounds dumped at [Metro](http://www.oregonmetro.gov/index.cfm/go/by.web/id=31448 "Metro dump rates") would cost $153 and you have to have the means of getting it there and unloading it. The bag is single use and not returned so you’ve really got a fixed cost of $160 for the Bagster versus a minimum charge at the dump of $25 for the first 400 pounds. The smallest dropbox [Cloudburst Recycling](http://cloudburstrecycling.com/ "Cloudburst Recycling") offers is six cubic yards compared to the Bagster’s three cubic yards.
The Bagster isn’t waterproof so it won’t double as a low priced swimming pool. Additionally filled to the rim with water it would weigh 5043 pounds. You’d have a hard time explaining to your downhill neighbor why their living room is flooded.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/bagster-dumpster.jpg)
**Categories:** Fixers and Remodeling
**Tags:** Bagster, Trash, Real Estate, Portland
---
### [Portland Real Estate Roundup](https://lovejoyrealestate.com/portland-real-estate-roundup/)
**Published:** June 8, 2011
**Author:** Charles Turner
**Content:**
We’ve been working on a lot of behind the scenes stuff lately that has drawn me away from writing. Here’s an update of various things that have been going on:
1\) We’re trying out two different property search engines. There is the current version on the sidebar and another one our [PDXRelocations ](http://www.pdxrelocations.com/idx-search.php "PDXRelocations Search page")website. Both search engines have full access to all active RMLS listings.
2\) We have an iPhone/iPad enabled app that uses your current location to show the properties for sale around you. [Download](http://itunes.com/apps/myagentbyidx) the app and use our dedicated code “10322”.
3\) Recent transactions include two closed and an additional two approvals on short sales. Short sales are going to remain a part of our market for quite some time.
4\) Last week, Case Shiller reported another decline for the Portland real estate market. It dropped .99 of a point to 132.67 which equates to September 2004 pricing. The index was set to 100 January 2001. As always, we note that Case Shiller reports on the seven county MSA which includes everything between Yamhill and Columbia County (RMLS reports on a five county area). Washington DC is the only area tracked that is not down from this time last year.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/Case-Shiller-March-2011.jpg)
4\) The DEQ is getting through their backlog of tank decommissionings. A past client is now working with them to resolve a 2008 certified clean up. More to follow as news arrives.
5\) Trees and houses don’t necessarily play nice with each other. The roots of a tree on the property line have traveled across the yard and through, yes through, the concrete foundation. The tree is at least ten feet from the house but it underscores the importance treating a tree like a puppy- its not going to stay small and cute forever.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/Foundation-Tree-Roots.jpg)
That’s probably enough for now.
**Categories:** Real Estate News & Tips
**Tags:** Roundup, Real Estate, Portland
---
### [RMLS Market Action: April 2011 Release](https://lovejoyrealestate.com/rmls-market-action-april-2011/)
**Published:** May 14, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/05/RMLS-Market-Action-Inventory-April-2011.jpg)[RMLS Market Action for April 2011](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879 "RMLS Market Action April 2011") was released yesterday with mostly positive month-over-month news. I consider a .1 month drop in inventory a positive even though mathematically a loss. The average sales price went up from $261,000 to $267,300 and the median price also increased. The average sales price over the last year has declined 5.2%.
April, May and June were the strongest months of 2010 Portland real estate with a sharp drop off in July. In previous years May, June and July saw the highest number of closings in a given year. The difference for 2010 can most likely be attributed to the expiration of the First Time Buyer Credit on April 30th and the need to close those transactions (note the spike in inventory from 7.3 to 10.8 between June and July last year).
Days on market for the metro area is 153 days. In April of 2007 it was 58 days and inventory was at 4.4 months. Amazingly 4.4 months was the 5th highest level in the 28 months proceeding that report. In the last 28 months inventory the lowest inventory was 6.5 months in October ’09 which was down from the recent record of 19.2 months in January of the same year. Inventory has not been below 7 months since.
I’ll update the local City of Portland inventory that we have been tracking since last year as soon as possible. Market Action’s Portland Metro report is made up of a five county area. We’ve seen that the close in Portland areas have tracked consistently below the Metro inventory.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/05/RMLS-Market-Action-April-2011.jpg)
**Categories:** Market Activity & Data
**Tags:** Regional Multiple Listing Service Market Action, RMLS Market Action
---
### [City of Portland "Get Legal Program" No More- Updated](https://lovejoyrealestate.com/city-of-portland-get-legal-program-no-more/)
**Published:** May 12, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/05/iStock_000003145965XSmall.jpg)File this under the list of things you didn’t know were gone until you needed it. Once upon a time, the City of Portland’s Bureau of Development Services ran the “Get Legal Program” to help property owners permit work that was done on a property without permits. It didn’t matter if it was done by you or a previous owner; the goal was to legalize work that was done to code, not circumvent code and safe building practices.
A July 14th, 2008 [blog positing on the BDS website celebrates the fifth anniversary of the program](http://www.portlandonline.com/bds/index.cfm?a=203709&c=48538 "Get Legal Celebrates five years of helping property owners permit complex illegal work") \[the site made me log in before I could read it\]. All the links to the program within the article are dead. The recording on the program’s phone number states that the program was “suspended indefinitely” on September 1, 2009. RIP. At the time of the posting, the program was, “currently assisting 26 property owners to legalize work at their properties.”
A subsequent call to the main Bureau line at 503-823-7300 was transferred to the Permit Department voice mail (503-823-7357) where I can expect a return call in 24 to 48 hours. I’ll update this when I get a reply to what the process or best practice is for a property that has unpermitted work. My initial reaction is that if the work is to code you shouldn’t need a formal program to rectify the situation. If it isn’t to code or possible to make the needed improvements to get it to code the program wouldn’t have helped anyways. \[*Update from returned call: Visit BDS at 1900 SW4th Tuesday through Friday 12-3PM and talk to a Plans Examiner about your specific project. They only take questions during those times. The City does not consider work to have been done until a permit is pulled for it so you go through the same process as if the work is proposed, not completed. The inspection process can be a little more complicated.*
As a seller of a property with unpermitted work the best policy is to disclose everything you know and be aware that it could be come an issue in the selling process. There are specific set of questions on the Oregon Property Disclosures that deal exactly with this issue. If unpermitted work becomes an issue in the future, the situation is going to be viewed very differently if it was disclosed or undisclosed.
The entity with jurisdiction over permits (it may be at the city or county level) probably has the ability to order unpermitted work be removed if it can’t be legalized. Each entity is going to have its own process so both buyers and sellers should do their research as to what the ramifications might be.
We recently saw an appraiser call out an unpermitted finished basement. The bank originally wanted it removed (and verified by the appraiser). The bank was satisfied though by counting the space as unfinished in a revised appraisal. The property still appraised to the sales price with the revision.
In another instance we heard that a soon-to-be-ex reported the property owner where their estranged spouse was staying to the county. An accessory dwelling was on the property when it was purchased but now the county is looking into whether they are going to allow it to stay or not. The accessory dwelling and the owner may be collateral damage to a third party dispute.
If you’re a home owner thinking about a project that requires permits take the extra time and expense to get permits. If your the owner of unpermitted work be aware. If you are the buyer, do your due diligence and decide how to proceed.
**Categories:** Real Estate News & Tips
**Tags:** Building Permits, Bureau of Development Services, get legal program, city of portland, Permits
---
### [Friday Portland Real Estate Facts](https://lovejoyrealestate.com/friday-portland-real-estate-facts/)
**Published:** May 6, 2011
**Author:** Charles Turner
**Content:**
As of right now:
- there are 4277 residential properties for sale in Portland
- 354 of those are bank owned
- 783 of the 4277 active listings are short sales
- 3103 of the listings are detached, single family house
- 848 of the listings are condos
- there are 1291 pending sales
- there are 249 active listing priced under at or under $100,000
- there are 149 homes for sale priced at or over $1,000,000
- the most expensive home in Portland is listed at $6,900,000
- the most expensive condo listed for sale is $3,750,000 (the entire penthouse floor of the Envoy Condominiums)
- there a no dome houses for sale but there are two log homes ($349,000 and $927,000)
- there are 13 properties, two of which are condos, for sale with at least a 6 car garage
Note: unless specified this includes all properties listed as “residential” in RMLS in “Portland” when searched through Prudential Northwest Properties Client Connect system. Manufactured homes, including those in parks, floating homes, condos and detached houses are included.
**Categories:** Real Estate News & Tips
**Tags:** Facts, Real Estate, Portland
---
### [Case Shiller Portland February 2011](https://lovejoyrealestate.com/case-shiller-portland-february-2011/)
**Published:** April 26, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/04/Case-Shiller-February-2011a.jpg)
Case Shiller’s monthly real estate report was released this morning. Portland lost a little more ground in February (Case Shiller reports with a sixty day lag and “Portland” is the seven county MSA). The current Portland index of 133.66 is nearly identical to October 2004’s 133.6. Portland peaked in July 2007 at 186.51. At that the same time Seattle peaked at 192.92 and has now dropped just below Portland levels to 132.85. Both of the national composites are above both Portland and Seattle. Both cities were slightly above the Composite 20 for a few months in the spring of last year. Both Composite indexes are at their summer of 2003 levels. Portland has lost 7% since this time last year. Of the 20 cities tracked, only Washington DC is in positive territory since January 2010.
The complete [Case Shiller Press Release](http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&blobcol=urldocumentfile&blobtable=SPComSecureDocument&blobheadervalue2=inline%3B+filename%3Ddownload.pdf&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobkey=id&blobheadername1=content-type&blobwhere=1245303631555&blobheadervalue3=abinary%3B+charset%3DUTF-8&blobnocache=true "February 2011 Case Shiller Press Release") for February 2011 has a broader look at the national market and a really good description at the end of what the Index is and isn’t.
**Categories:** Case Shiller Index
**Tags:** Real Estate, Case Shiller, Portland
---
### [RMLS Market Action: March 2011](https://lovejoyrealestate.com/rmls-market-action-march-2011/)
**Published:** April 18, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/04/RMLS-Market-Action-Iventory-March-2011.jpg)RMLS Market Action for March 2011 in the Portland Metro area shows some strong gains from February. Inventory dropped 35% from February to 7.1 months. I’ve updated the tracking of the local Portland RMLS areas and what is most striking is that North, Northeast and Northwest (Washington County) Portland have inventory levels below six months (see graph below) and the [RMLS Area Map](https://lovejoyrealestate.com/files/RMLS_area_map.pdf "RMLS Area Map") (RMLS reports a five county zone). The average inventory for the five City of Portland areas is 6.0. That’s the traditional line of demarcation between a buyer’s and seller’s market. Portland’s local inventory has been at least one month lower than Metro’s since I started tracking it.
The average sales price also climbed from $244,500 to $261,100 which is the first increase we have seen in a number of months. One month’s gain doesn’t counter the previous losses and there is no way to way to tell if this is the start of a strong spring selling season or whether the market will continue to decline overall. The number of closed sales, pending sales and new listings all declined in March 2011 compared to March 2010 but we all up when compared to last month.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/04/RMLS-Portland-Inventory-March-2011-e1303171674707.jpg)
Click on the image above to view the full size version. Here is the complete [March 2011 Portland Metro RMLS Action report](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879 "March 2011 RMLS Market Action Report").
**Categories:** Market Activity & Data
**Tags:** RMLS Market Action, market, RMLS
---
### [Electrical Panels in Home Inspections](https://lovejoyrealestate.com/electrical-panels-in-home-inspections/)
**Published:** April 14, 2011
**Author:** Charles Turner
**Content:**
Over the years we have seen just about every type of electrical panel installed with just about every degrees of competency. Just because a panel is new doesn’t mean that it was installed correctly. Make sure you have it inspected. Here’ are four samples of what you might see in order of oldest to newest: [](https://lovejoyrealestate.com/wp-content/uploads/2011/04/Fuse-Box.jpg)
This Bryant fuse panel is connected to knob and tube wiring. I can’t find anything on the Internet about its age.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/04/Older-Electrical-Panel.jpg)
This older panel will be replaced by the buyer.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/04/Federal-Pacific-Electrical-Panel.jpg)
The Federal Pacific panel was the subject of a class action lawsuit. The most common response is, “replace it.” Have an electrician give you a definitive answer for your situation. Most bids in Portland come in right around $1600-$1800.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/04/Newer-Electrical-Panel.jpg)
This is a 200 amp panel. Keep in mind that you can do you own electrical but there is very little you can do without a permit.
**Categories:** Home Inspections
**Tags:** Home Inspections, Electrical Panels
---
### [Free Portland Real Estate?](https://lovejoyrealestate.com/free-portland-real-estate/)
**Published:** April 6, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/04/Adzookie-yellow-House.jpg)Free Portland real estate? There has to be a catch. Of course there is. Adzookie wants to paint your house (the picture to the right is from their site and is a mock-up). You don’t get to choose the colors as your home is now a billboard. Reported by CNNMoney.com yesterday, [Adzookie posted an online application](http://www.adzookie.com/paintmyhouse.php "Adzookie application for house ad") and promptly had over 1000 respondents. According to their site:
> We’re looking for houses to paint. In fact, paint is an understatement. We’re looking for homes to turn into billboards. In exchange, we’ll pay your mortgage every month for as long as your house remains painted
Can’t wait to have the paint crew on your doorstep? A little due diligence might be in order. The [City of Portland has jurisdiction over signage](http://www.portlandonline.com/bds/index.cfm?c=36686 "City of Portland Signage "):
**Sign Permits:**
> Required for installing new permanent signs and for structurally altering or relocating existing permanent signs on private property. Except for certain portable signs, private signs are prohibited in street right-of-ways. Some private signs may project from a building into the street right-of-way. Indirect lighting (wall washing or backlit) for a sign requires a separate electrical permit. Types of signs include freestanding, monument, projecting, signs on awning, fascia/wall, painted wall/adhered, pitched roof and marquee. Signs are regulated by size (total area), height, placement, construction and wiring. Electrical components within a sign such as internal or neon lighting are covered by the sign permit, but to connect to it an [electrical permit](http://www.portlandonline.com/bds/index.cfm?a=71707) is required for the sign circuit. See section [32.32.010](http://www.portlandonline.com/bds/index.cfm?&a=18537&c=28763 "Portland Residential Sign Standards") for the sign standards in the residential and open space zones and section [32.32.020](http://www.portlandonline.com/auditor/index.cfm?c=28763#cid_18544) for sign standards in the commercial, employment and industrial zones.
Clicking though on the [standards for residential and open space zones](http://www.portlandonline.com/bds/index.cfm?&a=18537&c=28763 "Portland Residential Sign Standards") it looks like there may be a roadblock to this taking off in Portland.
If codes and regulation allow it, would you do it?
**Categories:** Real Estate News & Tips
**Tags:** Real Estate, Portland
---
### [One Day on Market Sale Pending at Over Asking](https://lovejoyrealestate.com/one-day-on-market-sale-pending-at-over-asking/)
**Published:** April 1, 2011
**Author:** Charles Turner
**Content:**
No joking, even on April Fools Day. Portland’s real estate market hasn’t seen many situations like this recently. In 2006 and 2007 multiple offers and bidding wars weren’t that uncommon. The days of “stick a sign in your yard and it probably will sell” are gone which is probably for the best. Buyers are more educated and making better decisions and real estate has moved away from the house-is-an-ATM mentality. There’s no doubt that the events that got us to where we are now were painful to many and that the end to short sales and foreclosures isn’t right around the corner. It’s going to take time to rebuild confidence in the market.
What today’s experience highlights is that housing is a market and that an accurately priced home will sell quickly if it is priced for today’s market. There are so many different psychologies to pricing and marketing a home that you can’t adopt all of them and some don’t apply in different situations.
How would you price your home? My search in RMLS between $395,000 and $405,000 shows these properties in the “West Portland 148” area for sale:
- 3 @ $395,000
- 1 @ $397,000
- 1 @ $398,000
- 12 @ $399,000
- 2 @ $399,500
- 15 @ $399,900
- 1 @ $399,950
- 1 @ $399,999
- 7 @ $400,000
- 1 @ $403,000
- 1 @ $405,000
That’s eleven different pricing strategies for that $400,000 price point. I personally would go with the $400,000 even. Not above or below and my reasoning is more functional that psychological: I’ve never had a buyer say, “my price range is $359,000 to $399,000.” Their (desired) max price is $400,000. Buyer B doesn’t say my range is, “$399,000 to $450,000.” The bottom of their range is $400,000. Only seven of the 45 properties get returned in the search results for both buyers. Some search engines use predefined ranges that don’t allow the user to enter specific prices. Of course Buyer C may be searching between $375,000 and $425,000 and therefore all 45 properties will be in the search results.
**Categories:** Real Estate News & Tips
**Tags:** market sale, real etate, Portland
---
### [Portland's New Construction Limited Tax Exemption (LTE) Program](https://lovejoyrealestate.com/portlands-new-construction-limited-tax-exemption-lte-program/)
**Published:** March 30, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/03/Portland-LTE-Savings.jpg)All things being equal which Portland home would you buy? The one eligible for a tax exemption? The City of Portland Housing Bureau has a program where [new construction houses in certain areas](http://www.portlandonline.com/phb/index.cfm?c=52765&a=327545 "City of Portland Limited Tax Exemption LTE map") (mostly around Lents (from SE 60th to 136th) and North Portland) of the City are eligible for a 10 year property tax exemption. Rather than being assessed on the improved value of the property, the property tax is based on the assessed value of the lot. At expiration the nonrenewable exemption reverts to the normal property tax system.
Not all homes and buyers qualify. The builder has to apply to the program prior to construction. The Housing Bureau maintains a list of properties that are approved for the program. The buyer must apply for the exemption as well by meeting certain income requirements. This is the [list of currently approved LTE homes](http://www.portlandonline.com/phb/index.cfm?c=52765&a=327545 "List of Limited Tax Exemption Homes in Portland").
Complete information about the program can be found on the City of Portland website. Graphic above is from their site. I’ll see if we can generate an RMLS search of the eligible properties. There is no search field for it specifically so we’ll have to see if we can find a work-around. If you have questions on a specific home on the list, let us know.
**Categories:** Real Estate News & Tips
**Tags:** Tax Exemption, construction, Portland
---
### [Austrailian V. Portland, Oregon Real Estate and HB 2839](https://lovejoyrealestate.com/austrailian-v-portland-oregon-real-estate-and-hb-2839/)
**Published:** March 21, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/03/Image-from-Sustainability-Guide.jpg)
The State of Oregon is considering a bill that would change the face of real estate disclosure. In the past sellers have disclosed what they know about a property. [House Bill 2839](http://www.leg.state.or.us/11reg/measpdf/hb2800.dir/hb2839.intro.pdf "Oregon House Bill 2839 for sellers of real estate energy audits") would require a seller to investigate what they do not know when it comes to the energy efficiency of their home.
“House Bill 2839 would require sellers of real property to obtain an energy audit and provide a copy to each buyer that makes a written offer to purchase. This would allow a buyer to withdraw an offer within three days after receiving an energy audit.” The average audit or performance test costs $350-$500 for a typical residential home and takes over a week to get results.
In Queensland, Australia sellers are required to disclose what they do know about the energy efficiency of their home. Their version is the [Sustainability Declaration](http://www.dlgp.qld.gov.au/resources/form/sustainable-housing/sustainability-declaration-form.pdf "Australian Sustainability Declaration"). [Reference guide to the Sustainability Declaration](http://www.dlgp.qld.gov.au/resources/factsheet/sustainable-living/sustainability-reference-guide-new.pdf "Australian Sustainability Declaration Reference Guide") states:
> A home cannot be advertised for sale (by a seller or a seller’s agent) unless the advertisement contains information about where a potential buyer may obtain a copy of the completed sustainability declaration.
A few of the questions in the declaration appear in one form or another in our Real Estate Disclosures but they do go much more in depth than what we have.
I’ve had some interesting conversations about the proposed House Bill. Some of the theory comes from the work by Earth Advantage that was done on our NW Hoyt remodel project which I was interviewed by KOIN News for. I know that I like the idea of having a Miles Per Gallon version for housing. I am not so sure that sellers should have to provide it and that it should not be another potential buyer due diligence issue. I think we’ll see a lot of debate and tweaking before moves much further forward.
Your thoughts? Good? Bad? Ideas to improve?
Image from the Sustainability Declaration reference guide.
**Categories:** Real Estate News & Tips
**Tags:** Austrailian, Oregon, Real Estate, Portland
---
### [RMLS Market Action February 2011](https://lovejoyrealestate.com/rmls-market-action-february-2011/)
**Published:** March 16, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/03/RMLS-Market-Action-Februray-2011-INV.jpg)Portland real estate housing inventory has been *roughly* between 10 and 11 months for the last eight months with the exception of December’s blip. The general thought is that six months is equilibrium between a buyer’s and seller’s market so we’re still a buyer’s market by that standard. Whether or not you should list your home for sale now depends on your situation. Some of our listing appointments end with us advising clients to wait out the market because in all likelihood it will be better later than now.
The Portland real estate market continues its decline. As the average and median sale prices lost ground but “comparing January-February 2011 with the same period in 2010 shows closed sales increased 5.4%. Pending sales were down 8.3%, and new listings decreased by 23.6%.” (RMLS)
RMLS uses a five county area to define Portland. In the next day or two I will tabulate the the more localized data that makes up the city of Portland.
Here’s the ling to the complete [Portland Metro RMLS Market Action](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5940 "RMLS Market Action February 2011").
[](https://lovejoyrealestate.com/wp-content/uploads/2011/03/RMLS-Market-Action-Februrary-2011.jpg)
**Categories:** Real Estate News & Tips
**Tags:** market, RMLS Market, RMLS
---
### [Carbon Monoxide and Oregon Real Estate](https://lovejoyrealestate.com/carbon-monoxide-and-oregon-real-estate/)
**Published:** March 14, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/03/First-Alert-CO2-Detector.jpg)Do you have to have carbon monoxide detectors when selling a home in Oregon? Yes. As of April 1, 2011 House Bill 3450 requires that carbon monoxide detectors be provided by the seller of Oregon real estate:
> Home sellers of one-and two family dwellings, manufactured dwellings, or multifamily housing units containing a carbon monoxide source must have one or more properly functioning carbon monoxide alarms before conveying fee title or transferring possession of a dwelling… The law requires a carbon monoxide alarm on each level of your home with sleeping areas and within 15 feet of each sleeping area. Oregon Fire Marshal Carbon Monoxide Q & A.
Landlords are also required to provide them for rental dwelling units. The five page Q&A explains what carbon monoxide is and what sort of detectors are acceptable.
**Categories:** Real Estate News & Tips
**Tags:** Oregon Real Estate, carbon monoxide detector, Carbon Monoxide, Oregon, Real Estate, Portland
---
### [2010 Portland Street of Dreams Site Update](https://lovejoyrealestate.com/2010-portland-street-of-dreams-site-update/)
**Published:** March 3, 2011
**Author:** Charles Turner
**Content:**
I drove by NW Cresap Lane, home of the 2010 Portland Street of Dreams, this afternoon so decided to take a turn up the street. There is no new building activity on the site, just the three completed houses seen at the show.
The sign at the entrance of the street looks like this today:
[](https://lovejoyrealestate.com/wp-content/uploads/2011/03/Street-of-Dreams-Cresap-Lane.jpg)
Lots 3, 4, & 7 have the three show houses on them.
**Categories:** Portland Street of Dreams
**Tags:** houses sold, lot for sale, lot sold, NW Cresap Lane, portland street
---
### [Chasing the Real Estate Market](https://lovejoyrealestate.com/chasing-the-real-estate-market/)
**Published:** March 1, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/03/179714ecigopzea.jpg)
I pulled up a listing history in RMLS and found that the listing was first listed at $215,000 in November of 2009 and is now priced at $199,500. The price has crossed the $200,000 threshold so should see a new pool of buyers even though the listing has been on the market for more than a year.
The price has come down 7.2%. Here’s the problem: if it was $5000 overpriced then, it is even more overpriced in today’s market. The Case Shiller Index for Portland real estate has dropped 8.0% in that time so if you do the math, the current listing price, just chasing the market down should be $197,800 ($215k – 8%). Subtract the $5000 that it is overpriced by and the selling price is $192,800. You have to play along and assume that the house is representative of the market according to Case Shiller and the $5000 overpricing is accurate.
What it means is that the house would have sold for $210,000 when it was listed would sell for $192,800 today. By chasing the market down the seller has lost $17,200 and realistically more than that. During the listing period the price reductions have resulted in a price increase in today’s market.
An analogy: if you were at the back door of the bus when it started to pull way and you need to get in the front door to get on, you’re now at the back bumper a year later.
[Image: jscreationzs / FreeDigitalPhotos.net](http://www.freedigitalphotos.net/images/view_photog.php?photogid=1152)
**Categories:** Real Estate News & Tips
**Tags:** Danger of Overpricing Real Estate, Real Estate Market, Real Estate, Case Shiller
---
### [Portland Short Sale and Bank Owned Property](https://lovejoyrealestate.com/portland-short-sale-and-bank-owned-property/)
**Published:** February 28, 2011
**Author:** Charles Turner
**Content:**
Searching RMLS for residential property this morning there are 4208 Active listings in Portland. Of those, 441 (10.4%) are bank owned. There is a single listing over $1,000,000 priced at $1.7M. 750 (17.8%) are listed as short sales. There are four short sales listed over $1,000,000; the most expensive being $3,490,000.
Though short sales occur across the entire spectrum of the Portland real estate market the concentration is at lower end of the market. In the $100,000-$200,000 range there are 418 short sales of 1363 active listings. That’s 30% compared to the market average of 17.8%. The percentage drops to 16.2% in the $200k-$300k range.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/02/CDPE.jpg)If you are in a short sale situation you need to seek professional advice from a Realtor experienced with the short sale process, an accountant and an attorney. There are very important decisions that need to be made during the process and each has financial and legal ramifications. There are 90 agents in the Portland market that have completed the Certified Distressed Property Expert (CDPE) designation. [Jenny is one of those 90 CDPEs](http://www.cdpe.com/profile/view/23120 "Jenny's CDPE Profile").
**Categories:** Real Estate News & Tips
**Tags:** Short Sale, Bank Owned, Bank Owned Property, CDPE, Certified Distressed Property Expert, Portland Short Sale, Portland Housing Market, Portland
---
### [Portland Real Estate: Got Cash?](https://lovejoyrealestate.com/portland-real-estate-got-cash/)
**Published:** February 24, 2011
**Author:** Charles Turner
**Content:**
When RMLS Market Action came out last week it was hard not to notice a sharp drop in average sales price. In conversations about it, we thought that we were seeing more cash deals which presumably have a lower sales price. We were right but mostly wrong. There are more cash deals but not as a ratio to closed sales:
[](https://lovejoyrealestate.com/wp-content/uploads/2011/02/RMLS-Cash-Sales1.jpg)
The counts from above are from an Advanced Search in RMLSweb of closed sales in the five RMLS areas that make up Portland and then limited to the City of Portland.
**Categories:** Real Estate News & Tips
**Tags:** Real Estate, Portland, Portland Real Estate
---
### [Case Shiller December 2010 for Portland Real Estate](https://lovejoyrealestate.com/case-shiller-december-2010-for-portland-real-estate/)
**Published:** February 22, 2011
**Author:** Charles Turner
**Content:**
The Case Shiller index lags real time by sixty days so we won’t be able to see if their results match RMLS for Portland real estate January. The Case Shiller Index dropped from 139.92 to 138.23. That’s a pretty small drop compared to the 10% loss reported by RMLS in their last report for average sales price. The reports use different methodology and areas to define “Portland.”
The graph below shows that today’s index is roughly the same as March 2005.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/02/case-shiller-December-2011.jpg)
**Categories:** Case Shiller Index
**Tags:** Real Estate, Case Shiller, Portland, Portland Real Estate
---
### [Portland Real Estate Listing Inventory](https://lovejoyrealestate.com/portland-real-estate-listing-inventory/)
**Published:** February 16, 2011
**Author:** Charles Turner
**Content:**
Yesterday’s post was about the Portland Metro RMLS Market Action report for January. Last April I started tracking how the five RMLS areas that make up the City of Portland track compared to the five country Portland Metro area that the report covers. City inventory is 10.0 months compared to Metro’s 11.3. “West Portland” which includes both SW and closer in NW Portland took a huge hike from 6.7 to 13.1 months. Closed sales for the area dropped from 196 in December to 101 in January. Overall City closed sales dropped from 683 to 428. North Portland has the lowest listing inventory.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/02/RMLS-Listing-Inventory2-e1297897641156.jpg)
**Categories:** Market Activity & Data
**Tags:** Real Estate Listing, Inventory, Real Estate, Portland
---
### [RMLS Market Action January 2011](https://lovejoyrealestate.com/rmls-market-action-january-2011/)
**Published:** February 15, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/02/RMLS-Market-Action-January-2011-INV.jpg)[January 2011 RMLS Market Action](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5879 "RMLS Market Action January 2011") for Portland real estate came out today. There was a sharp spike in inventory to 11.3 months which makes December’s 7.9 months an anomaly in light of the previous month’s inventory levels. Most of the increase can be attributed to a large increase in new listings. I’ll post the City of Portland inventory levels ASAP.
Each month I reiterate that RMLS uses a five county area for Portland Metro compared to Case Shiller that uses the seven county Portland MSA. This month, RMLS also reports the change in average sales price at the county level. Multomah County remained flat in 2010, losing .1% to an average sales price of $285,000.
Clackamas County lost 7.6% for an average sales price of $310,700. Columbia County lost 6.4% ($181,000), Yamhill County 3.5% ($219,400) and Washington County was down 2.3% to $274,900.
Also noteworthy is a sharp drop in average price between December and January to $248,000. We’ll have to wait until this time next month to see if that’s an anomaly as well.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/02/RMLS-Market-Action-January-2011-e1297829858643.jpg)
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action, RMLS, Portland Real Estate
---
### [New HAFA Rules Effective Today to Speed Short Sales](https://lovejoyrealestate.com/new-hafa-rules-effective-today-to-speed-short-sales/)
**Published:** February 1, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/02/iStock_house_snail.jpg)Last week on our [Facebook Page](http://www.facebook.com/portlandrealestateblog "Portland Real Estate Facebook page") we ran a contest asking, “what percentage of listings in Portland are short sales?” The answer is 17.% (and was worth a $15 Starbucks card). New rules go into effect today that should help speed up the short sale process. The rules are effective today, February 1. **It does not apply to mortgages owned or guaranteed by Fannie Mae or Freddie Mac, or insured or guaranteed by a federal agency such as the Federal Housing Administration (FHA).** \[emphisis added after MarketTimer’s comment.\]
- [Is my loan owned by Fannie Mae](http://www.fanniemae.com/loanlookup/ "Is my home owned by Fannie Mae?")?
- [Is my loan owned by Freddie Mac](https://ww3.freddiemac.com/corporate/ "Is my home owned by Freddie Mac?")?
- [Do I have an FHA loan](http://www.ehow.com/how_6030875_do-loan-fha-insured_.html "Is my loan FHA insured?")?
The original source of the following isn’t clear, entering it into Google shows that is has already been reposted in a lot of places.
> Loan servicers will have 30 days to send a borrower a short-sale agreement that includes the list price or acceptable sales proceeds under recent changes made to the Home Affordable Foreclosure Alternatives Program, aimed at distressed borrowers who don’t qualify for other government loan modification programs.
>
> Once a sales contract has been initiated, loan servicers then have 30 days to approve or reject the transaction.
>
> The stricter timelines are believed to help speed up the short sale process, which has faced numerous complaints for how long it takes lenders to review and approve short sales often causing buyers to walk away.
>
> The stricter timelines were apart of several revisions the Treasury Department recently announced to its HAFA program — the second major revision to the program since its launch in 2009.
>
> Another big change: Loan servicers will no longer be restricted on paying second-lien holders, allowing them more freedom particularly when dealing with second-lien holders when borrowers owe less than $100,000. Loan servicers used to be restricted to paying second-lien holders no more than 6 percent of outstanding loan balance (with an overall limit of $6,000) in exchange for releasing subordinate liens. Second-lien holders have been another big obstacle to completing short sale transactions.
**Categories:** Real Estate News & Tips
**Tags:** HAFA, HAFA Rules, Short Sales, Portland Real Estate
---
### [Should I Buy or Sell Real Estate Now?](https://lovejoyrealestate.com/should-i-buy-or-sell-real-estate-now/)
**Published:** January 31, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/01/Interest-Rates.gif)Is now the best time to buy a home? I’m seeing more “buy now” before the market and interest rates climb. From the looks of current interest rates, at around five percent, we may have seen the bottom of that graph. Then again, we thought in April of last year we might be looking a the bottom of the real estate market too but it has continued to decline. For every “buy now,” there is a “you’re nuts if you buy now.”
The Portland Housing Blog forum has a group of readers who have some good analysis and are [firmly in the wait-the-market-out-camp](http://portlandhousing.blogspot.com/2011/01/2011-how-low-will-we-go.html "Portland Housing Blog") and look out if you have anything positive to say. There’s no love lost between them and me (illustrated on page 7 of the [comments](http://js-kit.com/api/static/pop_comments?ref=http%3A%2F%2Fportlandhousing.blogspot.com%2Fsearch&title=Portland%20Housing%20Blog&path=%2F7518302291028662749&standalone=no&scoring=yes&backwards=no&sort=date&thread=yes&permalink=http%3A%2F%2Fjs-kit.com%2Fapi%2Fstatic%2Fpop_comments%3Fref%3Dhttp%253A%252F%252Fportlandhousing.blogspot.com%252Fsearch%26path%3D%252F7518302291028662749&skin=echo&smiles=no&editable=yes&thread-title=Echo&popup-title=Echo&page-title=Portland%20Housing%20Blog "Comments")) so take it for what it is.
Daily Wealth leans the other way with [Now is the Best Time in History to Buy a House.](http://www.dailywealth.com/1615/The-Best-Time-in-History-to-Buy-a-House "Now is the best time in history to buy a house")
The truth probably lies somewhere in between. So do everything you can to educate yourself in light of your own situation. Have a great week.
**Categories:** Real Estate News & Tips
**Tags:** but ans sell, Real Estate, Portland, Portland Real Estate
---
### [Case Shiller November 2010](https://lovejoyrealestate.com/case-shiller-november-2010/)
**Published:** January 27, 2011
**Author:** Charles Turner
**Content:**
Tuesday’s Case Shiller reporting November 2010 was of no surprise: down from the previous month. The Index for Portland is 139.92 which puts the Portland real estate market back where it was in March 2005.
The 139.92 is actually an average of the three price tiers in Portland. For November:
- Low (under $207,443): 144.00
- Middle ($207443 – $300,273): 141.37
- Upper (over $300,273): 137.04
The low tier peaked at 199.87, middle at 186.71 and the high at 180.83- all around July 2007.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/01/Portland-Case-Shiller-Price-Tiers.jpg)
The high tier was nearly 10% below the low tier at the peak and is now 5% below. The middle tier has almost mirrored the average since the Index was reset to 100 in 2000.
**Categories:** Case Shiller Index
**Tags:** Real Estate, Case Shiller, Portland
---
### [Arousing & Provocative Real Estate (PG)](https://lovejoyrealestate.com/arousing-provocative-real-estate-pg/)
**Published:** January 25, 2011
**Author:** Charles Turner
**Content:**
Marketers knows sex sells. Conventions have Booth Babes, a local real estate team had a billboard imitating the Sex in the City girls and I’m sure you could build a tidy little niche in a South Beach type market showing property with a limo or oversized Hummer with hostess. Nonetheless, its not a marketing angle we have adopted. At least 99.9% of you seem to agree. We received a letter from the USPS which begins”
> “We have been furnished a mailpiece containing advertising that you mailed or caused to be mailed to: \[name/address withheld\]. The mailipiece offers to sell matter that the addressee has deemed to be erotically arousing or sexually provocative.”
>
> Under 39 USC 3008, the addressee has requested that a Prohibitory Order be Issued against you, and your agents or assigns, to protect the addressee (and his or her minor children residing with the addressee,who have not attained their 19th birthday), A copy of 39 USC 3008 is attached.
>
> Please be aware that the US Postal Service is required by law to issue this order based on the recipient’s request.This office may not make an Independent assessment of whether the mall piece Is “erotically arousing or sexually provocative,'” This is left up to the sole discretion of the customer.”
This looks like pretty serious stuff. My first reaction was “what on earth did we send out and how?” Then I turned to the second page of the letter:
[](https://lovejoyrealestate.com/wp-content/uploads/2011/01/Alph-front.jpg)[](https://lovejoyrealestate.com/wp-content/uploads/2011/01/Alph-back.jpg)
Click-on either image to enlarge (no pun intended).
That’s when I started to laugh. Really? The same copy ran in our [NW Examiner ad (pg 18 of 16mb pdf).](http://www.nwexaminer.com/issues/xEarlierIssues/01January2011.pdf "NW Examiner Jan Issue PDF") Then I started to get mad. Rather than a polite call to opt out of our mailing list he uses a system designed to protect children from receiving porn in the mail by having the post office issue a “prohibitory order.” It seems like abuse of the system. Consumer Affairs at the Post Office tended to agree with me and will investigate if I send the documentation. I doubt I will, just the thought of him explaining what about it “was erotically arousing or sexually provocative” to a USPS worker is enough. And on the bright side? I know at least one person is reading my marketing.
You can read [more about the property](http://www.2415NWLovejoy.com "2415 NW Lovejoy St.") or visit the open house this Saturday from 1-4.
**Categories:** Real Estate News & Tips
**Tags:** Portland Post Office, Post Cards, Prohibitory order, Provocative Real Estate, Real estate marketing, USPS, Real Estate
---
### [Portland 2010-2011 Remodeling Cost Versus Value](https://lovejoyrealestate.com/portland-2010-2011-remodeling-cost-versus-value/)
**Published:** January 24, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/01/Harrison-Plaid-Wall-small.jpg)I've used this picture before but it is still one of my favorites. We painted it out the day after closing.Each year the National Association of Realtors, in conjunction with Hanley Wood, LLC, produces the Remodeling 2010-11 Cost vs. Value Report. If you dig a little into the site you can get regional reports and even city reports: [Portland’s is here](http://www.remodeling.hw.net/2010/costvsvalue/division/pacific/city/portland--or.aspx "Portland Cost Versus Value Remodeling Report"). It’s important to note that this reports uses the same seven county MSA that the Case Shiller Index uses. It’s a big geographic area, more than 140 miles from corner to corner. The punchline in the report: any project undertaken does not return your money. Why would a remodeling-based enterprise publish a glossy report highlighting that? They don’t. You have to read a little deeper to see “[what the numbers mean](http://www.remodeling.hw.net/2010/costvsvalue/article/whatnumbersmean.aspx "Cost Versus Value explanation"):”
> The Cost vs. Value Report provides an accurate snapshot of the national housing market, but it cannot be applied accurately to an individual remodeling project for a particular address. Resale value is one factor among many that a homeowner must take into account when making the decision to remodel. At the local level, the best course of action is to obtain construction cost estimates from reputable local remodelers and to talk with an experienced Realtor about home prices in the neighborhood.
We often talk with our clients about how their home fits into the neighborhood. Are their major detractors to the home that need to be brought up to neighborhood standards and the standards of properties on the market that would be considered competition? Making the hot pink house “Realtor beige” probably has a higher return than turning the slightly faded blue house “Realtor beige.” After a day of showing properties you don’t want your property to be referred to as “the cat piss house” as we had one buyer describe one of the properties we had looked at.
You’ve also got to consider if it is a remodel for yourself that you are going to use for some time or a remodel for a potential buyer now. Buyer’s want fewer projects and aren’t into sweat equity as they were a few years ago (a topic unto itself) but you have to be mainstream enough to appeal to a buyer you don’t yet know. The slot for your custom widget isn’t so cool if you plan on taking the widget with you when you sell.
\*\*\*The data from the report is copyrighted and cannot be reposted here, I asked through their permission link and was denied. Whatever might need to be cited is Copyright 2010 Hanley Wood LLC Reprinted by permission and their website is www.costvalue.com.
**Categories:** Real Estate News & Tips
**Tags:** Hanley Wood, LLC, national association of realtor, Remodeling Cos, remodeling Value, Portland
---
### [FHA Financing and Condos](https://lovejoyrealestate.com/fha-financing-and-condos/)
**Published:** January 20, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/01/S-Waterfront-from-Willamette-Atwater1.jpg)Perhaps the biggest advantage of FHA financing over conventional financing is the ability to put as little as 3.5% down. Compare that to a “standard” 20% conventional loan and it is easy to see how the buyer pool changes. The rates are typically a little higher and you have to carry mortgage insurance with an FHA loan so talk to you mortgage broker about the finer details when comparing loans.
Single family homes qualify for FHA loans individually. Condos qualify as an HOA/entire complex. Spot approvals, where a single unit could be approved have gone away with stricter lending rules. That approval needs to be in place before a buyer writes an offer.
Of the local condo towers, a surprising few are currently approved. You can use the HUD website to look up [whether a specific condos is FHA approve](https://entp.hud.gov/idapp/html/condlook.cfm "HUD FHA Condo Lookup")d. Atwater Place sent out and email yesterday with news of their approval. In the Pearl (I used “Oregon” & “97209” as the search criteria) there are 12 condos listed:
- Atwater Place- wait, Atwater Place is in the South Waterfront 97239 zip code. Yes it is. This highlights the fact that the HUD list is not always accurate and that if you are looking for a specific building try searching different ways if you are not finding it.
- Avenue Lofts
- Carlton Court
- Civic Condominiums
- Elizabeth Lofts Condominiums
- Flanders Lofts
- Lexis Condominiums
- North Park Lofts
- Old Town Lofts Condominiums
- Royal Arms
- The Encore Condominiums
- Vintage Rose Condominiums (eight units on NW Overton)
The John Ross shows in the 97239 search but Atwater Place is missing. The Meriwether is not listed. All 105 units of the Westerly in Northwest Portland’s 97210 are FHA approved. When running the search for “Portland” there are 133 buildings on the FHA approved list.
If you live in a condo and your building is not on the list it behooves you and your neighbors to find out why. Start with your HOA and management company. There are some condos that have fallen of the list because they did not meet requirements.
**Categories:** Real Estate News & Tips
**Tags:** condos for sale, FHA Financing, Real Estate, Portland
---
### [RMLS Market Action December 2010](https://lovejoyrealestate.com/rmls-market-action-december-2010/)
**Published:** January 15, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/01/RMLS-Metro-Inventory.jpg)[December 2010 RMLS Market Action](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5811 "RMLS Market Action December 2010") for the Portland real estate market came out yesterday afternoon. Portland had a rough year but that may have laid the foundation for a stronger 2011. The median sales price is down 2.9% and the average sales price is down 2.7% for the year. Days on market also dropped 6.6% which is a positive.
The report shows that listing inventory in the metro area dropped from 10.2 to 7.9 months. In the last three years inventory got as high as 19.2 months but never lower than 7.0.
In April of this year I started tracking a more local “Portland city” inventory. Whereas RMLS reports inventory for the metro area which includes five counties my breakdown is for each of the [five RMLS areas](https://lovejoyrealestate.com/files/prices-mapped-l.jpg "RMLS Area Map (April 2009 median sales prices shown)") that make up the city of Portland. Since April, Portland city inventory has averaged 1.3 months less than Portland metro inventory. In only four (8%) instances was a local area’s inventory higher than the metro inventory for that month.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/01/RMLS-Listing-Inventory.jpg)
The “industry standard” has been that inventory below six months is a “seller’s market” and inventory about six months is a “buyer’s market.” I think we’ll see a new normal where that number is closer to five months but for now Portland city inventory at 6.2 months shows what would be traditionally considered a neutral market. December’s city/metro inventory variance is the largest (1.7 months) we have seen since April.
[](https://lovejoyrealestate.com/wp-content/uploads/2011/01/RMLS-Market-Action-December-2010-Highlights.jpg)
**Categories:** Market Activity & Data
**Tags:** RMLS Market Action, houses for sale, Real Estate Transactions
---
### [Mortgage Interest Rates Tick Up](https://lovejoyrealestate.com/mortgage-interest-rates-tick-up/)
**Published:** January 10, 2011
**Author:** Charles Turner
**Content:**
I wasn’t a Realtor when interest rates were in double digits and we’re a long way from that now but rates do matter. In January of 2010 a 30 year mortgage was quoted at 4.75% for a qualified buyer. In November, it was 4.25% and today is back to 4.75% (note that these are base rates and do not include points or fees).
[](https://lovejoyrealestate.com/wp-content/uploads/2011/01/30-Year-Mortgage-Payments.jpg)
That .5% equates to $29 a month for every $100,000 borrowed or $348 per year. The median price of a Portland home in 2010 was $240,000 according to December’s RMLS Market Action. The purchase with 20% down (borrowing $200k) the payment goes up $60 from $1013 to $1063. If you don’t have a use for $720 a year, send it this way.
We heard a lot a few years ago about “historic low interest rates” and then they got even lower last year. A half point isn’t a huge change but note that a $400,000 loan at 4% has a about the same monthly payment as a $300,000 loan at 6.5%.
**Categories:** Real Estate News & Tips
**Tags:** mortgage payments, Interest Rates, Mortgage Interest Rates, Mortgage, RMLS
---
### [Happy New Years and Happy Birthday](https://lovejoyrealestate.com/happy-new-years-and-happy-birthday-2/)
**Published:** January 3, 2011
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/01/iStock_000012708588XSmall.jpg)Today is the first business day of 2011 but we have already been busy with showings, offers and open houses. We’re looking forward to building on 2010 which was our most successful year to date. We’re now the Turner Realtors Team, Inc. at Prudential Northwest Properties Incorporating our business is the next logical step as we grow.
Not every moment of 2010 was perfect; some of it was tragic. We had a seller eventually lose their home to foreclosure after a buyer who signed closing documents on Friday for a Monday recording died over the weekend. Another client’s dreams are on hold after the buyer of the home failed to qualify in final underwriting. They were packed and ready to move into their new home. We’ll work through the second issue but the first is over. Real estate always comes down to the final written word, not what is said or promised.
The Portland Real Estate Blog turned six on Saturday. 903 posts ago I wrote a description of who we are. The blog remains what I hope is a source of information and education about the Portland real estate market for both the public and Realtors alike. This isn’t the place to find out about local farmers markets, high school football schedules or ski conditions; all important things but not proper Portland Real Estate Blog material.
To that end, I’m not resolving to write x number of posts per week or month. I’ve been at this long enough to know that writing when there is something interesting to say is better than writing to appease the Google gods. If I have something to say or that is important I’ll say it (which reminds me: today is the last day to appeal your Multnomah County property taxes).
Our [Facebook](http://www.facebook.com/portlandrealestateblog "Portland Real Estate Blog Facebook Fan Page") page continues to grow at a slow but steady rate. Again, I’m not concerned with the number of fans we have- quality over quantity. I’m more likely to post a real estate tidbit over there than creating a post here.
Have a great New Year!
**Categories:** Real Estate News & Tips
**Tags:** Prudential Northwest Properties, turner realtors team, Open houses, properties, Portland Real Estate
---
### [Bed and Breakfast in Portland](https://lovejoyrealestate.com/bed-and-breakfast-in-portland/)
**Published:** December 29, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/12/DSC_0001.jpg)Our listing at [2415 NW Lovejoy Street](http://2415nwlovejoy.com/ "2415 NW Lovejoy St.") is nearly 8000 square feet including the basement and has seven bedrooms. During a recent open house I was asked, “what about turning it into a bed and breakfast?”
The City of Portland has an answer for that: [a permit is required](http://www.portlandonline.com/BDS/index.cfm?c=49411 "City of Portland Bed and Breakfast Permit Requirements"). A buyer purchasing a property that they intend to use as a bed and breakfast would want to write that permit approval is a contingency of the sale. It’s a process that the buyer would have to go through at their expense and time. In part (I added the emphasis):
> \[Portland’s\] building code distinguishes between residences with “transient” residents versus “permanent” residents. **This means that a bed and breakfast with a single guest room is actually no longer classified as a single family residence, but rather as a hotel**. Through the building code appeals process, it may be possible to convert a house to a bed and breakfast without meeting all of the requirements for a new hotel, so long as the b & b operation doesn’t include renting space out for parties, weddings, receptions, meetings or similar uses.
>
> The appeal will look at whether the existing house meets basic life safety conditions such as required escape windows from bedrooms. If the appeal is granted, hard wired interconnected smoke alarms will be required. The appeal will specifically limit the bed and breakfast to five or fewer for-rent guest rooms, with no more than ten guests all together. And the appeal will require that the building owner record a covenant that enforces the five guest room/ten guest limit. For more information, speak to a Life Safety reviewer at 503 823-1456 or visit the Development Services Center.
The process isn’t an “over the counter” permit which means that you will not walk in and out in one day with an approval in hand.
**Categories:** Real Estate News & Tips
**Tags:** Bed and Breakfast, Building Permits, Open houses, city of portland, Real Estate, Portland
---
### [Case Shiller October 2010. Ouch.](https://lovejoyrealestate.com/case-shiller-october-2010-ouch/)
**Published:** December 28, 2010
**Author:** Charles Turner
**Content:**
I titled last month’s Case Shiller report, “Reasons Fear and Optimism.” The Portland real estate market didn’t fare well in October according to the [report released this morning](http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&blobcol=urldocumentfile&blobtable=SPComSecureDocument&blobheadervalue2=inline%3B+filename%3Ddownload.pdf&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobkey=id&blobheadername1=content-type&blobwhere=1245281640766&blobheadervalue3=abinary%3B+charset%3DUTF-8&blobnocache=true "Case Shiller Report October 2010"):
> While the composite housing prices are still above their spring 2009 lows, six markets – Atlanta, Charlotte, Miami, Portland (OR), Seattle and Tampa – hit their lowest levels since home prices started to fall in 2006 and 2007, meaning that average home prices in those markets have fallen beyond the recent lows seen in most other markets in the spring of 2009.
Whereas Portland held out in the top three as the national market started to dive (with Seattle and Charlotte). Our city has fallen into the bottom tier with this month’s report. Today’s pricing is roughly the same as April 2005 for the Portland MSA which is the seven county area used to calculate the Case Shiller Index. David Blitzer doesn’t mince words:
> “The double-dip is almost here, as six cities set new lows for the period since the 2006 peaks. There is no good news in October’s report. Home prices across the country continue to fall.” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “The trends we have seen over the past few months have not changed. The tax incentives are over and the national economy remained lackluster in October, the month covered by these data. Existing homes sales and housing starts have been reported for both October and November, and neither is giving any sense of optimism. On a year-over-year basis, sales are down more than 25% and the months’ supply of unsold homes is about 50% above where it was during the same months of last year *\[Portland’s inventory was 10.7 in October compared to 6.5 months in October 2009\]*. Housing starts are still hovering near 30-year lows. While delinquency rates might have seen some recent improvement, it is only on a relative basis. They are still well above their historic averages, in both the prime and sub-prime markets.
What it means for buyers: you have to weigh where the bottom is for the market and interest rates.
As a seller: you have to pay attention to the market feedback. Doing nothing is the worst possible scenario if your feedback is that the property is over-priced. A house that was over-priced yesterday will be more over-priced tomorrow. You have to get in front of the market price or you will never catch it.
The market determines price. Not you, me, or even the appraiser. It is the price a capable buyer is willing to pay and a seller is willing to sell for.
**Categories:** Case Shiller Index
**Tags:** Real Estate, Case Shiller, Portland
---
### [John Ross Sells Out](https://lovejoyrealestate.com/john-ross-sells-out/)
**Published:** December 20, 2010
**Author:** Charles Turner
**Content:**
I just received an email from the sales team at the John Ross in the South Waterfront. The units are sold out. There are six resale units listed in RMLS. It’s taken five years to sell through the 303 units. Back in September of 2005 I wrote about who the buyer’s of the John Ross were according to an Oregonian article. After two weeks on market more than 200 units had sold. Then the market turned. A great many of those deals didn’t close and the John Ross developers were amongst a few that said they were going to enforce earnest money deposits. I never heard any follow up about how that turned out.
I randomly picked one unit from RMLS that was listed July 5th 2005 for $559,000. It closed for $299,000.
The Atwater still has an active sales office in the South Waterfront and the Encore and 937 are also open for business. We’ve worked with buyers in both of the Pearl District complexes this year.
**Categories:** New Construction Complexes
**Tags:** John Ross, earnest money deposits, John Ross developers, Sells Out, RMLS
---
### [RMLS Market Action November 2010](https://lovejoyrealestate.com/rmls-market-action-november-2010/)
**Published:** December 17, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/12/RMLS-Market-Action-November-Inventory-2010.jpg)As mentioned on our [Facebook](http://www.facebook.com/portlandrealestateblog "Portland Real Estate Blog Facebook page") page, I held off on posting the latest RMLS Market Action report yesterday so that I could get some clarification on the numbers being reported. Inventory is down to 10.2 months. It’s worth noting that in both 2008 and 2009 inventory climbed between October and November.
This month’s report says, “*The average sale price for November 2010 declined 0.5% compared to November 2009. The
median sale price also fell 2.5%.”* That is in contrast to the November 2009 report which said, “*The average sale price for
November 2009 was down 11.4% compared to November 2008, while
the median sale price declined 9.8%.”* In many respects we’ve seen improvement over 2009 but 2010 has still been a struggle for many. Accurate home pricing is important as ever and we’re seeing sellers taking their cues more from feedback and market conditions.
What will 2011 bring? My personal opinion is that the market will remain mostly flat. There may be some ups and downs but interest rates will be key in getting the market moving along with the creation of jobs and improved consumer confidence. If any of those go the wrong direction the real estate market is going to struggle. There will continue to be some great opportunities for some in this market. Others may want to sit on the sidelines and wait for their confidence to increase. The passage of a new [tax bill](http://www.cnn.com/2010/POLITICS/12/17/tax.deal/index.html?hpt=T1 "Tax Bill Passes") is the first step.
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action, houses for sale, Real Estate Transactions
---
### [Oregon Homeownership Stabilization Initiative](https://lovejoyrealestate.com/oregon-homeownership-stabilization-initiative/)
**Published:** December 8, 2010
**Author:** Charles Turner
**Content:**
[](http://www.oregonhomeownerhelp.org/)Apply December 10th!Some relief may be coming to Oregon residents that are having a hard time paying their mortgage because of a reduction of income through unemployment or a reduction in employment. The [Oregon Homeownership Stabilization Initiative](http://www.oregonhomeownerhelp.org/ "Oregon Homeownership Stabilization Initiative") (OHSI) application window begins on Friday, December 10th.
Oregon has $100,000,000 to spend through the program. The [OHSI FAQ ](http://www.oregonhomeownerhelp.org/en/faq "Oregon Homeownership Stabilization Initiative FAQ")page goes into the details of how the funds may or may not have to be paid back in certain situations. Most importantly, just because you qualify doesn’t mean you will receive the benefit. Once the application window closes a month later,*“The state will conduct a random drawing to choose who will get help. The program is not first come, first serve.”*
Qualifying for the program does not guarantee that you will get assistance and the qualification will be different for each household as evidenced by the two versions I used on the eligibility test. The income qualifications per household size are listed on the [FAQs](http://www.oregonhomeownerhelp.org/en/faq "Oregon Homeownership Stabilization Initiative FAQ"):
[](https://lovejoyrealestate.com/wp-content/uploads/2010/12/Stabilization-Initiative-Yes.jpg)
Changing the number of people that live in the house from four to five people changes the eligibility. There are 10 total questions on the test.[](https://lovejoyrealestate.com/wp-content/uploads/2010/12/Stabilization-Initiative-No.jpg)You would not qualify if you owned a second residential property according to question #7 or if you live in a condo or townhouse according to question #8. Even if you fail the eligibility test you can still apply so even if you think you don’t qualify but would benefit from the program you should do your homework. For those that qualify, we hope you win in the random drawing.
**Categories:** Real Estate News & Tips
**Tags:** homeownership, Stabilization Initiative, Oregon, Portland Real Estate
---
### [Case Shiller September 2010- Reason for Fear and Optimism](https://lovejoyrealestate.com/case-shiller-september-2010-reason-for-fear-and-optimism/)
**Published:** November 30, 2010
**Author:** Charles Turner
**Content:**
Portland’s Case Shiller Index for September 2010 took a 1.9% hit from August and is now at 144.30, May 2005 levels. The index is down 3.6% since September 2009. On a national basis the Composite 10 Index was down .5% for the month but up 1.6% in the last 12 months. The Composite 20 Index was down .7% for the month and is up .6% since September 2009. The Composite 10’s 161.25 matches December 2003 and the 20’s 147.49 lines up at about October 2003.
The Case Shiller Index has a two month lag time and uses the seven county Portland MSA area.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/11/Case-Shiller-September-2010.jpg)
Some subscribe to the theory that Portland is a year late to the party. If Portland regresses another year’s worth, the Index would be 126.56. I don’t personally subscribe to that as the rapid decline has leveled off but there is reason for concern. I think there may be some up and downs but I don’t see a double digit drop from here. If we’re a year late to the party we should see a small increase in the next 12 months according to the Composites.
It highlights the importance of accurately pricing a listing. A listing today is potentially more overpriced tomorrow. In an appreciating market, the property value eventually catches the overpriced listing. In a declining market the problem is exasperated. Hypothetically, a home that was listed for $500,000 in September 2009 but would have been accurately priced at $475,000 is accurately priced at $462,175 today with no other factors taken into consideration.
Buyers are potentially looking at close to the bottom of the market but we can’t judge that until time passes and we are looking at now as the past. Portland lost 3.6% in the previous 12 months but lost 11.7% in the 12 months preceding that so the decline has slowed and even increased some months during the year.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/11/Case-Shiller-September-2010-Longterm.jpg)
**Categories:** Case Shiller Index
**Tags:** Real Estate, Case Shiller, Portland
---
### [The Pros and Cons of Listing in Winter](https://lovejoyrealestate.com/the-pros-and-cons-of-listing-in-winter/)
**Published:** November 25, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/11/iStock_000011707007XSmall2.jpg)Let’s start by wishing everyone a Happy Thanksgiving.
It looks like the Thanksgiving holiday is a one-day event in real estate this year. We have three listing appointments on Friday. Why would you list a property for sale during the holiday season? Why would you wait? We’re not looking at interest rates or market conditions in this story.
For starters, buyers during the winter months are usually more serious as a group. Running between a car and the front door in the pouring rain and dark to view a house with the heat turned off isn’t a lot of fun. After a few houses it becomes a chore so its a clear indication that they are committed to finding a home. It might as well be your home they find.
The decision should be easier with a vacant house. A showing of a vacant property will not interrupt festivities or the half hour you had to wrap the presents while your kids are out with your spouse. You’ve got monthly holding cost regardless of whether the home is listed or not. We do recommend keeping the heat at a comfortable level; not living temperature but at least warm enough where the buyer is likely to linger and not want to bolt for the car because it is warmer outside in the miserable weather than it is inside. There also needs to be enough lighting that no one kills themselves trying to get to the front door so there are some extra utility costs involved during the winter months. We’re considering a seller owned sale, not a bank owned property. We want to stand out, not blend in with those properties.
As a seller in this market you’ve got to be willing to have your house shown when that call comes in and it might not be with that much notice. That can be a real pain. I’m not saying that you have to stop the prep for your dinner party for 16 in three hours but you do need to work with the buyer’s agent to get them in the door. Agents understand (at least deep inside) that your world does not revolve around them but they are also the bridge to connect you with the buyer so that you can move on with the next stage of your lives. Working with them to get the buyer in is a lot more productive than blowing them off.
Try to “live in it like it is listed” for a week or two. That means that each time you walk out the door the house is ready to show? You don’t need to leave all the lights on or take the dog with you. The idea is that you could run home, turn on the lights and pick up the dog without needing time to clean. Try it. If you’re like most of us it’s harder than it sounds and even harder during the holidays. If you can’t do it you might want to wait until after the holidays.
During winter months buyers are more likely to overlook less than perfect landscaping. If you have a stellar yard that blooms in the spring that’s a consideration. If you have a yard that needs work you’re going to need to do a more through clean up in the spring than now. Curb appeal matters more in the spring and summer.
With a vacant property, we usually recommend listing it as soon a s the property is ready to be on the market. Real estate slows in winter but doesn’t stop. People often have more time off or are in town for vacations during the holidays. If you’re holding the property vacant and off the market you either have the utility costs to hold it safely or need to winterize.
If you live in the property you need to consider your lifestyle. It is easier to step outside and go for a walk in the nicer weather months when you house is being shown.
An accurately priced and marketed home will sell at any time of year in any type of market. If you are ready and committed to selling, go for it. You might not be able to paint now but the price will reflect that.
There has to be some consideration to the fact that inventory is usually higher in the winter but that is usually not because the number of listings increases but the rate of sales decreases. This in turn may result in more days on market. Talk with us or your trusted real estate professional about what your goals are and make the decision that makes the most sense for you.
**Categories:** Real Estate News & Tips
**Tags:** market sale, real etate, Portland
---
### [Multnomah County Foreclosure Auction](https://lovejoyrealestate.com/multnomah-county-foreclosure-auction/)
**Published:** November 19, 2010
**Author:** Charles Turner
**Content:**
There are 74 homes in Multnomah County coming up for sale at auction next week. The combined unpaid balance on the loans is $15,764,16.
- 13 were foreclosed on by Wells Fargo
- 19 were foreclosed on by [Mortgage Electronic Registration](http://www.mersinc.org/ "Mortgage Electronic Registration")\*
- 5 were foreclosed on by Bank of America
- 3 have NW addresses
- The average unpaid balance is $213,029
- The highest unpaid balance is $1,564,197
- The lowest unpaid balance is $51,485
- All 74 were foreclosed on in July
- The average length of ownership was just under six years
- The majority do not list the interest rate of the first mortgage. Of those that do, most are in the sixes. The highest was 8.64%
- Rates today on a 30 year fixed are around 4.25%
The list does bring up the question of the oft stated “shadow market” of houses that banks are rumored to be holding onto for the right moment to sell. From the looks of the list, 90 days pass and they send them to market. Banks aren’t in the business of being homeowners. It also serves as notice that banks aren’t holding off on foreclosure sales in the Portland market.
\* “MERS is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked. Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.” MERS becomes the owner of record but the underlying bank can sell the mortgage to another company without it going through tax records.
**Categories:** Real Estate News & Tips
**Tags:** Auction, Foreclosure Auction, Multnomah County
---
### [October 2010 RMLS Market Action](https://lovejoyrealestate.com/october-2010-rmls-market-action/)
**Published:** November 16, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/11/RMLS-Portland-October-Inventory.jpg)You’ll have to look pretty hard for good news in the October 2010 RMLS Market Action. One bright spot is that there is an increase in the number of closed transaction through October 2010 compared to 2009. This is coupled with a decrease in the number of pending transactions. It means that fewer transactions are failing in escrow which is important and may show a measure of increased confidence in the housing market. It could also be a sign that buyers were so afraid of losing the home buyer tax credit that they settled on something they would have passed on otherwise.
The other reason to perk up is if you are a buyer. Prices are down 2.4% from this time last year. This has pushed the Affordability Index to the highest it has been since 2004. We discussed Portland housing affordability a little last week. As a buyer you have to decide whether you think the market is bottoming out, going to slide more or increase and then do the same for interest rates. As a seller who is selling and then buying you might consider the purchase and sale as one transaction. You’ll sell at a lower price, and quite possible forego a higher interest rate, for a purchase at a lower price and most likely a lower rate. It’s best for upsizers.
The rest of the [news isn’t so good](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5700 "RMLS Market Action Report for Portland Metro"). Closed sales are down 35.7% when compared to October of 2009 and the average sales price dropped 1.1%. Inventory bumped up a little but has been pretty flat over the last few months. There were 13,101 active listings at then of the October 2009 comapred to 13,805 homes for sale today.
We’ll take a closer look at the City of Portland inventory later in the week.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/11/RMLS-Market-Action-October-2010.jpg)
**Categories:** Market Activity & Data
**Tags:** Regional Multiple Listing Service, Portland homes for sale, RMLS Market Action, Short Sale, Bank Owned, RMLS, Real Estate, Portland
---
### [Serious Sunday Real Estate Humor, sort of.](https://lovejoyrealestate.com/serious-sunday-real-estate-humor-sort-of/)
**Published:** November 14, 2010
**Author:** Charles Turner
**Content:**
There have been some pretty funny text to video movies produced for real estate over last few months. From a sarcastic view of the short sale process to some outright profane conversations between an agent and their potential client.
Can text to video be used with a more serious real estate application? Regular readers will recognize the content of the video, it’s a replication of the post I wrote on heat oil tanks last week.
This is the first attempt at using the product so we’d love your feedback.
**Categories:** Real Estate Humor
**Tags:** Real Estate Humor, Serious Sunday Real Estate Humor
---
### [Portland Mortgage Credit Certificate (MCC) Better than Buyer Tax Credit?](https://lovejoyrealestate.com/portland-mortgage-credit-certificate-mcc-better-than-buyer-tax-credit/)
**Published:** November 11, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/11/irs.jpg)The [Portland Housing Bureau](http://www.portlandonline.com/phb/ "Portland Housing Bureau") runs a program called the [Mortgage Credit Certificate](http://www.portlandonline.com/phb/index.cfm?c=52752 "Portland Mortgage Credit Certificate") which “is a IRS-approved tax credit, which reduces their federal income taxes owed as long as they keep the loan and continuously occupy the home as their principal residence.”
Disclaimer: this post is not tax advice, consult a tax professional and MMC approved lender if you have questions about your own qualifications. Interestingly, there is training for approved lenders but no Realtor training for the program.
The example given on the [Mortgage Credit Certificate fact page](http://efiles.ci.portland.or.us/webdrawer/rec/3927219/view "MCC Fact Page (PDF)") saves the taxpayer $3000 a year by claiming 20% of the mortgage interest paid annually. Not everyone or every property qualifies and there is a $675 fee at closing and the borrow must take a class through the Portland Housing Center:
> #### **Eligible Homebuyer**
>
> - First-time homebuyer, which is defined as not having owned a home in the past three years; this rule is waived if the property is located in a “[MCC Target Area](http://efiles.ci.portland.or.us/webdrawer/rec/3899799/view "MCC Target Area Map")” (PDF)
> - Annual borrower and co-borrower income limits are as follows:
> 1-2 Persons-$71,200
> 3 or more persons-$81,880
> - Must meet first mortgage lender’s criteria for underwriting, credit and down payment requirements with an approved MCC lender
> - Must occupy property as “principal residence” within 60 days of the purchasing the home
> - Must complete a HUD-Certified homebuyer education course prior to loan closing
>
> #### **Eligible Property**
>
> - Must be located within the Portland city limits (verify eligibility on [www.PortlandMaps.com](http://www.portlandmaps.com/))
> - Must remain owner-occupied to be eligible to continue taking the credit
> - Single-family units only, including condos and town homes
>
> - Maximum purchase price – $454,909 city-wide
The MCC Lender page states that: “As a key part of delivering the program, the participating lenders have agreed to aggressively market the program to people of color and help PHB address the minority homeownership gap.” The Oregonian[ profiled a couple that used the program](http://blog.oregonlive.com/homes-rentals/2010/11/mortgage_credit_cerificate_pro.html "Oregonian article on MCC") in Sunday’s paper.
Also beware that there is a recapture system for paying money back under certain circumstance and part of the documentation is the [Notice of Method to Compute Recapture](http://efiles.ci.portland.or.us/webdrawer/rec/3896428/view "Notice of Method to Compute Recapture"):
> If the buyer sells or otherwise disposes of the home with which the buyer received an MCC during the nine years after purchase, all or part of this benefit may be “recaptured.” The recapture is accomplished by an increase in the homeowner’s federal income tax for the year in which the home is sold. The recapture only applies, however, if the home is sold at a gain
> and if the homeowner’s income has increased above specified levels.
The Oregonian article does not mention recapture. In the article Jon C. Gail underscores the program is aimed a bringing diversity to homeownership:
> Since it began in 2008, the program has approved MCCs for 158 homebuyers and has funding available for 123 more, said Jon C. Gail, the bureau’s senior community outreach and info representative. Once those funds are gone, he expects the bureau to apply for more.
>
> About 82 percent of the buyers so far have been young, single borrowers. While the program aims to help anyone who aspires to homeownership, a goal is to encourage more minorities to buy homes, said Gail. There’s a wide gap in homeownership in Portland, he noted. While 60 percent of whites live in owner-occupied homes, the percentage drops to 33.2 percent for African-Americans and 38.7 percent for Hispanics. The program’s target is to award 35 percent of the MCCs to homebuyers of color.
So, like all things housing, do your homework and see if this is something that can help you in your situation.
**Categories:** Real Estate News & Tips
**Tags:** Mortgage Credit Certificate, Portland Housing Bureau, Portland Mortgage Credit Certificate
---
### [Portland Housing Affordability](https://lovejoyrealestate.com/portland-housing-affordability/)
**Published:** November 9, 2010
**Author:** Charles Turner
**Content:**
The comments from my August Case Shiller post is the root of today’s post about Portland housing affordability. The basic question: is Portland (and has it been) affordable? According to the Case Shiller report, Portland housing prices have dropped to July 2005 prices. Meanwhile, the Affordability Index has hit about the same level as September 2004 (note that Case Shiller and RMLS have different definitions of “Portland Metro.” July’s issue of RMLS Market Action was the last month to include the affordability graph.
The National Association of Realtors (NAR) reports their [Housing Affordability Index](http://www.realtor.org/research/research/housinginx "Link to get most current NAR Housing Affordability Graph") monthly. [September’s report ](http://www.realtor.org/wps/wcm/connect/56e06000447b66b9aba1ff830ed934e2/REL1009A.pdf?MOD=AJPERES&CACHEID=56e06000447b66b9aba1ff830ed934e2 "NAR Housing Affordability Index")show the West’s Index is 148.2 which is about the same as Portland (Midwest is 221.5). The report is newer than the graph below but provides some measure of comparison.
I don’t think the graphs can answer the question though- they serve as a yardstick. It’s no different than the “Buy Now” concept. For some, it is a great time to buy. Affordability is equally subjective and individualized. Most lenders will impose a debt to income ratio of 45% (some may not). If you’ve got other debt such as car, credit card, student loan payments those all count against what you can actually afford in housing. We’re also seeing more and more people choosing to take on less than what they can afford. Less debt = less risk (and hopefully more savings).
[](https://lovejoyrealestate.com/wp-content/uploads/2010/11/Portland-Housing-Affordability-small.jpg)Source: RMLS Market Action July 2010The comments from my [August Case Shiller](../realestate/2010/10/portland-real-estate-case-shiller-report-august-2010.html "August 2010 Case Shiller Report post") post is the root of today’s post about Portland housing affordability.
**Categories:** Real Estate News & Tips
**Tags:** Affordable Houses in Portland, Portland Housing Affordability
---
### [Do You Have A Heating Oil Tank?](https://lovejoyrealestate.com/do-you-have-a-heating-oil-tank/)
**Published:** November 3, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/11/DSC_93951.jpg)Is there an in-ground oil tank in your yard? You don’t care because you don’t plan on selling anytime soon and you don’t want to know the answer because you’ll be required to clean it up if there is an issue. MISTAKE.
Most tanks were left in place when the owner switched to natural gas or other heating methods. Those tanks, even if they were “empty” still have the dregs of oil in them. Over time, metal rusts and in the end starts to look like Swiss cheese. In this case, the tank had completely drained and found ground water. What would have been a roughly $700 decommissioning became a five-figure project.
Where do you start? If you live in Portland, [PortlandMaps](http://www.portlandmaps.com "Portland Maps") has most of the historic oil tank permits online. Enter your address and click on the “historic permits” tab. Keep in mind that it is not the definitive answer. If there is copper piping in the basement floor or a cap in the street it is a pretty compelling sign that there was a tank at some point. The question then becomes whether the tank was above ground or below?
If you know there was a tank on the property DEQ can verify whether or not they have records of decommissioning. Companies, such as [Alpha Environmental](http://www.alphaenvironmental.net/) who did the project above, can do soil samples, tank locates and research involving the tank too. The DEQ also has a resource page for their [Heat Oil Tank program.](http://www.deq.state.or.us/lq/tanks/hot/homeowners.htm "DEQ HOT oil tank program")
There’s no doubt that you could be opening a can of worms but the sooner you address it the better the bad is likely to be.
**Categories:** Real Estate News & Tips
**Tags:** Do You Have A Heating Oil Tank, Oil Tank Heating Problem
---
### [Portland Real Estate Case Shiller Report August 2010](https://lovejoyrealestate.com/portland-real-estate-case-shiller-report-august-2010/)
**Published:** October 26, 2010
**Author:** Charles Turner
**Content:**
Portland, along with 16 of the other 20 areas tracked by the [S&P’s Case Shiller report](http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=SPUSA-CASHPIDFF--P-US---- "Case Shiller Index"), slid in August to 147.2. The drop of about a point still leaves Portland at roughly June 2005 pricing and almost at the same level as the 20 City Composite Index which is at October 2003 levels. Portland has lost 39.49 points since its peak in August of 2007 compared to the 10 City Composite Index which has lost 64.16 points since its peak in July 2006.
The Case Shiller Index measures “Portland Real Estate” as the [seven county Portland MSA](#wiki/Portland_metropolitan_area "Wikipedia Portland MSA") that includes Yamhill County to the South and Clark and Skamania Counties in SW Washington. It is a bigger area than reported by RMLS.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/10/Case-Shiller-Portland-August-2010.jpg)
Portland’s rapid slide flattened around April of 2009. Since that time, the Index has never dropped below 143 or climbed above 151 and has averaged 147.96. We’ll have to watch the local media reports to see how they spin the report but overall I’d call the market “flat.”
**Categories:** Real Estate News & Tips
**Tags:** Case Shiller Report, Portland Real Estate
---
### [Portland Real Estate Property Taxes](https://lovejoyrealestate.com/portland-real-estate-property-taxes/)
**Published:** October 22, 2010
**Author:** Charles Turner
**Content:**
If you own property in Multnomah County you’ve probably got mail today: your property tax bill. The bill includes the [2010-2011 Property Tax Statement Guide](http://web.multco.us/assessment-taxation/2010-2011-property-tax-statement-guide "Multnomah County Property Tax Statement Guide"). The bills come in two colors: green and yellow. Ultimately you are responsible that the taxes get paid regardless of color but “a yellow statement means a mortgage company or the Department of Revenue has requested the bill of payment. A green statement means you have taxes to pay.” If you added or removed an impound account during a refinance this year the statement color of the statement could be wrong. What is an impound account? With a Principle, Interest, Taxes & Insurance (PITI) mortgage payment it is the account that the bank keeps the taxes and Insurance portion until a tax or insurance bill is due. They then pay the statement so that they know it has been paid. If you have to write a check, doing so (and having it postmarked) by November 15th gets you the maximum discount.
[](http://web.multco.us/assessment-taxation/2010-2011-property-tax-statement-guide)Source: Multnomah County 2010-2011 Property Tax Statement GuideThere are two values on each statement. The Real Market Value is what the assessor thinks your home have sold for on January 1, 2010 (though the statement says “The amount you pay is not tied to the amount for which your property would sell.”). The other is the Maximum Assessed Value. That goes up 3% each year pretty much like clockwork. You are taxed on whatever value is LOWER. Since MAV is capped has been capped at a max increase of 3% by Measure 50 law in the 90s it is bound to be lower than RMV and this is why your property taxes aren’t going down. It will take years for most home’s Max Assessed Value to catch the Real Market Value.
The county has examples of [how taxes are calculated](http://web.multco.us/assessment-taxation/property-tax-information "Multnomah County Property Tax Calculations") and how to [appeal your taxes](https://multco.us/assessment-taxation/property-tax-appeal-process "Multnomah County Property Tax Appeals"). Most important thing about appealing your property taxes is that you have until January 3, 2011 to file.
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate Property Taxes, Real Estate Property Taxes in Portland
---
### [Your Credit and Buying Real Estate](https://lovejoyrealestate.com/your-credit-and-buying-real-estate/)
**Published:** October 21, 2010
**Author:** Charles Turner
**Content:**
[](http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx)Source: myFICO.comYour credit score is one of the most important factors in your ability to qualify for a loan and then getting the best rates. If you are considering applying for a mortgage you may be well served doing a little investigation of your own before having a third party pull it for you. Is the information accurate? [Is there something that needs to be addressed or might improve your score?](http://www.myfico.com/CreditEducation/ImproveYourScore.aspx "Improving your credit score") FICO doesn’t release the exact terms of how your credit score is determined by the three reporting agencies ([Experian](http://www.experian.com/ "Experian"), [Equifax](http://www.equifax.com/ "Equifax") and TransUnion) but they do disclose that each angency uses different data to compute scores. Your lender will most likely use a blend of the three scores.
[myFICO.com](http://www.myfico.com/Default.aspx "myFICO") has an [education page](http://www.myfico.com/CreditEducation/ "myFICO.com education page") which has some great information about your credit. Warning: read the fine print to “YES! Get my FICO Score. FREE”. The second page of the request makes it clear that you are signing up for a service costing $12.95 a month.
You can order your credit report for free, not your score, every 12 months from the three reporting agencies through [AnnualCreditReport.com](https://www.annualcreditreport.com/cra/index.jsp "Annual Credit Report"). You can add your score for a fee. I just pulled my report through Experian and opted not to pay the $7.95 fee for the score (I have no potentially negative items in my report). I try to alternate agencies every six months rather than pulling them all at once.
Any interesting tidbit on loan modifications: will a loan modification affect your score? Maybe. Not all creditors report loan modifications and then those that do don’t all report it the same way. The safe assumption is to assume that it will have an impact.
**Categories:** Portland Street of Dreams
**Tags:** Real Estate Credit and Buying, Your Credit and Buying Real Estate
---
### [Bounced Out of Buying a Home by NSF Checks](https://lovejoyrealestate.com/bounced-out-of-buying-a-home-by-nsf-checks/)
**Published:** October 20, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/10/iStock_000011592819XSmall.jpg)Boxes packed; 72 hours from closing. First time buyer is excited and seller is moving up to a bigger home in a location they love. Poof! Both deals dead over bounced checks. We represented the seller, not the buyer. We’d never represent both sides of the transaction as we do not do dual agency transactions.
Everyone is pretty much aware that your credit score is the initial loan qualifier for a mortgage. A score of 740 qualifies you for the best rates and as it drops, your rates go up and then at a point you are cut off. Debt-to-income is another factor. You’ll supply your taxes and bank statements (and anything else they ask for). Your mortgage broker will guide you through the process.
For one reason or another a pattern of bounced checks had not been flagged until the final review of the file. Even though the buyer had been pre-approved through automated underwriting, a borderline debt-to-income ratio triggered a complete review of the file and moved it to manual underwriting. The underwriter said that the Not Sufficient Funds (NSF) checks were the deal killer.
In hindsight someone on the lending side might have caught this earlier but they didn’t so all we can do is learn and be reminded that even though NSF checks don’t hit your credit, they can torpedo your ability to get a mortgage.
**Categories:** Finance & Mortgage
**Tags:** Bounced Out of Buying a Home by NSF Checks, NSF Checks Bounced Out of Buying a Home
---
### [Home for the Holidays](https://lovejoyrealestate.com/home-for-the-holidays/)
**Published:** October 19, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/10/iStock_000011707007XSmall2.jpg)There are ten weeks left in 2010 so if you have a 2010 goal of buying a house it is time to start getting serious about it. While I’ve never been a proponet of *“everyone should buy now!”* campaigns there are some things that those on the fence should consider. On a traditional or foreclosure sale we’re still seeing around 30 days for escrow, 45 days is a safer bet. Short sales are very, very unlikely to close by year end. The exception might be where there was an approval in place by the bank but the buyer the approval was for walked away from the transaction. If you have any time related need to close escrow, don’t count on short sale.
- Mortgage rates remain at historically low levels- unlikely to change greatly in just 10 weeks but is always a significant consideration in a purchase.
- Potential tax advantages (talk to your accountant)
- [FHA loan limits are set to expire 12/31/10](http://blogs.wsj.com/developments/2010/09/23/why-fha-loan-limits-could-fall-in-your-neighborhood/ "FHA Loan Limits set to expire 12/31/10"). The current FHA loan limit for the Portland MSA is $417,000. The tradional law for calculating the loan limit is 115% of the median home price. The current limit was set when the area’s median price was higher and Congress had set the limit temporarily at 125%. If we use the latest RMLS median price of $240,000 and the 115% multiplier the new loan limit would be $276,000. Unless Congress acts by the end of the year, a lower limit is very possible. There seems to be very little discussion about this found on the Internet.
- Current pricing for the metro area is currently at June 2005 levels according to Case Shiller. Is this a pro or a con? Depends on whether you think the market will remain flat, increase or double dip.
Other factors include but are not limited to the general health of the economy and unemployment rates, what you could potentially rent for the same payment/monthly expense and whether there are things that you can do in the short/long term to improve your credit rating which drives your interest rate.
Buy now? Maybe.
**Categories:** Real Estate News & Tips
**Tags:** Holidays Home, Home for the Holidays
---
### [RMLS Market Action September 2010](https://lovejoyrealestate.com/rmls-market-action-september-2010/)
**Published:** October 18, 2010
**Author:** Charles Turner
**Content:**
[September 2010’s RMLS Market Action](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5638 "RMLS September 2010 Market Action") was released on Friday and as mentioned over the weekend on our[ Facebook Fan Page](http://www.facebook.com/portlandrealestateblog "Portland Real Estate Blog Facebook Fan Page"), Portland’s city inventory remains below the inventory reported as the five county metro area.
I started tracking the five RMLS areas in April and this month added the thicker average line to the graph. The City inventory is down to 9.1 from [9.5 in August](https://lovejoyrealestate.com/local-rmls-portland-inventory.html "August 2010 Market Action"). The Metro area inventory for September is reported as 10.5 months.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/10/RMLS-Portland-Montly-Inventory.jpg)We’re starting to see a trend where the City inventory runs about a month less than the Metro inventory. Northeast Portland is consistently lower than the average and tends to beat all-comers with the lowest inventory levels in the city. North Portland spiked and leveled off whereas West Portland spiked and then declined.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/10/RMLS-Market-Action-September-2010.jpg)The stats in the RMLS graph are pretty self explanatory but the most striking stat is the contrast in the decline of pending sales versus the increase in closed sales. It tells us that more transactions are getting to the closing table; transactions aren’t failing as often once they are accepted.
This should be a good week for Portland real estate news. We’re going to look at the newly certified property taxes, the appeals process and trends. We should examine the time-frames of real estate transactions and what it means to buyers that want to be in by the holidays and those that want to be able to claim a home purchase on their 2010 taxes. We know your credit is vital to your eligibility for a loan but bouncing checks can be a deal killer too. Tougher lending rules are changing and adding hot points to underwriting.
**Categories:** Market Activity & Data
**Tags:** RMLS Market Action September 2010, RMLS Market Action
---
### [QR Codes in Real Estate](https://lovejoyrealestate.com/qr-codes-in-real-estate/)
**Published:** October 13, 2010
**Author:** Charles Turner
**Content:**
I haven’t written much in the last couple of weeks here. I’ve never been one to post about the latest farmer’s market or team sports schedule. If I’m going to write, it’s going to be about real estate. Much of what I have been working on is more agent and business centric. It will improve your experience working with us but isn’t necessarily blog post worthy.
One thing that we dabbled in a few months ago and are moving back into is QR codes. A QR code is like a bar code that a smart phone can read through its camera and then direct the user to a website or deliver a message. All without typing a single thing into the phone. Dell, Calvin Klien, HBO and Audi are just a few businesses that have used QR codes in their marketing. If you need a QR code reader search that phrase in your phone’s application store. There a numerous free ones available.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/10/QR-Code-Samples.jpg)
We’re placing QR codes on are permanent flyers outside of all our listings. The code opens the dedicated property website where all the photos that have been loaded can be viewed. In about the same time that it takes to get a soggy flier out of a box the phone now has all the online content about the property stored in the phone. A code could direct to a video walk-through of the property, another tool we are starting to implement with our listings.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/10/qr-code-offer.jpg)Finally, a code can direct to **a special offer like the one here for those considering listing their home**. For the time being, the codes are going to be a novelty, albeit a useful one, and time will tell whether they are widely adopted.
**Categories:** Real Estate News & Tips
**Tags:** QR Codes in Real Estate, Real Estate QR Codes
---
### [Going, Going, Gone! Condos Going to Auction](https://lovejoyrealestate.com/going-going-gone-condos-going-to-auction/)
**Published:** October 7, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/10/iStock_000012708588XSmall.jpg)Real Estate Auction post graphicReal estate auctions in the Portland area are no longer surprising. [The Atwater Place auction](https://lovejoyrealestate.com/realestate/2009/09/atwater-place-auction-raises-over-18m "South Waterfront Atwater Place Auction ") led the way last year with an auction that sold off 40 units in under 90 minutes. The John Ross resisted for awhile by initially lowering prices and then holding their own auction of luxury condominiums earlier this year.
The auction trend is moving north. The next auction of high profile condos will take place on Hayden Island later this month. Jim Redden of the Portland Tribune interviewed me last week and his story on the [Waterside Condominium auction](http://portlandtribune.com/news/story.php?story_id=128639720066238100 "Portland Tribune story on Waterside Condo Auction") is now online. 30 units of the complex will be auctioned off with the lowest minimum bid st $165,000. There may also be a reserve price so that bid may not be enough to get you a set of keys.
The auction will be held by [Kennedy/Wilson](http://www.bidkw.com/auctions/view/74 "Kenedy/Willson real estate auction website for Waterside Condos") on October 24th. A how-to-by-at-auction seminar will be held on October 17th. Every auction house has its own set of rules so don’t plan on showing up on the 24th with your checkbook expecting to be able to get in on the action. Register and bring your “homework” with you. If you have questions, we can help.
**Categories:** New Construction Complexes
**Tags:** Condos Being Auctioned, Condos Going to Auction
---
### [2010 Portland Street of Dreams Recap](https://lovejoyrealestate.com/2010-portland-street-of-dreams-recap/)
**Published:** September 29, 2010
**Author:** Charles Turner
**Content:**
I took a final trip up to NW Cresap Lane on Monday to wrap up my series on the 2010 edition of the Portland Street of Dreams. What I found wasn’t catastrophic but disappointing nonetheless. Two of the three homes are now closed sales and are occupied evidenced by cars in the driveway and confirmed by RMLS (sales prices of $830,000 and $850,000). The third shows as an active listing for $869,000 but there is no sign in the yard.
The three homes, the focal point of a month long celebration, now look like three islands in an otherwise barren and unkempt subdivision. Where the event deck stood is now a pile of loose trash. An OregonLive.com garbage can marks where the ticket booth was and the mature evergreens trees fronting Skyline BLVD are struggling. I contacted the Home Builder’s Association to let them know what I found and hopefully they will let the responsible parties know that there are some issues to address.
Overall I have mixed feelings about the format of the show. I felt that the only truly dreamy home was the $1.7M Forest Edge that was located down the street from the main site. The other houses, even the IdeaBox, were neat and innovative but didn’t feel all that special. There are 69 properties listed for $1.7M or more and 326 $800,000 or more. With 5713 active listing in Portland does the $800,000 price range meet the expectation for the show?
In years past, the answer would be “No.” Now I’m not so sure. I think I would rather see a show than no show at all but the economy is going to dictate what is and isn’t realistic for the show.
**Categories:** Portland Street of Dreams
**Tags:** 2010 Portland Street of Dreams Recap, Portland Street Recap in 2010
---
### [Portland Case Shiller Remains Flat for July 2010](https://lovejoyrealestate.com/portland-case-shiller-remains-flat-for-july-2010/)
**Published:** September 28, 2010
**Author:** Charles Turner
**Content:**
We spent last week in Washington DC at the Prudential Real Estate Summut Conference. Most introductions start something like this. “Hi, I’m Charles from Portland.” “How’s the Portland Market?” The Case Shiller housing market data for July 2010 was released this morning a the Portland real estate market remains largely flat, dropping four tenths of a point. Flat is a good thing. Stability is the first step to recovery (jobs is probably the largest hurdle). The current level of 148.33 is the same as July 2005. We can only use that as a baseline as even within neighborhoods, different areas have fared better or worse than others and the Case Shiller Index is based on the seven county MSA; a good comparison against the national market but not on a hyper-local examination.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/09/Case-Shiller-July-2010.jpg)
It’s clear that “Now is a great time to buy” for a lot of people. The the ability to buy a home at July 2005 prices with a mortgage two full interest points lower than July 2005 has to be appealing. Of course, not everyone can buy under tighter lending requirements and others may feel that general economic concerns trump reasons to buy.
There are lots of “underwater” owners who purchased in the last few years and we’ve been on numerous listing appointments recently where our recommendation has been to stay in the home or rent it out for the time being. We’d rather have a listing in the future that will produce the desired results than a listing now that won’t perform to the seller’s needs. Not everyone can hang on and we do have short sale listings as well and have had a couple foreclosed before a short sale could be approved. The sooner you address a short sale situation the better.
Some sellers that are selling and moving up in the market have come to realize that they are selling at a discount but also buying a more expensive home at a discount and almost certainly at a better rate.
The punch line? Real estate is individual. Use us and other trusted advisers to determine what may be the best course of action for your situation.
**Categories:** Case Shiller Index
**Tags:** Case Shiller Housing Market, Portland Case Shiller Remains Flat
---
### [Portland Real Estate Prices Up but...](https://lovejoyrealestate.com/porltand-real-estate-prices-up-but/)
**Published:** September 17, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/09/RMLS-Inventory-August-20101.jpg)RMLS Market Action for August is out and prices are up slightly but the rest of the data leaves room for pause. The median price is up 1.8% over last month and the average is up .8% to $299,300. Inventory, the ratio of active listings and sold properties for the month, is up to 11 months.
RMLS reports the Portland metro area as a five country area which includes Clark County in southwest Washington. I’ll post the more specific City of Portland shortly.
Year-to-date real new listings, pending listings and closest sales are up for the year but average sales prices are down. What a potential buyer or seller should do remains, as always, a matter of personal situation. Tuesday’s post recounted the Today Show’s reasons to rent or buy.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/09/RMLS-August-2010.jpg)
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate Prices Up, Real Estate Prices Increase in Portland
---
### [Today Show Rent or Buy](https://lovejoyrealestate.com/today-show-rent-or-buy/)
**Published:** September 15, 2010
**Author:** Charles Turner
**Content:**
The Today Show ran a segment on rent versus buy this morning. Portland gets mention, not as a buy town but as one of the best places to rent (attributed to Trulia). Overall, it presents a balanced view of the considerations, pluses and minuses of the two choices.
Visit msnbc.com for [breaking news](http://www.msnbc.msn.com), [world news](http://www.msnbc.msn.com/id/3032507), and [news about the economy](http://www.msnbc.msn.com/id/3032072)
[](https://lovejoyrealestate.com/wp-content/uploads/2010/09/Today-Show-Buy.jpg) [](https://lovejoyrealestate.com/wp-content/uploads/2010/09/Today-Show-Rent.jpg)
**Categories:** Real Estate News & Tips
**Tags:** Rent or Buy is Today's Show, Today Show Rent or Buy
---
### [Can Real Estate in Portland Sell Quickly?](https://lovejoyrealestate.com/can-real-estate-in-portland-sell-quickly/)
**Published:** September 8, 2010
**Author:** Charles Turner
**Content:**
On Sunday, I wrote my real estate humor post on Tracey missing out on her dream house because Jack beat her to it using technology rather than running shoes. It was humor mixed with a little reality. My scenario of what happened after the TV commercial ended turns out not to be all that far fetched (and more than twice as likely to happen than this time last year).
My RMLS listing search shows that in the last month 552 residential properties sold in Portland. Fifty-Five of those show as selling in five days or less. Twenty of them were 1 day on market! There were just 10 one-day-on-market properties during the same one month period in 2009. Days on market is for the current listing, we can’t tell if it was an existing listing that was canceled and re-listed.
It’s been said here and pretty much everywhere else that the key to a real estate recovery is jobs. The market is going to determine the selling price of any active listing so if a home hits the market at the right price it could sell in just one day.
Now that I’ve written all of the above it seems to make sense to go back a few more years and look at the history of the “One Day On Market.” This is what I found:
[](https://lovejoyrealestate.com/wp-content/uploads/2010/09/One-Day1.jpg)
**Categories:** Real Estate News & Tips
**Tags:** Can Real Estate in Portland Sell Quickly?, Selling Portland Real Estate Quickly
---
### [Why Tracy Lost Her Dream Home](https://lovejoyrealestate.com/why-tracy-lost-her-dream-home/)
**Published:** September 5, 2010
**Author:** Charles Turner
**Content:**
OnPoint Community Credit Union is running a fairly new TV commercial. Tracey runs buy her dream house everyday. One morning she runs by and there is a for sale sign in the yard. Tracy is a smart cookie. She doesn’t call the listing agent from the sign and gush about her dream house. She knows dual agency is evil. Instead she calls her OnPoint mortgage broker to get the ball rolling. We can’t tell if she has been pre-approved or if she is just starting out. It doesn’t matter in this scenario because Jack already has an accepted offer and tomorrow she’s going to be crushed when she runs by the ‘sale pending’ stickers on the sign.
Meet Jack. Tracy has never met Jack. Jack rolled into work yesterday at about 10 AM, just a couple hours after Tracy’s 8 AM morning run. When Tracey ran by it was just another house on the street. It wasn’t for sale. At 9 AM the sign post was delivered and the listing agent was entering the listing into RMLS. Jack was diligently working (actually he was checking FaceBook) when a new email popped up with the subject line: “Property Previews for Jack.” The new listing alert shows a picture of his dream home. He drives by every morning on the way to work and there was no sign when he went in this morning. His HomeFinder Pro has been set up for that specific house and he also receive a Property Investment Profile and a Market Tracker for the neighborhood. Jack does a little happy dance and calls us. He’s already been pre-approved for a mortgage, including a credit check and verification of income. He’s ready to go.
We met at the property at noon and walk through. It is everything and more and is well priced according to the comparable properties in our comparable properties report. Jack goes back to work and we go write the offer up. Using DocuSign, Jack digitally signs the paperwork and gets back to us by 2 PM. The listing agent uses DocuSign too. The paperwork zips around the Internet and is signed by the husband who is in New York at his new job and the wife who is still at home packing up and eager for their new life on the east coast. It’s now 4 PM and Jack has an accepted offer. There’s still 18 hours until Tracy heads out for her run tomorrow and first sees the sign in front of her dream home. Tracy hates Jack and has never met him.
This is fiction but it could happen.
**Categories:** Real Estate Humor
**Tags:** Tracy's Dream Home Lost, Why Tracy Lost Her Dream Home
---
### [New FHA Rules Change Payments](https://lovejoyrealestate.com/new-fha-rules-change-payments/)
**Published:** September 2, 2010
**Author:** Charles Turner
**Content:**
On October 4th, FHA rules will change regarding Mortgage Insurance Premiums collected up front and the monthly rate charged. Any FHA case number issued after October 4th will be subject to the new rules. The application for a case number takes place after there is an accepted offer on a specific property. I worked with [Columbia Mortgage’s Liz Marré](http://emarre.columbiamortgage.net/ "Elizabeth Marre of Columbia Mortgage") to put this spreadsheet together to illustrate how the changes impact a buyer.
Every scenario will be different but for this case we used a $300,000 purchase and assumed a 4.25% 30 year principle and interest loan. Closing costs and other factors are not included. We added a 6% interest rate column as well.
The first rule change is a reduction in the financed up-front mortgage insurance premium will drop from 2.25% to 1%. That’s a loan reduction of $3,618 in this example. The second change increases the monthly insurance to .09% of the current loan which results in an initial increase of $67 per month even after the principal reduction from the first change. You must carry mortgage insurance until the loan to value (LTV) reaches 78%. On average, that takes about 10 years. Note: as the monthly insurance charge is based on that month’s loan principle the amounts of the one and five year comparisons are somewhat inflated as the monthly payments will drop slightly each month. This simplified version does not factor that in.
The other affect of the rule change is a reduction in buying power. Because of the higher monthly payment, the amount the buyer qualifies to borrow drops as well. A buyer who is purchasing at their max price ($300,000 in this case) has their loan maximum drop $13,600 which may prevent the purchase altogether.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/09/New-FHA1.jpg)
**Categories:** Finance & Mortgage
**Tags:** FHA New Rules to Change Payments, New FHA Rules Change Payments
---
### [Curb Appeal](https://lovejoyrealestate.com/curb-appeal/)
**Published:** September 1, 2010
**Author:** Charles Turner
**Content:**
[ ](https://lovejoyrealestate.com/wp-content/uploads/2010/09/DSC_8816.jpg)[](https://lovejoyrealestate.com/wp-content/uploads/2010/09/DSC_0071.jpg)
Curb appeal is one of the most important factors in selling a home. It starts with the ability to take a good picture so that when it is viewed online, the buyer actually wants to make the effort to go out and see it. Once they arrive, they need to get out of the car and walk inside. More and more, buyers are confirming what they have garnered from online sources when they arrive at a home; they are not seeing it for the first time as they step out of the car.
The two pictures above were taken from roughly the same spot 30 hours apart. The clean-up, by a licensed landscaper, cost $500 and removed two trailers full of debris.
You can view the complete listing at the property’s dedicated website: [1623NW28th.com.](http://www.1623nw28th.com/ "1623 NW 28th Ave dedicated property website")
**Categories:** Real Estate News & Tips
**Tags:** Curb appeal, Home Perspective Appeal
---
### [Portland Case Shiller June 2010 Shows Increase](https://lovejoyrealestate.com/portland-case-shiller-june-2010-shows-increase/)
**Published:** August 31, 2010
**Author:** Charles Turner
**Content:**
In what seems like a sea of bad real estate and economic news, the Case Shiller Index reports for the third consecutive month slight increases in the Portland real estate market, mirroring the national indexes. The report, which lags 60 days and uses the seven county Portland MSA to define “Portland,” shows that housing prices are at June 2005 levels. Pricing has been essentially flat since February 2009, never dropping below 146 or hitting 151. The current 148.73 shows signs that pricing is holding its ground.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/08/Case-Shiller-June-2010.jpg)
**Categories:** Case Shiller Index
**Tags:** Portland Case Shiller, Case Shiller Increases
---
### [Short Sale Approval Process](https://lovejoyrealestate.com/short-sale-approval-process/)
**Published:** August 29, 2010
**Author:** Charles Turner
**Content:**
I missed a couple weeks of Sunday real estate humor but this should make up for it. Ever wonder how short sales really work?
I’m not sure what the original source was of this humor video. I first saw it months ago but it was only posted a few days ago where it is now.
**Categories:** Real Estate Humor
**Tags:** Short Sale Approval Process
---
### [State of the Portland Real Estate Market](https://lovejoyrealestate.com/portland-real-estate-market/)
**Published:** August 27, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/08/iStock_000011592819XSmall.jpg)Unless you were stuck under a box in your basement this week it would have been hard to miss the news and outlooks on the national and Portland real estate markets and that recovery may not occur until late next year. [The National Association of Realtor’s report](http://www.realtor.org/press_room/news_releases/2010/08/ehs_fall "NAR National Association of Realtors Housing Report") at the beginning of the week:
> [Existing-home sales](http://www.realtor.org/wps/wcm/connect/RO-Content/ro/research/research/ehsdata)1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, and are 25.5 percent below the 5.14 million-unit level in July 2009.
It was grim but expected news. Sales have slowed and housing inventory in Portland is now over 10 months as reported by RMLS. The pessimist says that the economy sucks and the market has nowhere to go but down. The optimist says this is a great time to buy because interest rates are the lowest they’ve been in 50 years and real estate is a market; it doesn’t just stop in harder times which means there are deals out there to be had. Both perspectives have an element of reality to them. In any market the goal may be to buy a the bottom but only a small portion actually succeed. Timing is everything but not so much for a long term investment.
Without becoming overtly political here, Oregon’s economy, and therefore real estate market, is going to be tied to the creation of jobs and the building of consumer confidence. We’ve got until November to determine whether Chris Dudley or John Kitzhaber is going drive that as our new governor. I’m undecided as of now. We’re going to hear a lot more about a statewide real estate transfer tax in the future too.
Most of the above doesn’t answer the “what now?” question. We’re seeing sellers with a much more pragmatic outlook regarding pricing and reacting to feedback. They want or need to sell for a reason. This week’s [Portland Tribune](http://www.portlandtribune.com/news/story_2nd.php?story_id=128216600543594000 "Portland Tribune article on foreclosures") article has a grim quote that you could probably replace “Lake Oswego” with “Oregon” and not be far from the truth:
> “If you paid a half-million for anything in Lake Oswego in 2007, you’re ‘under water,’ ” Stewart says. That’s the term for people who owe more on their mortgage than their home is worth.
Sellers have to counter that sentiment and its element of truth by making their property the one that shines amongst the competition. Advising on the positioning homes in the market is how we spend a lot of our time these days. Maximizing curb appeal and overcoming showing objections is as important as pricing itself. Buyers are more attracted to move-in-ready properties than the appeal of making some money with sweat equity now more than ever. Sellers that react to the market have the most success. There is a grim reality that some of those under water sellers can’t wait out the market or don’t have any pricing flexibility. We just had a short sale go in foreclosure that had an accepted offer and two backups offers. The two banks were unable to come to terms and now the first mortgage holder is the proud owner of a home and the second got nothing of something. It won’t be surprising if the first nets less after the foreclosure sale than they would have under the short sale.
Real estate remains dynamic and individual. Each property and situation is unique. Deciding how to proceed is something that can only be arrived at looking by looking at the all the available information at a given moment.
**Categories:** Real Estate News & Tips
**Tags:** State of the Portland Real Estate Market, Portland Real Estate Market
---
### [Street of Dreams' Forest Edge and IdeaBox](https://lovejoyrealestate.com/street-of-dreams-forest-edge-and-ideabox/)
**Published:** August 24, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/08/Street-of-Dreams-Forest-Edge-counters.jpg)We visited the last two houses at the Street of Dreams last night. The $1.7M Forest Edge by Elite Development is clearly the dreamiest of the show. Not a surprise as you could by the IdeaBox ($148k), The Maybeck detached condominium ($549k), *and* any one of the three detached houses on NW Cresap Lane for less ($774k, $849k, or $869k). The prices are listed in the Street of Dreams Magazine.
The 5990 SQFT home has a covered pool and indoor gym, theater and wet bar. The kitchen has a built-in coffee center and a large center island with three centimeter slab and a striking six centimeter edging.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/08/Fortino-IdeaBox-Kitchen.jpg)At the other end of the spectrum, at least in price, is the Fortino IdeaBox. This is not your typical double wide. This was confirmed by Jenny who spent many years in the manufactured home industry before moving into real estate. The pre-fab home is set up in Arbor Home’s subdivision at NW 95th and NW Cornell as NW Skyline’s trees risked being damaged or damaging the home during delivery.
As mentioned in this morning’s [Portland Real Estate Blog’s Facebook updat](http://www.facebook.com/portlandrealestateblog "Portland Real Estate Blog's Facebook page")e, there was a fire on the deck of Hearth and Home’s Transitions (which is sale pending). [KGW covered the fire](http://www.kgw.com/news/local/Deck-catches-fire-at-Street-of-Dreams-home-101355314.html). The damage was isolated to the deck and it was repaired by show opening today.
**Categories:** Portland Street of Dreams
**Tags:** Street of Dreams' Forest Edge and IdeaBox
---
### [2010 Street of Dreams Coupon](https://lovejoyrealestate.com/2010-street-of-dreams-coupon/)
**Published:** August 21, 2010
**Author:** Charles Turner
**Content:**
There’s a $3 off coupon on the front page of this morning’s home delivered Oregonian. It is a physical coupon to be redeemed at the ticket office, not a discount code. We’re going to visit the Indigo (open only on weekends), IdeaBox and the $1.7M home this weekend. They are off-site from NW Cresap Lane.
**Categories:** Portland Street of Dreams
**Tags:** 2010 Street of Dreams Coupon, Coupon for 2010 Street Dreams
---
### [South Waterfront Closer Evolving into Neighborhood](https://lovejoyrealestate.com/south-waterfront-closer-evolving-into-neighborhood/)
**Published:** August 12, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/08/caruthers-park.jpg)The ribbon cutting ceremony for the South Waterfront’s Elizabeth Caruthers Park is THIS THURSDAY, AUGUST 19th, from 5:30-8:30. It’s an important step forward for an area that has struggled to bring services to its condo tower residents. The Meriwether Condominiums opened in 2006. Residents at the time knew it was going to take a number of years to grow from construction site to neighborhood but a struggling real estate market slowed or stopped some of the commercial development and services from moving in. Now that occupancy rates are growing we’ll hopefully see renewed investment and interest in the area.
> The park is named for Elizabeth Caruthers, a pioneer woman who was one of the early settlers in the southern part of the young city. In 1847, Elizabeth Caruthers and her son, Finice, came to Oregon from the east, and through the Donation Land Claim Act of 1850, claimed the 640-acre section of land on which the park is located. SW and SE Caruthers Streets and Caruthers Creek in Marquam Gulch also reflect the family’s prominence in the early history of Portland.
\[photo and quote from [PortlandOnline](http://www.portlandonline.com/parks/index.cfm?c=45404 "Elizabeth Caruthers Park PortlandOnline")\]
**Categories:** Real Estate News & Tips
**Tags:** South Waterfront Closer Evolving into Neighborhood, South Waterfront Neighborhood
---
### [FHA Loan Changes in the Works](https://lovejoyrealestate.com/fha-loan-changes-in-the-works/)
**Published:** August 9, 2010
**Author:** Charles Turner
**Content:**
Federal Housing Administration (FHA) home loans make up 30% of all home loans; up from 3% in 2006. Whereas a “normal” loan requires 20% down, a home can be bought with an FHA loan for as little as 3.5% down. Defaults are up too which means they need to tighten lending requirements and fees. As a side note it is worth mentioning that for a buyer to buy an condo with an FHA loan, the building must have FHA approval. Owners/Home Owners Associations of condos in non-FHA approved buildings are urged to investigate what it takes to become FHA approved.
Most of the changes will raise the cost of the loan and/or the out of pocket expense at closing. Some can be wrapped into the loan, others must be paid:
1. Lowering the amount of closing costs a seller can pay. Currently 6% of the sales price, that might drop to 3%.
2. An increase in mortgage insurance rates. Mortgage insurance is a feature of most loans where the loan-to-value is lower than 20%.
3. Credit score minimums. There have previously been no stated minimums by FHA, the banks themselves made the determination. 500 would be the new minimum (the gold standard is now 740 where it was once 720). The lower the score the harder it is to qualify for lower down payments. There would also be more emphasis on debt-to-income ratios and factors as well. Banks have scrutinized FHA loans less than their own as losses are guaranteed by FHA.
At the same time, FHA is also working with existing homeowners with FHA loans and negative equity to refinance. It is better for FHA to refinance than to take the home back on default. The Short Refinance program will start accepting application on September 7th.
**Categories:** Finance & Mortgage
**Tags:** FHA Loan, FHA Loan Changes in the Works
---
### [2010 Street of Dreams Discount Coupon](https://lovejoyrealestate.com/2010-street-of-dreams-discount-coupon/)
**Published:** August 6, 2010
**Author:** Charles Turner
**Content:**
Here’s a discount coupon for this year’s Street of Dreams. It’s valid for tickets on site, not online.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/08/Street-of-Dreams-Discount-Code.jpg)
**Categories:** Portland Street of Dreams
**Tags:** 2010 Street of Dreams Discount Coupon
---
### [Street of Dreams Review and Pictures](https://lovejoyrealestate.com/street-of-dreams-review-and-pictures/)
**Published:** August 4, 2010
**Author:** Charles Turner
**Content:**
We held our client appreciation event at the 2010 Portland Street of Dreams yesterday and had a chance to walk through the three on site single family homes and two of the detached condominiums in neighboring Macleay Overlook. The show pass is good for the main site and three other locations where the $1.7M home is located (near the parking lot at the intersection of NW Skyline and NW Cornell Rd.), the IdeaBox which was supposed to be on-site but rumored to be unable to make it up the hill and the Indigo Condominiums in the Pearl District.
Hearth and Home’s “Transitions” is a modern day split level. It will be a great home for a specific buyer and I wouldn’t be in that buyer pool. The general consensus yesterday was you are either going to love it or leave it. The spaces are very separated and my feeling was that the master bedroom was too small for an asking price of $849,000. It has the best territorial views of the homes in Cresap Summit. Note: I get to eat my words as it is sale pending according to RMLS.
Renaissance Homes’ “The Graduate” is the most livable and mainstream of the homes. It is LEED gold certified and the floor plan is repeatable on other building sites. It doesn’t surprise me that it is presold. The home has a blend of “show trim” and what the buyer has specified. The lot is surrounded by other lots so it has a much more manicured yard than the other houses that are able to use the natural beauty of the site.
Hearth and Home’s “Refinement” had the best coolness factor for me. It’s a modern home, a far cry from our 1902 historic home. It is listed for $869,000. The a builder also has a proposed home next door listed in RMLS for $869,000.
Eight of 16 detached condominiums are completed in Macleay Overlook. The two we walked though have open lofted master suites to the living area but the builder said that is easy to enclose.
**Categories:** Portland Street of Dreams
**Tags:** Street of Dreams Review and Pictures
---
### [Show Time! Portland Street of Dream Pictures.](https://lovejoyrealestate.com/show-time-portland-street-of-dream-pictures/)
**Published:** July 30, 2010
**Author:** Charles Turner
**Content:**
The 2010 Portland Street of Dreams kicks off tonight with the Midsummer’s Night Dream charity event. I decided that on the day of opening night my presences wasn’t going to help the cause taking pictures of the last minute touches. Instead, I thought we’d look back at some of the pictures I’ve taken since January. I’ve made about 15 trips up to NW Cresap Lane since I started this series. This link is to all the [2010 Street of Dreams](https://lovejoyrealestate.com/realestate/category/street-of-dreams "2010 Portland Street of Dreams posts") posts I have written over the last eight months.
I’d encourage you to head up to the site see how it turned out. The flavor of the show has changed to reflect the times. There’s only one home priced over $1,ooo,ooo. There’s a detached condominium and an Idea Box prefab home. The main parking for the show is at the corner of NW Skyline and NW Cornell Rd. Tickets are $14 online and $15 at the door. There is a $3 discount if you have the appropriate discount code. Tickets are $1 during non-peak hours and they are open 11AM – 9PM. We’re going on Tuesday so will report back after that.
[ ](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Street-of-dreams-jan.jpg)Panoramic View of 2010 Portland Street of Dreams Site in January[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/May-Street-of-Dreams-7.jpg)Under Construction in May[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/May-Street-of-Dreams-3.jpg)May 2010 Constuction Progress[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Portland-Street-of-Dreams-7-9-362.jpg)Renaissance Homes' "The Graduate" July 9th[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/DSC_7227.jpg)"The Graduate" March 31st
**Categories:** Portland Street of Dreams
**Tags:** Show Time! Portland Street of Dream Pictures.
---
### [J.D. Power and Associates Honors Prudential Real Estate](https://lovejoyrealestate.com/j-d-power-honors-prudential-real-estate/)
**Published:** July 28, 2010
**Author:** Charles Turner
**Content:**
J.D. Power and Associates announced today that the Prudential Real Estate Network ranked “Highest Overall Satisfaction for Home Sellers among National Full Service Real Estate Firms” in the J.D. Power and Associates 2010 Home Buyer/Seller Study. This marks the second time in three years that Prudential ranked highest in seller satisfaction!
[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/JD-Power.jpg)
**Categories:** Real Estate News & Tips
**Tags:** J.D. Power and Associates Honors Prudential Real Estate, J.D. Power Prudential Real Estate Network
---
### [Portland Case Shiller May 2010](https://lovejoyrealestate.com/portland-case-shiller-may-2010/)
**Published:** July 27, 2010
**Author:** Charles Turner
**Content:**
The Portland real estate market ranks sixth of the 20 cities tracked by Case Case Shiller report that came out this morning for May. It may be surprising to many but the 147.98 (up from 146.25 in April) lags behind only five cities since 2000 when the Index was set to 100 across all 20 cities. A dollar invested in the Washington DC real estate market would be worth $1.82 or $.69 in Detroit according to the Index compared to Portland’s $1.47. The current Portland index is close to June 2005 and May 2009 pricing.
[![Case Shiller Portland May 2010 [July 27th, 2010]](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Case-Shiller-Portland-May-2010-July-27th-2010.jpg)](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Case-Shiller-Portland-May-2010-July-27th-2010.jpg)
The graph shows the last four years compared to the 20 City Composite Index. The Composite was 40 points ahead of Portland at one time but almost matches Portland now, actually lagging by a point-and-a-half.
Case Shiller reports “Portland” as the seven county MSA. The report, released on the last Tuesday of every month lags 60 days. It’s not possible to drill into the data like we can RMLS data to see how the City of Portland is fairing.
1Washington DC182.102Los Angeles174.673New York170.454San Diego163.115Boston155.956Portland147.987Seattle146.828Miami146.339San Francisco142.1610Tampa138.2911Denver128.2412Minneapolis122.6313Chicago121.9014Dalas119.9315Charlotte116.3916Phoenix111.0017Atlanta107.8218Cleveland105.8519Las Vegas102.3520Detroit68.29
**Categories:** Case Shiller Index
**Tags:** Portland Case Shiller, Case Shiller
---
### [It's Not All Short Sales and Bank Owned](https://lovejoyrealestate.com/its-not-all-short-sales-and-bank-owned/)
**Published:** July 26, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Active-listings-short-sales-and-bank-owned.jpg)From RMLSShort sales, foreclosures and bank owned properties may be the buzz words of today’s real estate market but an [RMLS blog](http://rmlsweb.wordpress.com/2010/07/23/how-well-are-short-sales-and-bank-owned-properties-selling/ "RMLS Blog") post shows us that short sales and bank owned properties make up less than 20% of the properties listed for sale.
In Portland, there are 5604 active residential listings. Three hundred fifty three of those active listings are bank owned (6.3%) and 676 are short sales (12.0%). That pretty much mirrors the listings in RMLS: “The number of active short sales in comparison to the total number of active listings is approximately 11.7%, while the number of active bank owned properties in comparison to the total number of active listings is about 5.4%.”
The “short sale” field was added to RMLS about a year ago so it is not possible to get an accurate comparison between now and a previous time period.
**Categories:** Real Estate News & Tips
**Tags:** Bank Owned, It's Not All Short Sales and Bank Owned, Short Sales
---
### [Portland Street of Dreams July 23rd Update](https://lovejoyrealestate.com/portland-street-of-dreams-july-23rd-update/)
**Published:** July 23, 2010
**Author:** Charles Turner
**Content:**
Cresap Summit, the 2010 Portland Street of Dreams site, is such a busy place right now that I had to park in Macleay Overlook and walk down the path to NW Cresap Lane. Macleay Overlook is home to the detached condo that is a part of the show.
Spade and Archer Design Agency are putting the final staging touches in Renaissance Homes’ “The Graduate”. The decorating is a mix of staging and the new owner’s personal requests; the portraits are not of the new owners! The media room equipment is also being installed. The landscapers have their work cut out as most of the plantings are still in pots but with number of people on the it should be a less daunting task.
Just a week remains until the grand opening event, A Midsummer’s Night Dream. One neat feature of the charity event is that it benefits multiple charities and you can choose which one your proceeds go to.
**Categories:** Portland Street of Dreams
**Tags:** Portland Street of Dreams
---
### [Portland Real Estate Fixers and Rehab Projects](https://lovejoyrealestate.com/portland-real-estate-fixers-and-rehab-projects/)
**Published:** July 22, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/iStock_000009371087XSmall.jpg)Once upon a Portland real estate market, fixer properties were hot commodities. They were easy to finance and the market allowed a lot, if not too much, forgiveness for what might be considered sub par remodels. Appreciation allowed for some leeway if the buyer was planning on holding the property as well. Today’s market doesn’t allow for easy access to financing for properties in need of lots of work. That’s just one of the reason we see fewer buyers planning on putting in sweat equity into their homes, not because they don’t want to but they can’t fund it. We did just have a buyer close on a property financed with a [Wells Fargo Purchase and Renovate](https://www.wellsfargo.com/mortgage/buy/loans/descriptions/renovation "Wells Fargo Purchase and Renovate Rehab Loan Program") rehab loan though so it is possible, just not as easy as in the past.
I’ve looked at a couple of hundred-plus year old properties this week that between the purchase cost and remodel cost would not allow a buyer, nevertheless a flipper, to have any chance of breaking even at the end of the project- even if they were discounted 10-15% from their current asking prices. I this case, break even is what two independent appraisals before and after the remodel would show. I figure after participating in a few higher-end remodels I’ve got a pretty good feel of what it is going to take and cost to do something that doesn’t qualify as a Home Depot remodel (no knock on Home Depot, it’s that they aren’t known for selling premium hardware).
An overpriced rehab project frustrates me more than overpriced “late model” homes as these properties while not historic by most standards are important to save what makes Portland Portland. The market has changed for these properties- there are fewer potential buyers, they are harder to finance and they are harder to price. How do you price a rehab project? I don’t know how these properties were priced but if it were me, it would have to include a careful analysis of remodel costs and finished value vis-a-vis the “done” houses in the area.
**Categories:** Fixers and Remodeling
**Tags:** Portland Real Estate Fixers, Portland Real Estate Rehab Projects
---
### [Portland's Alphabet District](https://lovejoyrealestate.com/portlands-alphabet-district/)
**Published:** July 19, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/nobhill-21.jpg)The Oregonian ran a feature story yesterday about the [Alphabet District in Northwest Portland](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Oregonian-Alpahbet-Districtb.pdf "Oregoninan Alphabet District Article") on the front of their real estate section. The story does not appear to be on Oregonlive.com yet. Our [www.AlphabetDistrict.com](http://www.alphabetdistrict.com "www.AlphabetDistrict.com Website") website is cited as a neighborhood resource and I am quoted. We’ll be posting some more news about that site soon as we are currently working with a designer to revamp it.
Click here to view a list of [properties currently for sale in the Alphabet District](http://alphabetdistrict.com/prudential_nw/index.asp?p=buildsavedsearch.asp&searchid=44780582 "Listed Properties in Alphabet District") on the AlphabetDistrict.com website.
**Categories:** Real Estate News & Tips
**Tags:** Portland's Alphabet District
---
### [Two Weeks Until 2010 Portland Street of Dreams](https://lovejoyrealestate.com/two-weeks-until-2010-portland-street-of-dreams/)
**Published:** July 16, 2010
**Author:** Charles Turner
**Content:**
Two weeks is all that remains until the 2010 Portland Street of Dreams is open for business. There has been an amazing amount of progress since [my visit last Friday](https://lovejoyrealestate.com/realestate/2010/07/2010-portland-street-of-dreams-july-9th-update/ "July 9th Portland Street of Dreams post").
Spade and Archer Design Agency was busy at work in the Renaissance Homes house staging the rooms while Earth Advantage was setting up blow test equipment to audit energy efficiency. Painters are busy touching up paint on the exterior (all the blue tape was gone from the inside) and landscape preparation is under way and the finish work on the driveway looks spectacular.
The rest of NW Cresap Lane is equally busy. The ticket office, which was a sitting by itself last week now has decking and fencing built up and the hospitality deck is partially complete.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Portland-Street-of-Dreams-2010-13.jpg)July 16[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Portland-Street-of-Dreams-7-9-361.jpg)July 9th[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Portland-Street-of-Dreams-2010-2.jpg)July 16[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Portland-Street-of-Dreams-7-9-221.jpg)July 9[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Portland-Street-of-Dreams-2010-20.jpg)July 16[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Portland-Street-of-Dreams-7-9-34.jpg)July 9th
**Categories:** Portland Street of Dreams
**Tags:** Two Weeks Until 2010 Portland Street of Dreams
---
### [RMLS Market Action June 2010](https://lovejoyrealestate.com/rmls-market-action-june-2010/)
**Published:** July 15, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/RMLS-June-2010-Inventory.jpg)The Portland real estate market continues to plod along according to [June 2010 RMLS Market Action statistics](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5451 "RMLS Market Action Portland June 2010") reported on their website. Last month I started to break the Portland inventory numbers down to a smaller area as the Portland Metro area reported by RMLS encompasses five counties. The metro chart is on the right and the Portland data is below. In both cases inventory, the ratio between active and sold listings, increased a little.
The rest of the metro data is a mix of up and down:
> When comparing June 2010 with June 2009, closed sales increased 13.3%. Pending sales and new listings fell 25.2% and 4.9%, respectively.
>
> Comparing June 2010 with the previous month, May 2010, closed sales dropped 1.9% (2,012 v. 2,050) and pending sales grew 8.4% (1,618 v. 1,493). New listings also rose 16.3% (4,049 v. 3,482).
The 8.4% increase in pending sales contrasts with a 50.1% drop between May and April (there were 1618 pending sales in June, 1493 pending sales in May and 2991 in April). April 30th was the deadline to enter into a contract for Home Buyer Tax Credit eligibility. For comparison purposes, there were 2852 pending sales in July 2007, close to the peak of the Portland real estate market.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/RMLS-Portland-Inventory-June-2010.jpg)
**Categories:** Market Activity & Data
**Tags:** RMLS Market Action
---
### [Lower Interest Rates Repace Tax Credits?](https://lovejoyrealestate.com/lower-interest-rates-repace-tax-credits/)
**Published:** July 14, 2010
**Author:** Charles Turner
**Content:**
Lower interest rates may have replaced the Home Buyer Tax Credits for now. The vast majority of the country either missed out or didn’t qualify for the $8000 First Time Home Buyer Credit. I always stated that the Credits were not a reason to buy a home but a bonus. Interest rates play a key role in home buying and it happens that since April 30th when buyers had to be in contract to qualify for the credit and now, interest rates have dropped even more.
The following chart uses a rate of 4.875% quoted on April 26th and a rate of 4.25% quoted from the same source on July 12th. Both rates are for 30 year fixed rate mortgages and are used for example purposes- talk to your mortgage broker about your ability to qualify for an interest rate.
$ 100,000$ 200,000$ 300,000$ 400,00026-Apr4.88%($529.21)($1,058.42)($1,587.62)($2,116.83)12-Jul4.25%($491.94)($983.88)($1,475.82)($1,967.76)Payment difference / month$37.27$74.54$111.80$149.07$8000 saved in number of months214.66107.3371.5553.66Cost of loan over 30 Years 5.5%($190,514.96)($381,029.92)($571,544.88)($762,059.84)Cost of loan over 30 Years 4.25%($177,098.36)($354,196.72)($531,295.08)($708,393.44)Savings over life of loan$13,416.60$26,833.20$40,249.80$53,666.40This is a very basic analysis of the situation. A more through analysis might include:
- If a buyer had put the $8000 check from the IRS into an interest earning situation. You can’t buy a flat screen TV today with a lower interest rate.
- If a buyer decided that they were not going to own a home long enough to make use of a 30 year loan or thought that after 5 years they could still refinance into an attractive rate: a $200,000 5 year ARM from the July 12th rate sheet at 3.25% would save $188/mo over the April 26th 30 year fixed, recovering $8000 in payments in 43 months. Thirty year loans are often considered the “standard” but there a lots of loan products out there.
- Whether a current Home Buyer Tax Credit qualifying buyer still in escrow could “double dip” by getting a lower rate by buying down their interest rate presuming they had already locked.
- What happens if sales prices drop or increase?
The point is that there are so many factors that drive the investment side of owning a home. One factor may be up or down any time. Each buyer needs to decide what factors, including the emotional ones, make up their reasons to buy.
**Categories:** Real Estate News & Tips
**Tags:** Lower Interest Rates Repace Tax Credits?, Lower Interest Rates Tax Credits
---
### [Hire a Licensed Contractor and Get a Permit](https://lovejoyrealestate.com/hire-a-licensed-contractor-and-get-a-permit/)
**Published:** July 11, 2010
**Author:** Charles Turner
**Content:**
The questions are right there on the Seller’s Property Disclosure Statement:
- Are there any additions, conversions or remodeling?
- If yes, was a building permit required?
- If yes, was a building permit obtained?
- If yes, was a final inspection obtained?
Enjoy this week’s Sunday real estate humor and thanks to Nancy for sending it our way:
**Categories:** Real Estate Humor
**Tags:** Hire a Licensed Contractor and Get a Permit, Licensed Contractor Permits
---
### [Renaissance Homes' Street of Dreams "The Graduate"](https://lovejoyrealestate.com/renaissance-homes-street-of-dreams-the-graduate/)
**Published:** July 10, 2010
**Author:** Charles Turner
**Content:**
This is the July 9th construction update video of Renaissance Homes’ 2010 Portland Street of Dreams entry, “The Graduate.”
**Categories:** Portland Street of Dreams, Real Estate News & Tips
**Tags:** Northwest Portland, Renaissance Homes, The Graduate
---
### [2010 Portland Street of Dreams July 9th Update](https://lovejoyrealestate.com/2010-portland-street-of-dreams-july-9th-update/)
**Published:** July 9, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Portland-Street-of-Dreams-7-9-36.jpg)There are just thee weeks until the 2010 Portland Street of Dreams kicks off with A Midsummer Night’s Dream Charity Benefit at Cresap Summit on Friday, July 29th. I’d like to thank Renaissance Homes for giving me access to their home for the next few Fridays so that Ican complete the series I have been writing since January with a better vantage than from the curb.
The site was full activity and progress is evident since [my last visit June 27th](https://lovejoyrealestate.com/realestate/2010/06/2010-street-of-dreams-site-video/ "June 27th Portland Street of Dreams video"). The show will feature six properties. There are the three homes on NW Cresap Lane, a detached condominium in neighboring Macleay Overlook and an [Ideabox Prefab Home](http://www.ideabox.us/hip_%26_green.html "Ideabox Prehab Homes") [(blog)](http://ideaboxprefab.blogspot.com/ "Ideabox Prehab Homes").
Renaissance Homes’ Street of Dreams house is presold and is getting very near completion. Workers were touching up sheet rock and paint when I was there this morning. As a Realtor you never know what you are going to find behind the front door and this time I was not disappointed. The main floor is a great entertaining space with the kitchen and family room at the back of the house. A butler’s pantry connects the kitchen to the dining room which is separated from the office/living room by the main hall. I will post the video in the next day or two once I have it pieced together.
**Categories:** Portland Street of Dreams
**Tags:** 2010 Portland Street of Dreams July 9th Update
---
### [The Accuracy of Zillow's Zestimate](https://lovejoyrealestate.com/the-accuracy-of-zillows-zestimate/)
**Published:** July 8, 2010
**Author:** Charles Turner
**Content:**
How much is my Portland home really worth? Zillow’s Zestimate says it is worth $z but my Realtor/appraiser/neighbor says it is worth $x. What gives? Any estimate of value is an opinion, the market eventually determines value.
Zillow provides their own answer as to [what a Zestimate is ](http://www.zillow.com/wikipages/What-is-a-Zestimate/ "What is a Zestimate"):
> **How do we come up with the Zestimate?**
>
> We compute this figure by taking zillions of data points – much of this data is public – and entering them into a formula. This formula is built using what our statisticians call “a proprietary algorithm” – big words for “secret formula.” Currently, we calculate a Zestimate for more than 70 million homes and have data on 20 million more.
Accuracy is the next question. Zillow breaks down their [accuracy by city](http://www.zillow.com/howto/DataCoverageZestimateAccuracy.htm "Complete list of Zillow Zerstimate Accuracy"). They score themselves 3 out of 4 in Portland and 68% of listings are within 20% of their actual selling price.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Zillow-Accuracy.jpg)
If you think your valuation is wonky, you can go into Zillow and adjust the statistics of you home and the system will then recompute the Zestimate based on updated information. Any valuation needs to be taken with a grain of salt, no matter what the source is. Zillow, like all automated systems, provides a baseline and a starting point to the conversation about what price the market will bear.
\*\*\*Full disclosure: We advertise on Zillow. We are featured agents for the 97210 zip code and all of our listings appear as “Featured Listings” when property results are shown for a given search in any area.
**Categories:** Real Estate News & Tips
**Tags:** The Accuracy of Zillow's Zestimate
---
### [The Internet and Real Estate](https://lovejoyrealestate.com/the-internet-and-real-estate/)
**Published:** July 7, 2010
**Author:** Charles Turner
**Content:**
This morning I received an email from Realtor.com. The first lines read: “**90% of home buyers are using the internet to find their next home with over 1 in 3 finding the home they purchased online.”** The percentage is even higher from some demographics.
That’s a statement that is important to Realtors, buyers and sellers and timely as I am sitting in a room with fewer than 200 Portland area real estate agents at the [RainCamp Portland](https://activerain.com/raincamp "RainCamp Portland") conference, which is hosted by ActiveRain, learning about new and existing ideas that can be applied to real estate and therefore improve the home buying and selling process. Anyone can put a home on the Internet, how rich that experience is critical. I think it is a perfectly fair question to ask your potential Realtor what they do to keep abreast of the latest trends in Internet real estate marketing? There are lots of training opportunities, even some that conflict with this conference. Nobody can do it all but if the answer is, “I’ll put your home on RMLS,” you had better keep asking questions.
**Categories:** Real Estate News & Tips
**Tags:** Real Estate in the Internet, The Internet and Real Estate
---
### [Oregon Home Buyer Advisory: Pest and Dry Rot](https://lovejoyrealestate.com/oregon-home-buyer-advisory-pest-and-dry-rot/)
**Published:** July 6, 2010
**Author:** Charles Turner
**Content:**
Continuing our series on the Oregon Home Buyer Advisory. We’ve covered the sections on Home inspections, Sewers & Septic Tanks, and Death, Crimes and External Conditions. Today we’ll cover pest and dry rot:
> **Pest and Dry Rot Inspection**
> Pest and dry rot inspections are done in many residential real estate transactions and may be required by the lender. A pest and dry rot inspection may or may not be included in a whole home inspection. If a pest and dry rot inspection is desired or required and the buyer is obtaining a whole home inspection, the buyer should verify that the inspection obtained covers pest and dry rot and the inspector is properly licensed. The license status of home inspectors can be checked at the [Construction Contractor’s Board (CCB)](https://ccbed.ccb.state.or.us/ccb_frames/consumer_info/ccb_index.htm "Oregon CCB"). Pest control operators who do inspections and treatment are licensed by the Oregon Department of Agriculture. Buyers can check on licensing of pest control operators and applicators by calling the [Oregon Department of Agriculture](http://oda.state.or.us/dbs/search.lasso#pesticide "Oregon Department of Agriculture") at (503) 986-4635 or online.
>
> Real estate licensees do not have the training or expertise to inspect property for pests or dry rot. Like any property condition report, buyers should not rely on the report of an inspector they did not hire. A pest and dry rot inspection is a limited inspection and is no substitute for a complete whole home inspection by a licensed home inspector.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Termite-Tubes.jpg)The inspectors that we use do a pest and dry rot inspection during the general home inspection. Carpenter ants are the most common pest found. Termites exist but aren’t as prevalent as they are in other parts of the country. Evidence of rodents is also frequent.
Dry rot can occur wherever untreated wood has contact with soil or where water is able to keep it constantly wet. Some common problem areas are around clogged rain gutters, decking, and foundation piers. Rotted wood often gives little resistance when poked but may not be obvious visually. Rotted wood siding can lead to rotted framing and even mold so it is very important that it doesn’t go unchecked.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/07/Dry-Rot.jpg)If an appraiser finds evidence of either pest or dry rot in their investigation of the property, the lender may require repairs before they will fund the loan. These lender required repair may come up after the inspection period but may still be negotiated as part of the financing contingency in the offer. That’s important for the seller to understand. The buyer may be okay with the condition of the property but if the bank isn’t repairs could come up later in the transaction.
**Categories:** Home Inspections
**Tags:** Home Buyer Advisiory in Oregon, Oregon Home Buyer Advisory: Pest and Dry Rot
---
### [A Different Real Estate Perspective](https://lovejoyrealestate.com/a-different-real-estate-perspective/)
**Published:** July 5, 2010
**Author:** Charles Turner
**Content:**
The common phrase gets modified and a little humor added in real estate: the grass is always greener over the septic tank. Problems with public school funding is not just a Portland issue. I picked up the print version of the San Francisco Chronicle yesterday and the head line of the Bay Area section reads, “Alameda Faces Deep School Cuts: District $7 billion short after voters turn down tax.” Seven billion? What are we complaining about in Portland? Turns out that the headline is a typo and the correct number is 7 million but the affect of the shortage is the same: cuts, cuts and more cuts do:
> “For decades, parents have shelled out a real estate premium to take advantage public schools, spending more money for rent or a mortgage for the peace of mind that comes with solid standardized test scores, and a seat at the school down the block.”
Sound just like home. Portland and Alameda took different tracks to trouble but the result is the same. School districts, the drawing of their boundaries and strengths of their budgets are not static but impact real estate.
Moving to the Marin IJ, the cover of the real estate section reports on recent sales. San Rafael ($175,000 – $1,160,000); Kentfield ($1,335,000 – $3,145,000); and Sausalito ($600,000 – $2,820,000). RMLS reports 19 sold propeties in the last 30 days in Northwest Portland’s 97210 ($208,000 – $1,435,000); 17 sold between $257,500 – $699,000) in Southeast Portland’s 97215; 26 sold in 97212 which includes Irvington between $172,000 – $952,950).
We had dinner last night with an old college friend, a Cal grad. He’s lived in San Francisco, Washington DC, 400 square feet in New York and now lives in Houston, which is the first town he says he really likes because of its livability. His reasons for liking Houston were close our reasons for liking Portland- trading heat for rain which we both agreed we could do without the extremes.
Home is where you live. Enjoy.
**Categories:** Real Estate News & Tips
**Tags:** A Different Real Estate Perspective, Real Estate Perspective
---
### [This Home Pretty Much Sucks](https://lovejoyrealestate.com/this-home-pretty-much-sucks/)
**Published:** July 4, 2010
**Author:** Charles Turner
**Content:**
San Pablo, California Realtor Cindi Hagley gets creative by telling the truth about her listing:
Have a fun and safe Fourth of July.
**Categories:** Real Estate Humor
**Tags:** This Home Pretty Much Sucks
---
### [Obama Signs Home Buyer Tax Credit Closing](https://lovejoyrealestate.com/obama-signs-home-buyer-tax-credit-closing/)
**Published:** July 2, 2010
**Author:** Charles Turner
**Content:**
It should come as no surprise the President Obama signed the legislation that extends the Home Buyer Tax Credit closing period to September 30th. This extension does not open up eligibility to anyone that wasn’t already in a qualified transaction by April 30th. It should help many of the 180,000 home buyers that were in contract but considered SOL as their transactions had not closed by the June 30th deadline.
**Categories:** First Time Buyer
**Tags:** Home Buyer Tax Credit Closing, Obama Signs
---
### [Happy New Tax Year](https://lovejoyrealestate.com/happy-new-tax-year/)
**Published:** July 1, 2010
**Author:** Charles Turner
**Content:**
Portland property taxes run July 1 to June 30th of the following year. For Multnomah County we usually see tax bills in early October. This means that if you close on a house today, unless something out of the norm has been negotiated, you would owe the full year taxes by the November 15th due date to get the 3% discount. A daily prorate is used based on the last known tax amount to figure out who owes who at closing.
The Multnomah County [Division of Assessment, Recording and Taxation](http://www2.co.multnomah.or.us/Public/EntryPoint?ch=6e561c5808c57010VgnVCM1000003bc614acRCRD/ "Multnomah County Division of Assessment, Recording, and Taxation") is the best place to start if you have questions about your property taxes. [Washington County Assessment and Taxation](http://www.co.washington.or.us/AssessmentTaxation/index.cfm "Washington County Assessment and Taxation") and [Clackamas County Assessment and Taxation](http://www.co.clackamas.or.us/at/ "Clackamas County Assessment and Taxation") are your other tri-county tax resources.
If you want to appeal your property taxes, you must play by your county’s rules. Multnomah County’s website states that appeals must be received by December 31 for the year being appealed. There is no 2010-2011 appeal form online yet which makes sense as the tax amounts/property values are not known yet. Check back and don’t miss the window.
**Categories:** Real Estate News & Tips
**Tags:** Division of Assessment, Recording and Taxation
---
### [Home Buyer Tax Credit News- Congress Extends Closing](https://lovejoyrealestate.com/home-buyer-tax-credit-news-congress-extends-closing/)
**Published:** June 30, 2010
**Author:** Charles Turner
**Content:**
Past my bedtime so a little cut and paste \[this assumes that President Obama signs the bill\]:
> From: NAR Government Affairs
>
> RE: Tax Credit Closing Date Extension/Flood Insurance Extension
>
> DATE: 30 June 2010
>
> After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623) . The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law.
>
> NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.
>
> Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.
**Categories:** Real Estate News & Tips
**Tags:** Congress Extends Closing, Home Buyer Tax Credit News
---
### [Case Shiller April 2010 for Portland Real Estate](https://lovejoyrealestate.com/case-shiller-april-2010-for-portland-real-estate/)
**Published:** June 29, 2010
**Author:** Charles Turner
**Content:**
Case Shiller for April 2010 came out this morning and Portland saw a bump up from March. The current report puts Portland real estate prices at 146.25. That’s up 46.25 points from when the index was reset to 100 in January of 2000 but down 40.26 from the July 2007 peak. It also stops a two month slide. The index is at May/June 2005 levels.
Case Shiller uses the seven county Portland MSA for its reporting on closed sales with a two month lag, this has changed from a previous three month lag:
> The monthly S&P/Case-Shiller Home Price Indices use the “repeat sales method” of index calculation – an approach that is widely recognized as the premier methodology for indexing housing prices – which uses data on properties that have sold at least twice, in order to capture the true appreciated value of each specific sales unit.
New construction and condos are not considered in the report. April was a strong month for the Portland real estate market by most metrics. The contracts for eligibility for the Home Buyer Tax Credits had to be signed by April 30th and must close by tomorrow, June 30th, without a vote by Congress to extend it. There is no current indication in the news the closing date will be extended. Starting Thursday, the real estate market must stand on its own two feet without being propped up by the tax incentives. Low interest rates, the “seasonal selling season,” and lower prices may give some confidence to people that now may be their time to enter the market. Educate, understand and decide.
Click here [for previous posts on the Case Shiller Index](https://lovejoyrealestate.com/case-shiller-index "Portland Real Estate Blog Case Shiller Posts").
[](https://lovejoyrealestate.com/wp-content/uploads/2010/06/Portland-Case-Shiller-April-2010.jpg)
**Categories:** Case Shiller Index
**Tags:** Case Shiller, Portland Real Estate
---
### [2010 Street of Dreams Site Video](https://lovejoyrealestate.com/2010-street-of-dreams-site-video/)
**Published:** June 27, 2010
**Author:** Charles Turner
**Content:**
There’s a little over a month until the 2010 Street of Dreams kicks off at Northwest Portland’s Cresap Summit. Three houses are under construction. One of those has a sold sign in the window and the other two, plus an additional lot, are listed for sale in RMLS.
Here’s a short video of the site and it’s progress taken yesterday, June 26th. I didn’t add a soundtrack to it as one of the features of the site is it’s peacefulness.
**Categories:** Portland Street of Dreams
**Tags:** 2010 Street of Dreams Site Video, Portland Street of Dreams
---
### [Sunday Real Estate Humor. Is This Your Realtor?](https://lovejoyrealestate.com/sunday-real-estate-humor-is-this-your-realtor/)
**Published:** June 27, 2010
**Author:** Charles Turner
**Content:**
This weekend’s humor is brought to us by Chafin on Youtube. One side of “the real estate bloodbath,” as it was described to me, was that many Realtors were forced out of the business. We can only hope that the parodied Realtor here was one of them. Enjoy.
**Categories:** Real Estate Humor
**Tags:** Real Estate Humor, Is This Your Realtor?
---
### [A Dreamy Commute from Cresap Summit](https://lovejoyrealestate.com/a-dreamy-commute-from-cresap-summit/)
**Published:** June 26, 2010
**Author:** Charles Turner
**Content:**
The 2010 Portland Street of Dreams is just over a month away and it’s time to ramp up the posts as they head to the finish line. The show runs July 31 to August 29. At 6:30 on a Saturday morning, there isn’t much sign of life anywhere in Portland. I took some pictures and video and then set up my passenger-cam by wedging the camera between the seat-back and head rest. What we have here is the 15 minute commute to Pioneer Courthouse Square distilled down to 3:29. There was no traffic but I think I missed every light.
**Categories:** Portland Street of Dreams
**Tags:** A Dreamy Commute, Cresap Summit
---
### [4774 Bradford Loop Video](https://lovejoyrealestate.com/4774-bradford-loop-video/)
**Published:** June 24, 2010
**Author:** Charles Turner
**Content:**
Listing videos are becoming an increasing popular way for buyers to look at homes online. We’ve been doing virtual tour and floor plans for years so this is just one more way to make sure our listings are getting seen as many ways as possible. \[Updated 6/28/10 with version that will display on iPhone/iPad\].
I shot this one myself using our Flip. I’m glad I was wearing a tie as I capture myself in both the entry glass and one of the bathroom mirrors. The listing is 4774 Bradford Loop in Salem. I’ll be the first say that there is room for improvement. Would you rather have narration than music?
**Categories:** Real Estate News & Tips
**Tags:** 4774 Bradford, Loop Video
---
### [Real Estate Lingo](https://lovejoyrealestate.com/real-estate-lingo/)
**Published:** June 22, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/06/iStock_000004313112XSmall.jpg)Real estate is full of acronyms. One of this blog’s most viewed posts is “What Does Bumpable Mean?” and I wrote that back in 2006. Today we’ll review the associations, what RMLS statuses mean and the alphabet soup of Realtor designations:
**Associations:**
- NAR- [National Association of Realtors](http://realtor.org "NAR National Association of Realtors").
- PMAR- [Portland Metropolitan Association Realtors](http://www.pmar.org/ "PMAR- Portland Metropolitan Association of Realtors")
- RMLS- Regional Multiple Listing Service
- MDC- Million Dollar Club
**RMLS Status** (Agent has 72 hours to change status of listing)
- ACT- Active: listing is on the market and is available to show. Short sales remain active until there is bank approval and no more offers are being submitted to the bank.
- BMP- Bumpable: there is an accepted offer but it is contingent (usually the buyer has to sell an existing property). If the seller receives another offer the buyer either has to remove the contingency or will probably be bumped by the new buyer.
- PND- Pending: There is an accepted offer. The buyer will do their inspections and clear the contingencies in the EMA (earnest money agreement). The transaction will either close or go BOM (Back on Market). A second potential buyer cannot knock a buyer out of their position but can write a back-up offer.
- WTH- Withdrawn: The listing is not on the market but is under contract with the existing agent. It is not available to show. Reason to withdraw include work being done on the property that makes it impossible to show such as refinishing floors.
- CAN- Canceled: The contract between the agent and seller has been terminated. The property is not on the market but may be relisted by the same or another agent. Canceled and expired listings are the only statuses that an agent can solicit a seller for a potential listing.
- EXP- Expired: The listing term has expired. The listing is not available to show and is not on the market.
- SNL- Not Saturday Night Live in this case but Sold Not Listed. Used for comparable purposes where the listing was not in MLS. Might be a FSBO (For Sale By Owner) where there was an agent representing the buyer.
DOM and CDOM- Days on Market and Cumulative Days on Market. Not RMLS statuses but commonly used when talking about listings. DOM is the number of days the current MLS number of days the current MLS number has been on the market. CDOM counts any MLS history, including previous MLS numbers if the listing was not off the market for more than 30 days.
**Designations** (the industry loves putting letters after our names)**:**
- MBA- Masters in Business Administration (Jenny (PSU) & Charles (Willamette))
- GRI- Graduate Realtor Institute (Charles, Jenny and Vicki)
- ABR- Accredited Buyer’s Representative (Jenny)
- CDPE- Certified Distressed Property Expert (Jenny)
- FSR- Short Sale & Foreclosure Resource (Jenny & Susan)
- [STAR](http://www.earthadvantage.org/realtor.php "STAR designation description")– Sustainability Training for Accredited Real Estate Professionals (Susan)
**Categories:** Real Estate News & Tips
**Tags:** Real Estate Lingo, Real Estate
---
### [National Association of Realtors Report on Portland](https://lovejoyrealestate.com/national-association-of-realtors-report-on-portland/)
**Published:** June 21, 2010
**Author:** Charles Turner
**Content:**
The National Association of Realtors has published it’s [2010 first quarter report on the Portland real estate market](http://www.realtor.org/wps/wcm/connect/fc08e30041b356f28366ffa3819af93a/lmr_or_portland_Q12010.pdf?MOD=AJPERES&CACHEID=fc08e30041b356f28366ffa3819af93a "Nationial Association of Realtors First Quarter Portland Report"). The report, like Case Shiller, uses the seven county Portland MSA.
The report does an excellent job of comparing the Portland market to the national market and has some good foreclosure statistics. The three year equity positions for Portland and the U.S. are pretty close but there is a fairly large disparity in the seven year position. Portland’s recent depreciation lags behind the national market.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/06/Portland-Real-Estate-Market-VS-US.jpg)
Portland’s foreclosure rate is lower than the national but the report warns that an increase in recent delinquencies may predict an increase in foreclosures for the local market in the near future.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/06/Portland-Foreclosure-Market.jpg)
If you are having a hard time with your mortgage payments, it may be worth investigating the [MakingHomeAffordable.gov](http://www.makinghomeaffordable.gov/other_options_modification.html "Making Home Affordable Loan Modification website.") website about possible loan modification. There is also a [Home Affordable Refinance program](http://www.makinghomeaffordable.gov/refinance_eligibility.html "Home Affordable Refinace program ") which may be an option if you do not qualify for loan modification.
**Categories:** Real Estate News & Tips
**Tags:** National Association, Realtors Report, Portland
---
### [New Category: Real Estate Humor.](https://lovejoyrealestate.com/new-category-real-estate-humor/)
**Published:** June 20, 2010
**Author:** Charles Turner
**Content:**
Real estate is serious business. It’s the largest financial transaction that many people will make in their lives. That said, there’s a light side too. I’ve created a “real estate humor” category and will try to make it a regular Sunday feature. Today we have “How to Buy a Bank Owned Property” from some robots on Youtube by sandiegocastles. Happy Father’s Day and enjoy.
Of course, if you are really interested in purchasing a short sale or bank owned home, contact your friendly real estate professionals. And congratulations to Jenny for completing the CDPE, Certified Distressed Property Expert, course last week.
**Categories:** Real Estate Humor
**Tags:** humor, Real Estate Humor, Real Estate
---
### [FHA Funny](https://lovejoyrealestate.com/fha-funny/)
**Published:** June 18, 2010
**Author:** Charles Turner
**Content:**
I’m not feeling overly creative this morning but this is worth a good laugh. The story comes around once in awhile in via email so its origin is unknown. Either its really creative fiction nonfiction at its best:
> A New Orleans lawyer sought an FHA loan for a client. He was told the loan would be granted if he could prove satisfactory title to a parcel of property being offered as collateral. The title to the property dated back to 1803, which took the lawyer three months to track down. After sending the information to the FHA, he received the following reply.
>
> (Actual reply from FHA):
>
> “Upon review of your letter adjoining your client’s loan application, we note that the request is supported by an Abstract of Title. While we compliment the able manner in which you have prepared and presented the application, we must point out that you have only cleared title to the proposed collateral property back to 1803.
>
> Before final approval can be accorded, it will be necessary to clear the title back to its origin.”
>
> Annoyed, the lawyer responded as follows:
>
> (Actual response):
>
> “Your letter regarding title in Case No.189156 has been received. I note that you wish to have title extended further than the 206 years covered by the present application. I was unaware that any educated person in this country, particularly those working in the property area, would not know that Louisiana was purchased by the United States from France in 1803, the year of origin identified in our application. For the edification of uninformed FHA bureaucrats, the title to the land prior to U.S. ownership was obtained from France, which had acquired it by Right of Conquest from Spain . The land came into the possession of Spain by Right of Discovery made in the year 1492 by a sea captain named Christopher Columbus, who had been granted the privilege of seeking a new route to India by the Spanish monarch, Queen Isabella. The good Queen Isabella, being a pious woman and almost as careful about titles as the FHA, took the precaution of securing the blessing of the Pope before she sold her jewels to finance Columbus ‘s expedition. Now the Pope, as I’m sure you may know, is the emissary of Jesus Christ, the Son of God, and God, it is commonly accepted, created this world. Therefore, I believe it is safe to presume that God also made that part of the world called Louisiana. God, therefore, would be the owner of origin and His origins date back to before the beginning of time, the world as we know it, and the FHA. I hope you find God’s original claim to be satisfactory. Now, may we have our damn loan?”
**Categories:** Because I Can
**Tags:** Federal Housing Administration, Loan, FHA Funny
---
### [Is the Home Buyer Tax Credit Extended?](https://lovejoyrealestate.com/is-the-home-buyer-tax-credit-extended/)
**Published:** June 17, 2010
**Author:** Charles Turner
**Content:**
Is the Home Buyer Tax Credit Extended? No. The Senate approved a proposal yesterday to extend the CLOSING period of the tax credit from the current June 30th to September 30th. If you weren’t eligible for the credit today you won’t be when and if the Senate and House vote to pass the actual legislation and turns it into law. The extension is to benefit those that were already in contract by April 30th.
The Wall Street Journal also reports on those trying to [fraudulently claim the tax deduction](http://blogs.wsj.com/developments/2010/06/11/tax-credit-extension-could-help-tax-cheaters/ "Wall Street Journal Home Buyer Tax Credit Fraud") by backdating contracts. This is my favorite recent real estate related quote:
> Backdating a contract would be both wrong and risky. “That would be fraud on the federal government,” notes Mark Fiedler of Coldwell Banker Legacy, Rio Rancho, N.M. “As a broker, I would not participate in that activity, although there may be others who might. My license enables me to earn a living, and the FBI is not someone I want to cozy up to.” Besides, Mr. Fiedler says, the FBI is “busy putting people in jail for mortgage fraud right now, so let’s not overwork them.”
**Categories:** First Time Buyer
**Tags:** home buyer, tax credit, Tax Credit Extention
---
### [What Portland Public School Will My Student Attend?](https://lovejoyrealestate.com/what-portland-public-school-will-my-student-attend/)
**Published:** June 16, 2010
**Author:** Charles Turner
**Content:**
\*\*\* Updated 6/23/10- See below
[](https://lovejoyrealestate.com/wp-content/uploads/2010/06/PPS-scenario-8.jpg)What Portland schools will your kids go to school next year? The year after that? When we ask clients what their new home must include, “good schools” is more often than not part of the answer. Even without kids, buyers understand that when they becomes sellers their buyer may have schools on their mind. There’s always been the caveat that school boundaries can change but this year it looks like there will be a major shake up with either a major boundary realignment, the closure of Jefferson High School or both. Portland Public Schools.
The superintendent’s proposal is on the right. This a proposal, *not a done deal*. The school board has put closing Jefferson High School on the table.
Portland Public Schools has always had a great tool on their website for determining which schools a student will go to. There are two versions now:
**What school will my child attend 2011-2012 proposed**
[**What school will my child attend 2010-2011**](http://www.pps.k12.or.us/schools-c/find_your_school.php "Portland Public Schools 2010-2011")
The biggest change if Jefferson High School remains open will be that some of the [close in southeast schools will feed into Lincoln High School in northwest](http://www.pps.k12.or.us/files/high-school-system/JUNE_02_10_SUPERINTENDENTMODIFIEDRECOMMENDATION.pdf "Portland Public Schools Superintendent Recommendations School Boundries Map"). The map highlights the differences from the [current map](http://www.pps.k12.or.us/schools-c/map/ "Current Portland Public School Boundry Map"). If Jefferson closes, the alignments will be completely different.
To reiterate, these are all proposals and have not been finalized in any way.
\*\*\*6/23/10
At last Thursday’s school board meeting hundreds of Jefferson students attended the meeting to speak out against the closure of their school. The working session was canceled because numerous board members were absent but speakers were heard before the meeting adjourned. At last night’s meeting, the topic of school closure was tabled with a decision to be made later in the summer.
**Categories:** Real Estate News & Tips
**Tags:** Portland Public School, Real Estate
---
### [Burning Down the House: Oregon Style](https://lovejoyrealestate.com/burning-down-the-house-oregon-style/)
**Published:** June 15, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/06/EPA-Wood-Burning-Stove-Certification-Location.jpg)On August 1st a new real estate law will come into effect aimed at helping the environment: non-certified wood burning stoves must be removed from a home prior to closing (or within 30 days if the buyer is taking responsibility). How do you know if your stove is certified? If it was manufactured before 1998, it probably isn’t. The only proof of certification is the EPA sticker or manufacturer proof that the make and model of your stove is certified from the [EPA’s list of certified wood stoves](http://www.epa.gov/Compliance/resources/publications/monitoring/caa/woodstoves/certifiedwood.pdf "EPA list of Certified Wood Burning Stoves").
[Oregon DEQ has a fact sheet about the new wood burning stove law](http://www.deq.state.or.us/aq/burning/woodstoves/questions.htm "August 1st 2010 Wood Burning Stove Law Fact Sheet") on their website. There is a section for both buyers and sellers.
Some stoves are exempt, including pellet stoves (check the list on the [link](http://www.deq.state.or.us/aq/burning/woodstoves/questions.htm "Oregon wood stove fact sheet")). If the stove has to be removed, it has to be destroyed by an entity that will provide you with a receipt which will then be turned over to the DEQ as proof. You can remove and haul it yourself to a scrap yard or have it removed. You can’t put it on Craigslist. There will be an additional disclosures as well in the real estate transaction.
Buyer’s purchasing real estate between now and August 1st need to be aware that the new law could have an impact when they go to sell. Legal now will not be legal then. This is a follow up to a [previous post about the new law](https://lovejoyrealestate.com/realestate/2010/02/oregon-wood-burning-stoves-go-up-in-smoke "Prior post on new wood burning stove law").
**Categories:** Real Estate News & Tips
**Tags:** Burning Down the House, Oregon Style, Portland Oregon
---
### [South Waterfront Front Page News. Salpare Bay in Oregonian Again](https://lovejoyrealestate.com/south-waterfront-front-page-news-salpare-bay-in-oregonian-again/)
**Published:** June 11, 2010
**Author:** Charles Turner
**Content:**
If you picked up yesterday’s print Oregonian you’d have seen Ryan Frank’s featured cover story on the [lack of low income housing in the South Waterfront](http://www.oregonlive.com/portland/index.ssf/2010/06/portland_leaves_empty_promises.html "Ryan Frank story in Oregonian about South Waterfront low income housing."). Low income housing has always been a part of the plan for the area but it is yet to materialize. Ryan has moved from the real estate desk to the news desk and his well known [Front Porch Blog](http://blog.oregonlive.com/frontporch/index.html "Front Porch Blog") has been shuttered, or in his words, foreclosed.
The real estate desk is taken over by Jeff Manning who wrote earlier this week on the [bankruptcy the Salpare Bay Condominiums on Hayden Island](http://www.oregonlive.com/business/index.ssf/2010/06/hayden_island_condo_developer.html "Jeff Manning artilce on Salpare Bay bankruptcy"):
> The filing postpones the looming Multnomah County sheriff’s auction of Salpare Bay’s primary asset: a partially complete 204-unit riverfront condo that has sat idle for so long it became a favored nesting site of various Columbia River waterfowl.
The common theme between the two articles is the lack of progress on both fronts was caused largely in part by the lack of financing. Politics weigh heavily in the South Waterfront as well. Financing was readily available when the projects were on the drawing boards and it dried up as the market declined. The South Waterfront does appear to be getting back on track with development of an [apartment complex](http://www.portlandonline.com/phb/index.cfm?c=52610 "City of Portland site describing South Waterfront apartments") slated to begin construction as early as November.
**Categories:** Real Estate News & Tips
**Tags:** Front Page News, Salpare Bay, South Waterfront, Oregon
---
### [Oregon Home Buyer Advisory: Professional Home Inspections](https://lovejoyrealestate.com/oregon-home-buyer-advisory-professional-home-inspections/)
**Published:** June 9, 2010
**Author:** Charles Turner
**Content:**
I’ve started writing a series on the Oregon Home Buyer Advisory. We’ve covered the sections on Sewers & Septic Tank and Death, Crimes and External Conditions. Today we’ll go to the beginning of the Advisory and cover the Professional Home Inspection:
> OBTAINING A PROFESSIONAL HOME INSPECTION IS THE SINGLE MOST IMPORTANT THING A BUYER CAN DO FOR THEIR PROTECTION. \[Their emphasis\]
> A professional home inspection report will provide the buyer with detailed information about the home’s physical condition, its systems and fixtures and usually note any potential future problems. The buyer should carefully review an inspector’s proposal to determine the scope of the inspection. Some home inspectors may not inspect heating and cooling systems, the roof or other systems or components. A home inspection should be done by a home inspector or contractor licensed by the Oregon Construction Contractors Board (CCB). To inspect two or more components (i.e., roof, siding, structural), the home inspector must be certified and either be a licensed construction contractor or work for a licensed construction company. Also, a home inspector is not allowed to perform the repairs within a twelve-month period following the inspection. \[continues\]
I’ve likened the professional home inspection to a general practitioner doctor. Well educated in the field but not the specialist. A GP will refer you to a heart doctor if it is thought that you have a heart condition, a home inspector will refer you to an electrician if there are issues with the electrical system. Because home inspections are not one-stop-shopping it is important to schedule the inspection as early as possible in the inspection period. You don’t want to be trying to schedule an electrician and then begin negotiating repairs the day before the contingency ends.
The default inspection period is 10 business days in the Oregon Earnest Money Agreement. That can be changed but if the field is left blank it expires at midnight on the last day. Taking no action means the buyer has accepted the property in its current condition. The buyer can terminate the transaction, negotiate repairs or accept the property within the contingency period.
Realtors generally have working relationships with home inspectors but ultimately it is the buyer’s decision as to who does the inspection. I’d budget $300-$450 for a professional inspection. The actual price will depend on the type of home and its size and may fall outside of that range.
**Categories:** Home Inspections
**Tags:** Oregon Home Buyer Advisory, Professional Home Inspections
---
### [City of Portland Scopes Sewers. You Should too.](https://lovejoyrealestate.com/city-of-portland-scopes-sewers-you-should-too/)
**Published:** June 8, 2010
**Author:** Charles Turner
**Content:**
The cover story of the June 2, 2010 [Willamette Week reports on issues surrounding Portland’s sewer system](http://wweek.com/editorial/3630/14111/ "Willamette Week Report on Portland Sewer System"). According to the report, 12,000 homes are at risk of sewer backups due to aging and clogged lines beyond the curb- homeowners are responsible for the lines from the house to the curb. Why are homes with good lines at risk?
> “The work is increasing,” Shephard says. “The system is aging, and we only have so much money. We’ve got pipe that was made in the ’50s that isn’t holding up very well and some pipe nearly 100 years old that is beyond its life cycle.”
>
> The problem is pretty simple. Every day, the sewage from Portland’s 570,000 residents flows from homes into a series of successively larger pipes. The average single-family home might be connected by a 4-inch pipe to the 12-inch-diameter pipe running down the middle of a neighborhood.
>
> Those 12-inch lines connect to slightly larger lines, which feed to even larger lines. By the time they reach the Willamette (or now, the Big Pipe), those lines are large enough for 6-foot-6-inch Blazers star Brandon Roy to stand inside comfortably.
Continued below image…
[](https://lovejoyrealestate.com/wp-content/uploads/2010/06/Portland-Sewer-Backup-Map.jpg)The [Big Pipe Project](http://www.portlandonline.com/cso/ "Portland Combined Sewer Overflow site (Big Pipe Project)") will be finished next year but the problem is in the pipes before waste ever makes it to BPP. As a sewer user, you can help keep it flowing. Grease and cooking oil clogs lines (as do diapers, guns, bags of marijuana, etc). If you don’t put them into the system, they won’t clog down the line.
The City manages a [downspout disconnection program](http://www.portlandonline.com/bes/index.cfm?c=43081 "City of Portland Downspout Disconnection program") which may make you eligible for [Clean River Rewards](http://www.portlandonline.com/bes/index.cfm?c=41976 "City of Portland Clean River Rewards"). We disconnected our last renovation project by digging a dry-well into the driveway and diverting all storm water into it.
**Categories:** Real Estate News & Tips
**Tags:** portland city, Scopes Sewers
---
### [Lessons from the Red and Black Cafe in Real Estate](https://lovejoyrealestate.com/lessons-from-the-red-and-black-cafe-in-real-estate/)
**Published:** June 5, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/06/facebook-logo.jpg)Social media is clearly here to stay and the local story of the Red and Black Cafe drives home the point for small businesses, which all Realtors are. If your Realtor is not using social media, they are becoming increasingly likely be missing a segment of potential buyers for a listing. If you are a Realtor, pay attention! Like all things real estate, I want you to know I am a Realtor through my [fan page](http://www.facebook.com/portlandrealestateblog "Portland Real Estate Blog Facebook Fan Page") and other social media sources but I also want you know that I have a life and provide interesting content.
Without going into the right or wrong of the Red and Black Cafe, here is what happened according to the media: a uniformed police office bought a cup of coffee, he stopped to talk to a customer and then one of the co-owners came up and asked him to leave because his uniformed presence disturbs his clientele. [The story was published by the Oregonian](http://www.oregonlive.com/portland/index.ssf/2010/06/red_black_cafe_shows_portland.html "Oregonian article on office asked to leave Red and Black Cafe") and other news outlets and social media has taken it from there. [Red and Black Cafe has a fan page](http://www.facebook.com/pages/Portland-OR/Red-and-Black-Cafe/90000217036?ref=ts "Red and Black Cafe Facebook Fan Page") (a few days ago it had 741 fans). Less than 48 hours ago someone started the [Boycott Red and Black Cafe](http://www.facebook.com/pages/Boycott-the-Red-and-Black-Cafe-Portland-OR/132068450142313?v=wall&ref=ts "Boycott Red and Black Cafe Facebook Fan Page") fan page. Right now Boycott has 5984 fans compared to the Cafe’s 995!
The Cafe’s core has rallied and added 200 fans but I don’t think many of us would feel they had won the “any publicity is good publicity” battle at first blush. They may win the war though. The story should fade away and they will have attracted new clientele that otherwise probably wouldn’t have ever known they existed. They aren’t reticent about the decision to ask the officer to leave from what we can tell so it is not a case of, “I said something but wish I hadn’t and now am paying the price for it.” I actually think they may be thrilled. I’d guess that 99% of the boycotters were never going to visit a vegan cafe in the first place. But what if it was a service that appealed to the masses?
This post is much more Realtor-centric than most but a lot of our readership is made up of real estate professionals that span the breadth of knowledge regarding social media. You could replace the cafe with any Realtor and the story would remain pretty the same.
Count at publishing: Boycott 6242 – Cafe 1011.
And try to thank an officer for what they do today.
**Categories:** Real Estate News & Tips
**Tags:** Black Cafe, Lessons, Red Cafe, Real Estate
---
### [New Construction Condo HOA Dues](https://lovejoyrealestate.com/new-construction-condo-hoa-dues/)
**Published:** June 4, 2010
**Author:** Charles Turner
**Content:**
If you are buying a new construction condo you may want to investigate when you will start paying the full HOA dues that have been quoted. If the developer has not turned the HOA over to the home owners yet, the full amount may not be due- lower occupancy translates to lower utility bills for instance.
Worth checking into if a new construction condo is something you are considering.
**Categories:** New Construction Complexes
**Tags:** Condo, construction, HOA Dues
---
### [Deaths, Crimes and External Conditions and Real Estate](https://lovejoyrealestate.com/deaths-crimes-and-external-conditions-and-real-estate/)
**Published:** June 2, 2010
**Author:** Charles Turner
**Content:**
Last week I wrote about the Oregon Home Buyer’s Advisory and the section on Sewers & Septic Tanks. There are over a dozen buyer due diligence items in the Advisory so it makes sense to go through all of them in the next few weeks. Today: “Death, Crimes and External Conditions:”
> In Oregon, certain social conditions that may be of concern to buyers are considered not to be “material” by state law. Oregon Revised Statutes 93.275. Ordinarily, “material facts” must be disclosed by the seller or the seller’s agent. Because state law declares certain facts that may be important to a buyer to be not material, buyers cannot rely on the seller disclosing this kind of information. Buyers should undertake their own investigation if concerned that the property or a neighboring property has been the site of a death, crime, political activity, religious activity, or any other act or occurrence that does not adversely affect the physical condition of, or title to, real property, including that a convicted sex offender resides in the area. Concerned buyers can contact their local police for more information. Websites for Oregon counties can be found at: http://www.aocweb.org/Cnty-links-frm.htm. Websites for cities can be found at: http://www.orcities.org/cityinfo/cityWebSites.cfm. Some large cities (e.g., Portland) publish crime maps (e.g., [www.portlandmaps.com](http://www.portlandmaps.com)) on their website. Information about registered sex offenders can be found by visiting l. Buyers concerned that neighborhood properties may have been used for illegal drug manufacture can visit , the website of the Building Codes Division, for more information. Information on Oregon’s Drug Lab Clean Up Program and meth labs can be found at: . \*\*\*Note- published link is broken. Try this: [http://www.oregon.gov/DHS/ph/druglab](http://www.oregon.gov/DHS/ph/druglab/ "New DHS Drug Lab Link")/. Under Oregon law, neither the seller nor their agent is allowed to disclose that an owner or occupant of the real property has or had human immunodeficiency virus or acquired immune deficiency syndrome.
It’s a question of what is important to the buyer? If you know that one of the scenarios would alter your decision to buy you should investigate. We’ve seem tragedy in homes over the years; some natural, some accidental and some criminal but none of the events were considered something that the seller had to disclose as they are not material to the property. In some cases, the seller did disclose simply because you really can’t get in trouble for over-disclosing.
**Categories:** Home Inspections
**Tags:** Crimes, Deaths, External Conditions, Real Estate
---
### [2010 Portland Street of Dreams June Update](https://lovejoyrealestate.com/2010-portland-street-of-dreams-june-update/)
**Published:** June 1, 2010
**Author:** Charles Turner
**Content:**
I made a quick trip up to NW Creasap Lane yesterday during a break in what was the third wettest May on record in Portland. I expected that I’d have the cul-de-sac to myself but I was wrong. There was a contractor working on one of the three houses under construction. There are eight lots on the 2010 Street of Dreams; three with visible work in progress, a fourth with a permit, according to PortlandMaps, and none listed in RMLS for sale. There are five active listings in RMLS that meet the criteria on the Street of Dreams website: 3100 – 4000 square feet and $700,000 – $900,000 in the 97229 zip code. None of those are new construction.
**Categories:** Portland Street of Dreams
**Tags:** Portland Street of Dreams, Portland
---
### [Mobile Searching for Portland Real Estate](https://lovejoyrealestate.com/mobile-searching-for-portland-real-estate/)
**Published:** May 31, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/05/Mobile-Web-Search-2.jpg)[](https://lovejoyrealestate.com/wp-content/uploads/2010/05/Mobile-Web-Search-1.jpg)Want to find out more about the home your just drove by? There’s a website for that. Rather than an app, it will work with all mobile web browsers. There are lawsuits over patents using the GPS feature of phones to locate a listing.
[m.TurnerRealtors.com](http://m.TurnerRealtors.com) will allow you to search all RMLS shared IDX listings. The samples on the right are the homepage and the results page of our listing in Happy Valley. It’s a 2000 Street of Dreams home with great city views.
**Categories:** Real Estate News & Tips
**Tags:** Mobile Searching, Portland Real Estate
---
### [More !@#y Portland Sewer Situations](https://lovejoyrealestate.com/more-y-portland-sewer-situations/)
**Published:** May 29, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/05/photo.jpg)The yellow pipe is a natural gas line.If you are a regular reader of the Portland Real Estate Blog then you should see a theme developing: scope your sewer! We’ve come across yet another sewer issue that would have been discovered with a $95 scope: the sewer line is not connected to city sewer but to a (now very full) septic tank, which is under the garage (we were not involved in the transaction).
The scope we had done this week on a new construction revealed a large belly (low spot) in the pipe so that it does not drain properly. Another clearly shows tree roots blocking most of the flow. We’ve also seen failed connections between new and old lines, the neighbor’s new gas line burst through the sewer line (picture above), offset pipes, crumbled pipes, crushed pipes, party sewers, and nearly flawless pipes. Problem is if you don’t look, you won’t know.
There’s a long list of possible inspections when you buyer a house, in fact, the Oregon Real Estate agency publishes the Oregon Property Buyer Advisory. The section on sewers:
> Whether the property is connected to a city sewer, septic system or other on-site wastewater treatment system is important information. Even if the MLS data sheet or Seller’s Property Disclosure Statement indicate that the home is connected to the city sewer, the buyer should have their home inspector, or a licensed plumber, verify the connection and its condition. Real estate licensees are not licensed to do plumbing or septic inspections. If the property has a septic system or other on-site wastewater treatment system, the system should be inspected by a licensed septic system installer or other on-site wastewater treatment system professional hired by the buyer. Information about on-site wastewater treatment systems, and licensed installers and pumpers, can be found on the website for the Oregon Department of Environmental Quality (DEQ) at: [http://www.deq.state.or.us/wq/onsite/onsite.htm](http://www.deq.state.or.us/wq/onsite/onsite.htm "DEQ"). Buyers should check with the appropriate county department for specific information on a particular property.
You have a long list of inspection options but please don’t consider a sewer scope as optional when you are buying Portland real estate.
**Categories:** Home Inspections
**Tags:** Portland Sewer, Portland Sewer Situations
---
### [Specially Assessed Historic Portland Real Estate](https://lovejoyrealestate.com/specially-assessed-historic-portland-real-estate/)
**Published:** May 28, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/05/Lovejoy-Plaque.jpg)I’ve been doing some new research on historic homes for our [AlphabetDistrict](http://www.alphabetdistrict.com "www.AlphabetDistrict.com Website") website. The Special Assessment of Historic Property Program is managed by the Parks and Recreation Department’s State Historic Preservation Office (SHPO). Last year, Senate Bill 192 changed some features what is commonly known as the historic tax freeze. [The SHPO Program Information sheet](http://egov.oregon.gov/OPRD/HCD/SHPO/docs/2009_Info_App_Instruct_Sheet.doc "SHPO Historic Assessment Program Program Information and Application Instructions") explains:
> The Special Assessment Program is a state-sponsored incentive program instituted in 1975 to encourage the preservation and appropriate rehabilitation of properties listed in the National Register of Historic Places.
>
> Under this program a property’s assessed value is frozen for a period of 10 years. This allows the owner to restore or improve the condition of the property and not pay additional taxes on the resulting increase in the property’s value until the ten-year benefit period has expired.
Realtors and buyers need to be aware that the program has been reduced to ten years and verify how many years remain on the specific property’s benefit. Under normal circumstances, a permitted remodel will trigger a reassessment of the home and therefore higher property taxes. With the Special Assessment in place, property taxes will not rise based on assessed value (bonds and levies still effect specially assessed property). This means that the maximum value of the program is only realized if the property is specially assessed before the remodel/rehabilitation project is undertaken. We’ve gone through the process with two properties.
Both commercial and residential properties on the program are eligible to apply for one renewed period but local city governments can disallow the renewal option for residential property. On January 27, 2010 the Portland Historic Landmark Commission stated that they were thankful that Portland City Council had not taken any action to disallow renewals in their [State of the City Preservation Report 2010](http://www.portlandonline.com/bds/index.cfm?a=284020&c=43126 "State of the City Preservation Report 2010").
This is a simple overview of a very complex program. A property that is administratively removed from the program could owe the taxes saved and a penalty.
**Categories:** Real Estate News & Tips
**Tags:** Specially Assessed Historic, Portland Real Estate
---
### [March 2010 Case Shiller for Portland Real Estate](https://lovejoyrealestate.com/march-2010-case-shiller-for-portland-real-estate/)
**Published:** May 25, 2010
**Author:** Charles Turner
**Content:**
The Case Shiller Index for Portland remained flat in March 2010. The Index for Portland is 143.61, down .08 from February. Seasonally adjusted, the Index was up .16. The Index is at the same level as April/May 2005.
Since March of 2009, the Portland Index has dropped from 147.68 to 143.61. The National 20 Composite climbed from 140.60 to 143.35 during the same period . The Composite 20 Index peaked at 206 in July 2006. The Portland Index peaked at 186 in July 2007. According to [this month’s Case Shiller report](http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us---- "Standard and Poors Case Shiller Website"):
> New York, May 25, 2010 – Data through March 2010, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices, show that the U.S. National Home Price Index fell 3.2% in the first quarter of 2010, but remains above its year-earlier level. In March, 13 of the 20 MSAs covered by S&P/Case-Shiller Home Price Indices and both monthly composites were down although the two composites and 10 MSAs showed year-over-year gains. Housing prices rebounded from crisis lows, but recently have seen renewed weakness as tax incentives are ending and foreclosures are climbing.
My post yesterday regarding [lockbox activity](https://lovejoyrealestate.com/portland-real-estate-lockbox-activity.html "Portland Real Estate Blog Real Estate Lockbox Activity") underscores that there was a drop off in showings after the tax incentives expired. Case Shiller reporting lags three months so “renewed weakness as tax incentives are ending” doesn’t make a lot of sense vis-a-vis their own reporting as they are reporting 90 days back and eligibility for the incentives expired 25 days ago. Foreclosures are a valid concern.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/05/Case-Shiller-March-2010.jpg)
**Categories:** Case Shiller Index
**Tags:** Case Shiller, Portland Real Estate
---
### [One Percent Gets You Five](https://lovejoyrealestate.com/one-percent-gets-you-five/)
**Published:** May 18, 2010
**Author:** Charles Turner
**Content:**
Do interest rates matter? For quite a few years now we’ve all been hearing that “rates are at historic lows and will only go up.” It was true then and it seems to be true now and the statement fuels the “Buy Now” debate. I think we are better served by educating and giving the tools for the individual to make an informed decision. Rates have bounced around but most would say that 6% is a really high rate.
Assuming all other things being equal, the difference between a loan at 5% and a loan at 6% is 5.23% over seven years (the payment difference is $62.73/month/$100,ooo borrowed). Why seven years? That’s the average time of ownership of a home according to NAR. That means in seven years on a $300,000 mortgage the 5% loan has saved over $15,000 in interest expense.
I used this [Lendingtree calculator](http://www.lendingtree.com/mortgage-loans/calculators/loan-comparison-calculator/ "Lending Tree") for my figures.
**Categories:** Finance & Mortgage
**Tags:** One Percent Gets You Five, Interest Rates
---
### [RMLS Market Action April 2010](https://lovejoyrealestate.com/rmls-market-action-april-2010/)
**Published:** May 17, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/05/RMLS-Market-Action-April-2010-INV.jpg)April 2010’s RMLS Market Action reports that inventory is down to 7.3 months. All look back at over a decade of Aprils in Portland real estate inventory:
- 1999- 6.1 months
- 2000- 6.4 months
- 2001.7.2 months
- 2002-4.5 months
- 2003- 4.1 months
- 2004- 3.0 months
- 2005- 1.8 months
- 2006- 2.4 months
- 2007- 4.4 months
- 2008 10.3 months
- 2009- 11.0 months
- 2010- 7.3 months
My scan through the older reports shows that most, but not all months of May show lower inventory than the previous April.
Back to this month’s report:
> Comparing April 2010 with April 2009, closed sales increased 49.1%. Pending sales also jumped 60.8%, and new listings rose 23.8%…
>
> The average sale price for April 2010 decreased 3.1% compared to April 2009, while the median sale price went down 4%.
There were 12,786 residential listing in the Metro area in April of 2000, a decade later there are 14,182.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/05/RMLS-Market-Action-April-2010-highlights.jpg)
**Categories:** Market Activity & Data
**Tags:** April 2010, RMLS Market Action, RMLS
---
### [PSU Center for Real Estate Quarterly May 2010](https://lovejoyrealestate.com/psu-center-for-real-estate-quarterly-may-2010/)
**Published:** May 14, 2010
**Author:** Charles Turner
**Content:**
113 pages is a lot of reading for a beautiful Friday afternoon so Dr. Mildner, the director of the PSU Center for Real Estate, gave permission to cut and paste his outline:
> I would like to announce the May, 2010 issue of the Center for Real Estate Quarterly, produced with assistance of the Oregon Association of Realtors. You can find the latest issue at the following website: [http://www.pdx.edu/realestate/research\_quarterly.html](http://www.pdx.edu/realestate/research_quarterly.html)
>
> From that web page, you can download each individual article or the entire 113-page issue. We have also indexed all the articles in The Quarterly back to 2007 for easier access.
>
> Our feature article highlights the work of Leanne Lachman of Lachman & Associates in New York, who was the keynote speaker at the Center’s 5th Annual Conference on May 5th. You can find a copy of her Power Point presentation at the following website:
>
> In her talk and article, Ms. Lachman discusses the how demographic trends in the United States and Asia will influence the prospects for the real estate industry. She reports that immigration is an important positive trend for the real estate industry, and that the Baby Boom generation is now outnumbered by the Y Generation, leading to new opportunities for multi-family housing, hospitality, and retail.
>
> Also in this issue, you can find a reprint of my presentation at the Center’s symposium on real estate development and urban schools that we hosted on April 13th. In the talk, I discuss strategies for overcrowded suburban school districts as well as mixed use development strategies for schools in downtowns and edge cities.
>
> Also in this issue:
>
> Real estate student Atha Mansoory outlines some of the advantages of market rate and limited equity cooperative forms of ownership for housing development over traditional condominium developments.
>
> Attorney Eugene Grant of Davis Wright Tremaine offers a history of the KOIN Center and explains why the California Public Employee Retirement System essentially walked away from that property in 2009.
>
> Former PSU student Caroline Uittenbroeck and Professor Will Macht describe how developers in the Netherlands have converted surplus shipping containers into attractive, affordable student housing.
>
> PSU urban planning and real estate student April Chastain, describes the economics of operating mobile food carts and why they have become vital part of the retail fast food scene in Portland.
>
> In our commercial market report, RMLS Student Fellow Kyle Smith finds positive net absorption of office space in the first quarter since 2008, hinting at the potential for economic recovery. However, vacancy rates remain high, rising from 16.1% to 16.7% in our survey, suggesting we need more vigorous job growth for new office development to happen.
>
> In his retail report, Smith reports continued weakness in the retail sector, with vacancy rates reaching 8.0% and essentially no new construction. Some landlords have responded by signing short-term leases and connecting with so-called “pop-up” retailers, but the retail market continues to be a tenant’s market.
>
> And in the industrial report, Smith also finds negative net absorption and continued high levels of vacancy in the Portland area, particularly in the Sunset corridor. At the same time, he reports that the national indicators of industrial activity have been positive for the past eight months, suggesting that Portland is lagging the national economy.
>
> In the Portland area apartment market report, OAR student fellow Scott Aster finds that rents have increased and vacancy rates have fallen for apartments in the last year. Aster reports that large numbers of potential renters are doubling up, suggesting that apartment markets could be even brighter if employment pick up.
>
> In our single family housing report, Aster finds that housing prices in the Portland region continued to decline in the last quarter, with the year-on-year decline in prices reaching -3.9%, one of the steepest declines in the US. Outside of Portland, Aster finds price declines in all the major markets: Vancouver, -4.7% Salem, -5.3%, Eugene, -5.3%, and Bend, -14.0%.
>
> With rising foreclosure rates and low interest rates, the homeownership market has become a buyer’s market. The average home sold now requires almost 90 days on market, with sellers reducing their prices to 90% of original listing price. Those reductions appear to be motivating buyers.
>
> Portland, Vancouver and Bend have seen a spurt of home sales, suggesting that the price declines of the past two years have revived buyer demand.
>
> Finally, in his concluding column as editor of the Quarterly, Professor Will Macht discusses the themes that have been highlighted in his three-year tenure with The Quarterly. Professor Macht will continue to teach in our graduate and undergraduate real estate programs, and we appreciate the insights and high standards that he has brought to this publication.
>
> I hope you enjoy this latest issue of the Center for Real Estate Quarterly. I would like to thank the Oregon Association of Realtors
>
> (OAR) for their continued support of the Center and its publication of The Quarterly. As usual, we welcome your feedback on the articles as well as your suggestions for future articles.
>
> Cheers,
>
> Gerry Mildner
**Categories:** Real Estate News & Tips
**Tags:** May 2010, PSU Center, Quarterly, Real Estate
---
### [Lead Based Paint Affects Portland Real Estate](https://lovejoyrealestate.com/lead-based-paint-affects-portland-real-estate/)
**Published:** May 10, 2010
**Author:** Charles Turner
**Content:**
On April 22nd, 2010 Oregon law changed regarding lead based paint. The standard earnest money agreement (offer between the buyer and seller) includes a contingency for the buyer’s right to conduct a lead inspection. Houses built before 1978 may have been painted with lead based paint.
The law prescribes and dictates how lead based paint is to be handled and contained (it did before but not as strictly). The new restrictions include banning stripping paint with torches. The change, according to the painter I talked to, “makes it cheaper to replace the siding than to strip it under the new law and repaint.” The environmental impact notwithstanding, the change in the law is going to change how [contractors do business](http://www.oregon.gov/CCB/lead-based-paint.shtml "Oregon CCB on Lead Based Paint"):
> In Oregon, many contractors will choose to obtain the “Certified Lead-Based Paint Renovation (LBPR) Contractors License”. Most residential paint, remodeling, and renovation contractors will need the new CCB license. Contractors will obtain this license to maintain compliance with the new federal lead-based paint regulations. The new license will allow them to continue to perform renovation, repair and painting work after the regulation goes into effect on **April 22, 2010**.
>
> Contractors choosing not to obtain the new LBPR license should cease all renovation and painting work on older homes and other buildings known as “target housing” and “child-occupied facilities” in Oregon (effective April 22, 2010) until they obtain an Oregon CCB LBPR license.
>
> Performing work on subject structures without a LBPR license after April 22, 2010, will subject the contractor to the possibility of severe state and federal civil penalties.
The law also includes window replacement on “target houses” and “child occupied” homes. Sills are one of the most common places we see paint chips in house interiors. The combination of moving parts and window ropes that are often painted can cause flakes that contain the lead paint.
**Categories:** Fixers and Remodeling
**Tags:** Lead based paint, Portland Real Estate
---
### [2010 Street of Dreams May Update](https://lovejoyrealestate.com/2010-street-of-dreams-may-update/)
**Published:** May 6, 2010
**Author:** Charles Turner
**Content:**
There are now four houses under construction on NW Cresap Lane, the home of the 2010 Portland Street of Dreams. KGW’s Joe Smith’s television news clip isn’t online but [the story is](http://www.kgw.com/home/Street-of-Dreams-Takes-a-Different-Path-91767979.html "KGW on 2010 Street of Dreams site."). In part:
> “We’re building the first ever leed Street of Dreams house,” said Randy Sabastian, owner of Renaissance Homes. This is Sabastian’s seventh year in the show.
>
> “In years past, like a lot of builders, we pushed the envelope and a lot of our homes went for two and two and half million dollars, obviously the market for that is quite subdued,” said Sabastian.
>
> The four homes sitting high atop Forest Heights off Skyline Rd. range from 3,000 to 4,100 square feet. Prices are also reflective of the market, from $780,000 to $1.5 million. This is about half the price of past Street of Dreams homes.
When I visited the site last month, the trusses for this home were just arriving on a truck. There’s been a lot of progress since then:
There was a work truck parked in the spot that I’ve taken the previous panoramic photos from before so I don’t have a comparison shot this month. The rest of photos are on the photoblog.
**Categories:** Portland Street of Dreams
**Tags:** Update, Portland Street of Dreams
---
### [Some Options If You Are Delinquent On Mortgage Payments](https://lovejoyrealestate.com/some-options-if-you-are-delinquent-on-mortgage-payments/)
**Published:** May 4, 2010
**Author:** Charles Turner
**Content:**
The following eight are things that you need to consider before listing your home for sale if you are delinquent on your mortgage payment. The list is from a Prudential Northwest Properties’ disclosure. There are some serious ramifications to some of the options which is why “you may need the assistance of an attorney” shows up so often.
1. **Reinstatement**: Bring the loan current. This is recommended if your financial hardship was temporary. You will have to pay all missed payments, late fees, and legal fees that are due.
2. **Forbearance**: In the event that you cannot entirely pay your deficiency, you may be able to either negotiate a repayment plan with your lender, or add the balance to your principal. You may need the assistance of an attorney.
3. **Refinance**: If you have sufficient equity and income, and you still have healthy credit, you may consider refinancing.
4. **Loan Modification**: Some lenders may be willing to modify your loan by either lowering your interest rate or principal to keep your payments affordable. You may need the assistance of an attorney.
5. **Rent the property**: If your mortgage payments, Insurance, taxes, and other housing fees are less than what you could rent your property for, this is your last option to keep your home without having to sell it or lose it in a foreclosure.
6. **Sell the Property**: If you have sufficient equity, but your payments are higher than what you can afford, selling your property is certainly an option.
7. **Short Sale**: If you owe more than what your property is worth, and none of the above options apply to your situation, then this may be the best option available to you. There are many, make sure that you understand them. You may need the assistance of an attorney.
8. **Deed in Lieu of Foreclosure**: In effect, this is very similar to a’ short sale, but you will need the assistance of an attorney. Although, it does become complicated when there Is more than one lender Involved. Your lender may be more likely to approve a short sale than a deed in lieu because a deed in lieu places the property in their possession, whereas a short sale will get the property off of their books.
Not only is it important to discuss issues with your attorney, it is also necessary to discuss your financial situation or changes in your finances during a listing with your Realtor. It may be an uncomfortable conversation but what might appear to be the best course of action may change and the process may change which could impact the sale.
**Categories:** Finance & Mortgage
**Tags:** Delinquent, Options, mortgage payments, Mortgage
---
### [Google Mortgage Comparison](https://lovejoyrealestate.com/google-mortgage-comparison/)
**Published:** May 3, 2010
**Author:** Charles Turner
**Content:**
[](https://www.google.com/comparisonads/mortgages)I mentioned in this morning’s post that interest rates are low. Google has a [Mortgage Comparison search engine](https://www.google.com/comparisonads/mortgages#ti=0 "Google Mortgage Comparison Search Engine") which is interesting, if not somewhat misleading. Note that the image does not mention ads but the url is: https://www.google.com/**comparison****ads**/mortgages. I’ve found it listed as both a sponsored link and a separated result between the sponsored and organic results. I am not a fan of Internet mortgage companies and we do usually advise our clients to work with a local bank or mortgage broker \[Prudential Northwest Properties owns Columbia Mortgage\]. The results are instructive though.
All other things being equal, the change in payment between a loan at 4.75% and 5.25% is $91.62 per month on a $300,000 (30 year fixed) loan. According to the Google Comparison this is what happens with interest rates as credit scores change:
- Excellent (740-850)- Lowest rate (not APR) of 14 lenders: 4.625%
- Very Good (700-739)- Lowest rate (not APR) of 14 lenders: 4.75%
- Good (660-699)- Lowest rate (not APR) of 14 lenders: 4.75%
- Fair (620-659)- Lowest rate (not APR) of 7 lenders: 4.75%
- Poor (580-619)- No lenders quote
**THIS IS THE IMPORTANT PART:**
Though it appears that your credit score doesn’t impact mortgages; it does:
- Excellent (740-850)- APR range of 14 lenders: 4.851% – 5.283%
- Very Good (700-739)- APR range) of 14 lenders: 4.964% – 5.295%
- Good (660-699)- APR range of 14 lenders: 5.184% – 5.721%
- Fair (620-659)- APR range) of 7 lenders: 5.198% – 5.621%
- Poor (580-619)- No lenders quote
All of the above comparisons are quoted from the Google Mortgage Comparison using $360,000 with 20% down in Oregon for 30 year fixed loans including FHA with up to 1 point in fees (by switching to 4 points, I can get a quoted rate as low as 4.25%). The quoted rate is just that, a quoted rate. The APR is designed to show the true cost of the loan with lender fees and origination points. There are no brick-and-mortar banks that I recognize in any of the quotes and the banks listed are paying to be there, not a result of Google crawling for interest rates.
Just one more reason for buyer beware.
**Categories:** Finance & Mortgage
**Tags:** Google, Mortgage Comparison, Mortgage
---
### [Life After Tax Credit](https://lovejoyrealestate.com/life-after-tax-credit/)
**Published:** May 3, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/05/RIP-Homebuyer-Tax-Credit.jpg)The Homebuyer Tax Credit died quietly and lonely on Friday April 30th at the stroke of midnight. There were no attempts at resuscitation and even previous supporters agreed that the Credit had served its purpose and that it is time to move on and let the real estate market stand on its own.
It’s going to be difficult to measure the impact of the Credit on the Portland real estate market. I expect that we will see some increase in activity on existing short sales. Buyers wanting to make use of the Homebuyer Tax credit had to have an accepted offer in place by last Friday. The short sale time frame is so long that approval by Friday became a risky prospect months ago. With the carrot of the Credit gone, buyers may go back to looking for a deal on short sales in lieu of the $8000 (or $6500).
Mortgage rates remain low. I’ve seen printed quotes for qualified buyers at 4.375% for a 15 year fixed, low 5s for 30 years, and 5.5% for jumbo loans (your bank/broker will have to quote fees and qualifications). Unemployment is down a little. Pick a report and we can find one that counters it (and vice versa):
Last week, Case Shiller reported that [Portland gave a little back in January](https://lovejoyrealestate.com/realestate/2010/04/case-shiller-january-2010/ "Last week's Case Shiller Report") and [Forbes.com](http://www.forbes.com "Forbes") has Portland as the #3 trouble spot for real estate.
Ultimately, very little has changed. Now is a great time to buy for some. For sellers, an appropriately priced house will sell in any market. You’ve got to educate yourself based on your needs. The Credit was never the reason to buy a home, it was an added bonus for doing so.
One final Tax Credit consideration: those in escrow have until June 30th to close their Credit eligible transaction. Will sellers put the breaks on requested repairs? If a buyer has a newly accepted offer on a Credit eligible house, they can’t terminate the transaction and have any claim to the Credit; buy it or leave it. Flip side is that if seller is “unreasonable” the buyer walks away and the house goes back on the market. A $10,000 price reduction would only benefit the next buyer…
**Categories:** Real Estate News & Tips
**Tags:** Life After, tax credit
---
### [Home Buyer Tax Credit By The Numbers](https://lovejoyrealestate.com/home-buyer-tax-credit-by-the-numbers/)
**Published:** April 29, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/moneyhouse.jpg)The Home Buyer Tax Credit expires tomorrow:
- $8000- amount that qualified first time home buyers are eligible for
- $6500- amount that qualified repeat home buyers are eligible for
- $7500- amount that first time buyers were eligible for in the first version (which must be repaid)
- 85- votes by Senate in November 2009 to extend the Credit
- 2- votes against (it was bundled with an unemployment plan)
- $12,600,000,000- amount claimed through February (source New York Times)
- 1,800,000- number of people who have claimed the Home buyer Tax Credit through February
- 36- hours, as of posting this, until Credit expires
- $43,000- amount cited on [Calculated Risk](http://www.calculatedriskblog.com/2010/03/very-expensive-home-buyer-tax-credit.html "Calculated Risk") as to cost to government for each home sold that would have not sold without the Credit
- 61- number of days to close a tax credit eligible sale after April 30th (June 30th)
- 4,180,000- number of results on Google for “Homebuyer Tax Credit”
**Categories:** First Time Buyer
**Tags:** home buyer, tax credit
---
### [Case Shiller January 2010](https://lovejoyrealestate.com/case-shiller-january-2010/)
**Published:** April 27, 2010
**Author:** Charles Turner
**Content:**
The January 2010 Case Shiller report came out this morning. Nineteen of the 20 real estate markets tracked lost ground compared with the previous month. San Diego was the only market in positive territory. The Portland market dropped to 143.69, down from 147. 29 in December. Case Shiller reports come out the last Tuesday of each month with a 90 day lag. The August 30th report will report May which will be the first month without the Home Buyer Credit.
The first graph shows Case Shiller data since the index was reset at 100 across all markets in January 2000. The second graph shows a shorter time frame for clarity in the more recent years. I created the graphs from the Case Shiller Excel data. The third graph is from the March 2010 RMLS Market Action. Case Shiller and RMLS use a different area and methodology so a direct comparison of the graphs is not possible.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/Case-Shiller-Jan-2000-Jan-2010.jpg)
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/Case-Shiller-Jan-2005-Jan-2010.jpg)
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/RMLS-Average-Sales-Price.jpg)
**Categories:** Case Shiller Index
**Tags:** January 2010, Case Shiller
---
### [How Long is Your Portland Commute?](https://lovejoyrealestate.com/how-long-is-your-portland-commute/)
**Published:** April 26, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/carpool.jpg)Usually when we ask clients about their desired commute it is phrased something like, “Not more than 10 miles” or “less than 30 minutes.” So how about 650 miles? The Wall Street Journal has a [story today about Bay Area-ites moving to both Portland and Seattle](http://online.wsj.com/article/SB10001424052702304198004575172541279575622.html "WSJ Article on commuting from CA") while keeping their jobs down there. In their cases it is often not so much access to downtown that is important but access to PDX.
We’ve had clients do just that. One did move back to the Bay Area after owning two homes in Portland but others still live here and perform the same jobs that they did before making the move.
> San Francisco’s median home value in late February was $691,600, compared with $362,800 for Seattle and $236,100 for Portland, according to real-estate site Zillow Inc. San Francisco’s median home price increased 1.1% over the past year, while the average price fell 7.1% in Seattle and 9.9% in Portland, according to Zillow.
In January, the Case Shiller Index for San Francisco was 135, Seattle 145, and Portland 147. The base for all three cities is 100 set in January 2000.
(image [iStock](http://www.istockphoto.com/index.php "istock"))
**Categories:** Real Estate News & Tips
**Tags:** How Long is Your Portland Commute, Portland Commute
---
### [Now Would Be a Good Time to Let the Buyer Tax Credit Die](https://lovejoyrealestate.com/now-would-be-a-good-time-to-let-the-buyer-tax-credit-die/)
**Published:** April 22, 2010
**Author:** Charles Turner
**Content:**
A Realtor advocating the end of the Home Buyer Tax Credit? In some ways, yes. Don’t get me wrong, the Credit has helped our industry without a doubt but we all know it is not something that is going to go on forever and it can’t be extended every time it gets set to expire. Though less than 100 people have voted on the [Wall Street Journal poll](http://online.wsj.com/community/groups/question-day-229/topics/should-congress-extend-8000-first-time "Wall Street Journal Home Buyer Tax Credit Poll"), 72% think the Credit should be allowed to expire. Never fear though, if you don’t like that WSJ poll, [try this one](http://blogs.wsj.com/developments/2010/04/22/tax-credit-extension-dont-bet-the-house-on-it/ "Other WSJ Home Buyer Tax Credit Poll"). This one is in favor of extending 98-43 (70%-30%) asking the exact same question!
Knowing that the end is inevitable and that the spring and early summer at typically strong times for real estate markets, letting a bonus go away now makes more sense than it does during typically slower months. The National Association of Realtors (NAR) reported today that [March home sales were up 6.8%](http://www.realtor.org/press_room/news_releases/2010/04/ehs_favorable) (note they cite the Credit as the cause) but NAR’s chief economist, Lawarence Yun seems to agree with my assessment that the end of the Home Buyer Tax Credit is not going to capsize the recovering real estate market.
> “With home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears,” Yun said.
It seems more likely that on May 1st we’ll be saying, “been great knowing you Home Buyer Tax Credit but now it is time to move on.” Remember, if you want to take advantage of the Credit, you must have an accepted offer by April 3oth. Neither NAR nor the National Association of Home Builders are lobbying Congress for an extension.
Portland Metro area real estate inventory for March was 7.8 months according to RMLS compared to the national 8.0 months. It seems like the national and local market is falling much more in line than they have in past years.
**Categories:** Real Estate News & Tips
**Tags:** Buyer Tax, Credit Die, tax credit
---
### [Radon Can Be Anywhere](https://lovejoyrealestate.com/radon-can-be-anywhere/)
**Published:** April 21, 2010
**Author:** Charles Turner
**Content:**
I’ve written a fair amount about radon in the past, the vast majority (if not all of it) relating to residential real estate. Yesterday’s article in the [Camas-Washugal Post Record](http://www.camaspostrecord.com "Washugal-Camas Post Record") reminds us all that radon can be found anywhere, including the workplace.
> In a press release issued yesterday, (Mayor Sean Guard) said radon is a natural element, which comes in with soil gas. According to United States Environmental Protection Agency standards, readings of 1.3 pCi/L (picoCuries of radiation per liter of air) are the indoor national average. Levels of 4.0 pCi/L indicate an ‘action level,’ which indicates the need to retest or fix the building, as recommended by the EPA.
>
> “The six areas tested in Washougal City Hall registered from 11 pCi/L to 26 pCi/L,” Guard said. “The highest concentration, 26 pCi/L, was found in a closed basement storage area.”
Radon has become one of the more common home inspections that buyer’s conduct during their inspection contingency but is only one of the many listed in the Oregon Property Buyer Advisory. Radon is cited as the second leading cause of lung cancer behind smoking.
These are the radon maps for Washington and Oregon from the [EPA website](http://www.epa.gov/radon/images/zonemapcolor_800.jpg "EPA National Radon Map").
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/Oregon-Radon-Map.jpg)[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/Washington-Radon-Map.jpg)
**Categories:** Real Estate News & Tips
**Tags:** Camas-Washugal, Post Record, radon
---
### [BMP-Bumpable in Portland Real Estate](https://lovejoyrealestate.com/bmp-bumpable-in-portland-real-estate/)
**Published:** April 19, 2010
**Author:** Charles Turner
**Content:**
In 2006, I wrote the post “What Does Bumpable Mean?” It is one of the most read posts ever. The Cliff Note version is that the seller accepts the buyer’s offer that is contingent on something else, usually the sale of the buyer’s existing home. The buyer has a set amount of time to sell their home but if the seller gets another offer before the contingency is cleared, the buyer has the option to remove the contingency and proceed to closing or be bumped and therefore lose the house. With a normal “Pending” sale, the home is off the market once the offer is accepted.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/Bumpable-in-Portland.jpg)
Bumpable sales make up a very small portion of the Portland real estate market. In Multnomah County, there are on 30 bumpable sales in contrast with 1620 pending sales.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/Pending-in-Portland.jpg)
**Categories:** Real Estate News & Tips
**Tags:** BMP, Bumpable, Portland Real Estate
---
### [RMLS Market Action March 2010](https://lovejoyrealestate.com/rmls-market-action-march-2010/)
**Published:** April 15, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/RMLS-March-2010-Market-Action-Inventory.jpg)Portland real estate inventory dropped 40% between February and March! After a two month spike with over 12 months, inventory levels have returned, at least for now, to the levels that we saw during the last half of 2009. There were positive changes in all of the market metrics: average sales price, median sales price, pending sales, closed sales, inventory levels, and days on market.
Average and median prices also increased from last month but the average price is down 5.8% from this time last year. The average sales price is $238,900.
Pending sales in Lake Oswego/West Linn are up 91% from March 2009. Pending sales are up across all reported areas.
North Portland still has the shortest days on market: 91. The average days on market for the Metro area is 142.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/RMLS-March-2010-Market-Action.jpg)
**Categories:** Market Activity & Data
**Tags:** March 2010, RMLS Market Action, RMLS
---
### [Portland Trail Blazers and Portland Real Estate](https://lovejoyrealestate.com/portland-trail-blazers-and-portland-real-estate/)
**Published:** April 15, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/Portland-Trail-Blazers-Logo.jpg)The Portland Trail Blazers are the only top tier professional sports team in Portland until the Portland Timbers move up to MLS soccer next year. Much of the city lives and breaths our playoff bound team; especially this time of year. I am sure there are all sorts of economic analysis of the impact that the Blazers have on the overall economy but what about their impact on Portland real estate?
A search of the tax records on RMLS shows that the property-owing Trail Blazer players “contribute” over $150,000 a year in property taxes. This includes the players that have been traded that I could find in the tax rolls. It does not include properties that are held in names other than the players (such as an LLC or holding company). More traded players own property(4) than current players (3). The average property owing player pays over $21,000 a year in property taxes. There are extremes though: the lowest property tax paying player pays 17% of what the highest paying player pays.
They own property in Washington, Clackamas and Multnomah counties.
I only looked at players. The Blazer’s website lists about 140 front office staff, including coaching staff.
**Categories:** Real Estate News & Tips
**Tags:** Portland Trail Blazers, Portland Real Estate, Homes for Sale
---
### [Home Buyer Tax Credit Time Lines](https://lovejoyrealestate.com/home-buyer-tax-credit-time-lines/)
**Published:** April 14, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/stock-house-photo.jpg)There is no sign that the $8000 First Time Home Buyer Tax Credit or the $6500 Tax Credit are going to be extended. If you want to take advantage of either you must have an accepted offer by Friday, April 30th. The transaction must close by June 30th.
The “standard” inspection period for an Oregon residential real estate transaction is 10 business days. The 10 days can be modified in the earnest money agreement. That means an offer accepted this Friday would have an inspection period that expires at midnight on the 30th. This is important because if the buyer and seller can’t agree on repairs, the transaction is going to be terminated and there will be no opportunity to take advantage of the tax credits. You cannot parlay your accepted offer to another property. If you are concerned that your first choice is not “going to pass inspections” you should try to leave some cushion in the time lines.
There is nothing in theory that would prevent a buyer from looking at a house on the 30th, writing an offer and getting it accepted on that day but there isn’t a good reason to push against the deadline if you have decided that now is your time to buy. $8000 or $6500 isn’t *the* reason to enter into a home purchase. It should be viewed as a bonus and a factor in the overall picture. I wouldn’t choose the “wrong” home just to get the credit.
Who knows, maybe Congress will surprise us all and extend the credit but I wouldn’t bet $8000 on it. I’m not finding anything regarding them even discussing it.
**Categories:** First Time Buyer
**Tags:** home buyer, tax credit, Time Lines, Homes for Sale
---
### [Real Estate Cash Out Refinancers May Owe IRS](https://lovejoyrealestate.com/real-estate-cash-out-refinancers-may-owe-irs/)
**Published:** April 13, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/ATM.jpg)Photo Credit UnknownYour home may have been an expensive ATM machine. When the Portland real estate market was hot, the fees for refinancing and equity lines seemed minor compared to the cash that it could release, us included. Some of the money went to house related projects, some did not. Here’s the rub and you need to contact an accountant if you think this may apply to you: if you took money out of your home and used it for anything not related to the house, [you may owe the IRS taxes on that money if you lose the home to a short sale or foreclosure](http://www.realtor.org/RMODaily.nsf/pages/News2010040904?OpenDocument "Realtor Magazine on Cash Out Refi IRS Taxes"). [ Bankruptcy may not discharge the taxes owed](http://taxes.about.com/od/bankruptcy/qt/bankruptcy_tax.htm "Taxes Owed in Bankruptcy.=") or could create additional liability. Again, consult an accountant.
**Categories:** Real Estate News & Tips
**Tags:** Cash Out, Refinancers, IRS, Real Estate, Homes for Sale
---
### [This is a Great Time to Buy a Home](https://lovejoyrealestate.com/this-is-a-great-time-to-buy-a-home/)
**Published:** April 12, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/Portland-Tribune-Real-Estate.jpg)
I didn’t write the title of this post. It is the [first line of the cover story of the April 8th Portland Tribune](http://portlandtribune.com/news/story.php?story_id=127067360964591100 "Portland Tribune Signs of Real Estate Life Article"). A combination of factors contribute to a more optimistic outlook:
- Low interest rates (I received a 4.875 quote this morning which is down from last week’s low 5s)
- The impending expiration of the Home Buyer Tax Credit on April 30th (must be in contract by that date and closed by June 30)
- Reported increased activity in the last couple of months from RMLS
- Desperate sellers are mentioned in the article but perhaps that should be amended to “realistic sellers for the current market.”
The article also previews the [John Ross auction](# "John Ross Auction website") which was held yesterday. I was holding an open house during the event but Ryan Frank from the Oregonian was there and posted this on his [Front Porch blog](http://blog.oregonlive.com/frontporch/2010/04/john_ross_auction_sunday_resul.html "Front Porch on John Ross auction"):
> Here’s the details. 47 condos sold this afternoon in less than two hours. These numbers are unofficial. But by my count, the winning bids came in at $237 per square foot on average. That’s a 52 percent discount from the highest list prices ($501 psf) on the same units and a 19 percent discount ($292 psf) from the previous list price.
To say the new construction condo market has been challenging lately may be an understatement, it could have been far worse with a much larger current inventory if projects such as the Wyatt in the Pearl District and 2121 Belmont in southeast had not been converted into apartments. They combine for 367 units.
A search in RMLS shows that there are 602 active condo units for sale in Portland that were built since 2004 (new construction complexes do not necessarily list all of their inventory in RMLS). Selling 47 units at one event is significant in reducing that inventory.
There are reasons to be optimistic but each person must make their own decision whether it is the right time for them to buy (or sell).
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate, Homes for Sale
---
### [This Weekend is "National Open House Weekend](https://lovejoyrealestate.com/this-weekend-is-national-open-house-weekend/)
**Published:** April 9, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/Nationwide_Open_House_Small.jpg)April 10th and 11th is the National Association of Realtors “National Open House Weekend.”
We’re holding the following houses open this weekend:
- 3326 SW 64th Place, Portland: Sunday 1-4
- 5529 NE 16th Avenue, Portland: Saturday 1-4 & Sunday 1-4
- 5411 SE Hawthorne, Portland: Sunday 11-4
- 424 N Bridgeton Road, Portland: Sunday 1-4
- 5210 NE Everett Street, Portland: Sunday 1-4
- 1834 SE Quail Circle: Hillsboro, Sunday 1-4
Realtors, holding an open house this weekend? Feel free to comment using the same format I used here.
**Categories:** Real Estate News & Tips
**Tags:** National Open House, Real Estate, Homes for Sale
---
### [South Waterfront John Ross Auction](https://lovejoyrealestate.com/south-waterfront-john-ross-auction/)
**Published:** April 8, 2010
**Author:** Charles Turner
**Content:**
[](# "John Ross Condo auction site")[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/John-Ross.jpg)Fifty John Ross condos in the South Waterfront go on the auction block this Sunday.
Almost five years ago, I wrote this post on “[Who Buys New Construction Condos?](https://lovejoyrealestate.com/realestate/2005/09/who-buys-new-construction-condos "John Ross Buyer Profile")” It provided a demographic breakdown that the Oregonian published of the 200 pending buyer contracts:
> 52% are between 20-30 years old
> 20% between 30-39
> 20% between 40-49
> 6% between 50-59
> 2% 60 and older
>
> 54% are local to the Portland area
> 11% are from Portland suburbs
> 18% from Oregon, outside of the Portland area
> 9% from California and Washington
> 7% from the rest of the U.S.
> 1% international
At the time, $240,000 bought 823 SQFT. The auction list has an 847 SQFT unit listed for a minimum selling price of $130,000. That doesn’t mean it will sell for that price.
The [John Ross responded to the Atwater auction](https://lovejoyrealestate.com/realestate/2009/10/john-ross-responds-to-atwater-place-auction "John Ross Response to Atwater Auction") last year by reducing prices on units which drove a wave of new sales.
\[photo from John Ross Auction site\]
**Categories:** Real Estate News & Tips
**Tags:** Auction, John Ross, South Waterfront
---
### [March Portland Real Estate Stats](https://lovejoyrealestate.com/march-portland-real-estate-stats/)
**Published:** April 6, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/AvgSalePrice_97212.jpg)Many of you are signed up for our Market Tracker reports ([sign up here](http://pdxbuyers.com/prudential_nw/modules/global/contact.asp?from=agentsite&accountid=124155 "Market Tracker Sign Up")). The reports go out on the first Sunday of each month. If you don’t want to sign up, you can always check out the graphs on our PDXBuyers website. The links below will send show the four graphs for each zip code:
- [97201](http://www.pdxbuyers.com/97201-market-tracker.aspx)– Arlington Heights, Corbett, Terwilliger, Lair Hill, Hillsdale, SW Hills
- [97202](http://www.pdxbuyers.com/97202-market-tracker.aspx)– Brooklyn, Creston, Kenilworth, Eastmoreland, Hosford, Abernethy, Reed, Sellwood, Morland
- [97203](http://www.pdxbuyers.com/97203-market-tracker.aspx)– Cathedral Park, Portsmouth, St. Johns, University Park, St. Johns
- [97204](http://www.pdxbuyers.com/97204-market-tracker.aspx)– Goose Hollow
- [97205](http://www.pdxbuyers.com/97205-market-tracker.aspx)– Downtown Portland
- [97206](http://www.pdxbuyers.com/97206-market-tracker.aspx)– Brentwood, Darlington, Foster, Powell, Mt. Scott, Arleta, South Tabor, Woodstock
- [97209](http://www.pdxbuyers.com/97209-market-tracker.aspx)– Old Town, Chinatown, Pearl District
- [97210](http://www.pdxbuyers.com/97210-market-tracker.aspx)– Hillside, Linton, Northwest, Nob Hill (Alphabet District)
- [97211](http://www.pdxbuyers.com/97211-market-tracker.aspx)– Concordia, East Columbia, King, Sabin, Vernon, Woodlawn
- [97212](http://www.pdxbuyers.com/97212-market-tracker.aspx)– Alameda, Beaumont, Wilshire, Eliot, Hollywood, Irvington
- [97213](http://www.pdxbuyers.com/97213-market-tracker.aspx)– Center, Montavilla, Rose City Park, Roseway
- [97214](http://www.pdxbuyers.com/97214-market-tracker.aspx)– Buckman, Richmond, Sunnyside
- [97215](http://www.pdxbuyers.com/97215-market-tracker.aspx)– Mt Tabor
- [97216](http://www.pdxbuyers.com/97216-market-tracker.aspx)– Hazelwood, Mill Park
- [97217](http://www.pdxbuyers.com/97217-market-tracker.aspx)– Arbor Lodge, Bridgeton, Hayden Island, Humbolt, Kenton, Piedmont
- [97218](http://www.pdxbuyers.com/97218-market-tracker.aspx)– Cully
- [97219](http://www.pdxbuyers.com/97219-market-tracker.aspx)– Arnold Creek, Ash Creek, Collins View, Crestwood, Far Southwest, Maplewood, Markham, Marshall Park, Multnomah Village, South Burlingame, West Portland Park
- [97220](http://www.pdxbuyers.com/97220-market-tracker.aspx)– Madison South, Parkrose, Parkrose Heights, Summer, Woodland Park
- [97221](http://www.pdxbuyers.com/97221-market-tracker.aspx)– Bridlemile, Hayhurst, Sylvan Highlands
- [97222](http://www.pdxbuyers.com/97222-market-tracker.aspx)– Ardenwald
- [97223](http://www.pdxbuyers.com/97223-market-tracker.aspx)– Garden Home
- [97224](http://www.pdxbuyers.com/97224-market-tracker.aspx)– Durahm
- [97225](http://www.pdxbuyers.com/97225-market-tracker.aspx)– West Slope
- [97227](http://www.pdxbuyers.com/97227-market-tracker.aspx)– Boise, Overlook
- [97229](http://www.pdxbuyers.com/97229-market-tracker.aspx)– Forest Park, NW Heights
- [97230](http://www.pdxbuyers.com/97230-market-tracker.aspx)– Argay, Glenfair, Russell, Wilkes
- [97232](http://www.pdxbuyers.com/97232-market-tracker.aspx)– Kerns, Laurelhurst, Lloyd District, Sullivan’s Gulch
- [97233](http://www.pdxbuyers.com/97233-market-tracker.aspx)– Centennial
- [97236](http://www.pdxbuyers.com/97236-market-tracker.aspx)– Pleasant Valley, Powellhurst, Gilbert
- [97239](http://www.pdxbuyers.com/97239-market-tracker.aspx)– Healy Heights, Homestead, John’s Landing
- [97266](http://www.pdxbuyers.com/97266-market-tracker.aspx)– Lents
**Categories:** Real Estate News & Tips
**Tags:** Stats, Portland Real Estate, Homes for Sale
---
### [Time to Audit Your Property Insurance?](https://lovejoyrealestate.com/time-to-audit-your-property-insurance/)
**Published:** April 5, 2010
**Author:** Charles Turner
**Content:**
PITI: Principle, Interest, Taxes and Insurance are the four components that make up an impounded mortgage payment. Impounds the additional money collected by the mortgage company, and held in an escrow account, so that they can make insurance and tax payments on your behalf.
Property insurance is really the only portion of the payment you can control after the fact. You can probably add and change your insurance as you see fit as long as you maintain coverage on the property that meets the bank’s standards. The odds are your property insurance doesn’t cover everything. “Acts of God” is most likely the largest hole in a policy for which you wouldn’t be covered.
In 2008, a family lost their home to a landslide in southwest Portland. Farmers, their insurance company (we are insured by Farmers), [paid $274,000 but not the $3,ooo,00 the family had sought](http://www.oregonlive.com/portland/index.ssf/2010/04/southwest_portland_couple_whos.html "Oregonian Story on Landslide house"). Farmer’s reason: the house had been destroyed due to “earth movement” and therefore not covered. The courts agreed.
There is no way to say what your policy says is or isn’t covered without reading it. Nor is there any way to interpret how a claim will be handled but there may be things that you know you want to add; some but not all insurers have earthquake coverage but not in their base policy.
**Categories:** Real Estate News & Tips
**Tags:** Audit, Property insurance, Portland Real Estate, Homes for Sale
---
### [April 2010 Portland Street of Dreams Update](https://lovejoyrealestate.com/april-2010-portland-street-of-dreams-update/)
**Published:** April 2, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/April-2010-Street-of-Dreams-Pano1.jpg)I beat the rain up to NW Cresap Lane, the 2010 Street of Dream site. Construction is now underway on two lots and there is a third on PortlandMaps. I talked to the framer working on one of the homes and he said that they had two crews working and would complete in 11 days what they normally do in 18. Our conversation came to an end when the “Over Sized Load” of trusses arrived, complete with pilot vehicle. He also mentioned that there may be an additional home added to the show on NW Ramsey St.
Top photo is the April panoramic of the site. More April photos on the photoblog. This one is from January:
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/600-street-of-dreams-jan.jpg)
**Categories:** Portland Street of Dreams
**Tags:** Portland Street of Dreams, Real Estate, Portland, Homes for Sale
---
### [Turner Realtors Team Calls it Quits](https://lovejoyrealestate.com/turner-realtors-team-calls-it-quits/)
**Published:** April 1, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/04/GOB.jpg)The blogosphere naysayers were right. Sharp declines in the Portland real estate market it over the last few years coupled with bank threats to seize our assets have proved too much in our relationship and as a result we are calling it quits both professionally and personally. I have decided to leave the real estate industry and pursue my passion as a writer and follow in Paul’s footsteps as a real estate novelist (à la The Piano Man). Jenny is leaving Prudential Northwest Properties for a competing firm. We will be putting the 2424 NW Lovejoy house up for sale and the Portland Real Estate Blog, [AlphabetDistrict.com](http://www.alphabetdistrict.com "AlphabetDistrict.com"), [TurnerRealtors.com](http://www.TurnerRealtors.com "TurnerRealtors.com"), [PDXRelocations.com](http://www.PDXRelocations.com) and [PDXBuyers.com](http://www.PDXBuyers.com) will be sold to the highest bidder.
The last paragraph, with a few but not many embellishments, was the picture others were painting of us over the past years. Those that knew us better than we knew ourselves said we would be bankrupt, divorced and that Charles “will not be a Realtor in 2010.” April 1st seems like the best time to set the record straight.
The reality is that for the third consecutive year, we are a part of Prudential Real Estate’s Chairman’s Circle Gold- a designation awarded to the top 2% of the company’s 60,000+ agents across the country and were 2008 RISMedia Realtors on the Rise. We’ve worked hard during our declining market to position ourselves to thrive in the inevitable ups and downs of the market. In fact, if the majority of our pending transactions close in April it will be our most successful month, ever.
You can’t take any one part of real estate and hang your hat on it. Now is a great time to buy- for some. A house isn’t worth X because a market index has dropped or gained X- that’s like saying a share of Google is worth X because the NASDAQ has dropped or gained. You can’t extrapolate the value of a part from the average of the whole. The Home Buyer Tax Credit has helped the industry but does not make it. Real estate technology, as good as it is at this point, can’t replace the human element of what we do. As the first paragraph shows where human’s are involved there is room for error. Arm yourself with all the information and make a decision what is best for you.
Finally, if someone can explain what a real estate novelist actually writes about (assuming it is not this blog) it would be a great help to start my new career.
**Categories:** Real Estate News & Tips
**Tags:** turner realtors team, Portland Real Estate, Homes for Sale
---
### [Case-Shiller Portland January 2010 Dips](https://lovejoyrealestate.com/case-shiller-portland-january-2010-dips/)
**Published:** March 30, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/Case-Shiller-Portland-January-2010-small.jpg)The Case Shiller Index for January 2010 in Portland is 147.29. That’s a drop from December of 1.8% and a 12 month decline of 4.9%. The current index is about the same as May/June 2005. That’s in contrast to the 10 City Composite and 20 City Composite indices which have both returned to “autumn 2003 levels.” Portland reported and index of 120.49 in September 2003.
The graph to the right is a compressed version of the lower graph. The question is whether Portland’s real estate market is late to the party and will continue its decline or if now that the Composites have returned to roughly Portland levels the trio will continue to track closer in the future?
Ryan Frank reported on [The Front Porch this morning in more detail about the report](http://blog.oregonlive.com/frontporch/2010/03/case-shiller_seattle_portland.html "Front Porch on Case Shiller").
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/Case-Shiller-Portland-January-2010.jpg)
**Categories:** Case Shiller Index
**Tags:** Case-Shiller |Portland
---
### [Short Sales and the Home Buyer Tax Credit](https://lovejoyrealestate.com/short-sales-and-the-home-buyer-tax-credit/)
**Published:** March 30, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/iStock_snail-house-vert2.jpg)June 30th, 2010 is 93 days away (8,035,200 seconds for fans of Rent). Lack of indicators, to the contrary, make us believe that you have until then to close any contract that allows you to take advantage of the federal home buyer tax credits. A short sale is unlikely to qualify in that time frame (though not impossible) as the approval has to take place on or before April 30th. You must have both an accepted offer AND close before June 30th to qualify for the Credit. It is not an either or.
A search of RMLS for Portland real estate reveals these statistics:
There are 5188 active/bumpable listings in the city of Portland.
694 of them are short sales (13.3%).
2990 of the active/bumpable listings are under $300,000.
562 of them are short sales (18.8%).
There are 216 active/bumpable listings over $1,000,000.
4 of them (1.9%) are short sales.
I still maintain that the [Home Buyer Tax Credit is not THE reason to buy a home now](https://lovejoyrealestate.com/five-weeks-left-for-home-buyer-tax-credit.html) but it, and the[ factors required to qualify](http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf "NAR Buyer Tax Credit Qualfications") for it, should be a part of the current decision making process.
**Categories:** First Time Buyer
**Tags:** Short Sales, home buyer, tax credit, homes for sale in clark county wa, Real Estate, Portland
---
### [Five Weeks Left for Home Buyer Tax Credit](https://lovejoyrealestate.com/five-weeks-left-for-home-buyer-tax-credit/)
**Published:** March 29, 2010
**Author:** Charles Turner
**Content:**
On November 7th, 2009 the First Time Home Buyer Credit was extended and expanded to provide a $6500 credit to existing homeowners that qualify under a set of rules. The Credit was set to expire November 30th. It had been an active topic of congressional conversation for months prior. April 7th is just nine days away and there has been little or no published news about Congress discussing the credit ahead of the April 30th expiration (you have to be in contract on or before April 30th and the transaction must close on or before June 30th).
In October, conventional wisdom was, “you have to assume the Credit is going to expire but it will probably be extended.” This time around it seems much more likely that it will be allowed to expire on April 30th. The National Association of Realtor’s 2009 Profile of Buyers and Sellers reported that in 2009, only six percent of first time buyers cited the Buyer Credit as the “Primary Reason for Purchasing a Home.” That’s in contrast to 62% the said it was the “desire to own a home” that caused them to buy. The Credit was the 4th most cited reason for buying (graphic below).
What does that mean? When the Credit expires the sky shouldn’t fall. The Credit is a great benefit for those that qualify and find a home that they want to own but it isn’t a reason to settle. Sure $8000 goes a long way for most people but that’s 2.6% of a $300,000 transaction. Not, in my mind, enough to sacrifice.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/NAR-Profile-of-reasons-to-buy-a-home.jpg)
**Categories:** First Time Buyer
**Tags:** home buyer, tax credit, Portland Real Estate
---
### [Military Personnel and The Home Buyer Tax Credit](https://lovejoyrealestate.com/military-personnel-and-the-home-buyer-tax-credit/)
**Published:** March 24, 2010
**Author:** Charles Turner
**Content:**
It’s not news that the home buyer tax credit is set to expire on April 30th. In order to take advantage of the $8000 First Time Buyer credit or the $6500 credit, you must have an accepted offer by that date and the transaction must close on or before June 30th. The exception is for those in the military.
[Kiplinger’s writes this about the tax credit for military personnel](http://www.kiplinger.com/magazine/archives/a-roster-of-tax-breaks-for-military-families.html "Kiplinger's Home Buyer Tax Credit for Military Personnel"):
> Homeowner breaks. And now service members serving outside the U.S. for at least 90 days between December 31, 2008, and May 1, 2010, have an extra year to qualify for the $8,000 first-time home-buyer credit or the $6,500 credit for current homeowners. They have until April 30, 2011, to sign a contract and until June 30, 2011, to close on the new house. Normally, if homeowners don’t live in the new house for at least three years, they have to repay the tax credit. But there’s an exception for members of the military who have to relocate because of government orders.
>
> Military families also get a special break when they sell their homes. Most homeowners need to live in a house for at least two of the five years leading up to the sale in order to claim tax-free profits of up to $250,000 ($500,000 if married filing jointly). But because they move frequently, military families need to live in the house for only two of the preceding ten years in order to qualify if they are on qualified official extended duty, which means living at least 50 miles from home or in government quarters.
Thank you to those that are serving or have served.
**Categories:** First Time Buyer
**Tags:** home buyer, military personnel, tax credit, Portland Real Estate
---
### [PortlandMaps Shows 3rd 2010 Street of Dreams House](https://lovejoyrealestate.com/portlandmaps-shows-3rd-2010-street-of-dreams-house/)
**Published:** March 23, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/PorlandMaps-Cresap-Lane-3-23.jpg)PortlandMaps now shows a third permit for the 2010 Street of Dreams on [Creasp Lane](http://www.portlandmaps.com/parse_results.cfm?action_override=&query=nw+cresap "Cresap Lane Permits on PortlandMaps"). The show is in August: “The 2010 homes will be more moderate in size and price, but still emphasize luxury living and innovative building and design. They are expected to range in price from $750,000 to $900,000 and in size from 3,000 to 4,100 square feet. \[Home Builders Association of Portland\]”
We’ll post new pictures as part of our monthly 2010 Portland Street of Dreams updates the first week of April.
**Categories:** Portland Street of Dreams
**Tags:** House, Maps, Shows 3rd 2010, Portland Street of Dreams, Real Estate, Portland
---
### [Portland Property Tax Reduction Scam](https://lovejoyrealestate.com/portland-property-tax-reduction-scam/)
**Published:** March 22, 2010
**Author:** Charles Turner
**Content:**
Have you received a letter like this in the mail? We received the one below in the mail on Saturday. The info provided on the letter is all available through public records but the Attorney General’s office says it is a scam. The California based company doesn’t do what they say they are going to do and the “service” they supposedly provide for $189 is something that any homeowner can do on their own for free. Anybody that feels they may have been scammed should contact the AG by calling the Justice Consumer Hotline at 1-877-877-9392 or link to the [attorney general’s office](http://www.oregonattorneygeneral.gov/) or to its[ scam alert web page.](http://www.doj.state.or.us/finfraud/scamalertnetwork.shtml)
[](http://www.kgw.com/news/local/Oregon-AG-warns-of-property-tax-scam-88769102.html)
[KGW reports the story here](http://www.kgw.com/news/local/Oregon-AG-warns-of-property-tax-scam-88769102.html) which includes this video:
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/Property-Tax-Scam1.jpg)
**Categories:** Real Estate News & Tips
**Tags:** property, Scam, Tax Reduction, Real Estate, Portland
---
### [What Professional Real Estate Inspections Should I do?](https://lovejoyrealestate.com/what-professional-real-estate-inspections-should-i-do/)
**Published:** March 19, 2010
**Author:** Charles Turner
**Content:**
The home inspection is a standard part of most Oregon real estate transactions. The buyer has the right to waive the contingency but it is highly recommended that the home inspection takes place as soon as practical so that other inspections can be scheduled if there are areas of concern. The Oregon Real Estate Agency publishes the Oregon Property Buyer Advisory which describes the inspections a buyer might want to have during the inspection period.
The results of a few of our recent inspections:
- An oil tank found under a driveway
- An oil tank found on the opposite side of the house from the existing furnace
- What was believed to be a public sewer actually connected to a septic system (cracks and party sewers are also common discoveries)
- Radon at 7.1pCi/l- “acceptable” is below 4.0pCi/l (radon is the second leading cause of lung cancer behind smoking)
The Professional Inspection Addendum describes what inspections the buyer wants to have and who will pay for them (typically the buyer pays). The form gives the buyer permission to conduct test where samples may have to be taken that could be considered invasive (such as stucco & soil sampling).
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/Professional-Inspection-1.jpg)[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/Oregon-Professional-Inspection-2.jpg)
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/Oregon-Professional-Inspection-2.jpg)
**Categories:** Home Inspections
**Tags:** Inspections, Professional, Real Estate, Portland
---
### [Striking Oil. Oil Tank Locate Update.](https://lovejoyrealestate.com/striking-oil-oil-tank-locate-update/)
**Published:** March 16, 2010
**Author:** Charles Turner
**Content:**
Last week I wrote about the [oil tank locate inspection](https://lovejoyrealestate.com/oil-tank-locate.html "Oil tank locate") I attended. The result was inconclusive. There is no DEQ record of the permitted tank being removed but no tank was found. Alpha Environmental had a nagging feeling that a second look was in order. The tank was found on Sunday! The tank was located on the far side of the house from the furnace and oil lines, not on the near side which would be the logical location.
**Categories:** Real Estate News & Tips
**Tags:** Locate Update, Striking Oil, Oil Tank, Portland Real Estate
---
### [Portland Real Estate Listings Increase](https://lovejoyrealestate.com/portland-real-estate-listings-increase/)
**Published:** March 15, 2010
**Author:** Charles Turner
**Content:**
About a month ago I ran the same report for Multnomah county real estate active listings. This month, the report shows an increase in listings to 5,129 from 4,804. The number of listings in the market is one of the two components that make the the “Inventory” ratio reported monthly by RMLS. The Areas are the geographic areas within Multnomah county as defined by RMLS. I’ll write up February’s Market Action it is released. We’re seeing a lot more market activity in our business in the last couple of weeks but as inventory is a ratio of closed sales, that may not reflect this month.[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/Multnomah-County-Real-Estate-Listings-3-15.jpg)
**Categories:** Real Estate News & Tips
**Tags:** Listings Increase, Real Estate, Portland
---
### [Oil Tank Locate](https://lovejoyrealestate.com/oil-tank-locate/)
**Published:** March 11, 2010
**Author:** Charles Turner
**Content:**
Oregon DEQ records are the most solid evidence that an oil tank has been removed and decommissioned. Buyers of any Oregon real estate become the responsible party for soil contamination at closing which makes finding out if there is/was an oil tank an important part of buyer due diligence during the inspection period.
I attended an oil tank locate that came up inconclusive today done by Alpha Environmental. There are supply lines in the basement which “proves” that once upon a time there was a tank but it could have been above ground in the basement our outside or buried. [Portlandmaps](http://www.portlandmaps.com "PortlandMaps") shows a permit for an underground tank in this case (under historic permits tab). There is a concrete driveway up the side of the house that the furnace is on and the back yard is also impervious near the house.
The first step is a metal detector sweep around the property:
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/Oil-Tank-Locate-11.jpg)
The next step was to hook this machine up to the actual supply line in the basement. There may be rebar touching the line as the machine pings all around the basement! Normally the trace of the pipe’s directionality would be clear. [](https://lovejoyrealestate.com/wp-content/uploads/2010/03/Oil-Tank-Locate-21.jpg)
Though inconclusive, the buyer is now possesses all the available information regarding the tank.
**Categories:** Home Inspections
**Tags:** home inspection, Locate, Oil Tank, Real Estate, Portland
---
### [South Waterfront's John Ross Units go to Auction](https://lovejoyrealestate.com/south-waterfronts-john-ross-units-go-to-auction/)
**Published:** March 11, 2010
**Author:** Charles Turner
**Content:**
Rumors started a couple of weeks that units in the John Ross might be coming. They are. KGW reported this morning and Ryan Frank at the Oregonian wrote yesterday that the John Ross is following in the footsteps of the Atwater Place auction and going to auction on April 11th.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/southwaterfront600.jpg)
The [Mirabella](http://www.mirabellaretirement.org/portland/index.htm "Mirabella Retirement Community website"), a senior community, looks like it has topped out to the north of the John Ross. It is obscured by the Meriwether Condo in this photo, taken from the Willamette River, but now that it is at full height, potential John Ross buyers will be able to confirm their view corridor when looking towards downtown.
Real estate auctions aren’t new but are becoming more prevalent in the Portland Real Estate Market. This will be the second high rise auction we’ve seen in the last six months and REDC and other firms have held (primarily) single family home auctions.
**Categories:** Real Estate News & Tips
**Tags:** Auction, South Waterfront's, John Ross, Portland Real Estate, Homes for Sale
---
### [Miapolis Proposed as World's Tallest Building](https://lovejoyrealestate.com/miapolis-proposed-as-worlds-tallest-building/)
**Published:** March 8, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/miapolis-stats.jpg)Stranded on an island in Miami? You may survive. Our friends at [EarthTechling.com](http://www.earthtechling.com/2010/03/very-tall-sustainable-city-within-a-city-tower-planned-for-miami/ "EarthTechling") wrote about the proposed Miapolis in Miami. It would be the world’s tallest building. What does that mean in Portland terms? The 3200′ LEED Platnum building (according to the Miapolis homepage) would be roughly six times the height of the US Bancorp Tower:
*“The **US Bancorp Tower** is the second tallest [skyscraper](#wiki/Skyscraper "Skyscraper") in [Portland, Oregon](#wiki/Portland,_Oregon "Portland, Oregon"). It stands at 536 feet (163 m) with 42 floors. The building has nearly 1.1 million square feet (69,000 m²) of office space inside, making it the largest office building in [Oregon](#wiki/Oregon "Oregon") in terms of volume, and the second tallest building in Oregon, with only the [Wells Fargo Center](#wiki/Wells_Fargo_Center_%28Portland,_Oregon%29 "Wells Fargo Center (Portland, Oregon)") exceeding its height.” (Wikipedia)*
The highest point in Portland is rough 1000 feet above the Willamette River!
The proposed tower has 1050 condo units. According to RMLS, there are a total of 278 active condo units in the 97209 zip code which encompasses the Pearl District.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/miapolis-evacuation-system.gif)
***“EVACUATION SYSTEM:***
*It is a building-wide solution for safe evacuation of tenants and quick transporting of rescue personnel to elevated floors.*
*The system is an array of five collapsible cabins permanently stored on the roof in a folded position. Upon deployment, the cabins array is lowered to the ground, it then unfolds, enabling emergency responders to board the cabin.*
*It travels upwards until it stops opposite five elevated floors simultaneously, enabling 150 occupants to enter through specially configured exit windows. The array is then lowered to the ground and tenants exit as it refolds.*”
Guess it beats taking the stairs.
**Categories:** Real Estate News & Tips
**Tags:** Miapolis, World's Tallest Building, Portland Real Estate, Homes for Sale
---
### [2010 Portland Street of Dreams March Update](https://lovejoyrealestate.com/2010-portland-street-of-dreams-march-update/)
**Published:** March 7, 2010
**Author:** Charles Turner
**Content:**
I stopped by the 2010 Portland Street of Dream site on Friday and took these pictures. Framing has begun on one of the lots and there has been activity on a couple of the others as well. I started visiting NW Creasp Lane about every thirty days at the beginning of January. [February’s post was on the photoblog](http://photos.portlandrealestateblog.com/2010/02/08/2010-portland-street-of-dreams-february/ "February Portland Street of Dreams Photos"). There are[ additional March photos](http://photos.portlandrealestateblog.com/2010/03/07/2010-march-street-of-dreams-photos/ "Additional March Street of Dreams Photos") as well. The Show is set for August.
January:
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/600-street-of-dreams-jan.jpg)
March:
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/March-Street-of-dreams-pano-600.jpg)
The photos aren’t taken from the exact same angle but are both looking down the street into the cul-de-sac. Portlandmaps.com shows [two open permits online](http://www.portlandmaps.com/parse_results.cfm?action_override=&query=cresap "Porlandmaps Permits on NW Cresap Lane"). There are no active listings in RMLS.
**Categories:** Portland Street of Dreams
**Tags:** March Update, Portland Street of Dreams, Portland Real Estate, Homes for Sale
---
### [2010 Portland Tour of Remodeled Homes](https://lovejoyrealestate.com/2010-portland-tour-of-remodeled-homes/)
**Published:** March 5, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/iStock_000003145965XSmall.jpg)This weekend, March 6th and 7th, is the [Home Builders Association](http://www.homebuildersportland.org/) of Metro Portland [2010 Tour of Remodeled Homes](http://www.remodeltourportland.com/ "Tour of Remodeled Homes"). The HBA also sponsor’s the Street of Dreams.
Eighteen homes are featured in this year’s show and they are located all over the metro area. [The $17.50 ticket](#) (one size fits all, including children) is valid for both days (10 a.m. to 5 p.m.).
###### Image purchased from iStock.com
**Categories:** Portland Street of Dreams
**Tags:** 2010 Portland Tour, Remodeled Homes, Portland Real Estate, Homes for Sale
---
### [SE/NE 39th Ave. Becoming Cesar E Chavez BLVD](https://lovejoyrealestate.com/sene-39th-ave-becoming-cesar-e-chavez-blvd/)
**Published:** March 4, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/03/cesar-e-chavez-blvd-portland1.jpg)I posted this picture yesterday on the [photo.blog](http://photos.portlandrealestateblog.com/ "Portland Real Estate Photo Blog") but it merits a blog posting as well. [ The city has began the five year, $86,000 process](http://www.portlandonline.com/index.cfm?c=49756& "City of Portland FAQ sheet on Cesar E Chavez BLVD") of changing the signs from 39th Avenue Cesar E. Chavez Blvd.
The signs will coexist for five years and then the 39th signs will be removed. I have not driven the whole 7.2 mile length of the street but did not see new signs around SE Division.
For real estate, the change has been made. There are 178 active listings on 39th Ave right now and just two on Cesar E. Chavez BLVD. Property entry into RMLS starts with the tax ID number and the address is auto-populated. When I tried, it used Cesar E. Chavez BLVD. I can manually change the street (but why would I?). A Cesar E. Chavez listing is going to show that it is a new listing (or manually changed) for a time being, much like an MLS number starting with 100 was entered in 2010 and a 90 was entered in 2009. The difference being that the street can be changed without creating a new listing.
We have history to look at too. [Rosa Parks BLVD was Portland BLVD](http://www.portlandonline.com/mayor/2009-yir/transportation/OR-IfRosaParksWayNamingIsAnExampleTimeMayHealWounds.pdf). The last house sold on Portland BLVD closed on 5/8/2008. The official change was made on 12/14/2006. It isn’t a huge deal for real estate. I don’t think property values are affected by the change. When a Realtor is asked, “I saw a house on 39th,” if they can’t find it, they are going to have to search Cesar E Chavez and vice versa but that’s not tough. Old legacies die hard. Portland Brewing became Pyramid in 2006 but we still “meet at Portland Brewing.”
**Categories:** Real Estate News & Tips
**Tags:** Cesar E. Chavez BLVD, SE/NE 39th Ave., Portland Real Estate, Homes for Sale
---
### [Luxury Buildings Still in Trouble](https://lovejoyrealestate.com/luxury-buildings-still-in-trouble/)
**Published:** February 27, 2010
**Author:** Charles Turner
**Content:**
The [John Ross graces the cover of this week’s Portland Business Journal](http://portland.bizjournals.com/portland/stories/2010/03/01/story2 "Portland Business Journal on John Ross"). [2121 Belmont is on the cover of today’s Oregonian](http://www.oregonlive.com/business/index.ssf/2010/02/portland_condo_defaults_on_loa.html "Oregonlive story on 2121 Belmont"). Neither story tells a happy tale.
2121 Belmont was built to be sold as luxury condos at the peak of Portland’s real estate market. Nearly nonexistent sales dictated a conversion to apartments but the income from the rentals is not enough to service the debt. The bank has issued a notice of default to the owners of the 123 unit building.
The John Ross is at 74% occupancy but that still leaves 84 unsold units (some are pending). There is talk of an upcoming auction, similar to the [Atwater Place auction](https://lovejoyrealestate.com/realestate/2009/09/atwater-place-auction-raises-over-18m), but that is not confirmed. [The John Ross lowered prices](https://lovejoyrealestate.com/realestate/2009/10/john-ross-responds-to-atwater-place-auction) almost immediately after the Atwater auction and brisk sales were reported but a handful of sales per month will draw the project out for a long time. Accredited Marketing Partners had accepted bids for 40 of the 41 units on offer at the Atwater in 80 minutes when they ran the auction.
There are 37 John Ross units listed for sale in RMLS. Picking one randomly:
- Original asking price $1,074,800 on 3/1/06
- Reduced to $1,069,000 on 2/6/07
- Reduced to $899,000 on 7/24/08
- Reduced to $819,000 on 1/22/09
- Reduced to $749,000 on 7/10/09
- Reduced to $579,000 on 10/2/09 which is the current asking price (1PM 2/27/10)
Scott Aster writes in PSU’s Quarterly & Urban Development Journal 2010 First Quarter report, “[Housing Market Analysis](http://www.pdx.edu/sites/www.pdx.edu.realestate/files/media_assets/quarterly_report/2010_1st/1Q10-9-Aster-Housing-1-31-10-wm.pdf)“, that housing units in Portland are currently selling for 91.68% of original asking price. The John Ross building falls well short of today’s market.
**Categories:** New Construction Complexes
**Tags:** Luxury Buildings, Still in Trouble, Portland Real Estate, Homes for Sale
---
### [Portland Case Shiller Price Tiers](https://lovejoyrealestate.com/portland-case-shiller-price-tiers/)
**Published:** February 25, 2010
**Author:** Charles Turner
**Content:**
When we talk about the Standard and Poor’s Case Shiller Index we are most often talking about the National index (there are 10 and 20 city composite indices) or the Portland index from the Home Price Value report ([as I wrote yesterday](https://lovejoyrealestate.com/realestate/2010/02/portland-case-shiller-december-2009)). Case Shiller also publishes a more targeted report which breaks each reported MSA into three tiers:
> S&P Indices publishes supplemental tiered price data for 17 of the metro areas it covers. Tier breakpoints – price levels that divide recent sale prices in each market into thirds – are calculated for the period covered by the latest, most up-to-date index points. A closer look at these data shows, as was the case with aggregate home prices, that MSAs did not behave the same across and within tiers.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/02/Portland-Case-Shiller-Price-Tiers.jpg)In Portland, Low Tier houses had the highest increase since 2000 and has remained higher than the other tiers. In both San Francisco and Atlanta, the Low Tier had the highest (or close to) peak but now lag behind the Mid and High Tiers and the Aggregate.
**Categories:** Case Shiller Index
**Tags:** Real Estate, Price Tiers, Case Shiller, Portland, Homes for Sale
---
### [Portland Case Shiller December 2009](https://lovejoyrealestate.com/portland-case-shiller-december-2009/)
**Published:** February 24, 2010
**Author:** Charles Turner
**Content:**
The monthly Case Shiller report (what is Case Shiller?)was released yesterday for December 2009. Standard and Poor’s website was having server problems yesterday and the report was unavailable for some of the day. Portland’s real estate market ended the year flat with a slight drop to 149.95 from November’s 150.38. The questions we can’t quite answer are 1) are we looking at the bottom in April/May and 2) is Portland starting to trend with the national market? It has oft been said, accurately, that Portland lags about a year behind the national market.
I expect we’ll see continued seasonal increased activity and a push to come inside of the $8000 First Time Home Buyer Credit and $6500 Buyer Credit’s April 30th deadline with the assumption that it will not be extended (again). If the Credit is not extended, we won’t have a clearer picture of whether the market can support itself until the end of summer.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/02/Case-Shiller-Portland-2009.jpg)
**Categories:** Case Shiller Index
**Tags:** Real Estate, Case Shiller, Portland, Homes for Sale
---
### [Portland Real Estate Blog Goes to Vancouver Olympic Game](https://lovejoyrealestate.com/portland-real-estate-blog-goes-to-vancouver-olympic-game/)
**Published:** February 22, 2010
**Author:** Charles Turner
**Content:**
We decided that having the 2010 Winter Olympic so close it would be a shame not to make the trip north. Sure, our hotel room would probably costs a quarter of what it does today but even if we don’t get to an event (ticket off in our future), the atmosphere is great. Watching the USA Hockey beat Canada (5-3) on the flat screens in the lobby of the Pan Pacific Hotel just blocks from the Olympic Cauldron almost justifies the trip by itself. Google says it is just over a five hour drive to Vancouver, BC from Portland. We were in Seattle in under three hours where we met the usual downtown traffic even mid-Sunday. With toddler-stops and lunch, it took just over seven hours in North Vancouver. The wait at the border might have been 90 seconds.
Portland: 90 minutes to the beach and mountains, three hours to Seattle, five to Vancouver and so much to do in between. What will you do with your day off?
[](https://lovejoyrealestate.com/wp-content/uploads/2010/02/Olympic_Cauldron.jpg)
**Categories:** Because I Can
**Tags:** Vancouver Olympic Game, Portland Real Estate, blog
---
### [Oregonian Article on Street Trees and Real Estate](https://lovejoyrealestate.com/oregonian-article-on-street-trees-and-real-estate/)
**Published:** February 16, 2010
**Author:** Charles Turner
**Content:**
Last Friday, The Oregonian ran an article that I was interviewed for [regarding street trees in Portland](http://www.oregonlive.com/environment/index.ssf/2010/02/street_trees_increase_home_val.html).
In part, Matthew Preusch writes:
> Any Portlander who has ever strained at a rake in fall or tripped over an uplifted sidewalk knows about the costs associated with street trees, those growing in the grassy strips between the sidewalk and the street. But their benefits, the shade they provide and storm runoff they prevent, are harder to put a dollar value on.
>
> Donovan, a forest economist for the [U.S. Forest Service in Portland](http://www.fs.fed.us/r6/), recently published a study that did just that, estimating how much street trees can raise home prices.
>
> The answer: $7,000.
>
> After surveying thousands of street trees in 2007 at east Portland homes, Donovan and his co-author, David Butry of the [National Institute of Standards and Technology](http://www.nist.gov/index.html), found that, all things being equal, the average tree increases the value of the home it’s in front of by thousands.
The sidebar story is interesting too:
> Tree rebate
>
> Portlanders who plant trees on their property can get a rebate from the city of as much as $50 for native tree species.
>
> Go to [portlandonline.com/bes/treebates](http://www.portlandonline.com/bes/index.cfm?c=51399&) to download the form on the Bureau of Environmental Services Web site to get the rebate credit on your utility bill. The site also has details on what trees are eligible (yard trees only, maximum of 10 per property) and minimal tree sizes, as well as tips for how and where to plant trees.
>
> **May 1:** deadline to file receipts and treebate form
>
> **Additional information:** Erica Timm, the city’s treebate program manager, at 503-823-5729.
**Categories:** Real Estate News & Tips
**Tags:** oregonian article, Street Trees, Real Estate, Portland, Homes for Sale
---
### [NW 23rd Construction- Shops are open](https://lovejoyrealestate.com/nw-23rd-construction-shops-are-open/)
**Published:** February 8, 2010
**Author:** Charles Turner
**Content:**
NW 23rd is closed in both directions for three weeks:
- Beginning Monday, February 8, NW 23rd will be closed to all traffic between Everett and Glisan.
- NW Flanders will be closed at NW 23rd.
- Traffic will not be allowed to cross NW 23rd at Flanders.
- NW Flanders between 22nd and 23rd and between 23rd and 24th will be open for local access only.
- For destinations on NW Flanders between 23rd and 24th, motorists must approach from NW Westover via West Burnside and 23rd Place.
The street, hit hard by the economy, faces even tougher times in the following weeks as sewer and road improvements take place. For us, I walked down there this morning to take these pictures, this is a reminder to get out and support our local services even more. For the rest of Portland, it is reminder that the lights are on and there is somebody home. People are much more apt to venture out in the summer months and wander the streets but if everyone waits until then some of the lights may be out for good.
[NW 23rdAV](http://www.nw23rdav.com/) (av, not ave) has its own website but it is currently under construction. [The NW 23rd Av FaceBook fan page](http://www.facebook.com/group.php?v=wall&ref=search&gid=72757753925) has 470+ members and appears to be active with local business posting offers and events.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/02/NW-23rd-at-Kerney.jpg)
**Categories:** Real Estate News & Tips
**Tags:** NW 23rd Construction, Shops, Portland Real Estate, Homes for Sale
---
### [Oregon Wood Burning Stoves Go Up In Smoke](https://lovejoyrealestate.com/oregon-wood-burning-stoves-go-up-in-smoke/)
**Published:** February 2, 2010
**Author:** Charles Turner
**Content:**
The Oregon Senate passed “Heat Smart” Bill 102 last year in an effort help clean up the environment by exorcising over 300,000 non-certified wood burning stoves from Oregon homes. The latest revisions to the Oregon Property Disclosures look like this regarding wood burning stoves:
[](https://lovejoyrealestate.com/wp-content/uploads/2010/02/Woodburning-Stove-OREF.jpg)
Stoves that are not certified or installed without a permit must be removed from the property prior to closing.
The [Oregon DEQ website states](http://www.deq.state.or.us/aq/burning/woodstoves/index.htm):
> ### Selling your Home – Removal of an Non-certified Woodstove
>
> Beginning August 1, 2010, if you are selling a home with an uncertified woodstove in it, you will be required to remove this device. The 2009 Oregon Legislature signed Senate Bill 102 into law requiring the removal of any non-certified woodstove from a home when it is sold. This bill is part of a program to help protect Oregonians from uncontrolled wood smoke. Oregon DEQ will be proposing rules in the next few months to establish the removal notification requirements for homeowners. If you would like to be informed of these rules as they are being developed, [ please click here.](//www.govdocs.com/service/subscribe.html?code=ORDEQ_453'))
The implication for sales after August 1, 2010 is fairly clear but it start now. A buyer today would have to remove the stove that was legally included today.
- [Is your stove certified? ](http://www.epa.gov/Compliance/resources/publications/monitoring/caa/woodstoves/certifiedwood.pdf "Wood Stove List")
- [Wood stove certification lables.](http://www.deq.state.or.us/aq/burning/woodstoves/label.htm)
- [DEQ wood stove FAQs](http://www.deq.state.or.us/aq/burning/woodstoves/buysell.htm "Oregon DEQ Wood Burning Stove FAQ")
**Categories:** Home Inspections
**Tags:** home inspection, Oregon, Up In Smoke, Wood Burning Stoves, Homes for Sale
---
### [$38M of Portland Real Estate?](https://lovejoyrealestate.com/38m-of-portland-real-estate/)
**Published:** February 1, 2010
**Author:** Charles Turner
**Content:**
[](http://www.showcasebyagent.com/sba/index.php?sbo=r0s0614)Singer [Alan Jackson has his house listed for sale](http://www.showcasebyagent.com/sba/index.php?sbo=r0s0614) in Nashville, Tennessee for $38,000,000.
If you were buying real estate in Portland (limited to Portland city limits) you could buy:
- The most expensive property ($8,750,000) almost four times.
- The seven most expensive houses listed for sale ($33,397,695 to own all seven).
- 129 houses priced at Portland’s market average sales price of $293,300.
- All 20 of the highest priced condo units actively listed for sale in the 97209 zip code (Pearl District).
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate, Homes for Sale
---
### [$8000 & $6500 Home Buyer Tax Credit Review](https://lovejoyrealestate.com/8000-6500-home-buyer-tax-credit-review/)
**Published:** January 27, 2010
**Author:** Charles Turner
**Content:**
The Home Buyer Tax Credit is no longer front page news but that doesn’t mean it should be forgotten. Under the current rules, enacted in November, a first-time buyer or qualifying repeat buyer, must be in contract by April 30 and close on the property before July 1. The income limits changed from the original version, a cap was placed on the the property price (not loan amount) for the $6500 credit, and someone that is claimed as a dependent can not claim the Credit. As always, if you have tax related questions, contact a CPA.
How does the Credit affect Portland real estate? In my opinion, not much. Yes, it has been a contributing factor but I don’t think it has been the savior that some cite and I don’t think the market is going to crash and burn when the Credit ends. The Credit is significant for those that qualify or decide to purchase because of it but it is not significant to the long term. NAR cited roughly 350,000 houses sold last year because of the Credit (that’s not the number of people that qualified but the number that would not have purchased had the Credit not existed). There are roughly 1 million licensed Realtors. Do the math.
If I was a buyer or seller? The Credit is a bonus. If I was planning on doing something in the first half of the year, I would do it now to take advantage of what is essentially free money. “I’m selling, it doesn’t do me any good.” Sure it does. Your house is $8000 more attractive on April 30th than it is on May 1 to certain segment of the market. If you qualify for the $6500 there is potentially $14,500 worth of Credit in the two transactions.
If I thought the market was going to drop 3% I’d be better off waiting if I was looking at roughly the average home (3% of a $300,000 house is $9,000). Some may consider the Credit as an “insurance policy” against a possible slide? The Credit is cash in your hand (once you file) versus theoretical paper money. Ultimately you have look at your situation, talk to advisers and go from there.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/Tax-Credit-Description.jpg)
**Categories:** First Time Buyer
**Tags:** First Time Buyer, Credit Review, Home Buyer Tax, Portland Real Estate, Homes for Sale
---
### [Portland Case Shiller Index November 2009](https://lovejoyrealestate.com/portland-case-shiller-index-november-2009/)
**Published:** January 26, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/Case-Shiller-November-2009.jpg)
The Case Shiller real estate report was released this morning for November 2009. Overall, results were mixed with relatively small gains and losses nationally. Portland’s Case Shiller Index is now 150.38, up half a point from October’s 149.88. Only five of the twenty tracked markets saw gains. Four cities hit new lows in the last four years of reporting. Portland’s low was 146.85 in April. Portland’s current index puts prices at July 2005 levels.
The following graph just show Seattle and Portland’s Case Shiller Index since January 2004.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/Portland-Seattle-Case-Shiller.jpg)
**Categories:** Case Shiller Index
**Tags:** Case Shiller Index, Portland
---
### [Portland Street of Dreams: Now and Then](https://lovejoyrealestate.com/portland-street-of-dreams-now-and-then/)
**Published:** January 25, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/2008-Street-of-Dreams-600.jpg)
In 2008, the Case Shiller Index in Portland dropped from 178 in January to 158 by December. The real estate market was falling while the 2008 Street of Dreams homes were being constructed in Happy Valley. There were six homes in the 2008 show. Two sold, two are actively listed and two were taken off the market according to records in RMLS.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/SalesUnits_97086.jpg)Our Market Tracker graph clearly shows that the market for houses in this price range has almost completely dried up in Happy Valley. According to RMLS there are 12 active listings in the 97086 zip code listed over $1,000,000. The graph is current as of today and are released the first week of each month as part of our Market Tracker Report which is [available](http://www.pdxbuyers.com/prudential_nw/modules/global/forms/propertyinvestmentprofile.asp?AccountID=124155&acc=124155) for any zip code served by RMLS. Note that the one house priced under $1M had sold by the end of 2008.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/SalesUnits_97229.jpg)This brings us back to considering the 2010 show in Forest Heights (97229) on Cresap Lane ([photos on photo blog](http://photos.portlandrealestateblog.com/2010/01/11/first-photos-2010-portland-street-of-dreams/) and complete album on our [Facebook Fan Page](http://www.facebook.com/portlandrealestateblog)). The show is being billed as houses under $1,000,000 so there is a market for them at this time. The press release also states Renaissance Homes and Hearth and Home, the two builders to sign up so far, [will display “presold homes](https://lovejoyrealestate.com/realestate/2010/01/2010-portland-street-of-dreams-site)” which indicates that build-it-and-they-will-come has been replaced by buy-it-and-we-will-build. This is a common trend for new construction now rather than building spec houses.
Should the show go on? Yes, I think it should. We don’t go to the auto show to see the cars parked on dealer lots parked around the city. We go to see the cars that we don’t see every day. I doubt the car makers expect to sell a $1M car at the Portland show but they are there because even though we can’t have one for ourselves, we’re willing to pay to see it up close. Moreover it looks like the home show is more in tune with what might sell in this market as our local builders do want to sell sooner rather than later.
**Categories:** Portland Street of Dreams
**Tags:** Portland Street of Dreams, Real Estate, Portland, Homes for Sale
---
### [Portland 2009 Street of Dreams: Whatever Happend To?](https://lovejoyrealestate.com/portland-2008-street-of-dreams-whatever-happend-to/)
**Published:** January 21, 2010
**Author:** Charles Turner
**Content:**
This years Street of Dreams is billed as having houses under $1,000,000 in Northwest Portland. Last year’s show was nine condo units in the Pearl District. Whatever happened to them? The three Waterfront Pearl units were taken off the market when the building was turned over to the lender in a [Deeded in Lieu of Foreclosure](http://blog.oregonlive.com/frontporch/2009/07/top_5_waterfront_pearl_condos.html) action. I could only find one of the three units in RMLS (builders/developers often put a selection of units, not all units, into RMLS). Two of the units have sold and four remain on the market.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/2009-Portland-Street-of-Dreams-Listings.jpg)
**Categories:** Portland Street of Dreams
**Tags:** 2009 Street of Dreams, Real Estate, Portland, Homes for Sale
---
### [Short Sale and Foreclosure Resource SFR](https://lovejoyrealestate.com/short-sale-and-foreclosure-resource-sfr/)
**Published:** January 20, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/SFR_small.jpg)Turner Realtor Team members Jennifer Turner and Susan Horvat have completed the NAR’s SFR designation. Adding to the alphabet soup of Realtor initials, SFR stands for Short Sales & Foreclosure Resource. The SFR press release cites, “According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures.”
My search in RMLS shows 4419 active real listings in Portland. Of those 623 are listed as short sales and an additional 251 as bank owned. That’s just under 20% of active listings being showing in the system as either short sales or bank owned.
**Categories:** Real Estate News & Tips
**Tags:** Short Sale, Foreclosure Resource, SFR, Portland Real Estate
---
### [REDC Holding Feb 8th Portland Real Estate Auction](https://lovejoyrealestate.com/redc-holding-feb-8th-portland-real-estate-auction/)
**Published:** January 18, 2010
**Author:** Charles Turner
**Content:**
Back in September, I attended the first REDC Portland real estate auction out at the Portland Airport Sheraton. The group is [returning for a second auction on February 8th](http://www.auction.com/auction-details.php?auctionID=H-133&chkVenue=938#;). At the first auction, properties sold for an average of 44% of the “previously valued at” price. I do not know what percentage of the winning bidders closed on their transaction.
Purchasing property through an auction is the same as but different from purchasing property through a “conventional” sale. Buyers are encouraged to inspect the property prior to the auction as there is no inspection contingency in escrow. Many properties are cash only and cannot be financed. Each auction house handles paperwork and documents differently- there may be paperwork that you are required to sign with a winning bid that is outside the scope of a “conventional” real estate transaction. The paperwork is usually available beforehand so it can be reviewed and an attorney consulted if needed. REDC has a [FAQ sheet](http://www.auction.com/faqs.php) that explains their process.
You have to be registered to participate in the auction prior to the event. Don’t just show up the day of planning to bid. REDC has an simultaneous online auction which runs almost seamlessly with the live auction.
https://lovejoyrealestate.com/realestate/2009/09/redc-portland-auction-recap-sold
**Categories:** Real Estate News & Tips
**Tags:** Auction, REDC Holding, Portland Real Estate
---
### [Federal Reserve Beige Book on Real Estate](https://lovejoyrealestate.com/federal-reserve-beige-book-on-real-estate/)
**Published:** January 15, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/districtMap.gif)The Portland real estate market is a part of the Federal Reserve’s 12th District. The [Federal Reserve “Beige Book”](http://www.federalreserve.gov/FOMC/Beigebook/2010/20100113/fullreport20100113.pdf) on the current state of the economy was released on January 13th (it’s 59 pages). There is a national summary and comentary for each district for various segments of the economy.
On the national real estate market:
> Homes sales increased toward the end of 2009 in most Federal Reserve Districts, except San Francisco, where demand for housing has been steady, and Kansas City, where residential real estate activity has eased since the last Beige Book. In New York, Richmond, and Atlanta, residential real estate activity was described as mixed across areas of the District. In the Atlanta District, existing home sales increased, but new home sales decreased. In all Districts, sales of lower-priced homes tended to increase proportionately more than sales of higher-priced homes, due at least in part to the first-time buyer federal tax credit, according to real estate contacts. In several Districts real estate contacts reported that the original expiration date for the credit boosted sales in November and led to a more than usual slowdown in sales in December. However, some contacts noted that the extension of the credit into 2010 could give an added impetus to the expected seasonal sales upturn this spring. Residential construction activity remained at low levels in most Districts, although home building was reported to have increased in the Chicago and Minneapolis Districts. Home prices appeared to have changed little since the last Beige Book, overall. Boston, Philadelphia, and Cleveland reported declines in home prices since the last Beige Book. Richmond reported nearly steady prices. Dallas reported some firming in prices.
Regarding San Francisco District 12 (including Portland):
> Demand for housing appeared to be largely stable, while demand for commercial real estate eroded further. After accounting for normal seasonal variation, the pace of home sales was mixed across areas but appeared little changed on net compared with the previous reporting period; contacts noted that low mortgage interest rates helped to sustain sales in general. However, an extensive supply of foreclosed properties in some areas caused inventories to remain somewhat elevated, which in turn has restrained the pace of new home construction. Demand weakened further for commercial real estate, with vacancy rates for office and industrial space rising further in many parts of the District. However, one contact in the Pacific Northwest noted that the market may be approaching a bottom, citing an increase in leasing activity in response to favorable terms for tenants.
**Categories:** Real Estate News & Tips
**Tags:** Federal Reserve, Beige Book, Real Estate
---
### [2009 Real Estate Recap Part Two: Radon](https://lovejoyrealestate.com/2009-real-estate-recap-part-two-radon/)
**Published:** January 13, 2010
**Author:** Charles Turner
**Content:**
[](http://www.epa.gov/radon/nram/public.html#Take%20Action)[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/Continuous-Radon-Monitor-Results.jpg)January is National Radon Action Month. Don’t get me wrong, radon wasn’t discovered last year. But over the last few years, it has become on of the most common Portland real estate inspections buyers have and one that often yields results that need attention. Radon is not isolated to one part of town. We had results over 4.0pCi/l in every quadrant of Portland last year. Ideally the test runs for about 72 hours in an undisturbed environment. You can see in the chart where doors may have been opened while the test was running. The test and system were done by [Alpha Environmental](http://www.alphaenvironmental.net/).
We typically see mitigation systems cost between $1800 and $2200. I wrote this post back in September:
> The general recommendation is that any home testing over 4.0 pCi/l should have radon mitigated as it is the second leading cause of lung cancer behind smoking.
I added more photos to an album on our [Facebook fan page.](http://www.facebook.com/portlandrealestateblog)
[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/DSC_59921.jpg)
**Categories:** Home Inspections
**Tags:** radon, Real Estate Recap, Portland Real Estate, Homes for Sale
---
### [Portland RMLS Number Primer](https://lovejoyrealestate.com/portland-rmls-number-primer/)
**Published:** January 11, 2010
**Author:** Charles Turner
**Content:**
The MLS number is a quick and easy way to identify a listed property. For RMLS of Portland it has always been a seven digit number and the first number described the year it was made active: 9xxxxxx was listed in 2009. The lower the rest of the number, the closer to the beginning of the year. For 2010, the MLS number has added a digit: 10xxxxxx. Once a property is listed, the MLS number stays with the property. This means that a Realtor can pull up the listing history of a property and see when the listing was made active, sold, expired or other data was adjusted.
A listing that is canceled or expired and put back into RMLS has a new number. This means that a 10xxxxxxx listing wasn’t necessarily newly listed after New Years.
**Categories:** Real Estate News & Tips
**Tags:** Number Primer, RMLS, Portland, Portland Real Estate, Homes for Sale
---
### [2009 Portland Real Estate Recap Part 1](https://lovejoyrealestate.com/2009-portland-real-estate-recap-part-1/)
**Published:** January 7, 2010
**Author:** Charles Turner
**Content:**
Rather than trying to look back at 2009 in a single post, I’ve decide to break it into parts as there are so many components and not all of the data is out yet. No two people have the same views or situation when it comes to real estate. For some, it was a great year and a great time to buy. Others lost money and or their homes. When it comes to dollars, real estate is rarely win/win. \[Cue the ad here for upcoming posts on why dual agency should not be legal\].
Issued building permits through October declined across the country with Portland and other Oregon markets fairing worse than the national and regional averages (graph below). That may have helped inventory levels drop as fewer new homes were built and therefore not competing with resale properties.
RMLS Portland Metro inventory started 2009 at 19.2 months and had dropped to 7.1 by the end of November. We saw numerous properties sell towards the end of the year with multiple offers that weren’t short sales (including our NW Ryan listing which (yes, finally) sold at the end of November). In previous eras, six months of inventory was considered a balanced and healthy market (seller’s market below six months and buyer’s above). I think that may shift down with buyers maintaining the upper-hand into five months or less of inventory. Total market time for a listing through November was 141 days. That’s about 20 days longer than August 2008 when the method of calculating days on market changed.
[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/building-permits.gif)
All data in thousands Source: Bureau of Census. Percent changes are computed from unrounded data.Prepared by Economics Department, [NAHB](http://www.nahb.org/default.aspx).Available at [www.HousingEconomics.com](http://www.housingeconomics.com).
**Categories:** Real Estate News & Tips
**Tags:** 2009 Portland Real Estate Recap, Portland Real Estate, Homes for Sale
---
### [2010 Portland Street of Dreams Site](https://lovejoyrealestate.com/2010-portland-street-of-dreams-site/)
**Published:** January 5, 2010
**Author:** Charles Turner
**Content:**
While I work on the first hand-written post of the year, here’s part of a press release from the [Home Builders Association of Metropolitan Portland](http://www.homebuildersportland.org/) announcing the 2010 site in a new development in Forest Heights. This year’s show will return to single family residences after last year’s Pearl District condo show.
> The 2010 show, which takes place July 31 through Aug. 29, is set for Cresap Summit, a new development located atop Forest Heights off Skyline Rd.
>
> “The 2010 NW Natural Street of Dreams site is about the three L’s: location, location, location,” said Rick Bernard, 2010 show chairman, owner of Bernard Custom Homes and a builder in 19 NW Natural Street of Dreams. “It has a rural feel while being right next to an urban area. You have the beauty of nature right out your front door while being close to tons of amenities and the hustle and bustle of the city. It’s a dream site for a dream show.”
>
> At least five homes will be in the 2010 show, and two experienced NW Natural Street of Dreams builders have already agreed to bring their knowledge and skill to the endeavor. Previous “Best of Show” award winners Renaissance Homes and Hearth and Home will each display presold homes, and two to three other builders are expected to sign on in the near future.
>
> The 2010 homes will be more moderate in size and price, but still emphasize luxury living. Innovative building and design will be featured in these more attainable dream homes, which are expected to range in price from $750,000 to $1 million and in size from 2,700 to 3,500 square feet.
**Categories:** Portland Street of Dreams
**Tags:** 2010 Portland Street of Dreams Site, Portland Real Estate, Homes for Sale
---
### [Happy New Years and Happy Birthday](https://lovejoyrealestate.com/happy-new-years-and-happy-birthday/)
**Published:** January 1, 2010
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2010/01/turner_team_mini.jpg)Today is the PortlandRealEstateBlog’s 5th birthday. Back then it was just Jenny and I. Now there are the six of us. The Case Shiller Index was 133 (October ’04) and is now 150 (October ’09) having peaked at 186 in August ’07.
This is the 721st post. I’ll write more next week looking back at some of those and looking forward to 2010. Needless to say, thank you to all of you that have supported us over the years and we look forward to being Realtors and your Portland real estate agents in 2010 and beyond.
Happy New Years!
**Categories:** Real Estate News & Tips
**Tags:** Case Shiller Index
---
### [Portland Real Estate Remodeling](https://lovejoyrealestate.com/portland-real-estate-remodeling/)
**Published:** December 31, 2009
**Author:** Charles Turner
**Content:**
The cost versus value of remodeling is one of the major real estate questions that homeowners face. I wrote this post about the National Association of Realtors 2008 Cost Versus Value Report a couple of months ago.
Hanley Wood has a much more regional tool for the [cost versus value of projects](http://www.remodeling.hw.net/2009/costvsvalue/national.aspx). The link is to the national spreadsheet but you can drill down into regions and register to download city-specific information which is where the graph below for Portland came from. The report provides a description of what each remodel project entails.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/12/Cost-Versus-Value-Remodeling.jpg)
The graph: © 2009 Hanley Wood, LLC. Reproduced by permission. Complete city data from the Remodeling 2009–10 Cost vs. Value Report can be downloaded free at [www.costvsvalue.com](http://www.costvsvalue.com).
**Categories:** Fixers and Remodeling
**Tags:** Remodeling, Portland Real Estate, Homes for Sale
---
### [Case Shiller December 2009 for Portland Real Estate](https://lovejoyrealestate.com/case-shiller-december-2009-for-portland-real-estate/)
**Published:** December 29, 2009
**Author:** Charles Turner
**Content:**
Death, taxes and Case Shiller on the last Tuesday of the month. Pretty much like clockwork but the Case Shiller Index for Portland, and other markets, hasn’t been quite as painful as the first two in recent months. The Portland real estate market remains flat, posting a .1% loss from September.
The Portland Case Shiller Index is at 149.88 \[note the report lags three months so this is through September\]. This represents a 49.88% increase in value from January 2000 when the Index was set to 100. The Index tracks 20 cities and Portland’s appreciation ranks sixth since then. Washington (179.71), New York (175.01) and Los Angeles (168.43) lead the way with Detroit bringing up the rear at 73.97. Detroit is the only city ranked in double digits; #19 Las Vegas is 104.70. Case Shiller reminds us: “Data presented in the spreadsheets are calculated monthly using a three-month moving average and published with a two month lag.”
[](https://lovejoyrealestate.com/wp-content/uploads/2009/12/Case-Shiller-Portland-December-2009.jpg)
**Categories:** Case Shiller Index
**Tags:** December 2009, Case Shiller, Portland Real Estate, Homes for Sale
---
### [Happy Christmas from the Portland Real Estate Blog](https://lovejoyrealestate.com/happy-christmas-from-the-portland-real-estate-blog/)
**Published:** December 25, 2009
**Author:** Charles Turner
**Content:**
Merry Christmas to all of our readers.
Charles, Jenny, Annie, Lisa, Susan and Vicki
**Categories:** Because I Can
---
### [Portland Real Estate HOA Dues](https://lovejoyrealestate.com/portland-real-estate-hoa-dues/)
**Published:** December 23, 2009
**Author:** Charles Turner
**Content:**
Home Owner Association (HOA) dues are a function of most condominium complexes. For this search in RMLS, I ran condos sold in the last 12 months between 950 and 1050 SQFT in the Pearl District’s 97209 zip code.
There were 25 results and one without the HOA dues listed so based on 24 properties that averaged 997 SQFT, the average HOA dues were $333 per month. The average HOA cost/SQFT is $.33 and the average $335/SQFT. At least in this case, we can take the first two numbers of the price/SQFT and get the HOA cost. I ran a second RMLS search around 1300 feet: average HOA dues: $.33/SQFT. There is a spread of $350-$475 per month at the 1300 SQFT range.
One thing to consider is that no two HOAs charge for the same thing or have the same costs. Within the search results, I cannot list what each HOA includes automatically in its charges which will make it a bigger research project for another day. There is no APR-like metric for dues like there is for financing.
1000 SQFTLegalApx SqftHOA DuesPriceW L MORGAN HISTORIC CNDO1007295$254,000W L MORGAN HISTORIC CNDO996287$265,000MC CORMICK PIER CONDOMINIUM1017457$375,000MARSHALL-WELLS LOFTS CONDOMINIUM1016248$372,000HOYT SQUARE CONDOMINIUM1009325$323,400HENRY CONDOMINIUMS960410$410,000HENRY CONDOMINIUMS998427$430,000ENCORE CONDOMINIUMS, ADDITIONAL1026291$415,000ELIZABETH LOFTS CONDOMINIUMS982308$327,500ELIZABETH LOFTS CONDOMINIUMS1006315$398,000ELIZABETH LOFTS CONDOMINIUMS1008316$320,000ELIZABETH LOFTS CONDOMINIUMS981355$334,000ELIZABETH LOFTS CONDOMINIUMS1006316$335,000EDGE LOFTS CONDOMINIUM1037361$275,000EDGE LOFTS CONDOMINIUM1024335$315,000EDGE LOFTS CONDOMINIUM1038339$320,000EDGE LOFTS CONDOMINIUM1021335$320,000CHOWN PELLA CONDOMINIUMS963312$327,500CARLTON COURT CONDOMINIUMS980155$184,900BRIDGEPORT CONDOMINIUMS981310$347,000937 Condominiums968406$270,000937 Condominiums968339$389,950937 Condominiums968339$400,000937 Condominiuims968406$323,950Average997.00$ 332.79$ 334,675.00Average Price Per SQFT$ 0.33$ 335.681300 SQFTLegalApx SqftHOA DuesPriceAVENUE LOFTS CONDOMINIUMS1322381$405,000Rivernorth1324350$470,000ADDISON CONDOMINIUMS1287475$515,000937 Condominiums1299455$525,000937 Condominiums1293453$554,950937 Condominiums1308458$585,000937 Condominiums1279448$652,000Average1301.714$ 431.43$ 529,564.29Average Price Per SQFT$ 0.33$ 406.82
**Categories:** Pearl District
**Tags:** HOA Dues, Portland Real Estate, Homes for Sale
---
### [Portland Real Estate Slows Down For Holidays](https://lovejoyrealestate.com/portland-real-estate-slows-down-for-holidays/)
**Published:** December 18, 2009
**Author:** Charles Turner
**Content:**
RMLS reports on the lockbox activity on a bi-weekly basis. Although real estate takes place 24/7/365, most took a break on Thanksgiving.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/12/Lockbox-Activity-December-6.jpg)
Showings have dropped the last three non-holiday weeks reported. About this time last year the local real estate market ground to a near halt as winter storms shut most of the city down for nearly two weeks coupled with usual toll that the holidays take on real home selling and buying. If we avoid a repeat the weather, the holiday season for Portland real estate should be much brighter.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/12/Lockbox-Activity-November-22.jpg)
**Categories:** Real Estate News & Tips
**Tags:** Holidays, Slows Down, Portland Real Estate, Homes for Sale
---
### [More RMLS Market Action 11/09](https://lovejoyrealestate.com/more-rmls-market-action-1109/)
**Published:** December 15, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/12/RMLS-Portland-November-2009.jpg)I had an appointment this morning at a listing just after [Market Action](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=5032) was published so only covered [inventory in this morning’s post](https://lovejoyrealestate.com/realestate/2009/12/rmls-market-action-november-2009). Pending sales are up over 2008 but closed sales are down. That says that more transactions are failing in escrow. A reminder that an accepted offer does not equal a “SOLD” sticker. Factors that might be included:
- Appraisals not coming in at the agreed upon sales price.
- Buyer being disqualified due to changes in lending rules during escrow.
- Buyer backing out due to economic concerns.
- Increased sale fails during the inspection period (sellers are accepting offers closer to their “drop dead” price and therefore less willing to negotiate during escrow).
- Short sales (by the time a short sale is approved and changed to “pending” in RMLS, buyers are less emotionally attached to the purchase and therefore less likely to make it through escrow.
On one of the most positive notes reported this year in Portland real estate:
> Closed sales were up 72.4% compared to November 2008 and pending sales rose 19.9%. New listings dropped 7%. The 72.4% same-month increase in closed sales is the largest percentage increase on record for the area. The previous high was56.9% in December 1996.
Year to date listings are down by 19.2%. This is keeping inventory levels low as inventory is a ratio of “active listings at the end of the month in question by the number of closed sales for that month.”
The average sales price is down 11.4% for the year and 3.6% for the month. The average sales price of home is now $273,300.
Appraisals not coming in
Buyer disqualified during escrow by new lending rules
**Categories:** Market Activity & Data
**Tags:** RMLS Market, Portland Real Estate, homes for sale in oregon
---
### [RMLS Market Action November 2009](https://lovejoyrealestate.com/rmls-market-action-november-2009/)
**Published:** December 15, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/12/RMLS-Market-Inv-Nov-2009.jpg)RMLS of Portland just released their Portland real estate market data for November 2009. Inventory ticked up a little from October’s 6.5 months. The 9% increase is less than the month on month increase in 2008 but in 2007 the inventory level remained almost static for the same period.
Must run. More later.
**Categories:** Market Activity & Data
**Tags:** Market Action, RMLS, Portland Real Estate, homes for sale in oregon
---
### [Carbon Monoxide Death in Portland](https://lovejoyrealestate.com/carbon-monoxide-death-in-portland/)
**Published:** December 10, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/12/CO2-Detector-by-First-Alert1.jpg)Target sells this CO2 detector $25.95 Portland’s “Arctic Blast” [claimed one life yesterday and left a woman in the hospital](http://www.kgw.com/news/local/78943592.html) reports [KGW](http://www.kgw.com). The cause: carbon monoxide from a natural gas heater that wasn’t vented properly.
I wrote this post last year after a family of four was killed by carbon monoxide in Colorado. I bought our detector after writing that post.
A just run Google Search says that [Target sells C02 detectors for $25.95](http://www.target.com/gp/detail.html/188-0997843-8573857?asin=B000N8OYXI&AFID=Performics_Google%20Product%20Listing%20Ads&LNM=Primary&ref=tgt_adv_XASD0001).
Its worth noting again that Oregon real estate law has a provision for smoke detectors but not carbon dioxide detectors.
**Categories:** Real Estate News & Tips
**Tags:** Death in Portland, Carbon Monoxide, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Cold Weather Portland Real Estate](https://lovejoyrealestate.com/cold-weather-portland-real-estate/)
**Published:** December 8, 2009
**Author:** Charles Turner
**Content:**
I woke up this morning thinking it was colder than normal in our bedroom even though the thermostat is set to run on a program. In a deja vu moment I remember that when it gets below freezing, not only do we have to turn off the out door hose spigots but also disconnect the condensate line from the furnace as the brass hose freezes solid where it exits the house. Once it freezes, the furnace shuts off. As soon as the line is able to drain into the bucket the furnace refires.
We visit all of our vacant real estate listings after weather events if the owner is absentee and this would qualify. We try to keep thermostats set above 50 so that the house is comfortable when shown and to protect against property damage in lieu of winterizing the house which includes draining water from the house. It’s a great way of minimizing monthly cost but must be undone for a home inspection and makes the house uncomfortable when shown.
Hopefully we be able to avoid last year’s ice dams that clogged rain gutters city-wide last year after the snow storms.
**Categories:** Real Estate News & Tips
**Tags:** Cold Weather, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Generational Real Estate](https://lovejoyrealestate.com/generational-real-estate/)
**Published:** December 3, 2009
**Author:** Charles Turner
**Content:**
The recently released National Association of Realtor’s “Profile of Home Buyers and Sellers” reveals that the median age of a buyer is 39 (30 for first time buyers and 48 for repeat buyers). The median age of a seller is 48. The median age of a Portlander is 37 and according to RMLS Market Action for October, “A family earning the median income ($70,000 in 2009, per HUD) can afford 140% of a monthly mortgage payment on a median priced home ($241,400 in September). The formula assumes that the buyer has a 20% down payment and a loan at a 30-year fixed-rate of 5.06% (average per Freddie Mac in September).
The things that make you go hmmm. The median first time buyer could be the child of the median seller. Even the nine year gap between the median seller and buyer is hard to ignore. According to [Pew Research](http://www.pewinternet.org/Infographics/Generational-differences-in-online-activities.aspx), the age breakdown of generations is (NAR info enclosed in \[\]):
Gen Y: 18-32 \[median first time buyer\]
Gen X: 33-45 \[median buyer\]
Baby Boomers 45-54 \[median repeat buyer and seller (median Realtor is 54)\]
Seller and Realtors need to ask the question as to whether listed home (both physically and in the way it is marketed) speaks the same language as the possible buyer? Needless to say, we can’t aim just to be average; buyers don’t select homes based on this is one is average so it will do.
**Categories:** Real Estate News & Tips
**Tags:** Generational, Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Tenant Rights for Foreclosures in Oregon](https://lovejoyrealestate.com/tenant-rights-for-foreclosures-in-oregon/)
**Published:** November 30, 2009
**Author:** Charles Turner
**Content:**
We often hear of the “Shadow Market” of homes that are not in the Portland real estate market statistics reported; there is a large inventory of home out there waiting to be listed. Other factors of a “shadow market” include sellers that are waiting for the market to improve and foreclosed homes that banks are sitting on (I’ not sure where they are keeping them).
Regardless, foreclosures are a factor in our market, all around Oregon. If the house is owner occupied, the foreclosure eviction process is pretty straight forward within the legal framework. There is a legal framework for tenant occupied properties as well (punchline: seek legal advice if you have any questions).
The State of Oregon’s “[Tenant Foreclosure Rights in Oregon](http://foreclosurehelp.oregon.gov/DCBS/foreclosurehelp/docs/tenant_foreclosure_rights.pdf)” is the starting place that tenants looking for information regarding their rights if the home they live in goes into foreclosure. Some laws have been changed as of September 2009.
**Categories:** Real Estate News & Tips
**Tags:** Foreclosures in Oregon, Tenant Rights, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Thanksgiving Wishes and Safety](https://lovejoyrealestate.com/thanksgiving-wishes-and-safety/)
**Published:** November 26, 2009
**Author:** Charles Turner
**Content:**
It’s been four years since the roofers caused a fire at our house on Thanksgiving. Thankfully the house was still in the remodeling stage, we weren’t living there and nobody was hurt. The sounds of the fire department cutting into the roof is still a vivid memory.
These folks won’t so lucky with a turkey fryer. It’s part of an article on turkey fryer safety.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/11/Thanksgiving_Day_Turkey_Fryer_Fire_2007b.jpg)
Happy Thanksgiving and be safe.
**Categories:** Real Estate News & Tips
**Tags:** houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [St. Vincent Breast Cancer Awareness Pink Glove Dance](https://lovejoyrealestate.com/st-vincent-breast-cancer-awareness-pink-glove-dance/)
**Published:** November 25, 2009
**Author:** Charles Turner
**Content:**
This is a pretty cool fund-raising concept: the Pink Glove Dance. The email I received from my aunt, a nurse in Toronto:
> Emily (MacInnes) Somers created, directed and choreographed this in Portland last week for her Medline glove division as a fundraiser for breast cancer awareness. This was all her idea to help promote their new pink gloves. I don’t know how she got so many employees, doctors and patients to participate, but it started to really catch on and they all had a lot of fun doing it.
>
> When the video gets 1 million hits, Medline will be making a huge contribution to the hospital, as well as offering free mammograms for the community. Please check it out. It’s an easy and great way to donate to a wonderful cause, and who hasn’t been touched by breast cancer?
The video was shot locally at St. Vincent Hospital.
**Categories:** Because I Can
**Tags:** houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Case Shiller Portland September 2009 Part 2](https://lovejoyrealestate.com/case-shiller-portland-september-2009-part-2/)
**Published:** November 24, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/11/Case-Shiller-September-2009.jpg)
As [reported earlier this morning](https://lovejoyrealestate.com/realestate/2009/11/portland-housing-data-case-shiller-index-september-2009), Case Shiller’s housing market data is now available.
These graphs show a selection of real estate markets, primarily on the west coast. The top one starts in January 2003. The lower expands out 2009. Portland is the thick line in both graphs. Miami hit 280.87 in December 2006. At that time, Detroit was at 119.51, a 161.36 point difference. Today, those locations are at 149.69 and 72.9 respectively, a 77.2 point drop. Portland peaked in July 2007 at 186.51 and is now 149.72.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/11/Case-Shiller-2009-YTD.jpg)
**Categories:** Case Shiller Index
**Tags:** Case-Shiller |Portland, September 2009, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Portland Housing Data Case Shiller Index September 2009](https://lovejoyrealestate.com/portland-housing-data-case-shiller-index-september-2009/)
**Published:** November 24, 2009
**Author:** Charles Turner
**Content:**
Yesterday I took some [data from RMLS Market Action to see if it gave any indicator of what today’s Case Shiller report](https://lovejoyrealestate.com/realestate/2009/11/can-rmls-market-action-predict-case-shiller) would look like and also [reposted two articles](https://lovejoyrealestate.com/realestate/2009/11/in-advance-of-case-shiller) written in advance of today’s report. Nothing stood out from the graphs but one comment reminds us about the difference in methodology. This links to Case Shiller’s methodology.
It’s 6:15 AM and the report is not posted on the Standard & Poor’s website so I’m going to go make another cup of coffee…
…The [press release](http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&blobcol=urldocumentfile&blobtable=SPComSecureDocument&blobheadervalue2=inline%3B+filename%3Ddownload.pdf&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobkey=id&blobheadername1=content-type&blobwhere=1245195279567&blobheadervalue3=abinary%3B+charset%3DUTF-8&blobnocache=true "Case Shiller September 2009 Press Release") is online now but the spreadsheet data is not. Portland’s housing market took a slight dip, along with about half of the markets reported in the Index. 149.72 is .5% off August’s reported level. Overall the national real estate market continued to climb.
I’ll post this now and come back later with some graphs.
**Categories:** Case Shiller Index
**Tags:** Portland Housing Data, Case Shiller, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [In Advance of Case Shiller](https://lovejoyrealestate.com/in-advance-of-case-shiller/)
**Published:** November 23, 2009
**Author:** Charles Turner
**Content:**
News outlets are buzzing in advance of tomorrow’s Case Shiller report:
[Reuters](http://www.reuters.com/article/economicNews/idUSN2325993420091123):
> \* What: S&P/Case-Shiller September home prices indexes
> \* When: Tuesday, Nov. 24, 9 a.m. (1400 GMT)
> \* Economists’ median forecast: +0.8 pct for 20-city index
> -9.0 pct yr-over-yr 20-city
>
> NEW YORK, Nov 23 (Reuters) – U.S. home prices likely rose
> in September for the fifth straight month, trimming the year’s
> losses, a Reuters survey on the Standard & Poor’s/Case-Shiller
> indexes found…
Diana Olick at MSNBC [this to say about Case Shiller report](http://www.cnbc.com/id/34110868):
> As you probably could have guessed, I’m not going to jump on the bandwagon and say that the housing market is all fine and dandy now that we’ve seen two months of big jumps in existing home sales.
>
> In fact, that bandwagon isn’t all that crowded; a lot of the housing cronies are saying that this big surge is all about the first time home buyer tax credit, which was originally supposed to expire November 30th but was then extended to closings by June 30th. The numbers today represent buyers who weren’t banking on the extension. Now that demand has been pulled forward so much, we are going to see a falloff after one more monthly reading…
Portland’s numbers in tomorrow’s post.
**Categories:** Case Shiller Index
**Tags:** Case Shiller, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Can RMLS Market Action Predict Case Shiller?](https://lovejoyrealestate.com/can-rmls-market-action-predict-case-shiller/)
**Published:** November 23, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/11/2009-Portland-Market-Stats1.jpg)The Case Shiller Index is released on the last Tuesday of each month (tomorrow). The Index has a three month lag; tomorrow’s report will tell us about September. RMLS Market Action comes out midway through the following month; we already have data through October. Without a massive amount of statistics, does RMLS Market Data predict what the Case Shiller Index for the Portland real estate market look like? I don’t think so.
The graph ab0ve with inventory levels makes the average sales price and Case Shiller Index (for Portland) hard to discern so the graph below removes inventory but is the same otherwise.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/11/2009-Portland-Market-Stats2.jpg)
**Categories:** Case Shiller Index
**Tags:** Market Action, RMLS, Case Shiller, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Portland Real Estate Blog: who we are not.](https://lovejoyrealestate.com/portland-real-estate-blog-who-we-are-not/)
**Published:** November 18, 2009
**Author:** Charles Turner
**Content:**
[](http://www.facebook.com/pages/Portland-Real-Estate-Blog/8105887990)Ghost writers are nothing new. Some will, most will not, be surprised that the content for some real estate blogs is written by others and posted under the author’s name. That is not the case here. I write my own content or cite where it came from.
I was surprised to learn yesterday that their are Realtors using ghost writers to make them look good on Facebook and other social media websites. That doesn’t thrill me. I think Realtors need to find the balance on social media and having others pretend to be you isn’t the way to do that and earn trust.
Please the [Portland Real Estate Blog on Facebook](http://www.facebook.com/pages/Portland-Real-Estate-Blog/8105887990) join our fan page on Facebook.
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate Blog, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Windy Day for Oregon Real Estate](https://lovejoyrealestate.com/windy-day-for-oregon-real-estate/)
**Published:** November 17, 2009
**Author:** Charles Turner
**Content:**
Dorothy and Toto received the ultimate relocation package out of Kansas thank to wind. Last night, a storm blew in from the Oregon coast and through Portland and the surrounding areas taking down trees and knocking out power. Wind gusts hit 49mph in the West Hills and over 90mph at the coast.
As of now, there is only one reported power outage around Portland but zooming out will reveal more. The graphic here is a [static shot of PGE’s dynamic safety and power outages map](http://www.portlandgeneral.com/safety_outages/outages/outage_updates/outage_map.aspx). They map feature also works from my iPhone so if your power is out, you can still check the site if you have a charged phone.
[](http://www.portlandgeneral.com/safety_outages/outages/outage_updates/outage_map.aspx)
We’ll be checking in with our listings today to make sure that the wind blew through without damage.
**Categories:** Real Estate News & Tips
**Tags:** Oregon Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Portland RMLS Market October 2009](https://lovejoyrealestate.com/portland-rmls-market-october-2009/)
**Published:** November 13, 2009
**Author:** Charles Turner
**Content:**
[October 2009 RMLS Market Action for Portland](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=4975) was released yesterday. The complete RMLS report for [all areas](http://www.rmlsweb.com/v2/public2/loadfile.asp?id=4968) is here. The 6.5 months of inventory is the lowest it has been since August of 2007 and is down 67% since January’s all time high. Inventory is a ratio of the number of months it would take to sell all the active listings at the current rate of sales.
Pending sales are up 64% compared to October of last year but those properties are selling at a discount: the average sale price is down 12.6% and median price down 10.9%. The average sales price of a residential property in October was down compared to September and the whole year.
**Categories:** Market Activity & Data
**Tags:** Portland RMLS Market, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Schools and Portland Real Estate](https://lovejoyrealestate.com/schools-and-portland-real-estate/)
**Published:** November 11, 2009
**Author:** Charles Turner
**Content:**
No two buyers have the same needs. One might be all about the views the house has. Others will gladly sacrifice the house in lieu of access to schools. One of the most common search criteria in a home search is schools. Similar to views, schools aren’t set in stone; boundaries can change, once respected schools can dip (or vice versa) or even be shut down.
Yesterday was a big day for Portland schools. [Portland Public Schools](http://www.pps.k12.or.us) released their [2009 Report on Schools](http://www.pps.k12.or.us/depts/communications/ppsreport09/index.html), the [Oregonian reported on it](http://www.oregonlive.com/education/index.ssf/2009/11/oregon_schools_mainly_satisfac.html), and [Marysville Elementary School caught fire](http://www.oregonlive.com/portland/index.ssf/2009/11/marysville_elementary_school_d.html). Ask 10 people their opinion of “what is the best school” and you’ll get 10 different answers. As the Oregonian story reports, the metrics have changed so some schools have moved from one ranking category to another. We have one client that uses [www.greatschools.net](http://www.greatschools.net/) as their measure of areas schools.
**Categories:** Real Estate News & Tips
**Tags:** Schools, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Home Maintenance](https://lovejoyrealestate.com/home-maintenance/)
**Published:** November 10, 2009
**Author:** Charles Turner
**Content:**
 Why do today what you can put off and pay more for later? Non-problems become small problems and small problems can become really expensive problems, eventually leading to the sort of housing situation to the left.
Bob Vila has a good checklist of [home maintenance items that should be checked bi-annually](http://www.bobvila.com/HowTo_Library/Home_Maintenance_Checklist--A1730.html).
**Categories:** Real Estate News & Tips
**Tags:** Home Maintenance, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [How the Homebuyer Tax Credit Changes](https://lovejoyrealestate.com/how-the-homebuyer-tax-credit-changes/)
**Published:** November 6, 2009
**Author:** Charles Turner
**Content:**
The National Association of Realtors published a chart showing [how the Homebuyer Tax Credit changes](http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf) when President Obama signs the legislation into law; expected to happen today.
One item that I question on the chart is the need to sell your home if you qualify for the $6500. I don’t see that in the text of the legislation. I do see:
> *EXCEPTION FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of an individual (and, if married, such individual’s spouse) who has owned and used the same residence as such individual’s principal residence for any 5-consecutive-year period during the 8-year period ending on the date of the purchase of a subsequent principal residence, such individual shall be treated as a first-time homebuyer for purposes of this section with respect to the purchase of such subsequent residence.’*
I was transferred to voice mail when I called NAR to verify so will update as I know more. I may have missed something but it is worth finding out!
**Categories:** Real Estate News & Tips
**Tags:** Tax Credit Changes, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Congress Votes to Approve Homebuyer Credit Extension](https://lovejoyrealestate.com/congress-votes-to-approve-homebuyer-credit-extension/)
**Published:** November 5, 2009
**Author:** Charles Turner
**Content:**
It’s no longer the *$8000 First Time Homebuyer Credit*. It’s now the *$8000 First Time Homebuyer Credit or $6500 if You Have Lived in Your Home for Five of The Last Eight Years and Buy a New Home Credit* (if you qualify). The Senate voted last night and the House voted today (403-12) on [H.R.3548](http://www.opencongress.org/bill/111-h3548/show) so the bill moves to President Obama for his signature; possibly tomorrow. Sections 11 and 12 of the bill specifically deal with The Credit.
The revised credit will take effect on December 1st and is not retroactive. Changes include raising the maximum income for qualified couples to $225,000. The $6500 credit is only valid for primary residences.
UPI.com has a good article [here](http://www.upi.com/Real-Estate/2009/11/05/Congress-Passes-Homebuyer-Tax-Credit/6951257449679/), Examiner.com [here](http://www.examiner.com/x-1303-Real-Estate-News-Examiner~y2009m11d4-First-time-home-buyer-tax-credit-gets-unanimous-Senate-approval), and subprime blogger [here](http://www.subprimeblogger.com/2009/11/05/first-time-home-buyer-tax-credit-extension-into-april-2010-passes-in-senate/) regarding the passage of the revised credit and additional information.
On October 22, the Treasury Inspector General for Tax Administration [released a report](http://treas.gov/tigta/press/press_10222009.htm) that includes:
> As a result of the IRS’s inaction, TIGTA’s report found that 19,351 taxpayers claimed $139.4 million in credits for homes they had not yet purchased but would allegedly purchase in the future. In addition, 70,005 taxpayers claimed more than $479 million in credits, despite indications that they were not first-time homebuyers. TIGTA also identified 582 taxpayers under 18 years of age who claimed almost $4 million in First-Time Homebuyer Credits. **The youngest taxpayers receiving the Credit were 4 years old.** (emphasis added)
The new law makes provisions to go after those fraudulently claiming the credit.
**Categories:** First Time Buyer
**Tags:** Congress Votes, Homebuyer Credit Extension, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Buyer Credit Close to a "Done Deal"](https://lovejoyrealestate.com/buyer-credit-close-to-a-done-deal/)
**Published:** November 3, 2009
**Author:** Charles Turner
**Content:**
According to Real Estate Economy Watch, the first time homebuyer credit extension is [close to a done deal](http://www.realestateeconomywatch.com/2009/11/senate-clears-homebuyer-tax-credit-extension-to-pass-this-week/).
> After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers. By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.
As a Realtor, it’s good news for our industry but I don’t think that it would have been the end of the world, or will be in April, when the tax credit expires. It will be interesting to see how many people are able to take advantage of the $6500 credit for existing homeowners. I haven’t found the exact text of what the senate is going to vote on but heard today that the requirement is that it has been your home for five of the last eight years.
**Categories:** First Time Buyer
**Tags:** houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Atwater Place Year End Sale](https://lovejoyrealestate.com/atwater-place-year-end-sale/)
**Published:** November 2, 2009
**Author:** Charles Turner
**Content:**
Accredited Marketing Partners has launched a new promotion for the South Waterfront’s Atwater Place Condominiums. “Auction Prices” through November 15th according to the commercial on KGW. The new website is [www.atwaterplacesaleevent.com](http://www.atwaterplacesaleevent.com/). We commented last night driving home on I-5 that there were noticeably more lights on in the South Waterfront than we’ve grown used to seeing.
**Categories:** New Construction Complexes
**Tags:** Atwater Place, Year End Sale, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Senate Agrees to First Time Buyer Credit and Expansion](https://lovejoyrealestate.com/senate-agrees-to-first-time-buyer-credit-and-expansion/)
**Published:** October 28, 2009
**Author:** Charles Turner
**Content:**
Just reported on MSNBC “Senators agree to extend homebuyer tax credit”
> Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.
The bill, in which the Credit is a part of, could come up to vote as soon as Thursday.
# Senators agree to extend homebuyer tax credit
**Categories:** First Time Buyer
**Tags:** First Time Buyer, Credit Expansion, Senate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [The $7290 First Time Buyer Credit?](https://lovejoyrealestate.com/the-7290-first-time-buyer-credit/)
**Published:** October 28, 2009
**Author:** Charles Turner
**Content:**
There are lots of different ideas about how Congress is going to address the First Time Home Buyer Credit which ends at the end of November. The only thing that is clear is that the topic is being actively discussed in Congress . On Monday I wrote about the [Bloomberg](http://bloomberg.com/) article that reports the Credit phasing out though next year. That story is titled “[Nelson Says Senate to Extend, Reduce Homebuyer Credit ](http://www.bloomberg.com/apps/news?pid=20601087&sid=auvGcMdmQuNs)**[(Update3)](http://www.bloomberg.com/apps/news?pid=20601087&sid=auvGcMdmQuNs)**“ *Posted October 26, 2009 17:58 EDT***.**
There were more articles yesterday. The National Association of Realtors quotes a Bloomberg story today that is also cited on [Calculated Risk](http://www.calculatedriskblog.com/2009/10/home-buyer-tax-credit-to-be-extended.html) and [OregonLive’s Front Porch](http://blog.oregonlive.com/frontporch/2009/10/bloomberg_senate_close_to_deal.html). That story is “[Senate Close to Deal Replacing Homebuyer Tax Credit **(Update2)**](http://www.bloomberg.com/apps/news?pid=20601087&sid=aE4U2k3Pf5oo)” *posted* *October 27, 2009 18:31 EDT* and includes this:
> The deal would reduce the size of the tax credit to 10 percent of the sale’s price, capped at $7,290, the people said. The credit would be available on home purchases that are under contract by April 30, and borrowers would have 60 days more to close the sale. The existing credit is due to end Nov. 30.
[Reuters](http://www.reuters.com/) also has a story today (posted 10/28 4:38 eastern). “[Senators eye extending home credit to end of April](http://www.reuters.com/article/newsOne/idUSTRE59Q4DR20091028)“. In part:
> Under an agreement reached by key senators, the tax credit would be extended through the end of April and be expanded to cover repeat buyers who have been in their homes at least five years, sources familiar with the plan said.
>
> First-time buyers would continue to get an $8,000 credit, while repeat buyers of primary residences would be eligible for a credit of $6,500, the sources said.
>
> They said the credit would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year.
**Categories:** Real Estate News & Tips
**Tags:** Credit, First Time Buyer, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Case Shiller August 2009](https://lovejoyrealestate.com/case-shiller-august-2009/)
**Published:** October 27, 2009
**Author:** Charles Turner
**Content:**
Case Shiller for August reports that the Portland housing market is up from July but not by much and behind the national average. Portland increased from was up .40 points to 150.4. The national 20 city index was up 2.3 points.
The Portland real estate market has risen 3.61 points since its low in April.
More later.
**Categories:** Case Shiller Index
**Tags:** Case Shiller, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [First Time Buyer Credit News Update](https://lovejoyrealestate.com/first-time-buyer-credit-news-update/)
**Published:** October 26, 2009
**Author:** Charles Turner
**Content:**
Time is running out for the First Time Buyer Credit but Congress seems to be moving towards an extension. The possibility of writing an offer and closing on a short sale property before the deadline passed weeks ago. The comfort zone for closing a “regular” sale has passed and gotten to the risk of not closing by December 1. Not impossible, still doable but don’t cash that check ’til you qualify.
[ Bloomberg.com reports today](http://www.bloomberg.com/apps/news?pid=20601087&sid=auvGcMdmQuNs):
> Oct. 26 (Bloomberg) — Senate leaders are negotiating to extend and gradually reduce an $8,000 tax credit for first-time homebuyers through 2010, Senator Bill Nelson of Florida said.
>
> “We should be able to extend that later this week,” Nelson, a Democrat, told reporters traveling today with President Barack Obama on Air Force One to a speech in Jacksonville, Florida.
>
> Senate Majority Leader Harry Reid of Nevada and Senate Finance Committee Chairman Max Baucus of Montana, both Democrats, may seek to add the homebuyers extension to legislation extending unemployment benefits that may be debated as early as this week, according to Regan Lachapelle, an aide to Reid.
>
> Lawmakers are under pressure from real estate agents, mortgage brokers and homebuilders to extend the $8,000 credit before it expires Nov. 30.
>
> Baucus and Reid made a proposal last week to Senate Republicans that would extend the homebuyer credit through 2010, Lachapelle said. First-time homebuyers who close before April 1 would get the full $8,000, and the credit’s value would be reduced by $2,000 in each successive quarter until expiring at the end of the year.
>
> *See for complete article.*
Case Shiller Index released tomorrow.
**Categories:** First Time Buyer
**Tags:** First Time Buyer, Credit News Update, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Washington County Property Taxes](https://lovejoyrealestate.com/washington-county-property-taxes/)
**Published:** October 23, 2009
**Author:** Charles Turner
**Content:**
Multnomah County has long been heralded for its [PortlandMaps](http://www.PortlandMaps.com) website as the resource for just about everything relating to the public record for real estate inside of Multnomah County. But what about Washington County permit and tax information?
[](https://lovejoyrealestate.com/wp-content/uploads/2009/10/Web-Tax-Statement-09-copy2.jpg)Washington County’s online presence now has [InterMap](http://washims.co.washington.or.us/InterMap/). From Intermap, if you click on Assessment & Taxation Information subcategory you can look at the tax record for an individual address within in Washington County. I do not see the current tax year amount amount due listed but you can get to the amount from the [online payment center](https://ecomm.co.washington.or.us/propertytax/index.cfm?page=2). There is a convenience fee for paying online.
The site also has a [very good explanation of what your tax bill means](http://www.co.washington.or.us/AssessmentTaxation/TaxStatement/sample-tax-statement-information.cfm) (click graphic to enlarge and [here to open description in a new window](http://www.co.washington.or.us/AssessmentTaxation/TaxStatement/sample-tax-statement-information.cfm)).
There are also instructions on how to [appeal your property taxes](http://www.co.washington.or.us/AssessmentTaxation/AppraisalAppeals/PropertyTaxAppeals/index.cfm) (by Dec. 31).
You can also skip InterMap altogether and go straight to the [taxation and assessment website](http://www.co.washington.or.us/AssessmentTaxation/index.cfm).
**Categories:** Real Estate News & Tips
**Tags:** Property Taxes, Washington County, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [2010 Portland Property Taxes](https://lovejoyrealestate.com/2010-portland-property-taxes/)
**Published:** October 22, 2009
**Author:** Charles Turner
**Content:**
Portland area property tax bills are in the mail and [available online for Multnomah County](http://multcoproptax.org) (note the disclaimer on their site). The one I am looking at now reveals: the Real Market Value is down two percent from 2009. The tax assessed value is up exactly three percent. The total dollar amount due is up one half of one percent. There is a $77.88 discount if the bill is paid in full by November 16th. Each tax bill is unique to the property, different areas have different mill rates.
For more information: [Division of Assessment, Recording and Taxation](http://www.sunschools.org/Public/EntryPoint?ch=6e561c5808c57010VgnVCM1000003bc614acRCRD/).
More coming soon on other counties.
**Categories:** Real Estate News & Tips
**Tags:** 2010 Portland Property Taxes, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Remodel Before Selling?](https://lovejoyrealestate.com/remodel-before-selling/)
**Published:** October 19, 2009
**Author:** Charles Turner
**Content:**
[](http://www.realtor.org/rmohome_and_design/articles/2008/0812_costvsvalue_2008)Every year, the National Association of Realtors publishes a cost value report. The graphic to the right is from [their 2008 report](http://www.realtor.org/rmohome_and_design/articles/2008/0812_costvsvalue_2008). It is important to note that not a single item on the list has a return equal to its cost. That though doesn’t tell the whole story.
In years past, it was fairly easy for a buyer to access cash to complete renovations and remodels. Then equity lines and other sources of money got harder to acquire which then limits the buyer’s ability to take on a project house rather than a completed house. Even in the case of building sweat equity the buyer still has to be able to fund the materials cost.
The result is that we are seeing move-in ready houses sell faster than project houses. The question becomes what remodeling to do? The answer isn’t set in stone but here are my thoughts:
The house needs to be commensurate or better in relation to itself and its surroundings- avoiding extremes. If your gutters are falling off they need to be fixed but they don’t need to be copper gutters unless all the surrounding houses have copper gutters. Your buyer probably won’t pay more because its the only house on the street with copper gutters.
Looking at the house itself, what sticks out as not being on par with the rest of the property? The 1970s wall oven may function perfectly but it sticks out as being out of place in remodeled kitchen. I wouldn’t refinish wood floors if I wasn’t going to paint walls but you’ve also got to aware of the snowball effect of remodeling. If it sticks out and is viable to do something about it, do it.
In my opinion, adding a half bathroom to a three bedroom one bathroom house has more value than adding a full bathroom to a four bedroom two bathroom house even if the projects cost the exact same amount. There is less return as you get away from minimums (adding a second garage space does not have the return of adding the first).
You need to address what you want versus what the buyer wants. That really cool customized space for your wigimillwallit is really cool but only cool for your wigimillwallit. If you are going to get years of enjoyment out of it before selling, go ahead and customize it but don’t be hurt when the buyer conveys the first thing they are going to do is rip out your wigimillallit holder. It is not a selling point for most. Do you need to remove it before selling? Pools are similar. Great if you want a pool but not everyone wants a pool.
Everyone has their own opinions and needs. The reason brokers are so fond of Realtor Beige (also known as Latte, Cashew or light brown) is that its pretty noncontroversial. The buyer probably isn’t going to lovvvve it but they probably wont haaaaate it either and ask, “why the hell they do that?”. Then again, it’s just paint.
**Categories:** Real Estate News & Tips
**Tags:** Remodel Before Selling, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [RMLS Market Action September 2009](https://lovejoyrealestate.com/rmls-market-action-september-2009/)
**Published:** October 15, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/10/RMLS-Sept-2009-Inv.jpg)RMLS Market Action September 2009 was released today ([Portland Metro](http://rmlsweb.com/v2/public2/loadfile.asp?id=4911) or [whole report](http://rmlsweb.com/v2/public2/loadfile.asp?id=4915)). Inventory dropped slightly from August which contrasts with rises month-over-month in 2007 and 2007 between August and September.
Cumulative days on market is 144 days but a quick search in RMLS shows that 243 properties sold in the last two months with days-on-market of seven or less in Portland. Area-wise: North Portland averages 89 days, NE Portland 84 days, West Portland 152 days, and SE Portland 228 days. A unit in the South Waterfront’s John Ross recently closed that was 1382 days on market.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/10/Sept-2009-Res-Highlights.jpg)
**Categories:** Market Activity & Data
**Tags:** RMLS Market Action, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Trimet Portland to Milwaukie Light Rail](https://lovejoyrealestate.com/trimet-portland-to-milwaukie-light-rail/)
**Published:** October 14, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/10/crosssection.gif)Access to public transportation is a key factor in may home buying decisions. The appeal of not needing a car or needing to rely on one for everyday use is very appealing. RMLS has both BUSLINE and LT-RAIL as search enabled fields (there is no streetcar field at this time). There are currently 870 listings in Portland with at least one of the fields listed. In 2015 Trimet will open a new light rail route from PSU to Milwaukie crossing the to-be-built [multi-use transit bridge](http://trimet.org/pm/planninganddesign/bridge.htm) by OMSI (image from Trimet.org). It will cut across the river near where Cirque du Soleil sets up between the Marquam and Ross Island Bridges.
A part of the Sellwood Bridge replacement plan has provisions to [revamp the west side on-ramp](http://www.oregonlive.com/news/index.ssf/2009/10/west_side_complexity_keeps_sel.html) to accommodate [extending the streetcar line from its current end point in the South Waterfront to Lake Oswego](http://www.oregonmetro.gov/index.cfm/go/by.web/id=227).
**Categories:** Real Estate News & Tips
**Tags:** Light Rail, Milwaukie, Trimet, Portland, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Service Members Home Ownership Tax Act of 2009](https://lovejoyrealestate.com/service-members-home-ownership-tax-act-of-2009/)
**Published:** October 13, 2009
**Author:** Charles Turner
**Content:**
The house passed legislation last week extending and clarifying the First Time Buyer Credit for those in the military. [The Service Members Home Ownership Tax Act of 2009](http://waysandmeans.house.gov/media/pdf/111/9-14SummaryMilitaryHomeownershipBill.pdf) allows service members who are deployed overseas and therefore do not maintain their tax credit-eligible home as their primary residence for three years to keep the credit. It also extends the date of required purchase for a year for those that were overseas in 2009.
Oregon Representative Earl Blumenauer was key a figure introducing the bill to Congress.
**Categories:** Real Estate News & Tips
**Tags:** Home Ownership, Service Members, Tax Act, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Selling and Buying Real Estate In Winter](https://lovejoyrealestate.com/selling-and-buying-real-estate-in-winter/)
**Published:** October 13, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/10/black_out.jpg)If you got out of bed in Portland or the surrounding area this morning it appears that our summer/fall-like weather is gone. There are more Facebook status updates about today’s weather than Obama got for winning the Nobel Peace Prize.
The image on the left is an illustration of the first thing a buyer sees walking into a house an hour after sunset if there are no lights on. This isn’t the first impression you are looking for as a seller. Coupled with rain and cold your potential buyer wants to see their future home not a dungeon.
I’m not suggesting that the house has to be floodlight 24/7 but there is a happy point where everyone can find their way in the door safely and feel invited. If the house is vacant, maybe it is a couple of lights on a timer until 8PM or motion sensor. If you have advanced notice of a showing, I would turn ever light on that you can, or ask your neighbor to do it for you.
The same can be said for heat. Technology has reduced the number of showings that properties get. By the time the buyer walks in the door, they often know as much or more about the property than the seller does. You want them to linger and they are not going to do that if they can see their breath and it is warmer outside than in. Again, the house doesn’t need to be heated to 72 all day but taking the edge off is a good idea. What costs more, a month of moderate heating bills or a mortgage payment?
As a buyer wearing easy to remove shoes is a great idea. No one wants to track the great outdoors in (and no one wants to stand on 40 degree tile floors). The overall theory remains the same, you want your property to put its best foot forward when it is being show. Landscaping and immediate curb appeal take more of a back seat but other things become more important.
**Categories:** Real Estate News & Tips
**Tags:** Buying, Selling, Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [John Ross Responds to Atwater Place Auction](https://lovejoyrealestate.com/john-ross-responds-to-atwater-place-auction/)
**Published:** October 9, 2009
**Author:** Charles Turner
**Content:**
The John Ross in the South Waterfront has lowered prices in response to the recent auction of 40 Atwater Place units last month. Unit 2901 was first listed March 3, 2006 for $1,074,800. It is now listed for $579,000. The lowest priced unit listed in RMLS is $169,950.
I’ve always liked the idea of the South Waterfront but have also been concerned about the relatively small amount of services available and the construction that is going to be ongoing for years to come (and presumably prolonged in light of the current economy). Many of the units that have great views risk losing them to future construction. The [picture I took of the Mirabella](http://photos.portlandrealestateblog.com/2009/10/08/mirabella-south-waterfront/) from the 25th floor of the John Ross on Tuesday highlights this. The building will be thirty stories when completed. Its critical to understand that today’s view might not be next year’s. This is true for any view property.
I got the impression that sales were brisk over the weekend with the new pricing scheme and that bodes well for the area. One has to wonder if those that didn’t have winning bids at the Atwater Place auction have gained interest in the newly priced John Ross.
**Categories:** Real Estate News & Tips
**Tags:** John Ross, Atwater Place Auction, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Two Turner Team Announcements](https://lovejoyrealestate.com/two-turner-team-announcements/)
**Published:** October 8, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/10/team-sept-2009.jpg)First, we would like to welcome Vicki Gile to our team. She’s an experienced agent and we’re thrilled to have her. The Team is now Jennifer Turner, Annie Domenici, Lisa Carter, Susan Horvat, Vicki and myself.
Second, we’ve launched a [photoblog ](http://photos.portlandrealestateblog.com/)as a part of this site. We’ll be adding pictures related to Portland real estate and other things around town that are photo worthy. If you have a photo you want to share, send it to me and we’ll add it (I will maintain censorship rights on photos!). There is a link on the bar above.
**Categories:** Real Estate News & Tips
**Tags:** Two Turner Team Announcements, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Portland Weather is Local](https://lovejoyrealestate.com/portland-weather-is-local/)
**Published:** October 5, 2009
**Author:** Charles Turner
**Content:**
We did a few tours last week for a company that is relocating 61 employees to the Portland area. The common concern (they are coming from California) is the weather. The typical Portland weather forecast comes from the airport. Portlanders know that it is usually colder on the east side (PDX is reporting 3 degrees cooler than here). The punchline: the Portland weather is as local as Portland real estate. To that end, we’ve set up our own weather station in the Alphabet District in Northwest Portland and it is reporting to [Weather Underground](http://www.wunderground.com) as station [KORPORTL133](http://www.wunderground.com/weatherstation/WXDailyHistory.asp?ID=KORPORTL133).
The updated image below will move into the archives in the next few days but the current weather in Portland will be displayed on the left sidebar.
When I was in second grade, we moved five miles in search of better weather: moving that much further north in Marin got us out of the fog bank, but where my parents live now, they get more annual rainfall than we get here.
**Categories:** Miscellaneous Portland
**Tags:** Portland Weather, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Deadlines in Portland Real Estate](https://lovejoyrealestate.com/deadlines-in-portland-real-estate/)
**Published:** October 2, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/10/clock.jpg)Real estate is time line specific. The closing date is a drop dead date. The seller doesn’t have to extend if the underwriter is still working on the buyer’s loan. With the market flattening out, if not heading up, sellers may not be as motivated to follow through on an offer that was at their threshold of acceptability a month ago. The extension could become a negotiation itself.
Changes in lending, primarily underwriting (scrutiny) and appraisal, have slowed the process down. We had a transaction where the third party that hires the appraisal rejected it twice from the appraiser before it was sent to the underwriter. We don’t know why.
Contingencies like the inspection period, are to the buyer’s benefit and expire without inaction. If it gets to midnight on the last day of the inspection period, the buyer’s options are to accept the property as agreed to or terminate the transaction.
Thinking forward helps but it also seems like the thirty day close is becoming a challenge in many transactions. Forty-five days is probably a more realistic time to close a real estate transaction around Portland theses day.s
**Categories:** Real Estate News & Tips
**Tags:** Deadlines, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Think Out Loud OPB Show on Home Buyers](https://lovejoyrealestate.com/think-out-loud-opb-show-on-home-buyers/)
**Published:** September 30, 2009
**Author:** Charles Turner
**Content:**
I was on the [OPB](http://www.opb.org/)‘s [Think Out Loud](http://www.opb.org/thinkoutloud/shows/home-buying/) program discussing The First Time Buyer Credit this morning. I come on the show 36 minutes in: Think Out Loud Home Buying (mp3).
I’d like to see the credit expanded to all primary residence purchases without increasing it from the current $8000 to see if that can stimulate the entire real estate market. I’d support lowering it to help pay for it to- $5000? I also think that a lot of people may find the three year requirement a challenge; things change. Ultimately lending requirements and perhaps more price softening is what it is going to take to stimulate the $500,000-$750,000 range in Portland.
I’d also like to see it used for investment back into the house, not for a European vacation, and don’t know how you control that. Could it be done by having the IRS give the credit and then the buyer providing an accounting of how it was spent on the following year’s returns with what wasn’t spent as taxes owed? Then how do you determine what was a valid expense? What about a move-in ready house or condo? Spending $8000 might be frivolous…
The changes (not saying they are bad) in lending have taken away the ability to draw on the equity in the home which means that many buyers have lost the ability to put money into their houses after closing making the move-in ready house more appealing and taking away some of the ability to build sweat equity.
Of course, as has been pointed out, asking a Realtor if the Credit should be extended is a bit like asking the fox if the door to the hen house should be removed. The smart fox though needs to keep the future in mind while contemplating the present. The Credit has helped but I don’t think the wheels are going to come off if it expires and I do think it can be improved.
**Categories:** First Time Buyer
**Tags:** Home Buyers, Think Out Loud OPB, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Portland July 2009 Case Shiller Housing Data](https://lovejoyrealestate.com/portland-july-2009-case-shiller-housing-data/)
**Published:** September 29, 2009
**Author:** Charles Turner
**Content:**
Are we looking back at the bottom? Who knows? After peaking in July 2006, the Portland housing market dropped nearly 40 points by April of this year. May offered a minimal bump, June added one point and July added two more to get Portland back to 150.06. There is a three month lag in available data.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/09/Case-Shiller-July-2009-Portland.jpg)
##### Will Congress extend, expand or let the First Time Buyer Credit expire?
NAR says it added 350,000 sales but others point out that it was at a cost of over $40,000 per each additional sale.
##### What will stimulate the middle portion of the Portland real estate market?
Sales between $500,000-$800,000 are still stuck in a rut. I’d be more likely to support something that addresses this segment of the market specifically (sure there are first time buyers in this segment but they are the exception). If Congress is going to expand, I’d propose adding those that sell and buy a primary residence using similar time frames as a 1031 Exchange as the qualifier (45 days to identify, six months to close) to the Credit. Jumbo loan availability will also help.
The debate is real. You have to be able to pay for these programs. You could add caveats or open it up in any number of ways. For now, we have to assume the first time buyers will have to close by November 30th to get the $8000 First Time Buyer Credit.
**Categories:** Case Shiller Index
**Tags:** Housing Data, Case Shiller, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [This American Life Talks the Mortgage Meltdown](https://lovejoyrealestate.com/this-american-life-talks-the-morgage-meltdown/)
**Published:** September 28, 2009
**Author:** Charles Turner
**Content:**
NPR’s This American Life program was titled “[Return to the Giant Money Pool](http://www.thisamericanlife.org/Radio_Archive.aspx?year=2009) this weekend.” It is a 58 minute podcast that can be streamed for free through this week. Then it will be available in the [archives](http://www.thisamericanlife.org/Radio_Archive.aspx?year=2009). I got to listen to about a quarter of the show live yesterday and will go back to catch up on the rest.
**Categories:** Finance & Mortgage
**Tags:** mortgage meltdown, This American Life Talks, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Why We Live in Portland](https://lovejoyrealestate.com/why-we-live-in-portland-2/)
**Published:** September 26, 2009
**Author:** Charles Turner
**Content:**
When it’s dark at 4:30 in the afternoon and raining, this video will be a great reminder as to why we choose to live in Portland. Trying to decide what to do this weekend? Your answer may be right here. From the Pacific Ocean to Mt. Hood and most things in between.
© 2009 [Travel Portland](http://www.travelportland.com/)
**Categories:** Miscellaneous Portland
**Tags:** Why We Live in Portland, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Not All Real Estate Auctions are the Same](https://lovejoyrealestate.com/not-all-real-estate-auctions-are-the-same/)
**Published:** September 24, 2009
**Author:** Charles Turner
**Content:**
I attend two Portland real estate auctions in the last couple of weeks. The first, run by REDC featured bank owned properties throughout the area. The second hosted by Accredited Marketing Partners focused solely on the South Waterfront’s Atwater Place.
In both cases, registered buyers could work with their existing real estate broker, required an earnest money deposit in the form of cash or cashier’s check, and had a live in-the-flesh auctioneer and had backup bidder opportunities at the end of the auction.
REDC had an online bidding system and web simulcast. Though only one online bidder won an auction it had a global spread because of it. The online bidders cause little or no delay in the process. REDC also had a digital visual scorecard of the properties that had sold. By the end of the auction, some of the first properties had come back on the market because the higher bidder could not (or chose not to) perform.
REDC had signs posted that there is a 5% buyer’s premium added to all sales and that there were undisclosed reserves; just because you won the bidding didn’t mean the seller was obligated to sell to you. Prior to the Atwater auction I confirmed that there were no reserves. The Atwater Place auction probably had 10 times the attendance (estimation).
Both auctions ran very smoothly, they knew what they were doing and how to handle the situation though it did appear at the end of the Atwater auction that one of the winning bidders had done “a runner.” She was nowhere to be found and I don’t know how that worked out. One would have to expect they know how to track down a winning bidder given the registration process.
The bottom line is that though the theories are the same but the method is not. Like any property purchase, you need to do your homework before pulling the trigger.
**Categories:** Real Estate News & Tips
**Tags:** Real Estate Auctions, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Should the First Time Buyer Credit be Extended?](https://lovejoyrealestate.com/should-the-first-time-buyer-credit-be-extended/)
**Published:** September 23, 2009
**Author:** Charles Turner
**Content:**
The National Association of Realtors estimates that an additional 350,000 people bought real estate this year because of the first time buyer credit. [Calculated Risk, in turn calculates that the cost of the $15.2B program was therefore $43,300 per additional house sold.](http://www.calculatedriskblog.com/2009/09/houses-and-autos-cost-of-tax-credit-per.html) That’s because 1.9 million people qualified for the credit.
What seems harder to gauge is what goes back into the economy. I met with a buyer last week at their soon-to-be house and he said to the contractor, “when we close we’ll have the $8000 to spend on improvements. We’re doing just what the government wants us to do with it.”
I’m sure there is a “for every dollar spent, $x goes back into the economy” but I can’t find it. Clearly not all of it goes back into the economy: stuffing it in the mattress for example.
If the Credit is allowed to expire on December 1 (close by November 30th) time really is running out to have a cushion with closing. It appears possible that it will be expanded. [Diana Olick reports on her CNBC blog](http://www.cnbc.com/id/32900011):
> …the ****[**first time home buyer tax credit**](http://makinghomeaffordable.gov/)****, set to expire Nov. 30th. No question, sales of new construction have been juiced by the $8000 bonus, and without it, we could see a reverse in overall sales. This month’s home builder confidence survey from the National Association of Home Builders showed a drop in the index measuring sales expectations over the next six months.
>
> There is a bill on Capitol Hill, introduced several months ago, that would extend the credit, expand it to $15,000 and make it for all home buyers, not just first timers. But while it was easy enough to get the credit lumped into the economic stimulus package, it may not be so easy to do it as a stand-alone bill. While some insiders tell me a small housing package is in the works, others give it a much smaller chance given how much pressure Congress and the Federal Reserve are under right now over the budget deficit.
The bi-partisan [Home Ownership Moves the Economy (HOME) Act of 2009 (H.R. 2801)](http://www.govtrack.us/congress/bill.xpd?bill=h111-2801) has been assigned to the House Ways and Means committee.
NAR and the real estate related associations are pushing hard for an extension and expansion of the Credit. That makes sense (though it has added less than one home sale per licensed Realtor). It certainly hasn’t hurt our industry in the short term. Inventory has dropped but so have interest rates. Holding interest rates low potentially is something that is available to all home owners and buyers but does not stimulate the economy with cash in hand.
A $300,000 loan at 7% for 30 years is $1995.50 per month (PI). At 6% it drops to $1798.65 ($196.85 per month). Over 30 years, that’s $70,866. $8000 is recovered in 41 months (using a small loan amount will of course extend the recovery time). Under the rules of the First Time Buyer Credit, you have to stay in your home 36 months. I don’t necessarily subscribe to the theory that the sky will fall if the Credit expires. It would be interesting to see it expanded to a broader buyer or help the entire inventory, not just a portion of it. The middle of our market segment from $500k to $700k is at a near standstill. If we can’t free it, it will continue to exert downward pressure on the entire Portland housing market.
**Categories:** First Time Buyer
**Tags:** First Time Buyer, Credit Extention, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Home Improvement Show Lowers Ticket Prices to Auction Benefitting Make-A-Wish](https://lovejoyrealestate.com/home-improvement-show-lowers-ticket-prices-to-auction-benefitting-make-a-wish/)
**Published:** September 22, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/08/Oregon-Remodelers-Home-Improvement.jpg)Here’s a reminder that The Oregon Remodelers Association’s 34th annual Home Improvement Show auction event will benefit the [Make-A-Wish Foundation of Oregon](http://www.orwish.org/) and southwest Washington is at 5:00PM this Thursday, September 24th, the first day of the show. Like the rest of the show, is at the Oregon Convention Center in Portland (not the Expo Center). Tickets prices, which include admission to the show all four days, are now 2 for 1.
> Guests can enjoy the show, visit exhibits and bid on tremendous packages that will be auctioned off, while enjoying food and wine from local restaurants and wineries. 100% of the proceeds from the live and silent auctions will benefit the Make-A-Wish Foundation® of Oregon. \[check out the website for a list of silent and live auction items\].
>
> Wristbands for the event will be pre-sold for $55 per pair and will also allow entrance to the show throughout the entire weekend. 70% from each wristband sold will benefit the Make-A-Wish Foundation® of Oregon.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/08/Make-a-Wish-Oregon-Remodelers1.gif)The Home Improvement Show’s hours are:
Thursday, September 24th 2:00pm-8:00pm
Friday, September 25th 11:00am-8:00pm
Saturday, September 26th 10:00am-8:00pm
Sunday, September 27th 10:00am-6:00pm
**Categories:** Fixers and Remodeling
**Tags:** Home Improvement, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Atwater Place Auction Raises Over $18M](https://lovejoyrealestate.com/atwater-place-auction-raises-over-18m/)
**Published:** September 21, 2009
**Author:** Charles Turner
**Content:**
It was all over by 5:30. In 80 minutes, Accredited Marketing Partners sold 40 of the 41 Atwater Place South Waterfront condos on the auction block to a standing room only crowd. I clocked the shortest auction at 31 seconds. The longest was 160 seconds. They move through a property, from brief description to “sold to bidder number \[XXX\]”, on average every two minutes!
The only unit that did not receive a bid was the penthouse. First listed for $1,300,000 it did not garner the $899,000 minimum bid. It was not the most expensive property available. The previously offered at $1,539,000 unit sold for $897,000 (58% off asking and 128% of its minimum bid). At the lower end, four units sold between $240,000 and $242,000 that all had minimums of $169,000.
The luxury condo auction featured property previously valued at$29,076,125. It grossed $18,821,000 (66%) or $235,000 a second for 80 minutes. My tracking of final selling prices may have been off slightly on one or two of the properties.
What were the expectations? At September 13th’s[ REDC Auction](https://lovejoyrealestate.com/realestate/2009/09/redc-portland-auction-recap-sold) property sold for an average of 44% of their previously valued prices so yesterday’s average was considerably higher though for the most part, the properties on offer were very different.
Will we see more auctions like this in Portland real estate market or in the building itself? I would not be surprised to see another auction like this in either the South Waterfront or Pearl District. The ability for a developer to rapidly raise cash has to be very appealing. The downside is that a certain percentage of units must remain owner occupied in order to be financed down the road and there is a clear monetary hit to the bottom line (though some may be better than none). I did not see any occupancy requirements in the terms and conditions for this auction. If they can keep occupancy levels reasonable, it would not be surprising to see another Atwater Place auction. Previous reports stated that even if all 4o units close escrow the building will still be less than half sold.
**Categories:** New Construction Complexes
**Tags:** Atwater Place Auction, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Cavet Emptor Your Portland Real Estate Search](https://lovejoyrealestate.com/cavet-emptor-your-portland-real-estate-search/)
**Published:** September 18, 2009
**Author:** Charles Turner
**Content:**
(Google likes my typo of caveat so much we’ll leave it be).
Searching for real estate went from book to computer based years ago. The online tools have evolved so that the consumer side of a search provides almost all the information that is available to Realtors.
The difficultly isn’t in setting up searches, it is understanding what results are or aren’t returned. Is your perfect house missing because of the search? The more details you add to the search, the more relevant the results but the more likely listings that matter get eliminated accidentally.
A case in point: The “Short Sale” field was recently added to RMLS. It’s a great tool but not full integrated because not all listings have been updated. \*\*\*The following searches will take you to [TurnerRealtors.com](http://www.TurnerRealtors.com). You can modify and save searches there.
When I [search for “Short Sale” specified listings](http://www.turnerrealtors.com/short-sale-listings.aspx). There are 205 results. Changing it to [“Third Party Approval” listings](http://www.turnerrealtors.com/third-party-listings.aspx), there are 693 but in reality, most of them are probably short sales.
Of the [5130 listings in Portland](http://www.turnerrealtors.com/all-portland-homes-for-sale.aspx), 194 of them are [listed as bank owned](//www.turnerrealtors.com/bank-owned-property.aspx).
Wonky results aren’t just limited to new fields that will eventually mature. Listings have some agent interpretation (or flat out errors) in them. When does the Richmond district become Hawthorne? What if it is entered as Hawhtone?
Is the den with a closet a den or a 4th bedroom? It could be listed as 3 bedroom or four.
My point is to be careful when setting up searches so that you don’t miss out on the house that was your soul mate.
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [NW Hoyt Sold](https://lovejoyrealestate.com/nw-hoyt-sold/)
**Published:** September 16, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/09/hoyt-sold.jpg)Our project at 2356 NW Hoyt has closed. The recorded sales price was $912,500. It was not bank owned or a short sale. The buyer would have liked to have paid less and we would have like a little more out of it. It was not a financial disaster or boom.
- The house was on the market 305 cumulative days. The average for the area priced between $900k-$1.2M in the last 12 months is 173 days (low 8, high 366). We’d budgeted for a year and in retrospect should have listed once the project was complete, not as we did with 90 days before our final inspection approval. Potential buyers had a hard time envisioning the final product and we were not flawless pricing accurately in a declining market.
- The project has not resulted in divorce or me leaving the real estate industry. The experience makes me a better Realtor. Anybody that tells you that there is not stress involved in a project that size is lying. I’d do it again, but not starting tomorrow.
- We’re proud of the quality and completeness of the project. The house is well prepared for its second 100 years. In the debate as to whether it was a flip or a rehab, it was a flip according US Bank. They made an exception to their normal policy of not funding jumbo loans on property that isremodeled with the intention of resale because of the quality and documented completeness of the work. This never would have been a consideration in years past.
- I wrote the [buyer due diligence](https://lovejoyrealestate.com/?s=Buyer+Due+Diligence) series of posts during the purchase of the property. All of that remains true. The buyer also inspected for radon and the levels required an active mitigation system to be installed. We didn’t test for radon when we purchased the property. We now know that breaking up the basement floor to install waterproofing and sewer/water lines may have been a contributing factor in elevating levels. I’ll write more about active radon mitigation systems later.
The 2356 NW Hoyt chapter closes for us and begins for the buyer. Here’s to them enjoying each other for years to come.
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [RMLS Market Action August 2009: Mixed Results](https://lovejoyrealestate.com/rmls-market-action-august-2009-mixed-results/)
**Published:** September 15, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/09/RMLS-Market-Action-INV-AUG.jpg)RMLS Market Action for August 2009 was just released. Inventory rose for the first time this year but is 21% lower than it was this time last year. At the current rate of sales, it would take 7.8 months to sell all the existing properties on the market. Prior to July, the last time inventory levels were this low was in August of 2007.
Sales are up from this time last year but down from July. New listings are down.
The average sales price of Portland area property is down 10.6% from this time last year (median down 10.8%).
The average sales price was up 2.7% to $296,300 but the median price was down .04% to $249,900.
There is still plenty of room for concern with the overall economic news, especially Oregon’s unemployment rates. We’ve seen car manufactures offer job loss protection and now Prudential Northwest Properties has [introduced it to the Portland real estate market](https://lovejoyrealestate.com/realestate/2009/09/job-loss-protection-for-portland-real-estate-buyers) (as has Directors Mortgage). It isn’t a fix all but may help some.
I expect that we will see an increase in the number of pending sales through October as we don’t know if the government will expand, extend or let the First Time Buyer Credit expire.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/09/RMLS-August-2009.jpg)
**Categories:** Market Activity & Data
**Tags:** Market Action, RMLS, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Jumbo Loans](https://lovejoyrealestate.com/jumbo-loans/)
**Published:** September 14, 2009
**Author:** Charles Turner
**Content:**
Jumbo loans are harder to qualify for and more expensive than conventional loans that have a loan limit of $417,000 (including FHA). The chart below shows the maximum sales price given some of the standard down payments. Closing costs are not considered below.
**% Down****Loan Limit****Max Price****Down Payment**3.5% $ 417,000.00 $ 432,124.35 $ 15,124.355.0% $ 417,000.00 $ 438,947.37 $ 21,947.3710.0% $ 417,000.00 $ 463,333.33 $ 46,333.3320.0% $ 417,000.00 $ 521,250.00 $ 104,250.00The rates I saw today had a .875% spread between a 30yr conventional loan and a jumbo loan up to $600,000 (4.875% v. 5.75). Payments based on that would be $2206.80 for a $417,000 loan versus $2433.50 for a $417,001 30yr jumbo. That extra $1 loan amount is an additional $226.70 per month for 360 months ($81,612)! Note that the FHA rate is higher than a conventional loan, not everyone qualifies for a given rate and there are other factors and costs in acquiring a loan.
**Categories:** Real Estate News & Tips
**Tags:** Jumbo Loans, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [REDC Portland Auction Recap. SOLD!](https://lovejoyrealestate.com/redc-portland-auction-recap-sold/)
**Published:** September 13, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/09/Auction-pricing.jpg)I attended the Portland edition of [REDC’s/Auction.com](http://www.auction.com) real estate auction this morning. Our out-of-town client was the winning bidder on a property via the webcast. I tracked the sales prices of the 26 properties and the graph shows the sales price in relation to the published catalog value: the overall average was 44% (three of the properties did not have previous values). The screen shot below (randomly chosen) is what an online viewer was seeing at the same time. The web was only fraction of a second behind the live. How long doe a real estate auction take? I timed the opening bid to gavel on the the first few properties: 61, 55, 94, and 121 seconds! They move through them very quickly but make sure that bidders know what they are getting into. There is a 5% buyer premium added to each sold property that can be financed into the purchase if the property is eligible for lending; about half were.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/09/auction-sold.jpg)
**Categories:** Investing in Real Estate
**Tags:** Portland Auction Recap, redc, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [KOIN Coverage of Atwater Place Auction](https://lovejoyrealestate.com/koin-coverage-of-atwater-place-auction/)
**Published:** September 11, 2009
**Author:** Charles Turner
**Content:**
KOIN News ran a piece on the Atwater Place auction occurring on September 20th. If you plan on attending an auction, it is vital to do your homework in advance. Each real estate auction has different registration requirements and some are conducted in person, via the web or a combination of the two. Most allow for inspections PRIOR to the auction and it may not be possible to get back into the property once you have an accepted offer until after the deal closes.End
**Categories:** Real Estate News & Tips
**Tags:** KOIN Coverage, Atwater Place Auction, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Who Needs to Test for Radon in Portland? Everyone.](https://lovejoyrealestate.com/who-needs-to-test-for-radon-in-portland-everyone/)
**Published:** September 10, 2009
**Author:** Charles Turner
**Content:**
The Oregon Health Division has a spreadsheet of radon levels tested around Portland. I created the graphs below [using their data](http://www.oregon.gov/DHS/ph/rps/radon/zipcode.shtml). The general recommendation is that any home testing over 4.0 pCi/l should have radon mitigated as it is the second leading cause of lung cancer behind smoking. It is important to take both graph into consideration. In 97268, 100% of homes test high but it was one of one. In other zip codes there were over 100 tests so the data is more meaningful. The link above has data for all of Oregon but I only used Portland.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/09/Radon-Graph-Portland-Zip-Code.jpg)
[](https://lovejoyrealestate.com/wp-content/uploads/2009/09/Radon-Portland-Graph-Portland-Zip1.jpg)
**Categories:** Home Inspections
**Tags:** Radon in Portland, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Breathing Easy: What Home Buyers and Sellers Should Know About Radon](https://lovejoyrealestate.com/radon/)
**Published:** September 8, 2009
**Author:** Charles Turner
**Content:**
The EPA rates radon as the number two cause of lung cancer. This is the PSA video they published regarding radon. It’s a little long at 13 minutes but it has some serious information presented in a lighthearted way. Radon has been around longer that real estate but only recently has radon become one of the requisite tests a buyer should perform when buying residential real estate (it is and has been on the Oregon Property Buyer Advisory (pdf or [web](http://www.oregonrealtors.org/buyer_advisory.html)). I think that’s largely because of the improvements in the testing equipment. Watch the video and tomorrow we’ll look at some radon levels measured around Portland.
End
**Categories:** Home Inspections
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Pearl District Versus South Waterfront](https://lovejoyrealestate.com/pearl-district-versus-south-waterfront/)
**Published:** September 8, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/09/merriwether1-l.jpg)Is the Portland’s South Waterfront competitive with the Pearl District? Let’s look at the two areas of concentrated high rise buildings and see how they compare according to RMLS. Note that the stats here rely on what was entered into RMLS so probably does not include most sold by the sales office directly to buyers. I drew the map based search areas and limited it to buildings built in 2005 or after (100% of the SWF and 59 of 162 current active listings in the Pearl).
#### [](https://lovejoyrealestate.com/wp-content/uploads/2009/09/pinnacle2-l.jpg)Pearl District condos (59 Active):
- High Price: $2,500,000
- Low Price: $215,000
- Average Price $752,900
- Median Price: $599,900
- Average Cost Per SQFT: $548
#### South Waterfront condos (35 Active)
- High Price: $2,499,000
- Low Price: $189,950
- Average Price $570,879
- Median Price: $424,000
- Average Cost Per SQFT: $361
The Pearl’s current asking price per square foot is $187 higher than the South Waterfront.
Flash back to 2006. Both areas had 12 sales recorded in RMLS of 2005 or newer construction. The average sold $/SQFT in the Pearl was $470. In the South Waterfront it was $451. Nineteen dollars per square foot separated the areas. The asking price in the Pearl District is now 116% higher than the cost per square foot in 2006. In the South Waterfront, it is 80% of the 2006 sold price!
We can’t tell what is for sale through other sources. The [Awater Place auction](http://www.auctionatwaterplace.com/) has a low bid price of $169,000. There is a reserve-not-met auction at [Realtybid.com](http://www.realtybid.com) that closes today priced at $232,000 for a loft in the Elizabeth in the Pearl District.
Disclaimer: I lived in the Pearl District, in an apartment built as condos, for five months at the beginning of this year. We have never sold to the buyer in the South Waterfront but have in the Pearl District. I have shown property in most but not all of the buildings that fit into this search criteria. I took the photograph in 2005 as part of a post on new construction condos, The cranes are working on the Meriwether Towers, the first condos completed in the South Waterfront. The second photo is the Pinnacle in the Pearl shortly before move-in.
**Categories:** Pearl District
**Tags:** South Waterfront, Pearl District, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [South Waterfront on Auction Block](https://lovejoyrealestate.com/south-waterfront-on-auction-block/)
**Published:** September 7, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/09/DSC_42311.jpg)
Buying real estate at auction usually conjured up visions of the county courthouse steps and massive fixer projects. The last couple of years has changed that. We’ve seen numerous builders unload inventory of new construction homes in the Portland area via auction. On September 20th you’ll have the opportunity to buy brand new luxury condominiums in the Portland’s South Waterfront at a live auction. The [Atwater Place](http://www.auctionatwaterplace.com/) auction will have a minimum price of $169,000 and feature forty units.
But the reality is you don’t even need to get out of bed to buy real estate at auction. Though [Ebay](http://ebay.com) has had real estate on their website for years there is a new crop of sites out there dedicated to real estate auctions. [Auction.com](http://www.auction.com) has both online and live auctions. The [Portland area auction](http://www.auction.com/auction-details.php?auctionID=H-101&chkVenue=734#;) is September 13th. The online version for Oregon does not include any Portland properties as of this writing but the auction at the Airport Sheraton on includes a two bedroom Meriwether Tower unit with an opening bid of $99,000.
You’ll find two John Ross condos and an Elizabeth unit (Pearl District) at auction on [Realtybid.com](http://www.realtybid.com). The site is online only and you can place your bids now.
The South Waterfront has always been been a conundrum. When prices competed dollar for dollar with the Pearl District, the Pearl seemed like the logical choice as it had all the services and infrastructure in place. While there are some services and the street car now loops through the area, the proliferation of additional services is almost certainly hampered by the current economy. But maybe now, with prices reduced as much as 63% from their original asking prices, the South Waterfront is worth a closer look. The other question is whether other developers will be able to hang on and avoid having their buildings going to auction (the Waterfront Pearl was recently foreclosed on)?
**Categories:** Real Estate News & Tips
**Tags:** South Waterfront, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [The Fifty Dollar House Revisited](https://lovejoyrealestate.com/the-fifty-dollar-house-revisited/)
**Published:** September 6, 2009
**Author:** Charles Turner
**Content:**
Some readers may remember a brief mention of the Fifty Dollar House raffle in a January post. Basic premise was to sell a bunch of tickets and a lucky winner would get the house. There was national TV coverage of it at the time and there was a winner (who subsequently put the house on the market). I ran across the website today while researching an upcoming post. The website, [www.fiftydollarhouse.com](http://fiftydollarhouse.com/index.html) is now the ticket center for a new raffle, “We Care and Friends 2009 Pay Off Your Mortgage Raffle.”
> We Care and Friends, an Annapolis-based charity helping provide long-term drug and alcohol rehabilitation for those in need as well as numerous children’s programs, is sponsoring the 2009 Mortgage Payoff Raffle and they are going to pay off someone’s mortgage! For $50.00 you can win a prize package worth $550,000.00!
>
> That’s right, you can pay off your mortgage and put $150,000.00 in your pocket for $50!! (but you will need big pockets) Many of those who participated in the We Care and Friends 2009 House Raffle said that they would have sold the house to pay off their current mortgage if they won.
Ticket sales run through October 23, 2009 at 5PM eastern time. All the terms and conditions are on the website.
**Categories:** Real Estate News & Tips
**Tags:** The Fifty Dollar House, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Job Loss Protection for Portland Real Estate Buyers](https://lovejoyrealestate.com/job-loss-protection-for-portland-real-estate-buyers/)
**Published:** September 1, 2009
**Author:** Charles Turner
**Content:**
In most cases, your lender will verify that you are employed the day they fund your loan. After that, you’re on your own; mortgage banks really don’t care how they are getting paid as long as they are getting paid. Unlike some car dealerships, if you lose your job you can’t just hand the keys to your home back and walk away without serious repercussions. Concerns about the “economy in crisis” are very valid. Having six or more months of reserves has always been recommended but it not a reality for many.
Prudential Northwest Properties and the Rainy Day Foundation have partnered, exclusively for now, to offer Job Loss Protection to buyers. Sellers of Prudential Northwest Properties listings can offer the program to any potential buyer and buyers working with Prudential Northwest Properties’ Realtors can write it into any offer they write. In other words, there must be a Prudential NW Properties Realtor involved in the transaction.
The basic features of the program are outlined in the graphic below but please read the entire description of the [Job Loss Protection Program](http://media.reliancenetwork.com/dyna_images/clients/339838/20090901103811.pdf). There is no silver bullet to mitigate all risk from a real estate transaction and we’ve always been proponents of home warranties as one more level of protection for buyers (and sellers). Just like the First Time Buyer Credit, not everyone qualifies but for those that do, it may add another layer of confidence.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/09/job-loss-protection.jpg)
**Categories:** Real Estate News & Tips
**Tags:** Job Loss Protection, Portland Real Estate Buyers, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Has Portland Real Estate Caught Up?](https://lovejoyrealestate.com/has-portland-real-estate-caught-up/)
**Published:** August 27, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/08/Case-Shiller-Cities-June-20.jpg)Has the Portland housing market caught up with other markets? For the last couple of years we have all heard words to the effect of, “Portland reached its peak about a year after other markets and therefore will lag a year behind finding bottom.” You can’t argue the first part. Phoenix had its highest Case Shiller Index number in June 2006; Los Angeles in September 2006; San Diego in June 2006 and San Francisco in May 2006. Both Seattle and Portland hit their highest points in July of 2007.
If, and it is an if, the market has turned, the bottom for all six cities was within a three month band between March and May of this year. The counter to the second part of the quote above was that “Portland real estate didn’t rise as much as the other markets so doesn’t have as far to fall.” The entire Case Shiller Index was reset to 100 in January 2000. Phoenix is at levels not seen since July/August of 2000 where Portland is at June 2005 pricing. Portland has had two consecutive months of positive gain in the Index. That happened in April/May of 2008 before reeling off eleven straight months of losses.
Are we looking at the bottom?
**Categories:** Case Shiller Index
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Portland Development Commission May Have $50,000 For You](https://lovejoyrealestate.com/portland-development-commission-may-have-50000-for-you/)
**Published:** August 26, 2009
**Author:** Charles Turner
**Content:**
The Oregonian reports today about the funds our area has received from the Neighborhood Stabilization Program. Through the program managed by the [Portland Development Commission](http://www.pdc.us/housing_services/programs/financial/own_your_own_loan.asp), eligible buyers in eligible neighborhoods can by eligible houses by making use of a $50,000 interest free second loan. The map below is from the PDC Website and is a graphic- their [interactive map](http://o.hcs.state.or.us/reser/NSP/googlemaps/5plus_3perplus.html) should be the definitive authority.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/08/Oregon-NSP-Property-Map.jpg)Oregon-NSP-Property-Map. Verify on PDC website.[The Oregonian article by James Mayer](http://www.oregonlive.com/portland/index.ssf/2009/08/foreclosure_program_could_help.html) cites estimates that 20 to 25 buyers may benefit from the program. The home must be bank owned (foreclosured), in the areas the designated by the program, and cost less than $266,000 and at least 1% under appraised value. Buyers are limited to an income limitation of $84,000: 120% of the median income for Multnomah County.
The program looks to be very much like the first iteration of the $7500 First Time Buyer Credit of 2008. The money must be repaid when the house is sold or changes hands. It is a loan, not a credit like the current $8000 First Time Buyer Credit which expires on December 1st if Congress does not act. An accountant would need to verify the elibility of a buyer using both the First Time Buyer Credit in conjunction with the PDC funds. Also note that the PDC website on the [Own Your Own Loan](http://www.pdc.us/housing_services/programs/financial/own_your_own_loan.asp) program has some additional requirements and some that are different than those cited in the O’s article.
**Categories:** First Time Buyer
**Tags:** Portland Development Commission, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Case Shiller Portland Reports First 1 Point + Gain Since May 2007](https://lovejoyrealestate.com/case-shiller-portland-reports-first-1-point-gain-since-may-2007/)
**Published:** August 25, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/08/Case-Shiller-June-2009-Port.jpg)[](https://lovejoyrealestate.com/wp-content/uploads/2009/08/Case-Shiller-June-2009-Port2.jpg)
The Case Shiller report for June 2009 on real estate was released a few minutes ago. The Portland index is 1.5 points since May. This is the first full point-plus gain for the index since April/May 2007. Prior to last month’s .12 gain, there had been eleven consecutive months of decline.
Portland’s Case Shiller Index is 148.47, about the same level as June 2005. Both the Composite 10 Index and Composite 20 Index were in positive territory for the second consecutive month. Portland’s peak was in July of 2007 when the index maxed out at 186.51. Until May and June of this year, 19 of the past 23 months had returned losses.
This appears to be good news for real estate in general and the Portland housing market. Two months of gain totaling less than 2 points could easily be wiped out by a single month but we are in a period of where we tend to see a seasonal uptick and these reports lag three months behind.
**Categories:** Case Shiller Index
**Tags:** Portland Reports, Case Shiller, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Encore Special for Street of Dreams](https://lovejoyrealestate.com/encore-special-for-street-of-dreams/)
**Published:** August 19, 2009
**Author:** Charles Turner
**Content:**
This offer came as part of an email I received and is reprinted here (including this paragraph) with Hoyt Street Properties’ approval. They provide “courtesy to brokers” so the buyer can work with their existing Realtor (or us) as their representative without affecting the offer. The seller can adjust the unit prices at any time without notice.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/08/Encore-Street-of-Dreams1.jpg)End
**Categories:** Pearl District
**Tags:** Encore Special, Portland Street of Dreams, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Oregon Remodelers Benefit Make-A-Wish Foundation](https://lovejoyrealestate.com/oregon-remodelers-benefit-make-a-wish-foundation/)
**Published:** August 18, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/08/Oregon-Remodelers-Home-Improvement.jpg)The [Oregon Remodelers Association](#)‘s 34th annual [Home Improvement Show](#) auction event will benefit the [Make-A-Wish Foundation of Oregon](http://www.orwish.org/) (and southwest Washington). The event is at 5:00PM on Thursday, September 24th, the first day of the show, like the rest of the show, is at the Oregon Convention Center in Portland (not the Expo Center).
> Guests can enjoy the show, visit exhibits and bid on tremendous packages that will be auctioned off, while enjoying food and wine from local restaurants and wineries. 100% of the proceeds from the live and silent auctions will benefit the Make-A-Wish Foundation® of Oregon.
>
> [Wristbands](#) for the event will be pre-sold for $55 and will also allow entrance to the show throughout the entire weekend. 70% from each wristband sold will benefit the Make-A-Wish Foundation® of Oregon.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/08/Make-a-Wish-Oregon-Remodelers1.gif)The Home Improvement Show’s hours are:
Thursday, September 24th 2:00pm-8:00pm
Friday, September 25th 11:00am-8:00pm
Saturday, September 26th 10:00am-8:00pm
Sunday, September 27th 10:00am-6:00pm
**Categories:** Fixers and Remodeling
**Tags:** Oregon Remodelers Benefit, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale, Make-A-Wish-Foundation
---
### [Time Running Out for First Time Homebuyer Credit](https://lovejoyrealestate.com/time-running-out-for-first-time-homebuyer-credit/)
**Published:** August 13, 2009
**Author:** Charles Turner
**Content:**
The way the first time home buyer credit is written now, you have until November 30, 2009 (109 days as of 8/13) to close on your new home (if you qualify for the credit). Realistically, its earlier than that as Thanksgiving falls on November 26th. I’d be planning on closing no later than November 20th and even that may not be enough cushion if something goes wrong.
Will the buyer credit be extended? Who knows? Congress could let it expire, extend it or change it. The first iteration was the $7500 credit which was really a loan. Then it became a true tax credit for those that qualified under the rules of a first time buyer ([interesting IRS scenarios](http://www.irs.gov/newsroom/article/0,,id=206294,00.html)).
On August 5th, House Representitive Harry Mitchell (AZ) said:
> “The current $8,000 credit for first-time buyers has had a constructive effect on our housing market and I am happy to hear that Senator Reid supports its extension,” Mitchell said. “But we can do more. We should expand the tax credit by making it available to every qualified American who wants to buy a home, not just first-time home buyers, and should examine increasing the value of the credit as well…”
It looks like the next chapter is just starting to be crafted. There are no proposals on the table, just talk. It may already be to late to close a short sale within the time allowed. Some questions that will have to be addressed (my very partial list):
1. Should there be (should there have been) a provision/amendment for an accepted offer on a short sale pending bank approval that misses November 30?
2. Should “first time buyer” be dumped as a qualifier?
3. Should it remain at $8000, be raised or lowered?
4. How does Cash for Clunkers effect the government’s ability to continue the buyer credit?
5. Should there be an Investor Tax Credit? What, if any, qualifiers would you put on that?
**Categories:** First Time Buyer
**Tags:** Homebuyer Credit, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [RMLS Market Action July 2009](https://lovejoyrealestate.com/rmls-market-action-july-2009/)
**Published:** August 12, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/08/RMLS-Market-Action-july-09.jpg)The Federal Reserve meeting ended its two day meeting today without changing interest rates. [CNN reports](http://money.cnn.com/2009/08/12/news/economy/fed_decision/index.htm?postversion=2009081215), “Central bank says the long decline for U.S. economy appears to have ended, although it’s likely to remain week for awhile.”
RMLS just released its latest Market Action report with some strong numbers for July:
> Closed sales in the Portland metro area for July 2009 eclipsed last July’s total by 8.6%, marking the first time same month closed sales have increased since April 2007. Pending sales also grew 8.3%. New listings dropped 25.4%.
That said, the July 2009’s average sales price is down 15.2% from July 2008.
Inventory continues to decline due more to an increase in activity than a change in the number of listings.
**Categories:** Market Activity & Data
**Tags:** Market Action, RMLS, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Monday Morning Miscellaneous Portland Real Estate News](https://lovejoyrealestate.com/monday-morning-miscellaneous-portland-real-estate-news/)
**Published:** August 3, 2009
**Author:** Charles Turner
**Content:**
A few thing worth noting in the Portland real estate market:
1. The Portland Business Journal reported in Friday’s edition that [Buena Vista Custom Homes](http://portland.bizjournals.com/portland/stories/2009/08/03/story1.html) has been disolved by the Secretary of State’s office. One of the marquis Portland area builders fell victim to the housing decline and heavy investment in Happy Valley. I showed a barely lived in short sale on Saturday that they built.
2. The 2009 Street of Dreams has started. We’ll be there at Wednesday’s Realtor Day. There are discount codes available elsewhere online for a break on the $15 Pearl Pass.
3. More Portland Street of Dreams news: Ryan Frank reports on the [Front Porch](http://blog.oregonlive.com/frontporch/2009/07/top_5_waterfront_pearl_condos.html) that the Waterfront Pearl, one of the four Street of Dreams developments has been foreclosed on.
4. [](https://lovejoyrealestate.com/wp-content/uploads/2009/08/salesunits_97210.jpg)We reduced [2356 NW Hoyt](http://www.2356nwhoyt.com), the Rober F. Hall House, to $975,000. The number of sales over $500,000 is down significantly in 97210 and appreciation is mixed in different price ranges. [](https://lovejoyrealestate.com/wp-content/uploads/2009/08/rateofapp_97210.jpg)We think its a great house that is now appropriately priced for the market. The market will make that determination. The 15 year Special Assement tax program starts this year and has potential property tax savings of over $1000 a month versus properties not on the State Historic Preservation Office program.
5. Case Shiller reported last Tuesday that national home prices were up for the first time in three years and Portland was up as well. I wrote about that last week.
**Categories:** Real Estate News & Tips
**Tags:** Miscellaneous Portland Real Estate News, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Banks Don't Want to Own Homes but...](https://lovejoyrealestate.com/banks-dont-want-to-own-homes-but/)
**Published:** July 30, 2009
**Author:** Charles Turner
**Content:**
Banks may not want to be home owners but the [New York Times cover story written by Peter Goodman](http://www.nytimes.com/2009/07/30/business/30services.html) (and reprinted on the front page of the Oregonian this morning), shows that they may be motivated to drag out the short sale process for as long as possible in order to extract fees.
Rather than picking a few quotes out of the story, I recommend reading the whole article linked above.
**Categories:** Real Estate News & Tips
**Tags:** Banks Owned Homes, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Heat Rises for Portland Real Estate](https://lovejoyrealestate.com/heat-rises-for-portland-real-estate/)
**Published:** July 30, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/07/portland-106-degrees.jpg)It was warm yesterday. I showed property from 4-6PM to an out-of-town buyer. The temperature never dropped below 104 according to my car. One of the six houses had built-in air conditioning. One of the others had a window unit (that was not mentioned in the listing). A couple were totally shut up and another had been completely opened up. None of the five without AC were listed as “AC Ready.” I can’t find anything that is a primer in determining whether a system is AC ready. I do know that you have to have sufficient electricity available, space to put the compressor outside and a furnace and thermostat capable of handling the extra equipment required.
The top two houses did not have any AC. Interestingly, we probably lingered in the hottest houses longest because the heat slowed us down.
**Categories:** Real Estate News & Tips
**Tags:** Heat Rises, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Feeling the Heat in Portland Real Estate](https://lovejoyrealestate.com/feeling-the-heat-in-portland-real-estate/)
**Published:** July 28, 2009
**Author:** Charles Turner
**Content:**
This week’s record setting is going to be one of those “you only need air conditioning a couple of week’s a year in Portland” weeks. I ran some searches in RMLS to see where we find cooling systems installed. My criteria was area 148 (West Portland), detached houses and had “Heat Pump or “Central Air” or none listed (there are window units, swamp coolers etc).
[](https://lovejoyrealestate.com/wp-content/uploads/2009/07/photo.jpg)[](https://lovejoyrealestate.com/wp-content/uploads/2009/07/100-degrees-in-pdx.jpg)
ListedAC/HPArea 148 Total97246348%Under $200,000800%$200,000-$400,0003099932%$400,000-$800,00046922548%Over $800,00019914271%Pre 19502827025%1951-69139357%Built 2000 on21613362%We hit 100 degree at about 2:30 today. KGW’s 12:30 forecast was for 105 both today and tomorrow!
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Case Shiller Gains In Portland](https://lovejoyrealestate.com/case-shiller-gains-in-portland/)
**Published:** July 28, 2009
**Author:** Charles Turner
**Content:**
The Case Shiller Index reports for May 2009 was released today. Portland gained .13 of a point. The important part of that, at least for those that want to see the market rebound, is that it was not a continuation of the downward trend we have started to expect. Seattle lost about half a point in the same period. Both the Composite 10 and Composite 20 also posted gains under a point.
The Porland index of 146.97 the same as it was in May/June 2005 . The Composite 20 index is at the level it was in April 2003.
Case Shiller reports are for the month two months prior and are released on the last Tuesday of the month. The next report will be released on August 25th.
**Categories:** Case Shiller Index
**Tags:** Case Shiller, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Miscellaneous Monday Morning Portland Real Estate](https://lovejoyrealestate.com/miscellaneous-monday-morning-portland-real-estate/)
**Published:** July 27, 2009
**Author:** Charles Turner
**Content:**
One of the best views of downtown Portland is from the I-5 Marquam Bridge. At this time of year the setting sun highlights the city, reminding us of why we live here. Last night I got reminded three times as I drove our toddler on laps around the I-5/405 loop in an failed attempt to getting him fall asleep. Each lap around the core of our city is 6.2 miles. To put that in perspective:
- The 2009 Tour de France was 2174 miles- 351 laps around Portland
- The US Bank Building is 535 feet tall- 61.2 buildings laid end-to-end.
- The Indy 500- 81 laps (Portland Gran Prix anyone?)
- Single lap time of Bugatti Veyron, world’s fastest production car, at full speed: 1.47 minutes. You’re going to have to wait a few weeks to test the Veyron out though:
The [I-405 Preservation Project](http://www.oregon.gov/ODOT/HWY/REGION1/I405/) is happening now and there are there are going to be some delays and closures upcoming:
> ***Scheduled Weekend Closures (weather dependent)***
> Full directional closures (either I-405 NORTH or I-405 SOUTH) will begin at 10 p.m. on the Friday prior to the weekends listed below and end by 5 a.m. on the Monday immediately following the weekend. When one direction of I-405 is closed, the other direction will remain open. Here is the tentative schedule for the I-405 closures, subject to change:
>
> **August 1-2**
>
> All **I-405 NORTH** lanes and ramps will be closed
>
> **August 15-16**
>
> All **I-405 SOUTH** lanes and ramps will be closed
>
> **August 22-23**
>
> All **I-405 SOUTH** lanes and ramps will be closed
>
> **September 12-13**
>
> All **I-405 NORTH** lanes and ramps will be closed
Case Shiller will be released tomorrow (previous post on who/what Case Shiller is). I’ll report on that during the day.
RMLS reported on lockbox activity during the July 4th week and the following:
[](https://lovejoyrealestate.com/wp-content/uploads/2009/07/july-lockbox-activity.jpg)
Holidays clearly inpact showings. Will record setting heat? Try to stay cool and have a great week.
**Categories:** Real Estate News & Tips
**Tags:** Miscellaneous, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Painting the Town Green. Painted Grass Update.](https://lovejoyrealestate.com/painting-the-town-green-painted-grass-update/)
**Published:** July 25, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/07/dsc_52101.jpg)First morning: painted grass on 7/10/09.Two weeks have passed [since the grass was painted](https://lovejoyrealestate.com/realestate/2009/07/curb-appeal-paint-the-grass). The pictures are taken from the same spot though the bottom one has the afternoon sun on it. Overall, the color has held better than I thought it would after two weeks.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/07/dsc_5542.jpg)Two weeks later on 7/23/09
**Categories:** Real Estate News & Tips
**Tags:** Painted Grass Update, Painting the Town Green, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Make-A-Wish Summer Wishes](https://lovejoyrealestate.com/make-a-wish-summer-wishes/)
**Published:** July 23, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/07/moto.gif) This Saturday is the Make-A-Wish Foundation of Oregon Jr. Board’s [Summer Wishes](http://www.summerwishes.org) event at Motocorsa in northwest Portland. I am a member of the Junior Board. The format is a repeat of last year’s event with a fashion show featuring local designers and a silent auction. Online ticket sales ($35) go through noon on Friday and then tickets can be bought at the door for the Saturday 7PM event ($50). Take a look at the [Summer Wishes](http://www.summerwishes.org) website for more information about the event or the [Oregon chapter of the Make-A-Wish-Foundation](http://www.orwish.org) site to see how your participation helps grant wishes in the Oregon and SW Washington area. Please join us for an evening of fashion, food, and fun while raising money to support local wishes.
**Categories:** Because I Can
**Tags:** Make A Wish Foundation of Oregon
---
### [Virtual Staging a Home](https://lovejoyrealestate.com/virtual-staging-a-home/)
**Published:** July 22, 2009
**Author:** Charles Turner
**Content:**
Photographic evidence used to be as close to the truth as you were ever going to get. What you see is what you get. Computers and technology have changed that for both the better and worse. A couple of weeks ago I wrote about painting your lawn green for curb appeal (update coming soon). An [article in the San Francisco Chronicle discusses virtual staging](http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2009/07/19/RECC18OB42.DTL): adding furniture to the vacant listing pictures.
These are a before and after picture on [Virtual Staging Solutions](http://virtualstagingsolutions.com/) website, one of the companies cited in the article:
[](https://lovejoyrealestate.com/wp-content/uploads/2009/07/virtual-staging-before.jpg) [](https://lovejoyrealestate.com/wp-content/uploads/2009/07/virtual-staging-after.jpg)
I confirmed with RMLS that the picture on the right violates RMLS rule 3.7 which states, in part, “The photographs are to be submitted without any added text or graphics…” The article does not specifically mention whether the modified photos are being used or not being used in MLS photos elsewhere. They could be used in other marketing materials in our area.
They really aren’t any different than an architectural rendering of proposed new construction but is the expectation different in an existing home? I like the idea of showing what a room may look like but am also concerned that a buyer might feel duped when they walk through the door. Some of the agents in the article disclose the photos are enhanced, others do not.
Your thoughts?
**Categories:** Real Estate News & Tips
**Tags:** Virtual Staging a Home, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Housing and Economic Recovery Act of 2009 (HERA) Coming July 30](https://lovejoyrealestate.com/housing-and-economic-recovery-act-of-2009-hera-coming-july-30/)
**Published:** July 21, 2009
**Author:** Charles Turner
**Content:**
The next part of the government’s mortgage reform comes into effect on July 30th. The new rules in the Disclosure Improvement act have to potential to slow a transaction down by increasing disclosure periods in the Truth and Lending Act. The danger of delay is probably greatest when the buyer holds off locking the interest rate to the latest possible moment or switches lenders when the transaction is nearing closing. The following is part of the four page PDF that I received. It does not state who the author is (appears to be the mortgage industry):
> **Three key elements you need to know**
>
> 1-lf the borrower is financing the property, these new regulatory and investor guidelines will impacted could even dictate-the closing date.
>
> Historically, borrowers and sellers would agree on a closing date, and then service providers – including mortgage brokers and lenders – would work as best they could toward meeting that date. Going forward, contracts can still be written with a specific closing date in mind, but all parties need to take into account that the earliest any home financing transaction can close is 7 business days after the borrower is issued their initial mortgage disclosures from the lender. (Note: Saturdays, with the exception of Federal holidays, do count as a business day for the purpose of disclosures only.)
>
> 2-The borrower must be provided with a copy of the appraisal a minimum of 3 business days prior to closing. The appraisal is considered ” received” 3 business days after mailing, not counting the day mailed or 3 days after emailing including the day emailed.
>
> If the borrower believes the 3-business-day required review period is not necessary for whatever reason, he or she has the right to waive that requirement. (Some lenders are erring on the side of caution and have indicated they will not honor these waivers).
>
> 3-An increase of more than .125% in the Annual Percentage Rate (APR) from the initial Truth in Lending Disclosure (TIL) requires the TIL disclosure to be revised and reissued to the borrower. The borrower must receive a revised TIL disclosure at least 3 business days before closing, providing the borrower with the time required to determine if the borrower is comfortable with the loan choice. Same mailing rules as above.
>
> A more typical contract date may be 30-45 days – or possibly longer (such as with a new construction loan). Considering that many things occur and may be changed or finalized throughout the course of the transaction, there are a number of things that can impact the borrower’s APR. Therefore it is critical on the front end to ensure that estimated fees are as accurate as possible. Some of us might choose to replace the word accurate in the last sentence with the word HIGH thereby reducing the number of times we subject everyone to the clock resetting because of changes.
**Categories:** Real Estate News & Tips
**Tags:** Housing and Economic Recovery, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [RMLS Market Action June 2009](https://lovejoyrealestate.com/rmls-market-action-june-2009/)
**Published:** July 15, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/07/rmls-market-action-june-09.jpg)Portland real estate inventory dropped to 8.2 months, the lowest level since August 2007 according to the RMLS Market Action report released today. Many say six months of inventory is market equilibrium. Anything higher indicates a buyer’s market and anything less is a seller’s market. Is that an outdated model in a new economy?
Monthly average sales price was up from May but median price was down. Average price is now just shy of $300,000 and median is $249,900. The graph on the left is a rolling average of the last 12 months according to footnote 2.
North Portland days on market is 93 contrasting Lake Oswego/West Linn’s 230 days. Days on market calculations have changed so there is no comparison to 2008. Southeast Portland has the greatest number of homes sold this year: 1056.
As always the “buy now” question is individual and local. Under the current rules (and no saying they won’t change) the first time buyer credit purchase has to close on or before November 30th. We’ve had buyers lock under 5.0% on 30 year fixed mortgages lately but those rates are VERY dynamic and of course each individual has to qualify. There’s no saying rates won’t drop and prices won’t drop.
**Categories:** Market Activity & Data
**Tags:** Market Action, RMLS, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Portland Neighborhood Associations Without Borders?](https://lovejoyrealestate.com/portland-neighborhood-associations-without-borders/)
**Published:** July 15, 2009
**Author:** Charles Turner
**Content:**
Could someone living by Oaks Park in Southeast be a member of the same neighborhood association as someone living on Tomahawk Island on the Columbia River? In theory.
Joesph Hopkins writes in [Northwest Waterfront Living](http://freshwaternews.com/NorthwestWaterfrontLiving.pdf) (which is a pullout section of[ Freshwater News](http://freshwaternews.com/)), that Portland City Commissioner Amanda Fritz told the Waterfront Organization of Oregon (WOOO) that she would support the organization if it wanted to go through the steps of becoming a recognized neighborhood association.
> Brian Hoop of Portland’s Office of Neighborhood Involvement (ONI) confirmed that ONI staff is developing policy to recognize groups without geographic boundaries, such as persons of color, Native Americans, and refugee communities. Currently, however, Portland’s neighborhood associations represent only areas whose boundaries can be drawn on a map.
>
> Tom Bizeau, Fritz’ chief of staff, explained that the concept of communities without geographic boundaries goes all the way back to a task force on which citizen Fritz worked in 1985. Over the years, the concept has languished but Commissioner Fritz is looking to resurrect the idea.
>
> Bizeau suggested that WOOO support Fritz’ effort and indicated there is a possibility of creating a new entity: “neighborhood associations without boundaries.” Such status might give WOOO more input in decision-making. Bizeau gave this example: when a land use action is proposed, recognized neighborhood associations are automatically notified and have the right to appeal. Bizeau said his office would explore how to notify communities without boundaries and invite them to step forward and explain their standpoint to city leaders.
The concept is interesing and merits discussion but I am not sure where the line should be drawn. The Dog Owners Group Neighborhood Association of Portland (DOGNAP) has a nice ring to it but if any organization can become a driving force within an existing neighborhood I would proceed with caution.
**Categories:** Real Estate News & Tips
**Tags:** Portland Neighborhood Associations, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Portland Street of Dreams Going Vertical](https://lovejoyrealestate.com/portland-street-of-dreams-going-vertical/)
**Published:** July 14, 2009
**Author:** Charles Turner
**Content:**
This year’s Street of Dreams is in the Pearl District starting Saturday, August 1.
The show features nine units in four developments:
1. The 114 unit [937 Condominiums](http://www.937condominiums.com/)
2. [Pearl Condominiums](http://www.block90.com/condominiums.php) at Block 90
3. Hoyt Street Properties’ [Encore on the Park](http://encorepearl.com/)
4. Three units in the two tower [Waterfront Pearl](http://www.waterfrontpearl.com/)
This year’s $15 (adult) ticket is the Pearl Pass that includes discounts and offers to many local establishments. Our understanding of the Pass is that is valid for the whole month but you can only enter each of the four properties once on the same pass (but not necessarily on the same day).
I’ll report more after we attend Realtor Day.
**Categories:** Real Estate News & Tips
**Tags:** Portland Street of Dreams, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Curb Appeal: Paint the Grass?](https://lovejoyrealestate.com/curb-appeal-paint-the-grass/)
**Published:** July 10, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/07/dsc_5210.jpg)Which side has been watered? Neither. Which side has been Photoshopped? Neither. Which side has been painted? The one on the left.
I didn’t get down and roll on it but it does look pretty close to healthy grass even up close. From a distance it certainly adds to the curb appeal. It’s the first time I’ve seen the product so time will tell how long it lasts. I’ll post more pictures in the future. If the grass is green, does it matter if it got that way with water or paint?End
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [DEQ Oil Tank Lookup](https://lovejoyrealestate.com/deq-oil-tank-lookup/)
**Published:** July 8, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/07/harrison-oil-tank.jpg)Even in the world of “seller to make no repairs” oil tanks are something that we’ve even seen banks take care of prior to closing when revealed during the inspection period. [PortlandMaps](http://www.PortlandMaps.com) has always been the first place to begin the investigation as to whether or not a property has a below ground oil tank (note that just because there is no record online doesn’t mean there is no tank). Click on “historic permits” for the given property and scroll down. The picture is of the 1952 permit for one of our properties.
Knowing that there was a tank there begs the question as to whether or not it is still there? Next stop on our search is the DEQ website [HOT (Heating Oil Tank) lookup.](http://www.deq.state.or.us/lq/tanks/LUST/LustPublicLookup.asp) By inserting the property address there and scrolling all the way down to the bottom on the subject property we find the DEQ closure letter showing the tank has been decommissioned (by a previous owner in this case).
If there had been no record, the next step would be a tank locate and then soil samples performed by an inspector. Which may result in a cleanup looking something like this:
[](https://lovejoyrealestate.com/wp-content/uploads/2009/07/101_1248.jpg)
**Categories:** Home Inspections
**Tags:** DEQ Oil Tank, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Buyers, Forms, Attorneys, Realtors Oh My!](https://lovejoyrealestate.com/buyers-forms-attorneys-realtors-oh-my/)
**Published:** July 7, 2009
**Author:** Charles Turner
**Content:**
Mr. Thrifty, asks the following regarding Realtors giving legal advice:
> *Charles I have a question that may be a good post. Why do agents fill out purchase agreements for clients when giving legal advice is totally illegal for an agent to do? Do you believe, as I do, that buyers should have to either complete this form themselves, or admit to themselves that this is a legal document that they don’t fully understand the ins and outs of and will require legal advice. Unfortunately I think most buyers turn to their agent who then gives them illegal pseudo advice in the form coaching them through the answers and decisions based on what may or may not be best for their client. I mean why will buyer drop thousands on a agent that may or may not be helping them, and then balk at spending $600 on a few hours of competent legal advise. This baffles me to no end.*
Realtors shouldn’t be giving legal advice or creating legal forms! We use Oregon Real Estate Forms (OREF) forms for all of our real estate contracts and addendum. Their website states:
> OREF’s Forms Committee consists of legal counsel, a representative from the escrow industry and 10 representatives from around the state who meet monthly from February through August to review forms suggestions, revisions and statutory issues that may affect the forms.
Prudential Northwest Properties has a form called “NOTICE TO CLIENT REGARDING NON STANDARD PROPOSED DOCUMENTS AND LEGAL ADVICE” (their caps). We use it in cases where the builder is or someone else is supplying the paperwork and that paperwork was presumably written by their attorneys! It, in turn, be reviewed by the buyer’s attorney if there are any questions.
So to answer the question, no I don’t think that buyers should have to complete the Earnest Money Agreement themselves. I know the forms we use and I know what is outside of my purview. We do hand property disclosures to the seller and tell them to “fill them out the best you can because this is your representation of the property. Nobody has ever gotten in trouble after the fact for disclosing too much up front.” We review them and ask questions as we see necessary. I do think some Realtors may be too free with the interpretation/presentation of documents.
Just like Realtors are not attorneys, we are not accountants, home inspectors, escrow offiicers or mortgage brokers either. A good Realtor can advise through the entire process and defer to other professionals as the transaction requires. The EMA is a legal contract so if a buyer has questions as to its ramifacations that aren’t clear from the 9 pages of text, they had best be seeking legal advice and their Realtor should be advising the same. If Realtors never crossed the line there wouldn’t be a section about dispute resolution.
**Categories:** Real Estate News & Tips
**Tags:** Attorneys, buyers, Forms, Realtors, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Turner Realtors Launches iPhone App](https://lovejoyrealestate.com/turner-realtors-launches-iphone-app/)
**Published:** July 7, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/07/turner-realtors-iphone.jpg)We’ve just released the latest version of our iPhone for Portland real estate. You can download it from the iTunes [here](http://itunes.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=313606566&mt=8) or search Turner Realtors in the App Store.
This is the first mention of the app as I wasn’t happy with the first version and I’ll be the first to admit that it could be better than it is. Ultimately there is a question as to whether buyers want to use an iPhone as a real estate tool? This version has an MLS search function that is connected to the Turner Realtors search property search engine. It will return results for all of the listings in RMLS but it is pretty basic at this point but will get the job done.
Honestly, the Zillow app has a more advanced search tool than ours as it is able to utilize the gps function but it doesn’t appear to have all listings posted to it. Either way, I think the apps are mostly just for fun and basic information. Perhaps that will change as the technolgy matures.
**Categories:** Real Estate News & Tips
**Tags:** iPhone App, Turner Realtors, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Texting for Portland Real Estate](https://lovejoyrealestate.com/texting-for-portland-real-estate/)
**Published:** July 1, 2009
**Author:** Charles Turner
**Content:**
We’ve started making a transition to non-paper fliers at our listings. Replacing the flier box with a 11×15 sign. We are still putting paper fliers inside the property. The weather-proof sign solves some common paper flier problems:
- Damp/soggy fliers
- Waste (the sign backing can be reused)
- Out of date information
- Complete lack of information if the box is empty
It does create a couple of challenges:
- What happens when there is a price change?
- What is the take away to remember the property by if there is no flier?
Our solution is a text message. We still have our 2356 NW Hoyt property on the market and have replaced the flier box with a paperless flier. The property’s website is www.2356NWHoyt.com. Not everyone has or wants to use their smartphone for browsing the web and searching real estate but by texting 2356NWHoyt to 368266 you’ll receive a text message with the RMLS number, price, link to the website, our contact information and the ability to receive more information by text (fees from your carrier may apply). You can view the complete flier here: [hoyt-green-flier](https://lovejoyrealestate.com/wp-content/uploads/2009/07/hoyt-green-flier.pdf).
Constructive feedback appriciated!
**Categories:** Home Inspections
**Tags:** Texting, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Case Shiller Portland Continues Decline](https://lovejoyrealestate.com/case-shiller-portland-continues-decline/)
**Published:** June 30, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/06/case-shiller-april-20092.jpg)
The Case Shiller Index for Portland continued to decline in April of 2009. The decline was not universal across the index, San Francisco, Seattle and Denver were among a few of the cities that posted increases. Las Vegas decline from the previous month was 4 points.
Portland’s index of 146.85 returns Portland housing values to June 2005 levels. The index was reset to 100 in January of 2000.
**Categories:** Case Shiller Index
**Tags:** Case Shiller, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Real Estate Downsizing Complete](https://lovejoyrealestate.com/real-estate-downsizing-complete/)
**Published:** June 24, 2009
**Author:** Charles Turner
**Content:**
I closed the door at our apartment for the last time at 6:20 AM this morning. CBS Films has left town and we are back in our house. The experience of living in the Pearl District in just over 1000 square feet with a wife, dog, toddler and home office proved very doable but at the same time we are glad to be home.
Things I will miss:
- The bright open feeling
- The views
- Covered, secure parking
- The right-out-the-door access to everything, including groceries
- The less than 15 minute walk to the Rose Garden for Blazer games
- The patio and high solid wall which minimized toddler interest
- Having a competent maintenance staff on on site
Things I won’t miss:
- The 18 floor elevator ride to the car followed by a three floor drive to street level
- Dacor
- The one butt kitchen
- The shower in the second bath and tub in the master bath
- Having a home office in the master bedroom
- The patio and high solid wall which was noisier (from I-405) than expected and blocked views when sitting on patio furniture
I’m sure as we settle back into our house there will be other items to add to both lists. For us, one of the biggest challenges was storage. There never seemed to be enough of it so making sure that there is space for your lifestyle is important.
**Categories:** Downsizing Real Estate
**Tags:** Real Estate Downsizing Complete, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Condos Snag One of the Best Views In Portland](https://lovejoyrealestate.com/condos-snag-one-of-the-best-views-in-portland/)
**Published:** June 17, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/06/the-world-pano-blog.jpg)
The odds are that if you don’t like the view from your condo there isn’t much you can do about. For the owners of the 165 condos on [The World cruise ship](http://www.aboardtheworld.com/) condo, their view often changes multiple times in a week. This morning they woke up in downtown Portland.
The units range from studios to six bedroom penthouses. The website has some sales information but pricing is not included in that. This article tells the story of a woman who has been using the QE2 as here retirement home for about $7000 a month and that units on a similar condo ship cost between $4M-$18M for full ownership.
KGW reports on The World:
> What passes for steerage on The World runs $1,300 to $2,300 a night for a studio, including food and booze. Two and 3-bedroom suites run $2,500 to $4,750.
There are some good pictures of The World in Portland at [PortlandBridges.com](http://www.portlandbridges.com/00,5D0IMG51283,294,1,0,0-portland-oregon.html) but they are copyrighted so not reproduced here. I plan to head down there today and will add some pictures later. \*\*\*Panoramic from five images added 7PM
**Categories:** Real Estate News & Tips
**Tags:** Condos In Portland, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [RMLS Market Action May 2009](https://lovejoyrealestate.com/rmls-market-action-may-2009/)
**Published:** June 12, 2009
**Author:** Charles Turner
**Content:**
The image below is a snapshot of the just published RMLS Market Action for May 2009. The decrease in inventory (a ratio of the active number of listing (14,493) and rate of sales) can be attributed to an increase sales activity as the number of listings has increased. Between January 2007 and May 2007, inventory dropped 27.5%. In 2008 the drop for the same time period was 28.1%. For 2009 the drop is 46.8%.
Pending sales in May were down 7.4% from May 2008. In January, pending sales were down 26.1% from January 2008; down 30.5% February 2009 from February 2008; down 15.5% March 2009 from March 2008 and April 2009 pending sales were down 10.1% from the previous year. As reported below, pending sales for 2009 lag 17.5% behind 2008. The May 2008 Market Action reported that May 2008 pending sales were 30.5% lower than May 2007.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/06/rmls-market-action-may-09.jpg)
**Categories:** Market Activity & Data
**Tags:** Market Action, RMLS, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Pick Me! I Want to Be Your Portland Realtor](https://lovejoyrealestate.com/pick-me-i-want-to-be-your-portland-realtor/)
**Published:** June 8, 2009
**Author:** Charles Turner
**Content:**
[](#)My title statement of this post may or may not be true. We’re always looking for clients both through referrals and other sources of business but there’s a chance that you don’t want to work with me (or another member of the team) and vice versa.
Sunday’s Oregonian featured real estate story is all about [selecting a Realtor.](http://www.oregonlive.com/realestate/oregonian/index.ssf?/base/homes_real_estate/124422451442160.xml&coll=7) Having spoken against dual agency early and often in the past, the article made me smile. Especially this quote which was also the second page headline:
> “Sometimes you see dual agencies that represent both sides. But that’s like a husband and wife hiring the same attorney for a divorce,” \[Michele Gila, principal broker for Roots Realty said.\]
I’ve also advocated clients using more of an interview process when selecting a Realtor but in many ways the initial contact and what the Realtor does or doesn’t do is self-selecting. If your Realtor is a referral there is some inherent relationship already but if not, the interview is even more important for both the client and Realtor.
> Melvin Broadous, a Realtor with RE/MAX Equity Group in Beaverton:
>
> “If you find a Realtor you think you want to work with, take them on a ‘date,’ ” he said. “Go to Starbucks or to lunch and talk about whatever. Find common ground.
>
> “If you don’t connect with a person intellectually, emotionally, from a relationship standpoint, then working with them professionally will be difficult,” he said. “It doesn’t take longer than 15 minutes. You’ll know.”
More on referrals: our goal in a transaction isn’t to simply get it closed and move onto the next transaction. Our goal is to gain a client for the long-term that will refer us to their friends and family. That doesn’t necessarily mean getting that first transaction closed. We’ve advised, “run away” more than once! Eventually a willing and able buyer will eventually buy but it may not be this week or this year.
The poll results above ran in 2007 as a part of this post.
**Categories:** First Time Buyer
**Tags:** Portland Realtor, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Market Tracker and Property Investment Profile for May 2009](https://lovejoyrealestate.com/market-tracker-and-property-investment-profile-for-may-2009/)
**Published:** June 7, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/06/graph.jpg)Prudential Northwest Properties’ Market Tracker and Property Investment Profile (PIP) are now out of for May. Market Tracker is zip code specific. You can view the reports online on our [PDXBuyers.com](http://pdxbuyers.com/market-tracker.aspx) website. The PIP is property address specific and is emailed to your InBox automaticly each month. We can also set up Market Tracker to email the reports for up to 15 zip codes covered by RMLS.
Use this [form](http://pdxbuyers.com/prudential_nw/modules/global/contact.asp?from=agentsite&accountid=124155) (popup) and we’ll set them up for you. We don’t share your information with anyone.
**Categories:** Real Estate News & Tips
**Tags:** Property Investment Profile, Market Tracker, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [More on the $8000 First Time Buyer Credit](https://lovejoyrealestate.com/more-on-the-8000-first-time-buyer-credit/)
**Published:** June 4, 2009
**Author:** Charles Turner
**Content:**
Here’s some more information on using the first time buyer credit at closing:
> Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.
>
> *The loans can’t be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.*
>
> Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent down payment.
>
> [*Source: Robert Freedman, REALTOR® Magazine Online*](http://www.realtor.org/RMODaily.nsf/pages/News2009052901?OpenDocument)
As mentioned [yesterday](https://lovejoyrealestate.com/realestate/2009/06/moodys-not-singing-the-blues-for-oregon), rates have climbed in the last couple of weeks. [Bankrate.com](http://www.bankrate.com/) is quoting 5.35% on a 30 year fixed mortgage.
**Categories:** First Time Buyer
**Tags:** First Time Buyer Credit, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Moody's Not Singing the Blues For Oregon](https://lovejoyrealestate.com/moodys-not-singing-the-blues-for-oregon/)
**Published:** June 3, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/06/moodys-reboud.jpg)
The graphic above is a snapshot of an interactive graphic in [this article](http://www.msnbc.msn.com/id/30991972/) at MSNBC.
The article begins:
> If you want to be in the right place when the recovery starts, that place may be in Colorado, Idaho, Oregon, Texas or Washington.
>
> The recession didn’t start at the same time in every state, and it won’t end at the same time either. A new forecast from Moody’s Economy.com predicts that jobs growth will return first in those five states, starting in the last quarter of this year. Four of those states benefit from strong high-tech industries, and the fifth, Texas, has a strong base of energy industries.
It’s just one positive article in a sea of bad ones of late for Oregon and the general “Economy in Crisis” but perhaps a sign that things will start to improve sooner rather than later. Interest rates have creeped up (along with gas prices) lately. Portland has a lot of things going for it which is why we choose to live here (a few recent highlights):
- [Pink Martini](http://pinkmartini.com/home.html) playing with the the Oregon Symphony (Thomas Lauderdale talked during the show of buying/being local). Pink Martini will be playing all over the state in August as part of the Oregon 150 celebrations.
- A Blazer team that has returned to both public favor and the playoffs.
- A three weekend waterfront Rose Festival with no major rain predicted.
And to acknowledge that it is not all rosey:
- Controversy over a [Lents](http://wweek.com/editorial/3529/12613/) (Willamette Week article about Lents which is a great read) or Memorial Coliseum home for the Beavers.
- A mayor under fire for various reasons.
- 500 layoffs at Nike which included some of our friends.
**Categories:** Home Inspections
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [First Time Buyer Credit as Down Payment on Again?](https://lovejoyrealestate.com/784/)
**Published:** May 29, 2009
**Author:** Charles Turner
**Content:**
According to a press release issued today by HUD, using the $8000 first time buyer credit as your down payment is back on:
> **For Release
> Friday May 29, 2009**
>
> The *American Recovery and Reinvestment Act of 2009* offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today’s announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to “monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate.
We’ll see if it sticks this time. It was previously [announced](https://lovejoyrealestate.com/realestate/2009/05/use-your-8000-first-time-buyer-credit-as-your-down-payment) and then [retracted](https://lovejoyrealestate.com/realestate/2009/05/you-cannot-use-8000-first-time-buyer-credit-for-down). As of this posting time, I’m not finding any mention of it on the news websites or Google to confirm.
**Categories:** Home Inspections
**Tags:** First Time Buyer Credit, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [You've Got to Make Your Bed if Your House is For Sale](https://lovejoyrealestate.com/youve-got-to-make-your-bed-if-your-house-is-for-sale/)
**Published:** May 29, 2009
**Author:** Charles Turner
**Content:**
There are a couple of real estate adages that sellers can live by:
- You don’t live in your home when it is not for sale the same way as when it is listed.
- If you want to guarantee a showing don’t make your bed; the closer it looks like a bomb went off in your usually pristine home, the more likely you are to get a short-notice showing appointment.
Murphy’s Law type statements have limited use but now that RMLS has started to release actual Supra lockbox showing activity we might see some trends.
[](https://lovejoyrealestate.com/wp-content/uploads/2009/05/rmls-lock-box-activity.jpg)
Portland area real estate is a seven-day-a-week activity but did slow considerably (but not stop) on Mother’s Day.
The two weeks in the graph show some departures to the YTD graph where Saturdays garner about 25% more showings than week days:
[](https://lovejoyrealestate.com/wp-content/uploads/2009/05/lock-box-activity-ytd.jpg)
[](https://lovejoyrealestate.com/wp-content/uploads/2009/05/wa-locboxes.jpg)
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Case Shiller March 2009](https://lovejoyrealestate.com/case-shiller-march-2009/)
**Published:** May 27, 2009
**Author:** Charles Turner
**Content:**
The Case Shiller report for March 2009 was released on Tuesday. The Portland index is 147.68, about the same level as June 2005.
Ryan Frank over at the [Front Porch](http://blog.oregonlive.com/frontporch/2009/05/portland_home_prices_in_contex.html) details how Portland’s rise and fall lagged behind many of the other cities in the index.
I previously wrote “What/Who is Case Shiller.” The first comment astutely points out that condos are not included. End
**Categories:** Case Shiller Index
**Tags:** Case Shiller, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Portland Property Search on the Blog?](https://lovejoyrealestate.com/portland-property-search-on-the-blog/)
**Published:** May 27, 2009
**Author:** Charles Turner
**Content:**
We’re going to try offering a property search engine that allows you to access all shared IDX RMLS listings right here on the blog. The version below is one of a few that are available. Your feedback will help decide if we keep it, dump it or change it. What do you or don’t you like about it?End
**Categories:** Real Estate News & Tips
**Tags:** Portland Property Search, Portland Real Estate, blog, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [The $400,000 Question: Which House?](https://lovejoyrealestate.com/the-400000-question-which-house/)
**Published:** May 21, 2009
**Author:** Charles Turner
**Content:**
I’ve looked at about 20 properties with an out-of-town buyer in the last 48 hours. Both on the east and west side of the Willamette River but no further out than about 60th in either direction. The properties all, priced between $350,000 – $485,000 ran the entire spectrum of, “why hasn’t this sold” to “this is $100,000 over-priced.
Some of my personal observations (some will agree, some will disagree because they disagree and some will troll because they can):
- The $425,000 house that has been remodeled scores higher in general than the house that needs $x to bring it to the same condition and is priced $x lower than the $425k house- Buyers don’t want the project…
- …Except when the remodel screams the discount rack at a big box hardware store- finding the right balance between cost and quality is imperative in a given price range. It’s possible to “cheap out” or overdo in any price range and in any portion of a project.
- Showing feedback is important to both the seller and listing agent. Request saying, “you showed my listing with the remodeled kitchen” cannot elicit the detail that an automated system with set questions and photographs can. Sellers should insist that their agent uses a feedback program, whether third party or company driven. The system we use carbon copies the seller.
- Make it easy to show. A lockbox on the backdoor that has a key for the front door is not useful (at least it wasn’t raining)! I made the majority of the appointments the day before but four were added by the buyer that morning; thank you for being flexible. Favorite typo in a listing: “Small Jack Russel dog must speak to owner prior to showing.” Smart dog. Least favorite: 1 1/2 bath house listed as two (not going to work of a family of 5).
- I’m a fan of the “green” flier and think that it will only get more popular. Hasson has their own eco-flier program but any sign making company can produce them for any agent. We are in the process of creating and bidding our own. It replaces the print flier. One property we visited had eschewed the traditional real estate sign and flier box for a custom sign specific to the property. Smart phone apps will make it even easier to exchange the dynamic information on a listing (price). None of the listings we saw had a dedicated URL (www.123MainSt.com).
- Neighbors matter. The major fixer and the beautifully landscaped double lot are both causes for concern in the future. Will the fixer get fixed or get worse? Will the double lot suddenly become a McMansion? The same can be said for views.
- Everyone has a different set of deal breakers or must-haves and they don’t necessarily get equally applied to each property when balancing trade-offs. “I don’t like the X but it has a great Y so maybe I can get over X.” I previously swore I wouldn’t by a house without a garage but settled on a driveway because I loved the rest of the house. Online floor plans may be even more useful than a virtual tour if the house has been photographed well.
- About 50% of the listings that have been on the market since 2008 have been relisted with new RMLS numbers (an RMLS number that starts with 7 was listed in 2007, 8: 2008, 9: 2009 etc). There are lots of reasons (some better than others) that listings get relisted with a new number but I can guarentee that an educated buyer and buyer’s agent is not fooled into thinking that a recent number equals a new listing (though most automated computer systems are). The listing history is readily available on the agent side of RMLS.
**Categories:** Real Estate News & Tips
**Tags:** 000 Question, The $400, Which House, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [You Cannot use $8000 First Time Buyer Credit for Down](https://lovejoyrealestate.com/you-cannot-use-8000-first-time-buyer-credit-for-down/)
**Published:** May 20, 2009
**Author:** Charles Turner
**Content:**
HUD announced this week that last week’s announcement was null and void. Reported [here](https://lovejoyrealestate.com/realestate/2009/05/use-your-8000-first-time-buyer-credit-as-your-down-payment) and most outlets regarding real estate, it was thought that qualified first time buyers would be able to use the $8000 credit as a part of their down payment.
> Lenders, home builders and real- estate agents had reacted favorably to the bridge-loan proposal, saying it would open up the housing market to more first-time buyers.
>
> However, not everyone was in favor of using the tax credit as collateral on a down-payment loan.
>
> “That tax credit should be savings, not debt,” said Patricia Garcia-Duarte, of Neighborhood Housing Services in Phoenix.
>
> Garcia-Duarte said the proposal too closely resembled a now-illegal practice known as seller-funded down-payment assistance, which allowed a home’s seller to “gift” the down payment to a specific buyer through a non-profit organization.
>
> [AZCentral.com](http://www.azcentral.com/business/articles/2009/05/18/20090518biz-downpayment0519.html)
We’ll have to wait and see what happens next.
**Categories:** First Time Buyer
**Tags:** First Time Buyer, Credit Extention, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, Homes for Sale, apartments for sale
---
### [Portland South Waterfront Update](https://lovejoyrealestate.com/portland-south-waterfront-update/)
**Published:** May 18, 2009
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2009/05/s-waterfront-from-willamette.jpg)My [property search ](http://www.turnerrealtors.com/prudential_nw/modules/agent/agent.asp?p=findahome.asp&page=search&searchid=42327777&selected=qck)of the Portland’s South Waterfront shows 110 active listings in RMLS. They range in price from $170,000 to $1,999,000. Both units are in the John Ross.
The South Waterfront was not insulated from the real estate market decline. [The Adrea](http://theardea.com/) (the far left building in the picture above) was converted to apartments (as was the Wyatt in the Pearl and 2121 Belmont in SE). From there, we have Atwater Place, the John Ross, the two Meriwether Towers and OHSU’s building on the far right. [](https://lovejoyrealestate.com/wp-content/uploads/2009/05/South_Waterfront_Development.jpg)This is a great picture of the proposed build-out of the area.
**Categories:** New Construction Complexes
**Tags:** Portland South Waterfront Update, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Use Your $8000 First Time Buyer Credit as Your Down Payment](https://lovejoyrealestate.com/use-your-8000-first-time-buyer-credit-as-your-down-payment/)
**Published:** May 14, 2009
**Author:** Charles Turner
**Content:**
\*\*\*Update: No longer true. [New post 5/20/09](https://lovejoyrealestate.com/realestate/2009/05/use-your-8000-first-time-buyer-credit-as-your-down-payment/).
The US Department of Housing and Development has approved a plan which will allow qualified buyers to put their $8000 first time buyer credit towards their down payment. It must be used in conjunction with and FHA loan.
> How the secondary financing works:
>
> - The tax credit advance, when combined with the FHA-insured first mortgage may not result in cash back to the borrower. The second lien may not exceed the total needed for the down payment, closing costs and prepaid expenses.
> - The tax credit advance must provide that if the borrower does not repay the amount borrowed by the designated deadline, that principal and interest payments begin
> automatically.
> - If payments on the tax credit advance are required, they must be included in qualifying the borrower and, when combined with the first mortgage, cannot exceed the borrower’s
> reasonable ability to pay.
> - If payments on the tax credit are deferred, the deferment must be for a minimum of 36 months in order for the payment to not be included in the qualifying ratios.
> - The tax credit advance second mortgage must not provide for a balloon payment before ten years.
The full text of the letter and the qualifications cited above are [here](https://lovejoyrealestate.com/wp-content/uploads/2009/05/hud_fthbtc_mortgagee_letter.pdf "Rules for using First Time Buyer Credit as downpayment").
**Categories:** First Time Buyer
**Tags:** First Time Buyer Credit, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [RMLS Market Action April 2009](https://lovejoyrealestate.com/rmls-market-action-april-2009/)
**Published:** May 14, 2009
**Author:** Charles Turner
**Content:**
Today’s RMLS Market Action reports the first drop in March to April inventory since 2004. The drop in inventory is attributed to the increase in pending sales as the actual number of active listings increased to . Inventory calculated as the number of active listings divided by their rate of sale.
The market still lags behind 2008 in pending and closed transactions but continues to see month-over-month improvements. Current market time was 148 days in April (152 days for the year). The method of calculating days on market has changed, but as a comparison, July 2006 had a DOM of just 38! When the change was made the DOM jumped by about a factor of two so the difference is still significant. Inventory for July 2006 was 3.5 and that calculation has not changed. There were 11,457 active listings. NE Portland’s 107 days on market is the lowest reported for April 2009.
The market over $1,000,000 remains slow. In 2007, there were 74 sales in Portland over $1M in the first four months of the year. In 2008, it dropped to 56. In 2009, there are a total of 17 recorded sales through April 30th. I obviously would like to add number 18 to that list with the sale of our remodel project at 2356 NW Hoyt. I have a vested interest in hoping that the [return of reasonable rate jumbo loans](https://lovejoyrealestate.com/realestate/2009/05/jumbo-loans-returning-to-portland-real-estate) will accelerate the higher end of the market.
**Categories:** Market Activity & Data
**Tags:** Market Action, RMLS, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Renaming 39th to Chavez Might Obscure Real Estate History](https://lovejoyrealestate.com/renaming-39th-to-chavez-might-obscure-real-estate-history/)
**Published:** May 14, 2009
**Author:** Charles Turner
**Content:**
The debate to change the name Portland’s SE 39th Avenue to Cesar Chavez continues. Portland’s Planning Commission voted 7-1 on Monday to keep the process moving. Would a name change have a positive or negative (or any) impact on the street’s real estate? There are at least two components that I can think of. I’m not convinced either makes a significant argument for or against a change (I personally would like to see something new (a bridge or park) named).
1\) Does renaming a street mitigate the institutional memory of a street? “I would never live on SE 39th because it is too busy” or “I want to find something on SE 39th because I want the flexible zoning so that I can live and work there.” I don’t think there is a meaningful difference with a new name. Busy streets remain busy regardless of name and there are advantage and disadvantage to buying on a busy street.
2\) Portland Blvd became Rosa Parks a few years back. I found a sold listing in RMLS on Rosa Parks from 2007. The 1926 house had no listing history prior to that linked to the property. But it does have history if searching by Portland Blvd. I’ve always thought that listing history is overvalued as a metric in real estate. What a house was worth back then or sold for back then has little to do with what a house is worth today. It may be an indicator that further investigation is needed but it does not determine value itself.
We didn’t have any active transactions on Portland Blvd when it became Rosa Parks in 2006 and don’t remember any issues being brought up then so I am sure the change would be smooth in this case as well. It might require an extra step when looking at histories and comps but again, I don’t see a significant impact.
**Categories:** Real Estate News & Tips
**Tags:** Chavez Might Obscure, Real Estate History, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [You Find the Darnedest Things in Portland Sewers](https://lovejoyrealestate.com/you-find-the-darnedest-things-in-portland-sewers/)
**Published:** May 13, 2009
**Author:** Charles Turner
**Content:**
Sewer scopes reveal all sorts of things: cracks, roots, clogs, transitions from terracotta to cast iron, and even completely shattered or nonexistent lines. This was a new one for us: the yellow conduit at the top of the sewer houses an active gas line!
Portland’s sewer system is decades old but people are still converting their houses from oil to natural gas or building new houses with natural gas. The sewer lines aren’t always exactly where expected and in this case, the new gas line conduit was bored by machine, not laid in an open trench so the nobody ever saw the sewer line.
**Categories:** Home Inspections
**Tags:** Portland Sewers, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Real Estate Teams](https://lovejoyrealestate.com/real-estate-teams/)
**Published:** May 7, 2009
**Author:** Charles Turner
**Content:**
If you are reading this on Thursday, May 6th, I am somewhere off the coast of Washington racing from Astoria to Victoria, BC aboard Riva, the J-46 sailboat that I crew on doing the [Oregon Offshore race](http://www.cycportland.com/OOR%20Home.htm "Orgeon Offshore sailboat race").
If I was a sole practitioner I would need to use another Realtor that I was comfortable with but not necessarily their first priority. Being a part of a team, I know that if a client that I am working primarily needs something while I am gone, it’s covered.
I’m not saying that doesn’t work great with some agents but when Jenny and I were just the two of us we did have an experience where the agent that was covering for us got a call from thier client so dumped ours even though they had things scheduled.
A quick note on comments: this new platform requires that I moderate the first post by any commenter. After approval of the first comment, all subsquent comments will post in real time.
**Categories:** Real Estate News & Tips
**Tags:** Real Estate Teams, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Realtor.com: Why Would a Buyer Use over Local Sites?](https://lovejoyrealestate.com/realtorcom-why-would-a-buyer-use-over-local-sites/)
**Published:** May 6, 2009
**Author:** Charles Turner
**Content:**
I returned a call from Realtors.com yesterday which turned out to be a sales call to upgrade to their premium service for listings. Agents that do not pony up $67 per month do not have all the available data for their listings displayed. There are 16 available photos in RMLS for the listing I used as a test. Four are available on [Realtor.com](http://www.Realtor.com "Realtor.com website"). All 16 pictures are available on [RMLS](http://www.RMLS.com "RMLS Website for Portland Real Estate"), [John L. Scott](http://www.johnlscott.com/ "John L Scott website "), [Hasson ](http://hasson.com/ "Hasson Real Estate Website")and [Prudential Northwest Properties](http://www.pru-nw.com)‘ websites.
When I told the saleman that we would discuss their product between us it became a high pressure sales pitch in which he did everything but call me cheap without using those words directly as I would sign up NOW. I’m not really impressed with the site anyways: they limit information available to the customer (because “they are a for profit public company”). They reward bad photography: they allow up to 25 photos (for premium users) to be posted and push the listings with the most photos to the top . He guided me to an 800 square foot condo listing with 25 pictures. There were probably 10 worthwhile ones and 15 fillers.
If I were searching for Portland area real estate I would use a local site. Use a site with complete information.
**Categories:** Real Estate News & Tips
**Tags:** Realtor.com, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [National Housing Market Improving. Portland to Follow?](https://lovejoyrealestate.com/national-housing-market-improving-portland-to-follow/)
**Published:** May 5, 2009
**Author:** Charles Turner
**Content:**
There is a familiar refrain that, Portland real estate trails the national real estate market by months if not years. The national market moves and Portland eventually follows. The graph, which compares the Portland market (PORX) to the 10 (CSXR) and 20 (SPCS20R) national indexes, suggests that that’s not necessarily true. The appear to mirror each other pretty closely.
Even when taking the previously hot markets of San Francisco, Miami, and San Diego compared to Portland, the ups and downs are close but not as extreme.
Can Portlanders find comfort in recent optimistic real estate news? Yesterday, it was reported that [pending sales are up 3.2 % nationally](http://money.cnn.com/2009/05/04/real_estate/March_pending_home_sales/index.htm?postversion=2009050413 "CNN Money: Pending Home Sales Rise"). Even NAR economist, Lawrence Yun, isn’t willing to call it a bottom but its some of the first positive news to come out of the housing market in a while. The Dow jumped 214 points yesterday.
**Categories:** Case Shiller Index
**Tags:** National Housing Market, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Building Burns While Residents Watch From Balcony](https://lovejoyrealestate.com/building-burns-while-residents-watch-from-balcony/)
**Published:** May 4, 2009
**Author:** Charles Turner
**Content:**
The fire alarms went off in the Wyatt last night at about 6:30. A pleasant voice states, “a fire has been detected on your floor. Please evacuate the building by the stairs; do not use the elevators.” We packed up the toddler, dog and dinner guest and headed out into a smokey hallway and down 15 flights to street level. Three things become apparent:
1. there is no smoke billowing from the building
2. there is only one fire truck (Lovejoy’s fire merited 7)
3. there are a whole bunch of our fellow residents watching from their balconies
Sailing in the ocean, we have a “ditch bag” with the things that cannot or should not be lost in the event we end up in the life raft. We didn’t leave the condo with any such thing, Jenny didn’t even put shoes on. Hiking down the stairs I started thinking about a theortical ditch bag for real estate.
Most of our important documents are in the safe deposit box at Wells Fargo but some of the most recently used documents are locked up here. Nothing irreplacble but not easy. I didn’t pick up my camera (iPhone used for one above). Most of our pictures are digital but most are not stored online. They are backed up but most of the backups are here. Both laptops remained in the condo. We had keys to one of two cars (but since both are parked in the basement it might not have been useful).
Ultimately if the building had burned to the ground and we were standing out there in boxer shorts it wouldn’t matter if everyone was safe but it does give one pause to consider certain things and exit routes. We had no way of knowing if it was serious our not from our vantage point so had to assume it was.
**Categories:** Pearl District
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Jumbo Loans Returning to Portland Real Estate](https://lovejoyrealestate.com/jumbo-loans-returning-to-portland-real-estate/)
**Published:** May 1, 2009
**Author:** Charles Turner
**Content:**
When the mortgage market collapsed fixed rate jumbo loans disappeared. Adjustable Rate Mortgages (ARMs) have been available but at very high rates. When looking at the [Market Tracker](http://www.pdxbuyers.com/market-tracker.aspx "Market Tracker Graphs showing Portland real estate housing data") graphs on [PDXBuyers.com](http://www.pdxbuyers.com "PDXBuyers.com") it doesn’t take long to see that the market typically financed by the jumbo loan market has been hit harder than the conforming market. That’s starting to change. I met with [Scott Kirkland](mailto:scott@teamkirkland.com) of [Team Kirkland Home Loans](http://www.teamkirkland.com "Team Kirkland Home Loans") on Wednesday and he explains:
> Conforming loans are those loan amounts under $417,000 while Jumbo loans are loan amounts over $417,000. Rates on these two types of mortgage products used to be very close in rate. This stopped about a year ago when only loans bought by Fannie/Freddie (backed by government) were the only “safe” bonds to purchase. When this happened, your portfolio lenders – those buying up Jumbo loan products – had no one to buy their loans thus driving up the rate on any loan over $417,000.
> Housing product listed over $417,000 has been dramatically dropped in price because the interest rates were much higher on this more expensive paper. A conforming loan rate might be at 4.75% while the same borrower would have to pay 7-9% on a Jumbo loan. This has driven many buyer’s away from the $450+K house price range. We have seen competition in the lower price ranges pick up as of recently due to more expensive financing on any loan over conforming limits.
>
> Jumbo rates are coming back! There are lenders out there today who have recognized this problem and are now offering Jumbo rates at 5.5% (5.75APR) on a 30-year fixed. These lenders have taken some of their government monies recently received to create a solution for those buyers and sellers affected by the high rates on Jumbo loans. Now that rates on loans over $417,000 are starting to return and become more in line with those conforming loans, expect the inventory levels in the higher price ranges to shrink.
We’ve seen how dynamic the mortgage market has become. What is available today may not be tomorrow. The loans have high loan to value ratios (30% in Portland) so there is a considerable down payment requirement. An FHA loan could require as little as 3.5%. Will the banks offering these loans run out of money due to popularity or will other banks return to the market? In many respects, the answer is vital to the real estate market.
**Categories:** Finance & Mortgage
**Tags:** Jumbo Loans, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Subscribe to the Portland Real Estate Blog](https://lovejoyrealestate.com/subscribe/)
**Published:** April 30, 2009
**Author:** Charles Turner
**Content:**
[](http://feeds2.feedburner.com/portlandrealestateblog/DDVj "Subscribe to my feed")[Subscribe in a reader](http://feeds2.feedburner.com/portlandrealestateblog/DDVj "Subscribe to my feed")
It appears that during the transfer to our new host we may have lost some of the subscribers to the Portland Real Estate Blog feed. You can start or renew your feed to the blog by clicking the link above or on the right sidebar.
End
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate Blog, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Portland Case Shiller February 2009](https://lovejoyrealestate.com/portland-case-shiller-february-2009/)
**Published:** April 29, 2009
**Author:** Charles Turner
**Content:**
February 2009 proved another tough month for the Case Shiller Index for Portland. The index gave up another 3 points; down to 150.8. This puts the current index at June/July 2005 levels and a 12 month decline of 14.4%. The Dow Jones Industrial was down 36.7% for the same 12 month period. End
**Categories:** Case Shiller Index
**Tags:** Portland Case Shiller, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Real Estate's Dirty Laundry](https://lovejoyrealestate.com/real-estates-dirty-laundry/)
**Published:** April 28, 2009
**Author:** Charles Turner
**Content:**
I’m sure I wasn’t the first and I know I wasn’t the last since we just discovered the issue in a house we inspected: install a dryer vent when remodeling! Seems obvious that a laundry facility, a standard washer and dryer requires:
2. A power source for both machines (appropriate electricity and possibly gas).
3. Hot and cold water in
4. Waste water out
5. A dryer vent
6. Whatever else your building code requires
There is no perfect world for the laundry location in most houses. If they are in the basement, you probably have more space but the odds are most of washing is being created on the upper floors. A chute is nice but it only delivers it one way. Basements are not always finished to the quality of the rest of the house.
Some people won’t even look at a house if they are in the attached garage (I grew up with them there and it isn’t a deal breaker for me). Its probably the best place for them if there is ever a problem with the water supply or drain.
If they are near a bedroom they may to be too loud to run at night. There is often less space available. Uprights were often considered the considered the sofa bed of laundry: got the job done but not ideal. The modern day front loading stackables have fixed that but keep in mind that the standard for all machines is 27 inches wide. Narrower exist but they are not the norm.
If you have an electric dryer, take a picture or drawing of the socket before heading to the store. There are different layouts and it’s a lot easier if you now which one you need when looking at them in the store.
**Categories:** Fixers and Remodeling
**Tags:** Real Estate's Dirty Laundry, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Do I Have to Pay the $8000 First Time Buyer Credit Back?](https://lovejoyrealestate.com/do-i-have-to-pay-the-8000-first-time-buyer-credit-back/)
**Published:** April 27, 2009
**Author:** Charles Turner
**Content:**
There are hundreds of forums outlining the $8000 First Time Buyer Credit. I’ve been really careful not to give tax advice and have referred you directly to the [IRS Form 9054](http://www.irs.gov/pub/irs-pdf/f5405.pdf) in my previous post regarding the[ tax credit](https://lovejoyrealestate.com/realestate/2009/02/who-is-a-first-time-buyer-according-to-the-irs "Portland Real Estate Blog Post on Tax Credit"). There are many forums where the advice given seems to counter the information on the IRS form. If you have questions as to whether you qualify, seek advice from an accountant.
The tax credit has become an integral part of “Now is a great time to buy.” First Time Buyer beware! Did you know there are provisions that will force repayment of the credit for a house purchased in 2009 (credit is set to expire Dec. 1 so you must close on or before Nov. 30)? IRS Form 9054 was updated in February to include the $8000 credit (previously a $7500 “credit” that has to be repaid over 15 years). Form 9054 reads:
> **Homes purchased in 2009**
> You must repay the credit only if the home ceases to be your main home within the 36-month period beginning on the purchase date. This includes situations where you sell the home, you convert it to business or rental property, or the home is destroyed, condemned, or disposed of under threat of condemnation. You repay the credit by including it as additional tax on the return for the year the home ceases to be your main home. If the home continues to be your main home for at least 36 months beginning on the purchase date, you do not have to repay any of the credit.
>
> If you and your spouse claim the credit on a joint return, each spouse is treated as having been allowed half of the credit for purposes of repaying the credit.
>
> **Exceptions. The following are exceptions to the repayment rule.**
>
> - If you sell the home to someone who is not related to you, the repayment in the year of sale is limited to the amount of gain on the sale. See item 8 under Who Cannot Claim the Credit for the definition of a related person.) When figuring the gain, reduce the adjusted basis of the home by the amount of the credit.
> - If the home is destroyed, condemned, or disposed of under threat of condemnation, and you acquire a new main home within 2 years of the event, you do not have to repay the credit.
> - If, as part of a divorce settlement, the home is transferred to a spouse or former spouse, the spouse who receives the home is responsible for repaying the credit.
> - If you die, repayment of the credit is not required. If you filed a joint return and then you die, your surviving spouse would be required to repay his or her half of the credit
You need to ask yourself how long you are going to be in your home since you just can’t take the money and run.
**Categories:** First Time Buyer
**Tags:** First Time Buyer Credit, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Saturday Morning Portland Real Estate Update](https://lovejoyrealestate.com/saturday-morning-portland-real-estate-update/)
**Published:** April 25, 2009
**Author:** Charles Turner
**Content:**
When I picked up my copy of the Oregonian this morning, I was expecting my ritual dose of bad news. We’d spent the previous evening watching the Blazers nearly snap victory from the jaws of defeat so knew that story was going to be on the cover but the one below it really caught my eye, “[Time May Be Right To Buy First Home.](http://www.oregonlive.com/business/index.ssf/2009/04/firsttime_homebuyers_lured_by.html)” Is it a turning point for local mainstream media? Clearly not a “BUY NOW” which is what I have been advocating for months- no matter what the market, the are opportunities out there for the right buyer- not every buyer.
Reasons to look at buying include:
- a recent drop in home prices.
- historically low interest rates.
- low down payments for FHA qualified loans and buyers.
- a historically large inventory of home for sale and motivated sellers.
- the $8000 first time buyer tax credit for those that qualify and close by Dec. 1, 2009.
Reasons to be concerned:
- no clear “bottom” of the market. It could continue to slide.
- high unemployment rates and the possibility of it getting worse.
- must be able to qualify for best case scenario.
- overall economic uncertainty.
Each individual needs to decide what is best for them. Start by asking yourself how you weigh each factor. Plan on talking to a Realtor, accountant and mortgage broker. Talk to an accountant to verify that you qualify as a [first time buyer](https://lovejoyrealestate.com/realestate/2009/02/who-is-a-first-time-buyer-according-to-the-irs) (check the details). Talk to a mortgage broker and see how much you qualify for and decide if that works within your budget. Talk to a Realtor (preferably us) about assembling all the pieces and putting them together.
The Blazers have proven they can come back, the housing market can do the same.
I’ll be holding 2356 NW Hoyt open today (4/25/09) from 1-4 this afternoon.
**Categories:** First Time Buyer
**Tags:** Portland Real Estate Update, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Moving Day. We're on Wordpress now.](https://lovejoyrealestate.com/moving-day-were-on-wordpress-now/)
**Published:** April 24, 2009
**Author:** Charles Turner
**Content:**
We’ve made the switch from our previous platform to a Wordpress site powered by [Dakno](http://www.dakno.com)/[BrokerTec](http://www.brokertecsystems.com). We’re excited about the new look and tools that will be available us. End
**Categories:** Real Estate News & Tips
**Tags:** Wordpress, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [FBI Cracks Down On Oregon Mortgage Fraud](https://lovejoyrealestate.com/fbi-cracks-down-on-oregon-mortgage-fraud/)
**Published:** April 22, 2009
**Author:** Charles Turner
**Content:**
The Oregon Office of the FBI is cracking down on real estate related mortgage fraud in conjunction with the US Attorney General’s Office. The dedicated web page on mortgage related fraud in Oregon is very interesting. The first scheme target is homeowners by Foreclosure Specialists:
***Foreclosure Rescue Schemes***
> One of the biggest concerns for consumers now comes in the form of
> unscrupulous “foreclosure specialists.” In some cases, desperate
> homeowners sign over the deed to their home to these “specialists”
> believing that they can stay in the home, make “rent” payments, and
> eventually re-purchase the property. In many cases, the “rent” payments
> that are supposed to go to the mortgage company never get sent. The
> “specialist” simply pockets the payments and any extra fees. The home
> continues into foreclosure, and the homeowner loses even more money.
The second has two parties scheming together to defraud banks:
***Short Sales***
> A second area of concern involves “short sales.” In this instance, a
> buyer purchases a home with no intention of making payments.
> Oftentimes, additional funds are included in the loan for
> “improvements.” The buyer pockets that money and informs the bank
> several months later that the house will foreclose. The buyer presents
> a possible pre-foreclosure buyer. This second fraudster makes a deal
> with the lender to purchase the home below the current loan amount. The
> lender agrees, not knowing that the mortgage payments were deliberately
> not made to fabricate this short-sale situation. Sometimes, the new
> buyer or previous homeowner will damage the house to prove its lower
> worth. After the deal closes, the fraudster repairs the damage, gets
> the home appraised at a higher level, and re-sells it for a profit.
The FBI has a tip line and a list of advice on the site.
Citizens can send tips to the FBI at or call (503) 273-5813.
**Categories:** Real Estate News & Tips
**Tags:** FBI Cracks Down, Oregon Mortgage Fraud, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [American Home Shield (AHS) Listing Coverage](https://lovejoyrealestate.com/american-home-shield-ahs-listing-coverage/)
**Published:** April 21, 2009
**Author:** Charles Turner
**Content:**
I’m looking at an electrical invoice for $385 for one of our listings. The seller paid the $60 deductible on the [American Home Shield](http://www.ahswarranty.com/) warranty that we provide (through Prudential Northwest Properties) during the listing period. The rest of the invoice is covered by AHS.End
**Categories:** Real Estate News & Tips
**Tags:** AHS, American Home Shield, Listing Coverage, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [If Houses Could Talk](https://lovejoyrealestate.com/if-houses-could-talk/)
**Published:** April 18, 2009
**Author:** Charles Turner
**Content:**
“Where’s it hurt? What Happened?” Our toddler is barely talking but he can point to what hurts and how it happened. The last couple of days I’ve shown some houses and that small bit of communication would go a long way. As a commodity, it doesn’t matter why the seller is selling a house but human nature wants to know the answer. That’s proven that some states (not Oregon) require disclosure of events that do not have any impact on the physical condition of the property.
The last few days of showing property left us asking these questions: What motivated them to spray paint the bathtub construction orange? Why was the open suitcase of children’s toys left open and behind in the center of the bedroom and the halmarked Sterling silver salad servers left amung the debris on the kitchen counter? Were they trying to burn the house down by leaving the iron face down on the floor or was it an accident that was caught right before the flames started (burned all the way through the laminate floor into the subfloor)?
Regardless of the actual answer or the path to get there, the result is sad and tragic.
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Real Estate Takes Over Oregonian Business Section](https://lovejoyrealestate.com/real-estate-takes-over-business-section/)
**Published:** April 17, 2009
**Author:** Charles Turner
**Content:**
There are three or four real estate related articles on the cover of today’s Oregonian business section depending on how you count them.
1. Ryan Frank (of [Front Porch fame](http://blog.oregonlive.com/frontporch/2009/04/jls_cusom_homes_to_liquidate_i.html "Oregonian Front Porch Blog")) reports that JLS Homes is liquidating homes to avoid bankruptcy. The potential sale of 70 homes, most of them at a loss, may allow them to start building again.
2. Umpqua bank is feeling the pain of the economy but not as much as some of its competition, in part because, “Umpqua had less exposure to residential development that some other Northwest banks, nearly all of which had jumped enthusiastically into the housing sector boom.”
3. The owners of Pioneer Place have filed for Chapter 11. General Growth Properties has at least part ownership of a large list of malls in the state and throughout the country.
4. The feature story on the page is [Secret Recipe: the Three Day Kitchen](http://www.oregonlive.com/business/oregonian/index.ssf?/base/business/1239942319276410.xml&coll=7). Forty percent of all construction spending is spent on remodels. The 3-Day Kitchen and Bath franchise put the interviewed home owner up at the Holiday Inn while they worked long days to complete the job.
5. For those of you in Eugune, [there’s a foreclosure bus just for you](http://www.registerguard.com/csp/cms/sites/web/business/11922954-41/story.csp). The comments are delveloping into a pro/anti Realtor debate (Realtor is capitolized because it is a copyrighted name and really should be Realtor©). Buy four articles, get the fifth for free (found the link to this while looking up the others on Oregonlive).
Go Blazers!
**Categories:** Real Estate News & Tips
**Tags:** Oregonian Business Section, Real Estate, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Radon's Role in Portland Real Estate](https://lovejoyrealestate.com/radons-role-in-portland-real-estate/)
**Published:** April 16, 2009
**Author:** Charles Turner
**Content:**
We’ll write more about radon and real estate soon but it is worth mentioning now that we are 0-3 on our last three radon tests. All three of our buyer’s inspections have come back with higher than acceptable levels. The EPA publishes [A Citizen’s Guide to Radon](http://epa.gov/radon/pubs/citguide.html):
***Radon is a cancer-causing, radioactive gas.***
> You can’t see radon. And you can’t smell it or taste it. But it may be a problem in your home.
>
> Radon is estimated to cause many thousands of deaths each year.
> That’s because when you breathe air containing radon, you can get lung
> cancer. In fact, the Surgeon General has warned that radon is the
> second leading cause of lung cancer in the United States today. Only
> smoking causes more lung cancer deaths. **If you smoke and your home has high radon levels, your risk of lung cancer is especially high.**
There is brief mention of radon in the Oregon Property Buyer’s Advisory under the [Environmental Hazards](http://www.oregonrealtors.org/.docs/_sid/8bd977b7c6046fc4595e7ecf25c777fc/pg/10421#EnvironmentalHazards) section.
**Categories:** Real Estate News & Tips
**Tags:** Radon's Role, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [RMLS Market Action March 2009 Neighborhood Breakdowns.](https://lovejoyrealestate.com/rmls-market-action-march-2009-neighborhood-breakdowns/)
**Published:** April 15, 2009
**Author:** Charles Turner
**Content:**
[](/files/rmls-8-09-l.jpg)
The chart above is from the March 2009 Market Action (click to enlarge).
The four areas that make up Portland have all seen a significant drop in pending sales compared to last year (16%-30%) whereas Gresham/Troutdale, Oregon City and Milwaukie/Clackamas saw an increases (1.7% and 7.3% and 10.7% respectively). The 12 month rolling average sales price is down across the board. North Portland has the lowest market time at 114 days.
**Categories:** Market Activity & Data
**Tags:** Neighborhood Breakdowns, Market Action, RMLS, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [RMLS Market Action March 2009](https://lovejoyrealestate.com/rmls-market-action-march-2009/)
**Published:** April 14, 2009
**Author:** Charles Turner
**Content:**
[](/files/rmls-market-action-08-09-l.jpg) Did Portland real estate hit bottom in January? Are we looking back at the bottom or a bump? Portland housing inventory dropped again in March 2009 to 12 months RMLS Market Action reports. January had the highest ever recorded inventory at 19.2 months, it dropped to 16.6 in February and March levels are close to the levels reported in both January and October 2008. There’s been a drop in inventory every February to March reporting period in the last three years. The 26.5% drop this year is about the same as the 26.9% drop seen in 2006 but more than doubles the 12.5% drop in 2007. I feel the real estate market is gaining straingth but the overall economic picture leaves a question mark.
[](/files/metro-res-trends-l.jpg)
Year to date numbers are higher for both pending and closed sales and median price but are not at 2008 levels. The number of listed houses has not decreased sigificantly from February (down a total of 30 units) so the decrease in inventory is due to an increase in sales. [Last week’s post](https://lovejoyrealestate.com/how-many-listings-are-there-in-portland/ "Houses listed in Portland") provides graphs as to where those listings are located and in what price range.
**Categories:** Market Activity & Data
**Tags:** Market Action, RMLS, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [How Many Listings Are There In Portland?](https://lovejoyrealestate.com/how-many-listings-are-there-in-portland/)
**Published:** April 9, 2009
**Author:** Charles Turner
**Content:**
RMLS reported that there was 16.6 months of inventory Portland in February. This image will scroll through all the breakdown as to where those listings are in different price ranges. The graphs will update monthly but depending on how they behave on the blog, may be moved to another location. \*\*\*scrolling didn’t work so here they all are:Portland Real Estate: How Many Listings Are There In Portland?
**Categories:** Real Estate News & Tips
**Tags:** Listings In Portland, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Announcing www.PDXBuyers.com](https://lovejoyrealestate.com/announcing-wwwpdxbuyerscom/)
**Published:** April 7, 2009
**Author:** Charles Turner
**Content:**
Regular readers have probably noticed fewer posts here over the last month. I haven’t been idle but have been building a new website. www.PDXBuyers.com is our newest site. It has a couple of features that I believe are unique to our site (at least for now).
The first feature is the introduction of [Market Tracker information for each zip code in Portland available online](http://www.PDXBuyers.com/market-tracker.aspx "PDXBuyer's Marekt Tracker information"). The graphs are the same ones used in the report that you can have delivered to your inbox each month. The four graphs break down zip codes by average sales price, number of units sold across price ranges, rate of appreciation across price ranges and price per square foot. Each graph will be updated during the first week of the month to reflect the previous month’s activity.
The Market Tracker graphs are also tied to a [property search for each zip code](http://www.pdxbuyers.com/portland-property-search.aspx "PDXBuyer's property search"). We’ve defined the search as residential property but you can easily modify the search, save it and set it to email properties that meet your specific requirements.
We’ve created an “[Ask the Experts](http://www.pdxbuyers.com/ask-the-experts.aspx "PDXBuyer's Ask the Experts")” page as well. We currently have industry experts in the insurance, mortgage and home inspection industries explaining what their role in the real estate transaction is.
As with everything, there is still more to do and you’ll see some changes in the coming weeks but that should be mostly cosmetic. This blog will also be getting a face lift in short order.
Try to get out and enjoy the sun.
**Categories:** First Time Buyer
**Tags:** www.PDXBuyers.com, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Portland Case Shiller Index Retreats to August 2005 Level](https://lovejoyrealestate.com/portland-case-shiller-index-retreats-to-august-2005-level/)
**Published:** March 31, 2009
**Author:** Charles Turner
**Content:**
Case Shiller released their report for January today and I don’t think that it will be a surprise to anyone that the January 2009 Index dropped from December’s 158.5. At 153.8, it’s about the same level reported in August of 2005. The 20 city index is down 19% from January 2008. Portland is down 14%.
Is that the bottom? Maybe, maybe not. RMLS reported lower inventory in February, it seem like lending is getting easier with lower rates, and the First Time Buyer Credit is now really a credit and not an interest free loan. Weighing in heavily on the other side is unemployment, the uncertain fate of GM and Chrylser, war, etc.
This link was post on Realtor.org as a reposting of a Newsweek story: “[Top Economists See Recovery Differently](http://www.realtor.org/RMODaily.nsf/pages/News2009033102?OpenDocument).” Link added (1:30PM)
**Categories:** Real Estate News & Tips
**Tags:** Portland Case Shiller Index, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Market Tracker for 97214](https://lovejoyrealestate.com/market-tracker-for-97214/)
**Published:** March 26, 2009
**Author:** Charles Turner
**Content:**
Here’s some sales and market data for the 97214 zip code.
End
**Categories:** Real Estate News & Tips
**Tags:** Market Tracker, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [FHA Loans, Condos in Portland and the First Time Buyer Credit](https://lovejoyrealestate.com/fha-loans-condos-in-portland-and-the-first-time-buyer-credit/)
**Published:** March 25, 2009
**Author:** Charles Turner
**Content:**
Keeping in mind that everyone’s situation is different and qualifications vary from buyer to buyer but if my understanding of the First Time Buyer Credit and FHA financing is correct, the government will pay qualified buyers to buy a qualified property. A qualified buyer in this case is FHA approved, is considered a first time buyer by the IRS and meets their income requirements. A qualified property meets the requirements for FHA financing (more on that below). As always, verify your situation with an accountant and mortgage professional.
Assuming the purchase of a $200,000 property that qualifies for FHA financing with 3.5% down: The qualified buyer puts down $7000 (plus closing costs, inspections etc). [IRS Form 5405](http://www.irs.gov/pub/irs-pdf/f5405.pdf "First Time Buyer Credit IRS Form 5405") indicates that the property qualifies for the $8000 credit as it is the lesser amount of either that or 10% of the purchase price (note that Form 5405 also defines purchase price). The simplified version indicates that the buyer is going to pocket $1000 after filing their taxes. Realistically, closing costs and other fees will probably eat that up. The buyer would net even more on a $100,000 purchase: $3500 down (plus costs) and the $8000 tax credit but Portland has a very limited number of properties at that price (though we did recently sell an FHA approved condo for $89,000.
The general rule is that FHA financing for a condo requires the condo to be on the list to qualify. There are exceptions but they are few and far between but do exist. The list of approved condos on the HUD website can be a little frustrating as it only returns results that 100% match your search. The database is incomplete. About 50% of the properties are listed without their zip code. If you enter condos a certain zip code and the property in question was listed without a zip code, it won’t appear in your search. If you search a condo name and your search does not match the way the name was inputted into the database, it will not return the property as a result. You are more likely to find a subject property by searching just the city (127 results for Portland, OR) or the whole state (353 results).
As always: do your research, ask the appropriate questions and determine if now is the right time to buy for you. This is not tax or legal advice.
**Categories:** First Time Buyer
**Tags:** Condos In Portland, FHA Loans, First Time Buyer Credit, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Market Tracker Portland Real Estate 97209 Data](https://lovejoyrealestate.com/market-tracker-portland-real-estate-97209-data/)
**Published:** March 24, 2009
**Author:** Charles Turner
**Content:**
The four graphs in this post are from our monthly Market Tracker report which is delivered to your email inbox monthly. You can subscribe to up to ten zip codes by contacting us. You can read our privacy policy on either the [TurnerRealtors ](http://www.TurnerRealtors.com/privacy.aspx "Turner Realtors Privacy Policy")or [PDXRelocations ](http://pdxrelocations.com/privacy.php "Turner Realtors Privacy Policy")website- we do not share your information. Today’s report is from 97209. I’ll alternate posting reports between the east and west sides of the River.
[](/files/avg-sales-97209-l.jpg)
[](/files/rate-appr-97209-l.jpg)
[](/files/av-sales-97209-l.jpg)
[](/files/sales-units-97209-l.jpg)
**Categories:** Pearl District
**Tags:** Market Tracker, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Portland Metro Schools](https://lovejoyrealestate.com/portland-metro-schools/)
**Published:** March 23, 2009
**Author:** Charles Turner
**Content:**
[](/files/a-plus-l.jpg)
In an economy where almost everyone is cutting back, local public school districts are no exception. The Oregonian reported on Friday that Portland Public Schools has cut $9M from its $469M budget. Most of the districts reported cuts of about 2%. The effects of the cuts vary from school to school. Portland is not cutting school days.
The Portland Public Schools website has a link that you can [enter a property address to find which Portland schools](http://www.pps.k12.or.us/schools-c/find_your_school.php) your child will attend.
Portland Monthly published the [2007 Progress Report](http://www.portlandmonthlymag.com/real-estate/articles/1207-progress-report/ "Portland Monthly Schools Report") in December 2007 and the Oregon Department of Education’s Reports Cards (currently 2007-2008) are [here](# "State of Oregon School Report Cards").
**Categories:** Miscellaneous Portland
**Tags:** Portland Metro Schools, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [New Portland Neighborhood Descriptions on PDXRelocations.com](https://lovejoyrealestate.com/new-portland-neighborhood-descriptions-on-pdxrelocationscom/)
**Published:** March 21, 2009
**Author:** Charles Turner
**Content:**
[](http://www.pdxrelocations.com)
We’ve swapped out all of our old neighborhood descriptions with new ones written especially for us and the PDXRelocations website. There are 28 neighborhoods that can be accessed from the links on the left sidebar or via the [interactive map](http://www.pdxrelocations.com/area-info.php "PDXRelocations Interactive Neighborhood Map"). We’ll continue to add pictures (if you have good ones that represent a neighborhood, send them our way).End
**Categories:** Real Estate News & Tips
**Tags:** PDXRelocations.com, Portland Neighborhood Descriptions, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [RMLS Market Areas and Median Prices Mapped](https://lovejoyrealestate.com/rmls-market-areas-and-median-prices-mapped/)
**Published:** March 17, 2009
**Author:** Charles Turner
**Content:**
[](/files/prices-mapped-l.jpg)
Each month when RMLS publishes their data in Market Action, it is broken into areas. The areas are numbered using the same system that the Oregonian uses to separate their real estate classified ads. I added the area numbers in the graphic above (click on it to enlarge) for clarification as often Realtor-speak simply refers to area by number or an area is described by name (where does West Portland end and Northwest Washington County begin?). The graphic shows the median sales price for residential homes in the Portland report for February 2009.End
**Categories:** Market Activity & Data
**Tags:** Market Areas, Median Prices Mapped, RMLS, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [RMLS Market Action February 2009](https://lovejoyrealestate.com/rmls-market-action-february-2009/)
**Published:** March 13, 2009
**Author:** Charles Turner
**Content:**
[](/files/feb-09-inventory.jpg)All I can do is report the numbers. Inventory numbers are lower but you can’t definitively define why. December’s weather sucked, the holidays, economic uncertainty, what-have-you; all that was all reflected in January. Now we still have economic uncertainty and what-have-you. [](/files/feb-09-highlights-l.jpg) Closed sales and pending sales numbers are down from this time a year ago but both up since January (average sales price was up .4% and the median up 3.6%) . New listings on the other hand are down from a month ago. Click on the image above to enlarge it to a more readable version.
While real estate may be “local” and I have been able to report in the past that at least one RMLS reporting are was in positive territory on a 12 month rolling average, that is no longer the case: all areas have dropped (in the range of -1.2 to -9.6%).
**Categories:** Market Activity & Data
**Tags:** RMLS Market Action, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Earnest Money Dispute Shooting](https://lovejoyrealestate.com/earnest-money-dispute-shooting/)
**Published:** March 11, 2009
**Author:** Charles Turner
**Content:**
Disputes in real estate are nothing new. Today it got taken to a violent level:
*Police say the shooting was the result of a dispute over earnest money.*
*“Through the course of the investigation we found there was a dispute between
the victim and the suspect over earnest money. Of course, this is a realtor
office,” said Lt. Michael Belk.*
*Police say they first received a call from the office reporting an angry
customer. Soon afterward, they received a second call reporting the shooting.*
Read the whole article here.
**Categories:** Real Estate News & Tips
**Tags:** Earnest Money Dispute Shooting, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Oregon HB 2696 Regarding Taxing 1031 Exchanges Being Withdrawn Today](https://lovejoyrealestate.com/oregon-hb-2696-regarding-taxing-1031-exchanges-being-withdrawn-today/)
**Published:** March 10, 2009
**Author:** Charles Turner
**Content:**
In a down economy the money has to come from somewhere. One idea was taxing the 1031 Exchange which has traditionally been a nontaxable event on both state and federal taxes. The bill would have made the Exchange a taxable event in Oregon. The summary at the header of the bill reads:
> Requires addition to taxable income for Oregon tax purposes of amounts attributable to like-kind exchanges and excluded from federal taxable income because of operation of certain federal law. Applies to tax years beginning on or after January 1, 2010.
1031 is a part of the federal tax code. Wouldn’t creating a state specific tax on it be akin to taxing a 401k (which also takes its name from federal tax code)?
**Categories:** Real Estate News & Tips
**Tags:** Oregon HB, Regarding Taxing, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Why the Pearl District is Turning Into a Self Parody?](https://lovejoyrealestate.com/why-the-pearl-district-is-turning-into-a-self-parody/)
**Published:** March 9, 2009
**Author:** Charles Turner
**Content:**
Somewhat regular commenter, Mr. Thrifty, poses the topic of this post on the recent thread about [Details of $75B Loan Modifications and Refinances Released.](http://www.portlandrealestateblog.com/details-of-75b-loan-modifcations-and-refinances-released/)
*The next topic on here should be “Why the Pearl District is Turning
Into a Self Parody”. For all the pretentious hyper self conscious
neighborhoods in Portland, there truly is no place here less authentic
than the Pearl District.*
Coming up with fresh topics isn’t always easy so I think it’s worth discussing regardless whether it is a perception or reality. We are currently renting in a recently constructed building in the Pearl ([why](https://lovejoyrealestate.com/the-downsizing-experiment.html)). I like living here but it is currently a temporary situation and I can’t say at this point whether I would want it to be “permanent”.
The Pearl District started its shift from mostly industrial to mostly residential and business supporting the residential in the mid 90s. My belief is that Chown Pella was one of the first residential spaces and that the building is on SHPO’s Special Assessment program which froze the tax assessed value for 15 years. A partial list of other buildings specially assessed includes The Avenue, The Edge, and Marshal Wells. The annual tax bills in these buildings should be under $1000 for the most part during the program. The program does not apply to new construction buildings. The incentive is for historic buildings.
I like the accessibility. We walk to Safeway, the Rose Garden and other services that we used to drive to. When we do drive, I’m not fan of winding up three floors of parking garage to reach the street. Paying a meter or risking a ticket to run back inside (after unstrapping and therefore schlepping the toddler) because you forgot something is a pain. A large percentage of the population commutes without a car (obviously that’s not exclusive to the Pearl but the location makes that easier).
Clearly times have changed. RMLS says that there are 348 “condos” listed for sale in the 97209 zip code. Apartments were converted to condos (Lexis). The Wyatt reversed that trend when the developer couldn’t sell the units. Like the Louisa, there aren’t a lot of available units as rentals. The Asa, built as apartments, also claims to be doing well. The Sitka and 10th and Hoyt are two additional rental buildings, along with private party condo rentals, in the Pearl. I don’t know how the Encore and 937 are doing selling their newly constructed units. The concept for these buildings probably occurred three to five years ago.b
Construction plans for Fields Park are firming up. When the plans for Centennial Mills and the train crossing modifications are approved (eliminating the need for horns), construction of the first traditional park in the Pearl District will be possible (this month’s Northwest Examiner newspaper has an article).
There’s not a neighborhood in Portland (the country) that doesn’t have pros and cons. I expect that just about everyone has a, “I would never live in XXX, ” for their own personal reasons. The Pearl is no exception. One man’s garbage is another man’s treasure.
**Categories:** Pearl District
**Tags:** Self Parody, Pearl District, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Details of $75B Loan Modifications and Refinances Released](https://lovejoyrealestate.com/details-of-75b-loan-modifcations-and-refinances-released/)
**Published:** March 4, 2009
**Author:** Charles Turner
**Content:**
CNNMoney reports on the [details of the real estate stimulus](http://money.cnn.com/2009/03/04/news/economy/guidelines/index.htm?postversion=2009030409). In part:
The multipronged fix calls for companies to help as many 4 million
struggling borrowers by modifying loans so housing payments are no more
than 31% of monthly gross income. Separately, homeowners who haven’t
missed a payment can refinance into lower-cost loans even if they have
little or no equity. This is expected to help up to 5 million
homeowners.
There is also additional information at www.hud.gov.
To qualify for loan modification:
- have obtained their mortgage before Jan. 1, 2009;
- have a primary mortgage of less than $729,500;
- live in the property;
- fully document their income by providing tax returns and pay stubs;
- sign a statement of financial hardship; and
- go
for counseling if their total household debt – including auto loans,
credit cards and alimony – totals more than 55% of their income.
**Categories:** Real Estate News & Tips
**Tags:** Loan Modifications, Refinances Released, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Decades of Real Estate Appreciation](https://lovejoyrealestate.com/decades-of-real-estate-appreciation/)
**Published:** March 4, 2009
**Author:** Charles Turner
**Content:**
**National real estate appreciation data (according to the National Association of Realtors):**
1970-1979 = 142% appreciation
1980-1989 = 52% appreciation
1990-1999 = 45% appreciation
2000-2008 = 42% appreciation
Prime rate (not mortgage rates) since 1930. Source: [Moneycafe.com](http://www.moneycafe.com/library/primeratehistory.htm). Click image below to enlarge:
[](/files/primerate-history-l.gif)
I’d be happy to post historic real estate appreciation data that goes back before the 70s .
**Categories:** Real Estate News & Tips
**Tags:** Real Estate Appreciation, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Times Have Changed](https://lovejoyrealestate.com/times-have-changed/)
**Published:** March 2, 2009
**Author:** Charles Turner
**Content:**
Three years ago signs like this advertising furniture stores and the like didn’t make us think twice. They weren’t always true (a few of the stores in Sausalito have been going out of business since I was first there 30 years ago) but this is real. [Newhomesale.org](http://newhomesale.org/index.php) is the website dedicated to liquidation of Legend Homes and Pacific Lifestyle Homes. Though the site has homes all around the Portland metro area but none of them are actually in the city of Portland. There are listings in Salem and Corvallis as well.
There are 110 properties listed on the site, some show that they are “sold.” Prices range from $174,900 to $599,900 (beware that if you sort by price it sorts that page, not the entire search results). The one house I selected on the site is also listed in RMLS at the same price (has been reduced 13% since it was first listed).
[](/files/new-home-liq-sale-l.jpg)
**Categories:** Real Estate News & Tips
**Tags:** Times Have Changed, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Portland Real Estate Vis-a-Vis Price Ranges](https://lovejoyrealestate.com/portland-real-estate-vis-a-vis-price-ranges/)
**Published:** February 27, 2009
**Author:** Charles Turner
**Content:**
Has the change in market conditions changed what is selling in the Portland housing market? I thought we’d take a look this morning at four price ranges from this year and last year. I used January of this and last year as our time frame. I searched RMLS areas for North, Northeast, Southeast and West Portland. The “total” in the graph is the total residential sales for those areas, not the entire RMLS market.
We see that closed sales are down across the board but that the lower price ranges have done “better.”
Closed SalesJan- 08% of 2008
TotalJan- 09% of 2009
Total20009 drop in
sold sales$200k-$400k29067%16377%-44%$400-$6006615%2914%-56%$600k-$800k6615%178%-74%Over $1M123%42%-67%Total434213-51%There’s little doubt about the downward pressure on the real estate market. Senator Jeff Merkley held a forum over on BlueOregon yesterday discussing the mortgage crisis. (Needed) new lending rules appear to have really hurt the sale of the $600,000-$800,000 homes. I think it is because these were the “stretch” homes for a lot of buyers that regardless of the details of their loans qualified then and not now. With conventional loan limits in the $417k ($625k in high cost markets, of which Portland is not one) and 20% down, anything over $500,000 is probably coming straight from cash in the bank. The cycle becomes vicious once those are in and want/need to get out can’t because those that want/could get in can’t or don’t want to.
**Categories:** Real Estate News & Tips
**Tags:** Vis-a-Vis Price Ranges, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Portland a Top 5 Market?](https://lovejoyrealestate.com/portland-a-top-5-market/)
**Published:** February 26, 2009
**Author:** Charles Turner
**Content:**
Two articles in the last coupe of days worth noting about the national and local real estate markets. The first, Realty Times is very BUY NOW. I’ve said it before so will say it again, “buy now” campaigns don’t make me happy. The decision to buy is personal and individual.
> ***Get off that Fence!*** by Denise Lones
>
> I’ve been saying it for months, and I’ll say it again.
>
> [](http://www2.realtytimes.com/rtnews/linktracker.ag?OpenAgent&TYPE=RealTimes%5CHouseValues_InnerArticle_A8&LINK=http://info.marketleader.com/form/2762)
>
> NOW is the time to get off the fence and buy!
>
> And you’re doing a huge disservice to your clients if you don’t make sure they hear that message loud and clear!
>
> Why am I so convinced that the time is now?
>
> Well, it’s a combination of things. Regardless of whether you’re building a new deck, or whipping up a batch of cupcakes, you need the right ingredients in order to ensure success. For the buyer considering a purchase, the right ingredients are at hand.
She lists of her reason (low mortgage rates, the bottom of the market may be near, the First Time Buyer Tax Credit, seller’s are motivated). Realty Times is an industry media outlet.
The second article is from Forbes.com and was posted under the [real estate section of MSN](http://realestate.msn.com/article.aspx?cp-documentid=18080758>1=35000). It ranks Portland as the number [four market in the country](http://www.forbes.com/2009/02/24/housing-cities-ten-lifestyle-real-estate_home_prices_slide_8.html?partner=msnre). They based their methodology on Case Shiller but then looked deeper. Detailing it here would require a complete cut and paste of the fairly length article so I’d suggested reading it over on MSN.
Bonus article: how badly do some areas have it? Read this one about [Maricopa in Arizona](http://online.wsj.com/article/SB123543721679054667.html) in the Wall Street Journal:
> For the first time, the Campbells figured, they could afford their own home, though that meant moving to Maricopa, about 20 miles from Mr. Campbell’s store. They scraped together a $50,000 down payment to buy a new four-bedroom home in Maricopa, for $250,000. It came with black granite countertops, cherry kitchen cabinets and a pool in back.
>
> Today, Ms. Campbell figures, the home is worth perhaps half what they paid in 2005.
>
> Even that might be optimistic. Along a nearby highway, young men hired by a local real estate brokerage wave red signs touting “Homes From $69.9 K.”
**Categories:** Real Estate News & Tips
**Tags:** Portland Top 5 Market, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [After a Night on the Sofa](https://lovejoyrealestate.com/two-weeks-after-downsizing/)
**Published:** February 25, 2009
**Author:** Charles Turner
**Content:**
I spent the night on the sofa. I didn’t do anything. I’m not in trouble. Regular readers know that we’ve moved out of our nearly 5000 SQFT historic home for a 1054 SQFT apartment. It’s a six month experiment that came about in an unsolicited manner; our house is a corporate rental, fully furnished through June. We’ve been here for about a month now.
My parents are visiting for three nights so now its four adults, one toddler and one dog in less square footage than one of the floors of our house. One of the things that I find hard to believe is that we left a fully furnished house behind. We’ve brought with us and purchased a minimal amount of furniture and the condo does not feel under-appointed. We would need very little of the furniture that remains in our house if we were doing this “forever.”
1054 SQFT is probably the smallest we would be comfortable in with a toddler and sixty pound dog long term. It certainly helps that we have a large outdoor space and eleven foot ceilings with glass walls (I have previously written about [cubic space in condos versus square footage](https://lovejoyrealestate.com/cubic-square-feet/)). 1054 SQFT without views, high ceilings and outdoor space would feel much smaller. Each foot of ceiling height adds about 10% to the cubic space. It doesn’t help that I work mostly from here so that eats up some additional space for office related space. I’m sure that the same square footage would be very large for some others with a similar sized family but we’ve come down more than 75% from what we had (which I have always said was too much space for us).
We do like the lower cost of living. It’s less expensive to have 1054 SQFT. I don’t feel that we have sacrifced on much of anything other than size. Both dwellings are high quality in locations we enjoy. I think it would be easy to defeat the downsizing by wanting too much of what you had previosly. I can see that we would have a hard time with some of our art, not only would it not fit in in style, it woudn’t fit in the space. Dining room table with ten chairs? Not happening here. This is one part of the “practice” downsizing that I am glad we didn’t have to undertake. There is a lot of stuff when we return home that we won’t have missed. Some of it is stuff that would never be missed, some of it is just the stuff you have to have to fill the space.
The main things to consider when lokking at a smaller space appear to be making sure that they core things you did and enjoyed before still work in the new place. I don’t want my parents staying in a hotel when they visit as much of the time they would spend with us and their grandson would be lost. The sofa I am on would be better suited as a sofa bed to make that work. I’d like a nook or space that could be “office” rather than a desk at the foot of the bed. Our ability to cook and entertain works with smaller numbers; no way our holiday/client appriciation party is happening here. Overall, the sarifice of space has been very doable.
**Categories:** Downsizing Real Estate
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Case Shiller December 2008 Portland Real Estate Results](https://lovejoyrealestate.com/case-shiller-december-2008-portland-real-estate-results/)
**Published:** February 24, 2009
**Author:** Charles Turner
**Content:**
Case Shiller was released this morning for December 2008. Portland continued its decline to 158.5, down 13.1% from this time December 2007. That’s down 15% from the peak in July of 2007. The 158 figure drops Portland to September 2005 levels. The Dow Jones closed yesterday at 1997 levels yesterday.
[On a national basis](http://www.forbes.com/feeds/afx/2009/02/24/afx6087831.html) Forbes reports:
> The report’s 20-city home price index is down a record 18.5% in the 12 months ending December, and the 10-city index is down a record 19.2% over that same period. The 20-city index fell 2.5% in December from November, and the 10-city index fell 2.3% in December.
PORX is the Portland Index, CSXR is the 10 City Composite and SPCS20R is the 20 City Index. Click on the chart for a larger image.
**Categories:** Real Estate News & Tips
**Tags:** Case Shiller, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Realtor Busted by Electronic Calling Card](https://lovejoyrealestate.com/realtor-busted-by-electronic-calling-card/)
**Published:** February 23, 2009
**Author:** Charles Turner
**Content:**
According to Hillsboro police, a Realtor was arrested last week after using his ActiveKey to gain access to homes listed for sale. One seller came home to find the Realtor in his living room having a cocktail!
The ActiveKey is a coded cellular device issued to each Realtor (for a fee). By entering a personal code, the lockbox will open. It immediately sends out a message that the lockbox has been opened notifying the listing agent of the time and person opening the box. There are pretty heavy fines for “loaning” your key out and it would almost surely cost the Realtor his/her license too.
In this case, it appears that they system did exactly what it should. There is some question as to whether the individual should have passed the background check in the first place. It didn’t take much effort to track where he had been. Unlike what the picture suggests, one Realtor won’t be feeling the freedom.
**Categories:** Real Estate News & Tips
**Tags:** Electronic Calling Card, Realtor Busted, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Beware of Craigslist Scams Advertizing Property for Rent](https://lovejoyrealestate.com/beware-of-craigslist-scams-advertizing-property-for-rent/)
**Published:** February 21, 2009
**Author:** Charles Turner
**Content:**
I just received and email suggesting that the Craigslist posting advertising our property for rent is a scam. They are right. There is an individual using the email address [solomonandy18@(deleted).com](mailto:solomonandy18@yahoo.com?subject=$1000%205BR/2.5BA%20Single%20Family%20House2356%20NW%20HOYT%20ST,%20Portland,%20OR%20,%20%20%28OR%20%29) as their reply. A Google search of the email address reveals two other Craigslist ads with the same reply email (one in Stockton and the other in Kansas City). It’s not clear how the scam works but I have heard that similar postings get the victim to send a deposit to hold the house.
\*\*\*added at 8PM: received a phone call from someone that had followed up with the ad, “We are missionaries living in England. Mail $650 and we will send you the keys.”
**Categories:** Real Estate News & Tips
**Tags:** Advertizing Property, Craigslist Scams, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Who is a First Time Buyer According to the IRS?](https://lovejoyrealestate.com/who-is-a-first-time-buyer-according-to-the-irs/)
**Published:** February 20, 2009
**Author:** Charles Turner
**Content:**
The Obama’s stimulus package has altered the the First Time Buyer Credit to
be a true credit and not a loan that must be repaid. The two images here show
how the IRS defines who is and is not qualified to take the credit in 2008 and
are taken directly from [IRS Form 5045](http://www.irs.gov/pub/irs-pdf/f5405.pdf)
for 2008. IF YOU HAVE ANY QUESTION AS TO WHETHER OR NOT YOU DO OR WILL QUALIFY
ASK A TAX PROFESSIONAL. This post is not tax advice.
**Categories:** First Time Buyer
**Tags:** First Time Buyer, IRS, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [The EPA, What it means for Oil Tank Clean Decommissioning in Portland, Oregon](https://lovejoyrealestate.com/the-epa-what-it-means-for-oil-tank-clean-decommissioning-in-portland-oregon/)
**Published:** February 19, 2009
**Author:** Charles Turner
**Content:**
[](/files/oil-tank-decom-l.jpg)
Just after 8 o’clock yesterday I received and email from a past client that started like this: *“Well, this mornings article in the Oregonian was terrifying.”* He knows there is an oil tank on his property that has not been decommissioned because it was tested when he bought it but as it is hard to access the test results we only parital. Good reason to be scared after reading the [article titled New EPA and Oregon rules double costs for home oil tank cleanup](http://www.oregonlive.com/news/index.ssf/2009/02/new_epa_and_oregon_rules_doubl.html "Oregon has adopted EPA standards for heating oil tanks that may raise the price of decommissoning."). The headline is really quite alarming. It’s accurate too but the headline is blanket statement but the quote below in the story qualifies:
Other property owners have made similar discoveries since January, when the Oregon Department of Environmental Quality adopted the federal standards for naphthalene and ethylbenzene, common compounds found in home heating oil. The new rules affect the 1,200 to 2,000 underground heating oil tanks that are decommissioned statewide each year.Don Francis, an environmental consultant and general manager at EcoTech, said a quick look at **a handful of his projects** certified under the old standard showed that most would require soil removal under the new rules.
I talked via email with Phil Brewer, President of [Alpha Environmental](http://alphaenvironmental.net/). He confirms that my assessment is accurate: “If you had a straight decommissioning or contamination below 2500 ppm, you still have the same clean up now that you had prior to the rules changing. If you have more than 2500 ppm you have a 50/50 chance of a bigger cleanup than you had prior to the rules changing.”
Phil Brewer adds:
*On the sites that are affected by the lower Napthalene and Ethylbenzene limits, we have to remove soil and sometimes a risk-assessment needs to be performed as well. Since sites vary significantly that means an additional cost of around $500 to $3,000 on average. Some sites with extensive contamination can potentially cost even more and it is possible that some sites cannot be closed with current cleanup techniques. For example, if contamination has spread beneath the house and Napthalene and/or Ethylbenzene in that soil are still above indoor air standards then you could not meet the new standards without impacting the structure.*
With new rules, the outcome isn’t always clear what the outcome is going to be but the consensus is that some, not all cleanups, are going to be more expensive.
The photo is of a decommissioning in progress where the was contamination. The top and bottom of the tanks is removed, leaving the walls in place to maintain soil stability.
**Categories:** Real Estate News & Tips
**Tags:** epa, Oil Tank Clean Decommissioning, Oregon, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [19.2 Months of Inventory. What it Means to You as Seller.](https://lovejoyrealestate.com/192-months-of-inventory-what-it-means-to-you-as-seller/)
**Published:** February 18, 2009
**Author:** Charles Turner
**Content:**
RMLS Market Action reported the highest level of inventory in recorded history this month. Inventory is calculated by taking the current number of active listings and dividing it by the number of closed sales (14,006 listings/732 closed sales). In January 2006, there were 6.2 months of inventory. Between March and September of 2005 inventory never got above two months.
If you are a seller, the competition is plentiful. Buyers have lots of options when looking at property and as there are fewer buyers in general they can be picky. Nobody’s perfect, we had an agent that couldn’t get the door open at our property this week, we’re having the lock worked on tomorrow. It’s not broken but nor is it easy to open (mortise locks are counter intuitive to start with).
Even getting to the front door proved challenging this week. We made appointments to show a buyer property over the weekend with more than 24 hours notice. Three of the owner occupied properties would not allow their house to be shown. For one reason or another, it wasn’t convenient for them. Unfortunately, it wasn’t convenient for the buyer to reschedule so those houses were not shown.
Once you get them in the door, you’ve got to give them a reason to stay. Antidotely, we are seeing buyers want houses in move-in condition more than they are wanting projects. I think there are numerous reasons for this but much of it is financial. In an era of loose lending, buyers could purchase the hose for less out-of-pocket. Now qualified buyers are putting more money down on the purchase and therefore have less access to cash for projects. If the seller has already done the project, the value is in the property and the project can financed into the purchase. This assumes that the buyer sees the value in the projects the seller has done. Blanket statements don’t cover the whole buyer spectrum but this appears to be the current trend.
It’s a buyer’s market so sellers need to consider what they need to do to outshine the competition. That doesn’t necessarily just mean on price.
**Categories:** Market Activity & Data
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [RMLS Market Action January 2009: Portland Inventory Soars](https://lovejoyrealestate.com/rmls-market-action-january-2009-portland-inventory-soars/)
**Published:** February 17, 2009
**Author:** Charles Turner
**Content:**
[](/files/rmls-01-09-l.jpg) While the snow fell, inventory soared to a record 19.2 months. The total number of active listings appears to be about the same as it was in January 2008 but the slow in sales (732 in 2009 compared to 1085 in 2008) means the listing will take longer to sell in this market. The 732 closings was the lowest since records started being kept in 1992.
How bad was December for real estate? January’s pending sales increased 52% from the previous month.
From the “Real Estate is Local” theme, the following chart shows some interesting correlations. North and West Portland performed the best in change in average sales price from the previous year. West Portland is the only reporting area with an, albeit small, increase. Hillsboro/Forest Grove was the only area that reported a increase in pending sales.
The Affordability Index is at the same level that it was in June, 2005.
Total Time on Market (previously calcualted differerently as Day on Market) is 152.
**RMLS Area****Drop in Pending Sales from 2008****Average Sales Price Change from 2008**N. Portland-45.5%-0.7%NE Portland-21.4%-1.8%SE Portland-18.7%-4.7%Gresham/Troutdale-31.1%-7.8%Milwaukie/Clackamas-15.3%-5.0%Oregon City/Canby-24.7%-5.1%Lake Oswego/West Linn-25.8%-5.8%West Portland-44.1%+0.3%NW Washington Co.-32.9%-4.2%Beaverton/Aloha-26.6%-4.2%Tigard/Willsonville-29.1%-6.5%Hillsboro/Forest Grove+3.0%-6.9%
**Categories:** Market Activity & Data
**Tags:** Portland Inventory, Market Action, RMLS, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Obama Stimulus Package Fixes $7500 Tax "Credit"](https://lovejoyrealestate.com/obama-stimulus-package-fixes-7500-tax-credit/)
**Published:** February 13, 2009
**Author:** Charles Turner
**Content:**
According to the email just sent out by NAR President Charles McMillian, the approved Obama Stimulus package fixes what the government was calling a credit but was really a loan. It also says that the credit, now a true credit, raises to $8000.
Smart Money does a good job of [Explaining What it Means to You](http://www.smartmoney.com/Spending/Deals/What-Does-the-Stimulus-Mean-for-You/?page=4):
**What the plan promises**: Prior to the plan’s passage,
first-time home buyers who bought a house between April 9, 2008, and June 30,
2009, received a tax credit of either up to 10% of the home’s price, or $7,500. The hitch: The credit had to
be paid back over 15 years. Now, as part of the stimulus,home buyers don’t have to pay the money back — and the credit is extended to
those who buy a home through the end of August. The credit could also
potentially be larger, moving from a maximum of $7,500 to $8,000, although this
new figure isn’t set in stone yet.
*The biggest drawback: First-time buyers who used the credit in 2008 still
have to pay it back over a 15-year period.*
Smart Money asks if that is enough to get buyers off the fence?
**Categories:** Real Estate News & Tips
**Tags:** Obama, Stimulus Package, tax credit, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Oregon Catches Up with the National Real Estate Market](https://lovejoyrealestate.com/oregon-catches-up-with-the-national-real-estate-market/)
**Published:** February 12, 2009
**Author:** Charles Turner
**Content:**
Oregon Catches Up with the National Real Estate Market- and not in good way. KGW.com has an online story on foreclosures this morning from the AP:
**Associated Press**
WASHINGTON (AP) — Like
the rest of the U.S., Oregon saw home prices soar during the housing
bubble despite relatively stagnant wages.
Now it’s becoming apparent that many Oregonians bought places they couldn’t afford. The foreclosure listing service RealtyTrac says Nevada, California,
Arizona and Florida had the nation’s top foreclosure rates in January.
But at No. 5 is Oregon, which is making its first appearance on
RealtyTrac’s monthly list of foreclosure hot spots.
Rounding out the top 10 were Illinois, Michigan, Georgia, Idaho and Ohio.
**Categories:** Real Estate News & Tips
**Tags:** National Real Estate Market, Oregon, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Fannie Mae's Property Website: HomePath.com](https://lovejoyrealestate.com/fannie-maes-property-website-homepathcom/)
**Published:** February 10, 2009
**Author:** Charles Turner
**Content:**
The first to FAQs on Fannie Mae’s website probably describe it best:
**Why does Fannie Mae have properties for sale?** Fannie Mae works with all of its partners to help homeowners prevent and avoid
foreclosure; however, sometimes it is unavoidable. When foreclosures occur on
mortgages in which Fannie Mae is the investor, our goal is to sell properties
in a timely manner in order to minimize the impact on the community. **What kinds of properties are available in the Fannie Mae HomePath database?**
Fannie
Mae’s HomePath database includes only properties that are owned by
Fannie Mae. There is a wide selection of homes, including single-family
homes, condominiums, and town houses — located in a variety of
neighborhoods. The number, types and the sales prices of the homes that
are offered for sale may vary substantially. Many of these homes are
relatively new; however, older homes are offered in some areas. Some
homes may require repairs.
HomePath’s REO website covers the whole country. When searching for Portland real estate, there are 31 results. The majority are in the east side and the majority of those appear to be clustered down the I-205 corridor. All of the properties are listed with agents. There is a field for the RMLS number but it is blank in every search result.
HomePath has its own lending arm, HomePath Mortgage for the financing of the homes they own. One of the loans is for owner occupied but the other one is for both investors and owner-occupants.
In other Fannie Mae news, they are updating their lending requirements. One of the changes will be allow an investor to have five to ten mortgages. The limit had been dropped to four.
**Categories:** Real Estate News & Tips
**Tags:** fannie mae, HomePath.com, Property Website, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Present Not Clear for Clearwire in Portland](https://lovejoyrealestate.com/present-not-clear-for-clearwire-in-portland/)
**Published:** February 5, 2009
**Author:** Charles Turner
**Content:**
It would be hard to live in the Portland area and be completely unaware that Clear Wire exists. They ran an ad plugging their WiMax wireless Internet service after the Super Bowl, are advertising on billboards on the sides of freeways, at Blazer games, with booths in the Park Blocks, and have brick and mortar stores popping up all over town.
We’ve had Comcast cable Internet service for years. We also have a Verizon AirCard that we use fairly often with clients and when out and about. Clear has a solution to both. The hard-wired modem will provide Internet anywhere there is AC power within the coverage area. Plug it into a router and you have an identical wireless situation to what we were running with Comcast. The USB adapter comes with a cool swivil which protects it from getting knocked around (I killed an AirCard that way). Neither product requires any professional install: plug and play. The wired modem is rated at higher speeds than the USB device. Moving gave us a good reason to try the new technology out.
Clear’s cost is slightly lower than Comcast’s and Verizon’s comparable services so I’m not going to consider that here. The question is whether it works. It’s cutting edge technolgy and I really want it to be viable. I’ve had both the modem and USB device for a week now. I’ve taken both to various locations and tested the speed using Speakeasy.net’s speed test on the Seattle server. The test are far from scientific. I ran many more tests with the Clear products than I did with Verizon (only 2) and Comcast (six)
Clear USB versus Verizon Aircard: Clear blows the doors of Verizon in terms of speed. The Clear card averaged 360 KB/sec over all tests and ranged between 129 KB/sec and 835KB/sec. There were two instances where there was no service: a listing in Forest Heights and Stayon. It is not billed as working in Stayton but the AirCard does. The two tests for the Verizon card came in at 65KB/sec and 78.4KB/sec. The tradeoff is speed versus coverage. The AirCard works nationally and has very good coverage between here and Eugene on I-5. I’ve even used it sailing offshore between California and British Columbia. Slow and steady. Clear is said to work south to Willsonvile in the Portland area and in Balitmore. They are working to saturate everything in between. Apparently they have a partnership which will add many more towers to the system in the near-term as well as the towers they are building themselves. The early adopters will get to enjoy a new found wireless speed and an ever-improving coverage area. We’re going to keep the Clear USB but hold off canceling Verizon right away.
It’s only fair to note that a large number of our test were conducted in our new apartment where we are also having some cell phone reception issues. According to the Clear rep, the signal is stronger lower in the building. I never get more than three bars (of five) on the Clear modem. My iPhone has a strong signal but just drops calls. That said, the Clear modem never approached the speeds that is billed as being capable in any of the locations that I tested. We have an unobstructed view from the Montgomery Park to Mt. Adams. We got concurrent Comcast and Clear service.
Comcast cable versus Clear modem: In our situation, Comcast is the undisputable winner. Hardwired, Comcast tests run at an average of 3327KB/sec. Through a wireless router: 2704.7KB/sec.
The Clear modem averaged 492.2KB/sec ranging from 138.1 (Forest Heights) to 906.4 (at our NW Lovejoy house). What’s so frustrating is that the Clear service is rated much much higher than it actually runs for us. It may work brilliantly for others but it doesn’t for us so I’ve packed it up to return. It’s sad because I really wanted it to work.
If it was just me living here with my laptop I’d probably run the USB device exclusively and be content. No wires, less money and portability. If I didn’t have the AirCard as a basis, I’d be extactic with the USB device and new found freedom. I wouldn’t hesitate about having the service. With three computers that’s not viable. The modem has great potential in siutations where plugging into cable or DSL is not viable. I could walk into a room, plug in the modem and router, and provide (secured) access to everyone in the room and take my service with me when I was done. I hope this technololgy matures quickly. I’d be willing to try the modem out again in six months when we move again but for now we’re sticking with cable.
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Reports on Portland Real Estate](https://lovejoyrealestate.com/reports-on-portland-real-estate/)
**Published:** February 4, 2009
**Author:** Charles Turner
**Content:**
The AP released a somewhat positive real estate story yesterday. KGW released their own story which was not so rosy based on a report from Zillow.com.
The AP story starts:
*WASHINGTON (AP) — An index that tracks signed contracts to purchase
existing homes rebounded in December, as buyers snapped up properties
at deep discounts, especially in the South and Midwest.*
and continues:
*The Realtors group, normally known for its optimistic view of the
housing market, is now cautioning against getting too enthusiastic
about any recovery — as it lobbies hard for new government tax credits
to boost home sales.*
Congress: please either rename the $7500 First Time Buyer Tax Credit to the $7500 First Time Buyer Government Loan or fix it so that it really is a tax credit. The story isn’t all good news as it also reports that mega-home builder D.R. Horton lost $63M last quarter.
The Pew Research Center Social & Demographic Trends reports that the grass is greener on the other side. Almost half of “us” are not happy where we live and would rather live somewhere else. Denver is number one. Portland is number eight.
KGW’s story led the 6PM news last night. I can’t find any reference to it on their website. It was based on data released by [Zillow](http://www.Zillow.com). I believe that the figure was close to a 12% decline in 2008 and no sign of 2009 being a year of recovery. The segment included a remodeler who is in danger of not making any, if not losing, money on thier project. Yes, it could happen to me too.
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Toddlers and Condos Oh My](https://lovejoyrealestate.com/toddlers-and-condos-oh-my/)
**Published:** February 2, 2009
**Author:** Charles Turner
**Content:**
There is a comedian’s sketch about baby proofing the stove: turn it on high and wait for him to touch it. Now baby-proof: he’s not going to touch it again. Maybe not the best method but effective and effective is probably all that matters in the long run. Our two-year-old survived living in our 1902 home relatively unscathed. Figuring out how to do things to protect him without inflicting damage on the house was a challenge. The baby gate at the top of the stairs is zip-tied to the posts rather than screwed in. The latches for the cupboards required a little modification since they are not designed to work with inset cabinetry.
It’s fair to say that a 2008 apartment that was built as condos didn’t have two-year-olds in mind when they were designed either. We’ve seen a lot of strollers around on the streets but none in our building. Dogs seem to out-number children by a factor of 10. All the door knobs in our house are the standard round type so we installed the Safety 1st covers on the appropriate ones. I bought the leaver covers for the knobs for here but the commercial knobs won’t take the covers. They don’t recommend them for external doors but that would have been preferable to having run down the hall. Thankfully he can’t reach the elevator button, yet, if he was to escape.
We’re having the same challenge trying to do the safety stuff without inflicting damage. Instead of installing cupboard locks under the sink, we’ve got all the cleaners in an upper cabinet. The compression baby gate works well in the hall (though it required and extension piece). We didn’t feel the compression bar that we hung a curtain was strong enough so we did install one end of a closet bar cup and the put the other end of the bar on the window frame so it can’t be pulled down. We hung the magnetic knife rack on the wall in the kitchen out of his reach. We put some temporary hooks up to hang the blind cords up off the floor. It looks like the fittings on the cords are made to be mounted to the wall but the window frames are metal. The balcony has a tall solid railing. As long as we make sure there is nothing he can move to the railing it looks pretty safe. I think it is preferable to having the clear railings we saw in most of the other buildings we looked at but it certainly doesn’t do the view any favors.
Ultimately it is parenting and keeping an eye on him. The pitter patter of tiny feet is a dead give away to his whereabouts most of the time; an advantage of wood flooring!
**Categories:** Downsizing Real Estate
**Tags:** Toddlers, Condos, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Researching the Move- Tradeoffs](https://lovejoyrealestate.com/researching-the-move-tradeoffs/)
**Published:** January 30, 2009
**Author:** Charles Turner
**Content:**
Once we knew we were moving we pretty much had to decide right then where we were going to live. It was a very different experience from any housing decision we had ever made as a couple. I had my house when we got together and Jenny had hers. The subsequent houses that we bought came as a side effect of being Realtors; we came across what we bought in the course of business, never having to look at a selection of options and make (or not make) a decision – NOW. It’s a position that many of our clients find themselves in but not one that we had experienced from this side.
We pretty much knew we wanted to live in the Pearl District. We had a budget that we wanted to stay in and frankly, we wanted it all for that budget! We wanted a view, two bedrooms, some outdoor space and parking for two cars. No matter what we did, coming from 5000 square feet was going to be an experience in closeness. There are two primary sources for rentals: the leasing offices and individuals on Craigslist (though the leasing offices post heavily on Craigslist). Over three days we whittled the list down to four units and discovered that to stay close to our budget we were not going to get it all:
1. A one bedroom with an AMAZING corner view. We couldn’t figure out a good sleeping arrangement with a two-year old. One of the features of many of the units in the area is a lack of a true door to sleeping spaces. There was no outdoor space but this was the least expensive of the options. Best view but lacking almost everywhere else.
2. The next unit had we figured our two-year-old would have the master and we would sleep in the living room. It had everything else we wanted sans the second bedroom. It too had a great downtown/Mt. Hood view.
3. The third unit was what a friend described as “a bar with a bedroom.” He had lived in the same floor plan previously. It had one true bedroom and a nook where we could have put our son. It was the largest space, had a good view and is located closer to what one would consider the center of the area.
4. We’re completely moved in to the fourth option. 1054 square feet with a Fremont Bridge north facing view (though right now I can barely see the edge of the balcony through the fog). The downtown/Hood views are more appealing to me but I’m not complaining about what we have. It has one true bedroom and a second bedroom where we have installed the baby gate and hung a curtain for our son’s room. Toddler-proofing is proving to be a challenge: the first night he walked out the front door into the hallway- he couldn’t open the exterior doors at our house. Child-proofing is a topic unto itself though.
We did push our budget a little but negotiated to get ourselves into a unit that we really like and will be happy in for close to what we wanted to pay. What it really boiled down to was the addition of a toddler; we couldn’t make a one bedroom work and the two bedrooms units in our budget gave up some of the features that we wanted. Two of us and the dog could have done any of these units or even something smaller and we would have liked to have saved some money but we decided that even in a temporary six month situation we weren’t going to be happy. If Jenny had written this, there was a fifth option. It had two sleeping areas with no doors. She’s heavy sleeper. It never would have worked for me.
The leasing office behaved as I believe it should have. They didn’t show us the unit when we first came in because it was out of the price range that we’d given. When we started asking, this unit came up as a possibility. I’ve always felt that it is the client’s duty to push the price range, not the Realtor.
**Categories:** Pearl District
**Tags:** Tradeoffs, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Case Shiller November 2008 Released Today](https://lovejoyrealestate.com/case-shiller-november-2008-released-today/)
**Published:** January 27, 2009
**Author:** Charles Turner
**Content:**
The S&P released Case Shiller’s housing numbers for November. It comes as no surprise that it was down from the previous month and is now at 162.62, about the same level as November 2005. The peak was June 2007 at 186.51. These are Portland numbers, not the national numbers. Case Shiller reports on resale properties. You can read the Case Shiller methodology on a previous post. I expect Case Shiller numbers will continue to decline at least through the February report which will be released in May.End
**Categories:** Case Shiller Index
**Tags:** Case Shiller, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [The Downsizing Experiment](https://lovejoyrealestate.com/the-downsizing-experiment/)
**Published:** January 26, 2009
**Author:** Charles Turner
**Content:**
An unsolicited chain of events over the last couple of weeks has given us an opportunity that very few get: to downsize into a Pearl District condo without giving up our current home for a specified amount of time. Could we be happy in a condo that’s just over 20% the size of our current home? We have wondered about Pearl living and now we’re going to find out. We’ve rented our house out for six months, fully furnished. The 1902 house that we renovated in 2005 is nearly 5000 square feet and without a doubt more space than we need but it’s what we’ve got and we do love it.
We’re now living in 1054 square feet plus a balcony in the Pearl District; one happy family including a two-year-old toddler and Tasman, the 60 pound, nine-year-old, Australian cattle dog (red/blue heeler). We just spent our second night here and turn the keys over to our house at the end of the week. Our goal is not to have to go back and disturb the tenants for things we can’t live without. The move has been a much bigger chore than either of us expected. I think that’s partially due to the downsizing; picking what you think you’ll need but leaving everything else behind. We can’t just box it all up and figure it all out later. Though not a real estate transaction, the experience parallels it in an expedited manner. By the end of the two week Friday-Friday period we will have:
- Offered the opportunity
- Decided to move
- Researched condos and apartments
- Negotiated two contracts
- Decluttered as if we were listing for sale
- Bought and sold some stuff on Craigslist
- Packed
- Moved
- Assembled some Ikea furniture
- Completed (with help) a long list of “house projects” that as the owner you see every day but ignore with mild disdain. Every project we’ve done would also have needed doing if we were listing for sale.
I’ll be writing more details about what we’ve experienced with each topic above in the future along with the usual market reports and commentary. There will be a new Case Shiller report out tomorrow. I expect that the report will not be glowing and that market reports that reflect the Arctic Blast and holiday slowdown will be especially brutal. Antidotally, we’ve seen more client activity in the last three weeks of January than we saw in the last six weeks prior to that. That could mean anything in the long run but keeps us busy today.
**Categories:** Pearl District
**Tags:** The Downsizing Experiment, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Year Ends with Market InAction- RMLS Dec. '08](https://lovejoyrealestate.com/year-ends-with-market-inaction-rmls-dec-08/)
**Published:** January 15, 2009
**Author:** Charles Turner
**Content:**
No real surprise that Portland’s 2008 real estate activity ended with a thump. We’ve traditionally seen a slow down in our business during the holidays and then the Arctic Blast brought showings to an almost standstill. One of the few showings that we did have on a listing has resulted in a pending sale. None of our listings suffered any storm damage.
“The number of closed sales (987) hit its lowest point since February 1992 (905). Pending transactions (810) were at a record low since RMLS™ began reporting in 1992, the previous record was 845 in December 1994.”
Sales volume dropped 35% to $6.3B from 2007’s $9.7B. The Turner Realtors Team was down 13.3% for the same period. The slowdown in sales volume is universal across all RMLS reporting areas in the metro area. The only area reporting positive appreciation over a 12 month rolling average is West Portland’s paltry 1.9%. Every other area is in negative territory. Overall the average sales price is down -3.7% and the median price is -4.1% (rolling average as reported by RMLS).
These numbers have always seemed a little misleading. Whereas Case Shiller reports on previously sold units, the RMLS numbers reflect the entire pool of condos. It wouldn’t surprise me the average new construction condo in the metro area since 2004 is priced over $400,000. Prior sale condos would almost certainly paint a different picture.
**Categories:** Market Activity & Data
**Tags:** Market InAction, RMLS, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Changes to RMLS- But No Raffle Field Yet!](https://lovejoyrealestate.com/changes-to-rmls-but-no-raffle-field-yet/)
**Published:** January 13, 2009
**Author:** Charles Turner
**Content:**
There were a few changes to RMLS last week. It is now possible to list a house as an auction or with a price range. Some firms (Prudential has Value Range Marketing) have a range program where the seller will respond to all offers in a range. The idea being that getting the conversation started between a buyer and seller is better than no conversation. An offer at the lower end of the range does not make any guarantees of acceptance or counter. The range can now be entered into RMLS.
Last night I received an email from fiftydollarhouse.com. The sellers were raffeling off their house providing the sell 31,000 tickets at $50 each by December 31. They’ve rescheduled the auction for January 23 and lowered the number of required ticket sales to 27,000. ($1.35M) You have until the 21st to buy tickets. The home is in Maryland. It’s an interesting idea whether it sells or not. Could it spawn an industry of professional house rafflers?
**Categories:** Real Estate News & Tips
**Tags:** RMLS, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [What do the Blazers and Real Estate Have in Common?](https://lovejoyrealestate.com/what-do-the-blazers-and-real-estate-have-in-common/)
**Published:** January 8, 2009
**Author:** Charles Turner
**Content:**
If last night’s Blazer win against Detroit serves any educational point, it is this: you never know what’s going to happen before the final buzzer. Those that left with time left on the clock (oops) had probably written the Blazers off. At halftime, it looked pretty bleak and the odds of a Blazer win looked unlikely. Good coaching and good playing snatched victory from the jaws of defeat.
Throughout any real estate transaction we always remind our clients not to believe anything in real estate until they see it in writing. \*\*\*Editors note: may have a hard time tying these two topics together in retrospect.\*\*\* The goal of any transaction is the closing, at least at the beginning: a willing and able buyer and seller in a real estate transaction. As each contingency passes closing looks more likely to occur but like a basket ball game, the outcome can’t be assured until the deed is recorded.
Things that could go wrong (I’m sure this list will grow via comments):
1. Buyer won’t accept something in the disclosure statement from the seller
2. Buyer won’t accept documentation from the HOA as acceptable to them
3. The inspections preformed on the buyer’s behalf (and most likely paid by the buyer) reveals issues that the buyer and seller cannot agree on repairs
4. The buyer simply changes their mind and walks away from the transaction
5. The buyer dies (there are specific performance requirements on the seller side- seek legal advice)
6. The buyer cannot finance the property for one reason or another
7. The bank will not finance the property because it cannot get a clean pest and dry rot report
8. The property is not insurable and therefore the lender will not finance
9. The lender changes its requirements during the transaction
Constructive additions to this list appreciated.
**Categories:** Real Estate News & Tips
**Tags:** Blazers, Real Estate, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Lights Out](https://lovejoyrealestate.com/lights-out/)
**Published:** January 6, 2009
**Author:** Charles Turner
**Content:**
The odds are if the power is out, you’re not reading this now. Either that our your laptop battery might well be preserved for something else. Regardless, what happens when the power goes out? For some, it’s an excuse to cuddle up in front of the fire and light some candles. For others, it can become a serious and expensive matter.
For better or worse, we have a sump pump in the basement. When we bought the house, the basement was unfinished and it would be fair to say that a river ran through it; entering in the southwest corner and exiting through the northeast corner. The installation of the Water Guard system stopped the flow but a sump pump is required to pump the water out. I lost my spousal battle over the additional cost of a battery backup system if the power goes out. She rightly points out, “when was the last time the power went out?”
Regardless, its caused at least a few minutes of lost sleep thinking about how much water it ejects during a storm. No power means no pump and we’ll get back to lake basement. That’s had me thinking about generators for awhile. Starting at $200 for around 1500 watts, I’ve found whole house systems on costco.com that break the $20,000 mark! I’ve figured that my sump pump probably has a peak draw around 1200 watts and that if I want to power my freezer at the same time I probably need a 3000W machine that will cost between $400-$800. I could easily spend more. Onan’s Guide to Home Preparedness (the link goes to costco) has a long list of appliances and their peak and running energy consumptions as well as an emergency kit list. Appliances, such as pumps and compressors found in refridgerators and freezers, draw more power when they turn on than when they are running.
**Categories:** Real Estate News & Tips
**Tags:** Lights Out, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [KOIN News 6 Covers NW Hoyt Restoration Project](https://lovejoyrealestate.com/koin-news-6-covers-nw-hoyt-restoration-project/)
**Published:** December 31, 2008
**Author:** Charles Turner
**Content:**
Mike Donahue from KOIN News 6 was out at our NW Hoyt project yesterday to witness Earth Advantage’s physical air loss test for their a new pilot program which is supported by the Energy Trust. We never expected to be perfect. The historic single pane windows don’t help efficiency but are an important feature of the house. We’re very happy that the 102 year old Robert F. Hall House is more efficient than some new construction!End
**Categories:** Real Estate News & Tips
**Tags:** KOIN News 6, NW Hoyt Restoration Project, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Happy Birthday Portland Real Estate Blog](https://lovejoyrealestate.com/happy-birthday-portland-real-estate-blog/)
**Published:** December 30, 2008
**Author:** Charles Turner
**Content:**
It’s hard to believe that I’ve been writing this forum for four years now. When I started writing the blog in January of 2005, the Case Shiller Index for Portland was 135.46. It peaked in July 2007 at 186.51. With the exception of two reporting periods, the Index has dropped every month since the peak. Today’s October 2008 Case Shiller reporting numbers for Portland put the index at 166.44; the same level as January 2006 (165.33); down 10.8% from the peak.
I’ve written 561 posts. There have been over 3500 comments. More than 240,000 pages have been viewed. A Google search for “Portland Real Estate” has, at one time or another resulted in the blog as the number one result or not at all. Today it is returned as the eighth result and the highest ranking blog for the search.
The blog has introduced us to some great clients, some fair criticism, some not so fair anonymous attacks and has taught us a thing or two along the way. We’re all a year older and more experienced for it. Tomorrow concludes 2008. There were drastic changes in the market but we take the good with the bad and continue to help our clients buy and sell houses. The fundamentals remain the same but what worked in 2006 might not work in 2009 just like what worked in 1999 may have been outdated by 2002.
Happy New Years. Go Ducks & Go Beavers in their respective bowl games and as always, go Blazers.
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate Blog, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [The Colder Side of Portland Real Estate- Ice Dams](https://lovejoyrealestate.com/the-colder-side-of-portland-real-estate-ice-dams/)
**Published:** December 23, 2008
**Author:** Charles Turner
**Content:**
[](/files/ice-dams-1-l.jpg)
It may not be totally obvious that this is a picture of a frozen downspout. It’s solid from one end to the other. The tell tail sign of problems seems to be dirty icicles forming on the siding. This indicates that the water has already entered the exterior and exited. It’s what is not exiting that we are worried about.
[](/files/ice-dams-2-l.jpg)
The questions is what to do about it? It seems like the first course of action is to disconnect the downspouts at the gutter so that water is being directed away from the house. We’re clearing as much snow as we can off the edge of the roof (there is no safe way to access the rest of it). You can try putting de-icer in the gutters as well. Whether or not it will help is questionable but it probably can’t hurt.
Here’s a good link for more [information on ice dams](http://www.htoyh.com/content/ice_dam_web.pdf "Ice dams cause home damage."). It’s worth noting that three of the four houses I know of currently suffering from the problem in Portland are pre-1910. The other is new construction. The new construction does not have the icicles on the siding- their water is draining directly into the house around the chimney (which is probably melting the snow and ice around it.
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Ice Damage](https://lovejoyrealestate.com/ice-damage/)
**Published:** December 22, 2008
**Author:** Charles Turner
**Content:**
I thought we were living in our own little private (cold) hell this morning: water inside at NW Hoyt running down the kitchen wall and marking the ceiling. Turns out we weren’t (keep reading). The water eventually traveled to the basement as well. What’s going on? We figured on three options: 1) a broken pipe 2) a frozen condensate line to the furnace 3) something to do with the frozen downspouts/rain gutters. Any of the three appeared possible. The first was eliminated when we figured that there are no pipes that high in the structure. The second was x-ed out as a possibility after figuring out that the condensate line runs from the attic furnace down an interior wall. The third option was not clear as the culprit until after I had spent two hours on a ladder with a heat gun thawing the whole mess out.
What we discovered is that the rain gutters have frozen solid creating a ridge on the roof line (like every one in Portland in all likelihood). I poured boiling water mixed with de-icer down the downspout and a frozen plug of ice was ejected. We think the ridge pushed any additional moisture towards the house where it found a point of entry through the 100+ year old siding. The problem probably never would have been revealed without a storm like this and it was hidden behind previously installed rain gutters (I tore the gutter off until the underlying issue can be fixed). We cleared all the snow and ice off the roof around it.
I came home, had a hot shower and when I went outside our neigbhor was on his upper level deck pushing snow off it. Turns out he has water inside as well. One look down the side of the house and it is clear that he is suffering from the same problem: brown icicles stemming from random points in the siding. We identified another point where there was no inside issue so hopefully that was caught in time.
It takes a storm like this to bring to light issues that we might never have seen otherwise.
**Categories:** Real Estate News & Tips
**Tags:** Ice Damage, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Portland Snow Day Reflections](https://lovejoyrealestate.com/portland-snow-day-reflections/)
**Published:** December 21, 2008
**Author:** Charles Turner
**Content:**
I just walked over to Zupan’s and back to get the ingredients for French Onion soup. In the last 24 hours I’ve come to the conclusion that people are much friendlier in this frigid weather. Yesterday as I trudged down 24th a guy rolled down his window and asked if I wanted a ride! I’ve made that walk 100s of times and I bet that was the first and only time that will happen.
- Standing at the intersection of NW Westover, 24th, 24th Place and NW Flanders there was not a car to be seen in any direction. I bet that was the first and only time that will happen.
- Chains are mandatory in the Metro area. Less than 50% of the cars that drove past me had chains. Duely impressed with the two cars in Zupan’s parking lot with chains on all four wheels.
- A high efficency gas furnace produces between four and five gallons of water in a 24 hour period. In retrospect, it is probably great that it is pumping into a bucket rather than into our driveway (the copper pipe exiting the house is frozen solid).
- There is white, yellow and red snow between here and Zupan’s! We’ve seen sledders, skiers, snow boarders and mountain bikers.
- The bamboo didn’t sign up for this. Usually standing taller than the fence, the weight of the ice and snow on it had nearly bent over double. The artichoke looks pretty pissed off too.
- An early Christmas present for a toddler is well worth ruining the “surprise” for Thursday.
The stove beckons. Keep warm.
**Categories:** Real Estate News & Tips
**Tags:** Portland Snow Day Reflections, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Yes Virginia, it snows in Portland](https://lovejoyrealestate.com/yes-virginia-it-snows-in-portland/)
**Published:** December 20, 2008
**Author:** Charles Turner
**Content:**
[](/files/ruler-snow-l.jpg)
I’m pretty sure that I have never seen 12+ continuous hours of snow in Portland in the 15 years that I have been here. It is still coming down! We’re downtown at 24th and NW Lovejoy and at 9:25PM have over 7″ of fresh snow!!! How about you?End
**Categories:** Real Estate News & Tips
**Tags:** snows in Portland, Virginia, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Federal Housing Authortity (FHA)](https://lovejoyrealestate.com/federal-housing-authortity-fha/)
**Published:** December 20, 2008
**Author:** Charles Turner
**Content:**
FHA guidelines are changing in 2009. The first thing to be aware of is that FHA.com is not sponsored by the Federal Housing Administration. They don’t hide the fact and it appears to have valid info on it but the real site is FHA.gov.
I’m having a hard time finding what I know is somewhere on the website: in January, the minimum 3% down payment for FHA backed loans goes up to 3.5%. Your bank or mortgage broker will have better information than I am able to provide here. It is not a huge change but is $1000 on a $200,000 loan. There is a provision for locking the 3% in for purchases that go past 12/31/08. It is important to note that FHA is not a lender, they insure mortgages:
*“The Federal Housing
Administration has insured over 35 million home mortgages and 47,205
multifamily project mortgages since 1934. Currently, FHA has 4.8
million insured single-family mortgages and 13,000 insured multifamily
projects in its portfolio.”*
Other things of note on the website:
- FHA on Facebook (21 fans, I am not one of them).
- HUD’s Guide to Avoiding Foreclosure one interesting page I found there is the Foreclosure Timeframe.
- HOPE for Homeowners: *“The HOPE for Homeowners (H4H) program was created by
Congress to help those at risk of default and foreclosure refinance
into more affordable, sustainable loans. H4H is an additional mortgage
option designed to keep borrowers in their homes.*
*The program is effective from October 1, 2008 to September 30, 2011.*
*As many as 400,000 homeowners could avoid foreclosure
through this program over the next three years. If you are having
trouble making your mortgage payments, HOPE for Homeowners may be able
to help you, by refinancing your loan into a new 30-year or 40-year
fixed-rate loan with lower payments.”*
Rates did take a big dip in the middle of the week but only for a few hours. We heard of loan locks for 30 year mortgages under 5%.
**Categories:** Real Estate News & Tips
**Tags:** Federal Housing Authortity (FHA), Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [National Association of Realtors (NAR) Goes Green](https://lovejoyrealestate.com/national-association-of-realtors-nar-goes-green/)
**Published:** December 17, 2008
**Author:** Charles Turner
**Content:**
A few years ago, I was critical of the EcoBroker designation in [this post](https://lovejoyrealestate.com/ecobroker-and-other-designations/) and [this one](https://lovejoyrealestate.com/ecobroker-follow-up/). My issue with it was that it was just another way to add to the alphabet soup after a Realtor’s name and that it is pay-to-play with no endorsement from a national body (or at least one that I recognize). While the commercial feel of the site has been toned down I’m still not sure $395 class fee and $129 annual renewal is a good use of agent’s money. NAR has just unveiled their [Green designation](http://www.greenresourcecouncil.org/). The $125 course is available in a live format now and will be online at the beginning of the year. I haven’t taken either course nor delved deep into either website. I do notice that the EcoBroker class is 18 hours compared to only six for NAR’s. I don’t always agree with my Association but something makes me think that unless there is a unified body endorsing classes, the classes have a lack of credibility. But now that NAR has their own class, they are benefitting of the Green train too. I’m not sure why, as the EcoBroker site states “NAR does not recognize or endorse any third party designation programs regardless of their level of quality” other than the fact that they are making money of their own programs so cannot be unbiased either.
And that leaves me with a quandary. Earth Advantage has their STAR class which I have not taken either; our team member Susan Horvat has. I know and respect the organization and it is local. If I’m okay with the STAR class is it hypocritical not to be okay with the EcoBroker class? I’ll take at least one of these classes, maybe more as I work towards my continuing education hours for my license renewal in July. Maybe I’ll try to review all of them.
There are at least three “Green” certifications out there for local Realtors (Hasson has their own certification as well). I don’t see any LEED certification directed to Realtors specifically.
**Categories:** Real Estate News & Tips
**Tags:** National Association of Realtors (NAR) Goes Green, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Below Freezing Real Estate](https://lovejoyrealestate.com/below-freezing-real-estate/)
**Published:** December 15, 2008
**Author:** Charles Turner
**Content:**
We had to cancel five of our six open houses yesterday. Driving to them didn’t seem like a good idea. I held NW Hoyt open though since I can walk there and had much more traffic than I would have expected; both walkers and those that had driven down to NW 23rd for some weekend shopping.
Last week I wrote about winterizing and hose bib covers- I installed 12 at the various properties that we are responsible for. What I never considered was the condensate line on the high efficiency furnace. It is the copper line sticking out of the wall next to the vent. It was cold in the house when we got up this morning. The thermostat was totally blank. Jacobs Heating had me disconnect the hose from the pump and run it into a five gallon bucket. I flipped the breaker off before doing it as I could hear something running. Flipped the breaker back on and the whole thing fired up.
**Categories:** Real Estate News & Tips
**Tags:** Below Freezing Real Estate, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Coat Drive and Open Houses Dec. 14th](https://lovejoyrealestate.com/coat-drive-and-open-houses-dec-14th/)
**Published:** December 12, 2008
**Author:** Charles Turner
**Content:**
**Due to snow, all of our open houses other than 2356 NW Hoyt are canceled. I can walk to Hoyt and if you’d like to visit I’d encourage you to either walk or take public transportation.**
Tonight’s low temperature is forecast to be 30 degrees. Transitional Youth, founded by Prudential Northwest Properties’ president, Bert Waugh Jr., actively works to reduce Portland’s youth homelessness by providing housing, outreach and support to homeless youth. As temperatures drop the need for warm clothing increases. We’re going to be holding as many of our listings open as possible on December 14th as drop-off locations for coats to be donated to Transitional Youth. We’ll be holding our first public open house for the historic Robert F. Hall House in the Alphabet District (2356 NW Hoyt) on December 14th from 1-4PM and we will develop a complete list in the coming week.
All agents, Prudential NW Properties and otherwise, can advertize their Sunday December 14th open house, IF YOU WILL BE COLLECTING COATS FOR DONATION TO CHARITY, by commenting on this post. Please include (in this format):
- Your name and firm:
- Property address:
- Charity you will donate coats to:
- Open House timeframe on Sunday Dec. 14th:
- MLS#:
- Price:
- Number of bedrooms:
- Number of bathroom:
You may include the public remarks from RMLS. No links or phone numbers. They will be removed. Any advertizing or comments beyond the scope of an open house on December 14th will be deleted, edited or removed. We’ve never done this before in this forum but have high hopes that this can be a successful endeavor. We’ll use the comments to post a master list on the morning of December 13th of participants.
**Categories:** Real Estate News & Tips
**Tags:** Coat Drive, Open houses, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [RMLS Market Action November](https://lovejoyrealestate.com/rmls-market-action-november/)
**Published:** December 12, 2008
**Author:** Charles Turner
**Content:**
[](/files/rmls-11-08-l.jpg)
Slow sales have sent inventory skyrocketing to 15 months. The average sales price is down 10.5% since last November. The median price is down 7%. North Portland is the only area reporting “Total Time on Market” under 100 days (98). Pending sales have dropped between 14.8% and 38.5% since the same time last year.
The rolling average sale price for the last 12 months are:
North Portland +1.01%,
Northeast Portland +.5%,
Southeast Portland -3.1%,
West Portland +4.2%,
Gresham/Troutdale -6.4%,
Hilsboro/Forest Grove -5.9%
Lake Oswego +.04%.
Milwaukie/Clackamas -4.6%
Oregon City/Canby -5.6%
Beaverton/Aloha -4.8%
Tigard/Wilsonville -4.8%
**Categories:** Market Activity & Data
**Tags:** Market Action, RMLS, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Freezing Real Estate](https://lovejoyrealestate.com/freezing-real-estate/)
**Published:** December 10, 2008
**Author:** Charles Turner
**Content:**
[KGW](http://www.kgw.com/weather) along with other weather forecasters are warning us that a “deep freeze” is heading our way. Today’s seven day forecast has a low of 16 on Monday and 17 on Tuesday! The online graphic and TV broadcast do not match. I’ve talked previously about making sure that listings are ready for showings in winter months but whether your house is for sale, you own your house or you rent a house freezing pipes is serious business. Not being an insurance expert I wonder whether it is an act of God? Would a renter’s personal property be covered (under the landlord’s policy or renter’s insurance)? Would the renter or landlord be responsible for the pipe bursting in the first place (legal not insurance question). Probably a better idea to avoid the question by being proactive. We had a pipe burst in a rental a few years back but the basement was empty. Less than a dollar in parts and 15 minutes later, we were good to go.
For some with newer plumbing protecting hose bibs is as simple as shutting off the water with a turn of a lever. When I stopped by a hardware store in Sellwood today they were out of hose bib covers. I can’t find anything about how effective they are. I’ve used house insulation and duct tape previously. Pipes didn’t freeze so I’d assume better than nothing. [State Farm has a page dedicated to preventing frozen pipes](http://www.statefarm.com/learning/loss_prevent/learning_lossprevention_frozpipes.asp). Ideas include wrapping pipes, leaving a trickle of water running and a warning not to thaw frozen pipes with a torch or open flame. The Red Cross has a similar page. The lesson from both appears to be that it is not a case of set it and forget it. There are before the freeze and during the freeze suggestions. Both recommend leaving the heat on at 55 degrees or higher.
**Categories:** Miscellaneous Portland
**Tags:** Freezing Real Estate, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [When is the Right Time to List?](https://lovejoyrealestate.com/when-is-the-right-time-to-list/)
**Published:** December 8, 2008
**Author:** Charles Turner
**Content:**
There isn’t a right or wrong answer in determining when to start actively market a property that is either a major remodel or new construction. There are pros and cons and deciding which is the best course (or lesser of all evils) will depend on the individual situation. The assumption here is that you are not marketing yourself as a custom home builder (but you do, of course, have the permits, licenses and insurance for what you are undertaking). You’ve got a plan and a budget worked out. Some possible scenarios (there’s no way to predict the actual outcome and it is entirely possible that a buyer won’t appear so the subject becomes moot):
At first glance it seems logical to want a committed buyer on day 1. The buyer has a pretty good idea of what you’re doing by looking at the City approved permits. You’ve got a committed buyer and all is great. Finish the project, close on this one and move on. But your brand new and committed buyer wants you to move this wall a few inches this way, put an extra fixture here and paint the house in Easter egg pastel colors. If you agree to it, you’re back to the City to modify the permits; more time and money invested and you haven’t even started the project. They’re on the jobsite about once a week against your protests, slowing work down and costing time, but you don’t want to lose the buyer because the market is tough. Or maybe you get lucky and the buyer can see your wisdom and lets you do your thing until the day they get keys. If there’s no buyer, the Days on Market are racking up (but do you care?).
The walls are all in place and you’ve passed your rough-in inspections. Changing anything is going to be costly so the odds are the buyer isn’t going to make any substantial changes. The risk is that there is no finish work and since you are small operation it is hard to point the buyer to an example of your finish work- maybe you have a portfolio from a previous project. If you don’t have a way of articulating your vision you are going to have a hard time getting money up front for it. Nonetheless, you’ve got your budget and vision but the buyer wants to pick colors and surfaces. Do you give them an allowance? Do you have veto power? Nonrefundable option money? Their pink nursery is great for them but the next family’s teenage son doesn’t see the humor. In a perfect world both you and the buyer are thrilled because you were able to do some things that really made them feel like it was their home, not something that was done without any of their input. The best part is you hand the keys over to the buyer as the last subs walk out the door and you have no holding costs.
The house is done. Move-in, showcase ready. Staging it or not is an entirely different question. Sign goes in the yard as the last sub walks out the door. You don’t have to articulate what you’re doing because it is right there for the buyer to see. It sells itself (or doesn’t). The clock’s ticking. Your holding costs are at a maximum; everyone’s been paid off as their work is completed. The first buyer walks in and really likes it but decides that they’ve always dreamed of designing their own kitchen (where were these people two paragraphs ago?). A realistic closing date is 30 days after you accept and offer and market time takes three months. Four months of holding costs takes a chunk out of your profit. What if it takes longer? How many months were in the original budget? How long can you hold on until it becomes a desperate situation?
We’ve had our NW Hoyt project in RMLS since October 6th. While we haven’t had an offer, we’ve had some good showings. We’ll reach showroom condition later this week. I don’t think the fact that we have been listed for 60 days will or has hurt anything. It has been challenging taking pictures since each trade does their thing and the next moves in; rooms really are not finished for photos until the last trade is out. We waited until the exterior was finished. When we did our NE 13th project, we had an accepted offer before all the sheetrock was hung.
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Carbon Monoxide Kills Family of Four](https://lovejoyrealestate.com/carbon-monoxide-kills-family-of-four/)
**Published:** December 4, 2008
**Author:** Charles Turner
**Content:**
I’m almost finished with writing a post on a different subject but this is more important. In real estate, we test and test and test through the transaction; oil tanks, radon, pests, and the list goes on. Oregon real estate law has a provision for smoke detectors. Carbon monoxide? It’s rarely mentioned in real estate. But it killed a family of four Thanksgiving weekend in Aspen. The [Oregonian](http://www.oregonlive.com/news/oregonian/steve_duin/index.ssf?/base/news/122835752210280.xml&coll=7 "Oregonian Article on carbon monoxide deaths.") and other news outlets have reports on the story.
A Google search for “Carbon Monoxide Detector” gives the following results:
[First Alert® *Carbon Monoxide Detector* (CO615)](http://www.acehardware.com/entry.point?target=13a5a7&source=CAFGL_DF:1287591:ACE&CAWELAID=109342906)$39.99 – Ace Hardware[Kidde 900-0102 Combination Smoke and *Carbon* …](http://www.jr.com/JRProductPage.process?Product_Id=3964986&JRSource=googlebase.datafeed.KDE+900-0102)$34.99 – J&R Music and …[KIDDE PLC 900-0076 110V AC Nighthawk *Carbon* …](http://www.drillspot.com/products/346328/Kidde_900-0076_Carb_Monoxide_Detector)$44.85 – DrillSpot.com
> *Carbon monoxide detector* – Wikipedia, the free encyclopedia
> A *carbon monoxide detector* or CO *detector* is a device that detects the presence of the toxic gas *carbon monoxide* (CO), a colorless and odorless compound …
> *wiki/Carbon\_monoxide\_detector – 33k – *Cached – [Similar pages](http://www.google.com/search?hl=en&client=firefox-a&rls=org.mozilla:en-US:official&hs=Elz&q=relatedwiki/Carbon_monoxide_detector) –
Also note that ADT and Brinks have carbon monoxide detectors that can be monitored by their systems.
**Categories:** Home Inspections
**Tags:** Carbon Monoxide, Kills Family of Four, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Short Sales and First Time Buyers](https://lovejoyrealestate.com/short-sales-and-first-time-buyers/)
**Published:** December 2, 2008
**Author:** Charles Turner
**Content:**
Wikipedia describes a short sale as:
> A **short sale** occurs when the proceeds of a real estate sale fall short of the balance owed on the property.[\[1\]](#wiki/Short_sale_%28real_estate%29) In a short sale, the [bank](#wiki/Bank "Bank") or [mortgage](#wiki/Mortgage "Mortgage") lender agrees to discount a [loan](#wiki/Loan "Loan") balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank’s [Loss mitigation](#wiki/Loss_mitigation "Loss mitigation") department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the [debt](#wiki/Debt "Debt"). In such instances, the lender would have the right to approve or disapprove of a proposed sale. Most Short Sales leave a deficiency balance for which the Mortgagor / Borrower is still liable. In 99% of all cases it is not a settlement-in-full. A deficiency balance will remain while the mortgage broker, real estate agent / broker, loan officers, title and closing agents retain their profit. No regulatory agency governs this hybrid transaction. [(Continue Reading About Short Sales on Wikipedia Here)](#wiki/Short_sale_(real_estate))
For many, the instant reaction is that this is an easy place to get a deal. In some cases it is. But often it adds to the complication and potential heartache a real estate transaction can cause. I haven’t been a first time buyer since the 90s but we work with many. Nor have I ever been in the position of being a short sale seller. I can report about what we’ve seen though. The point of this post is by no way a plea not to buy a short sale but to reveal some additional challenges they can create.
A property is listed in RMLS. It had a buyer that fell through so the bank had already approved the sale once. The new offer should be a slam dunk with a prequalified buyer since the banks has already done their math. Nope. While the bank goes back through their process from scratch (which has no set timeframe, they decide when they decide), the seller starts heading down the road of bankruptcy. They’ve stopped paying their utilities and they have been shut off with past due balances. The offer was written September 23 and accepted November 15th in part because there was now a trustee involved as well. The inspection period clock is now ticking but no one will pay to turn the utilities on… the bank and seller don’t “care” and the buyer doesn’t want to pay the seller’s past due balance to check that the systems work but what option do they have? We eventually convinced the utilities to turn them on temporarily so they could be checked (they’re fine).
End result in this case is that everything will probably work out. Most offers between a buyer and seller are hammered out in a day or two, even with counter offers. Add a third party and it took almost seven weeks to get an accepted offer. That’s a long time if you are eager and becoming emotionally attached to a property. What would have happened if the bank got a better offer on November 14th? The buyer probably would have gotten a rejection somewhere around December 1st!
If the inspections had revealed major issues a whole new problem is created. Real estate transactions in Oregon are written on standard paperwork are “As-is” but we all know that repairs and reductions are a part of the negotiations prior to closing. Banks are much better at holding the as-is take it or leave it position. We had a bank decommission two in-ground tanks found during the inspection period, but as a buyer, you have to go into the transaction expecting the bank will make no repairs. The offer they accept is the one they plan on closing with. The buyer still has all the contingency rights but we haven’t seen banks being very, if at all, flexible when it comes to concessions once the offer is accepted.
**Categories:** First Time Buyer
**Tags:** First Time Buyers, Short Sales, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Case Shiller September 2008](https://lovejoyrealestate.com/case-shiller-september-2008/)
**Published:** November 26, 2008
**Author:** Charles Turner
**Content:**
Case Shiller for September 2008 continued its downward trend. The Portland index is down to 169.67 compared to August’s 171.93 and a high of 186.51 in July 2007. September’s mark is at about the same level we had in March 2006 (169.87). The index is down 9.0% from its high. The S&P500 index is down 25.2% from March 2006 – October 2008 ([calculated here](http://politicalcalculations.blogspot.com/2006/12/sp-500-at-your-fingertips.html)).
According to [SFGATE](http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/26/BULG14C3F8.DTL):
“There wasn’t a good number in there, but these numbers don’t really
reflect what’s happening now,” said Patrick Newport, U.S. economist
with Englewood, Colo., consulting firm IHS Global Insight, noting that
the bad economic news began midway through September and has worsened
since. “We should expect really awful housing (data) for the rest of
the year.”
It continues:
Since May, Case-Shiller’s national monthly declines have rested
around or below 1 percent, leading some observers to speculate that the
markets were approaching a bottom several months ago. In Tuesday’s
report, the declines were 1.9 percent for the 10-city index and 1.8
percent for the 20-city index. The change isn’t large and could in part
reflect seasonal home-buying patterns, which typically slow down at the
end of summer, but isn’t good news in any case.
“The key point is we do not yet see a deceleration,” said Susan
Wachter, professor of real estate at the University of Pennsylvania’s
Wharton School of Business. “This is another historic decline and the
drivers are still pointing down.”
The October index is sure to fall further, she said. Beyond that,
the health of the housing sector will depend on how markets react to
government efforts like the $800 billion plan to loosen lending
announced Tuesday, as well as stimulus measures to come, she said.
Standard & Poor’s expects it will take at least until the middle
of next year before the housing market bottoms outs and until 2010
before prices begin to climb, Newport said.
**Categories:** Case Shiller Index
**Tags:** Case Shiller, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### ["First Time Buyer Tax Credit" Revisited](https://lovejoyrealestate.com/first-time-buyer-tax-credit-revisited/)
**Published:** November 19, 2008
**Author:** Charles Turner
**Content:**
It’s old news now. The IRS is offering a $7500 tax credit to first time home buyers. Keep reading. If you don’t own and have not owned a home in the last three years, you can take a $7500 credit (not a deduction) off your tax bill. That means, for a transaction that closes by December 31st 2008, you can take the credit for on your 2008 taxes. Owe the Feds $10,000? Pay them only $2500. Don’t owe them anything? They’ll write you a check for $7500. Also note that this is not tax or legal advice so consult the appropriate professionals (accountant and/or attorney).
Now the “fine print” (most of it gathered from federalhousingtaxcredit.com sponsored by the National Association of Home Builders). They have more information on their site than is provided here. Not everyone qualifies.
- You can earn $75,000 or $150,000 on a joint return, it is prorated up to $95,000/$170,000 and you are SOL after that.
- Must close between April 9, 2008 and July 1, 2009.
- YOU MUST REPAY THE CREDIT! 1/15 every year starting two years after credit is taken.
- If the house is sold before the credit is paid back it is taken out of the sale (with some exceptions).
- The credit is actually 10% of the cost of the home. If you bought a $50,000 (must be principle) residence, your credit could only be $5,000.
**Categories:** First Time Buyer
**Tags:** First Time Buyer Tax Credit, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Is Portland Real Estate Selling?](https://lovejoyrealestate.com/is-portland-real-estate-selling/)
**Published:** November 17, 2008
**Author:** Charles Turner
**Content:**
I’m using Prudential Northwest Properties Transaction Platform which gets it data feed from RMLS to search for properties listed in Portland excluding any suburbs. Between October 1st and October 31st, 2008, 637 properties listed in RMLS sold (864 sold in the same time frame in 2007). In 2008, they ranged from an in-park double wide to a $3.3M Dunthorpe home. As of now, there are 5992 properties showing as active.
- 123 of the listings were on the market nine days or less. My assumption is that the system is reporting since the property was last assigned a new MLS number.
- Five listings were on the market over 500 days. They were all new construction condos.
- Average days on market was 73.
- The median listing price was $297,500.
- The average listing price was $354,528.
- The median selling price was $289,850; 97.71% of the list price.
- The average selling price was $343,588; 97.0% of the list price.
- The highest sold price to listing price ratio was 114% (home shows as 0 days on market).
- The lowest sold price to listing price 66.5% (was the lowest priced listing which sold for $8500).
- The 100th property when ranked from the lowest to highest ratio sold for 93.4% of asking.
- The 573th property (100 from the highest ratio home) when ranked from the lowest to highest ratio sold for 100% of asking.
**Categories:** Market Activity & Data
**Tags:** Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [RMLS Market Action October 2008](https://lovejoyrealestate.com/rmls-market-action-october-2008/)
**Published:** November 13, 2008
**Author:** Charles Turner
**Content:**
[](/files/rmls-10-08-l.jpg)
RMLS Market Action for October was just released. Nothing really surprising in the broad numbers. Inventory is up to almost 12 months. Accepted, closed and pending sales are down from this time a year ago. Average and Median prices are also down for the Portland Metro Area. The following breakdown “is based on a comparison of the rolling average sale price for the last 12 months (11/1/07-10/31/08) with 12 months before (11/1/06-10/31/07)”
North Portland2.2%Northeast Portland2.0%Southeast Portland-2.2%Gresham/Troutdale-5.7%Milwaukie/Clackamas-5.4%Oregon City/Canby-4.8%Lake Oswego/West Linn3.6%West Portland5.0%NW Washington County-0.7%Beaverton/Aloha-4.2%Tigard/Wilsonville-3.9%Hillsboro/Forest Grove-5.0%Three of the four areas that make up Portland report positive numbers. Only one suburb area, Lake Oswego/West Linn, can make the same claim.
**Categories:** Market Activity & Data
**Tags:** Market Action, RMLS, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [www.PDXRelocations.com. Our New Website.](https://lovejoyrealestate.com/wwwpdxrelocationscom-our-new-website/)
**Published:** November 8, 2008
**Author:** Charles Turner
**Content:**
[](/files/pdx-l.jpg)
I’m pleased to announce the launch of of our latest website, [www.PDXRelocations.com](http://www.PDXRelocations.com). It is a targeted Portland Relocation website for those moving to or new to the Portland area but the content is relevant to even the most knowledgeable Portlander. We’ve licensed copy from First Book’s Newcomer’s Handbook® for Moving to and Living in Portland. We’ve got all of the neighborhood chapters online, accessed through an [interactive Google Map](http://www.pdxrelocations.com/area-info.php).
Did you know: *Even \[house\] numbers are on the south and east sides of the street, odd numbers on the north and west sides*? That’s a part of the [address locator](http://www.pdxrelocations.com/addresslocator.php) copy from the Handbook.
**Categories:** Real Estate News & Tips
**Tags:** www.PDXRelocations.com, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Ready. Set. Rain. Winter Real Estate.](https://lovejoyrealestate.com/ready-set-rain-winter-real-estate/)
**Published:** November 6, 2008
**Author:** Charles Turner
**Content:**
Weather reports this time of year are pretty straight forward in Portland; rain with the chance of more rain and the possibility of more rain, maybe even snow after that. We set our clocks back (we might have remembered to change the smoke detector batteries at the same time and settle in for dark cold nights. Dark, wet, rain and cold make selling a house even tougher if you don’t do something to address it. So what do we have to consider when selling a home in winter?
Fall leaves are beautiful when still attached to the tree but are less so on the ground. They also become slip hazards on some surfaces. Curb appeal still counts.
If your potential buyers and their agents have to find the front door by Braille before fumbling with the key-box and door, they’re going to be put off. Consider leaving the front porch light on or putting something outside on a timer that will help light the entrance to the house.
It is entirely possible for the inside of a house to be in the forties when it is in the fifties outside. Cold inside for some reason feels colder than cold outside. If you can see your breath inside, the odds of a buyer lingering to fall in love with the property is diminished. Especially with vacant houses, there needs to be some consideration to bursting pipes. [Thank God it is warmer here than other places.](http://www.joe-ks.com/archives_mar2005/FrozenCars.htm) Even with the heat (with and adjustable thermostat, if possible) set to 60 the comfort level is noticeable.
If we get to the freezing rain point of the year, that has to be addressed. The homeowner is responsible to the curb, including the pubic sidewalks, outside their property.
Real estate doesn’t stop in the winter. Typically there are fewer listings and fewer buyer all other things being equal but those sellers and buyers are usually more serious as a whole in winter months. In our current market, that statement may need adjusting as some summer sellers that expected their properties to sell before now are still on the market.
**Categories:** Real Estate News & Tips
**Tags:** Winter Real Estate, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [WSJ Reports on Negative Real Estate Equity](https://lovejoyrealestate.com/wsj-reports-on-negative-real-estate-equity/)
**Published:** November 3, 2008
**Author:** Charles Turner
**Content:**
[](/files/neg-re-equity-l.jpg)The Wall Street Journal has a semi-interactive map showing state’s homeowner’s negative equity positions across the country. Nevada heads the list at 47.8%. New York is at the other end of the spectrum at 4.4%. Oregon is at 7.7% with another 2.2% within five percent of falling into negative territory. The title of the page: Haunted Houses.End
**Categories:** Real Estate News & Tips
**Tags:** Negative Real Estate Equity, WSJ Reports, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Portland Real Estate News](https://lovejoyrealestate.com/portland-real-estate-news/)
**Published:** October 30, 2008
**Author:** Charles Turner
**Content:**
A few tidbits:
- Those of you Oregonian readers may have read Ryan Frank’s piece yesterday on the front page of the business section with a picture of our sign outside of our NW Ryan listing. Yes, it’s still available. It is online here.
- The Oregon Association of Realtors has canceled it’s RealtorVision campaign.
- I am going to do some more research on jumbo loans. What I have found is that there are no 30 year fixed loans out there. I have found a 5/1 ARM @ 5.50% and 7/1 ARM @ 5.75%. Both require 20% down.End
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate News, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Case Shiller August 2008](https://lovejoyrealestate.com/case-shiller-august-2008/)
**Published:** October 28, 2008
**Author:** Charles Turner
**Content:**
[](/files/poxr-2008-l.jpg)
In August 2007, the Case Shiller Index for Portland was 186.0. The August 2008 Case Shiller Index released today is 171.93, down 7.5% (wish I could say the same for my 401k). Ugly but not as ugly as the national picture:
[WASHINGTON (Thomson Financial)](http://www.forbes.com/afxnewslimited/feeds/afx/2008/10/28/afx5613652.html) – Home prices in major US cities posted record year-over-year declines in August, providing more evidence that prices may not have bottomed out yet.
The S&P/Case-Shiller 20-City Home Price Index released today fell for the 15th consecutive month in August, and the index is now down a record 16.6% from a year earlier. That year-over-year decline is in line with expectations from economists, many of whom were anticipating a record annual decline.
**Categories:** Real Estate News & Tips
**Tags:** Case Shiller, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Changes in Lending Shrinks Buyer Pool](https://lovejoyrealestate.com/changes-in-lending-shrinks-buyer-pool/)
**Published:** October 21, 2008
**Author:** Charles Turner
**Content:**
Loose lending rules helped pump up the real estate market. When lending tightened the buyer pool shrunk. I think the squeeze is on the buyer with good but not excellent credit. There are still 3% FHA loans and the USDA rural loans are up to 102%. VA loans have a 2% funding fee that the buyer pays in financing costs. The 80-20 loans are almost extinct from what I am seeing (ask your mortgage broker). That’s when there was an 80% conventional loan and another 20%, often a maxed out equity line, to make up whatever cash to close the buyer needed.
Jumbo loans exist but at significantly higher interest rates than conforming loans (those under $417,500 for most markets). That’s hurt the sales of the $500k-$750k homes (numbers chosen somewhat arbitrarily) since most of the population isn’t sitting on wads of cash for a down payment. There were first time buyers in that range before, and there still are, but not as many. Those thinking about making a change by selling what they own and moving are weary of having to sell their existing homes. There are some houses that I’d love to buy if I was sitting on the cash to do so but since I’m not, I’ll be sitting on the sidelines as well.
**Categories:** Real Estate News & Tips
**Tags:** Lending Shrinks Buyer Pool, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Wild Ride](https://lovejoyrealestate.com/wild-ride/)
**Published:** October 19, 2008
**Author:** Charles Turner
**Content:**
Up, down, up, down goes the stock market. The market is an instant pulse of the economy compared to housing reports that take time to flush out.
[CNN reports:](http://money.cnn.com/2008/10/17/markets/markets_newyork/index.htm?cnn=yes)
> Home construction tumbles: Housing starts fell to a 17-year low in September, according to a government report released Friday before the market opened. Starts fell to a seasonally adjusted 817,000 in the month from 872,000 the previous month. Economists were expecting a smaller decline.
>
> Applications for building permits, considered a good indicator of future activity, fell to a seasonally adjusted rate of 786,000 in September, down from a revised 857,000 in August. Economists were expecting a smaller decline.
Does anyone have access to or know how we find out about Portland housing starts and permit applications?
**Categories:** Real Estate News & Tips
**Tags:** Wild Ride, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [RMLS Market Action September '08](https://lovejoyrealestate.com/rmls-market-action-september-08/)
**Published:** October 14, 2008
**Author:** Charles Turner
**Content:**
Things are tough. During our sales meeting today an agent said he has 17 listings. Fifteen of them are short sales. He said that some banks he has worked with have agreed to losses of over six figures; another won’t budge on $2000. We’ve seen some amazing things happen in our economy in the last few weeks. We get to see instant reaction in the stock market but real estate reacts at a slower pace; at least the reporting of it does. It appears that the bleeding may have slowed but what things will look like a couple of months from now or years from now is beyond prediction. There are some great deals out there but there in nothing that says they won’t be even better deals in the future. Either that or someone else will have made a move. Only time will tell if it was a good move.
[](/files/2008/10/14/rmls_market_action_sept-l.jpg)
[](/files/2008/10/14/rmls_sept_closings-l.jpg)
**Categories:** Market Activity & Data
**Tags:** RMLS Market Action, Portland Housing Market, Portland Real Estate
---
### [Smart Money's 25 Cities Ready To Rebound](https://lovejoyrealestate.com/smart-moneys-25-cities-ready-to-rebound/)
**Published:** October 14, 2008
**Author:** Charles Turner
**Content:**
The print version of November’s Smart Money has a story on 25 real estate markets ready to rebound. Portland isn’t one of them. Seattle is #25. The story claims that the complete list of 100 markets can be found online at [smartmoney.com/mag](http://www.smartmoney.com/smartmoney-magazine/) but I can only find October articles. I expect the site will be updated and we’ll be able to see where Portland is. We should see RMLS Market Action for September soon.
**Categories:** Real Estate News & Tips
**Tags:** RMLS Market Action, Portland Housing Market, Portland Real Estate
---
### [No on Oregon Measure 63](https://lovejoyrealestate.com/no-on-oregon-measure-63/)
**Published:** October 13, 2008
**Author:** Charles Turner
**Content:**
Youtube video added 10/13 @ 4:45PM
I haven’t sat down and read through the first section of the voter’s guide that came in the mail but the postcard from the Oregonians Against Unsafe Housing got my attention regarding Measure 63. Quoting directly from their website:
**Back Door Attack on Homeowner Safety – Vote No on Measure 63**
> This November’s Ballot includes an initiative that appears on the surface to be a progressive move for homeowners’ independence. But, in reality, it will compromise the very foundation on which homeowners’ dwellings are built. Measure 63 would create exemptions for residential and farm property from state and local building permits and safety inspections if the value of the improvement is less than $35,000 in a calendar year. It would supersede current state and local laws and institute a system in which property owners may alter their structures with few limitations. The measure is only one page in length and so vaguely worded that large-scale improvements would not need permits if a project were broken into $35,000 increments over different calendar years.
>
> For those who own or rent single family residences, you can quickly see the horrible consequences of this measure. Oregonians want to sleep safely at night knowing that work on their foundation, walls, roofs, electrical and plumbing was done to code. If this measure passes, that peace of mind will go out the window.
The [Oregonian article](http://www.oregonlive.com/news/index.ssf/2008/10/oregon_measure_63_could_loosen.html) cites the pro measure website to be [BillSizemore.com](http://billsizemore.com/) but I find nothing of the initiative there. Most of the comments on Dana Tims’ article are critical of the bill. I have to agree. While the permit/inspection process is far from perfect, as both a Realtor and a licensed contractor (though not a contractor for hire), I don’t believe that Measure 63 would be a benefit.
Being able to do or not do work based on a dollar value is beyond stupid. The measure uses $35,000 worth of work in a given year because Sizemore says, “it sounds good.” An individual could easily put in $50,000 of cosmetic remodeling work and cause no safety issue (and can legally do that now). That same person could burn down a house with a $.35 switch. One of the biggest coin tosses when applying for work is the “value of project” question. Applicant aims low, BDS (in Portland) aims a higher and you land somewhere in the middle. In Portland, you permit is partially based on the value of the project being permitted- the portion that requires a permit. My $25,000 project may be your $50,000 project.
Have you registered to vote? **You have until 5PM on Tuesday, TOMORROW, to do so**.
**Categories:** Real Estate News & Tips
**Tags:** Measure 63, Oregon, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [God and Real Estate](https://lovejoyrealestate.com/god-and-real-estate/)
**Published:** October 9, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/10/09/swhouseslide-l.jpg)
Photo credit: Mike Zacchino, The Oregonian
Portland has made national news. CNN has clips running of the house in SW Portland that slid down the hill. The Today Show, incorrectly according to local reports, is saying that the slide was caused by recent rain. Geologists on Last night’s KGW report said that the house is built over an old drainage ditch. They are back on the scene this morning. Insurance experts are saying that this may be considered and Act of God and the slide might not be insured! There are six family out of their homes as of right now.
It’s enough to pause and dig out your policy? What is covered? What isn’t? Would you be covered? Do you need to make changes to your policy so that you are covered?
**Categories:** Real Estate News & Tips
---
### [RMLS and Photos](https://lovejoyrealestate.com/rmls-and-photos/)
**Published:** October 6, 2008
**Author:** Charles Turner
**Content:**
We live in an ever increasingly digital age. A picture was worth a thousand words and was as close to the truth as you were likely to get. With mainstream digital photography and photo editing software, a photo may not be the truth. The impetus of this post comes from another real estate related blog discussion where a Realtor has posted a picture on RMLS where the grass has been painted green using software; almost a toxic dump site green. The comments of that post begin by saying t there should be rules, followed by there are no rules where, in fact, there is a rule and then what is the punishment for breaking the rule? That’s why the subject deserves its own thread here. The photo alteration rule went into effect August 8th. I know RMLS is working on a revision of their rules now and, from what I can see, there is no modification to the status quo regarding photos. There should be some discussion. I hope RMLS, the public and Realtors participate.
> RULES AND REGULATIONS OF RMLS™
> REGIONAL MULTIPLE LISTING SERVICE, INC.:
>
> 3.7 Photographs. Listing Brokers may submit up to sixteen (16) photographs for all listings to be Published in the RMLS™ System. **The photographs are to be submitted without any alterations**…
I’d consider myself a semi-serious armature photographer. We use a mix my photographs and a professional photographer for our listings. I use a Nikon digital SLR and have a full version of Photoshop and other editing software which I’d rate myself about a B student on.
The question for me is what is an altered photograph? The first picture here is the snapshot that came off the storage device. The second simply has the color auto-corrected in Microsoft Picture Manager and is slightly cropped. Is the second photo altered? Yes, it is. Should it be considered “altered” for RMLS purposes? I think not.
[](/files/2008/10/06/sink1-l.jpg)
[](/files/2008/10/06/sink1altered-l.jpg)
This photo was just for fun. Real estate is marketing. Nothing about the subject property is changed. None of the physical attributes of the neighboring properties have changed, I’ve just drained the color out of them to highlight the house in the middle. Altered?
[](/files/2008/10/06/whiteside_photoshopped-l.jpg)
Cropping or editing? I could have edited the portapoti out of the picture using Photoshop. It is sitting on the property. Is cropping the picture out so it can’t be seen altering? I could have taken the photo from a slightly different angle or zoomed in from the camera to avoid it.
[](/files/2008/10/06/dsc_8747-l.jpg)
[](/files/2008/10/06/dsc_8747cropped-l.jpg)
Is removing a pedestrian that happens to walk into that perfect shot an alteration that should constitute a violation? I don’t really think so. Is removing a power line? Yes, it’s not going anywhere. Is painting a pink house blue? Yes. Is auto correcting? No (I wish more real estate photographers would take this step). How about removing yourself from a mirror or other reflective surface? How about this shot? It is four pictures stitched together (notice the bend in the rails (this was my first attempt at this software):
[](/files/2008/10/06/smallpano_2-l.jpg)
RMLS clearly took a step in the right direction by adding the alteration clause but I don’t feel it can completely address the issue that easily. I’d be more than happy to participate in a group addressing it. Regarding fines? I don’t see it specifically addressed. Fines under $100 are waived if corrective action is taken within seven days of notification. I’d expect that photo-related infractions would all under this category ($2500 fine for a giving out use of our lockbox key or password into RMLS).
**Categories:** Market Activity & Data
**Tags:** RMLS Market Action, Portland Housing Market, Portland Real Estate
---
### [Is Fannie Mae Setting a Precedent?](https://lovejoyrealestate.com/is-fannie-mae-setting-a-precedent/)
**Published:** October 5, 2008
**Author:** Charles Turner
**Content:**
[CNN reported this story on Friday](http://www.cnn.com/2008/US/10/03/eviction.suicide.attempt/index.html). I’m conflicted. It’s sweet but rewarding someone for inflicting harm on themselves? Not as though Fannie Mae can afford charity these days.
> Addie Polk, 90, of Akron, Ohio, became a symbol of the nation’s home mortgage crisis when she was hospitalized after shooting herself at least twice in the upper body Wednesday afternoon.
>
> On Friday, Fannie Mae spokesman Brian Faith said the mortgage association had decided to halt action against Polk and sign the property “outright” to her.
>
> “We’re going to forgive whatever outstanding balance she had on the loan and give her the house,” Faith said. “Given the circumstances, we think it’s appropriate.”
>
> Residents of Akron have rallied behind Polk, who is being treated at Akron General Medical Center. She was listed in critical condition Friday afternoon, according to Akron City Council President Marco Sommerville.
**Categories:** Real Estate News & Tips
**Tags:** fannie mae
---
### [Market Tracker and Property Investment Profile](https://lovejoyrealestate.com/market-tracker-and-property-investment-profile/)
**Published:** October 3, 2008
**Author:** Charles Turner
**Content:**
There was great response to these tools when I wrote about them a year back so here’s a second look at Prudential Northwest Properties’ Market Tracker and Property Investment Profile.
[Market Tracker](http://www.portlandrealestateblog.com/market_tracker__february_2008_97210.htm) is a monthly email that generates its report based on zip codes. Up to ten zip codes can be tracked. All you need to do is email me or [click here](http://www.turnerrealtors.com/Prudential_NW/modules/global/forms/marketevaluation.asp?) and make the request in the comments and I will set them up. This is more of a market snapshot.
[Property Investment Profile](http://media.reliancenetwork.com/media/downloads/prudential_nw/2007510151731.pdf) is more specific. If it is an RMLS search criteria, I can set up a PIP for it. Typically we set it up as a range around your specific property address. I’ve used the legal address for a condo building so that it only tracks activity in that specific building. This report details all the listings that match the criteria in the search. You can request it by [clicking here](http://www.turnerrealtors.com/Prudential_NW/modules/global/forms/marketevaluation.asp?) or the link on the left sidebar.
\*\*\*Note on Privacy: We do not share your information with anyone outside of the Turner Realtors Team. We will enter your information into our database and you might be contacted as follow-up. You can opt out of receiving emails from us at any time.
You can request it by [clicking here](http://www.turnerrealtors.com/Prudential_NW/modules/global/forms/marketevaluation.asp?) or the link on the left sidebar.
**Categories:** Real Estate News & Tips
**Tags:** Property Investment Profile, Market Tracker
---
### [Case Shiller July 2008 Results](https://lovejoyrealestate.com/case-shiller-july-2008-results/)
**Published:** September 30, 2008
**Author:** Charles Turner
**Content:**
Really briefly, Case Shiller for July came out today. Portland’s index is 174.21, down from June’s 175.03.
[](/files/2008/09/30/case_shiller_decade.jpg)
This second graph shows the same index since Jan. of 2006.
[](/files/2008/09/30/case_shiller_two_year.jpg)
**Categories:** Case Shiller Index
---
### [KGW Your Money Blog](https://lovejoyrealestate.com/kgw-your-money-blog/)
**Published:** September 30, 2008
**Author:** Charles Turner
**Content:**
I’m sitting here watching the 5PM news. KGW is running a series this week on the Your Money blog. Monday night was about retirement, Tuesday, tonight, is Investment Tips, and Wednesday night is “real estate advice from the experts.” There’s no link for it yet but it should be the latest post the Your Money blog in the early afternoon.
I’m not the “Charles” that asks a question on the Retirement page and I am not tomorrow’s expert. If anyone at KGW reads this forum, it’s a great idea but really hard to read as there is no separation between the question and the answer. Either one in italics, bold or a color would make it much easier to follow.
**Categories:** Real Estate News & Tips
**Tags:** KGW
---
### [Lien on Me](https://lovejoyrealestate.com/lien-on-me/)
**Published:** September 29, 2008
**Author:** Charles Turner
**Content:**
In the last few weeks we’ve seen three big Portland area builders in trouble. [Last week’s Portland Business Journal explored who that effects a little more](http://www.bizjournals.com/portland/stories/2008/09/29/focus1.html?b=1222660800%5E1706219&brthrs=1). Subcontractor liens are way up. If a contractor doesn’t pay their subs, the subs can file lien against the property that they work on. Subcontractor liens get paid before the contractor’s construction loan.
> Multnomah County reports that construction liens, also known as mechanic’s liens, have soared as contractors and subcontractors line up to secure their right to payment for work on financially troubled projects.
>
> Contractors and subcontractors recorded 1,119 liens in Multnomah County through Aug. 31. That’s 41 more than the number of liens filed in all of 2007 and 70 percent more than the 654 filed in 2005 when the residential market was booming.
>
> The story is similar in Washington County, where contractors filed 910 claims this year through Sept. 12, 46 percent more than for all of 2007, and 53 percent more than for the full year 2005.
The RMLS New Construction Real Estate Agreement includes this section:
Multnomah County reports that construction liens, also known as mechanic’s liens, have soared as contractors and subcontractors line up to secure their right to payment for work on financially troubled projects.
Contractors and subcontractors recorded 1,119 liens in Multnomah County through Aug. 31. That’s 41 more than the number of liens filed in all of 2007 and 70 percent more than the 654 filed in 2005 when the residential market was booming.
The story is similar in Washington County, where contractors filed 910 claims this year through Sept. 12, 46 percent more than for all of 2007, and 53 percent more than for the full year 2005.
Multnomah County reports that construction liens, also known as mechanic’s liens, have soared as contractors and subcontractors line up to secure their right to payment for work on financially troubled projects.
Contractors and subcontractors recorded 1,119 liens in Multnomah County through Aug. 31. That’s 41 more than the number of liens filed in all of 2007 and 70 percent more than the 654 filed in 2005 when the residential market was booming.
The story is similar in Washington County, where contractors filed 910 claims this year through Sept. 12, 46 percent more than for all of 2007, and 53 percent more than for the full year 2005.
**CONSTRUCTION LIENS:** Seller warrants and represents that from and after the date of closing, all Seller’s contractors, subcontractors, suppliers and all others who provided labor or material to the Property or who have the right to lien, will have been fully paid and/or will have released all of their lien rights as against the property.
If you think you are in a position where the property you are buying might be subject to liens make sure you seek confident professional advise, including an attorney. It is possible that liens could be filed, and be valid, after closing. Since the lien attaches to the property, you could potentially be liable for the debt.
I’m yet to come across an issue with a construction lien, either personally through our remodeling or real estate related, but it is clearly more likely to happen in this market.
**Categories:** Real Estate News & Tips
**Tags:** Contractor Liens
---
### [Today's, Mostly, Real Estate News](https://lovejoyrealestate.com/todays-mostly-real-estate-news/)
**Published:** September 26, 2008
**Author:** Charles Turner
**Content:**
First cup of coffee and the morning edition of the Oregonian. Some of the front page section headlines:
Front page of sports: **GIANT KILLERS III-** Okay, not really real estate related but Oregon State Beating #1 USC 37-21 helps put Oregon on the map. And it’s one of the few bits of cheery news! I’m a Lewis and Clark Pioneer. When it comes to Division 1 teams, I’ll root for the Oregon team that will move up the national rankings. If it came to the Civil War for a trip to the Rose Bowl, I’d be conflicted.
Front page of business: **Renaissance Homes Files for Chapter 11, will keep operating-** I’ve been amazed how busy our subcontractors have been when it comes to scheduling work. Real estate prices have declined but I haven’t seen a drop in bid for remodeling work. You’d think an increase in the supply of contractors (due to less new construction work) would result in a drop in prices. It’s probably countered by the costs associated with construction; they’ve all gone up.
Front page: **JPMorgan acquires bank assets of WaMu-** The news that almost isn’t news. It’s been expected that WaMu was in trouble for some time now. An auction of the bank was canceled when interest was too low between other potential buyers. WaMu may be held out as the poster child for what went wrong in the subprime mortgage market.
Also on the front page: **Economic rescue hits wall-** The stock market is all over the map. Down 34 last week, up 196 yesterday and down 60 as I type. A 30 year fixed mortgage is quoted as 6.09%, up from 7.78% last week. Will there be a debate tonight or a town hall meeting with Obama? Our economy is a little, if not very, scary. At least from where I sit.
**Categories:** Real Estate News & Tips
**Tags:** Oregonian
---
### [Using a Self-Directed 401k to Buy Real Estate](https://lovejoyrealestate.com/using-a-self-directed-401k-to-buy-real-estate/)
**Published:** September 24, 2008
**Author:** Charles Turner
**Content:**
\*\*\*This is not a ‘how to use your 401k to buyer real estate.’ It requires both legal and tax advice from the appropriate professions. I’m writing this because it is real estate related and I think it is interesting and it clearly isn’t for everyone. I don’t know anyone personally that has done it. Smart Money has an article this month about it.
It wasn’t for me when I looked into buying property with my 401k a couple of years ago. I haven’t done the hypothetical math to see if I would have been better or worse off moving funds out of the stock market and into real estate. I’ve typically been too interested in our properties as we self manage them. Giving that away to a third party means giving up too much control for my psyche, even if it would result in a financial gain. And of course there is the risk.
The gist, as I understand it, of the using a self directed 401k in a real estate transaction is that it has to be 100% hands off. You can’t use that lovely beach-front property for personal use; even once. If you mess up the taxes become immediately due and you’ll be facing a 10% penalty for withdrawing from your 401k before age 59. You are required to hire a third party to manage the property. The restrictions are many and the penalties are steep.
I know it is possible to get a mortgage but I am not clear how it works. There are tax consequences as the mortgage is going to be in your name, not the 401k’s. I cannot reiterate seeking professional tax and legal advice before heading down this road.
It would be great if there is someone out there that has used a self-directed 401k for a real estate purchase and is willing to talk about it here. Would you do it again?
**Categories:** Real Estate News & Tips
**Tags:** 401k
---
### [Real Estate is Hyper Local](https://lovejoyrealestate.com/real-estate-is-hyper-local/)
**Published:** September 22, 2008
**Author:** Charles Turner
**Content:**
It has been said before that real estate is local. One market does not necessarily predict another. National numbers have not reflected Portland; Portland was definitely late to the “party” as property values fell. But what about within a single market itself? Ryan Frank of the Oregonian published this graphic on his [Front Porch](http://blog.oregonlive.com/frontporch/) blog. It is used here with his permission. Click on the graphic to enlarge.
[](/files/2008/09/22/oregonian_housing_market-l.jpg)
Even within Portland, what is going on in one area is not a representation of the overall Portland housing market. The spread between the hardest hit areas and those actually seeing some appreciation is nearly 12 points. From the Oregonian I put this data together (which is sourced from RMLS). The spread confirms much of the anecdotal “close-in has done better than the suburbs.” Does Location, Location, Location serve as the matra to this or are markets that have done okay late to Portland housing decline?
NW Washington County2007 $ 385,0002008 $ 375,000-2.6%West Portland2007 $ 379,0002008 $ 400,0005.5%Beaverton/Aloha2007 $ 262,5002008 $ 252,000-4.0%Tigard/Wilsonville2007 $ 340,5002008 $ 325,000-4.6%Lake Oswego/West Linn2007 $ 465,0002008 $ 455,000-2.2%Oregon City/Canby2007 $ 304,0002008 $ 286,000-5.9%Milwaukie/Clackamas2007 $ 301,0002008 $ 290,000-3.7%Gresham/Troutdale2007 $ 260,0002008 $ 247,000-5.0%Southeast Portland2007 $ 251,7002008 $ 249,900-0.7%Northeast Portland2007 $ 283,0002008 $ 283,5000.2%North Portland2007 $ 251,3002008 $ 253,0000.7%Thanks again to Ryan Frank and the Oregonian for the graphic.
**Categories:** Real Estate News & Tips
---
### ["This may be the best week in 20 years to buy a house."](https://lovejoyrealestate.com/this-may-be-the-best-week-in-20-years-to-buy-a-house/)
**Published:** September 20, 2008
**Author:** Charles Turner
**Content:**
“This may be the best week in 20 years to buy a house.” This is what Dave Ramsey says in the first couple of minutes of [last night’s radio show](http://a1611.g.akamai.net/f/1611/23422/9h/dramsey.download.akamai.com/23572/audio/mp3/drpodcast/09192008_the_dave_ramsey_show_podcast.mp3). “This weekend may be the very best day…Great time to buy.” The podcast is a 20mb file.
He says he’s never made a statement like that in 20 years of programming. I’m not a regular listener so couldn’t vouch either way. We’ve discussed “Buy Now” statements in the past. It is not a statement for everyone and he makes note of that in the show (I listened up to the first break in programing; about 10 minutes). Markets are funny things. After the week’s stock market ups and downs it’s amazing (at least to me) that the Dow ended down less than 40 points.
**Categories:** Real Estate News & Tips
**Tags:** Dave Ramsey
---
### [Big Look Task Force Town Hall Comes To Portland](https://lovejoyrealestate.com/big-look-task-force-town-hall-comes-to-portland/)
**Published:** September 18, 2008
**Author:** Charles Turner
**Content:**
Mr. Thrifty posted this comment to a previous post at 6:16 PM on September 18th (today). I moved it, unedited, here as it is a topic unto itself:
> On Thursday, September 18, 2008 the Big Look Task Force will meet at: University of Portland 5000 N. Willamette Blvd. Portland, OR 97203 They will be getting input on critical Oregon land use planning decisions. Realtors will be there in force to try to provide additional pressure to open up farm and forrest land to rampant overdevelopement. They are also rallying against the task force incorporating anything regarding climate change into their thinking. They want anything dealing with climate change to be handled by the legislature where their lobbying dollars can buy them the strongest voice. Please join me there on the 18th to provide resistance against this ruthless and uncaring lobby who’s only interest is in exploiting Oregons precious farm and forrest land for profit.
The Big Look Task Force report is a 46 page PDF. I have not looked it over yet.
This is OAR’s position, as emailed to me:
> 1. “One size does not fit all” — there must be increased flexibility in our land use system that accounts for the regional differences throughout the state and allows for greater local determination of the specific needs of a community and/or region.
>
> 2\. Standing — there must be clear parameters for who has standing to appeal a land use decision. Only those directly impacted by a land use decision should have standing to challenge. In addition, there must be a reduction in the number of allowable appeals if land is already zoned for increased density or a particular purpose.
>
> 3\. Climate change — climate change is best addressed by the Oregon Global Warming Commission. The Big Look Task Force was given specific instruction by the legislature to examine our land use laws, and delving into the political quagmire of climate change would be counterproductive at best.
>
> 4\. Accurate identification of resource lands — modern technology allows for a much more accurate determination of what constitutes “high value” farmland, and the antiquated soil classification system has resulted in “farm land” with zero to little growing potential to remain off limits to development.
>
> 5\. Economic Development — there must be a higher value placed on employment lands. While the land use system was designed to protect farm and forest, the primary economic drivers in Oregon when SB 100 was enacted, the economy is far more diverse today. Our current land use system does not reflect or embrace this diversity.
I don’t have a platform on this as I have not educated myself on it yet.
**Categories:** Real Estate News & Tips
---
### [Portland Public Schools 2008 Report](https://lovejoyrealestate.com/portland-public-schools-2008-report/)
**Published:** September 17, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/09/17/portland_public_schools-l.jpg)For many, schools are one of the most important factors in choosing a home. A few days ago we received Portland Public Schools, “[Moving Forward Together: Report on Our Schools 2008](http://www.pps.k12.or.us/depts/communications/news/documents/131583%20Portland%20Public%20Schools_LR.pdf)” in the mail. The report is a little hard to follow online as the print version is 26×8. The cover page is the last section of the second page of the PDF. The first page of the PDF is the inside of the trifold printed version. Our son is only 21 months old so schools haven’t factored into our housing decisions in the past. Now, when and if we move, it will certainly be a consideration.Portland Real Estate Blog
**Categories:** Real Estate News & Tips
---
### [RMLS Market Action August 2008](https://lovejoyrealestate.com/rmls-market-action-august-2008/)
**Published:** September 15, 2008
**Author:** Charles Turner
**Content:**
August continues the recent declining trend in our market.
“The average sale price for August 2008 was down 9.7% compared to August 2007, while the median sale price dropped 6.7%. Month-to-month, the average sale price and median sale price are both down when compared with July’s levels; the average sale price dropped 2.7% ($331,300 v. $340,500) and the median sale price was down 2.8% ($280,000 v. $288,200).”
As mentioned last week, the report has changed how days on market is computed. Total Market Time now captures any continuous listing as long as it hasn’t been off the market more than 30 days. Canceling and relisting a property within 30 days will no longer make it appear to be a new listing. Total Market Time for August is 121 days.
[](/files/2008/09/15/rmls_aug_highlights_3-l.jpg)
**Categories:** Market Activity & Data
**Tags:** RMLS Market Action, Portland Housing Market, Portland Real Estate
---
### [Legend Continues Building Their Legend](https://lovejoyrealestate.com/legend-continues-building-their-legend/)
**Published:** September 15, 2008
**Author:** Charles Turner
**Content:**
We should see RMLS Action at any time but in the meantime I thought this was of note: The Oregonian reports [Legend Homes has come to an agreement with their lenders to continue building homes](http://www.oregonlive.com/business/oregonian/index.ssf?/base/business/1221276309196860.xml&coll=7). Courts has frozen their cash since filing bankruptcy in June. The agreement will allow them to be able to build around 40 homes at a time. The creditors will get a payment each time a house sells. The lenders must see that this will be more profitable than foreclosing now.Portland Real Estate Blog
**Categories:** Real Estate News & Tips
---
### [Mortgage Rates](https://lovejoyrealestate.com/mortgage-rates/)
**Published:** September 12, 2008
**Author:** Charles Turner
**Content:**
Graph pretty much speaks for itself. Enjoy the sun.Portland Real Estate Blog
**Categories:** Real Estate News & Tips
**Tags:** Mortgage Rates
---
### [Changes to RMLS Market Action](https://lovejoyrealestate.com/changes-to-rmls-market-action/)
**Published:** September 11, 2008
**Author:** Charles Turner
**Content:**
In the next few days we should be seeing the August edition of RMLS Market Action. The report is changing:
> We’ve added a new column to the Residential Market Highlights and the Area Report in Market Action called Total Market Time. This new calculation will help our REALTOR® subscribers better manage the expectations of their clients regarding the amount of time properties take to sell in the current market.
>
> Total Market Time is an average of the cumulative number of days that properties in an area are on the market. This statistic is calculated for listings that sell in the month and year-to-date time periods that apply to the current issue of Market Action only.
>
> For an individual property, Total Market Time is the number of days from when it is originally listed to when an offer is accepted on that property. Therefore, it reports the cumulative number of days that a property is actively on the market.
>
> Unlike the original Average Market Time calculation, the number of days does not reset if the property is re-listed, therefore there will be a significant difference between the two calculations. In fact, Total Market Time on a property only resets if it is re-listed after being off of the market for more than 30 consecutive days. If a property is re-listed within 31 days, Total Market Time continues to accrue; however, it does not include the time that it was off the market.
The change should give a better picture of the market really looks like. It would be great if Total Market Time appears on the individual property Agent Full copy the buyer’s agent has that information at the time of showing. It has always been difficult to tell from an RMLS printout whether the property is newly listed or newly relisted. It’s great to see RMLS moving forward, there have been a lot of updates on the agent side of the site in the last few months..
**Categories:** Market Activity & Data
**Tags:** RMLS Market Action, Portland Housing Market, Portland Real Estate
---
### [Guest "post". Rent Versus Buy Calculator](https://lovejoyrealestate.com/guest-post-rent-versus-buy-calculator/)
**Published:** September 9, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/09/09/j0399557.jpg)Credit where credit is due: pdxrealestateoutsider gets all the credit for this. He created the calculator and gave me permission to talk about it here.
[This is the link to his rent versus buy calculator.](http://spreadsheets.google.com/ccc?key=pYB6GWj8LsX7YTGBR3dX1ag&hl=en) [](/files/2008/09/09/j0303967_3.jpg)His complete post is [here](http://portlandrealestateoutsider.blogspot.com/2008/08/rent-vs-buy-part-2-rent-vs-buy.html). It goes over all of his assumptions in building the calculator and is important to read.
The image is a graphical version of his findings:
> Over 5 years, we would need to see 4% annual home prices appreciation to be better off buying vs. renting. If the market stays flat we will be $65k better off by renting over the next 5 years.
[](/files/2008/09/09/rentvbuy-l.jpg)
Thanks again to pdxrealestateoutsider for the calculator. I think this is going to be an ongoing project for him so we are bound to see newer versions in the future.
**Categories:** Real Estate News & Tips
---
### [What is the Government Going to do with Freddie Mac and Fannie Mae](https://lovejoyrealestate.com/what-is-the-government-going-to-do-with-freddie-mac-and-fannie-mae/)
**Published:** September 7, 2008
**Author:** Charles Turner
**Content:**
It looks like a federal bailout of mortgage backers Freddie Mac and Fannie Mae may happen as early as today. “It could cost taxpayers billions.” It is reported that a million more houses will enter foreclosure in 2008 compared t 2007. Freddie and Fannie back more than half of the country’s mortgages.
I don’t see that there are any winners here. Maybe a few “I told you so”s.
The most prominent change we’ve seen in real estate when working with buyers is that mortgages are harder to get (and that the rules are constantly changing and you have to meet the latest standard, not the standard that you applied under). Obviously the stricter lending rules came once the horse was out of the barn. But will a loan made today prevent a repeat of what is going on now? Are today’s loans “good” loans for banks to be making or will we see another round of reform? Tougher scrutiny shrinks the qualified buyer pool adding to the vicious cycle of making it harder to sell a home. How close we are to the bottom of the market depends largely on how lending shakes out.
If our taxpayer dollars are going to pay towards the solution, is there a viable system for keeping some of these homes out of foreclosure in the first place? I’m against handouts but I’m also against ignoring the possibility of spending some money to save even more.
**Categories:** Real Estate News & Tips
**Tags:** freddie mac, mortgages, fannie mae
---
### [Charles' Real Estate Platform Part 4 (City Permits)](https://lovejoyrealestate.com/charles-real-estate-platform-part-4-city-permits/)
**Published:** September 3, 2008
**Author:** Charles Turner
**Content:**
> Charles, what is your platform regarding permits and the buyer’s agent’s responsibility. We discussed this before though I cannot find your response though I do see that you commented on it a couple of years ago on your blog (the early days) and said that the seller must disclose work and that it’s the buyers responsibility to locate the permits. www.portlandrealestateblog.com/ realestate/2005/06/buyer\_due\_dilig.html Why do I bring this up again? A coworker is looking to buy, found a house with extensive remodelling, an addition and no permits on PortlandMaps.com. When she asked her realtor about the consequences of buying this property the realtor basically shrugged her shoulders and didn’t say much. Now my coworker is seeking outside help. What is the realtor’s role/expectation in these no-permit situations. My coworker did the footwork herself via [Portlandmaps ](http://www.portlandmaps.com)but where does the real estate expert take responsibility and assist with the process?
— **Bearlee**
My opinion is: if it needs a permit, get a permit. Do you need a permit or [contractor’s license?](https://lovejoyrealestate.com/flipping-over-portland-real-estate/) That parts pretty easy. The question is what to do if a permit wasn’t acquired. Defining actual “responsibility” might infer giving legal advice so I’ll stay away from that by answering what I do personally. I start by looking at Portlandmaps and recommending that the client does that as well.
Portlandmaps online data seems accurate back to about 2000. Prior to that, you may have to schlep yourself down to the Bureau of Development Services at 1900 SW 4th (note the doors close at 3PM sharp except on Permit Night). Last week, I got to sit down at the microfiche machine to look for permits for a property that we were selling (now closed) since part of the repair addendum included proof of final permits. Ultimately if you can’t put your hands on something written the client needs to be advised that “this is what I found but you need to verify it directly.”
If we establish that permits were not acquired for work that required we’d have a conversation about what to do next. Is it a big deal? Yes but how big depends on a lot of factors. If your planning on remodeling anyways, wrapping it into a new permit may not be a big deal. Can the work be brought up to code so that it would pass an inspection? Is there a liability issue because the work is substandard? Is there going to be an additional cost to bring it to permittable status? Will the City of Portland’s [Get Legal Program](http://www.portlandonline.com/bds/index.cfm?c=36712) work (I still don’t know of anyone that has used it)? In some cases, the answer is going to be “run away.” A contractor may look at the same property and drool knowing that there is a discount to be had on something they can fix.
Also, take a look at the Oregon Property Buyer’s Advisory. Hopefully no Realtor is ever going to dissuade a buyer from having an inspection or discount the results if they may kill the deal. If you tell me you don’t want to have a sewer scope I’m going to make sure that it is reiterated in writing that I think it is a really bad idea. Sewer problems exist in many forms all over the City of Portland. Just because I’ve never seen a house fail a radon test doesn’t mean it couldn’t. I just had to take our 2006 hybrid to DEQ for new registration. “Have you ever seen a hybrid fail?” “No, but it could.”
**Categories:** Real Estate News & Tips
---
### [Charles' Real Estate Platform Part 3](https://lovejoyrealestate.com/charles-real-estate-platform-part-3/)
**Published:** September 2, 2008
**Author:** Charles Turner
**Content:**
Niche marketing. It applies to all facets of business and real estate is no exception. For me, the niche should follow your passion and/or expertize. If you have the passion, learn the expertize. If you have the expertize and don’t have the passion it may not work out. I don’t think your niche has to be exclusively what you do, unless it is something like “Exclusive Buyer’s Agent” in which case listing homes may be out.
What’s my passion in real estate? Old historic homes and buyer relocation. Our [www.AlphabetDistrict.com](http://www.AlphabetDistrict.com) is a beginning point for the historic homes and we are working towards a relocation web site. There is more to do on the Alphabet District web site but I do think it is where real estate is heading: giving clients specifically what they need rather than a blast of general real estate information.
We’ve established that my niche is not going to be Portland’s Bicycle Realtor. Contrary to the AP story that ran on Friday, I am not anti-bike though the article portrays me that way in one choice out-of-context quote; I had a lot of time to think about it during my 55 mile ride down to a family event in Salem yesterday. From the article, you couldn’t even tell if I own a bike. I am anti-bike when it comes to meeting with clients. I don’t think it is appropriate unless it is your niche and you’ve set that expectation that you may be a little gross and sweaty when you arrive. If that expectation is set and your client is okay or even turned on by it: go for it! I won’t be competing in that niche. It will be interesting how the locals compete with [Pedal to Properties](http://www.pedaltoproperties.com/), a Boulder real estate firm that is expanding to Portland.
Google Maps has a new feature that you can map directions for “Walking” instead of the default “by car.” I used it to get riding directions to Salem yesterday since it keeps you off freeways. At mile 30 the difference between the printed directions and my GPS was .03 miles (I don’t want to test how accurate it is for the predicted 18 hour walk). It might be a great tool for that niche.
**Categories:** Real Estate News & Tips
---
### [Schools Taxing New Construction (CET)](https://lovejoyrealestate.com/schools-taxing-new-construction-cet/)
**Published:** August 28, 2008
**Author:** Charles Turner
**Content:**
This was just sent to me in an email:
> LOCAL SCHOOL DISTRICTS ADOPTING NEW TAX ON CONSTRUCTION –Be prepared for this new tax when picking up permits now and in the future. Several school districts have implemented the $1.00 maximum per square foot construction excise tax made possible by SB1036. The following have instituted the tax or are currently reviewing it:
>
> • North Clackamas School Dist. #12
> • Oregon City School District
> • West Linn/Wilsonville School District
> • Oregon Trail School District (Sandy)
> • Beaverton School District
> • Hillsboro School District
> • Canby School District
> • Molalla School District
> • Tigard/Tualatin School District
> • Forest Grove School District
>
> In addition, Gresham, Barlow, Reynolds and Centennial School Districts began collecting the tax through IGA agreement with the impacted cities on July 1. The tax is intended to be calculated on
> livable space only, although the City of McMinnville is attempting to add garage space into the
> calculation. Stay tuned for future details.
Rather than waiting for future details, let’s see what we can find with some help from Google…
The text of OR [SB1036](http://www.leg.state.or.us/07reg/measures/sb1000.dir/sb1036.b.html). [This version is a PDF summary.](http://www.leg.state.or.us/07reg/measpdf/sb1000.dir/sb1036.intro.pdf) It appears to have been written prior to passage. It mentions an exemption for projects under $100,000. I don’t see that in the HTML version.
It looks like the bulk of the email I received was from the Home Builder’s Association Of Metropolitan Portland website.
Portland’s Bureau of Development Services has this [fact sheet](http://www.portlandonline.com/shared/cfm/image.cfm?id=178381) which includes:
> Q What is the School Construction Excise Tax (CET)?
> A In the 2007 Regular Session, the Oregon State Legislature passed a law (Senate Bill 1036) that will help
> Oregon school districts pay for a portion of the cost of new or expanded school facilities. The bill allows
> school boards, in cooperation with cities and counties, to tax new residential and non-residential
> development. School CET may be imposed only on improvements to real property that result in a new
> structure or additional square footage in an existing structure. The tax may be assessed at up to $1 per
> square foot on structures or portions of structures intended for residential use and up to $0.50 per square
> foot on structures or portions of structures intended for nonresidential use. In addition, school CET
> imposed on structures intended for nonresidential use may not exceed $25,000 per building permit or
> $25,000 per structure, whichever is less.
It looks to me like the tax hits new construction and additions, not remodels where the square footage remains the same.
[This story](http://www.impactfees.com/pdfs_all/0530oregon.pdf) was published in the Tigard Times prior to the bill’s passage. It does appear that changes were made in the bill after the story was written and before it’s passage; hospitals are exempt like the article suggests.
If this bill might impact your project please consult the appropriate agencies before relying on information presented here!
**Categories:** Real Estate News & Tips
---
### [What/Who is Case-Shiller](https://lovejoyrealestate.com/whatwho-is-case-shiller/)
**Published:** August 27, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/08/26/case_schiller_map-l.jpg)
Map of the 20 cities included in the Case-Shiller Composite 20 (Graphic: Standard and Poors).
“Case-Shiller reports \_\_\_\_”, “RMLS reports \_\_\_\_\_\_”, etc. We are inundated with data but what does it mean? When a report refers to “Portland,” what does that mean? The answer isn’t the same from each source reporting. Case-Shiller reports “Portland” as these counties: Clackamas OR, Columbia OR, Multnomah OR, Washington OR, Yamhill OR, Clark WA, and Skamania WA according to their [methodolgy report](http://www2.standardandpoors.com/spf/pdf/index/SP_CS_Home_Price_Indices_Methodology_Web.pdf).
> The S&P/Case-Shiller Home Price Indices began as a research project in the 1980’s when Karl E. Case and Robert J. Shiller began to construct a methodology to measure housing price movement.
I’m not going to attempt to summarize the methodolgy of computing the index- it takes them 40 pages in the report above! They do publish a two page [factsheet](http://www2.standardandpoors.com/spf/pdf/index/SP_CS_Home_Price_Indices_Factsheet.pdf) which discusses the use of “sale pairs.” A specific address is tracked and each sale creates a data point. The pair is then weighted for the time between points, etc. The site reports 2692 sale pairs in Portland for the June reporting cycle (RMLS reports 1877 closed sales for June as an indicator that they are using different areas). Case-Shiller does not report on condos or new construction; residential single family only and excludes foreclosures. There is additional reading on the [FAQ sheet ](http://www2.standardandpoors.com/spf/pdf/index/SP_Case_Shiller_Home_Price_Indices_FAQ.pdf)from Standard and Poors.
**Categories:** Case Shiller Index
---
### [Case Shiller June and NAR Report](https://lovejoyrealestate.com/case-shiller-june-and-nar-report/)
**Published:** August 26, 2008
**Author:** Charles Turner
**Content:**
Case Shiller for June is just out. The results for March through June are 174.39, 174.87, 175.3, and 175.03 respectively. The graph here tracks back to February 2006 and compares Portland to the Case Shiller 20 Composite.
[](/files/2008/08/26/cs_june-l.jpg)
Also on the cover of the O’s Business Section: “Home Sales Surprisingly Stronger” (Oooo, ‘NAR Propaganda’). NAR reports that sales rose 3.1%. This beat the expected 1.6% increase. This report runs through July.
Under the same headline the story is different, “Boost in Housing Activity Eludes Portland and Seattle.” Looks like we are the Case Shiller darlings no longer. “Portland and Seattle were among the top ten metro areas in the nation with the most pronounced drop in home sales.”
Case Shiller always comes out on the morning of the last Tuesday of the month. Think the NAR report was released the day before to distract or just a coincidence? And for “Buy Now” campaigns? NAR has just released their own. I haven’t seen it but I’ve warned against taking that phrase hook line and sinker.
\*\*\*This graph added 4PM 8/26 (click image to enlarge). It shows that Portland is down 5.8% from this time last year. No tracked city remains in positive territory; Charlotte is down 1.0% at one end of the spectrum and Las Vegas down 28.6% at the other end in the same one year period.
[](/files/2008/08/26/case_shiller_june_08-l.jpg)
**Categories:** Real Estate News & Tips
---
### ["FORE"closure](https://lovejoyrealestate.com/foreclosure/)
**Published:** August 25, 2008
**Author:** Charles Turner
**Content:**
I made brief mention of the Oregonian story on [Sterling Bank foreclosing on 15 Buena Vista Custom Home’s properties.](http://www.oregonlive.com/business/oregonian/index.ssf?/base/business/1219287335290710.xml&coll=7) Buena Vista is not alone. A quick search on [RealtryTrac](http://www.turnerrealtors.com/prudential_nw/modules/agent/agent.asp?p=findahome.asp&selected=foreclosure&acc=27478) on our TurnerRealtors.com website shows that there are 571 homes listed as foreclosures (it isn’t possible to get an accurate count from RMLS as “Third Party Approval” includes foreclosures, short sales, some relocation properties an some court overseen sales.
I thought the mortgage market was supposed to be tightening; almost everything that we see and have experienced says that’s the case which makes this article in Forbes, “Going Tribal”, even more surprising. Down payment assistance programs, as far as I know, are supposed to be going away soon. The idea that the seller pays for the buyer’s down-payment is high risk to lenders:
> Follow the ball as it’s passed among six players on the field. First, Russell wired $5,940 of what was ostensibly Penobscot Indian Nation money from an account he controls to a title company assisting at the closing. The lender, a bank taking advantage of a federal loan guarantee, put up $192,060. The eager seller, a homeowner (Russell doesn’t usually work for builders or banks), was selling the home for $198,000 but collected only $191,665 (before the real estate agent’s and other fees). What happened to the other $6,335? The title company wired that money right back to the Russell/Penobscot bank account. When the dust settled, the Indians had their “down payment” back, plus that extra $395. The vigorish was divided: $79 was kept by the Penobscots and $316 went to Russell’s Global Direct.
The article says that the end of Down Payment Assistance Programs my be tied up in courts for years. The method in the article uses an Indian tribe as the source of funds; entities that are currently one or more steps in front of regulation.
> The Penobscot operation was barely up and running when HUD, which blames down-payment assistance for $4.6 billion in losses on its mortgage guarantees, announced last year it was going to disregard down payments coming from any entity that gets reimbursed. (You’d think that this was already covered by the rule against having an economic stake in a sale, but hairsplitting lawyers can argue otherwise.)
**Categories:** Real Estate News & Tips
**Tags:** foreclosure
---
### [Two Days of Oregonian Real Estate](https://lovejoyrealestate.com/two-days-of-oregonian-real-estate/)
**Published:** August 22, 2008
**Author:** Charles Turner
**Content:**
Yesterday’s Oregonian business section was laying folded on the office coffee table this morning. Top story: “Boom builder faces home foreclosures.” It wasn’t until I got home and read the headline on the other side, “Bailout inevitable for giant mortgage firms, experts say.” We’ll come back to these; maybe not today.
This morning’s How We Live section has story on bicycling and real estate. I’m not seeing the story online yet but will update with a link when it appears (or feel free to comment with it). The timing is impeccable. The Oregonian may have scooped an upcoming AP story. I was interviewed on Monday for a story that is being written out of Seattle. I think the impetus for my interview was probably the third comment in this post, which as it states, is “just for fun.”
For me, my bike is for fun; exercise and recreation. I’m planning on riding the Peach Century out of Salem at the end of September and have done most of the organized rides around town, including Seattle to Portland, at one time or an other. I did the Boston to NY AIDS ride in 2000. But my bike is not a part of my business model. I’ll do what I can when there is no client involved (deliver fliers, etc) but I’m not a good bike commuter. I want to get from point A to point B as fast as I can and when I get there, I’m going to be huffing and puffing and sweaty, not the presentation I want. Nor does it help that we live at the base of Cornell Rd. which is roughly four miles uphill to Skyline BLVD and our office is on the other side. It might be time to do a revisit of this post, a [bicycle tour of new construction](https://lovejoyrealestate.com/photo-tour-of-new-construction-towers/) written in 2005! How things have changed!
For fellow Prudential agent, Kirsten Kaufman, whom I have not met, has made the bike a part of her niche. She’s organized three Tour de Homes around the NE Alberta area where she’s taken a groups of around a half dozen to tour homes. That’s great. She’s making something work that the majority, aren’t even trying.
**Categories:** Real Estate News & Tips
**Tags:** Oregonian
---
### [Charles' Real Estate Platform Part 2](https://lovejoyrealestate.com/charles-real-estate-platform-part-2/)
**Published:** August 19, 2008
**Author:** Charles Turner
**Content:**
Continuing to build on [yesterday’s post](https://lovejoyrealestate.com/charles-real-estate-platform-part-1/) about what I think about various aspects of real estate.
**Licensing and maintaining a license:**
This is where I think the industry dug its own grave and then climbed in. The test was fairly easy (I took 45 minutes of the allowed four hours and scored in the high 90s (out of 100 (70 is non-passing; maybe I am a good test taker as people do fail to pass on the first try and go on to be very successful)) and realistically I never have to sell a single piece of property to maintain my license if I pay the fees and take online continuing education classes. By joining Prudential, I had an additional two weeks of training but that wasn’t transactional. Yes, a new broker has to work for a principle broker but that oversight runs the spectrum from minimal to spectacular.
My license is no different than someone that starts as a Realtor today. I think there should be a Provisional classification for those that are new to the industry or don’t complete a certain number of transactions in a year. The provisional agent would have increased oversight requirements during the transaction (review documents before they are signed rather than after). Six transactions would probably be appropriate (then you have to also consider whether dollar volume goes into the equation?). One argument against that is how do the new agents get new clients if they are branded as provisional? I don’t have the perfect answer (Casey Eye Institute charges less for Lasik if a student does it rather than an experienced doctor). It would help weed out those that aren’t selling homes but might hinder new blood from getting ahead. If there is X number of continuing education hours, some of that could be mitigated by closed transactions- No matter what, every Realtor would be required to complete a certain number of hours but each closed transaction would count as credit hours up to a maximum amount. Let’s say 200 hours are required, your first ten transactions are worth 10 hours each so an agent with no hours would owe 200 hours, an agent with 5 closed transactions would owe 150 hours and those with over ten transactions would owe 100.
I’m proposing barriers that make it harder to get over a bar I have already gotten over. So it will benefit me but I think it is what the industry needs to survive. I would have an increase in education hours. I think it is reasonable to expect that we’ll see fewer agents doing more transactions for less money per transaction as the industry evolves. The beginning of that evolution is thinning the herd.
**Categories:** Real Estate News & Tips
---
### [Charles' Real Estate Platform Part 1](https://lovejoyrealestate.com/charles-real-estate-platform-part-1/)
**Published:** August 18, 2008
**Author:** Charles Turner
**Content:**
Politicians have platforms on the issues that matter to their constituents. They’ve got hecklers that show up at their events. While they are in the majority, they tend to be the ones that get heard. I’ve got this blog and, while the bubble bloggers are the most vocal, I know that they do not make up the majority of the readership. Politicians aren’t writing for the hecklers and neither am I. I’m all for the opposing view but when the debate moves from the issues to meanness for the sake of meanness (mostly through anonymity) it takes the enjoyment out of writing the blog. But that, I suppose, is the cost of having the blog. I know no matter what I say, there are those that are going to say otherwise and some have the inability or lack of desire to say it in a constructive way. I’ve never been afraid to say I am wrong when shown to be wrong. NW Ryan is an example.
**On blogging:**
I know this blog is a marketing tool. I would not get up and write it if I was doing another line of work.
I don’t know if Realtors should blog. Should they become more and more hyper-local. Perhaps “Portland” is too big of a market to cover. Gresham is not a reflection of what is happening in inner-southeast Portland and vice verse. We’ve got a big area that we conduct business in but what we when we sit down with clients, the answers to the same set of questions will almost certainly differ. Real estate is local and personal. A blog has a hard time capturing that.
Realtor blogs have a hard time capturing the most interesting part of real estate because it is client related. We’ve had two listings recently where the seller has received the earnest money when the buyer has terminated the transaction. We’ve had two in two months, previously we had a total of one transaction where the earnest money went to the seller, and that was only 50% of it. Writing about it while it is happening isn’t really an option.
**On “Buy Now” campaigns:**
They are wrong. Speaking for myself, national and even local “Now is a great time to buy” ads are mistaken. The market has clearly declined, is still declining and we will only see the bottom when looking at history. In all markets there are still opportunities to make a good purchase today but the blanket statement “buy now” campaigns are actually ass-backwards if they are promoting the use of a Realtor. If everyone should by now, why hire a professional to help you through the process? It is the professional that tells you that in your situation buying now or selling now might not be the best situation for you that you need. It’s the Realtor that can tailor their services to their individual clients that will succeed.
**On the current real estate model:**
It will change. The current co-op system determines what the buyer’s agent is worth with no input from either the buyer’s agent or their client. Realtors will no longer all get paid the same for their services on the buyer side. How that change will come is debatable. The increase of buyer/agent contracts is the first step. There is room for both wham-bam-thank-you-ma’am real estate and boutique real estate. They’ll charge commensurate rates for their services or go out of business (I’ve heard three Realtors a day leave RMLS membership). That also explains why we are as busy if not busier than in previous years; we’re competing with fewer Realtors in the marketplace.
That’s enough for today.
**Categories:** Real Estate News & Tips
---
### [NW Natural Street of Dreams or Avenue of Nightmares?](https://lovejoyrealestate.com/nw-natural-street-of-dreams-or-avenue-of-nightmares/)
**Published:** August 15, 2008
**Author:** Charles Turner
**Content:**
Eighty thousand people attended the 2007 Street of Dreams in Oregon City. Four of those luxury homes are for sale and two are pending transaction. This year, only one of the homes is currently for sale. Having learned from public comment last year, they’ve revamped bigger is better and paid more attention to what will sell rather than what “is cool but I wouldn’t pay for it.” Of course, at $2M you get a lot more cool and can pay for it.
The 2008 edition of the [NW Natural Street of Dreams](http://www.streetofdreamspdx.com/index.php) starts Saturday (we’re going on Monday). General admission for adults is $17.50 but there are all sorts of events including the $125 black tie Midsummer’s Night Dream Event on August 25th (on Mt. Tabor, not at the site), Singles Night, Wine and Jazz Night, and Art Night to name a few. There are more details on the event’s web site.
Looking at the live webcams, there is a bevy of activity this morning making those never ending last minute touches. The event runs through August 26th.
**Categories:** Real Estate News & Tips
---
### [RMLS July Market Action](https://lovejoyrealestate.com/rmls-july-market-action/)
**Published:** August 13, 2008
**Author:** Charles Turner
**Content:**
RMLS Market Action reports that our market is pretty static and didn’t really include any surprises, good or bad. Average sales price is down 3.5% compared to July 2007 and activity remains way off last year’s numbers. We can’t say that we’ve reached bottom as we continue to trend in a downwards direction. Don’t ask how I ended up thumbing through Oprah’s O Magazine this morning but according to Suzie Orman, if you can afford the down payment and monthly payment, now is a good time to buy. Comment all you want on her statement, not the fact that I happened upon it!
[](/files/2008/08/13/rmls_july-l.jpg)
**Categories:** Real Estate News & Tips
---
### [Hoyt's History](https://lovejoyrealestate.com/hoyts-history/)
**Published:** August 13, 2008
**Author:** Charles Turner
**Content:**
2356 NW Hoyt, Portland Oregon is registered with the National Register of Historic Places as the G. & G. C. House. It is a contributing property in the Historic Alphabet District in Northwest Portland. When we purchased the house in May of 2008, that was the known history of the 1906 home.
[](/files/2008/08/13/sweet_registry-l.jpg)
Two events have filled in a lot of the history and brought some of the “known” history into question. We acquired the original Abstract of Title by Title and Trust Company through an Ebay auction in late July. The report outlines the property’s ownership history since it was platted in the 1800s. The two deed transfers of note are the April 3, 1906 transfer from the King Estate to Elnathan Sweet (consideration $5500 for lots 11 & 14) and the deed transfer recorded on August 4, 1906: “Elnathan Sweet and Genevieve Chapman Sweet, his wife –to—Robert F. Hall.” The consideration was $3000 for lot 11 (2356 NW Hoyt). Is Elnathan the “G.” of the G. & G.C. House? Elnathan was a know real estate developer.
The second event was a visit to the property by Robert Mercer and James Heuer of Portland State University last Saturday. They are working on a project detailing the works of Portland architect Joseph Jacobberger. We now know that Jaccoberger designed the house and that the nine pages of drawings are housed at the University of Oregon. Jaccoberger was commissioned to draw the plans by Robert Hall. Both names appear on the plans and Hall’s in 1907 Oregonian photograph of the house.
The Abstract shows the list of company stockholders and within the list is Josesh \[sic\] Jaccoberger, architect. The other stockholders on the list is a who’s who of Portland street names and landmarks: Ainsworth, Corbett, Honeyman, Ladd, and Glisan to name a few.
Think foreclosures are new to the market? Nope. Before the Sweets and Halls became involved in the property the Kings (think King’s Heights and King’s Addition), foreclosed on the sale of a piece of land which included the future 2356 NW Hoyt lot.
**Categories:** Real Estate News & Tips
---
### [Realtors on the Rise](https://lovejoyrealestate.com/realtors-on-the-rise/)
**Published:** August 12, 2008
**Author:** Charles Turner
**Content:**
Rismedia is a real estate industry publication. We are featured in this [month’s issue](http://livemag.rismedia.com/wps/portal/ris/c0/04_SB8K8xLLM9MSSzPy8xBz9CP0os3iLkCAPEzcPIwN_d0tTA6OQYDPPAHN3Y39vE_1I_ShznPKeBvohIBMz9SONLA2MQMxi_UgDEF2gH2loaKJfkJ2YVJUaqQgAbfNAGA!!/) on page 123 as one of the fifty Realtors on the Rise selected from hundreds of applications.
[](/files/2008/08/12/rismedia-l.jpg)
This didn’t happen just because of the two of us. Lisa Carter and Susan Horvat have been a part of the Turner Realtors Team for the last few years. Prudential Northwest Properties provides an excellent and ever-improving technology platform. Barbra Roach and David Sly, our principle brokers at the West Portland branch, provide great advice ideas in what is definitely a more challenging market than we saw in years gone by. With the people listed above, our great client base, and others, we couldn’t do what we do.
I’m waiting for the day that we can execute a 100% paperless transaction. We have the tools to do it and print a lot less that we used to but the industry still needs to evolve a little to get to a completely paperless transaction.
**Categories:** Real Estate News & Tips
---
### [Monday Morning Real Estate Muse](https://lovejoyrealestate.com/monday-morning-real-estate-muse/)
**Published:** August 11, 2008
**Author:** Charles Turner
**Content:**
1\) Freddie Mac reported [losses of $1.9B and Fannie Mae lost $2.4B.](http://www.bloomberg.com/apps/news?pid=20601087&sid=aMIgsveRM8mA&refer=home) Fed Chairman, Paulson, says they [will not be injecting public funds into either enterprise](http://www.theaustralian.news.com.au/story/0,25197,24159901-20142,00.html).
2\) 2356 NW Hoyt is one of about 39 surviving homes in Northwest that was designed by Joseph Jacobberger. The [Abstract of Title](https://lovejoyrealestate.com/misnamed-portland-history/) shows that the property was sold by E. & G.C. Sweet to Robert Hall. I now have a copy of the front elevation that Jacobberger drew of the house for Robert Hall. The entire nine page set of plans is part of a University of Oregon collection we found out this weekend. I’m going to work on acquiring a complete set. There have been some definite modifications over the last 100 years but not as much as we previously thought.
3\) Open houses seemed to be well attended this weekend; there were a lot of them!
4\) We’ve said before that everyone expects landscaping to look rough in the winter. Now that we’ve dried out from a we spring lawns can’t go unmaintained without browning out. Buyers notice (though not as critically as an overgrown yard in May). It’s especially a challenge for vacant, non-irrigated homes.
5\) Buyers seem less into fixers and sweat equity. Move-in ready homes are scoring higher with our buyers. Tightening credit on seconds may be driving that: if you are doing the work yourself, you’ve got to come up with the cash or financing. If you buy it done, you wrap those repairs into the loan.
**Categories:** Real Estate News & Tips
**Tags:** freddie mac, Real Estate updates, fannie mae
---
### [Turner Realtors Team Adds Returning Realtor](https://lovejoyrealestate.com/turner-realtors-team-adds-returning-realtor/)
**Published:** August 8, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/08/08/team_8_08-l.jpg)
Annie Domenici begins her second tenure with Prudential Northwest Properties to as a member of our Turner Realtors Team. Annie’s return from ReMax provides us with experience and a greater ability to meet our client’s needs. Her familiarity with Prudential allows her to start at full speed. Please help welcome her to the Team. She can be reached at annie(at)TurnerRealtors.com.Portland Real Estate Blog
**Categories:** Real Estate News & Tips
---
### [Radon and Portland Real Estate](https://lovejoyrealestate.com/radon-and-portland-real-estate/)
**Published:** August 5, 2008
**Author:** Charles Turner
**Content:**
[](http://www.epa.gov/radon/zonemap/oregon.htm)What should you inspect for? I can’t answer that. Both the image and [this link](http://www.epa.gov/radon/zonemap/oregon.htm) go to a map of Oregon with county-by-county expected radon levels. The Oregon Real Estate Agency publishes the Oregon Property Buyer Advisory. It oultines issues that buyers can inspect for one of the items is radon. What is radon? According to the [EPA](http://www.epa.gov/radon/index.html):
> Radon is a cancer-causing natural radioactive gas that you can’t see, smell or taste. Its presence in your home can pose a danger to your family’s health. Radon is the leading cause of lung cancer among non-smokers. Radon is the second leading cause of lung cancer in America and claims about 20,000 lives annually.
The EPA website includes a lot of information on radon. The site includes a page titled “[Home Buyer’s and Seller’s Guide to Radon](http://www.epa.gov/radon/pubs/hmbyguid.html).” There are links to each topic on that page or you can download the entire pamphlet [here as a pdf](http://www.epa.gov/radon/pdfs/hmbuygud.pdf) ([or here in Spanish](http://www.epa.gov/radon/pdfs/hmbuyguidsp.pdf)).
**Categories:** Real Estate News & Tips
**Tags:** radon, Portland Real Estate
---
### [Shocking Real Estate](https://lovejoyrealestate.com/shocking-real-estate/)
**Published:** August 4, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/08/04/dsc_9337_2-l.jpg)If you look closely at the lower left wire, you’ll see why [I ran off on Tuesday rather than writing a long post about Case Shiller](https://lovejoyrealestate.com/case-shiller-may-2008/). We’d had PGE out last year to our rental property when the electrician said whatever was going on was a PGE issue; they came out and fixed. When things went bad last week, PGE received the first call. One leg of the power service was complete burned through under the meter base (click the image to enlarge). Some of the paint outside the meter based had bubbled. The repair is the homeowner’s (my) problem.
We have an [American Home Shield Warranty](http://www.ahswarranty.com/) on the property (renewed annually) so the next call is to them- if you have a potential claim and call them after the fact, your claim will be denied. They paid about $1800 to repair the service. I paid about the same to upgrade the service to 200 amps and replace the panel ( I also paid a $60 deductible). I couldn’t see the point of keeping a lesser service as I still would have paid a portion of the bill since the repair was over the limits of what the warranty covers.
There a few ways of getting a home warranty. In the case of AHS, the seller can provide, the buyer can purchase through escrow or directly within 30 days of closing. We recommend them all the time but with an older AC unit on the property, it is even more important. If your policy covers AC and they can’t repair it (parts are getting harder to find), they’ll replace it with a 13 SEER unit that meets today’s standards. In Prudential Northwest Properties’ case, the AHS Warranty is provided during the listing period with no obligation to buy. If the is a covered issue, only the deductible is due. When PRU-NW’s [Buyer’s Advantage ](https://lovejoyrealestate.com/buyers-advantage/)Program is used, Columbia Mortgage buys the warranty for the buyer.
Readers have any home warranty stories? There are others available, not just AHS. We used to have a [2-10 Warranty](http://www.2-10.com)
**Categories:** Home Inspections
---
### [Rain Water, Driveways and Dry Wells](https://lovejoyrealestate.com/rain-water-driveways-and-dry-wells/)
**Published:** August 1, 2008
**Author:** Charles Turner
**Content:**
Many buyers have “must haves” on their list of criteria for a home. For many, especially in urban neighborhoods, that includes off street parking. 2356 NW had no off street parking but now it does. Our permit to put the driveway in did not mention storm water management; it is under the minimum square footage that requires a runoff plan. What wasn’t considered, by either us or the planning office, was the roof runoff that was previously being piped onto the sidewalk by an underground pipe where the driveway was dug. Quick call to the City left two options, “install a dry well or connect to the sewer.” Connecting to the sewer means cutting up the street since the house connection is at the top of the property. The dry well became the better option. With the right tools for the job already on-site, the nine foot hole was dug in the driveway (we made it all the way through the clay to sand), backfilled with some gravel and three concrete rings stacked on top of each other, capped and surrounded by gravel. The added benefit of the dry well is that we will be able to collect 100% of the runoff from the property, not just the driveway and single downspout.
[](/files/2008/08/01/dsc_7625-l.jpg)
[](/files/2008/08/01/dsc_8745-l.jpg)
[](/files/2008/08/01/drywell_004-l.jpg)
[](/files/2008/08/01/drywell_007-l.jpg)
[](/files/2008/08/01/dsc_9392-l.jpg)
**Categories:** Real Estate News & Tips
---
### [Case Shiller May 2008](https://lovejoyrealestate.com/case-shiller-may-2008/)
**Published:** July 29, 2008
**Author:** Charles Turner
**Content:**
This will be brief as the electrician that was to give 30 minutes notice called from the doorstep of the property.
New Case Shiller numbers already alluded to in the comments of another post:
Portland’s current index is 175.53. It was 174.87 in April. The peak was 185.67 in August, 2007.
**Categories:** Case Shiller Index
---
### [Misnamed (?) Portland History?](https://lovejoyrealestate.com/misnamed-portland-history/)
**Published:** July 29, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/07/29/abstract_title.jpg)Steady progress on our 2356 NW Hoyt property. The driveway was cut in last week down the side of the house. We thought there may have been a driveway there in the past; the curb had been patched along where the curb cut would have been. It wasn’t confirmed but made even more plausible since the dirt dug out was fill.
I bought the Abstract Title report to the property on EBAY (photo of title by seller). This was the item description:
> I went to an estate sale in an AMAZING house at located in Portland’s “Alphabet District” (2356 NW Hoyt). They were selling the original Abstract Title!!! Great piece of Portland History especially as it relates to that whole area. Some fun maps and info!!! In the past I’ve tried to see if the new owners are interested in buying some of these treasures but sadly this house was purchased by a development group so I’m not sure how interested they’d be. I’ll probably still let them know about it.
I was the only bidder.
The house is the G. and G.C. Sweet House, as it is recorded in the Alphabet District, may be misnamed. The April 3, 1906 Warranty Deed is between “The King Estate, a corporation, by N.A. King. Same by Richard W. Montague, Secretary. To Elnathan Sweet.” Then on August 4, 1906 a new Warranty Deed is issued between “Elnathan Sweet, and Genevieve Chapman Sweet, his wife -to- Robert F. Hall.”
It looks like there is some more research to be done here. If anybody has any insight or pictures of 2356 NW Hoyt, we’d love to see them.
**Categories:** Real Estate News & Tips
---
### [$300 Billion and the Housing Market](https://lovejoyrealestate.com/300-billion-and-the-housing-market/)
**Published:** July 28, 2008
**Author:** Charles Turner
**Content:**
The combined net worth of the six richest individuals in the world is $310B (forbes.com). On Friday, the senate passes a bill that would put $300B towards rescuing Fannie Mae and Freddie Mac and supporting mortgagees who in over their heads (and can document it).
> President Bush is likely to sign the bill into law within days. After the law kicks in on Oct. 1, thousands of at-risk borrowers will be able to refinance their unaffordable old mortgages into new low-cost fixed-rate loans insured by the Federal Housing Administration (FHA). ([cnn.com](http://money.cnn.com/2008/07/26/real_estate/housing_rescue_guide/index.htm))
The CNN story outlines who is eligible, how it works and what it cost.
> President Bush is likely to sign the bill into law within days. After the law kicks in on Oct. 1, thousands of at-risk borrowers will be able to refinance their unaffordable old mortgages into new low-cost fixed-rate loans insured by the Federal Housing Administration (FHA).
Freddie Mac put this video out in December. It is also available in [Spanish](http://youtube.com/watch?v=qQQJ6unRYaY).
Tomorrow: Case-Shiller’s latest report should come out.
**Categories:** Real Estate News & Tips
**Tags:** freddie mac, fannie mae
---
### [House Falls Off Supports in Salem](https://lovejoyrealestate.com/house-falls-off-supports-in-salem/)
**Published:** July 25, 2008
**Author:** Charles Turner
**Content:**
A house that was undergoing a foundation replacement in Salem collapsed last night. The news clip in the Statesman Journal was posted at 12:07 AM last night so there are no useful pictures and the details are pretty sketchy. Please post more or I will work on it later in the day.
Update: pictures here. Last night’s news report quoted the contractor as saying there was a water issue which caused the support system to give way. There was no mention of whether living in a home that is jacked up is common practice.
KGW also has [video of the collapse](http://www.kgw.com/video/index.html?nvid=266819&shu=1).
**Categories:** Real Estate News & Tips
---
### [Of Mice and Real Estate](https://lovejoyrealestate.com/of-mice-and-real-estate/)
**Published:** July 24, 2008
**Author:** Charles Turner
**Content:**
Staging is debatable. Do I stage? With what? How much stuff is enough? Every agent and professional stager will have a different answer. What I am sure is that in the non-existent “Staging Your Home Guide” by Turner, Turner & Turner, there is no mention of pest control devices as being appropriate staging pieces.
I showed two houses to a buyer on Tuesday. The first had a couple of “mouse” traps big enough to slaughter your average purse dog. The traps weren’t set but were the first thing you saw sitting on the shelf entering the basement. The second house had an electronic rodent killer under a dining table; two hours into a broker open.
Of course, we all make mistakes. I was just accused of writing, “the worst directions ever to a listing.”
**Categories:** Real Estate News & Tips
**Tags:** Staging
---
### [Part Time/Rookie Real Estate](https://lovejoyrealestate.com/part-timerookie-real-estate/)
**Published:** July 22, 2008
**Author:** Charles Turner
**Content:**
Should real estate agents be required to close a certain number of transactions a year without having to work in conjunction with a Realtor that meets or exceeds that threshold? What would that threshold be?Portland Real Estate Blog
**Categories:** Real Estate News & Tips
**Tags:** Rookie Real Estate
---
### [Portland Developer Goes Belly Up](https://lovejoyrealestate.com/portland-developer-goes-belly-up/)
**Published:** July 21, 2008
**Author:** Charles Turner
**Content:**
It’s not the first story of its kind and probably not the last. Sunday’s front page Oregonian article detailed the rise and fall of Ryan Olsen Development in their story, [Portland-area Builder Implodes](http://www.oregonlive.com/business/oregonian/index.ssf?/base/news/121643431498170.xml&coll=7). I don’t know the stories behind other builder’s woes or Ryan personally but the article felt more personal and well, sad.
Olsen rode into the housing market with a really good product for Portland. We sold at least one of his homes; new construction with an eye to fitting into the existing houses in the neighborhood. We had a good working relationship with his Realtor through both Ryan’s homes and other properties he sold. Olsen’s homes were “appropriate” and very well finished. He had a core competency of building one or two houses at a time in close-in North and Northeast Portland neighborhoods on in-fill lots.
When he got away from his core competency, everything went to hell in a hand basket. The combination of moving into subdevelopments, coupled with a brutal decline in the market for what he was building sent the company into a death spiral for which the end result will be the foreclosure auction of his personal home.
No matter how you feel about builders, developers, flippers and those who make or have made their living around the Portland housing market, you’ve got to give Olsen credit for going down with his ship and trying to make it survive to the bitter end. I don’t have the specifics but I expect a less moral builder could have exited and left others holding the bag much earlier than he did with less personal sacrifice.
**Categories:** Real Estate News & Tips
**Tags:** Ryan Olsen Development
---
### [When Your House has a Name](https://lovejoyrealestate.com/when-your-house-has-a-name/)
**Published:** July 18, 2008
**Author:** Charles Turner
**Content:**
Realtor Beige, the paint preferred by Realtors nationwide. Walk into any paint store and they’ll know what you want but they won’t have a paint by that name. Neutral is good. Many remodels, cosmetic or otherwise are a matter of personal choice that you might plan to live with for years. No problem. Su casa isn’t mi casa. But when it comes time to sell, what will the buyer’s reaction be? Will your house be referred to as 123 Main St. or something else?
Our buyer’s have named houses:
- Big Pink- not the US Bank Building
- The Man House- a urinal in the master sticks out in a single woman’s mind
- The Ranch- a SE Old PDX misnamed in RMLS (probably not the seller’s fault)
- The Cat Pee House- self explanatory
With the exception of the last house, they’re really not derogatory towards the property it’s just how the buyers separate lots of houses in their minds. Food for thought more than anything else.
**Categories:** Real Estate News & Tips
---
### [Washington Real Estate](https://lovejoyrealestate.com/washington-real-estate/)
**Published:** July 17, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/07/17/rmls_wa_june-l.jpg)This is my first blogging foray over the Columbia River. I’m not licensed in Washington but Jenny is and has numerous transactions going on up there right now. Since she has clients that are interested in the happenings up there we’ll give this a try. If it is well received, I’ll post similar reports when they come out from RMLS.
Clark County’s inventory is considerably higher than Portland’s: 12.6 months compared to 9.5. Clark County peaked at 17 months of inventory in January. Portland never broke 13 months.
**Categories:** Real Estate News & Tips
---
### [Are Banks Digging Their Graves Willingly?](https://lovejoyrealestate.com/are-banks-digging-their-graves-willingly/)
**Published:** July 16, 2008
**Author:** Charles Turner
**Content:**
The feature story in July 7th’s Business week is somewhat mind boggling. [The Housing Abyss](http://www.businessweek.com/magazine/content/08_27/b4091032364818.htm?chan=search) story is fairly long but the idea of “buying and bailing” followed two paragraphs later by the common damage to foreclosed homes makes one think that 2+2=5 in bankland:
> \[An agent\] in Henderson, Nev., says he has been flooded with calls from people interested in “buying and bailing”—that is, buying an additional house while their credit is still good, then walking away from the old one unless they can cut a favorable deal with the lender. So far the number of people who have done so appears to be small. But Hawks says **banks are receptive to lending for such purchases because they figure the buyer will be able to afford the new, cheaper place**. Also, says Hawks, they know that, since the buyer’s credit will become damaged, he or she won’t pull the same trick on them, at least for a few years.
Two paragraphs later:
> Mass foreclosures accelerate a neighborhood’s decline, triggering a spiral of abandonment and decay. A survey of agents this year for Inside Mortgage Finance by Geosegment Systems and Campbell Communications found that about half of foreclosed properties have significant damage, which reduces a property’s value by about 25% (e.g., $100,000 on a $400,000 house). Ruined floors and carpets, holes in walls, and missing appliances lead the list.
Banks are knowingly receptive to a buyer purchasing a second home so they can repossess a house that is going to be trashed? Maybe the buyer can strip the house before foreclosure and put the parts on Ebay to pay for the first seven years of mortgage payments on the second home! The whole thing requires some long-range planning on the buyers part as it is going to trash your credit and perhaps a total lack of morals but the American way is all about the bottom line.
Doesn’t seem like good banking practice to as a way of making new loans.
**Categories:** Real Estate News & Tips
**Tags:** Bank loans, Bank owned properties, Business Week, The Housing Abyss
---
### [Porland Real Estate History](https://lovejoyrealestate.com/porland-real-estate-history/)
**Published:** July 15, 2008
**Author:** Charles Turner
**Content:**
This graph is a part of the June RMLS Market Action. It shows the number of quarterly closings over the last 12 years. It’s a great representation of where we are and where we have been.
[](/files/2008/07/15/rmls_june_quartely-l.jpg)
**Categories:** Real Estate News & Tips
---
### [RMLS June Market Action](https://lovejoyrealestate.com/rmls-june-market-action/)
**Published:** July 14, 2008
**Author:** Charles Turner
**Content:**
Three posts in one day! RMLS Market Action for June just came out. The median sales price in the Portland area is $289,000, a 2% drop from June 2007. The average sales price is $348,800. That’s down 1.1% from June 2007. Days on market are about the same as last month. Inventory is fairly static but almost two-fold what it was this time last year.
[](/files/2008/07/14/rmls_june_market_action-l.jpg)
**Categories:** Real Estate News & Tips
---
### [Fed Cracking Down on Mortgage Lending](https://lovejoyrealestate.com/fed-cracking-down-on-mortgage-lending/)
**Published:** July 14, 2008
**Author:** Charles Turner
**Content:**
The headline reads, “Fed adopts plan to curb shady mortgage practices.” I found the story on Yahoo Finance after watching the same story on Headline news. The bullet point version (*my comments/questions in italics*):
> — bar lenders from making loans without proof of a borrower’s income.
> *Sounds like the end of “No doc” and stated income loans.*
>
> — require lenders to make sure risky borrowers set aside money to pay for taxes and insurance.
> *Lots of loans require impound accounts that are part of the monthly payment already. The only time I had previously seen impounds waived was when the borrower had over 20% down. Lean something new everyday.*
>
> — restrict lenders from penalizing risky borrowers who pay loans off early. Such “prepayment” penalties are banned if the payment can change during the initial four years of the mortgage. In other cases, a penalty can’t be imposed in the first two years of the mortgage.
> *I’ve only seen prepayment penalties assessed within the first two to four years of a loan. Does this end prepayment penalties across the board?*
>
> — prohibit lenders from making a loan without considering a borrower’s ability to repay a home loan from sources other than the home’s value. The borrower need not have to prove that the lender engaged in a “pattern or practice” for this to be deemed a violation. That marks a change — sought by consumer advocates — from the Fed’s initial proposal and should make it easier for borrowers to lodge a complaint.
**Categories:** Real Estate News & Tips
---
### [Monday Morning Real Estate](https://lovejoyrealestate.com/monday-morning-real-estate/)
**Published:** July 14, 2008
**Author:** Charles Turner
**Content:**
It’s not all about real estate. “It’s the economy, stupid.” Real estate is commonly credited with keeping the economy afloat during the last decade. Now we have to wonder whether the economy can save real estate.
The Oregonian AM print edition: Feds step in to aid mortgage giants
CNNMoney: [Rescuing Fannie Mae, Freddie Mac](http://money.cnn.com/2008/07/13/news/economy/fannie_freddie_sunday/index.htm?postversion=2008071318)
CNNMoney: [IndyMac: Your money is safe ](http://money.cnn.com/2008/07/13/news/economy/indymac_fdicstatement/index.htm?cnn=yes)
CNNMoney: [Gas prices set another record](http://money.cnn.com/2008/07/14/news/economy/gasoline/index.htm?cnn=yes)
> NEW YORK (AP) — U.S. stocks headed for a sharply higher open Monday after the Federal Reserve and the Treasury Department outlined steps aimed at shoring up confidence in mortgage financiers Fannie Mae and Freddie Mac.
>
> Shares of the government-chartered companies have tumbled over the past week as investors have fretted over whether they could survive losses in their mortgage portfolios.
>
> The Fed said in the plan announced Sunday it would lend to the two companies “should such lending prove necessary.” Secretary Henry Paulson said the Treasury is asking Congress for quick approval of a plan to expand its line of credit to the two companies and to make an equity investment in the companies, if necessary.
>
> Wall Street is on edge about the well-being of the companies because Fannie Mae and Freddie Mac hold or back $5.3 trillion of mortgage debt, about half the outstanding mortgages in the United States. Worries over their future led to a volatile session Friday in which the Dow Jones industrial average dipped below the 11,000 mark for the first time in about two years before paring its losses.
According to [Bankrate.com](http://www.bankrate.com):
[](/files/2008/07/14/bankrate-l.jpg)
KGW at 6:45AM- Stock Market up 94 points. But is that enough? It is a sign that there is some confidence in the moves by the Fed or bargain hunters doing what they do best?
**Categories:** Real Estate News & Tips
---
### [Who is Blogging Portland Real Estate?](https://lovejoyrealestate.com/who-is-blogging-portland-real-estate/)
**Published:** July 11, 2008
**Author:** Charles Turner
**Content:**
The PortlandRealEstateBlog will turn 200,000 page views today or tomorrow (I’ll turn 35 tomorrow so we can share in the joy). In the overall blogsphere 200k isn’t much but it is 200k more than the vast number of Realtors have achieved (since they don’t have blogs).
From time to time I take some time to read some of the other blogs discussing Portland real estate. I let Google do the legwork with a simple search of Portland Real Estate Blogs. Today’s results are below (complete with a typo in my blog’s description; now corrected though it may take time to register with Google). With the exception of the Oregonian’s Ryan Frank’s Front Porch, they are all Realtor hosted. The results don’t change much when I search Portland Housing Market Blogs instead.
What surprises me is the exclusion of clint8200’s [www.PortlandHousing.Blogspot.com](http://www.PortlandHousing.Blogspot.com) and [www.PortlandRealEstateOutsider.Blogspot.com](http://www.PortlandRealEstateOutsider.Blogspot.com). Neither of them are Realtors (and would probably commit ritual suicide before being Realtors). Both blogs provide the non-Realtor view of our market. I haven’t completely avoided Clint’s venom but overall his topics are good even if his commentary doesn’t thrill me. I can only hope not to be the subject of an ‘Outsider flipper gone wrong thread with our NW Hoyt project (the use of the phrase flip in conjunction with the depth of the project are not applicable here
There was a comment on another blog (I can’t remember which but I think the commenter was “hmmmm,” asked why there isn’t more audience debate on the blogs? ). Blogging is fickle. I still don’t know how I pissed JP off this forum- his commentary and analytical skills rank high.
The Google results:
> [](http://www.portlandrealestateblog.com/)
>
> ## [*Portland Real Estate Blog*](http://www.portlandrealestateblog.com/)
>
> ##
>
>
> Educating and Sharing Ideas with Buyers and Sellers in the Dynamic *Portland Real Estate* Market. Full acceess to RMLS property listings.
> www.**portlandrealestateblog**.com/ – 42k – Cached – Similar pages – Note this
>
> [](http://www.repdx.com/)
>
> ## *Portland* Oregon *Real Estate* Agent *Blog*
>
> ##
>
>
> *Portland* Oregon *Real Estate Blog*: Commentary and Resources.
> www.repdx.com/ – 47k – Cached – Similar pages – Note this
>
> [](http://blog.oregonlive.com/frontporch/)
>
> ## [Front Porch – *Portland Real Estate* News – OregonLive.com](http://blog.oregonlive.com/frontporch/)
>
> ##
>
>
> (Hat tip to the *Portland* Housing *Blog*) **…** They’re on a great run of ground-breaking work in *Portland* from the 937 condos in the Pearl to the 12.5 condos in **…**
> **blog**.oregonlive.com/frontporch/ – 95k – Cached – Similar pages – Note this
>
> [](http://blog.oregonlive.com/frontporch/2008/02/blog_spotlight_portland_real_e.html)
>
> ## [*Blog*](http://blog.oregonlive.com/frontporch/2008/02/blog_spotlight_portland_real_e.html)[ spotlight: *Portland Real Estate* Outsider – Front Porch …](http://blog.oregonlive.com/frontporch/2008/02/blog_spotlight_portland_real_e.html)
>
> ##
>
>
> While I’m at, what other *Portland* housing/*real estate blogs* do you read? Or outside of *real estate*, what sites do you check daily? Print This Page Print **…**
> **blog**.oregonlive.com/frontporch/2008/02/**blog**\_spotlight\_**portland**\_**real**\_e.html – 33k – Cached – Similar pages – Note this
> More results from blog.oregonlive.com »
>
> [](http://ownaportlandhome.blogspot.com/)
>
> ## [*Portland*](http://ownaportlandhome.blogspot.com/)[ Oregon *Real Estate Blog*](http://ownaportlandhome.blogspot.com/)
>
> ##
>
>
> Get local insight to the *Portland Real Estate* Market. A *blog* of current housing conditions, home price evaluations, sales, and neighborhood details for **…**
> owna**portland**home.**blogs**pot.com/ – 106k – Cached – Similar pages – Note this
>
> [](http://activerain.com/blogs/herb)
>
> ## [Herb’s *Portland* Oregon *Real Estate Blog* your RE/MAX Agent](http://activerain.com/blogs/herb)
>
> ##
>
>
> Herb’s *Portland* Oregon *Real Estate Blog* your RE/MAX Agent on the ActiveRain *Real Estate* Network.
> activerain.com/**blogs**/herb – 85k – Cached – Similar pages – Note this
>
> [](#2005/07/is_portland_rea.html)
>
> ## [BlueOregon: Is *Portland Real Estate* Overpriced?](#2005/07/is_portland_rea.html)
>
> ##
>
>
> Over at the *Portland Real Estate Blog*, local realtor Charles Turner is disputing that and comparing to the Money magazine article that says *Portland* has a **…**
> www.blueoregon.com/2005/07/is\_**portland**\_rea.html – 29k – Cached – Similar pages – Note this
>
> [](#)
>
> ## [Oregon *Real Estate Blogs* –](#)
>
> ##
>
>
> This *Blog* is dedicated to providing the public with up to date *Portland* Oregon *Real Estate* information. Check back often for all kinds of *Real Estate*
> **…**
> www.**real**–**estate**–**blogs**.com/**blogs**/SUB/Oregon-**Real**–**Estate**–**Blogs**\_114\_1.html – 24k – Cached – Similar pages – Note this
>
> [](http://tonyandlibby.blogspot.com/)
>
> ## [*Portland*](http://tonyandlibby.blogspot.com/)[ Metro *Real Estate* News](http://tonyandlibby.blogspot.com/)
>
> ##
>
>
> skip to main | skip to sidebar. *Portland* Metro *Real Estate* News **…..**
> *Real Estate Blogs* Directory – Directory of *real estate blogs* and *blogs* of industries **…**
> tonyandlibby.**blogs**pot.com/ – 90k – Cached – Similar pages – Note this
>
> [](http://wordpress.com/tag/portland-real-estate/)
>
> ## [*Portland Real Estate*](http://wordpress.com/tag/portland-real-estate/)[ — *Blogs*, Pictures, and more on WordPress](http://wordpress.com/tag/portland-real-estate/)
>
> ##
>
>
> *Blogs* about: *Portland Real Estate*
> **…** Tags: *Real Estate*, ingleside *real estate*, texas coast *real estate*, rockport *real estate*, aransas pass *real estate*, **…**
> wordpress.com/tag/**portland**–**real**–**estate**/ – 43k – Cached – Similar pages – Note this
**Categories:** Real Estate News & Tips
---
### [I-5 Portland/Vancouver Bridge and Real Estate](https://lovejoyrealestate.com/i-5-portlandvancouver-bridge-and-real-estate/)
**Published:** July 10, 2008
**Author:** Charles Turner
**Content:**
Disclaimer: my knowledge of the politics and the pros and cons of a new bridge over the Columbia River is limited to the couple of newscast that I have seen in the last couple of days. Last night, Portland’s City Council after much public debate, approved the bridge with a four page letter attached. It is not the last hurdle for a new bridge but a significant step.
My question is how a new bridge impacts the area? Does Vancouver real estate become more appealing with “better” access to Portland (one study showed increased commute times into Portland with a new bridge)? Does the Interstate I5 corridor real estate market get better with added people making the trip along I5 or get hurt as people who once viewed the area a the sweet spot for price versus commute are now willing to make the trek into Washington?
To reiterate, there are people with much more information and passions about the topic so I hope you will discuss it here.
**Categories:** Real Estate News & Tips
**Tags:** I5 Portland/Vancouver Bridge
---
### [Real Estate and Video](https://lovejoyrealestate.com/real-estate-and-video/)
**Published:** July 9, 2008
**Author:** Charles Turner
**Content:**
If a picture is worth a thousand words, what is a video worth? I’m not sure so we thought we’d give it a try. We’ve been using the Flip video camera for a few months now. It’s a great tool to help a buyer remember what the inside of their house looks like. But a videographer, I am not. It is a toy in the world of video cameras. This video was shot and produced by Travis Shields of [Shields Films.](http://www.shieldsfilms.com/)
**Categories:** Real Estate News & Tips
**Tags:** Flip video, Shields Films, Real Estate
---
### [Where the Streets Have No Comps](https://lovejoyrealestate.com/where-the-streets-have-no-comps/)
**Published:** July 8, 2008
**Author:** Charles Turner
**Content:**
Not all houses have good comparables. It might be the biggest house in the neighborhood (where we expect a lower cost per square foot), a contemporary amongst traditional homes, an odd shaped home (octagon) or simply a house in an area that has not had a lot of sales recently. How do you price one of these homes as either a seller or a buyer? A full appraisal might help but that is an opinion too. The traditional appraisal looks at comparables so we’ve got the same problem.
This is what I did for a resale property: I took the previous sales price and took that as the base price. It was the market price at the time. I couldn’t tell if there were seller paid closing costs or other concessions. I then took the data from the Case Shiller Index and applied it to the base price through today. There was conversation about the specific neighborhood beating the Index; real estate is local of course. Using a [Trulia](http://www.Trulia.com) Heat Map, we discovered that the neighborhood over the last few years has been ahead and behind Portland at times but has converged to even now.
We had a list of seller completed remodel items. We placed the buyer’s value to each. Our offer price: (base price) \* (Case Shiller appreciation (depreciation in the last few months)) + (Trulia Neighborhood Heat (zero in this case)) + (Buyer’s valuation of Seller’s remodel and projects). The offer comes out at 91% of the asking price.
The seller countered. They have had activity and only a short time on market so they \*think\* it is worth more. Would you?
**Categories:** Real Estate News & Tips
---
### [Hoyt Progress](https://lovejoyrealestate.com/hoyt-progress/)
**Published:** July 7, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/07/07/dsc_8965-l.jpg)
Steady progress over at 2356 NW Hoyt. We’re just over a month into construction. Thus far:
Pipe Repair Services burst a new sewer line and water line from the curb to the basement.
[John’s Waterproofing](http://www.johnswaterproofing.com/) installed the Water Guard system around the perimeter of the basement.
[American Plumbing](http://www.americanplumbingservices.com/) has almost finished installing the rough-in plumbing throughout the house, including the new master bathroom and main floor half bath which are now framed in.
[Ed Bell & Son Paint Removal](http://www.paintremovalpro.com/) is removing the lead based paint from the fir lap siding. We still have to figure out the best method of cleaning up the original hard coat stucco.
[Arbor Pro](http://www.arborpronw.com/) has completed the tree work. This included our misstep with (the lack of) permits to trim the street trees. After consultation with Urban Forestry our application to cut down one of the two trees was approved. The stump was ground out last week and work should start shortly cutting in a driveway to create the coveted off-street parking. We will plant a new, more appropriate street trees in the fall from the list of approved trees.
Ron Beck is installing the HVAC system for the second floor (bedrooms) and attic. There will be a natural gas furnace (92%) in the attic with an AC unit (14 SEER). Portland Green Heat will be upgrading the oil furnace and installing an above ground tank for the basement and first floor heat. The new owners will be able to use up to B99 Biodiesel in that furnace. The use of two furnaces also minimizes, and almost eliminates, any softfits which are very undesirable in historic homes.
We are still working with the [State Historic Preservation Office](http://oregon.gov/OPRD/HCD/SHPO/) on our application for the [Special Assessment program](http://oregon.gov/OPRD/HCD/SHPO/tax_assessment.shtml). We’re not in complete agreement regarding windows.
I am managing member of Sapphire Development LLC (CCB #176425). You can use the [Oregon CCB website](https://ccbed.ccb.state.or.us/ccb_frames/consumer_info/ccb_index.htm) to look up the license status and history of all the contractors listed here.
**Categories:** Real Estate News & Tips
---
### [The Future of Real Estate](https://lovejoyrealestate.com/the-future-of-real-estate/)
**Published:** July 2, 2008
**Author:** Charles Turner
**Content:**
I was just forwarded the PowerPoint presentation that Chrisopher Lee of CEL & Associates, INC. used during his “Get Ready For The Age Of Real Estate” presentation at PSU’s Center for Real Estate June 5th. The 84 slide presentation is interesting but most of it isn’t applicable to this forum. What did strike me as interesting both on the agent side and the consumer side was this:
1\) 30% – 40% of real estate service companies that exist today will be gone by 2017.
2\) The emergence of the Big 3 or Big 4 will create 3 – 4 niche opportunities for everyone else.
3\) By 2017, 50% of today’s Brokers will be replaced by collaborative teams of professionals and Advisers. A new Brokerage Model will emerge.
4\) The shift to a knowledge-based, client-centric and talent-focused business model will be fairly commonplace.
\#1 doesn’t surprise me. I don’t know who we consider the big three or four for #2. I’d expect that at least one of them will be something that doesn’t exist today. #3 makes sense. I think we are already seeing #4.
**Categories:** Real Estate News & Tips
**Tags:** future of real estate
---
### [How Personal Is Real Estate?](https://lovejoyrealestate.com/how-personal-is-real-estate/)
**Published:** June 27, 2008
**Author:** Charles Turner
**Content:**
I flew home on Horizon Airlines University of Oregon logo-ed plane a couple of days ago. It got me to thinking. How does a Beaver fan like being trapped in a plane with the Oregon logo staring back from the wingtips. In the event of a crash, the last thing they see is the O smiling back at them. Being a Lewis and Clark graduate, the rivalry is mostly a fair weather fan thing for me. If it will help one team advance to the top of the rankings, I’m all for it. When it comes to selling real estate, does an affiliation (sports, political or otherwise) make a difference? Does a Duck think another Duck has built a better nest? Is one Beaver’s dam the best damn house on the market? I once sold a house to a die hard OSU fan where we knew the seller was a Duck (his 2004 Rose Bowl photo as a player was on the wall). We didn’t mention the connection.
[](/files/2008/06/27/uofo.jpg)[](/files/2008/06/27/osu_2.jpg)
Politically we could ask the same question: Obama or McCain? There are lots of yard signs out there.
[](/files/2008/06/27/oboma.jpg)[](/files/2008/06/27/mccain-l.jpg)
This thread is mostly for fun but not totally? I’m not aware of any Realtors marketing exclusively to one specific team or political affiliation. Is there an Equal Housing Opportunity thing going on here at all? As a buyer or seller, would you choose or not choose a Realtor based on the knowledge of the agent’s support for one group over another? Would you choose one offer over another?
**Categories:** Real Estate News & Tips
---
### [How Do Rate Changes Affect Mortgage Payments](https://lovejoyrealestate.com/how-do-rate-changes-effect-mortgage-payments/)
**Published:** June 25, 2008
**Author:** Charles Turner
**Content:**
The Federal Reserve held interest rates today. What does that mean to a buyer? A 30 year loan at 6% interest costs $500 per month per $100,000 borrowed in interest. Add .25% and the payment goes up to $520.83. On a $400,000 loan, that’s an additional $999.84 a year in interest payments. A drop in rates has the same effect; saving $999.64 a year.End
**Categories:** Real Estate News & Tips
**Tags:** mortgage payments, Rate Changes, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Case Shiller Report June 24, 2008](https://lovejoyrealestate.com/case-schiller-report-june-24/)
**Published:** June 24, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/06/24/case_schiller_june-l.jpg)Today’s Case Schiller Report has Portland up .3% between April and March (click on the image to enlarge). One month of positive after months of decline doesn’t give us much to sink out teeth into. It could be caused by an actual improvement, a seasonal up tick, or any number of other factors. Only time will tell if we are looking at the bottom or not.
[](/files/2008/06/24/case_schiller_june_pdx-l.jpg)Using data from the [June Report](http://www2.standardandpoors.com/spf/pdf/index/CSHomePrice_History_062418.xls), I compared the Portland Housing Market to the 20 City Composite Index. Both were added to Case Shiller’s tracking in 2000. I think it is interesting that the two have come back together but I don’t have any conclusion as to what that means. Both started with an index of 100 1/2000. Portland is now 174.87 (high of 186.51 July 2007) and the Index is 169.85 (high of 206.52 July 2006).
**Categories:** Case Shiller Index
---
### [If You Have $125,000,000](https://lovejoyrealestate.com/if-you-have-125000000/)
**Published:** June 20, 2008
**Author:** Charles Turner
**Content:**
What to do with $125 million burning a hole in your pocket? You could by 372 homes at Portland’s average price of $335,700 (year to date) or you could buy Donald Trumps house- the one he doesn’t live in.
You can watch the [youtube version here](http://www.youtube.com/watch?v=ffcueHZHI6Y). Or the [Forbes.com version here](http://www.forbes.com/video/?video_url=http://www.forbes.com/video/fvn/lifestyle/sy_meh052206&id=sy_meh052206&partner=msnedit&title=Video%3A+Trump%27s+Palace+By+The+Sea). Neither allows for embedding but the youtube one doesn’t have a commercial at the beginning.
If Trump’s pad is too modest, you might want to try Billionaire’s Row in London. At $117 million British Pounds (117 000 000 British pounds = 228.8052 million U.S. dollars as of now according to Google), [this house](http://www.thesun.co.uk/sol/homepage/news/money/article1198072.ece) is being purchased for the buyer’s son.
**Categories:** Real Estate News & Tips
---
### [Heavy Rain in Portland Yesterday](https://lovejoyrealestate.com/heavy-rain-in-portland-yesterday/)
**Published:** June 18, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/06/18/dsc_8533-l.jpg)We had a very isolated storm yesterday at 2356 NW Hoyt. During the process of replacing the sewer line yesterday the backhoe nicked the waterline. There’s no fault as “Call Before You Dig” had been called and the utility lines were all marked. Turns out that the waterline is not a straight connection. They caught it four+ feet from where it was marked and the leak was running at the rate about half of what would come out of a garden hose. A City repair crew showed up and I was gone less than an hour but when I came back, the hole was full of water and the trees were dripping water from above! The hole, 11 feet at its deepest, is now filled in and ready for asphalt.
[](/files/2008/06/18/dsc_8529-l.jpg) The sewer line is “burst” from the street into the basement. I’m not exactly sure how it works but the machine goes through the old sewer line busting it up as it goes and drags a new line into the basement. The plumber can then connect the new lines that are being run inside the house. In this picture you can also see the mark on the right wall where the chimney used to be and the lip of the Waterguard waterproofing along the perimeter.
**Categories:** Real Estate News & Tips
---
### [Portland Ranks High Globally- But not the Best](https://lovejoyrealestate.com/portland-ranks-high-globally-but-not-the-best/)
**Published:** June 16, 2008
**Author:** Charles Turner
**Content:**
The [Mercer 2008 Quality of Living Survey](http://www.mercer.com/pressrelease/details.jhtml/dynamic/idContent/1307990) was just realesed.
> The rankings are based on a point scoring index, which sees Zurich scoring 108, while Baghdad scores 13.5. Cities are compared to New York as the base city, with an index score of 100. The quality of living survey covers 215 cities and is conducted to help governments and major companies place employees on international assignments.
Portland (100.2 score) ranks 48th, down two spots from last year:
> *Canadian cities dominate the rankings in the Americas. Vancouver (4) has the best quality of living followed by Toronto (15), Ottawa (19) and Montreal (22). In the US, after Honolulu (28) comes San Francisco (29), Boston (37) and Chicago (44). Washington, DC, ranks 44, above New York (49).*
NO US CITY RANKS IN THE TOP 50 FOR SAFETY!!! If you don’t want to cross an ocean, head to Canada where Calgary, Montreal, Ottawa, Toronto and Vancouver all ties for 22. “Chicago, Honolulu, Houston, Lexington, San Francisco and Winston-Salem all share rank 53.”
**Categories:** Real Estate News & Tips
**Tags:** Mercer 2008 Quality of Living Survey
---
### [Rambling About (Portland) Real Estate](https://lovejoyrealestate.com/rambling-about-portland-real-estate/)
**Published:** June 14, 2008
**Author:** Charles Turner
**Content:**
For lack of a specific topic today:
Heard somewhere: Foreclosures are up 50% from this time last year nationally. Nevada is worst off.
The Oregon Association of Realtors held a very nice fundraising event that the Oregon Golf Club Thursday night benefiting OAR’s [Home Foundation](http://www.oregonrealtors.org/About_OAR/Home_Foundation/).
8549 NW Ryan is now $679,000. Down $20,000 from the original listing price. The cost of the sale fail is higher than the earnest money the seller got to keep. Since we don’t know why it failed, it is hard to analyze it. It does illustrate the importance of the beginning of a listing period.
Our NW Hoyt project is going well. I’ll post more in the next few days with pictures. John’s Waterproofing installed the WaterGuard system on Thursday. That allows us to finish the basement out without the future risk of water damage. We haven’t had much rain since we took possession so it is largely an insurance policy aswe never saw water in the basement.
**Categories:** Real Estate News & Tips
**Tags:** Portland Real Estate
---
### [RMLS Market Action for May](https://lovejoyrealestate.com/rmls-market-action-for-may/)
**Published:** June 12, 2008
**Author:** Charles Turner
**Content:**
May was better than April but this May was worse than last May. For the second consecutive month, both median and average prices declined. Inventory declined 1.1 months (11%) between May and April (it increased in 2007 by .1 month (3%)). My prediction for May stating that May might be “surprising” landed with a bit of a thud. I had expected that the numbers would be better (and yes, 8569 NW Ryan is an active listing).
[](/files/2008/06/12/rmls_market_action_may-l.jpg)
**Categories:** Real Estate News & Tips
---
### [Today Show on Real Estate](https://lovejoyrealestate.com/today-show-on-real-estate/)
**Published:** June 12, 2008
**Author:** Charles Turner
**Content:**
Matt Lauer just interviewed [Barbara Corcoran](http://www.barbaracorcoran.com/), “Today Show’s real estate guru”. I was typing as I listened- I doubt the interview is online. I’ll let folks comment (or not) and then chime in later.
1. Under-price your home 10-15% compared to the rest of the market.
2. Get rid of clutter.
3. Take pictures on a sunny day (she doesn’t live in Portland). Lauer adds no Photoshop to make it what it isn’t.
4. Hire a top “killer broker.” Twenty percent of agents do 80% of the business.
5. Pick the right town.
6. Buy a house with character.
7. Buy a brick or white house. Says that surveys show they are preference
8. Buy in the middle of the price range.
**Categories:** Real Estate News & Tips
**Tags:** Today show
---
### [NAR's Dr. Yun in Portland Last Week](https://lovejoyrealestate.com/nars-dr-yun-in-portland-last-week/)
**Published:** June 9, 2008
**Author:** Charles Turner
**Content:**
I didn’t attend NAR’s chief economist, Laurence Yun’s, speech last week but here is KOIN’s news story on the event. He is confident that in five years that Portland prices will be up 30 percent. It’s a bold statement and I think I betting on Big Brown on Saturday to win the Triple Crown would have been a safer bet but we all saw how that worked out.
He does retierate the “real estate is local” theme and even brings it further to neighborhood specific. I think we’ve seen that.
**Categories:** Real Estate News & Tips
**Tags:** Dr. Yun, last week, NAR, Portland
---
### [Portland Real Estate Timing](https://lovejoyrealestate.com/portland-real-estate-timing/)
**Published:** June 7, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/06/07/condos_2-l.jpg)If you look at a calendar and don’t look out through your windows, you’ll see it is June. The gloomy weather coincides with what we’ve been seeing in the real estate market. The summer months are the Christmas season for real estate. Landscaping comes to its potential. Daylight hours give clients more flexibility to look and show houses (looking at a house in January when it is 33 degrees, raining and dark really isn’t fun). Anybody that says “buy or sell now” had better put that in context. Reiterating what I’ve said before: it is a great time for SOME people to buy and sell now.”
What I think:
- The bottom of the slide is out there somewhere. It could be today, it could be years off. We’ll all be able to see where the bottom was because we can only see it through historical data. Everyone wants to buy at the bottom and sell at the top but that is not how markets work. Case-Shiller reports put Portland’s current values at 2006 levels. We didn’t hear too many sellers complaining back then. If you bought before 2004 and haven’t sucked the equity out of your property, you’re probably going to do okay when you sell. Not as good as you might have but still not bad. If you are looking to buy, you’ll appreciate the above and that you don’t know the bottom until it happened. Everyone has more than one “perfect” house. What is on the market today may not be in the future but there will probably be an equivalent home on the market then. Distressed sellers may not have a choice whether to put their home on the market or not (there was a TV story this week that foreclosure rates are the highest ever). Would I sell now one of our houses now? It depends. I think we could sell either our Belmont or Hawthorne rental and be happy with the result. I’m not sure that I would want to list the house that we live in now as we’ve only been here two years. Sapphire Development bought a house last week and while not officially back on the market, everything is for sale. We’ll need four to six months to get it ready for sale.
- I think Barak Obama will be the next President. I’m not currently qualified to write how the change from a Republican president to a Democrat president affects markets. We’ll work on flushing that answer out.
- Thirty year mortgage rates hovering around 6% is still historically great. Lending requirements have stiffened and that has shrunk the buyer pool. You can still buy a house with zero down but you’ve got to understand the risks of doing that in a declining or static market. It’s having the knowledge available to determine what you should do in your situation, not listening to someone tell you to “buy now” or “you’d be a fool to buy now.”
- I am not a fan of the Oregon Realtor Association’s Realtor Vision Campaign. I posted about it here at the beginning of the week.
- Skinny houses have a place in real estate. Not my style personally but I’m not helping you buy or sell a house for me. More valuable than my opinion would be those that live in, build and design them.
These are my opinions and even if you don’t agree, I hope you can respect them. Can anybody source or take credit for the picture? It was sent to me via email.
**Categories:** Real Estate News & Tips
**Tags:** foreclosure rates
---
### [Portland Street Trees](https://lovejoyrealestate.com/portland-street-trees/)
**Published:** June 4, 2008
**Author:** Charles Turner
**Content:**
Screwed up yesterday. Could have been fined. Long story short: don’t touch a Portland street tree without a permit. We hired an arborist to clean up, not cut down, the street trees that haven’t been maintained in years at NW Hoyt (PGE cuts the portion in the wires but nothing else). Ironically, the stop work order came as I was at the Bureau of Development Services getting our building permit (issued and approved). I’m meeting with [Urban Forestry ](http://www.portlandonline.com/parks/index.cfm?c=38294)(who issue tree permits) on Monday to discuss the street trees. City code has provissions for fining and/or jailing both the property owner and the contractor hired! Ignorance may not be bliss (or an excuse)!Portland Real Estate Blog
**Categories:** Because I Can
---
### [Earth Advantage: Energy Proficiency Certificate](https://lovejoyrealestate.com/earth-advantage-energy-proficiency-certificate/)
**Published:** June 3, 2008
**Author:** Charles Turner
**Content:**
One of the first things I started to consider once we had an accepted offer on the NW Hoyt house was what we could do to be green and more efficient. There is a natural disconnect between efficiency and age. There are some unique challenges when rehabbing older houses, especially historic registry ones. We don’t want to rip out the lath and plaster because doing so almost ensures damaging the molding which is still in good shape but it precludes unfettered access to the studs and easy insulation. Besides, disposing of that amount of plaster is not an eco-friendly, cheap, clean or easy proposition. Some of the historic windows need to stay even though they are single pane to maintain the home’s integrity. To that end, Earth Advantage and/or LEED certification would be nearly impossible as their certifications start at 15% over current code requirements (and that the programs are primarily geared towards new construction at this time).
But can we move forward by grandfathering or ignoring the past? No. That’s why I’m thrilled to announce that we will be working with Earth Advantage and their new pilot program, Energy Performance Certificate. The way the EPC works is that the house is audited before and after the remodel project. The certificate provides evidence of the improvement and gives a metric with which other houses can be compared; miles per gallon, APR for loans or credit score. We’ll lose some points by keeping some of the windows but we should be able to make significant improvements and being able to measure that is important.
Since this is the first property going through the certification there will probably be some revelations that will only serve to improve the overall program. We still have some final details to work out but it looks like this is an exciting road to be heading down. We’ve got our permit from the City of Portland for all the planned work and have submitted the application for the Special Assessment Program.
**Categories:** Real Estate News & Tips
**Tags:** Earth Advantage Certificate
---
### [Searching Foreclosure Properties](https://lovejoyrealestate.com/searching-forelclosure-properties/)
**Published:** June 2, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/06/02/foreclosure_properties-l.jpg)We’ve got a new feature on our website which, unfortunately, is a sign of the times: the ability to [search by zip, city or map for properties in foreclosure.](http://turnerrealtors.com/prudential_nw/modules/agent/agent.asp?p=findahome.asp&selected=foreclosure&acc=27478)
Added 2:20PM. A property returned from the search will result in a response like this, the service is provided by Realty Trac:
> This property is an REO (Real Estate Owned). This is the final step in the foreclosure process. Ownership has reverted to the lender. This 4525 square foot property has 6 bedroom(s) and 3 bath(s). The estimated sale price is $323782.
>
> To access more extensive information on this property click the ‘more property detail’ link below. You will need to register for full access. Information listed with each property including estimated loan balance is derived from sources deemed accurate but we do not guarantee the accuracy of such information. Please consult all relevant title documents prior to purchase.
**Categories:** Real Estate News & Tips
---
### [G. & G.C. Sweet House](https://lovejoyrealestate.com/g-gc-sweet-house/)
**Published:** June 2, 2008
**Author:** Charles Turner
**Content:**
Saphhire Development LLC closed on its new project on Friday. The home is listed on the historic Registry as the G. & G.C. Sweet House and is a contributing property to the Alphabet District. I haven’t been able to find anything about the Sweets online and will hopefully have more luck at the State Historic Society or from someone who just has knowledge about the house. I’ve almost completed the application for the [State Historic Preservation Office Special Assessment Program](http://www.oregon.gov/OPRD/HCD/SHPO/tax_assessment.shtml) and will hopefully have that in the mail today. Tomorrow we’ll head down the the [City of Portland Bureau of Development Services ](http://www.portlandonline.com/bds/)to apply for our building permit. The interior permit should be smooth. The exterior will require Design Review to add parking (tandem on the left side of the house to minimize curb appeal impact) and window replacement). That process has a public notification aspect so takes months.
We are working with [Earth Advantage](http://www.earthadvantage.org/) which is tomorrow’s planned post.
In the last month, we’ve had bids by our electrician, three HVAC companies, two paint strippers, a basement waterproofer, a cabinet builder, a couple of painters, one flooring company, a company that does prewiring for media systems, a window repair company, a window replacement company, an arborist, a landscaper, and have more bids to get as the process gets started. We also had the house drawn by a CAD drafter.
**Categories:** Real Estate News & Tips
**Tags:** Alphabet District, Earth Advantage, G. & G.C. Sweet House
---
### [Case Shiller May 27 2008](https://lovejoyrealestate.com/case-schiller-may-27/)
**Published:** May 31, 2008
**Author:** Charles Turner
**Content:**
Yup, I missed Tuesday’s Case Schiller Report. Between February and March, Portland’s Index dropped from 176.24 to 174.39. A small decline but a decline nonetheless and return to April/May 2006 levels.
I also found this article, on the back page of Realtor Magazine (NAR’s publication), an opinion piece that says [Case-Schiller is a conflict of interest](http://www.realtor.org/rmomag.NSF/pages/commentaryjune08).
> Created by Shiller and Karl Case, an economics professor at Wellesley, the index is licensed exclusively to Macromarkets LLC for “developing, structuring and trading financial instruments,” says the Macromarkets Web site. Among Macromarkets’ products is the Housing Futures and Options index, which forms the basis for “directly investing in and hedging U.S. housing” on the Chicago Mercantile Exchange, where futures and options on the index are traded. “Every time a CME hedge is made, revenue flows to Macromarkets,” says NAR’s chief economist, Lawrence Yun. “People would hedge only if they believe price movements will be volatile.” Shiller is a founder and chief economist of Macromarkets. So, is the index biased to the negative? Its divergence from OFHEO’s findings is so wide that Andrew Leventis, the agency’s senior economist, has undertaken studies to find out why.
It will be interesting to see if their is a divergence. Is it Realtor backlash to negative markets or does it have foundation?
In the future, if you think I’ve missed something, bring it up politely rather than being snide about it.
**Categories:** Case Shiller Index
---
### [Flipping/Rehabbing/Remodeling and the CCB](https://lovejoyrealestate.com/flippingrehabbingremodeling-and-the-ccb/)
**Published:** May 30, 2008
**Author:** Charles Turner
**Content:**
We’ve discussed this before ( I think I am going to adopt the phrase “home rehabber” instead of flipper to my personal activities) but if you are considering getting into the rehabber/flipping business in Oregon, you’re going to have to be a licensed contractor. For the purposes of our home rehabbing, I am the managing member of Sapphire Development LLC (CCB #176425).
**Who Needs To Be Licensed**
**http://www.oregon.gov/CCB/Licensing\_I.shtml#Who\_Needs\_To\_Be\_Licensed**
Oregon law requires anyone who works for compensation in any construction activity involving improvements to real property to be licensed with the Oregon Construction Contractors Board (CCB). This includes roofing, siding, painting, carpentry, concrete, on-site appliance repair, heating and air conditioning, home inspections, tree service, plumbing, electrical, floor covering, manufactured dwelling installations, land development and most other construction and repair services.
A CCB license is also required for:
- **those who purchase homes with the intent to fix them up and resell them, even if they do not perform the work themselves.**
- material suppliers that receive compensation for installing or arranging the installation of the materials.
The cost of being legal is so much higher than floating under the radar and hoping nothing goes wrong or you get caught. With Sapphire Development as the deeded property owner everything is more expensive. The property insurance is more than double what I would expect to pay if the deed were in my personal name. Sapphire has a construction loan which cost 2% in points. It’s a whole different world. This is the first time that I have been involved in a construction loan as we bought our last house on contract.
**Categories:** Real Estate News & Tips
**Tags:** CCB, Remodeling
---
### [The Care and Feeding of Septic Tanks](https://lovejoyrealestate.com/the-care-and-feeding-of-septic-tanks/)
**Published:** May 28, 2008
**Author:** Charles Turner
**Content:**
I met with a septic pumping company this morning as an inspection for one of our pending transactions where we are representing the buyer. Unlike a connected sewer system, a septic system requires a little more attention. They recommend:
- The system should be pumped every three years- this is a 1500 gallon
system.
- Nothing non-biodegradable should go into the system. This include
feminine hygiene products.
- Recommend RidEx added to system once a month (an enzyme).If there is a garbage disposal, add three tomatoes once a month (15 days
after the RidEx).
- Use liquid dish and laundry soap. Powders only degrade about 40% rather
than about 99% for liquid soaps.
The buyer also has to be aware that if the City decides run a connected sewer system up the street, there is a likelihood that the owner will be forced to pay (just as an owner would if the City paved an unimproved street).Portland Real Estate Blog
**Categories:** Real Estate News & Tips
---
### [Oregon Realtor Vision](https://lovejoyrealestate.com/oregon-realtor-vision/)
**Published:** May 27, 2008
**Author:** Charles Turner
**Content:**
The Oregon Association of Realtors is advertising heavily this morning. KGW had a commercial and I just heard another one on Charlie FM for “Realtor Vision… because Realtors see things we don’t.”
This is the first time I have looked at the site and it looks like it has some good content. But since I see things you don’t it would be nice to hear some *constructive* comments about it.
**Categories:** Real Estate News & Tips
---
### [2356 NW Hoyt](https://lovejoyrealestate.com/2356-nw-hoyt/)
**Published:** May 23, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/05/22/dsc_7758-l.jpg)We’re just a week away from closing and though nothing is official until it is recorded at the county office, I am comfortable saying that Sapphire Development LLC’s new rehab project is at 2356 NW Hoyt in the Alphabet District. It is a 1906 home that has been largely untouched and certainly not remodeled recently. It retains much of its original charm.
The house has been the subject of the Buyer Due Diligence series of posts that I have written in the last month. The oil tank is now completely decommissioned but we are still undecided what the overall heating/cooling picture will look like.
I am in the process of writing the application for the State Historic Preservation Office’s Special Assessment program and have met with Earth Advantage at the property (more on that soon).
Unlike many “flips” this project is wholly owned by Sapphire Development LLC, not a person, and the construction loan is in its name, not mine. It’s a very different process than buying a property personally. Me being a Realtor does give Sapphire an advantage as I am not earning a commission and that is reflected in the sales price but the seller nets the same as if I were not a Realtor and a co-op sale had occurred.
Future posts will look at things I haven’t discussed yet, where we are now and where we think we are going.
**Categories:** Home Inspections
---
### [Flag Lots](https://lovejoyrealestate.com/flag-lots/)
**Published:** May 21, 2008
**Author:** Charles Turner
**Content:**
What is a flag lot? A flag lot is is a lot that has no direct street frontage. The lot is accessed by a driveway, usually down the side of another house. The picture highlights a flag lot.
[](/files/2008/05/21/490plat.jpg)
There is no direct method to search out flag lots (or exclude them from) an RMLS search so analysis about them is tough. I expect that we’d find that the flag lots have a lower value than the equivalent home with curb frontage. The flag lot allows for higher density by splitting existing lots and getting lots in developments where curb frontage is not possible.
The disadvantage for the house on the curb is that anyone wanting access to flag lot has to pass by the edge of their house. In some cases the drive may be shared by easement. The disadvantage for the flag lot is that there is no curb appeal as there is no curb. The advantage for the flag lot is that there should be minimal street noise (depending what is in the back yard) and the sales price should be a little lower than the same house on the curb.
I’d be curious to hear people’s experience living in either the curb house or the flag house.
**Categories:** Real Estate News & Tips
---
### [Buyer Due Diligence Update II](https://lovejoyrealestate.com/buyer-due-diligence-update-ii/)
**Published:** May 19, 2008
**Author:** Charles Turner
**Content:**
Alpha Environmental is working on decommissioning the leaking oil tank. At last check, the hole had been dug out about four feet beneath the bottom of the tank. The top and bottom of the tank have been cut out and the walls retained to help maintain the integrity of the hole. Standing next to the dumpster, you can smell the diesel.
Western Architectural inspected the stucco and has determined that it can be repaired as needed and is not failing.
I talked to Urban Forestry about the horse chestnut street trees. Even though they have cracked the sidewalk, destroyed the sewer and, in my personal opinion, are the wrong trees for their location, they will remain. I’d happily replant with more appropriate trees given the opportunity. I couldn’t apply for a permit to take them down until we are the legal owners even with the seller’s permission. You can apply for building permits at BDS with the seller’s permission prior to taking ownership which we will do once we have the drawings complete. I will be satisfied if we can get a permit for a curb cut to create off street parking. There is evidence that there may have been a curb cut previously.
I’m going to an Earth Advantage class this morning and then meeting with them at the house to see what we can do “green” in the remodel project.
**Categories:** Home Inspections
**Tags:** Buyer Due Diligence, Home Inspections, Portland Real Estate
---
### [RMLS Reports First Average Price Decline Since 2001](https://lovejoyrealestate.com/rmls-reports-first-average-price-decline-since-2001/)
**Published:** May 15, 2008
**Author:** Charles Turner
**Content:**
It’s not often that you get three posts on one day but RMLS Market Action for April just hit the streets. The trends are largely what we would expect to see in keeping with Case Shiller and other reports: “Also of note was the first decline in average sale price since August 2002 and in median sale price since May 2001 when comparing April of the current year to the same month the year prior. Average sale price dropped 3.9% and the median fell 3.5%.”
> One area of growth from March to April was pending sales, which grew 6.8% (2,070 v. 1,938). This is the first increase in pending sales from March to April since 2005. New listings also grew 2.7% (5,295 v. 5,155). Closed sales dropped 6.4% (1,582 v. 1,691). This drop is on par with the last three years, though, as closed sales have dropped an average of 6.7% from March to April.
This surprises on one hand as I am surprised the buyer pool in this range has changed much but on the other hand jumbo loans are harder to come by:
> One factor in this price decline may be a 51.2% (21 v. 43) decrease in the number of homes sold for $1 million or more, when comparing April 2008 with April 2007. Year-to-date, sales in this price range are down 31.9% compared with the same time last year.
**Categories:** Market Activity & Data
---
### [Portland Spaces Condo Graphic](https://lovejoyrealestate.com/portland-spaces-condo-graphic/)
**Published:** May 15, 2008
**Author:** Charles Turner
**Content:**
[Portland Spaces](http://www.portlandspaces.net/) is one of our city’s newest magazines. I received a clip of the condo graphic via email a couple of days ago with no source so it took a little tracking down. [Portland Spaces](http://www.portlandspaces.net/) has graciously allowed it to be reproduced here as it appeared on page 34 of May/June issue. A little number crunching shows the average percentage of listed condos against those built in the last five years for the six cities is 37%.
ActiveBuilt Portland1503657523%Seattle3478796144%Vancouver23301716914%Las Vegas75602638229%Miami254242905488%Phoenix39041576925%
[](/files/2008/05/15/pdxspaces_condo-l.jpg)
**Categories:** Real Estate News & Tips
---
### [Repost of Comment](https://lovejoyrealestate.com/repost-of-comment/)
**Published:** May 15, 2008
**Author:** Charles Turner
**Content:**
Welcome to the Portland Real Estate Blog three ring circus. In the main ring we have Portland Real Estate. In the ring to your left have those that believe the Portland real estate market is in the tank and has 30% of value or more to give back. In the right hand ring, we have those that see Portland as a strong and growing housing market. Realtor, Charles Turner has the role of Blog Tamer. The audience is made up of all demographics with a universal interest in the Portland housing market. Some potential participants don’t participate out of fear of being mauled.
Some of the participants are getting a little agitated. The comment that Tiffany says isn’t hers was sent from a different IP address than her other comments. It is not an IP address associated with another commenter but that doesn’t mean that it isn’t.
I’m not having a lot of fun doing this right now. The sarcasm, impersonation, meanness and attacks need to stop. If you can’t say something with some modicum of respect, even if you disagree, don’t comment.
I reposted (and added a couple of lines) this comment from this morning as its own post to make sure that the entire readership sees it.
**Categories:** Real Estate News & Tips
---
### [Termination Agreement](https://lovejoyrealestate.com/termination-agreement/)
**Published:** May 14, 2008
**Author:** Charles Turner
**Content:**
NW Ryan is back on the market. The transaction failed today through no fault of the seller or the property. The cash buyer walked away from the transaction and forfeited their earnest money. This is only the second time in five years that I have seen a buyer walk at this stage in a transaction but this is exactly what earnest money is for. 100% of it will go to the seller. There were no contingencies left that would entitle the buyer to get keep their earnest money.
A buyer is only at financial risk for the amount of earnest money committed in the offer. The buyer can walk for any reason at any time before closing and forfeit their earnest money if there are no valid contingencies to refund the earnest money. The seller can be sued for specific performance and forced to close the transaction under the terms of the contract.
**Categories:** Real Estate News & Tips
---
### [Net or Gross Based Commission?](https://lovejoyrealestate.com/net-or-gross-based-commission/)
**Published:** May 14, 2008
**Author:** Charles Turner
**Content:**
*Question, Charles: This seems to vary from broker to broker, but what is your policy regarding commission: As a listing agent, do you take the 6 percent off of the listed price (e.g., 350K), or off of the actual price (i.e., the price minus any concessions, e.g., sewer repair, house inspections, etc., which might amount to 7K — 343K)? I ask because I’ve run into agents who do both, though those who take their commission off of the list price instead of the lower price, after concessions, usually never say anything unless the seller notices it.*
It should not vary from broker to broker. RMLS rules are very clear. According to RMLS:
> **Indicating Compensation in RMLS™ Listings**
>
> Compensation information not allowed in remarks section. It has come to our attention that several listings state in the remarks section, “No commission on seller concessions”, “Compensation on net amount”, etc. This information is not allowed in the remarks section. RMLS™ Rules and Regulations Section 6.2, Cooperative Compensation Specified on Each Listing, states “…The compensation specified on listings published by RMLS™ shall be shown in one of the following forms: a) by showing a percentage of the gross selling price; or b) by showing a definite dollar amount….”
>
> The Listing Broker may offer compensation other than what is published, provided that they inform the other broker in writing in advance. Notification of a change in compensation must be independent of the RMLS™ listing. Further, the modification in the specified compensation may not result from an agreement among all or any other RMLS™ Participants.
>
> Please review your listings and remove any wording in the remarks section that would indicate that compensation is to be paid on net selling price or to exclude seller concessions.
Gross sales price is easy to determine. It is the recorded price of the sale. How do you determine net? Obviously repairs and credits can be calculated. But how about a piece of personal property? We were planning on taking the counter-depth stainless fridge and 15″ LCD TV out of our old house. We ended up leaving them in lieu of repairs. What were those items worth? You’d have to determine the value of each piece of personal property to figure out commissions based on net and you’d have to decide if the personal property that was included in the original offer was a concession or part of the sale. The Earnest Money Agreement states that personal property included in the sale is of “no value.”
The example in the question at 6% is $420 net versus gross (2%). Gross may be an imperfect method but I don’t see how net is feasible across the board as it is a moving target. You have to have something firm to go by. That said, that is the rule. We talk through the process with our sellers. Both agents are entitled to commission based on gross and only once have we had a buyer’s agent enforce it when we have suggested otherwise. He probably pocketed $100 and looked like an ass for it but it was his right.
**Categories:** Real Estate News & Tips
---
### [Monday Morning Real Estate May 12](https://lovejoyrealestate.com/monday-morning-real-estate-may-12/)
**Published:** May 12, 2008
**Author:** Charles Turner
**Content:**
I’m actually not lacking for post ideas but I thought this topic might be a good way of doing a little house keeping here at the Portland Real Estate Blog. I’m finding it more and more frustrating to write a post about A and then spend the day reading comments about X that have nothing to do with the topic at hand. Even giving an open forum post on Thursday didn’t stop destroying Friday’s Earth Advantage thread by going off topic. So, for the next week, I’m not going to delete comments but I am going to move off topic comments to this thread. I’d rather not waste my time doing it so it would be greatly appreciated if you can monitor yourselves.
I showed property yesterday and found this to be the piece de la resistance of the day. The listing said the oil tank had been decommissioned. It didn’t say what it had been replaced with.
[](/files/2008/05/12/oilcans-l.jpg)
**Categories:** Real Estate News & Tips
---
### [“Green” Certified Homes Sell for More in Portland Real Estate Market](https://lovejoyrealestate.com/green-certified-homes-sell-for-more-in-portland-real-estate-market/)
**Published:** May 9, 2008
**Author:** Charles Turner
**Content:**
I’m not usually one for a cut and paste post but this one came to my email from Earth Advantage as a press release and has merit for a its own thread.
*Certified Homes Also Sit on Market for Less Time Aligning with Consumer’s Values and Higher Demand for “Green”*
PORTLAND, OR – The growth in the number of “green” certified homes in the Portland metro region is attracting some significant attention. Over the past year, three percent of all new homes sold in the Portland Metropolitan Area carried a sustainable or “green” certification brand. These homes earned more in the market than non-certified homes, selling for an average price of $223 per square foot, versus $185 per square foot for non-certified, traditionally built homes.
This information was compiled by the Regional Multiple Listing Service (RMLS) in Portland. The percentage quoted includes new home sales in Multnomah, Clackamas, Columbia, Washington and Yamhill Counties. It does not include new home sales in Clark County, WA. RMLS began tracking the sale of green certified homes in 2007 when the certification search feature was implemented on the MLS database.
“Green” certified homes also sold faster than homes without certification. New “green” homes in the Portland Metro Area remained on the market for just of 66 days on average, while the average time on the market for all homes was 73 days. The announcement of Countrywide’s Green Incentive mortgage product that discounts the interest rate is sure to add further value to green homes.
“These findings are very important,” states Sean Penrith, Executive Director of the not-for-profit Earth Advantage, Inc. “We have long heard and touted that green building is the right thing to do, and it is. But now we have actual data that points to higher value for green homes and reduced time on the market. This is the tipping point, and in five years, builders that are not identifying green in their practices will undoubtedly be marginalized.”
“Green” certification includes third-party certified Earth Advantage® homes, Earth Advantage/ENERGY STAR® co-labeled homes, ENERGY STAR, and LEED® for Homes. For the period ending April 30, 2008, 309 housing units in the study received either Earth Advantage or an Earth Advantage/ ENERGY STAR certification. To obtain third-party certification, a builder or developer works with Earth Advantage, Inc to ensure that the highest standards for energy efficiency, indoor air quality, resource efficiency, water conservation and environmental responsibility are integrated into the construction of the home. Final performance testing and inspections are conducted by Earth Advantage, Inc. before a certificate of compliance is issued.
Home builders in the region are offering “green” or sustainable amenities as a way to compete in the housing market. Such features include efficient home furnaces and high performance heating and ventilation systems. Steve Tapio is the Building Science Team Leader for New Tradition Homes in Vancouver. His company began offering Earth Advantage certified homes in 2005. “All builders need to be in the running now,” Tapio reported. “The cost of energy is one of the largest concerns on the consumer’s mind. Sustainable features are also of interest in this market.”
“Green” built homes are designed with people in mind. They are more energy efficient reducing monthly utility costs, have healthier indoor in qualities that are better for occupants, and have more durable features and products that reduce time and money for upkeep. People are acknowledging these traits as not only core values to themselves, but are also beginning to understand how “green” built homes truly make sense, from an economic and environmental perspective.
Earth Advantage, Inc., a 501(c)3 non-profit corporation is a leading green building authority in the Pacific Northwest and the largest third-party tested program in the country. At a minimum, Earth Advantage homes are designed to use 15 percent less energy than houses built to standard code practices. Earth Advantage works with builders, developers and home owners to bring the most energy efficient, sustainable and healthy homes to the market. The organization has the ability to certify homes as Earth Advantage (Silver, Gold and Platinum levels exist too), ENERGY STAR®, or LEED for Homes®. Over 9,500 homes in the state of Oregon have been certified to the Earth Advantage standard since 2000. For more information, visit www.earthadvantage.org.
**Categories:** Real Estate News & Tips
**Tags:** Earth Advantage, green homes
---
### [Thursday Open Forum](https://lovejoyrealestate.com/thursday-open-forum/)
**Published:** May 8, 2008
**Author:** Charles Turner
**Content:**
If you are reading this on Thursday, you are warmer and dryer than I am. Depending on how late in the day it is, I am either crossing, or have crossed the Columbia River Bar for the start of Oregon Offshore which is a sail boat race from Astoria to Victoria BC. We should finish some time very early Saturday morning depending if the start is delayed for favorable tides over the Bar. Navigation has changed so much over the years that I might even get a chance to read the blog but I am pretty sure I won’t be punching messages out as we beat up the coast of Washington. One of the great reasons to live in the Pacific Northwest.
Tomorrow’s post is already set to run. Enjoy the day, discuss some thing real estate related and be nice to each other!
**Categories:** Real Estate News & Tips
**Tags:** open forum
---
### [Buyer Due Diligence 5: Stucco](https://lovejoyrealestate.com/buyer-due-diligence-5-stucco/)
**Published:** May 7, 2008
**Author:** Charles Turner
**Content:**
Rewriting this as somehow it saved the title and nothing else.
Stucco has been around for 100s of years. It’s recent history is scared by EFIS which was a synthetic stucco which has a history of failing or being improperly installed. For us, the question is less about whether it needs work or not but how much work it does need. It has visibly failed in a couple of places but ripping of the rest for sake of ripping it off is not a good plan.
Western Architectural came out on Monday to look at it. The consensus is that we can repair the damaged area and attempt to match the existing as close as possible. It appears to be original to the 1906 house as there was no evidence of previous siding being covered up. The cost of the inspection is high: $160 per hour and takes four to five hours.
One of our clients had a stucco inspection on Monday as well. That house shows perfectly so it will be interesting to see how the stucco report comes out on that property.
**Categories:** Home Inspections
**Tags:** Buyer Due Diligence, Home Inspections, Portland Real Estate
---
### [Buyer Due Diligence 4: Lead Based Paint](https://lovejoyrealestate.com/buyer-due-diligence-4-lead-based-paint/)
**Published:** May 6, 2008
**Author:** Charles Turner
**Content:**
Unless it has already been stripped, a 1906 home has lead based paint. The Oregon Earnest Money Agreement (the purchase contract) has a provision for testing for lead based paint separate to the professional inspection period. For you and I, the Cliff Note version is, “don’t eat the paint.” It is more serious for children and pets where health and development issues can be dangerous. If you don’t disturb it, you are better off than if you do so improperly. The Lead Based Paint Addendum is required for any transaction where the home was built before 1978. The Protect Your Family From Lead in Your Home is an EPA handout and is required that the buyer receive as part of the addendum. If you have any questions about lead in your home, you should contact the appropriate agencies.
I’ve already got bids for stripping the paint off the house but I thought I would give one of the home test kits a try to confirm what I already knew.
Sure enough, after two minutes of holding the moistened pad to the paint sample, the pad turned pink:
**Categories:** Home Inspections
**Tags:** Buyer Due Diligence, Home Inspections, Portland Real Estate
---
### [Buyer Due Diligence Update](https://lovejoyrealestate.com/buyer-due-diligence-update/)
**Published:** May 5, 2008
**Author:** Charles Turner
**Content:**
I’m still holding off giving the address of the house that we are buying (I want to wait until I have loan approval which will require the results of the appraisal taking place today). Without discussing the financials of the transaction, this is where we stand:
We did not have a professional inspection. This is never recommended but in our situation and the planned extent of the remodel, a visual inspection is not cost effective. Instead we went straight to the areas we expect to have issues.
I started with [Buyer Due Diligence Part 1](https://lovejoyrealestate.com/2008/04/) which tells you why you should always have a professional inspection.
[Buyer Due Diligence 2: Sewer Scope Results](https://lovejoyrealestate.com/2008/04/) was about the sewer scope performed by Pipe Repair Services. The sewer is in bad shape, especially under the street tree, and their bid is $3620 to replace it.
The soil was sampled around the oil tank by Alpha Environmental. [Due Diligence Part 3: Thar’s Oil in Them Thar Ground](https://lovejoyrealestate.com/buyer-due-diligence-part-3-thars-oil-in-them-thar-ground/) outlines that test. The soil tested at 59,000 parts per million. At 50 parts per million, DEQ is notified. The tank will be decommissioned within the 90 day period DEQ allows. The bid varies depending on the amount of clean up required to get to acceptable levels.
[Buyer Due Diligence 4: Lead Based Paint](https://lovejoyrealestate.com/buyer-due-diligence-4-lead-based-paint/), is tomorrow’s post. Wednesday will be, [Buyer Due Diligence 5: Stucco](https://lovejoyrealestate.com/buyer-due-diligence-5-stucco/) (links added 5.7/08). This is the most expensive inspection we are having (estimated at $900 by Western Architectural) but will answer the question as to whether the old stucco can be repaired where it has clearly failed or whether it all needs to come off to be remedied. If it has to be torn off it will probably have to go through the City’s design review process for the Historic Alphabet District.
**Categories:** Home Inspections
**Tags:** Buyer Due Diligence, Home Inspections, Portland Real Estate
---
### [The Dangers of Under Pricing Real Estate](https://lovejoyrealestate.com/the-dangers-of-under-pricing-real-estate/)
**Published:** May 2, 2008
**Author:** Charles Turner
**Content:**
House is listed at X and offers A, B and C come in. They know they are competing but C, who was willing to pay X+$20k figures that the seller thinks the house is worth less than he did so puts in an offer at X+$10k. It happens to be the best offer and terms. Seller is thrilled; got $10k over asking. Listed higher, the seller would have netted around $9,400 depending on the commission rate if C had come through as he had planned. Though C paid more than asking, he can brag to his friends that he paid $10k less than he would have at the same time the seller is bragging that they got $10k more.
It’s psychological and theoretical because we can’t get inside the head of C to really know the thought process. Setting the price at X sets the expectation. At X, C’s expectations about the property dropped so the offer reflected it. We can’t confirm if the house had been listed at X+$20 that C would have walked in and paid full price but our research shows that might have been the case.
A seller is not obligated to sell a home at any price, regardless of the offers (though there may be some contractual issues with the earning of a commission by choosing not to sell). We’ve previously discussed that an overpriced home will sell for less than it would have had it been priced accurately on day one. We’ve discussed that an accurately priced home will sell in any market. This is a consideration that even in an open market, an under priced home MIGHT sell for less than it would have had it been priced higher. We’re not talking auction here- in that case, the price would have to be low enough that at the asking/reserve price, the bidders would be knocking each other over to put their bids in. The scenario above applies to the fine tuning of the listing price in a conventional sale.
Nor can we ignore that every seller has a different motivation. If get out quick is the desire, under pricing and taking a little less may be the stated goal. We can’t know that either. Sellers probably shouldn’t beat themselves up if their home sold quickly and they possibly left some money on the table. It is completely possible that buyer C really only wanted to pay X but in the heat of battle paid X+$10k and never would have paid a penny more.
Pricing and offers are both about thresholds. The buyer’s smartest offer is usually the one that the seller can live with and doesn’t counter for risk of losing the buyer altogether. The seller’s best listing price is the one that gets the buyer hooked instead of passing up the property in lieu of another one.
**Categories:** Real Estate News & Tips
**Tags:** Under pricing real estate
---
### [I Can Be Your Dual Agent & Mortgage Broker!](https://lovejoyrealestate.com/i-can-be-your-dual-agent-mortgage-broker/)
**Published:** May 1, 2008
**Author:** Charles Turner
**Content:**
Holy crap that’s a bad idea. But, according to the email I just got it is all perfectly legal (Prudential would fire me but I could go out on my own and do it).
“Hi Mr. Buyer, I have this home listed so I am under contract with the seller but I can write it up for you. I can also help you get the loan for the sale. That way I know every part of the transaction so can make sure it closes. By the way, here’s the Oregon Real Estate Agency’s complaint line phone number and my attorney’s contact info.”
I think dual agency is a bad idea. Dual agency and mortgage broker??? Can I be your home inspector too?
**Categories:** Real Estate News & Tips
**Tags:** Dual agent
---
### [Definition of a Flipper](https://lovejoyrealestate.com/definition-of-a-flipper/)
**Published:** May 1, 2008
**Author:** Charles Turner
**Content:**
Just over a year ago I wrote a thread that digressed into a discussion on flipping:
> Can we define flipper?
>
> 1\) Guy buys a condo in a hot market before it is built with no intention of owning it. Builder set the price.
> Flipper? Would speculator be a better term?
>
> 2\) Woman buys a cosmetic fixer with the intention of living in it for two years. Nothing has really changed inside but she’s got Pottery Barn paint going on now?
> Flipper?
>
> 3\) Contractor buys a run down house. Guts it, saves the old bones and gives it new life with quality construction. It is back on the market six months after project is started.
> Flipper? Businessman?
>
> Posted by: Charles Turner | Apr 18, 2007 8:23:43 AM
>
> Yes, each one is a flipper.
>
> IMHO, anyone who treats houses like the stock market of the late 90s is a flipper. Not that the overabundance of credit has helped the situation, but as credit tightens and inventory increases, I’m not going to feel bad for any of the three categories of people you presented when they lose their hats.
>
> Posted by: Ralph | Apr 18, 2007 9:11:23 AM
>
> Charles: of the three, #3 is actually performing a service; he’s actually producing something. However, I haven’t seen a lot of flipped houses where they did all that much. Usually they paint things up, maybe buy a few kitchen appliances or fixtures, mow the lawn and then turn around a month later and want to get a big premium.
>
> There’s a difference between speculation and production. Most flippers fall solidly in the speculation category. Of course, even #3 can be asking too much for the fixed up house.
>
> Casey Serin is the flipper posterboy:
> http://iamfacingforeclosure.com/
>
> Posted by: TiP | Apr 18, 2007 11:17:48 AM
No secret that Sapphire Development LLC (I am the managing member) bought a house last year, gutted it to the studs, engineered the conversion from a duplex to a single family residence using an architect and getting permits, and then sold it. It could be inferred that we didn’t lose money as we are under contract to buy another house.
Someone else buys a house. Paints, adds appliances, doesn’t get the require permits for remodeling the kitchen and bathrooms and lists the house. He doesn’t have a CCB license even though his intent was clearly to resell from day one.
I meet the common definition of a flipper (licensed, bonded and insured flipper). The other guy meets the requirements for a flipper label too. You should get to know your flipper just as you get to know your Realtor.
**Categories:** Real Estate News & Tips
---
### [Does Your Home do the Walk?](https://lovejoyrealestate.com/does-your-home-do-the-walk/)
**Published:** April 29, 2008
**Author:** Charles Turner
**Content:**
Fun website that one of our clients found and shared. They are moving from a home with a [walkscore](http://walkscore.com/) of 15 to making an offer on a home with a score of 80.
> What is Walk Score? We help homebuyers, renters, and real estate agents find houses and apartments in great neighborhoods. Walk Score shows you a map of what’s nearby and calculates a Walk Score for any property. Buying a house in a walkable neighborhood is good for your health and good for the environment.
Assuming you lived at the City of Portland Bureau of Development Services at 1900 SW 4th St., you’d have a walkscore of 88.
[](/files/2008/04/29/walkscore-l.jpg)
**Categories:** Real Estate News & Tips
---
### [Buyer Due Diligence Part 3: Thar's Oil in Them Thar Ground](https://lovejoyrealestate.com/buyer-due-diligence-part-3-thars-oil-in-them-thar-ground/)
**Published:** April 25, 2008
**Author:** Charles Turner
**Content:**
The house we are buying has fairly new oil furnace (2000 according to PortlandMaps’ online permits). PortlandMaps also shows an oil tank installation of a 675 gallon oil tank in 1950. Sampling the soil around the tank was a no brainer. Pray for good news, don’t expect it. We didn’t get it. I knew it wasn’t going to be good because you could smell the oil in the soil sample. The soil is contaminated and will require soil removal to clean up the site. How that happens in the transaction is an open negotiation. [Alpha Environmental](http://www.alphaenvironmental.net/) did the inspection.
I started to research some options yesterday. If the furnace is in poor repair, we will probably convert to natural gas. I am meeting with [Portland Green Heat](http://www.portlandgreenheat.com/), who is mentioned in a previous post about [BioDiesel](https://lovejoyrealestate.com/biodiesel-in-real-estate/) on Tuesday to determine if what we have is a good candidate for B20 or B99 fuel. That post had some great information in the comments. You can run B20 with no modification and B99 with some modification to the system. If we can make that change a 250 gallon tank would be installed in the basement. As of yesterday, Star Oil charges $4.27 for B99, $4.09 for B20 and Pullian Petroleum $3.86 for diesel per gallon based on a 200 gallon delivery. B20 is 6% more expensive and B99 is 11% more than diesel. I don’t know how they compare efficiency wise.
Then the plan is put a smaller natural gas furnace with AC to heat and cool the top two floors. I don’t think the oil furnace is big enough or ducted to the right places for modern day comfort so it should be able to do the main floor and basement without any issues. Using both heat sources will allow for better heat control and since the top floors are really the only ones that need AC, a smaller unit will be able to do the job.
As a side note: the oil in the existing tank belongs to the seller and is personal property. There is a provision in the standard contract that at closing, the oil is sold to the buyer at the prevailing rate. In this case, the tank will be pumped dry ASAP so that no more oil can leak out of the tank so transfer will probably not be an issue.
**Categories:** Home Inspections
**Tags:** Buyer Due Diligence, Home Inspections, Portland Real Estate
---
### [Buyer Due Diligence 2: Sewer Scope Results](https://lovejoyrealestate.com/buyer-due-diligence-2-sewer-scope-results/)
**Published:** April 24, 2008
**Author:** Charles Turner
**Content:**
A lot has been going on in the background for our project home purchase. I’m going to hold off on providing the address until after the inspection period is over. If you happen to figure it out or wish to hazard a guess, please have the courtesy not to post. At this point, the house could be in Medford and it would not change the content of these posts.
We did the sewer scope on Tuesday. Typically the camera goes down the 4″ clean out (usually a threaded cap in the main sewer line inside the house) which we couldn’t find. The camera wouldn’t fit in the 2″ line that did have a clean-out. The next best answer is removing a toilet (which either the homeowner of a plumber can reinstall). This is what we did. The camera is snaked down the line and you watch for cracks, clogs and other issues all the way out to the curb. Once you cross the curb into the street, the City takes over responsibility.
In this case, the camera jammed at 33″ from the cleanout, just outside the house in the front yard. The spot was located and marked. We’d figured we’d be replacing the line, the scope was a confirmation for us and to provide some budgeting information.
Then a funny (for lack of a better word) thing happened. Somone knocked over the orange safety cone in the middle of the room. Right there in the middle of the floor was the cleanout with a straight shot down the line! Without the cone we would have tripped over it. With the cone, we all avoided it and never looked under it as it is an unusual place for the cleanout.
With a straight shot, the camera was able to break through the 33″ clog and make it out to the street trees in the public right-of-way (planting strip between curb and sidewalk). The old tree has destroyed the line.
For us and this project: no biggie (though it isn’t money I want to spend). I expeceted it as part of the purchase. We will not ask the seller to repair. But for a potential buyer who otherwise would have no reason to accept or want a failed sewer line, this is a big deal. Our sewer system is getting to be 100 years old. Age and environmental conditions (growing trees) have impacted the integrety of the system.
**Categories:** Home Inspections
**Tags:** Buyer Due Diligence, Home Inspections, Portland Real Estate
---
### [A Career in Real Estate](https://lovejoyrealestate.com/a-career-in-real-estate/)
**Published:** April 21, 2008
**Author:** Charles Turner
**Content:**
Would I become a Realtor in today’s market? Hmmm? Not without a long look at how I was going to make a living at it. Business plan and all. Maybe there is a niche that isn’t being served and I am confident I can crack it. I think the biggest mistake Realtors make is getting licensed and then figuring out the plan while they bleed cash in search of that first client. What is your entry strategy? If you can’t put that together in this market it is gonna be tough for you. I started when it was “easy” but we didn’t get to be where we are now by luck. I think joining a team would be good if you can find one that is hiring (we’re not).
Most Realtors don’t have an exit strategy either. I am working on mine though it is a long way off. The simple answer is turning everything off and sitting on the beach. The smart answer is building tools of value that can generate future income or be sold when no longer working. What is this blog worth? The URL? Our other websites? You could argue worthless without me typing but is that really the case?
Blogging about the process to your first paycheck? I can’t see that working out. You couldn’t say enough about the transaction if it involved a true client and I doubt I would want to be that first client with my story spread across the Internet. I’m having a hard time writing about it where I am the client. Having been there, the process of real estate school wasn’t exactly scintillating material either.
Just my two cents. Don’t let me dissuade you if you think you can succeed.
**Categories:** Real Estate News & Tips
**Tags:** Real Estate career, Realtor strategy
---
### [The FUJIMO of Real Estate](https://lovejoyrealestate.com/the-fujimo-of-real-estate/)
**Published:** April 21, 2008
**Author:** Charles Turner
**Content:**
Fujimo was a beautiful red sailboat that raced on San Francisco Bay in the 80s. Rumor has it that Fujomo was the owner’s acronym for !@# You Jane I’m Moving Out. Urban legend or not, you don’t want your home to become the real estate equivalent of Fujimo. The decision of when and how a property involved in a divorce is sold has many ramifications that are beyond the scope of a Realtor to advise on.
Dan Margolin is our former neighbor and current friend. He is also a family law attorney with a blog that he and his partner write. Their most current post, [“I’m going to get divorced, should I sell my home first?”](http://www.oregondivorceblog.com/wordpress/?p=112) offer a good primer on the considerations that should guide the decision making process when a property is involved in divorce proceeding.
**Categories:** Real Estate News & Tips
---
### [Oregonian Outlook 2008](https://lovejoyrealestate.com/oregonian-outlook-2008/)
**Published:** April 20, 2008
**Author:** Charles Turner
**Content:**
The Sunday Oregonian was at the front door this morning. Included is Outlook 2008, 68 pages on the O’s outlook of everything Portland; including eight pages of real estate. I haven’t read it yet. It is interesting to note though it does contain a lot of ads, it does not have the header that is on the weekly home section: “A publication of the Oregonian Advertizing Department.”
Feel free to read and discuss here. It is not online. The only reference I find online concludes, “Outlook 2008: Inside today’s paper.”
**Categories:** Real Estate News & Tips
---
### [Understanding Portland Property Taxes](https://lovejoyrealestate.com/understanding-portland-property-taxes/)
**Published:** April 19, 2008
**Author:** Charles Turner
**Content:**
I’m researching [property taxes for Multnomah County](http://www2.co.multnomah.or.us/Public/EntryPoint?ct=3e08f0a90f667010VgnVCM5772360ac614acRCRD) as I will probably appeal the values on our new project house. This is what I have found. The *Exception* below answers what sort of remodeling triggers a new assessment.
> Each individual property is taxed on its assessed value. A property’s assessed value is the lower of its real market value or its maximum assessed value. Each year, the county assessor determines the property’s real market value and calculates its maximum assessed value. You are taxed on the lesser of the two, which is called the assessed value. Real market value and maximum assessed value are defined below
>
> **Real Market Value (RMV)** is the value the assessor has estimated your property would sell for on the open market as of the assessment date. The assessment date for most property for the 2007–2008 tax year is
> January 1, 2007.
>
> **Maximum Assessed Value (MAV)** is the greater of 103 percent of the prior year’s assessed value or 100 percent of the prior year’s MAV. MAV may be increased above3 percent of the prior year’s assessed value if certain changes, defined as exceptions, are made to your property. MAV does not appear on most tax statements.
>
> **Exception** means a change to property, not including general ongoing maintenance and repair or minor construction. Changes that could affect maximum assessed value include new construction or additions, major remodeling or reconstruction, rezoning with use consistent with the change in zoning, a partition or subdivision, or a disqualification from special assessment or exemption. Minor construction is defined as additions of real property improvements with a real market value that does not exceed $10,000 in one assessment year or $25,000 over a period of five assessment years. Exception value does not appear on your tax statement.
**Categories:** Real Estate News & Tips
---
### [Buyer Due Diligence Part 1](https://lovejoyrealestate.com/buyer-due-diligence-part-1/)
**Published:** April 18, 2008
**Author:** Charles Turner
**Content:**
With our accepted offer yesterday, I have 10 business days for the inspection period. I have to decide what inspections to do. The [Oregon Property Buyer Advisory](/files/Oregon_Property_Buyer_Advisory.pdf)
should be my guide. It begins:
> A real estate licensee is vital to the home buying process and can provide a variety of services in locating property, negotiating the sale and advising the buyer. A real estate agent is generally not qualified to discover defects or evaluate the physical condition of property; however, a real estate agent can assist a buyer in finding qualified inspectors and provide the buyer with documents and other resources containing vital information about a prospective new home.
>
> This Advisory is designed to assist home buyers in meeting their obligation to satisfy themselves as to the condition and desirability of property they are interested in purchasing. Common issues in real property transactions that home buyers often decide to investigate or verify are summarized in this Advisory. In addition to investigating or verifying these common issues, the buyer should tell the licensee with whom they are working about any special concerns or issues the buyer may have regarding the condition of the property or surrounding area. Such special concerns are not addressed in this Advisory.
I know that we will strip the interior to the studs and replace all the major systems. I know I am going to have the roof evaluated, scope the sewer and sample soil and locate the (in use) oil tank.
**Categories:** Home Inspections
**Tags:** Buyer Due Diligence, Home Inspections, Portland Real Estate
---
### [Speechless in Real Estate](https://lovejoyrealestate.com/speechless-in-real-estate/)
**Published:** April 17, 2008
**Author:** Charles Turner
**Content:**
The cat seems to have my tongue. I’m having a hard time deciding if I am nuts, brilliant, a glutton for punishment, lucky or stupid. The truth probably lies somewhere in between and honestly I don’t need help figuring this part out even though I’m sure you’d like to comment.
We bought a house today (an accepted offer with a May 30 closing date). It is a 1906 contributing property to the Alphabet District. It needs work. Lots of work. I’m planning on writing more about it as the process goes on but I am going to stop if the comments get snide, sarcastic or mean. I don’t need it. We’ll all probably learn something (I’m the one that gets to pay for the mistakes) so with that: expect more to follow.
**Categories:** Real Estate News & Tips
**Tags:** Real Estate
---
### [RMLS Market Action Condo Stat and Retraction](https://lovejoyrealestate.com/rmls-market-action-condo-stat-and-retraction/)
**Published:** April 16, 2008
**Author:** Charles Turner
**Content:**
I’m not defending the condo graph from the previous post regarding March RMLS Market Action which has a graph showing 34% condo appreciation. Is something is wrong with it? The data is from RMLS, not NAR and I think it is fairly safe to assume that the data is culled from the RMLS database that is fed by Realtors using RMLS to list properties. Unlisted sales would not show. We don’t know what criteria was used to run the searches.
Using Prudential’s Transaction Platform search engine (fed from RMLS) I ran a few searches with very basic criteria: Properties listed as condos in Portland that have sold:
**1/1/06-12/31/06**
Overall condo sales: 2476
Condo sales over $1M: 26 (1.0%)
**1/1/07-12/31/07**
Overall condo sales: 2994
Condo sales over $1M: 65 (2.1%)
Change in overall closed condo units: +18%
Transact is designed as a search engine not to create market data reports. It smokes with under 100 records (like the NW Ryan CMA) but I’d still be here this time tomorrow running 5000 records through it. Hell, it will take awhile but I accept the 50 at a time and wait for the next page to reload. Going to be annoyed if it crashes.
An hour has passed:
**2006:**
High sale $2,188,850
Low sale: $61,900
Average $283,563
DOM Average: 46 days
Two more hours pass:
**2007:**
High Sale: $2,800,000
Low sale: $15,600 (!)
Average: $313,301
DOM Average: 67 days
I calculate a 9% change in average price. **My numbers are based on a full calendar year so should serve as a check to RMLS’s graph, not an indictment of**.
Comments are closed because I want the discussion to continue on the previous post as the comments there are valid to this thread. I’ve never done it this way so hopefully it will have the desired intent of keeping the conversation flowing.
\*\*\*\*
Added 1:30 PM 4/16/08 from John Weiler at RMLS (with permission):
> Hi Charles – I’m the assistant editor of Market Action and I enjoy reading the blog.
>
> Turns out your suspicion of the condo appreciation statistic was right on. When I triple-checked the stat, I found the issue. We typically pull all of our statistics automatically from the database into Excel, but this particular stat is still pulled manually and we, unfortunately, pulled the wrong number from the Home Sales Report (notice the striking similarity between the condo average sale price and the PDX average sale price?).
>
> I will be posting an announcement on RMLSweb shortly – please feel free to join me in spreading the word. Thanks for your vigilance – it is appreciated as we truly want to provide you with the most accurate information possible!
>
> The correct price was $264,300 – a more modest 5% increase.
>
> Joel Weiler
> Regional Multiple Listing Service
> Communications Assistant
Good job PortlandRealEstateBlog commenters and thank you RMLS for getting to the bottom of the question.
I am going to turn comments on now. I don’t think it was a good choice turning them off this morning. Also added a title which I apparently forgot to do this morning!
**Categories:** Real Estate News & Tips
**Tags:** Condo Stat, Retraction, Market Action, RMLS, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Is Your House Really For Sale?](https://lovejoyrealestate.com/is-your-house-really-for-sale/)
**Published:** April 15, 2008
**Author:** Charles Turner
**Content:**
A quick post for the day. How easy is it for your house to be shown? RMLS gives showing instructions on how a house is to be shown. If it isn’t easy to show, you may have just lost your buyer. Two possibilities: they move on to another property or they leave town as they are relocating. If you are a lucky seller, it gets shown later. If you could have got them through the door and you didn’t let them because it was inconvenient you may have lost a sale. We were denied showings at two house yesterday with three hours notice.
- 24HR-NC
- BWO-PET
- CallST
- COMBOBX
- OWN-OCC
- UNDRCON
- AG-ACCM
- CALL-LA
- DAY-SLP
- RMLSBX
- VACANT
- APTONLY
- CALL-LO
- CALLTEN
- KEY-LO
- SEC-SYS
Most of these are pretty obvious. The most commonly selected combinations are RMLSBX/VACANT (go and show) and RMLSBX/CALL1ST (Hi, this is Charles Turner with Prudential NW Properties. I’d like to show your home between 11 and noon. If that is going to be inconvenient, please call me back.” Less favorite scenario but workable, “I am driving my client through your neighborhood, they really like the look of your house. We pulled the listing and it says to call you. I’m sure you’d rather have it shown than not. I’m sorry for the lack of notice but since you aren’t answering, we’ll probably be gone before you get this message.) I’m going to show it unless I hear otherwise and that is the expectation. These are what we as agents really like to see. The listing agent should have already prepped the seller for these possibilities.
Most other combinations require some kind of confirmation or hoop jump. KEY-LO: I have to go to the listing office to pick up the key, show the property, and return the key. Not a good use of mine or client’s time. AG-ACCM: Listing agent accompany. It makes sense in some situations (multimillion dollar homes) but if the house is vacant or owner occupied, you’ve got to get over it. My client wants to talk about your house, in your house without your agent. That and your agent better be able to work to our schedule. VACANT AG-ACCM is a nutty combination in most cases. My RMLS key notifies the listing agent the second I open a lockbox. Common courtesy says I leave a business card.
You may have done everything “right” regarding pricing and marketing but you’ve got to let them in the door without making it difficult.
**Categories:** Real Estate News & Tips
---
### [RMLS Market Action March](https://lovejoyrealestate.com/rmls-market-action-march/)
**Published:** April 14, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/04/14/rmls_inv_mar-l.jpg)Let’s dive right into it. Nothing shocking here regarding inventory. Still high overall but down from the previous month. That follows the history of the previous two years.
> When comparing March to February 2008, closed sales were up 22.2% (1,691 v. 1,384) while pending sales also increased 5.5% (1,938 v. 1,837).
>
> On the other hand, comparing March 2008 with March 2007, closed sales were down 39.1% and pending sales decreased 36.9%. New listings also dropped a slight 1.8%.
[](/files/2008/04/14/rmls_mar-l.jpg)
> **Appreciation**
>
> A comparison of the 12 months ending in March 2008 with the 12 prior shows that the average sale price appreciated 4.9% ($344,700 v. $328,700). Using the same formula, the median sale price appreciated 5.1% $290,000 v. $276,000).
I’m having a hard time putting that quote into context with the graphics. This graphic has me equally confounded. Maybe I just need to spend more time studying it but I have to head out now or sit in traffic later:
[](/files/2008/04/14/rmls_mar_condo-l.jpg)
**Categories:** Real Estate News & Tips
---
### [Portland Real Estate Blog Topics](https://lovejoyrealestate.com/portland-real-estate-blog-topics/)
**Published:** April 14, 2008
**Author:** Charles Turner
**Content:**
I almost got out of bed last night (even though it is 5AM now) to write some version of this. It was just going to be a comment on the previous thread but seems to deserve it own post.
Reflecting on the tone of the discussion on the blog I have to start to question whether I need to censor my selection of threads before writing them.
First, I am getting tired of defending myself for things that were well intentioned. I’m usually portrayed as guilty before innocent and have to be able to respond instantly otherwise the daggers come out. I don’t like feeling this blog is me against the anonymous commenters but it often does from where I sit. It shouldn’t be that way and it is draining responding to multiple negatively toned commenters. There is a big difference between debate and negative ad campaigns: respect. Of course, I opened the door by bringing up the thread but I read the overall tone as accusatory and not debate. Maybe I am too sensitive but I know the feeling is shared as you see very few commenters with opposing views to the current group of commenters, it isn’t because they aren’t there, it is because they don’t want to be attacked for not agreeing with the writing on the wall that only some can see. It is not that they aren’t out there.
The second, largely because of number one, asks whether I should use personal experience in this blog? I stopped writing about our remodel project in NE 13th almost about the time we started the project. There were a lot of valuable real estate lessons in that project but there were so many negative comments about the specter of a “flipper” potentially making money that I shelved the topic. It was the blog’s readers loss, not mine. We sold and made some money in what many viewed as an impossible market.
Bringing up NW Ryan, an active listing, was a new source of topic for this blog. The intention of the post was about fliers and different agents providing different services and it evolved into pricing (which is fine) and then to two valid questions about the listing: 1) was the basement finished with permits? and 2) what county is it in? The tone of the permit questioning was, in my view, not friendly and I have to question as a professional whether if the question in valid but the tone is not, is that hurting my client to whom I have responsibility to? I haven’t answered the question yet in my mind. I have no issue with the underlying questions. I will preface that I will stop commenting on the listing once there is an accepted offer until after it is closed.
We’ll do some research today and try to answer the questions. No biggie, it is what we do: when potentially conflicting or incomplete information is present we try to answer it with confirmed sources. I’m not an attorney but I am almost sure that if the question was never asked about the basment prior to closing, I would not have had a legal cause to find out (that might be different on the buyer’s agent side). Now that it has been brought up, I probably do have some obligation and the result will become part of a disclosure. I could also say to the buyer’s agent, “there is some concern that the basement may have been finished without a permit so if it is important to your buyer you should urge them to do some research,” but I will research today. It is why there is a Buyer’s Advisory put out by the State and we don’t do dual agency.
I’ve already researched the “what elementary school is it” question (Forest Park) after an agent called insisting that every house on NW Ryan is in Beaverton schools. Portland Public Schools both online and by phone confirm Forest Park but I told the agent, that as this is critical to your buyer, you don’t want to hear it from me, you want to hear it straight from the source.
**Categories:** Real Estate News & Tips
---
### [In your opinion, is 8549 NW Ryan properly priced?](https://lovejoyrealestate.com/in-your-opinion-is-8549-nw-ryan-properly-priced/)
**Published:** April 11, 2008
**Author:** Charles Turner
**Content:**
Yes, I think it is properly priced, to answer haha’s comment on yesterday’s post. The market will tell me whether I am right or not. Make an offer and we will find out! A little history for those who haven’t been reading previous posts. Tuesday, I wrote [The Tale of Two Fliers](https://lovejoyrealestate.com/a-tale-of-two-f/) which compared the previous listing flier to our flier. The house was on the market 183 days with an initial listing price of $824,950. We listed it on Tuesday for $699,000.
I just ran a new CMA on the property (Comparative Market Analysis). Basic search criteria: $600k-$900k, under 4000SQFT, with in a .5 mile radius of 8549 NW Ryan Forest Park as the elementary school, and active, bumpable, pending and sold since 1/1/08. [The whole report can be viewed here](/files/NWryanCMA.pdf). As a PDF, the interactive map and picture scrolling won’t work, sorry.
[](/files/2008/04/11/ryancomps-l.jpg)
8549 NW Ryan is priced at an average of $200/SQFT (the second lowest of the actives and just a little higher than the overall average of $193. It is 2000 construction versus an average of 1997 for the actives and 1996 for the overall average.
Take days on market with a grain of salt. The report shows us as being on the market three days but it was listed for 183 previously. I have not looked at the history of the others. The DOMs reported are for the current RMLS numbers. See [yesterday’s post regarding refreshing RMLS numbers](https://lovejoyrealestate.com/oregonian-interviews-realtors-but-not-me/). A change in agents requires a new RMLS number.
**Categories:** Real Estate News & Tips
---
### [Oregonian Interviews Realtors (but not me)](https://lovejoyrealestate.com/oregonian-interviews-realtors-but-not-me/)
**Published:** April 10, 2008
**Author:** Charles Turner
**Content:**
[Front page story of today’s Oregonian business section](http://www.oregonlive.com/business/oregonian/index.ssf?/base/business/1207796117127610.xml&coll=7).
> The Portland-area housing market started to soften in spring 2007 and has bottomed out or is at least close to the bottom, some of the region’s top real estate brokers said Wednesday.
>
> At a housing industry lunch forum, the brokers said they started noticing fewer potential buyers visiting their listings about last April.
>
> The evidence that the bottom is near?
>
> Brokers point to the fact sellers are finally willing to give up a bit on their price to sell faster. They also point out that real estate insiders themselves are now snapping up investment properties.
>
> Through early this year, two key surveys — the Regional Multiple Listing Service and Case-Shiller — show Portland-area home prices were basically flat, compared with early 2007. From 2004 to 2006, by comparison, percentage growth ran in double digits for 22 straight months. *\[Charles notes that Case-Shiller has shown a decline every month since July of 2007. Looking at Year on Year reveals a “flat market” but that is not the case monthly.\]*
>
> Sixteen brokers attended the lunch organized by Cornerstone Mortgage Corp. of Lake Oswego. Here’s the exchange over two issues raised in e-mails to The Oregonian from readers.
>
> **If you have a listing that’s on the market for a long time, do you re-list it in RMLS to get a new RMLS number?**
>
> “Here’s the reality,” said Brian Bellairs of the Meadows Group Inc. in Tigard. “Somebody has a listing that starts with 7,000. The current listing number is 803-something. I’m pulling 50 listings. We have an hour to show property. It’s a pretty fair assumption to say that something with a listing number of 7-something, might be a dog. . . . *\[Charles notes that it might be a house that is a great oppertunity. The seller has been on the market a minium of four months and may be getting much more eager to sell than someone that listed yesterday. You need to look at the history of older listings. What have they been doing to make the house sell? If it was listed at $X and four months later is still at $X, it might be a dog.\]*
>
> “I would always change it at a milestone so that right now a home that was listed in 2007 looks fresh.”
>
> Craig M. Reger of The Hasson Co. Realtors said brokers don’t generally change the listing number just to change it. “Hopefully there’s either a change of condition or a change in price.” *\[Charles agrees more with Craig. An agent can’t unilatterly “renew” an RMLS number. The paper trail requires canceling the first listing in writing with a signature and relisting the property with NEW paperwork and signatures, not a note or an email from the seller saying it is ok.\]*
>
> Lee Davies of Lee Davies Real Estate in Washington County said “the real cumulative days on market could truly be maybe 20 to 30 percent higher than what we’re all seeing when we look at that aggregate number.”
>
> **Why are Realtors afraid to admit the market is softening and will likely decline over the next few months?**
>
> “It has,” one broker said.
>
> “It’s all past tense,” another said. *\[Charles wonders why they aren’t cited.\]*
>
> “It has declined,” Davies said. “It has softened. But actually the last 60, 90 days have been just like they were last year. It’s very active.” *\[Charles notes that we are busier too (though I would say more in the last 30 days). The Realtors in the article are mostly “big names” in our market. Maybe we’re seeing a thinning of the Realtor herd? Fewer agents doing more transactions?\]*
>
> Becky Jackson at Realty Trust Group Inc. in the Pearl District said: “When you’re speaking to a buyer today you may not be able to say perfectly that it has passed. You might still see something for the next few months but you’re not going to know what is the last day of the low market.”
>
> Kathy MacNaughton of Realty Trust Group said: “What you say privately and publicly is different.”
>
> “How so?” I asked.
>
> “I don’t think it does you any good to say the market is tanking. And it’s not. We know that. You’ve heard that today. But I will tell you that probably six months ago I talked to my buyers privately and said, ‘You know what, we have to be very careful. I see signs in this market of settling.’ And I think all of us did the same thing.”
**Categories:** Real Estate News & Tips
**Tags:** Oregonian Interviews Realtors, Portland Real Estate, houses on sale, homes for sale in portland, homes for sale in oregon, apartments for sale
---
### [Curb Appeal: The Tale of One Fence](https://lovejoyrealestate.com/curb-appeal-the-tale-of-one-fence/)
**Published:** April 9, 2008
**Author:** Charles Turner
**Content:**
If you can’t get them in the door, you can’t sell it. The fence at our new SW Orchid listing wrapped all four sides of the property with a gate of equal height across the driveway. It was an expensive project that provided great privacy but killed curb appeal.[](/files/2008/04/09/orchid_old_fence-l.jpg)
The “new” fence will be finished tomorrow. It is made almost exclusively from the old fence.[](/files/2008/04/09/orchid_new_fence_4-l.jpg)
Added this picture in response to Haha’s comment below. I can’t add pictures to comments. This was the best the professional photographer could come up with on the previous listing. There was no decent angle to take a shot from.[](/files/2008/04/09/orchid1_2-l.jpg)
**Categories:** Real Estate News & Tips
---
### [The Domain of Realtors](https://lovejoyrealestate.com/the-domain-of-realtors/)
**Published:** April 9, 2008
**Author:** Charles Turner
**Content:**
Our website is [www.TurnerRealtors.com.](http://www.TurnerRealtors.com)
The National Association of Realtors clearly defines [how the trademarked name “Realtor®” can be used in an Internet address](http://www.realtor.org/letterlw.nsf/pages/internetuse):
> 1\. The term REALTOR®, whether used as part of a domain name or in some other fashion must refer to a member or a member’s firm.
>
> 2\. The term REALTOR® may not be used with descriptive words or phrases. For example, Number1realtor.com, numberone-realtor.com, chicagorealtors.org or realtorproperties.com are all incorrect.
So, who’s minding the store? www.ChicagoRealtors.com goes to the Chicago Association of Realtors (maybe they have an expemption). You’ll find all sorts of variations of Portland and Realtor on Google in domain names.Portland real Estate Blog
**Categories:** Real Estate News & Tips
**Tags:** Realtors domains
---
### [Tale of Two Real Estate Fliers](https://lovejoyrealestate.com/a-tale-of-two-f/)
**Published:** April 8, 2008
**Author:** Charles Turner
**Content:**
This was the post that I sat until until the property was officially listed.
*what percentage of your estimated commission amount would you say a seller should be able to count on being used to market the his or her home…*
It is an interesting question but I don’t think there is a way to answer it in a commission based model. Every Realtor is different. Let’s look at fliers. The first question you have to answer is, “are fliers a part of the Realtor’s service?” Nothing says there has to be a flier box on the sign post. If there is, there is no guarantee that there is a flier in it.
The minimal standard for a flier would be black and white on light weight paper. We use a color wax printer on a heavy grade glossy paper- the color does not run if (when) they get damp and the paper doesn’t shred.
This is our version of the flier for a listing.
[](/files/2008/04/06/turner_nw_ryan_flier_2-l.jpg)
This is the flier that was in the flier box when we first visited the property. It is a scan of the print flier. It was black and white. The hot tub and surround sound entertainment system had been removed.
[](/files/2008/04/06/old_nw_ryan_flier-l.gif)
The flier doesn’t have to have pictures but most do. How were they produced? The two basic options for the Realtor are to take them yourself or outsource them. The only way the client can answer which is appropriate is to look at fliers the agent has previously produced. If the agent is taking the pictures, what care is taken? It took me over an hour to shoot the pictures for our new listing. Then I adjusted them using PhotoShop. I use a Nikon SLR on a tripod. The minimal standard here could be a disposable camera and about ten minutes to blow through the house. The properties flier uses six pictures. Here are some great examples of [photos you hope aren’t a part of your listing](http://www.reagentinct.com/2008/03/28/the-24-worst-bad-mls-photos-of-the-year/).
Is the flier up-to-date? There is a liability issue here too. The old flier is inaccurate because it lists things no longer on the property. Every time we make a price change or something else changes in the listing, we print and deliver new fliers.
With everything we do, we have to address whether we do it ourselves or outsource it (I can save $33 by putting up my own signpost (though I have to own the post)) but it is not a good use of my time. I’d like to think of myself as an above average writer (you wouldn’t read this otherwise) but we have hired a copy writer to write a builder’s profile and we use licensed copy from [First Books® on the TurnerRealtors.com website](http://www.turnerrealtors.com/prudential_nw/modules/agent/agent.asp?p=text&id=2515&acc=27478). At some level, and it depends on the situation, our color wax printer can’t cut it for marketing material. If there is a question about square footage, we have the house measured, in those cases, we use the floor plan on the back of the flier.
I clearly haven’t answered the underlying question but it should be obvious why. We’ve only looked at one small part of the listing and the breadth of what is possible is huge. The most important thing is to know what you Realtor is going to do for you.
**Categories:** Real Estate News & Tips
---
### [National Press Loves Portland](https://lovejoyrealestate.com/national-press-loves-portland/)
**Published:** April 7, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/04/07/i5_downtown-l.jpg)Portland is CNN Money’s [\#6 Best Place to Live and Launch](http://money.cnn.com/galleries/2008/fsb/0803/gallery.best_places_to_launch.fsb/6.html).
In case you’ve given up “launching” and have emptied out the nest, Forbes ranks Portland high for places for [empty nesters to live](http://www.forbes.com/2008/04/03/nester-homes-property-forbeslife-cx_rr_0403realestate_slide_7.html?thisSpeed=1500000).
And so that this isn’t just a puff post about Portland, [HousingTracker issues some tough love](http://www.housingtracker.net/askingprices/Oregon/Portland-Vancouver-Beaverton/).Portland Real Estate Blog
**Categories:** Real Estate News & Tips
---
### [Portland Real Estate Reflections](https://lovejoyrealestate.com/portland-real-estate-reflections/)
**Published:** April 3, 2008
**Author:** Charles Turner
**Content:**
It’s been nice to get away for a week and have a chance to relax, reflect a little and recharge the batteries. I’m never sure if the technology is a blessing or a curse. Real estate doesn’t stop when we leave but we are fortunate enough to have Lisa and Susan on our team who can take care of business when we’re not there. That said, technology makes it almost impossible to unplug; Jenny sent listing paperwork yesterday from our friends boat off the shore of Isla Ixtapa yesterday and I’m writing this on the flight between LAX (raining) and Portland. As I said before, I’d rather work a little each day than leave things hanging for a week but it does make it hard to really get away.
It was great that Lowball was able to suggest a thread on offers and that it led to some good comments. Tiffany’s comment about 2% commissions on the listing side is an interesting idea in that I think you have to be careful defining what you get for 2% or any commission. We’re listing two properties in the next week or so that were previously listed with other agents and did not sell. We also just lost another new listing that we competed for that I am sure will be listed for considerably more than we suggested. Maybe we’ll get the call when they don’t sell.
[](/files/2008/04/03/ne_13_old-l.jpg)
Last Thursday our remodel project closed and the buyers moved in on Friday. Overall, we’re very happy with the experience and the result. It also served as a bit of an internal conflict as Realtors; it sold with nothing more than a sign in the yard. We never had an opportunity to market it in RMLS or anything that we would have done with any of our clients but at the same time, we avoided the costs of holding it after completion. Could we have gotten more being fully marketed in RMLS? Maybe but I don’t feel we gave it away or left money on the table. We still went through and offer and counter offer situation. [](/files/2008/04/03/dsc_6683-l.jpg)The buyers were represented by another agent and they found it while looking at a listed property two doors down the street. My feeling is that at what is basically zero days on market is that a properly priced house will sell in any market. The house served my predilection for putting old houses back together. We pretty much built a 2008 house in 1926 bones. The top picuture is what it looked like when we started and the bottom is nearing completion. Not sure what our next project will be.
**Categories:** Real Estate News & Tips
---
### [The Price is Right](https://lovejoyrealestate.com/the-price-is-right/)
**Published:** March 29, 2008
**Author:** Charles Turner
**Content:**
House is listed for X. What should I offer? Continuing the train of thought from some of the comments on another post, let’s talk more about pricing. I’d maintain that listing price has very little if anything to do with market price. As I said before, we suggested a listing price of $675,000 for a house that was then listed for $775,000 with another agent (about a 13% difference). Back in “the day” (2005), pricing was almost as easy as looking at the comparable properties and adding a little. Odds are there was a buyer. Now were spending much more time looking at and visiting comparable properties. Pricing is more important than ever.
Certain things remain true in any market:
1\) An accurately priced house for the given market will sell.
2\) An over priced house when listed will sell for less than it would have had it been appropriately priced on day one.
3\) The first offer is often the best. This isn’t always the case but negotiating the first offer may be smart. Tends to matter more the closer you are to the listing date. A few months ago, we wrote an offer that was rejected by virtue of no response. It was too low for the seller to reject on paper. I talked to the agent and said, “I’m shocked that they won’t even counter.” He was surprised at my position. A couple of months went by and all of a sudden the house is on the market for $100 more than our original not-worth-responding-to offer. The closing price was less than my buyer would have paid on day one and the seller held a vacant house for two extra months.
4\) The listing price sets the seller’s expectations. A seller that receives a “market price offer” on an overpriced listing is likely to think it is too low.
5\) The listing price might come down without actually coming down. Say what? If the seller pays for work on the property the listing price is less likely to come down but the market value should have increased, closing the gap between the two.
When it comes to writing an offer, you have to consider all of the above and look at what the market is today. In order to have a discussion like this, I think we have to assume the buyer is ready, willing and able to enter the market today and remove the “market may drop, stay flat or increase conversation.” Everybody wants to buy low and sell high but markets don’t stop.
The comparative market analysis works just for the buyer just as it does the seller. Look at the comparable properties; sold and active. Does your offer make sense based on everything you can identify about the property and the seller? I know I place less value to listing history/sales of the subject property than others as I consider today’s market value to be more important. The balance is to get your lowest offer accepted without prompting a counter from the seller as in most cases, going back and forth with counters will raise the accepted price (we have recently had buyer’s counter a seller’s counter back to the starting price and get it accepted. Part of your agent’s job is to provide support as to why the offer is good as it is written (or why it is bad if it is and representing the seller). Sure, every once in a while a blind squirrel finds a nut. A rationally unreasonable (thought that was softer than lowball) offer may stick. No one ever said that emotion (or desperation) doesn’t play a role in real estate.
This is getting a little long so let the comments begin.
**Categories:** Real Estate News & Tips
**Tags:** price, right
---
### [Mexico](https://lovejoyrealestate.com/mexico/)
**Published:** March 28, 2008
**Author:** Charles Turner
**Content:**
From one extreme to the other: snow in Portland and 90 degrees plus down here in Ixtapa where we’ll be for a few more days. There is a large partial construction site right across from us. What I hear, from those that know, is that Mexico is full of partial construction projects. They open with great fanfare, take deposits and when the money runs out, so does the work. Then they have been known to reopen as new project and resume building with a different set of investors. As Mexico has become an easy-to-reach destination from so much of the US, you have to assume that some Americans must have lost their deposits though this method of fund, build, fund, repeat. One would also expect as equity positions decline in US markets, the vacation home in Mexico will become less attractive and possible for many that were looking south to thaw out.
Looks like a good thread going on the previous “Buy Here Now” post. Thanks for the participation. Sorry we’re going to miss the blogger get together tonight.
**Categories:** Real Estate News & Tips
**Tags:** Mexico Real Estate
---
### [Portland Monthly: "Buy Here Now"](https://lovejoyrealestate.com/portland-monthly-buy-here-now/)
**Published:** March 24, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/03/23/pdxmonthly_2-l.jpg)April’s Portland Monthly just hit the news stands and mailboxes. Portland Monthly has a history of collecting some of the best data regarding Portland; other annual issues include, schools, doctors, attorneys and this month, real estate. Typically the rankings are available online but the stories aren’t. The website hasn’t been updated yet from the 2007 list or the March issue “on sale now” home page so you’ll have to hit the streets to buy your own copy.
Their top five ‘hoods:
1\) Sylvan Highlands- Biggest one year growth
2\) Northwest District- Most homes for sale over $500,000
3\) Sauvie Island- Best five-year price growth
4\) Powellhurst-Gilbert- Most homes for sale under $300,000
6\) (tie) Hollywood/Healy Heights- Fewest days on market
The cover caption, “Buy Here Now” is a clear item of contention in the blogsphere and without the articles readily available online it’s going to be hard to discuss or present. If people have copies and want to discuss something out of the magazine, this would be a good place to do it.
**Categories:** Real Estate News & Tips
---
### [Willamette Week Story on Portland Affordability](https://lovejoyrealestate.com/willamette-week-story-on-portland-affordability/)
**Published:** March 21, 2008
**Author:** Charles Turner
**Content:**
I got a call on Wednesday from a Willamette Week reporter who is/was writing a piece on Portland housing affordability and what it would look like in ten years. After about 20 minutes of conversation as we were winding down he threw in that the piece would only be about 100 words. We emailed back and forth on Wednesday and my last message has gone 41 hours without a reply. Normally I wouldn’t scoop a news story but the topic and subsequent lack of reply changes that. On Wednesday night I wrote to the reporter:
What you said towards the end of our conversation set off alarms in my head: words to the effect of, “I’m writing a 100 word piece on Portland affordability.” You can’t ask the question of what someone they think affordability will be like in 10 years and do the topic justification in 100 words. I am afraid that any quote you use from our conversation could easily be taken out of context. I based our conversation on the fact that you were working on more than sidebar piece. I urge you to urge you editors that this is not a topic to be entered into lightly.
The preceding paragraph is 106 words.
I have no idea what or if they plan to write in Wednesday’s edition regarding the topic but here is today’s challenge: write a balanced essay on what you think Portland’s current and future affordability in 100 words or less. My attempt:
*Charles Turner, Prudential Northwest Properties’ Realtor and [www.PortlandRealEstateBlog.com](http://www.PortlandRealEstateBlog.com) author doesn’t preach buy or sell now but to base your decision on your individual situation acknowledging that many believe the Portland housing market may drop 20 plus percent within the next couple of years. Turner does not agree with the assessment of a market freefall but the possibility is there and should not be ignored. “Affordability” is individual unless looking at the strict mathematical definition. The crystal ball question to future affordability cannot be answered because real estate is an emotional as well as an analytical process subject to unquantifiable factors.* \[Exactly 100 words. Try it. It isn’t easy.\]
**Categories:** Real Estate News & Tips
---
### [What You Said About Portland Livability](https://lovejoyrealestate.com/what-you-said-about-portland-livability/)
**Published:** March 21, 2008
**Author:** Charles Turner
**Content:**
The City of Portland’s Auditors Office ran a survey. The 2007 results are all online and the site works really well.
[The home page is here](http://www.portlandonline.com/auditor/auditservices/residentsurvey2007/).
I think one of the most interesting questions is how residents of a neighborhood view [livability in Portland](http://www.portlandonline.com/auditor/auditservices/residentsurvey2007/index.cfm?action=QuestionDetail&QuestionID=42) as a whole. Irvington residents have the best view of Portland as a whole.
Play with the site. It is interesting what we think about ourselves.
**Categories:** Real Estate News & Tips
**Tags:** Portland livability
---
### [Craigslist Listed Property Rental Scam in Portland](https://lovejoyrealestate.com/craigslist-listed-property-rental-scam-in-portland/)
**Published:** March 20, 2008
**Author:** Charles Turner
**Content:**
This is posted on RMLSWEB, the agent side of RMLS.com. I know an agent that was holding an open house as people came by to check out the “rental.”
> It has come to our attention that some homes that are posted for sale on Craigslist are being fraudulently re-posted as low-rate rental listings on Craigslist. The photos, address and other details were all included in the scam rental post with an e-mail address directing people to what appears be an out-of-country party. The scam may be aimed at getting prospective renters to wire or send first and last months rent. In the case reported, an agent conducting an open house was unexpectedly inundated with people who wanted to rent a two-bedroom house in Irvington for $600/month.Portland Real Estate Blog
**Categories:** Real Estate News & Tips
**Tags:** Craigslist scam
---
### [Fed Rate Cuts Will Lead to Lower Mortgage Rates](https://lovejoyrealestate.com/fed-rate-cuts-will-lead-to-lower-mortgage-rates/)
**Published:** March 19, 2008
**Author:** Charles Turner
**Content:**
It might but this reports my CNBC’s contributing editor Barry Habib says differently: Fed Rate Cuts Do Not Equal Lower
Mortgage Rates.
Stocks and bonds compete for money and when stocks like Fed rate drops money goes into the market like it did yesterday. Therefore bonds don’t do as well and mortgage rates don’t drop.Portland Real Estate Blog
**Categories:** Real Estate News & Tips
---
### [Market Data Conflicts](https://lovejoyrealestate.com/market-data-conflicts/)
**Published:** March 18, 2008
**Author:** Charles Turner
**Content:**
Yesterday, commenter Squeezed supplied us with a [link to this chart on housingwatch](http://housingwatch.com/regionview.aspx?city=Portland&pct=50&g=m):
[](/files/2008/03/18/housingwatch-l.jpg)
It shows a median price drop from $369,000 to $332,900 or a 10% drop this year. Heading out to the homepage of the site, I found the following disclaimer/methodology:
> These are **asking prices** and not final sale prices of homes in various cities and their surrounding regions. Final sales prices can be higher or lower than asking prices depending on factors such as market conditions, or the needs of the buyers and sellers involved in the real estate transaction. Data is taken from MLS data sources. We are not responsible for any errors and/or erroneous data.
They are looking at listing prices, not sales prices. RMLS looks at sold prices. Two sources of “prices” with different results. RMLS data reports:
Average Sales Price for February, 2007 – $326,700
Average Sales Price for February, 2008 – $342,600
Median Sales Price for February, 2007 – $279,000
Median Sales Price for February, 2008 – $280,000
Average Sales Price Year to date for 2007 – $323,800
Average Sales Price Year to date for 2008 – $342,800
Adding another data source for the same market:[Case Shiller](http://www2.standardandpoors.com/spf/pdf/index/CS_HomePrice_History_022603.xls) index data for Portland (current reporting period is only through December):
March 2007 181.72
April 2007 183.55
May 2007 185.21
June 2007 185.76
July 2007 186.51
August 2007 186.00
September 2007 185.67
October 2007 185.10
November 2007 183.65
December 2007 182.47
How do we put it all together? It doesnt all make sense. Housingwatches’ median listing price was below RMLS’s median sales price in Feb 2007??? A year later the median listing price dropped 10% and there was a slight increase in median sales price? Any thoughts?
**Categories:** Case Shiller Index
**Tags:** buyers and sellers
---
### [Sad Day in Portland Real Estate Blogging](https://lovejoyrealestate.com/sad-day-in-portland-real-estate-blogging/)
**Published:** March 14, 2008
**Author:** Charles Turner
**Content:**
Apparently people know me better than I know me. There’s another Portland real estate related blog that makes that clear and is so derogatory and uninformed/hateful that it can’t be left without comment. For those of you that think you know me but have never met me I’ll make the same offer here that I made over there:
> I’m happy to have coffee/beer with any of you so you can get to know me (including the site owner who is anonymous). I’ll pay for the first round so if you want to leave it won’t have cost you anything more than your time. If you think I am blowing sunshine up your skirt about real estate at the end of it that is your right but until then you have no right to belittle me and my family here though I know some of you will.
If you don’t believe that real estate is personal and believe that your Realtor is out for nothing but the dollar you will/might get screwed. You are entrusting someone with a life altering transaction. The real estate industry brought much of the ill will on itself but don’t take it out on me unless you know me. INTERVIEW YOUR REALTOR AND ASK FOR REFERRALS! Ask tough questions of the person before putting life changing decisions in their hands whether it be doctors, lawyers or Realtors. If your Realtor relationship begins with a call from a sign in a yard and then an offer on that property, you have an issue. We won’t represent a buyer for a listing we have even though it is legal to do so (and lucrative). We refer it to someone else. Dual agency on resale homes should not be legal but it is. How many Realtors will tell you that? Barriers to entry and license maintenance in real estate too low; yes. 100+ past clients didn’t attend our holiday party to throw a drink in my face. Have I loved and been loved by every past client? No, unfortunately. Have I done my best to prevent that? I feel like I have but my perception may not have been their reality.
If you don’t want to work with me the feeling is probably mutual but if you have something to say at least say it here with some modicum of respect.
**Categories:** Real Estate News & Tips
---
### [RMLS MARKET ACTION FEB!!!](https://lovejoyrealestate.com/rmls-market-action-feb/)
**Published:** March 13, 2008
**Author:** Charles Turner
**Content:**
Not what I expected. 2.4 months of inventroy whacked off last month’s staggering numbers that was a massive increase over the previous month.
The report states:
> Compared with January 2008, closed sales were up 27.6% (1,384 v. 1,085) and pending sales rose 9.9% (1,837 v. 1,671). On the other hand, compared with February 2007, the number of new listings grew 4%, while closed sales declined 27.1% and pending sales fell 35.2% (see table below).
[](/files/2008/03/13/rmlsfeb-l.jpg)
**Categories:** Real Estate News & Tips
---
### [Your First Home?](https://lovejoyrealestate.com/your-first-home/)
**Published:** March 13, 2008
**Author:** Charles Turner
**Content:**
Following Tuesday’s post on Starter Homes I thought we’d try to get some more reader involvement on their first home purchase. I think we’ll find every answer is very different. TiP made a very good point at the end of the comments in that post that we all come from different places. I didn’t experience high teen interest rates or a major recession. Please comment on your experience and refrain from editorializing other’s. I’ll start:
In 1994 I bought my first home with 100% of the inheritance from my grand mother and a match from my father which equalled a 20% down payment on a house on Boones Ferry Rd. My dad cosigned the loan. We sold it a few years ago in the $300s having paid $147k. It was a four bedroom home and my three roommates paid the mortgage. I was a college sophomore at the time and the purchase eliminated my housing cost for the next three years until I moved to the Bay Area for work. I’d take my grand mother any day over the $15,000 inheritance but I could have opted to do any number of things with the money.
**Categories:** Real Estate News & Tips
**Tags:** Starter Homes
---
### [Real Estate Reality](https://lovejoyrealestate.com/real-estate-reality/)
**Published:** March 12, 2008
**Author:** Charles Turner
**Content:**
[Active Rain](http://www.activerain.com) is a real estate website with a member’s only portion. There is a conversation over there about NAR not posting a Realtor’s comment in disagreement with NAR which in a nutshell boils down to a classic quote: “(NAR) pumping sunshine up the skirts of the consumer will lead to distrust, so when there are clear signs the market is turning, no one will believe it.”
Unfortunately there are too many agents pumping sunshine up the skirts of their clients right now. We visited a listing today that is owned by a relocation company. Black and white flier outside with totally inaccurate information. Once the occupant (owners become occupants when they transfer interest to the relo company) moved out they took the spa, entertainment system and other items that were still listed on the flier. That was months ago. The relo company called us saying they had an expired listing. True, they also have an active listing and a withdrawn one. The agent would be toast in front of any governing body.
If a listing agent shows up at your home and can give a suggested listing price on their first visit, they are full of it or at best doing you a disservice. We’re previewing homes and spending more time than ever discussing/arguing about pricing (neither one of us consistently higher or lower). We interviewed for a listing where we recommended a price of $675,000 and that it would sell for $650k-ish. It is listed for $749k. We’ll see when and how much it sells for. We pay to list homes; of any Realtor’s hobbies, collecting listings should not be one of them, selling listings should be. Overstating price doesn’t do either the Realtor or client any good in the short term but may generate a sale eventually for the Realtor at a lower price than it would have sold for on day one if it had been priced appropriately.
If it sounds too good to be true it may well be. There is a caveat here; sometimes we’re just plain wrong. The market ultimately determines price.
**Categories:** Real Estate News & Tips
---
### [Fannie Mae Home Valuation Protection Code](https://lovejoyrealestate.com/fannie-mae-home-valuation-protection-code/)
**Published:** March 10, 2008
**Author:** Charles Turner
**Content:**
Fannie Mae is working with regulators to set standards for home appraisals. The [Fannie Mae Home Valuation Protection Code](http://www.fanniemae.com/media/pdf/030308_agreement.pdf). From the [press release](http://www.fanniemae.com/newsreleases/2008/4291.jhtml?p=Media&s=News+Releases):
> First, to help ensure appraisal independence and valuation protection, Fannie Mae will adopt a Home Valuation Protection Code. The Code establishes requirements governing appraisal selection, solicitation, compensation, conflicts of interest and corporate independence, among other requirements. Fannie Mae will adopt the Code immediately, and make appropriate changes to its Sellers Guide to reflect the Code. Beginning January 1, 2009, Fannie Mae will require that lenders represent and warrant that appraisals prepared in connection with mortgage loans originated on or after that date that are delivered to Fannie Mae conform to the Code.
>
> Second, Fannie Mae will provide $12 million over five years to help establish an Independent Valuation Protection Institute. The Institute will monitor and study the area of home valuations. The Institute will establish a hotline for consumers to contact if they believe the appraisal process has been tainted or if they believe they have been harmed by appraisal fraud. Appraisers also will be able to contact the Institute if they believe their independence has been threatened in any way.
**Categories:** Real Estate News & Tips
**Tags:** home valuation, protection code, fannie mae
---
### [Second Buena Vista Second Auction](https://lovejoyrealestate.com/second-buena-vista-second-auction/)
**Published:** March 9, 2008
**Author:** Charles Turner
**Content:**
Since the Oregonian links links have a habit of dying and the article is short, in it entirety here:
> **Second Buena Vista house auction a more moderate success**
> Posted by Anne Saker, The Oregonian March 08, 2008 15:48PM
> The first auction of his empire went so well that Roger Pollock put on another one today, selling 47 of his Buena Vista Custom homes and lots in the suburbs for more than $10 million.
>
> To the sounds of Stevie Wonder and James Brown, about 450 bidders and onlookers packed the hall at the Ambridge Event Center, near the Rose Garden. As potential buyers arrived ahead of the 10 a.m. event, Pollock smoked a cigarette outside.
>
> “This is a matter of taking your lumps,” he said. “Then, when things get better, I’ll be the only builder in town without huge bank notes.”
>
> Pollock’s Lake Oswego company overbuilt during the real-estate boom across the region’s suburbs. Overextended when the current downturn arrived, Pollock took the unusual course of bringing in a real-estate auction house to clear his inventory.
>
> In December, a two-day auction sold 141 houses for about $65 million, and Pollock said sales on about 120 of those houses have closed.
>
> Saturday, the auction was smaller with fewer houses on the block and fewer bidders. The auction sold 36 of 42 houses and 11 of 18 unbuilt lots, mainly in Happy Valley but also in Sandy, Scappoose, Hillsboro and Beaverton.
>
> — Anne Saker; annesaker@news.oregonian.com
I was talking to our Australian neighbor a little while back and he said that their home selling system is totally different. The house is advertised, held open and sold right then and there by auction. You might not get what you wanted out of the sale but then on the other-hand, days on market isn’t an issue.
**Categories:** Real Estate News & Tips
**Tags:** Auction, buena vista, second, second auction
---
### [Debt Exceeds Equity](https://lovejoyrealestate.com/debt-exceeds-equity/)
**Published:** March 6, 2008
**Author:** Charles Turner
**Content:**
Foreclosures are up and for the first time ever, the country’s property mortgage debt exceeds equity. December 2006’s rate of people behind on payments: 6.1%. Now up to 7.9 percent in December 2007…Portland Real Estate Blog
**Categories:** Real Estate News & Tips
**Tags:** debt, exceeds, equity
---
### [Oregon Real Estate Commissions](https://lovejoyrealestate.com/oregon-real-estate-commissions/)
**Published:** March 5, 2008
**Author:** Charles Turner
**Content:**
A couple of years ago, I looked down at the caller ID on my phone and saw a California area code. “This is Charles.” “I am moving to Oregon and looking for an agent. I will expect a 2% rebate of your commission.” “Commission rebates are legal in California but not in Oregon. I can’t do that.” “I’ll find a Realtor that will.” Click (he hung up on me). Unfortunately, he probably did find an unethical Oregon Realtor willing to do it.
> **[Oregon Statute 696.290](http://landru.leg.state.or.us/ors/696.html)** (in part): Sharing compensation with or paying finder’s fee to unlicensed person prohibited; exceptions. (1) A real estate licensee shall not offer, promise, allow, give, pay or rebate, directly or indirectly, any part or share of the licensee’s compensation arising or accruing from any real estate transaction or pay a finder’s fee to any person who is not a real estate licensee licensed under ORS 696.022.
Thirteen states use some variation of this law. [The Department of Justice sued Kentucky](http://realtytimes.com/rtpages/20050404_dojsueskentucky.htm) and I don’t know where it stands in the judicial system.
I don’t know if the model is flawed or not. I think it can be argued either way. It is clear that it isn’t perfect and I think the model will change to where the listing agent is paid by the seller and the buyer’s agent is paid by the buyer. Everyone can negotiate their rates and everyone will be under contract and you’ll see less dual agency. It doesn’t make sense that somebody I don’t know, have never talked to and may never meet can determine what my services are worth. Without a buyer/broker (buyer service) agreement that is exactly how the current model works. The current model though has such an aversion to buyer broker agreements that it prevents a new model from gaining traction.
**Categories:** Real Estate News & Tips
**Tags:** Real Estate Commissions
---
### [Market Tracker](https://lovejoyrealestate.com/market-tracker/)
**Published:** March 4, 2008
**Author:** Charles Turner
**Content:**
[Market Tracker](http://www.portlandrealestateblog.com/market_tracker__february_2008_97210.htm) is just what the name implies. It is a Prudential Northwest Properties tool that automaticly emails you a monthly report based on up to ten zip codes. The one linked above is for 97210 for February. The cousin to Market Tracker is Property Investment Profile (PIP) which is address specific where Market Tracker is zip code based.
The first Market Tracker after sign up normally goes out within a few minutes of being created, a new Market Tracker report will be received by the client for each zip code on the first Sunday of succeeding months. You can sign up for either by [emailing me](mailto:charles@turnerrealtors.com?subject=Market%20Tracker), sending me a message from of Meebo, or from [TurnerRealtors.com](http://www.TurnerRealtors.com). I need a name, up to 10 zip codes and an email address. We do not share your information.
The report contains:
i. New Listings – Actual # for last month, same month last year, Current Year to Date (YTD), and same period Previous Year’s YTD.
ii. % Change – Were there more new listings last month than the same month last year? If so, the percent change will be positive; if not, it will either be zero or negative. Are there more new listings for the current YTD than last year’s same period YTD? That will display either a positive or negative figure, reflecting the percentage increase or decrease in the number of listings. Note: This column has nothing to do with price.
iii.Closed Sales – Home many closed sales were there last month compared to the same month a year ago? How many closed sales have there been for the current YTD and how many for the previous “same period” YTD?
iv. % Change – If there were more closed sales last month versus the same month last year, there will be a positive number, representing the increase of sales over last year for that month. The same logic applies to the Year To Date lines. Note: This column has nothing to do with price.
v.Avg. Price – This column reflects the average price for homes last month, the same month last year, the current YTD and last year’s same YTD.
vi. Median Price – What was the middle closed sales price of all homes sold last month. That is the figure displayed. What was the middle closed sales price of all homes sold the same month last year? What is the middle closed sale price of all homes closed this current YTD, and what was the middle closed sale price of all homes sold during last year, same period YTD?
vii. Days on Market – This number is the average DOM only under the current RMLS number
There are four graphs:
**Average Sales Price** – This graph provides a one line trend of the average closed sales price for that zip code the past 36 months. Since it is tracking all residential units (not just single family detached houses) many factors can impact on that line. A rising line could mean more expensive homes were sold than modestly priced homes or it could mean the prices of most homes are increasing. It does tell you the average sale price is increasing, is stable, or decreasing.
**Rate Of Appreciation** – Notice the numbers on the left edge of the graph – those divide the data for that zip code into “Home Price Groups,” such as $200k – 299k, or $500k – 749k. The bottom figures show percentage of change. The two color graphs allow the viewer to then see how residential properties within certain price groups have perform the past 12 months (1 Year) and the past 36 months (3 Years).
**Average Sales Price per SF** – The numbers on the left side of the chart divide the data for that zip code into “Home Price Groups.” The dollar values along the bottom of the graph displays the $/SF of sold properties. The color coded lines have been labeled “Now” and “Last Year,” but it is somewhat misleading and will be changed very quickly. “Now” actually means the “Previous 12 Months” and “Last Year” really means the “Previous 12 – 24 months.” The data in this chart helps the homeowner better understand the market value of homes within that zip code.
**Sales Units** – This may be my favorite graph. The numbers along the left edge of the graph still divide the data into “Home Price Groups.” The same color coded lines refer to the same “Previous 12 Months” and “Previous 12 – 24 Months.” The numbers along the bottom of the graph represent the number of actual closed sales there were. As an example, I would find it interesting to know that within the zip code, in the past 12 months, 5 homes sold for over 1.5 million dollars, while 650 sold for between $200k and 299k. Also, comparing the past year with the previous year to that is revealing.
**Categories:** Real Estate News & Tips
**Tags:** Market Tracker
---
### [Who is the Market?](https://lovejoyrealestate.com/who-is-the-market/)
**Published:** March 3, 2008
**Author:** Charles Turner
**Content:**
Who is the market? We all come from different situations and there is no way to know every combination but does this describe you? Every real estate transaction requires a willing and able buyer and seller. You might be in more than one category and more than one sub-category. I doubt that this is a complete list and I am sure that some topics could fall under more than one heading. Nor are the all necessarily analytical decisions; real estate is emotional.
**Current Owners**
- Own only their primary residence
- Own their primary residence and at least one other property
**Current Renters**
**Reasons for selling or buying:**
1. Change in family status (marriage, divorce, death, birth, empty nest)
2. Change in employment (loss of job, transfer, retirement, etc)
3. Financial considerations (ARM loan resets, change in income)
4. Move closer to (or away from) family
5. Belief that the market will remain flat or rise (buyer)
6. Belief that the market will fall (seller)
7. Tax considerations (talk to your accountant)
8. Investment potential
9. Selling and buying in the same market may be beneficial
10. Selling, renting and then buying may be beneficial if you think the market will drop
11. Don’t want to be a homeowner (seller)
12. Loss of property to third party (to bank)
13. Third party (bank, relocation company) selling property
**Reasons for watching the market:**
1. Belief that the market will remain flat or drop
2. Mortgage considerations (ability to finance, lack of down payment, etc.)
3. Priced out of where you want to live
4. Can rent for lower outlay than owning (might cost $1500 to own what you can rent for $1000)
5. Can rent “more house” for the same outlay as owning (for $1500 you can rent more than you can own for $1500)
6. Don’t want to be a homeowner
7. View real estate as a long term investment so as current owner, view current downward market pressure as a bump in the road
8. Don’t have the equity to sell and cover transaction cost to move into different situation (rental or less expensive home)
9. Emotionally attached to current home and will do anything possible to stay in it
10. “What market?”
**Categories:** Real Estate News & Tips
**Tags:** Real Estate Market
---
### [Pearl District: The Casey Broker's Open](https://lovejoyrealestate.com/pearl-district-the-casey-brokers-open/)
**Published:** February 29, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/02/29/the_casey-l.jpg)We went down to The Casey last night for their broker’s open. Stepping out of the elevator into the 13th floor unit reveals some terrific views and a balcony that provides a sense of vertigo through its clear railings. The universal comment as people walked in was, “I didn’t expect the views.”
Moving up to the $3.3M lower level penthouse on the 15th floor (there are 16th floor penthouses as well) we get a glimpse of what that sort of money can buy: huge decks, large open living spaces and high end finishes and appliances. I don’t think it is how I would spend $3.3M but it is not a problem I have to worry about it.
Bearlee brings up the Skyscaper Forum. I previously posted about the Wyatt from their pages. This is the thread on [The Casey](http://forum.skyscraperpage.com/showthread.php?t=125965). There is a lot of good stuff on the site for everything Portland condo tower.
The Casey is cutting edge by its green-ness. The roof has photovoltaic panel, a 3800 SQFT roof garden and recycled and locally sourced material (this all according to the flier that was handed out at the event). They have applied for Platinum LEED certification. Available units run from a $539,00 1033SQFT unit to the $3.3M penthouse.
**Categories:** Real Estate News & Tips
---
### [Migration to Portland: Good For Housing Market](https://lovejoyrealestate.com/migration-to-portland-good-for-housing-market/)
**Published:** February 28, 2008
**Author:** Charles Turner
**Content:**
Portland State University’s Population Research Center puts out an annual report on population. Looking at Multnomah County, we added 8,480 people between 2006 and 2007 and 49,549 since 2000. That’s a steady 1% increase per year. Obviously not everyone one of them is a home buyer but the vast majority do need somewhere to live. There’s no way to predict how many of them are potential buyers so I’m not going to bother with even some conservative math by guessing how many people per family, job status, ability to qualify for a loan, etc. If the stats showed a decline in population this would be an entirely different post. One more thing before I hit “post.” My working definition of “good for the housing market”- a positive indicator for a stable market without sharp spikes in either direction. It’ a piece of the puzzle, not the complete picture.Portland Real Estate Blog
**Categories:** Real Estate News & Tips
**Tags:** migration to portland, population report
---
### [Zillow Grows Up](https://lovejoyrealestate.com/zillow-grows-up/)
**Published:** February 28, 2008
**Author:** Charles Turner
**Content:**
I’ve been critical of Zillow in the past but as snapshot of Portland this is pretty (if it is accurate is a different question). Click on the image to enlarge.
[](/files/2008/02/28/zillowpdx-l.jpg)
I don’t know what to make of the “[who we are](http://www.zillow.com/real-estate/OR-Portland-neighbors)” section. Especially since the very next line states that a large portion of the population works for nonprofits.
> **Power Singles** – High-income urban singles. Highly educated professionals, many with advanced degrees. They draw a handsome salary and have reasonable living expenses while living a hip, upscale life in an urban center.
> **Corporate Climbers** – High-income, high-expense urban singles. Urban singles with an up-and-coming income, but with higher-than-average living costs. Most have college educations and are employed in mid-management professions.
> **Stable Nuclears** – Higher-income urban family. Middle-age couples with children, pulling in combined household incomes nearing six figures. Most own their own homes. Some have a college education and work in a variety of occupations, including management-level positions.
**Categories:** Real Estate News & Tips
---
### [Million Clicks For Make-A-Wish](https://lovejoyrealestate.com/million-clicks-for-make-a-wish/)
**Published:** February 28, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/02/28/maw_million_clicks-l.jpg)Thanks to everyone that participated. It took only 10 days to reach 1 million clicks and for Make-A-Wish to receive $5000 donations from us and Kaiser.Portland Real Estate Blog
**Categories:** Because I Can
---
### [Good Real Estate News For Portland?](https://lovejoyrealestate.com/good-real-estate-news-for-portland/)
**Published:** February 26, 2008
**Author:** Charles Turner
**Content:**
I’m just running out to show property but before I go, in it’s entirety, is a article on the latest Case/Shiller report. The same three cities kept their heads above zero but we have to keep the latest RMLS figures as a gut check to what is on the surface good news for Portland.
[— John Flowers, Dow Jones Newswires ](http://www.smartmoney.com/bn/smw/index.cfm?story=20080226092551)
> NEW YORK (Dow Jones) — A closely watched gauge of U.S. home prices showed broad-based declines in the prices of existing single family homes, marking 2007 as a full year of declining home prices.
>
> Home prices in 10 major metropolitan areas in the fourth quarter were down 8.9% from a year earlier, according to the S&P/Case-Shiller home-price indexes, released Tuesday by credit-rating firm Standard & Poor’s. That was largest decline in the measure’s 20-year history.
>
> “Wherever you look things look bleak, with 17 of the 20 metro areas reporting annual declines and the remaining three reporting flat or moderate growth rates,” said Robert J. Shiller, professor at Yale University and chief economist at MacroMarkets LLC. Shiller added 14 of the metro areas also are reporting record declines, with eight being in double digits.
>
> Miami remains the hardest hit of the major cities, posting an 18% annual decline. Las Vegas, Phoenix and San Diego all experienced price drops of 15%.
>
> Charlotte; Portland, Ore.; and Seattle are the only three metro areas measured by the index still not seeing year-over-year price declines.
>
> The 10-City composite also set a new record, falling 9.8% in 2007; the 20-city index fell 9.1%.
**Categories:** Real Estate News & Tips
**Tags:** News, Real Estate
---
### [What Did It Sell For?](https://lovejoyrealestate.com/what-did-it-sell-for/)
**Published:** February 26, 2008
**Author:** Charles Turner
**Content:**
Buyer A and Buyer B buy House A and House B. We’re assuming the houses are the same in every aspect, and the “value” is $300,000 and that House C is the same too. Each house needs a $10,000 roof. All the seller cares about is the net in their pocket when the transaction closes. There are no transaction costs involved.
Buyer A offers $290,000 as is and the buyer replaces the roof the day after closing.
Buyer B offers $305,000 with the seller to put on a new roof and pay $5000 in closing costs.
The houses have the exact same “value” the day after closing but a recorded sales price difference of 5% even though the net to the seller was the same. A year later the “value” of the houses is $325,000. House A went up 11% in “value” and House B went up 6.2%.
Does volume average this out or do we put too much stock in using a gross sales price as a market indicator?
**Categories:** Real Estate News & Tips
**Tags:** Gross Sales Price, Market indicators
---
### [Our Real Estate Market is so '90s](https://lovejoyrealestate.com/our-real-estate-market-is-so-90s/)
**Published:** February 25, 2008
**Author:** Charles Turner
**Content:**
More bad data for real estate. Property sales are the lowest since 1999. The [Bussiness Journal](http://www.bizjournals.com/pacific/stories/2008/02/25/daily3.html) reports, in part:
> Existing home sales — including condominiums and town homes — dropped in all four regions of the nation, according to the 1.3 million-member association. In the West, existing home sales tumbled 28.5 percent from a year ago.
The article points to 10.3 months of inventory. RMLS reports 12.8 for Portland’s metro area. This appears to be one of the first bits of national data that Portland has landed on the bad side of.
**Categories:** Real Estate News & Tips
**Tags:** Real Estate Market
---
### [A Different View](https://lovejoyrealestate.com/a-different-view/)
**Published:** February 22, 2008
**Author:** Charles Turner
**Content:**
My son, Ryan, is the sharing type. He gave me the virus that he had at the beginning of the week. He fared better than I did- I spent four hours yesterday having fluids pumped back into me at the ER. Mostly better, if not a little groggy, today. So how does this all relate to housing? When you are lying on the bathroom floor after nearly passing out, you see things from a different perspective.
The repainted window frames? The lower lip is not painted.
Caulking on the moulding behind the toilet? None.
The install of said moulding? Crappy.
It underscores that real estate does not happen exclusively at adult height. Ryan sees that perspective everyday. I’ve never seen it before.
**Categories:** Real Estate News & Tips
**Tags:** Charles Turner, new perspective, Ryan Turner
---
### [Short Sales in Oregon](https://lovejoyrealestate.com/short-sales-in-oregon/)
**Published:** February 20, 2008
**Author:** Charles Turner
**Content:**
Our sales meeting topic yesterday was short sales. The meeting started something like this, “What is a short sale?” “It means that someone is taking it in the shorts.” Actually a very accurate response but there is more to it. RMLS and OREF, which produces the forms that are standardized for Oregon real estate, have acknowledge the increase of this type of sale in our market by modifying the rules and creating new forms.
For our purposes here, the RMLS rule change doesn’t really matter, it is just about how an agent handles the switch from Active to Pending while waiting for third party approval. OREF new Short Sales- A Brief Summary is great disclosure describing short sales. The is also a new addendum that goes along with short sale transactions.
From the Summary:
> *1. DEFINITION. The term “Short Sale” is used to refer to those real estate transactions in which the agreed-upon purchase price is insufficient to pay off all of the secured debt on the property (such as mortgages, trust deeds, state/federal income taxes, liens, property taxes or other local assessments) including the costs of closing, such as escrow and recording fees, title insurance premiums, real estate commissions, etc. If the seller is in bankruptcy, a trustee for the seller’s creditors will take control of the sale. In most Short Sales, the seller must secure an agreement from one or more third-party creditors to accept from the closing proceeds something less than the remaining amount of the debt due them. In other words, the debt is “shorted” or reduced. **The one thing common to all Short Sales is that the final decision on price and terms of the transaction, as well as the identity of the ultimate buyer, will be in the control of third parties, usually creditors, whose consent to the transaction is required in order for the seller to convey clear title to a buyer**.*
Emphasis added.
**Categories:** Real Estate News & Tips
**Tags:** Oregon, Short Sales
---
### [How Do We Measure Real Estate Markets?](https://lovejoyrealestate.com/how-do-we-measure-real-estate-markets/)
**Published:** February 19, 2008
**Author:** Charles Turner
**Content:**
I’ve been thinking about the way we measure real estate and then how we interpret the information. I use “we” as a general term as in “we the people.” If I buy a stock or a pound of rice, it is a uniform item that I can track what is worth at any given moment.
Real estate isn’t a commodity so doesn’t work like that. If 123 Main Street sells today, it becomes a part of the average and median price of today. We compare that average and median to previous years to determine appreciation. We don’t compare the price of 123 today compared to previous sale price. We can’t. There are so many variables that could have occurred since the previous sale (remodels or lack of, change of neighborhood, etc). IRS cost basis might be more accurate but far from perfect.
The average time between sales is seven years for real property. Even when we can look at the sale and resale of 456 Main Street, it doesn’t necessarily reflect what happened at 457 Main Street.
How do we overcome this and still have numbers that lead to an accurate reflection of the “market?”
**Categories:** Real Estate News & Tips
**Tags:** Real Estate Markets
---
### [Portland Home Auction](https://lovejoyrealestate.com/portland-home-auction/)
**Published:** February 18, 2008
**Author:** Charles Turner
**Content:**
[](/files/2008/02/18/auction-l.jpg)
Ad on the KGW this morning for [AuctionToday.com](http://www.AuctionToday.com). This is the second recent auction of Buena Vista homes. Included in the sale is the [Shadow Ridge subdevelopment](http://www.buenavistahomes.com/NHoodDisplay/Index.php?nid=9) in Happy Valley and Beaverton’s [Carson Crest](http://www.buenavistahomes.com/NHoodDisplay/Index.php?nid=33) (Phase II and III). There are 11 communities with at least one house for sale in the auction which is scheduled for March 8th.Portland Real Estate Blog
**Categories:** Real Estate News & Tips
---
### [January 2008 RMLS Market Action](https://lovejoyrealestate.com/january-2008-rmls-market-action/)
**Published:** February 15, 2008
**Author:** Charles Turner
**Content:**
RMLS reports that inventory skyrocketed in January: up to 12.8 months. That means that at the current rate of sales, the number of houses that are listed (13,904) would take 12.8 months to sell out (assuming no new listings were added). This is the highest level recorded, surpassing Jan. 2000’s 10.1 months.
Days on market are up considerably too yet average prices continue to climb, albeit slowly.
**Categories:** Real Estate News & Tips
---
### [TurnerRealtors and First Books](https://lovejoyrealestate.com/turnerrealtors-and-first-books/)
**Published:** February 15, 2008
**Author:** Charles Turner
**Content:**
There’s always this writer voice going on in the back of my head. Thing is I am not an author by trade, I’m a Realtor. I could spend days, months or years writing my own guide to Portland but it’s already been done and it’s been done better than my version could ever hoped to become. To that end, I am excited to announce our partnership with First Books® and their Newcomer’s Handbook® for Moving to and Living in Portland, Copyright 2007, 2008, First Books® by Bryan Geon. We’ve partnered to use of some of their neighborhood copy in hope that our websites provide better content than we could have created on our own.
Discovering First Books® was great timing for us. When I first came up with this idea, we were talking with another publisher on the east coast. Our talks were stalled when I first found the Newcomer’s Handbook®. Not only are the based in southwest Portland, they also have some great relocation material available for preparing your entire family to move.
This partnership is a key piece to what will be an ongoing feature on our website: neighborhood tours. We’re going starting in Northwest and will build out from there. We’re in the process of shooting a professional video that will highlight the flavor of Northwest Portland. I’ve already released the first two neighborhood photo tours of the King’s Height/Hillside neighborhood and the Pearl District. As the sun allows, I’ll continue to shoot more neighborhoods and build new tours. [Nob Hill and the Alphabet District](http://www.turnerrealtors.com/prudential_nw/modules/agent/agent.asp?p=text&id=2515&acc=27478) is our first complete tour with a photo tour, Newcomer’s text and a dedicated search module for the area.
**Categories:** Real Estate News & Tips
---
### [Project Lifeline for Mortgage Crisis](https://lovejoyrealestate.com/project-lifeline-for-mortgage-crisis/)
**Published:** February 12, 2008
**Author:** Charles Turner
**Content:**
The new Project Lifeline for the mortgage crisis has nothing to do with [Project Life Line](http://www.project-lifeline.org/) which is a medical nonprofit or “[Project Lifeline](http://www.projectlifeline.net/) provides young adults who have become involved in the juvenile justice system of Cook County, IL.” You would have thought the government and big banks could have checked Google before coming up with a name!
> Some people in danger of losing their homes may receive new help through a program announced yesterday. Dubbed “Project Lifeline,” the White House-backed plan calls for six major lenders to voluntarily contact homeowners who are 90 days or more behind on their mortgage payments, and possibly grant a 30-day “pause” in the foreclosure process so a solution can be worked out. The Newsday story continues [here](http://www.newsday.com/business/ny-bzbank0213,0,1885338.story).
It seems to me that it is a legitimate acknowledgment of a problem and crisis but I am not sure that is a good solution (I don’t know what is) to the problem. If it only postpones disaster is it worth pursuing?
**Categories:** Real Estate News & Tips
**Tags:** Project Lifeline
---
### [Nob Hill Photo Tour](https://lovejoyrealestate.com/nob-hill-photo-tour/)
**Published:** February 12, 2008
**Author:** Charles Turner
**Content:**
We got a chance to get outside yesterday and take some pictures of the Nob Hill/Alphabet District.
**Categories:** Real Estate News & Tips
**Tags:** Nob Hill/Alphabet District
---
## Pages
### [Home](https://lovejoyrealestate.com/)
**Published:** June 11, 2024
**Author:** Charles Turner
**Content:**
# Portland Metro & Willamette Valley Real Estate Lovejoy Real Estate
## House to Home
You’ve probably already spent hours online. You know the neighborhoods you’re drawn to, the compromises you’re willing to make, and the ones you’re not.
The hard part isn’t finding information anymore. It’s knowing what it means for *your* situation — your budget, your timeline, your neighborhood, this market, right now.
A Lovejoy agent brings something no search can: the judgment to read between the lines. What the listing isn’t telling you. Whether the price makes sense. When to move fast and when to wait. How to win without overpaying. How to leverage AI, not blindly follow it.
Since 2003, Lovejoy has helped 2,500+ Portland-area families buy and sell homes. Ranked among Oregon’s top 3 teams by RealTrends, with 250+ five-star Google reviews and 365+ on Zillow. Use our experience to your benefit.
[ Explore Neighborhoods ](https://lovejoyrealestate.com/portland-neighborhoods/)
[ Blog ](https://lovejoyrealestate.com/blog)
## Marketing Your Home
Putting a sign in the yard is easy. Getting your home positioned to sell for what it’s actually or could be worth takes a different conversation. One that starts with an honest assessment, not a pitch.
You shouldn’t have to choose between selling fast and selling well. With our [Market Ready](https://lovejoyrealestate.com/market-ready-transformations/) program, we can handle the repairs and refresh upfront — often with no out-of-pocket cost — so your home is ready to earn what it’s worth. Or if you’d rather skip all of it, we can talk about a cash offer.
Either way, you’ll understand every step before you take it. Our goal is to create a plan that fits your needs.
[ Property Transformations ](https://lovejoyrealestate.com/market-ready-transformations/)
[ Sell ](https://lovejoyrealestate.com/sell-your-home/)
## Client Success
```
Posted on Google Adam Davids 4 October 2026 Excellent communication and flexibility . Jenny was great to work with. I appreciate her directness, flexibility and quick communication. She kept us informed throughout the process of selling our property and it really was the easiest real estate transaction ever. Posted on Google Jake House 14 September 2026 The Superlative of a Perfect Experience. Daniel is an extremely strong communicator that sought first to understand our needs first and foremost. He's a real caring and thoughtful person that did everything in his power to take care of us, and we felt he accomplished this exceptionally well. It was so nice to have someone like him take care of us through every step of the process, especially as first-time home buyers.
We are quite tuned with the housing market and Daniel masterfully filled in the gaps for us. His negotiation skills and professionalism are exceptional and bar his deep empathy and kindness, are his greatest assets.
We've been raving about our experience with him to all of our friends and family and have already referred him to them for their home-buying adventure so sorry if this is a public review space, but you might have to wait until Daniel is available to hire him as your realtor. Posted on Google Rochelle Mort 12 September 2026 Above and Beyond, Every Single Time. This is the second time we’ve had the pleasure of working with Sami on a real estate transaction, and she continues to impress us every step of the way. When we ran into a few unexpected, tricky situations, she handled each one with complete professionalism and a clear 'get-it-done' attitude. Sami is an incredible listener and communicator who made us feel completely at ease, confident that every detail was under control. She works tirelessly for her clients...always bringing a calm, reassuring presence and a fantastic sense of humor. We highly recommend her. Posted on Google Amir Iliaifar 11 September 2026 Buying a home is one of the most rewarding things a person can do, but it’s also one of the most stressful. That’s doubly true when you’re moving across the country and buying a home more or less remotely, or “sight unseen.” In that situation, having a realtor who is communicative, friendly, proactive, and willing to go the extra mile (or two) to take as much stress off your shoulders as possible is absolutely essential.
That realtor is Patrick Bowman.
We actually met Patrick while visiting Portland. We had plans to move back to the area and were peeking into an open house he just happened to be showing. We weren’t ready to buy yet, but wanted to check out some homes in the neighborhoods we were considering. We got a good “vibe” from Patrick almost immediately. He has a warm, kind, and genuine demeanor that makes him incredibly easy to talk to.
About a month later, we seriously started looking for a home in the Beaverton area. We initially went with a realtor recommended by a family member, but unfortunately had a terrible experience. We quickly remembered Patrick and reached out using the card he had given us when we first met.
We explained our situation to him, and from that point forward, he was a complete and utter superstar. Everything our previous realtor had fallen short on, Patrick excelled at: communication, being proactive, asking the right questions, and often having answers to questions before we even thought to ask them. Considering we were navigating this process from across the country, that level of attention and responsiveness meant everything to us.
I know this is a gushing review, but it’s all true. Patrick was absolutely amazing. I didn’t know what to expect when we contacted him or started working with Lovejoy, but I certainly didn’t expect to come out of the process feeling like we had become friends with our realtor.
Patrick’s warmth and genuineness, combined with the simple fact that he is an incredibly skilled and knowledgeable broker, helped turn what could have been an unmanageably stressful process into an infinitely better experience. We couldn’t have asked for a better person to guide us through buying our home from across the country, and we would recommend Patrick without hesitation to anyone looking for a realtor in the Portland area.
TL:DR: Patrick was great, and we had a five-star experience with him and Lovejoy. Posted on Google Nolan Gordin 23 August 2026 10/10 amazing to work with! Andreea was an exceptional agent to work with. Her attention to detail and patience for our journey was so appreciated as we found our perfect home. I couldn’t recommend her enough! I really valued her perspective as we discussed different aspects of each home we toured, her knowledge of homes and the buying process was invaluable. She is a true professional! Thank you Andreea for your amazing work and expertise. Posted on Google Katie Schmidlin 15 August 2026 Shayda was a wonderful agent to work with. She is communicative, trustworthy, and will go that extra mile to make sure everything is perfect! I would recommend her to anyone looking for an agent! Posted on Google Joseph Smalkowski 23 July 2026 Jennie Turner went above and beyond our expectations to assist us before and after purchasing our home in Portland. Posted on Google Delaney McKay 1 July 2026 Sami made our home buying process a really positive experience! We first met her at a showing and felt really comfortable talking with her.
As first time buyers, we appreciated how she explained each step of the process, and shared examples she had seen with other clients to help ease our minds. She had a great perspective on the market trends and on different neighborhoods, and helped us find a house that is a perfect fit for us! She was very supportive and patient, and made sure it was truly a good fit for us.
Sami helped us feel calm and confident in a very busy and competitive market. With her guidance, we felt like the offers we made were very competitive, and her ability to build relationships and work with others contributed to us successfully buying a house! We recommend Sami for her down to earth approach and expertise!
Thank you, Sami!! Posted on Google Dru Cartier 21 June 2026 Hardworking, Devoted Realtor.
I’ve worked with several realtors over the years as both a buyer and a seller, and calling Melissa an outstanding realtor would be an understatement. Her devotion to her clients is truly commendable. She has helped me buy two homes and sell one, and her integrity and compassion shine through in everything she does. She guides you through every step of the process, is consistently proactive—especially with communication—and is an absolute joy to work with. She has honestly ruined me for working with any other realtor. Her team is equally impressive, working tirelessly to ensure clients get exactly what they need, on time and with ease. When Melissa is running the show, I can finally take a breath and enjoy the process, knowing she is on top of every detail. Posted on Google Nic 17 June 2026 Nicole and Jenny at LoveJoy were incredible Realtors to work with buying our first home! They were crucial key people to why we found the home we really wanted. Nicole worked so well with us as we naturally figured out what we wanted and did not want in a home, and she was the lead on homes and negotiating for us throughout the area we wanted to find a home.
We had a lot happen personally during this time that temporarily paused our home buying timeline, and they were so gracious and helpful and rooting for us until we resumed the process, and quickly found exactly where we were meant to be. Now we are HOME!
Nicole and Jenny were easy to work with and super professional and enjoyable to go through our home buying experience.
Would recommend them and LoveJoy to anyone moving to Oregon!
```
```
```
Most people today research their agent the same way they research everything else: thoroughly, independently, and before making contact. We think that’s exactly right. What you’ll find here are real clients, real transactions, and real outcomes.
> “Jenny Turner and the Lovejoy Team in Portland, Oregon, did an outstanding job assisting a close family friend with their real estate needs” — John, 2026″
## Real Estate at your fingertips
Search full RMLS and WVMLS listings, save your favorites, share listings with anyone, and access exclusive resources for homeowners — all from the Lovejoy app. Your data remains private and is never sold or shared with third parties. We’re a local, independently owned, Portland brokerage, not a publicly traded portal — your search activity stays between us.
 **Full MLS Search** — Browse every active listing in the Portland metro
 **Save & Share Favorites** — Bookmark homes and share with family instantly
 **Instant Alerts** — Get notified the moment a new listing hits your criteria
 **Homeowner Resources** — Trusted vendors, market updates, and more
[  ](https://apps.apple.com/us/app/lovejoy-real-estate/id6754545582)
[  ](https://play.google.com/store/apps/details?id=com.lovejoyrealestate.app)
## Ready when You Are
No pressure, no pitch. A lot of people reach out before they’re ready — before they’ve decided anything, before the home is prepared, before they’ve told anyone they’re thinking about selling or buying. That’s exactly the right time to talk. The earlier we have the conversation, the more options you have.
## Quick Facts
### What areas in Oregon and SW Washington do you serve?
**Portland Metro:** Beaverton, Hillsboro, Gresham, Lake Oswego, Tigard, Tualatin, Sherwood, Wilsonville, Oregon City, West Linn, Milwaukie, Happy Valley, Clackamas, Troutdale, Fairview, Wood Village, Cornelius, Forest Grove, Newberg, Dundee, McMinnville, Scappoose, St. Helens
**SW Washington:** Vancouver, Camas, Washougal, Battle Ground, Ridgefield
**Salem Area:** Keizer, Turner, Aumsville, Stayton, Silverton, Woodburn, Hubbard, Canby, Aurora, Donald, Brooks, Gervais, Mt. Angel, Sublimity, Jefferson, Monmouth, Independence, Dallas, Detroit, Mill City, Lyons, Scio
**Corvallis Area:** Albany, Lebanon, Philomath, Adair Village, Monroe, Harrisburg, Junction City, Tangent, Millersburg
**Eugene Area:**
Springfield, Junction City, Cottage Grove, Creswell, Coburg, Veneta, Elmira, Harrisburg, Halsey
### Are you independent or part of a national franchise?
Founded in 2017 when we left a franchise to build something better, Lovejoy Real Estate has been part of this industry since 1998. We are locally owned and independent — not a franchise, not a publicly traded portal. Our charitable dollars stay local to benefit the communities we live and work in.
### What's the difference between RMLS and WVMLS?
RMLS and WVMLS are the two Multiple Listing Services covering the areas we serve. They are the source for all listings and agent lockbox access. RMLS covers the Portland metro and most of Oregon. WVMLS radiates out of Salem, covering the Willamette Valley. Some areas overlap, so it’s important that your agent is a member of both — ensuring your listing reaches the maximum number of buyers, and that you can get into any home you want to see.
### Do you have agents who specialize in specific neighborhoods?
Our agents work across the markets we serve. Rather than locking buyers or sellers into a rigid geographic territory, we match you with the agent whose experience fits your transaction — the neighborhood, the price point, and the type of deal. That said, we’re not going to send a Portland agent to Eugene. We run a team model with coverage across the Willamette Valley.
---
### [The Lovejoy App](https://lovejoyrealestate.com/app/)
**Published:** May 21, 2026
**Author:** Charles Turner
**Content:**
The Lovejoy App
# Every listing in town. Right in your pocket.
Search every active home across RMLS and WVMLS, get alerted the moment something new hits your criteria, and keep your favorites in one place — free, from the locally owned brokerage that actually knows the neighborhood.
Visit the Resources tab to see our preferred vendors and contractors for all things real estate related.
[](https://apps.apple.com/us/app/lovejoy-real-estate/id6754545582) [](https://play.google.com/store/apps/details?id=com.lovejoyrealestate.app)
Free on iPhone & Android. No spam, no third-party data sale.
[](https://lovejoyrealestate.com/wp-content/uploads/2026/03/Iphone-Results-portrait-scaled.png)[](https://lovejoyrealestate.com/wp-content/uploads/2026/03/Iphone-Results-portrait-scaled.png)
## Everything your home search needs
### 🔍 Full MLS Search
Every active listing across the Portland metro and Willamette Valley — on both RMLS and WVMLS, not a filtered portal feed.
### 🔔 Instant Alerts
The moment a home hits your criteria, you know. In this market, that head start is the difference between touring it and reading about the sale.
### ❤️ Save & Share
Bookmark the contenders and share them with your partner, your family, or your agent in a tap. Everyone stays on the same page.
### 🏡 Homeowner Resources
The app keeps working after you get the keys — trusted local vendors, market updates, and tools for the home you own.
### Local and independent — not a national portal
We’re a Portland brokerage, not a publicly traded listings site that monetizes your attention. Your search activity stays between us. Your data is never sold or shared with third parties — and we don’t flip you to an out-of-state call center the second you tap a listing.
Built and backed by the **Turner Team** — 240+ five-star Google reviews, 350+ five-star Zillow reviews, and more than 2,500 homes sold across the Portland metro and Willamette Valley.
### Why our buyers keep the app open during their inspection
When your inspection comes in, the questions you’re asking — *what does this actually cost in Portland? Who do I trust to bid it out? Is this finding normal for this neighborhood?* — are the ones our app is built to answer. The four AI prompts we send our buyer clients ([how to use ChatGPT on your inspection report](https://lovejoyrealestate.com/chatgpt-home-inspection-report/)) get you sorted. The app gets you actual names, numbers, and local context for the items that matter.
## Ready when you are. Download the app.
[](https://apps.apple.com/us/app/lovejoy-real-estate/id6754545582) [](https://play.google.com/store/apps/details?id=com.lovejoyrealestate.app)
Free to install. Free to use. No spam, no third-party data sale.
---
### [Mid-Willamette Valley Communities](https://lovejoyrealestate.com/mid-willamette-valley-communities/)
**Published:** April 1, 2026
**Author:** Charles Turner
**Content:**
Salem, Oregon’s capital sits at the center of the Mid-Willamette Valley, surrounded by communities that couldn’t be more different from one another. Polk County towns like Dallas, Monmouth, and Independence offer rural calm and prices well below the Portland metro. Silverton and the Cascade foothills give you small-city character with access to [Silver Falls State Park](https://stateparks.oregon.gov/index.cfm?do=park.profile&parkId=151 "Silver Falls State Park") and the Oregon Garden. Canby and Woodburn pull in buyers who want I-5 access without Portland price tags. Each of these places has its own feel, its own housing stock, and its own market dynamics.
Lovejoy Real Estate holds memberships in both RMLS and WVMLS — which means we can show you any home and list on both systems, reaching the full buyer pool across the valley.
Explore Mid-Willamette Valley Communities
[Canby](https://lovejoyrealestate.com/canby-oregon/) · [Dallas](https://lovejoyrealestate.com/dallas-oregon/) · [Independence](https://lovejoyrealestate.com/independence-oregon/) · [Keizer](https://lovejoyrealestate.com/keizer-oregon/) · [Monmouth](https://lovejoyrealestate.com/monmouth-oregon/) · [Mt. Angel](https://lovejoyrealestate.com/mt-angel-oregon/) · [Salem](https://lovejoyrealestate.com/salem-oregon/) · [Silverton](https://lovejoyrealestate.com/silverton-oregon/) · [Stayton](https://lovejoyrealestate.com/stayton-oregon/) · [Sublimity](https://lovejoyrealestate.com/sublimity-oregon/) · [Woodburn](https://lovejoyrealestate.com/woodburn-oregon/)
The Mid-Willamette Valley stretches from the Cascade foothills east of Salem to the Coast Range slopes of Polk County, and from Canby in the north to Stayton in the south. Click any city marker to explore community details and browse active listings.
Salem — State Capital
Salem Valley Area
Polk County
Cascade Foothills
North / Clackamas Co.
Coverage Area
🗺
Click any city marker on the map to see community details and browse available homes.
Salem — State Capital
Salem
Oregon’s capital city and the heart of the Mid-Willamette Valley — with five distinct neighborhoods, a vibrant arts scene, and some of the best value real estate in the Pacific Northwest.
HousingBungalows, ranches, new construction, riverfront
Range$350K – $700K+
View area-specific searches on the Salem page.
[Explore Salem →](https://lovejoyrealestate.com/salem-oregon/) [Browse Active Listings →](https://lovejoyrealestate.hsidx.com/?lat=44.9429&lng=-123.0351&zoom=12)
Salem Valley Area
Keizer
A vibrant city of 40,000 just north of Salem along the Willamette River, with top parks, strong schools, and river estate homes.
HousingRanch, split-level, Willamette estates
Range$380K – $750K+
[Explore Keizer →](https://lovejoyrealestate.com/keizer-oregon/) [Browse Active Listings →](https://lovejoyrealestate.hsidx.com/?lat=45.00506592810743&lng=-123.0240235&zoom=13)
Salem Valley Area
Mt. Angel
A historic community with deep German-Benedictine roots, famous for its Oktoberfest, the Benedictine Brewery, and Mt. Angel Abbey.
HousingVictorian, Craftsman, mid-century
Range$380K – $560K
Listings pulled from nearest Woodburn-area search.
[Explore Mt. Angel →](https://lovejoyrealestate.com/mt-angel-oregon/) [Browse Active Listings →](https://lovejoyrealestate.hsidx.com/?lat=45.14069244329505&lng=-122.8441215&zoom=11)
Cascade Foothills
Silverton
A beloved historic small city at the edge of the Cascades — gateway to Silver Falls State Park and home to the Oregon Garden.
HousingVictorian, Craftsman, mid-century ranches
Range$450K – $650K+
[Explore Silverton →](https://lovejoyrealestate.com/silverton-oregon/) [Browse Active Listings →](https://lovejoyrealestate.hsidx.com/?lat=44.945776499999994&lng=-122.643534&zoom=10)
Cascade Foothills
Sublimity
A small, tight-knit community in the Cascade foothills near Stayton and Silver Falls State Park with rural character and the annual Harvest Festival.
HousingFarmhouses, ranches, acreage
Range$380K – $550K
[Explore Sublimity →](https://lovejoyrealestate.com/sublimity-oregon/) [Browse Active Listings →](https://lovejoyrealestate.hsidx.com/?lat=44.86852751281009&lng=-122.74772250000001&zoom=11)
Cascade Foothills
Stayton
A charming small city on the North Santiam River, 16 miles from Salem, with pioneer parks, a covered bridge, and foothill access.
HousingRanch, split-level, newer Craftsman
Range$380K – $600K+
[Explore Stayton →](https://lovejoyrealestate.com/stayton-oregon/) [Browse Active Listings →](https://lovejoyrealestate.hsidx.com/?lat=44.797616161975355&lng=-122.73870600000001&zoom=11)
Polk County
Dallas
Polk County’s seat city, 15 miles west of Salem, with a growing downtown, wine country proximity, and accessible pricing.
HousingVictorian, ranch, newer construction
Range$340K – $500K
[Explore Dallas →](https://lovejoyrealestate.com/dallas-oregon/) [Browse Active Listings →](https://lovejoyrealestate.hsidx.com/?lat=44.923245340611544&lng=-123.35139155000002&zoom=11)
Polk County
Monmouth
A Polk County college town with Western Oregon University, a walkable downtown, and a free trolley connecting to Independence.
HousingBungalows, ranches, newer construction
Range$400K – $480K
[Explore Monmouth →](https://lovejoyrealestate.com/monmouth-oregon/) [Browse Active Listings →](https://lovejoyrealestate.hsidx.com/?lat=44.796227915469046&lng=-123.35515964999999&zoom=10)
Polk County
Independence
A historic Willamette River city with a charming downtown, hop farming heritage, and a riverfront park that draws buyers from across the valley.
HousingVictorian, bungalows, mid-century ranches
Range$380K – $490K
[Explore Independence →](https://lovejoyrealestate.com/independence-oregon/) [Browse Active Listings →](https://lovejoyrealestate.hsidx.com/?lat=44.82689563298777&lng=-123.16023254999999&zoom=11)
North / Clackamas Co.
Woodburn
A culturally rich city with I-5 access between Salem and Portland, famous for tulip farms, premium outlets, and Fiesta Mexicana.
HousingCottages, ranches, 1990s traditional, 55+ community
Range$350K – $500K
[Explore Woodburn →](https://lovejoyrealestate.com/woodburn-oregon/) [Browse Active Listings →](https://lovejoyrealestate.hsidx.com/?lat=45.14069244329505&lng=-122.8441215&zoom=11)
North / Clackamas Co.
Canby
A welcoming Clackamas County city between Portland and Salem, known for excellent schools, community parks, and the annual Dahlia Festival.
HousingFamily homes, newer construction
Range$450K – $650K
[Explore Canby →](https://lovejoyrealestate.com/canby-oregon/) [Browse Active Listings →](https://lovejoyrealestate.hsidx.com/?lat=45.2630556&lng=-122.69138890000002&zoom=11)
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### [Sellwood & Garthwick](https://lovejoyrealestate.com/sellwood-garthwick/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
Sellwood and Moreland run along the east bank of the Willamette River in southeast Portland. The commercial core is at SE 13th and Bybee, with Sellwood south of Bybee and Westmoreland to the north along SE Milwaukie Avenue. Brooklyn occupies the stretch further north along Powell. It combines two adjacent historic neighborhoods: Sellwood, the older former streetcar-era town that Portland annexed in 1893, and Moreland, the planned residential development immediately north. Together they form one of the most cohesive village-scale neighborhoods on the east side.
The neighborhood’s defining infrastructure is the intersection of SE 13th and SE Bybee, and the surrounding commercial corridors along SE Milwaukie Avenue, SE 17th, and SE Tacoma. The area has retained a distinct small-town feel despite dense residential development and steady buyer interest, in part because the Willamette River, Sellwood Riverfront Park, and Oaks Bottom Wildlife Refuge preserve the neighborhood’s western edge from further development.
## The Market in Sellwood-Moreland
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 112 sold
$714K▲ 2.1%Median sale
$338▼ 2.9%$/sqft
5 daysflatDays on market
100%of listSold-to-list
~1925approx.Year built
11listed todayActive
Condo · 55 sold
$470KflatMedian sale
$362▼ 7.1%$/sqft
22 days▼ 46.3%Days on market
100%of listSold-to-list
~2007approx.Year built
21listed todayActive
2-4 Unit Residential · 5 sold
$658K▲ 2.1%Median sale
7 days▼ 56.3%Days on market
100%of listSold-to-list
~1962approx.Year built
5listed todayActive
Other Residential · 5 sold
$525KflatMedian sale
$276flat$/sqft
47 daysflatDays on market
91%of listSold-to-list
~1968approx.Year built
2listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
Sellwood-Moreland is dominantly single-family. Read the SFR row. Condo inventory is limited and skews toward small buildings and duplexes converted to condos; that row’s sample size is small enough that its median can move meaningfully month over month.
Days on market here often reads tighter than the citywide average because Sellwood has consistent buyer interest and limited turnover. The homes that sit are typically the ones priced against last spring’s peak comps rather than current conditions.
### Neighborhoods within Sellwood-Moreland
Sellwood proper south of SE Bybee is the older section, with Craftsman bungalows and early 1900s Victorians on smaller lots. Entry tier trades near the citywide SFR median. Moreland north of Bybee features slightly newer housing stock, primarily bungalows and Old Portland-style homes from the 1910s through 1930s; middle tier trades at or slightly above the citywide median. Historic homes closer to the river carry a view premium, and a handful of streets carry an address premium above that.
### Shops, Restaurants & Local Highlights
The SE 13th and SE Bybee commercial core anchors the neighborhood. Antique Row along SE 13th has a decades-long history of vintage and antique retail. The Sellwood-Moreland Farmers Market runs seasonally. Multiple long-running local restaurants operate along the corridor.
### Parks & Recreation
Sellwood Riverfront Park at the west end of SE Spokane provides Willamette River access, a small beach, and a paved trail. Oaks Bottom Wildlife Refuge at the neighborhood’s western edge is one of Portland’s largest urban wildlife habitats. Oaks Amusement Park, adjacent to Oaks Bottom, has operated continuously since 1905. The Springwater Corridor Trail runs along the eastern edge of Oaks Bottom, connecting Sellwood to downtown Portland and eastward to Boring.
### Schools & Education
The neighborhood is served by **Portland Public Schools**. Llewellyn Elementary and Sellwood Middle School serve most of the neighborhood, with Cleveland High School as the primary comprehensive high school. Boundary specifics should be verified per address.
### Getting Around
TriMet bus service on SE Milwaukie Avenue and cross-town routes serves the neighborhood. The **MAX Orange Line** stops at SE Tacoma/Johnson Creek, providing rail access to downtown Portland (25 to 30 minutes). Downtown Portland is 15 to 20 minutes by car via SE McLoughlin or the Sellwood Bridge. The Sellwood Bridge (opened 2016) provides the primary west-side connection to Lake Oswego and Highway 43. PDX is about 25 minutes via I-205.
### The Trade-off
Sellwood-Moreland gives you a genuinely cohesive village neighborhood on the east side, with river access, park infrastructure, and a strong historic housing stock. You give up freeway proximity (there’s no direct interstate access from the neighborhood core) and price entry point (Sellwood consistently trades above comparable east-side neighborhoods).
The direct alternatives: **Woodstock** trades the river frontage and antique retail for cheaper entry and a comparable village feel; **Eastmoreland-Westmoreland** just to the northeast trades some village density for more established larger lots; **Ladd’s Addition** trades the river for inner-southeast density and Ladd’s rose gardens.
### Thinking about Sellwood or Moreland?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, housing style, timing, and what you’re not willing to give up. Use the form below, or reach us at .
---
### [Portland's Woodstock Neighborhood](https://lovejoyrealestate.com/woodstock/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
Woodstock sits in southeast Portland between SE 39th (César E. Chávez Boulevard) and SE 60th, running from SE Bybee north to SE Steele. The neighborhood is anchored by the SE Woodstock and 45th commercial core, with the Reed College campus just off its northwest corner. Housing is dominantly early 1900s through mid-century single-family. Woodstock’s median has moved up sharply over the last decade, and pricing today is well above where it sat in 2020.
The neighborhood offers a genuinely village-scale commercial core at Woodstock and 45th, mature street trees on nearly every residential block, and the practical inner-southeast advantage of being close enough to downtown that a car isn’t strictly required, while offering meaningfully more space per dollar than closer-in options.
## The Market in Woodstock
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 122 sold
$600K▲ 9.7%Median sale
$348▼ 2.2%$/sqft
6 days▼ 63.6%Days on market
100%of listSold-to-list
~1951approx.Year built
15listed todayActive
Condo · 10 sold
$412K▼ 1.1%Median sale
$339▼ 12.4%$/sqft
11 days▼ 51.1%Days on market
100%of listSold-to-list
~2025approx.Year built
4listed todayActive
2-4 Unit Residential · 2 sold
$410K▼ 26.5%Median sale
247 dayssmall NDays on market
97%of listSold-to-list
~1969approx.Year built
1listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
Woodstock is dominantly single-family; the SFR row is the number that matters. The condo count is small and skews toward newer construction along the Woodstock and Foster corridors, which is a different product than the surrounding SFR stock.
Woodstock’s median has been rising faster than the citywide median for several years. If you’re looking at Woodstock comps from 2022 or earlier, they will substantially understate current pricing. Anchor on the last 6 to 12 months of sales, not older comps.
### Neighborhoods within Woodstock
The central Woodstock grid between SE 45th and SE 55th holds the neighborhood’s core housing stock: 1910s through 1940s bungalows and Old Portland-style homes on standard 5,000 sq ft lots. Entry tier trades near the citywide SFR median. The blocks closer to Reed College carry a small premium. Homes closer to the Foster Road corridor (the southern edge of the neighborhood) or east of SE 55th trade at slightly lower prices with newer or more modest housing stock.
### Shops, Restaurants & Local Highlights
The Woodstock and 45th commercial core has active reinvestment underway with restaurants, coffee shops, and locally-owned retail. The Woodstock Farmers Market runs Sundays seasonally. Reed College just off the neighborhood’s northwest corner hosts public events, film screenings, and cultural programming.
### Parks & Recreation
Woodstock Park at SE 47th and Steele is the neighborhood’s primary green space, about fourteen acres with soccer and softball fields, an off-leash area and paved paths. Note that Portland Parks removed the play structure and the old wading pool in January 2025 and has said there is no budget to replace either. The Woodstock Community Center is a separate facility at SE 43rd. Reed Canyon on the Reed College campus is open to the public and provides trail access through a 28-acre wildlife habitat. Mount Scott Park is a short drive east and provides additional recreational infrastructure.
### Schools & Education
The neighborhood is served by **Portland Public Schools**. Woodstock Elementary and Kellogg Middle School serve most of the neighborhood; Franklin High School is the primary comprehensive high school. Boundary specifics should be verified per address.
### Getting Around
SE Powell and SE Foster provide the primary east-west arterials. TriMet bus service on SE Woodstock and cross-town routes serves the neighborhood. **MAX Orange Line** access is available at SE Tacoma/Johnson Creek, a short drive west. Downtown Portland is 15 to 25 minutes by car via SE Powell or I-205 to I-84. PDX is about 20 minutes via I-205.
### The Trade-off
Woodstock gives you a working village commercial core, mature-tree residential streets, Reed College just off the northwest corner, and pricing that until recently was meaningfully below comparable inner-eastside neighborhoods. You give up river proximity, direct access to a Portland Streetcar or MAX line, and the price gap that used to separate Woodstock from comparable inner-eastside neighborhoods.
The direct alternatives: **Sellwood-Moreland** trades some price for river frontage and antique retail; **Foster-Powell** trades some village density for lower prices in a similar housing stock; **Mount Tabor** to the north trades some village feel for volcanic-cone park access and larger lots.
### Thinking about Woodstock?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, housing style, timing, and what you’re not willing to give up. Use the form below, or reach us at .
---
### [East/West Moreland](https://lovejoyrealestate.com/eastwest-moreland/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/pic-49757.jpg)Eastmoreland and Westmoreland are two adjacent Southeast Portland neighborhoods. Eastmoreland, known for its curving streets and early 20th-century homes, is bordered by Reed College to the north, SE 39th Avenue to the east, SE Tacoma Street to the south, and SE McLoughlin Boulevard to the west. Westmoreland, just to the west along the Willamette River, offers a mix of shops, restaurants, and parks.
### Neighborhood Overview & Real Estate
Eastmoreland was platted in 1910 by the Ladd Estate Company, with John Charles Olmsted consulted on the street layout. Its building boom ran from the late 1920s through the 1940s, and the dominant architectural styles are period revivals: **Tudor Revival, English Cottage, French, Dutch and Mediterranean, plus Craftsman bungalows**. Homes sit on spacious lots. The Eastmoreland Neighborhood Association actively works on land-use questions and the area’s tree canopy.
Westmoreland, often paired with Eastmoreland, has a more urban feel with a mix of historic homes, small apartment buildings, and local businesses. Unlike Eastmoreland’s curving residential streets, Westmoreland follows a grid layout. Home styles here reflect the broader Eastside Portland aesthetic, with Craftsman bungalows, cottages, and mid-century designs.
## The Market in East & West Moreland
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
### Eastmoreland
Picturesque streets and historic homes near Reed College — well-preserved English and Colonial-style architecture on spacious lots.
Single Family · 63 sold
$967K▲ 1.7%Median sale
$352▲ 3.5%$/sqft
6 days▼ 57.1%Days on market
100%of listSold-to-list
~1937approx.Year built
5listed todayActive
### Reed
The smallest neighborhood in Southeast Portland, sitting just north of Reed College, with mostly mid-century housing stock on tree-lined streets.
Single Family · 26 sold
$691K▲ 5.8%Median sale
$336▲ 7.7%$/sqft
17 days▲ 94.4%Days on market
100%of listSold-to-list
~1959approx.Year built
2listed todayActive
Condo · 8 sold
$300K▼ 19.5%Median sale
$350▼ 27.8%$/sqft
118 dayssmall NDays on market
100%of listSold-to-list
~2025approx.Year built
4listed todayActive
2-4 Unit Residential · 1 sold
$620K▲ 3.3%Median sale
45 dayssmall NDays on market
100%of listSold-to-list
~1966approx.Year built
0listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
The Eastmoreland and Reed polygons share Southeast Portland residential character but sit at different price tiers. Eastmoreland proper reads as the upper tier, with the Period Revival stock, larger lots, and proximity to the Eastmoreland Golf Course. The Reed polygon (the residential pocket bordering the college) generally trades below Eastmoreland for a similar property type. Compare polygon rows above by property type; the condo and 2-4 unit rows are thin samples where a single closing can shift a median.
### The Trade-off
Eastmoreland is one of Portland’s most cohesive planned residential districts and one of the tightest for turnover; expect to wait for the right house. Buyers wanting the same era of home at meaningfully lower price points should look at Woodstock or Sellwood. Buyers who want inner Southeast amenities without the Eastmoreland premium should look at Westmoreland.
## [Search for homes and condos in East and Westmoreland](https://lovejoyrealestate.hsidx.com/@ccare/search/694086cbee863)
### Shops, Restaurants & Local Highlights
[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/pic-49772.jpg)Eastmoreland is almost entirely zoned residential, with no commercial main street inside its boundaries. What it does have is the Reed College campus on its northern edge, the Eastmoreland Golf Course wrapping the west and south, Crystal Springs Rhododendron Garden, Berkeley Park, and Duniway Elementary. For groceries, dining and shopping, residents cross into Woodstock, Sellwood, or Westmoreland.
Westmoreland is the more commercial of the two, with SE Milwaukie Avenue as its main street. Some long-standing neighborhood favorites include:
- **Caprial’s Westmoreland Kitchen** – Formerly Caprial’s Bistro, co-founded by Caprial and John Pence.
- [**Saburo’s Sushi**](http://www.saburos.com/) – Known for generous portions and fresh fish.
- [**Stars & Splendid Antiques Mall**](http://starsantique.com/) – A stop for antique enthusiasts.
### Schools & Education
The area is served by Portland Public Schools. Boundaries can be checked by address using the [PPS School Finder](https://www.pps.net/Page/2379).
Schools serving parts of the area include:
- **Duniway Elementary School**
- **Hosford International Middle School**
- **Cleveland High School**, with an International Baccalaureate program
- **Grout Elementary School** and **Sellwood Middle School** serve parts of Westmoreland
For performance data, see the [Oregon Department of Education report cards](https://www.ode.state.or.us/data/reportcard/reports.aspx).
### Transportation & Accessibility
Multiple [TriMet](https://trimet.org/#/planner) bus lines serve the area, and the MAX Orange Line stops nearby at SE Tacoma / Johnson Creek. By car, downtown Portland is approximately 20 minutes away, while Portland International Airport is a 30-minute drive.
### Recreation & Green Spaces
Eastmoreland and Westmoreland provide extensive outdoor recreation:
- [**Oaks Park**](http://www.oakspark.com/) – A historic amusement park featuring classic rides, picnic areas, and a scenic waterfront.
- **Eastmoreland Golf Course** – A well-maintained public course with tree-lined fairways.
- **Westmoreland Park** – With walking paths, sports fields, and a nature-based play area.
- **Crystal Springs Rhododendron Garden** – A seven-acre botanical garden near Reed College.
- [**Sellwood-Moreland Library**](https://multcolib.org/library-location/sellwood-moreland-library) – Established in 1905, this Multnomah County Library branch offers programs for all ages and is located in nearby Sellwood.
### Final Thoughts
Eastmoreland and Westmoreland offer a blend of period-revival architecture, mature street trees, and access to the Willamette River bike routes. Eastmoreland is the residential trophy; Westmoreland is the more active neighbor with its own commercial main street on Milwaukie.
---
### [Mt Tabor](https://lovejoyrealestate.com/mt-tabor/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
## [](https://lovejoyrealestate.com/wp-content/uploads/2011/06/pic-49843.jpg)
Mt. Tabor and South Tabor are two adjacent Southeast Portland neighborhoods anchored by **Mt. Tabor Park**, a 176-acre park on an extinct volcanic cinder cone. Both areas feature a mix of **Craftsman, Old Portland, English-style, and bungalow homes**. Mt. Tabor’s boundaries are **Burnside Street (north), SE 76th Avenue (east), SE Division Street (south), and SE 49th/50th Avenue (west)**. South Tabor sits immediately south of Mt. Tabor Park, from SE Division Street (north) down to SE Powell Boulevard (south), with SE 52nd Avenue (west) and SE 82nd Avenue (east) as its side boundaries.
## The Market in Mt Tabor and South Tabor
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
### Mt. Tabor
Built around an extinct volcanic cinder cone, with quiet streets, city views, and a community park at the summit.
Single Family · 118 sold
$755K▲ 0.7%Median sale
$331▲ 3.7%$/sqft
6 days▼ 14.3%Days on market
100%of listSold-to-list
~1941approx.Year built
15listed todayActive
Condo · 7 sold
$503K▲ 55.9%Median sale
$341▼ 10.4%$/sqft
22 days▼ 56.4%Days on market
98%of listSold-to-list
~2004approx.Year built
2listed todayActive
2-4 Unit Residential · 4 sold
$910K▲ 8.9%Median sale
27 days▼ 85.6%Days on market
97%of listSold-to-list
~1954approx.Year built
4listed todayActive
### South Tabor
Immediately south of Mt. Tabor Park, from Division down to Powell, with Clinton Park and residential streets.
Single Family · 68 sold
$538K▼ 2.1%Median sale
$336▲ 7.9%$/sqft
13 days▲ 50.0%Days on market
100%of listSold-to-list
~1948approx.Year built
9listed todayActive
Condo · 13 sold
$370K▲ 5.0%Median sale
$353▲ 8.3%$/sqft
67 dayssmall NDays on market
100%of listSold-to-list
~2024approx.Year built
0listed todayActive
2-4 Unit Residential · 2 sold
$491K▼ 43.2%Median sale
19 days▼ 62.5%Days on market
107%of listSold-to-list
~1960approx.Year built
0listed todayActive
Other Residential · 2 sold
$271K▼ 71.3%Median sale
30 days▲ 35.6%Days on market
97%of listSold-to-list
0listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
Mt. Tabor and South Tabor share close-in inner SE character but sit at different price tiers. Mt. Tabor proper wraps the park and reads as the upper tier on this page. South Tabor sits south of the park, from Division down to Powell, and generally trades below the Mt. Tabor row for the same property type. Compare the polygons by property type above rather than blending them. Sample sizes on the smaller condo and 2-4 unit rows can be thin; treat single closed-sale figures as directional rather than as a trend.
### The Trade-off
Mt. Tabor is one of the city’s best park addresses; you buy a walk to the reservoirs, an off-leash area, and views from the summit, and you pay a Mt. Tabor premium for it. South Tabor offers the same close-in location at meaningfully lower entry, though without the park at the doorstep. Buyers wanting more yard for the same price should look east into Montavilla; buyers wanting a similar era of home closer in should look at Richmond or Sunnyside.
### [Search for homes and condos around Mt. Tabor](https://lovejoyrealestate.hsidx.com/@ccare/search/69409099e51e1)
## Shops, Restaurants & Local Highlights
While Mt. Tabor is primarily residential, a few standout businesses serve the area. **Caldera Public House** is a neighborhood gathering spot offering craft beer and food. **New Seasons Market – Seven Corners** provides fresh groceries, while the nearby **Fred Meyer (Hawthorne Location)** offers a wide selection of essentials. For additional shopping and dining options, residents often visit [**Hawthorne Boulevard**](https://lovejoyrealestate.com/belmont-hawthorne-neighborhood/), just a short drive or bike ride away.
## Recreation & Green Spaces
The heart of the neighborhood is **Mt. Tabor Park**, a 176-acre park on an extinct volcanic cinder cone, with scenic walking and biking trails, an off-leash dog park, playgrounds, and historic reservoirs. In 2023 Mt. Tabor Park was named the first Urban Quiet Park in the United States by Quiet Parks International. The park is closed to motor vehicles all day Wednesday. Two community events run in the park each year: the [**Mt. Tabor Bike Race Series**](https://www.mttaborseries.com/), a multi-week summer cycling competition, and the [**Portland Adult Soap Box Derby**](https://www.soapboxracer.org/ "Portland Adult Soapbox Derby"), where gravity-powered cars race down the park’s slopes.
For additional recreational opportunities, **Clinton Park** in South Tabor offers sports fields, a playground, and paved paths.
## Schools & Education
The area is served by **Portland Public Schools**. Boundaries can be checked by address using the [PPS School Finder](https://www.pps.net/Page/2379). For higher education, **Warner Pacific University**, a private Christian college, is located nearby at 2219 SE 68th Avenue.
## Transportation & Accessibility
Commuting from Mt. Tabor is convenient, with multiple **TriMet bus lines** serving SE Division, SE Powell, and Burnside. [Plan your trip here](https://trimet.org/#/planner). The neighborhood is also known for its bike-friendly streets, offering direct connections to downtown and surrounding areas. For drivers, downtown Portland is approximately a 15-minute commute, depending on traffic.
## Why Homebuyers Look at Mt. Tabor & South Tabor
Mt. Tabor pairs an iconic urban park with early 20th-century housing stock and inner-SE proximity. South Tabor offers the same close-in location, similar housing stock, and a lower entry price than Mt. Tabor proper.
---
### [Ladd’s Addition, Clinton, and Colonial Heights](https://lovejoyrealestate.com/ladds-addition-clinton-colonial-heights/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
Few Portland neighborhoods are as instantly recognizable as **Ladd’s Addition**. With its diagonal street pattern radiating from a central circle, this historic enclave stands apart from the grid-like layout of surrounding neighborhoods. Despite its central location, Ladd’s Addition remains surprisingly quiet, as its winding streets discourage through traffic. That makes it an attractive choice for buyers seeking a residential setting close to the energy of inner Southeast Portland.
### Neighborhood Overview & Real Estate
#### Ladd’s Addition
As one of Portland’s oldest platted residential neighborhoods, **Ladd’s Addition** is filled with history. William S. Ladd, a Portland merchant and two-term mayor first elected in 1854, platted his 126-acre farm in 1891, drawing on Pierre Charles L’Enfant’s plan for Washington, D.C. The neighborhood is known for its **tree-lined streets, well-preserved homes, and four diamond-shaped community rose gardens set on the points of the compass, with a central garden at Ladd Circle**. The Ladd’s Addition Historic District was added to the National Register of Historic Places in August 1988 (NRHP reference 88001310).
Architecturally, homes in Ladd’s Addition range from **Arts and Crafts, bungalows, and Old Portland-style houses to a handful of mid-century ranches**. The neighborhood is served by **Abernethy Elementary, Hosford International Middle School, and Cleveland High School**. Verify attendance boundaries by address with the district directly.
#### Colonial Heights
Located just east of Ladd’s Addition, **Colonial Heights** offers similar historic character without the winding streets. Homes here were primarily built between the 1920s and 1950s, showcasing a mix of **Tudor, Craftsman, and Colonial Revival styles**. Many homes in Colonial Heights offer views of downtown Portland.
The neighborhood enjoys easy access to **SE Hawthorne, SE Division, and SE 20th Avenue**, placing residents a short distance from dining, shopping, and entertainment on Hawthorne and Division.
#### Clinton
Situated around **SE Clinton and SE 26th**, the Clinton neighborhood has an active mix of **older bungalows, fixers, and newer infill homes**, creating a varied streetscape. Restaurants, boutiques and creative spaces have opened along Clinton in recent years alongside long-established fixtures like the Clinton Street Theater.
## The Market in Ladd's Addition, Clinton, and Colonial Heights
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Condo · 2 sold
$341K▲ 20.2%Median sale
$406▲ 7.1%$/sqft
17 days▼ 49.3%Days on market
100%of listSold-to-list
~1970approx.Year built
1listed todayActive
2-4 Unit Residential · 1 sold
$792KflatMedian sale
103 daysflatDays on market
99%of listSold-to-list
~1904approx.Year built
0listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
The market block above reflects RMLS activity inside the strict Ladd’s Addition polygon over the trailing 12 months. Because Ladd’s is tightly held and turns over quietly, sample counts on this polygon are small; that is a feature of the neighborhood, not a reporting artifact. Broader single-family turnover for the page’s editorial coverage of Clinton and Colonial Heights falls outside the strict Ladd’s polygon and is not represented in the numbers above. If you are shopping any of the three, expect thin inventory and be prepared to act on the rare well-suited listing.
### The Trade-off
Ladd’s Addition is one of Portland’s most-loved residential streets and one of its lowest-turnover neighborhoods; expect to wait for the right house rather than choose from a menu. Colonial Heights offers similar era stock with easier access to Hawthorne. Clinton is the more active mixed-use street with more infill and more everyday commerce.
## [Search homes and condos](https://lovejoyrealestate.hsidx.com/@ccare/search/694089df0f01b)
### Shops, Restaurants & Local Highlights
Residents of Ladd’s Addition, Colonial Heights, and Clinton enjoy access to some of Portland’s most beloved restaurants, cafés, and entertainment venues.
#### Ladd’s Addition
While primarily residential, Ladd’s Addition is home to one well-loved neighborhood café, [**Palio Dessert & Espresso**](http://www.palio-in-ladds.com/). Located at the heart of the neighborhood, this European-inspired café offers a place to linger over coffee and pastries. Beyond Ladd’s Addition, residents are close to the Hawthorne and Division corridors, home to a wide variety of dining and shopping destinations.
#### Colonial Heights
Colonial Heights benefits from close proximity to **Hawthorne and Division**. Along these corridors, you’ll find bakeries and boutiques.
For coffee, **Good Coffee** serves espresso in a minimalist setting, while **Tov Coffee & Tea**, housed in a converted double-decker bus, offers Egyptian-inspired drinks. Nearby, **Harlow** provides organic meals.
#### Clinton
The Clinton neighborhood has a growing food and entertainment scene. [**Broder**](http://broderpdx.com/) is a Swedish-inspired eatery known for Scandinavian brunch dishes. The historic [**Clinton Street Theater**](http://www.clintonsttheater.com/) shows indie films, cult classics, and community events. Cocktail bars and casual pubs have joined the strip over the last decade.
### Transportation & Accessibility
Inner Southeast Portland is one of the city’s most **transit-served areas**. Bus routes run frequently along **Burnside, Hawthorne, Division, Powell, and Milwaukie Avenue**, connecting to downtown and beyond. Ladd’s Addition has a bus line that runs directly through its central circle.
For those who drive, downtown Portland is a **5-10 minute trip**, depending on starting point and time of day. Portland International Airport is approximately a **20-25 minute drive**.
### Final Thoughts
With its distinctive street design, historic homes, and access to Hawthorne and Division, Ladd’s Addition, Colonial Heights and Clinton form a trio of inner Southeast neighborhoods with strong architectural identity.
---
### [Kerns, Buckman, Hosford-Abernethy, and Brooklyn](https://lovejoyrealestate.com/kerns-buckman-hosford-abernethy-brooklyn/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.hsidx.com/@ccare/search/694083d5de225)Click on the image to search for homes and condosInner Southeast Portland offers a mix of historic housing, long-established commercial corridors, and inner-eastside transit. This area includes the neighborhoods of **Kerns, Buckman, Hosford-Abernethy, and Brooklyn**, with smaller enclaves like **Ladd’s Addition** and **Clinton** adding unique character. These four run along the inner eastside grid from the Willamette River east to about SE 28th, and from NE Glisan south to SE Powell. Kerns sits just north of Burnside, so its addresses read NE, but it is part of the Southeast Uplift district and it shops like inner Southeast. Tilikum Crossing, which carries the MAX Orange Line, the Portland Streetcar, buses, bikes and pedestrians but no private cars, lands at SE Water and SE Caruthers inside Hosford-Abernethy and has improved connections to the westside.
## The Market in Kerns, Buckman, Hosford-Abernethy, and Brooklyn
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
### Kerns
Inner Southeast neighborhood mixing older apartments and single-family homes, with the booming 28th Avenue restaurant row.
Single Family · 17 sold
$699K▼ 3.5%Median sale
$272▼ 8.8%$/sqft
8 days▲ 33.3%Days on market
100%of listSold-to-list
~1909approx.Year built
7listed todayActive
Condo · 12 sold
$370K▼ 13.1%Median sale
$381▼ 3.9%$/sqft
17 days▼ 30.6%Days on market
100%of listSold-to-list
~1944approx.Year built
5listed todayActive
2-4 Unit Residential · 9 sold
$775K▲ 3.7%Median sale
61 dayssmall NDays on market
100%of listSold-to-list
~1959approx.Year built
5listed todayActive
### Buckman
Inner Southeast neighborhood showcasing Portland Foursquares, Craftsman residences, and English-style homes — many over a century old.
Single Family · 35 sold
$755K▲ 16.2%Median sale
$292▲ 3.7%$/sqft
14 dayssmall NDays on market
100%of listSold-to-list
~1906approx.Year built
4listed todayActive
Condo · 11 sold
$385K▲ 0.7%Median sale
$417▼ 1.3%$/sqft
22 dayssmall NDays on market
99%of listSold-to-list
~1997approx.Year built
6listed todayActive
2-4 Unit Residential · 10 sold
$866K▲ 16.9%Median sale
7 daysflatDays on market
99%of listSold-to-list
~1910approx.Year built
8listed todayActive
Other Residential · 1 sold
$360K▼ 7.7%Median sale
1 daysflatDays on market
100%of listSold-to-list
0listed todayActive
### Hosford-Abernethy
Home to historic Ladd's Addition with its diagonal street grid and rose gardens; includes Colonial Heights.
Single Family · 76 sold
$784K▲ 1.9%Median sale
$348▲ 10.8%$/sqft
7 days▲ 7.1%Days on market
100%of listSold-to-list
~1924approx.Year built
10listed todayActive
Condo · 25 sold
$430K▲ 10.3%Median sale
$383▼ 6.1%$/sqft
28 days▼ 52.5%Days on market
100%of listSold-to-list
~2008approx.Year built
8listed todayActive
2-4 Unit Residential · 6 sold
$689K▼ 4.0%Median sale
27 days▼ 50.0%Days on market
99%of listSold-to-list
~1916approx.Year built
5listed todayActive
### Brooklyn
One of the oldest neighborhoods on the east side, with Victorians, ranches and bungalows along SE Powell.
Single Family · 23 sold
$610K▲ 10.9%Median sale
$322▲ 8.5%$/sqft
40 dayssmall NDays on market
100%of listSold-to-list
~1919approx.Year built
6listed todayActive
Condo · 6 sold
$400K▲ 5.3%Median sale
$363▼ 6.6%$/sqft
33 days▲ 34.0%Days on market
100%of listSold-to-list
~2025approx.Year built
0listed todayActive
2-4 Unit Residential · 4 sold
$706K▲ 12.3%Median sale
11 days▼ 88.4%Days on market
99%of listSold-to-list
~1913approx.Year built
3listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
Four adjacent polygons cover the inner eastside grid with different mixes of historic single-family housing and newer condo stock. Hosford-Abernethy is the largest and most active on the page; Kerns and Buckman carry a heavier share of condo and small-plex activity because they include the older apartment stock along Burnside and Belmont; Brooklyn, the southernmost polygon along Powell, is a thinner sample. Compare the polygons on the property-type rows above rather than blending them into a single median. Condo year-built numbers skew toward recent years where new construction along Division has closed.
### The Trade-off
This is one of the most transit-served pieces of the eastside, with immediate access to the Hawthorne, Morrison, Burnside and Tilikum bridges into downtown, and with the MAX Orange Line running along SE Water. What you give up is yard: inner SE lots are small and infill is dense. Buyers wanting the same central-eastside location with bigger lots should look east into Laurelhurst or Mt. Tabor.
### Neighborhood Overview & Real Estate
Inner Southeast blends historic homes, modern infill housing, and mixed-use developments. In Kerns, you’ll find a mix of apartments and older single-family homes, while Buckman showcases Portland Foursquares, Craftsman-style residences, and English-style homes – many over a century old. Hosford-Abernethy, home to the historic **Ladd’s Addition**, features early 20th-century homes set along tree-lined streets and around the neighborhood’s rose gardens. Brooklyn is one of the oldest neighborhoods on the east side, with Victorians, ranches and bungalows along SE Powell. With its inner-eastside location and a mix of housing types, this area covers a wide range of housing stock at inner-SE price points.
### Shops, Restaurants & Local Highlights
Inner Southeast Portland is known for its food scene, boutique shopping, and entertainment options. The area blends long-standing favorites with newer openings.
**Dining & Nightlife:** [**Le Pigeon**](https://lepigeon.com/), a French-inspired restaurant, is known for its intimate atmosphere and inventive dishes. For live music, [**Doug Fir Lounge**](https://www.dougfirlounge.com/) hosts local and touring artists.
For sushi, [**Bamboo Sushi**](https://www.bamboosushi.com/) serves sustainably sourced seafood. For something sweet, [**Pix Pâtisserie**](https://pixpatisserie.com/) provides French desserts, while [**Staccato Gelato**](https://staccatogelato.com/) is a local favorite for handmade gelato and fresh donuts.
**Cafés & Bakeries:** [**Crema Bakery and Café**](https://cremabakerycafe.com/) serves house-made pastries alongside coffee. [**People’s Food Co-op**](https://www.peoples.coop/) is a community-owned grocery with a year-round farmers market.
**Entertainment & Culture:** [**Laurelhurst Theater**](https://www.laurelhursttheater.com/) shows indie films, classics, and new releases in a historic setting. [**OMSI**](https://www.omsi.edu/) offers hands-on exhibits, a planetarium, and an OMNIMAX theater.
### Schools & Education
The area is served by Portland Public Schools. Boundaries can be checked by address using the [PPS School Finder](https://www.pps.net/Page/2379). For performance data, see the [Oregon Department of Education report cards](https://www.ode.state.or.us/data/reportcard/reports.aspx).
### Transportation & Accessibility
Inner Southeast is one of the most accessible areas in Portland. Multiple bus routes serve the area, with key lines running along Burnside, Hawthorne, Division, Powell, and Milwaukie. The MAX Orange Line runs along SE Water on the western edge of Hosford-Abernethy, and the Portland Streetcar Loop crosses Tilikum Crossing at SE Caruthers. The neighborhood is also one of the city’s most bike-friendly areas. For public transit planning, visit [TriMet’s Trip Planner](https://trimet.org/#/planner).
### Recreation & Green Spaces
[](https://lovejoyrealestate.com/wp-content/uploads/2025/02/Addie-and-Vera-Katz-225x300.jpeg)
Inner Southeast Portland offers a variety of parks and trails. The **Vera Katz Eastbank Esplanade** runs 1.5 miles along the Willamette River, providing paths for walking, jogging, and cycling; crossing one of the Willamette River bridges creates a loop back to the westside. The historic **Lone Fir Cemetery**, a 30-acre site at SE 26th and Stark dating to 1855, provides a quiet green space for reflection.
### Final Thoughts
With historic housing, transit access, and inner-eastside walkability, this district is one of the most established parts of the east side.
---
### [Belmont & Hawthorne Area](https://lovejoyrealestate.com/belmont-hawthorne-neighborhood/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
## Hawthorne
Hawthorne, in Southeast Portland, runs along SE Hawthorne Blvd from SE 12th Ave to SE 60th Ave; Mt. Tabor blocks the street between 60th and 72nd, which is what puts the eastern end of the district at 60th. It includes the Sunnyside neighborhood to the north and Richmond to the south. This area is known for its commercial districts, historic homes, and long-established main streets.
### Shopping & Local Businesses
Hawthorne blends independent shops, vintage stores, and modern boutiques. Longtime favorites like [Powell’s Books for Home and Garden](http://www.powells.com/locations/powells-books-for-home-and-garden) sit next to newer retailers. [Imelda’s Shoes](http://shop.imeldas.com/), a stylish boutique, is just down the street from Buffalo Exchange, a popular secondhand clothing store. The area draws shoppers, artists, and visitors exploring its unique mix of businesses.
### Food & Dining
Hawthorne is packed with coffee shops, casual eateries, and local favorites. A few highlights include:
- **[Lucky Lab Brewpub](http://www.luckylab.com/)**: A dog-friendly brewpub on SE 9th with casual dining and craft beer.
- **[A Pizza Scholls](http://www.apizzascholls.com/)**: A highly rated pizzeria at SE 47th, known for its delicious crust. Arrive early: once the dough runs out, they stop seating.
- **[¿Por Qué No?](http://www.porquenotacos.com/)**: A beloved taqueria with some of Portland’s best tacos. Be prepared for a line.
## Belmont
Belmont Street, about six blocks north of Hawthorne, has a similar character but is quieter. The area features independent shops, cozy cafés, and long-established local businesses.
## The Market in Belmont & Hawthorne Area
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
### Richmond
Inner SE Portland neighborhood south of Hawthorne, featuring Craftsman bungalows and the Division Street corridor.
Single Family · 115 sold
$717K▲ 2.4%Median sale
$327▲ 2.5%$/sqft
6 days▼ 25.0%Days on market
100%of listSold-to-list
~1926approx.Year built
18listed todayActive
Condo · 34 sold
$394K▲ 5.1%Median sale
$407▲ 6.2%$/sqft
40 days▼ 14.9%Days on market
99%of listSold-to-list
~2024approx.Year built
7listed todayActive
2-4 Unit Residential · 8 sold
$770K▼ 9.9%Median sale
108 dayssmall NDays on market
99%of listSold-to-list
~1921approx.Year built
7listed todayActive
Other Residential · 0 sold
n/aflatMedian sale
1listed todayActive
### Sunnyside
Inner SE neighborhood north of Hawthorne, with a strong rental segment and two commercial streets, Belmont and Hawthorne, inside its boundaries.
Single Family · 52 sold
$653K▼ 5.6%Median sale
$296▼ 7.0%$/sqft
10 days▲ 40.0%Days on market
100%of listSold-to-list
~1908approx.Year built
3listed todayActive
Condo · 15 sold
$355K▼ 5.2%Median sale
$377▲ 4.8%$/sqft
70 days▲ 70.7%Days on market
100%of listSold-to-list
~2005approx.Year built
14listed todayActive
2-4 Unit Residential · 14 sold
$648K▼ 19.3%Median sale
11 days▲ 64.3%Days on market
99%of listSold-to-list
~1905approx.Year built
5listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
Two adjacent polygons make up the Belmont and Hawthorne corridors, and they cover meaningfully different housing stock. Richmond, the larger polygon south of Hawthorne, is the deeper single-family market on the page. Sunnyside, north of Hawthorne and closer to Belmont, has proportionally more condo and small-plex activity because it includes the older apartment stock along Belmont. Read the polygon rows above by property type rather than blending them into a single median. Note that the Richmond condo row skews recent because it catches new construction along Division; the Sunnyside condo row is a better read on the older inner-SE conversion stock.
### The Trade-off
This is one of the most transit-served inner-SE addresses on the eastside grid, close to two commercial corridors and a straight shot over the Hawthorne Bridge to downtown. Rental density is higher on the Sunnyside side of Hawthorne. Buyers looking for similar housing stock at meaningfully lower entry should look at South Tabor or Woodstock; buyers who want more yard should look east into Mt. Tabor proper or north into Laurelhurst.
### [Search homes and condos in Hawthorne and Belmont](https://lovejoyrealestate.hsidx.com/@ccare/search/694097fa665dc)
### Shopping & Local Highlights
Belmont has a mix of antique stores, specialty shops, and entertainment spots. Popular places include:
- **[Zupan’s Market](http://www.zupans.com/)**: A high-end grocery store with quality local and organic foods.
- **[Stumptown Coffee](http://stumptowncoffee.com/)**: A well-known Portland coffee roaster with a location on Belmont.
- **[Horse Brass Pub](http://horsebrass.com/)**: A classic English-style pub offering rare and local microbrews.
- **[Movie Madness](http://www.moviemadnessvideo.com/)**: An independent video rental store featuring an extensive selection and film props.
- **[Noun: A Person’s Place for Things](http://www.shopnoun.com/)**: A curated shop for home goods, gifts, and décor.
### Neighborhood Character & Real Estate
Hawthorne and Belmont offer a mix of historic and modern homes. Architectural styles include Victorians, bungalows, Portland Foursquares, and Craftsman homes. Apartments and condominiums are also common, especially closer to commercial areas.
A modern condominium building at SE 34th and Belmont adds a contemporary option. The Sunnyside neighborhood, closer to Belmont, has a higher percentage of rental homes, while Richmond, south of Hawthorne, has more single-family homes.
### Community Amenities & Recreation
Residents enjoy parks, libraries, and seasonal events. Local highlights include:
- **[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/pic-49178.jpg)Multnomah County Library (Belmont Branch)**: Open since 1924, offering books, community programs, and study spaces.
- **[Sewallcrest Park](https://www.portland.gov/parks/sewallcrest-park)**: A five-acre park at SE 31st and Market Street with a dog park, playground, sports fields, and WiFi.
- **Peacock Lane**: Famous for its holiday lights display from December 15-31. This street of Tudor-style homes has been decorating for the holidays since the 1920s.
### Schools & Education
The area is served by Portland Public Schools. Boundaries can be checked by address using the [PPS School Finder](https://www.pps.net/Page/2379). Schools serving parts of the corridor include:
- **Sunnyside Environmental School**: A K-8 school with a focus on sustainability.
- **Franklin High School**: The comprehensive high school for both neighborhoods.
For performance data, see the [Oregon Department of Education report cards](https://www.ode.state.or.us/data/reportcard/reports.aspx).
### Transportation & Accessibility
Both Hawthorne and Belmont are well-connected by public transit. Bus lines run along SE Hawthorne Blvd, SE Belmont St, SE 11th, SE 12th, and SE César E. Chávez Blvd (formerly SE 39th). The area is also popular with cyclists.
By car, downtown Portland is a short drive over the Hawthorne Bridge. Depending on traffic, Portland International Airport is about 20-30 minutes away.
Hawthorne and Belmont offer a mix of history, culture, and convenience. With varied housing and two of Portland’s most established inner-eastside main streets, these neighborhoods anchor the SE Belmont-Hawthorne corridor.
---
### [Alphabet District, Nob Hill, Slabtown](https://lovejoyrealestate.com/alphabet-district-nob-hill-portland/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
The Alphabet District and Nob Hill occupy Northwest Portland from about NW Burnside to NW Vaughn Street, west of I-405. The district is defined by NW 21st and NW 23rd, two of Portland’s oldest continuously operating commercial streets, and by the surrounding grid of tree-lined residential blocks with Victorian and early Craftsman housing stock. This is one of Portland’s densest and best-preserved historic residential districts.
The neighborhood pairs single-family housing with a dense urban commercial corridor better than almost any other Portland neighborhood, which is unusual in this market.
## The Market in Alphabet District & Nob Hill
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 22 sold
$1.02M▲ 4.8%Median sale
$334▲ 7.0%$/sqft
13 days▼ 74.5%Days on market
98%of listSold-to-list
~1912approx.Year built
6listed todayActive
Condo · 74 sold
$423K▲ 4.1%Median sale
$374▼ 7.1%$/sqft
68 days▲ 85.1%Days on market
97%of listSold-to-list
~1990approx.Year built
58listed todayActive
2-4 Unit Residential · 8 sold
$1.03M▲ 32.3%Median sale
71 days▲ 34.9%Days on market
98%of listSold-to-list
~1925approx.Year built
1listed todayActive
Other Residential · 0 sold
n/aflatMedian sale
1listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
Alphabet District is genuinely a mixed-type market. The single-family row reflects the historic Victorian and Craftsman housing stock that dominates the residential blocks. The condo row captures a substantial supply of both prewar loft conversions and newer construction along the NW 21st and NW 23rd corridors. Both matter here, and both trade on different dynamics.
Days on market can look tight in the SFR row and softer in the condo row; that’s the older-stock demand versus newer-condo-supply pattern showing up. Trust the split rather than a headline blended median.
### Neighborhoods within Alphabet District & Nob Hill
The residential blocks between NW Burnside and NW Vaughn hold most of the historic single-family stock: Victorian, Queen Anne, and Craftsman homes on smaller lots, mostly from the 1890s through the 1920s. Entry-tier addresses trade near the citywide single-family median; the streets closer to Wallace Park and along the upper NW alphabet blocks trade meaningfully above that. Condo inventory concentrates along the NW 21st corridor and in the older loft conversions in the low-numbered blocks near I-405.
### Shops, Restaurants & Local Highlights
NW 23rd Avenue is the primary commercial corridor and one of the oldest continuously operating shopping streets in Portland. NW 21st runs parallel, denser with restaurants and less with retail. Cinema 21 at NW 21st and Hoyt has operated as a neighborhood art-house cinema since 1926. The corridor carries one of the higher concentrations of restaurants in the city.
### Parks & Recreation
Wallace Park at NW 25th and Raleigh anchors the residential district with an off-leash dog area, tennis courts, and community programming. Couch Park at NW 20th and Glisan is smaller and more heavily used. Forest Park is a short drive or bike ride west via NW Cornell Road, providing access to 5,200 acres of natural area and dozens of trailheads.
### Schools & Education
The neighborhood is served by **Portland Public Schools**. Chapman Elementary and West Sylvan Middle School serve most of the district, with Lincoln High School as the primary comprehensive high school. Boundary specifics should be verified per address.
### Getting Around
The **Portland Streetcar** runs on NW 21st and NW 23rd, with multiple stops through the district. TriMet bus service is extensive. Downtown Portland is 10 to 15 minutes by streetcar, 5 to 10 minutes by car in off-peak conditions. I-405 defines the eastern edge. Forest Park trailheads (Lower Macleay, Pittock, etc.) are 5 to 10 minutes by car or bike. PDX is about 20 minutes via I-405 to I-5 to I-84.
### The Trade-off
Alphabet District gives you dense-urban commercial infrastructure paired with historic single-family housing stock in a combination Portland offers almost nowhere else. Restaurant density, streetcar access, Forest Park at the back door, and prewar residential character all in one neighborhood. You give up: newer construction (mostly none), garage parking (limited on the historic blocks), and lot size (small by Portland standards).
The direct alternatives: **Pearl District** trades the historic single-family for pure condo density; **Northwest Heights and Kings Heights** trade the corridor infrastructure for hillside views and larger lots; **Irvington** trades the streetcar for slightly larger lots on the east side at meaningfully lower prices.
### Thinking about the Alphabet District or Nob Hill?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, housing style, timing, and what you’re not willing to give up. Then we narrow to the specific blocks and buildings that actually fit. Use the form below, or reach us at .
---
### [The Alberta Arts District, Concordia](https://lovejoyrealestate.com/alberta-arts-district-concordia/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
The **Alberta Arts District** and **Concordia** neighborhoods sit in **Northeast Portland**. These neighborhoods combine street murals, independent businesses, and a mix of housing types, from early-1900s bungalows to newer townhomes and apartments. Alberta Street is the district’s commercial spine, running about a mile and a half of arts corridor from Martin Luther King Jr. Boulevard out to NE 33rd. Just east, **Concordia** is home to the University of Oregon’s Portland campus, which the University finalized purchasing from the former Concordia University in June 2022 and began enrolling students at in fall 2023.
The corridor hosts regular public events including Last Thursday on Alberta and seasonal farmers markets.
### Neighborhoods within the Alberta Arts District and Concordia
#### Alberta Arts / Concordia
The **Alberta Arts District** developed as a streetcar suburb in the early 1900s, with classic **Craftsman, bungalow, and Victorian homes** still lining its residential streets. In recent years, **modern townhomes, ADUs, and apartment buildings** have added to the housing mix. **Concordia**, named after the former Concordia University, features early 20th-century homes, with the University of Oregon’s Portland campus at its southeast corner. Concordia’s tree-lined residential grid and early-20th-century housing stock draw consistent buyer interest.
#### Vernon, King, Woodlawn, Cully, Woodland Park
The surrounding neighborhoods carry similar architectural mixes with different price points. **Vernon**, west of Concordia (NE 10th to NE 22nd, Ainsworth to Wygant), holds Alberta Park and sits inside part of the Last Thursday event footprint on Alberta. **King** straddles NE Martin Luther King Jr. Blvd. from Ainsworth to Fremont, with Alberta Street running through it. **Woodlawn**, adjacent to King and Concordia, is centered on the Dekum Triangle business district (on NE Dekum around the triangular park at Dekum and Durham). **Cully**, a large Northeast neighborhood with a large-lot, semi-rural history, holds Cully Park (a 24.73-acre park built on a capped former landfill, opened 2018). **Woodland Park**, outer Northeast, sits near Cully.
## The Market in The Alberta Arts District and Concordia
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
### Concordia
Northeast Portland neighborhood home to the University of Oregon's Portland campus (formerly Concordia University) and the eastern Alberta Street corridor.
Single Family · 113 sold
$635K▼ 3.3%Median sale
$317▼ 1.6%$/sqft
7 days▲ 27.3%Days on market
100%of listSold-to-list
~1941approx.Year built
15listed todayActive
Condo · 26 sold
$410K▼ 2.7%Median sale
$376▼ 5.5%$/sqft
86 dayssmall NDays on market
100%of listSold-to-list
~2025approx.Year built
12listed todayActive
2-4 Unit Residential · 3 sold
$585K▼ 22.0%Median sale
12 days▼ 65.7%Days on market
95%of listSold-to-list
~1923approx.Year built
3listed todayActive
Other Residential · 0 sold
n/aflatMedian sale
1listed todayActive
### Vernon
Northeast Portland neighborhood from NE 10th to NE 22nd, Ainsworth to Wygant, home to Alberta Park and part of the Last Thursday event footprint on Alberta.
Single Family · 30 sold
$610K▲ 3.4%Median sale
$304▼ 11.9%$/sqft
11 days▼ 47.6%Days on market
100%of listSold-to-list
~1913approx.Year built
3listed todayActive
Condo · 3 sold
$299K▼ 60.9%Median sale
$472▲ 43.6%$/sqft
6 days▲ 20.0%Days on market
100%of listSold-to-list
~1950approx.Year built
3listed todayActive
2-4 Unit Residential · 1 sold
$625K▼ 15.1%Median sale
285 dayssmall NDays on market
100%of listSold-to-list
~1948approx.Year built
1listed todayActive
### King
Inner Northeast Portland neighborhood straddling NE Martin Luther King Jr. Blvd. from Ainsworth to Fremont, with Alberta Street running through it.
Single Family · 52 sold
$600K▼ 4.4%Median sale
$318▲ 2.2%$/sqft
9 daysflatDays on market
100%of listSold-to-list
~1913approx.Year built
7listed todayActive
Condo · 15 sold
$390K▲ 18.2%Median sale
$327▼ 17.7%$/sqft
35 days▼ 42.6%Days on market
100%of listSold-to-list
~2006approx.Year built
4listed todayActive
2-4 Unit Residential · 5 sold
$710K▲ 10.8%Median sale
10 days▼ 90.1%Days on market
100%of listSold-to-list
~1910approx.Year built
0listed todayActive
### Woodlawn
Northeast Portland neighborhood centered on the Dekum Triangle business district, adjacent to King and Concordia.
Single Family · 62 sold
$595K▲ 10.4%Median sale
$336▲ 4.0%$/sqft
6 days▼ 7.1%Days on market
100%of listSold-to-list
~1943approx.Year built
11listed todayActive
Condo · 13 sold
$393K▲ 9.2%Median sale
$358▼ 4.3%$/sqft
17 days▼ 37.0%Days on market
99%of listSold-to-list
~2019approx.Year built
6listed todayActive
2-4 Unit Residential · 1 sold
$940K▲ 50.4%Median sale
7 days▲ 16.7%Days on market
99%of listSold-to-list
~2017approx.Year built
0listed todayActive
### Cully
Northeast Portland neighborhood with a large-lot, semi-rural history and Cully Park, a 24.73-acre park built on a capped former landfill, opened 2018.
Single Family · 106 sold
$448K▼ 4.9%Median sale
$340▲ 1.5%$/sqft
16 days▼ 11.1%Days on market
100%of listSold-to-list
~1948approx.Year built
19listed todayActive
Condo · 27 sold
$320K▼ 0.7%Median sale
$326▼ 15.6%$/sqft
44 days▼ 72.0%Days on market
100%of listSold-to-list
~2025approx.Year built
12listed todayActive
2-4 Unit Residential · 5 sold
$428K▼ 37.1%Median sale
44 days▼ 49.4%Days on market
97%of listSold-to-list
~1954approx.Year built
4listed todayActive
Other Residential · 3 sold
$253K▲ 314.8%Median sale
$189▲ 43.5%$/sqft
11 days▼ 29.0%Days on market
100%of listSold-to-list
~1995approx.Year built
0listed todayActive
### Woodland Park
Outer Northeast Portland neighborhood near the Cully area.
Single Family · 3 sold
$340K▼ 20.6%Median sale
$211▼ 20.4%$/sqft
54 days▼ 12.2%Days on market
96%of listSold-to-list
~1945approx.Year built
0listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
Alberta Arts and Concordia share an NE Portland address but the polygons trade at different price points. Concordia is the larger and more active polygon; read its SFR row first. Vernon, west of Concordia, runs at a lower single-family median. King and Woodlawn cover the corridor immediately west and north of the district. Cully is a much larger geographic footprint with more housing at lower price points; sales counts there are the highest on the page.
Woodland Park’s sales counts are thin. Read those rows as directional; a small sample makes any year-over-year figure noisy.
### Shops, Restaurants & Local Highlights
The **Alberta Arts District** is a hub for independent businesses, boutiques, and restaurants. Highlights include:
- **[McMenamins Kennedy School](https://www.mcmenamins.com/kennedy-school)**: a historic elementary school converted to brewery, movie theater, soaking pool, hotel, and event space.
- **[Proud Mary Coffee](https://proudmarycoffee.com/)**: Aussie-inspired café.
- **[Bollywood Theater](https://www.bollywoodtheaterpdx.com/)**: Indian street food.
- **[Expatriate](https://www.expatriatepdx.com/)**: cocktail bar.
- **[Pine State Biscuits](https://www.pinestatebiscuits.com/)**: biscuit-focused breakfast.
- **[Great Notion Brewing](https://greatnotion.com/)**: craft brewery.
Over in **Concordia**, the dining lineup includes **[New Seasons Market](https://www.newseasonsmarket.com/)**, **[Beeswing](https://www.beeswingpdx.com/)**, and **[Teote House Café](https://www.teotepdx.com/)**.
**Last Thursday** is a 15-block community event on NE Alberta Street between 15th and 30th avenues, 6 to 9 p.m., on the last Thursday of June, July, and August only.
### Parks & Recreation
Alberta Park anchors Vernon. **Cully Park** (24.73 acres, opened 2018) is the largest nearby public asset, on a capped former landfill in Cully. Fernhill Park sits south of Concordia.
### Schools
Buyers researching school assignment in the Alberta Arts District and Concordia should verify boundaries per address using the [Portland Public Schools School Finder](https://www.pps.net/Page/2379). Local schools include Vernon School (K-8), Faubion School (K-8, which collaborates with the University of Oregon’s College of Education), and Jefferson High School. See the Oregon Department of Education report card for current program and performance data.
### Getting Around
Regular [TriMet bus service](https://trimet.org/#/planner) connects the district to downtown Portland, major highways, and the airport. Key transit routes include **Line 72** (Killingsworth), **Line 8** (NE 15th), **Line 70** (NE 33rd, serving Concordia), and **Line 6** (MLK Blvd). MAX access is via the Lloyd District to the south. I-84 is a short drive south.
### The Trade-off
Alberta Arts and Concordia give you an active independent-retail corridor in Alberta Street, a mix of housing types at generally lower entry prices than the inner-east core, and the University of Oregon’s Portland campus as a growing anchor. You give up direct MAX access (the closest station is in the Lloyd District) and, in the outer polygons like Cully, some walkable-shopping proximity.
The direct alternatives: [**Alameda / Grant Park / Hollywood**](https://lovejoyrealestate.com/alameda-grant-park-hollywood/) trade the Alberta corridor for the NE Fremont and Broadway corridors at higher entry prices; [**Irvington and Sabin**](https://lovejoyrealestate.com/irvington-sabin-lloyd-district/) trade the Alberta corridor for NE Broadway and closer MAX access at higher entry prices; [**Kenton, Arbor Lodge, and Portsmouth**](https://lovejoyrealestate.com/kenton-arbor-lodge-portsmouth/) trade the inner-east grid for the North Portland peninsula and Yellow Line access.
### Thinking about the Alberta Arts District or Concordia?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, housing style, timing, and what you’re not willing to give up. Use the form below, or reach us at .
---
### [South Burlingame, Burlingame, Tryon Creek](https://lovejoyrealestate.com/south-burlingame-burlingame-tryon-creek/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/pic-49739.jpg)**Burlingame** is a tree-lined SW Portland area between I-5 and the Willamette River, north of Lake Oswego. This page covers **South Burlingame, Collins View, Marshall Park, and Arnold Creek**. It also includes the adjacent **Far Southwest** polygon, which sits west of I-5 around the PCC Sylvania campus and is not itself part of Burlingame or adjacent to Tryon Creek.
### Neighborhood Overview & Real Estate
Housing here is a mix of classic Tudors, mid-century ranches, Cape Cod cottages, and custom contemporary. Lots run larger than the inner east side, and mature tree canopy is a defining feature.
South Burlingame is closest to major roadways and neighborhood shopping. Collins View is home to **Lewis & Clark College** and reads more wooded. **Marshall Park and Arnold Creek** are the most secluded, with many properties bordering [Tryon Creek State Natural Area](https://www.oregonstateparks.org/index.cfm?do=parkPage.dsp_parkPage&parkId=110).
**Far Southwest** covers the area around Lesser Park, Sylvania Park and PCC Sylvania and is a different geography; it does not abut Tryon Creek and it is not adjacent to Marshall Park.
## The Market in South Burlingame and Burlingame
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
### South Burlingame
Quiet SW Portland community with tree-lined streets and easy I-5 access.
Single Family · 24 sold
$691K▲ 13.0%Median sale
$304▼ 0.9%$/sqft
14 days▼ 31.7%Days on market
100%of listSold-to-list
~1953approx.Year built
12listed todayActive
Condo · 3 sold
$445K▲ 48.3%Median sale
$433▲ 25.1%$/sqft
43 days▼ 36.8%Days on market
101%of listSold-to-list
~2026approx.Year built
1listed todayActive
2-4 Unit Residential · 1 sold
$584K▼ 20.5%Median sale
219 dayssmall NDays on market
100%of listSold-to-list
~1981approx.Year built
0listed todayActive
### Hayhurst
SW Portland neighborhood adjacent to Vermont Hills, home to the former Alpenrose Dairy site now being redeveloped.
Single Family · 70 sold
$607K▼ 4.2%Median sale
$326▼ 8.3%$/sqft
9 days▲ 58.3%Days on market
100%of listSold-to-list
~1957approx.Year built
12listed todayActive
Condo · 2 sold
$567K▲ 156.8%Median sale
$324▲ 31.2%$/sqft
28 days▼ 48.1%Days on market
99%of listSold-to-list
~1981approx.Year built
5listed todayActive
2-4 Unit Residential · 1 sold
$595K▼ 42.2%Median sale
40 days▼ 56.0%Days on market
90%of listSold-to-list
~1951approx.Year built
1listed todayActive
### Ashcreek-Crestwood
Outer SW Portland neighborhoods with quiet streets, hilly terrain and creeks feeding Fanno Creek.
Single Family · 95 sold
$625K▲ 7.8%Median sale
$324▼ 2.9%$/sqft
20 days▲ 100.0%Days on market
100%of listSold-to-list
~1981approx.Year built
18listed todayActive
Condo · 7 sold
$333K▼ 51.1%Median sale
$320▲ 6.1%$/sqft
112 days▼ 30.4%Days on market
100%of listSold-to-list
~2026approx.Year built
9listed todayActive
Other Residential · 1 sold
$170K▲ 16.9%Median sale
367 dayssmall NDays on market
85%of listSold-to-list
0listed todayActive
### Far Southwest
Outer SW Portland neighborhood built around Lesser Park, Sylvania Park and the PCC Sylvania campus, with wooded lots.
Single Family · 22 sold
$709K▲ 5.8%Median sale
$298▼ 3.0%$/sqft
25 days▼ 44.4%Days on market
99%of listSold-to-list
~1988approx.Year built
10listed todayActive
Condo · 3 sold
$403KflatMedian sale
$397flat$/sqft
100 daysflatDays on market
101%of listSold-to-list
~2025approx.Year built
4listed todayActive
2-4 Unit Residential · 0 sold
n/aflatMedian sale
1listed todayActive
### Collins View
Wooded SW neighborhood adjacent to Tryon Creek and home to Lewis & Clark College.
Single Family · 21 sold
$683K▲ 4.0%Median sale
$321▼ 12.8%$/sqft
6 days▼ 25.0%Days on market
100%of listSold-to-list
~1972approx.Year built
11listed todayActive
Condo · 3 sold
$720K▼ 18.1%Median sale
$313▼ 12.6%$/sqft
131 dayssmall NDays on market
99%of listSold-to-list
~2025approx.Year built
1listed todayActive
Other Residential · 0 sold
n/aflatMedian sale
1listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
The block above renders several polygons: South Burlingame and Collins View for the Willamette-side of I-5, plus Ashcreek/Crestwood, Hayhurst and Far Southwest to the west. Marshall Park and Arnold Creek are covered by the adjacent SW polygons.
Sample sizes for individual polygons here are small; year-over-year percentage swings should be read as directional. The defining feature of the area is physical: forested settings, larger lots, mid-century and contemporary stock, and winding streets rather than a tight grid.
## [Search homes and condos](https://lovejoyrealestate.hsidx.com/@ccare/search/694093750c359)
### Shops, Restaurants & Local Highlights
This area is primarily residential; day-to-day shopping is on the surrounding corridors:
- **Fred Meyer** at Burlingame Fred Meyer Center (SW Barbur/Terwilliger) – grocery, deli, home goods.
- [**John’s Landing**](https://lovejoyrealestate.com/lair-hill-terwilliger-johns-landing/) on Macadam – Zupan’s Market, restaurants, and cafés a few minutes north.
- [**Multnomah Village**](https://lovejoyrealestate.com/hillsdale-multnomah-village/) – independent shops, bookstores, cafés.
- **Lake Oswego’s Mountain Park Center** south along OR-43 for additional retail.
Neighborhood dining includes [**Flying Pie Pizzeria**](http://www.flying-pie.com/) and, at the Fred Meyer plaza, several independent quick-serve spots.
### Parks & Green Spaces
- [**Tryon Creek State Natural Area**](https://www.oregonstateparks.org/index.cfm?do=parkPage.dsp_parkPage&parkId=110) – 658 acres, 8 miles of hiking trails, 3.5 miles of equestrian trail, a boardwalk over a wetland, and a 3-mile paved bike path along the park’s eastern edge. Bikes are not permitted on the interior hiking trails.
- [**Marshall Park**](https://www.portland.gov/parks/marshall-park) – a wooded neighborhood park with hiking trails, a picnic area, and a small waterfall along Tryon Creek.
- [**Burlingame Park**](https://www.portland.gov/parks/burlingame-park) – a small neighborhood park with a playground, basketball courts, and shaded picnic areas.
### Schools
South Burlingame, Collins View, Marshall Park and Arnold Creek are served by **Portland Public Schools**. Neighborhood schools include Capitol Hill Elementary, Jackson Middle School and Ida B. Wells High School (formerly Wilson High). Attendance boundaries change; verify for a specific address with the district using the [PPS School Finder](https://www.pps.net/Page/2379). See the [Oregon Department of Education report card](https://www.ode.state.or.us/data/reportcard/reports.aspx) for current program and performance data.
### Getting Around
- **Interstate 5** – direct access to downtown Portland and Lake Oswego. Downtown is roughly 15 minutes off-peak; longer during peak commute hours.
- **TriMet** bus service on the Barbur and Terwilliger corridors, including [line 39](https://trimet.org/schedules/r039.htm) and [line 43](https://trimet.org/schedules/r043.htm). There is no MAX light rail directly serving this area; transit here is bus only.
- The **Terwilliger Boulevard Trail** is a paved path along S Terwilliger Boulevard for cycling and running.
Plan a trip with the [TriMet trip planner](https://trimet.org/#/planner).
### The Trade-off
This area gives you tree canopy, larger lots, quiet streets and direct access to Tryon Creek. You give up walk-to-everything density and a neighborhood commercial main street; day-to-day shopping is on Barbur or a short drive to Multnomah Village or John’s Landing.
Direct alternatives on this side of the river: [**Bridlemile and Vermont Hills**](https://lovejoyrealestate.com/bridlemile-vermont-hills/) for similar postwar hillside housing further north; [**Hillsdale and Multnomah Village**](https://lovejoyrealestate.com/hillsdale-multnomah-village/) for the same character with a walkable town center; [**Dunthorpe and Riverdale**](https://lovejoyrealestate.com/dunthorpe-riverdale/) further south along the river for larger lots and a different school district.
### Thinking about Burlingame or the Tryon Creek area?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, housing style, timing, and what you’re not willing to give up. Use the form below, or reach us at .
---
### [Irvington, Sabin, and the Lloyd District](https://lovejoyrealestate.com/irvington-sabin-lloyd-district/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
The **Irvington** neighborhood, located in Portland’s inner Northeast, blends historic architecture with a Broadway commercial spine. Named for riverboat captain William Irving, who with his wife Elizabeth settled a 640-acre donation land claim here in 1851, the neighborhood was platted in 1887 and opened for sale in 1891. In 1978, former President Jimmy Carter chose to stay in a restored Irvington home during his visit to Portland.
### Neighborhoods within Irvington, Sabin, and the Lloyd District
#### Irvington
**Irvington** is known for its historic architecture and well-preserved homes. The majority of Irvington’s homes were built between 1900 and 1930, with the 1920s alone accounting for more than 1,200 buildings, featuring styles including Craftsman bungalows, Foursquare, Colonial Revival, and English Tudor. Fixer-upper opportunities are rare and typically found near Irving Park. Each May, the **Irvington Community Association** hosts a home tour showcasing historic residences.
#### Sabin
Bordering Irvington to the north, **Sabin** is a smaller residential neighborhood with a similar mix of early-1900s housing stock. It doesn’t have a large commercial district; residents shop the small cafés, boutiques, and markets along NE Fremont and MLK Boulevard. **New Seasons Market** sits just outside Sabin’s residential core.
#### Lloyd District
Just south of Irvington, the **Lloyd District** is a commercial and entertainment district anchored by the [**Oregon Convention Center**](http://www.oregoncc.org/), the Moda Center, and three MAX lines. Lloyd Center mall closed to the public on August 8, 2026, and the site is approved for redevelopment into thousands of homes plus roughly six acres of open space. Jumbo’s Pickleball, Trackers Earth, and the Regal Cinemas remain open on the site.
## The Market in Irvington, Sabin, and Lloyd District
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
### Irvington
Historic Inner Northeast neighborhood with grand boulevard homes, the majority built between 1900 and 1930.
Single Family · 84 sold
$990K▲ 7.8%Median sale
$333▲ 4.1%$/sqft
5 days▼ 16.7%Days on market
100%of listSold-to-list
~1916approx.Year built
17listed todayActive
Condo · 10 sold
$397K▼ 5.5%Median sale
$336▼ 8.9%$/sqft
17 days▼ 52.1%Days on market
98%of listSold-to-list
~1976approx.Year built
3listed todayActive
2-4 Unit Residential · 4 sold
$784K▼ 4.7%Median sale
33 days▼ 72.8%Days on market
96%of listSold-to-list
~1941approx.Year built
3listed todayActive
Other Residential · 1 sold
$325KflatMedian sale
29 daysflatDays on market
54%of listSold-to-list
0listed todayActive
### Sabin
Quieter neighbor to Irvington with a local-business focus along NE Fremont and MLK.
Single Family · 40 sold
$740K▲ 9.6%Median sale
$348flat$/sqft
6 days▼ 45.5%Days on market
102%of listSold-to-list
~1923approx.Year built
0listed todayActive
Condo · 5 sold
$499K▼ 27.2%Median sale
$372▲ 0.7%$/sqft
17 days▲ 6.3%Days on market
100%of listSold-to-list
~2003approx.Year built
0listed todayActive
2-4 Unit Residential · 1 sold
$925KflatMedian sale
75 daysflatDays on market
103%of listSold-to-list
~1949approx.Year built
0listed todayActive
### Lloyd District
Commercial and entertainment hub anchored by the Oregon Convention Center, the Moda Center, and three MAX lines.
Single Family · 1 sold
$435KflatMedian sale
$238flat$/sqft
0 daysflatDays on market
100%of listSold-to-list
~1904approx.Year built
0listed todayActive
Condo · 3 sold
$220KflatMedian sale
$326▼ 19.6%$/sqft
128 days▲ 73.0%Days on market
92%of listSold-to-list
~2001approx.Year built
7listed todayActive
2-4 Unit Residential · 1 sold
$1.00MflatMedian sale
133 daysflatDays on market
83%of listSold-to-list
~1909approx.Year built
0listed todayActive
### Sullivan's Gulch
Narrow neighborhood paralleling I-84 between Irvington and Laurelhurst.
Single Family · 6 sold
$733K▼ 11.2%Median sale
$272▲ 8.5%$/sqft
19 days▲ 30.0%Days on market
99%of listSold-to-list
~1908approx.Year built
3listed todayActive
Condo · 21 sold
$285K▼ 1.0%Median sale
$316▲ 0.7%$/sqft
44 days▼ 57.3%Days on market
100%of listSold-to-list
~1963approx.Year built
11listed todayActive
2-4 Unit Residential · 1 sold
$1.08M▲ 9.1%Median sale
36 days▲ 9.1%Days on market
100%of listSold-to-list
~1975approx.Year built
1listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
Irvington carries one of the higher single-family medians in Northeast Portland and one of the shorter marketing times, driven by a limited supply of the substantial early-1900s stock. Read the SFR row. Sabin runs at lower entry prices on comparable housing stock. Lloyd District figures reflect a much smaller condo-heavy sample; read those rows as directional given the sales counts.
Sullivan’s Gulch appears in the block as well; the SFR sample there is small and any year-over-year figure should be read as directional rather than a trend.
### Shops, Restaurants & Local Highlights
Irvington’s commercial life is concentrated along **NE Broadway, NE Fremont, and NE 15th Avenue**. Along **NE Broadway**, Whole Foods Market anchors the grocery lineup. Dining in Irvington runs from quick counter service to full sit-down restaurants.
In Sabin, the closest grocery is **New Seasons Market**. In the Lloyd District, dining ranges from quick-serve to award-winning full-service restaurants including **Kachka**.
### Parks & Recreation
[**Irving Park**](https://www.portland.gov/parks/irving-park) is the primary green space serving the area, with sports fields, playgrounds, and paths. Grant Park, just to the east, adds further green space.
### Schools
The area is served by **Portland Public Schools**. Verify attendance boundaries for a specific address with the district directly using the [PPS School Finder](https://www.pps.net/Page/2379). See the Oregon Department of Education report card for current program and performance data.
### Getting Around
With direct MAX access in the Lloyd District and I-5 and I-84 both within a few blocks, Irvington, Sabin, and the Lloyd District provide some of the shortest commutes in the city. The [TriMet MAX Light Rail](https://trimet.org/#/planner) runs through the Lloyd District, connecting to the airport, downtown, and other key areas. TriMet bus coverage on NE Broadway, NE Fremont, and MLK is extensive. Downtown Portland is 5 to 10 minutes by car; PDX is about 15 minutes via I-84 to I-205.
### The Trade-off
Irvington gives you the largest concentration of well-preserved early-1900s housing stock on the east side, a Broadway commercial corridor inside the neighborhood, and one of the shortest commutes into downtown of any Portland residential neighborhood. You give up entry-tier pricing (Irvington runs at a persistent premium) and quiet-street cohesion at the block level (Broadway is a real commercial spine).
The direct alternatives: [**Alameda / Grant Park**](https://lovejoyrealestate.com/alameda-grant-park-hollywood/) trades the Broadway corridor for a quieter residential grid at comparable prices; [**Laurelhurst**](https://lovejoyrealestate.com/laurelhurst/) trades size for planned Olmsted streets and a central park; [**Alberta Arts and Concordia**](https://lovejoyrealestate.com/alberta-arts-district-concordia/) trade the Broadway corridor for the Alberta arts corridor at generally lower entry prices.
### Thinking about Irvington, Sabin, or the Lloyd District?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, housing style, timing, and what you’re not willing to give up. Use the form below, or reach us at .
---
### [Lair Hill, Terwilliger & John's Landing](https://lovejoyrealestate.com/lair-hill-terwilliger-johns-landing/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
**Lair Hill, John’s Landing, and Terwilliger** cover three connected pockets of Portland’s South sextant, just south of downtown along the west bank of the Willamette. Housing here spans early-1900s Victorians on the Lair Hill hillside, mid-century and contemporary hillside homes along Terwilliger, and a substantial condo inventory in John’s Landing and adjacent South Waterfront.
### Neighborhood Overview & Real Estate
#### Lair Hill
Lair Hill sits at the base of the **I-5 Terwilliger Curves**, directly beneath the Portland Aerial Tram’s cabin route. The tram itself runs between two terminals, South Waterfront at S Moody Avenue and Gibbs Street and Marquam Hill at OHSU’s Kohler Pavilion; a three-minute trip. There is no Lair Hill station. Residents reach the lower tram terminal on foot via the Gibbs Street pedestrian bridge over I-5.
Housing in Lair Hill is a mix of restored Victorian and Craftsman single-family stock from the early 1900s and newer townhome and condo infill.
#### John’s Landing
John’s Landing sits between I-5 and the Willamette River, along **S Macadam Avenue (OR-43)**. The commercial spine along Macadam includes restaurants, cafés, professional services and grocery. Housing includes historic cottages, mid-rise condos and riverfront townhomes.
#### Terwilliger
**S Terwilliger Boulevard** is a designated scenic route running south from South Portland past Lewis & Clark College. The paved Terwilliger path alongside the boulevard continues south to State Street (Highway 43) in Lake Oswego; Terwilliger Boulevard itself ends short of the city. Homes off Terwilliger and its side streets include mid-century, contemporary and larger hillside properties.
## The Market in Lair Hill, Terwilliger & John's Landing
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 41 sold
$580K▼ 8.4%Median sale
$300▼ 4.4%$/sqft
49 days▲ 69.0%Days on market
98%of listSold-to-list
~1928approx.Year built
13listed todayActive
Condo · 102 sold
$460K▼ 5.5%Median sale
$350▼ 7.2%$/sqft
60 days▲ 12.0%Days on market
98%of listSold-to-list
~2005approx.Year built
59listed todayActive
2-4 Unit Residential · 5 sold
$875K▲ 23.7%Median sale
71 days▲ 61.4%Days on market
97%of listSold-to-list
~1961approx.Year built
4listed todayActive
Other Residential · 0 sold
n/aflatMedian sale
5listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
The block above renders the South Portland polygon: hillside Lair Hill and riverfront John’s Landing / South Waterfront in one polygon. Read the SFR row for the Lair Hill hillside and the Condo row for the John’s Landing and South Waterfront tower inventory; the two segments are two different products in one boundary.
Condo inventory has built up over the past year and days on market have lengthened. The hillside SFR sample is smaller and moves in fewer, higher-price transactions.
## [Search for homes and condos](https://lovejoyrealestate.hsidx.com/@ccare/search/69408e6679ff1)
### Shops, Restaurants & Local Highlights
#### John’s Landing
The **S Macadam Avenue** corridor is the neighborhood commercial anchor. Neighborhood businesses include [**The Fulton Pub & Brewery**](http://www.mcmenamins.com/258-fulton-pub-brewery-home) (an original McMenamins pub), a **Zupan’s Market**, and the **Willamette Sailing Club** and **Willamette Park** boat ramp on the river.
#### Lair Hill & South Waterfront
The Gibbs Street pedestrian bridge over I-5 connects Lair Hill to **South Waterfront**, where restaurants, cafés and services are clustered around the tram plaza and along S Bond and S Moody. OHSU’s Center for Health & Healing sits at the base of the tram.
### Parks & Outdoor Recreation
- **Willamette Park** – riverfront park with a public boat ramp, sports fields and picnic areas at the south end of John’s Landing.
- **South Waterfront Greenway** – paved trail along the river connecting John’s Landing north to downtown.
- **Terwilliger Parkway and Trail** – forested parkway with the Terwilliger Boulevard Trail running south to Lake Oswego.
- **Marquam Nature Park** – trailheads on the hillside above Lair Hill; connects to Council Crest.
### Schools
Lair Hill, John’s Landing and the Terwilliger corridor are served by Portland Public Schools. Attendance areas vary; the typical high school assignment for this area is Lincoln High School. Verify boundaries for a specific address with the district using the [PPS School Finder](https://www.pps.net/Page/2379).
### Getting Around
- **Interstate 5** runs along the east side of Lair Hill and John’s Landing; direct access to downtown and the suburbs.
- **S Macadam Avenue (OR-43)** is the main north-south corridor through John’s Landing to Lake Oswego.
- **Portland Aerial Tram**: two terminals, South Waterfront (S Moody & Gibbs) and Marquam Hill (OHSU Kohler Pavilion). Runs weekdays and Saturdays.
- **Portland Streetcar** NS Line serves South Waterfront and continues to the Pearl and NW 23rd.
- **TriMet** bus routes serve Macadam, Barbur and the tram plaza.
Plan a trip with the [TriMet trip planner](https://trimet.org/#/planner). There is no MAX light rail directly serving Lair Hill, John’s Landing or Terwilliger.
### The Trade-off
This area gives you close-in access to downtown, OHSU and the Willamette River on the west side, with a range of price points and product types (Victorians, mid-century hillside SFR, riverfront condos, tower condos in adjacent South Waterfront). You give up a walkable neighborhood commercial main street outside of Macadam, and hillside blocks require a car for daily errands.
Direct alternatives on this side of the river: [**Dunthorpe and Riverdale**](https://lovejoyrealestate.com/dunthorpe-riverdale/) further south along the river for larger lots and lower density; [**Pearl District**](https://lovejoyrealestate.com/pearl-district/) across the river for a condo-heavy inventory in a walkable urban core.
### Thinking about Lair Hill, John’s Landing or Terwilliger?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, housing style, timing, and what you’re not willing to give up. Use the form below, or reach us at .
---
### [Forest Heights](https://lovejoyrealestate.com/forest-heights/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
**Forest Heights** is a west-slope hillside neighborhood toward NW Barnes and the Sunset Corridor, largely built out from the 1990s onward. The core is a master-planned community of newer single-family homes and townhomes managed by the **Forest Heights Homeowners Association (FHHOA)**. It sits within the broader **Northwest Heights** area, which also includes older, higher-end homes on the surrounding hillsides outside the planned community.
Buyers shopping this area should expect a mix of the master-planned Forest Heights stock and the more established Northwest Heights inventory beyond it. Both segments show up on the market block below.
## The Market in Forest Heights & Northwest Heights
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
### Forest Park
Surrounded by the largest urban forest reserve in the United States — secluded homes with direct access to 80+ miles of trails.
Single Family · 46 sold
$1.24M▲ 23.3%Median sale
$333▼ 1.7%$/sqft
70 dayssmall NDays on market
96%of listSold-to-list
~1990approx.Year built
44listed todayActive
Other Residential · 2 sold
$599K▲ 9.9%Median sale
$518flat$/sqft
45 days▼ 36.6%Days on market
206%of listSold-to-list
~1994approx.Year built
8listed todayActive
### Northwest Heights
West-slope hillside neighborhood toward NW Barnes and the Sunset Corridor, largely built out from the 1990s onward. Includes the Forest Heights master-planned community.
Single Family · 87 sold
$977K▼ 1.8%Median sale
$264▼ 6.6%$/sqft
56 days▼ 11.1%Days on market
98%of listSold-to-list
~2000approx.Year built
57listed todayActive
Condo · 41 sold
$435K▼ 8.0%Median sale
$260▼ 14.2%$/sqft
48 days▼ 28.4%Days on market
99%of listSold-to-list
~2002approx.Year built
18listed todayActive
Other Residential · 0 sold
n/aflatMedian sale
1listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
The polygon here covers two related but distinct pockets. The **Northwest Heights** single-family block is the deepest segment on the page and the best read for typical Forest Heights market conditions. The **Forest Park** polygon captures a smaller number of higher-priced hillside sales north and west along the park boundary; the median is higher and days on market are longer because these are larger, less liquid properties. Condos in the Northwest Heights block skew to the corridor at the base of the hill, not the master-planned Forest Heights core.
Read the SFR row in each polygon for a picture of where price movement is happening. Because the sub-segments are meaningfully different, use $/sqft and days on market for a truer read on your target sub-market than the headline median alone.
### Housing Stock & the HOA
Forest Heights features tree-lined streets, private community trails, and preserved shared open space. The hilly terrain provides many homes with views west toward the Tualatin Valley and east toward downtown Portland. Housing is primarily newer single-family homes with spacious layouts and modern designs, plus townhomes offering low-maintenance living with high-end finishes.
The **Forest Heights Homeowners Association** oversees private common area, private roads, drainage, and a network of private trails. Because this is steep-slope infrastructure, buyers should read the reserve study and the CC&Rs early in due diligence.
### Parks: HOA versus City
**Forest Heights Park** and **Mill Pond Park** are City of Portland parks, listed under the Northwest Heights neighborhood by Portland Parks. The Forest Heights Homeowners Association separately maintains private common area, private roads, drainage, and a network of private trails through the community. The HOA versus City split is exactly the diligence question a Forest Heights buyer should be asking, because it affects who fixes what and who pays.
### Shops, Restaurants & Local Highlights
The neighborhood’s commercial hub is the **Village at Forest Heights**, which provides essential services and dining options. Longstanding tenants include:
- **Pizzicato Pizza**: a local pizzeria in the Village at Forest Heights.
- **Heroes American Café**: American diner fare, sandwiches and salads.
- **Luxury Nails & Foot Massage**: salon services.
- **Forest Heights Cleaners**: dry cleaning.
- **XStream Learning Center**: tutoring and academic support.
For a broader dining and shopping trip, residents drive a few minutes to Cedar Mill, Northwest Portland, or Bethany.
### Schools & Education
Forest Heights is served by **Forest Park Elementary**, **West Sylvan Middle**, and **Lincoln High School**. Portland Public Schools redraws boundaries from time to time, so verify by address using the [Portland Public Schools boundary maps](https://www.pps.net/Page/2379). For program details, refer to the [Oregon Department of Education report cards](https://www.ode.state.or.us/data/reportcard/reports.aspx). Lincoln High School operates the International Baccalaureate program.
### Getting Around
Forest Heights has direct access to Highway 26 via NW Cornell and NW Barnes. **No TriMet bus route runs into the neighborhood itself.** A private shuttle operated for the community connects to the **Sunset Transit Center**, where [TriMet MAX Blue and Red Line](https://trimet.org/max/) service and several bus lines are available. The shuttle is a community amenity, not a public transit route.
Approximate drive times:
- **Downtown Portland:** 15 to 20 minutes via Highway 26.
- **Portland International Airport:** about 30 minutes via Highway 26 and I-405.
- **Intel’s Hillsboro campus:** about 20 minutes west via Highway 26.
### Recreation & Green Spaces
Beyond the City-owned Forest Heights Park and Mill Pond Park (see above), the FHHOA maintains a network of private community trails through the master-planned area. The neighborhood also sits within a few minutes of Forest Park trailheads via NW Skyline and NW Thompson.
### The Trade-off
Forest Heights trades corridor access for space, newer construction, and direct trail access. You get more square footage, newer systems, and HOA-maintained shared infrastructure. You give up the walk-to commercial density of the inner west side and the transit connectivity of a MAX station in the neighborhood itself. HOA dues, CC&R design standards, and reserve study exposure are all part of the deal here; make sure your review is thorough.
Direct alternatives: [**Willamette Heights**](https://lovejoyrealestate.com/willamette-heights/) and the Forest Park neighborhood for older housing stock on wooded lots closer to NW 23rd; [**the Alphabet District**](https://lovejoyrealestate.com/alphabet-district-nob-hill-portland/) for corridor walkability without the hill; Bethany and Cedar Mill for newer suburban stock a bit further west.
### Thinking about Forest Heights?
Reach out before you are ready. HOA-managed communities reward careful reading of the CC&Rs and reserve study, and we can help you know what to look for. Every consultation starts with your priorities: budget, housing style, timing, and what you are not willing to give up. Use the form below, or reach us at .
---
### [Bridlemile & Vermont Hills](https://lovejoyrealestate.com/bridlemile-vermont-hills/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/pic-49735.jpg)Bridlemile and Vermont Hills are primarily residential SW Portland neighborhoods on the hillside between Beaverton-Hillsdale Highway and the Sylvan / Portland Heights ridge. Vermont Hills covers the Hayhurst and Maplewood areas. Both sit a short drive from downtown, Multnomah Village and the westside job corridor.
### Neighborhood Overview & Real Estate
[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/pic-49736.jpg)Bridlemile is largely postwar single-family stock on tree-lined streets, with little commercial zoning. The **Bridlemile Neighborhood Association** works on pedestrian-safety and watershed issues in the Fanno Creek headwaters.
One of the area’s most notable landmarks is the **Theodore B. Wilcox Country Estate**, the 1917 Colonial Revival house on SW 52nd Place designed by Kirtland Cutter, later converted to condominiums. It has been listed on the [National Register of Historic Places](https://npgallery.nps.gov/AssetDetail/NRIS/93000019) since February 19, 1993 (reference #93000019).
Vermont Hills (covering Hayhurst and Maplewood) is a mix of mid-century homes and newer infill. Maplewood sits closer to Multnomah Village; Hayhurst wraps the old Alpenrose Dairy site.
## The Market in Bridlemile and Vermont Hills
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
### Bridlemile
Quiet, residential SW neighborhood with tree-lined streets, well-kept homes, and the historic Wilcox Manor.
Single Family · 62 sold
$880K▲ 3.5%Median sale
$318▼ 4.3%$/sqft
23 days▲ 34.3%Days on market
99%of listSold-to-list
~1966approx.Year built
31listed todayActive
Condo · 3 sold
$295KflatMedian sale
$286flat$/sqft
13 daysflatDays on market
100%of listSold-to-list
~1981approx.Year built
0listed todayActive
2-4 Unit Residential · 2 sold
$708KflatMedian sale
8 daysflatDays on market
98%of listSold-to-list
~1978approx.Year built
0listed todayActive
Other Residential · 0 sold
n/aflatMedian sale
1listed todayActive
### Maplewood
SW Portland neighborhood near Multnomah Village with mid-century homes and wooded lots.
Single Family · 27 sold
$663K▲ 11.2%Median sale
$332▲ 1.5%$/sqft
27 days▲ 35.0%Days on market
100%of listSold-to-list
~1970approx.Year built
4listed todayActive
Condo · 4 sold
$288K▼ 19.7%Median sale
$268▲ 1.0%$/sqft
6 days▼ 83.3%Days on market
100%of listSold-to-list
~1976approx.Year built
2listed todayActive
2-4 Unit Residential · 1 sold
$645KflatMedian sale
30 daysflatDays on market
100%of listSold-to-list
~1973approx.Year built
0listed todayActive
### West Portland Park
Quiet SW Portland neighborhood with single-family homes and proximity to I-5.
Single Family · 42 sold
$577K▼ 3.0%Median sale
$324▼ 3.7%$/sqft
18 days▼ 28.0%Days on market
100%of listSold-to-list
~1979approx.Year built
20listed todayActive
Condo · 5 sold
$233K▼ 16.8%Median sale
$222▼ 15.3%$/sqft
12 days▼ 65.2%Days on market
94%of listSold-to-list
~1979approx.Year built
0listed todayActive
2-4 Unit Residential · 2 sold
$598KflatMedian sale
119 daysflatDays on market
95%of listSold-to-list
~1957approx.Year built
2listed todayActive
Other Residential · 1 sold
$149K▼ 27.3%Median sale
3 daysflatDays on market
100%of listSold-to-list
0listed todayActive
### Markham
SW Portland neighborhood along I-5, just south of Multnomah. Parks include Marigold HydroPark and Maricara Natural Area.
Single Family · 35 sold
$590K▲ 0.9%Median sale
$312▼ 6.7%$/sqft
7 days▼ 39.1%Days on market
100%of listSold-to-list
~1976approx.Year built
13listed todayActive
Condo · 2 sold
$419K▼ 16.3%Median sale
$326▲ 19.1%$/sqft
52 dayssmall NDays on market
102%of listSold-to-list
~2026approx.Year built
6listed todayActive
2-4 Unit Residential · 0 sold
n/aflatMedian sale
2listed todayActive
### Marshall Park
Wooded SW neighborhood with Marshall Park's hiking trails, stone bridge and waterfall along Tryon Creek.
Single Family · 25 sold
$791K▼ 4.6%Median sale
$326▲ 15.5%$/sqft
16 days▼ 50.0%Days on market
100%of listSold-to-list
~1982approx.Year built
4listed todayActive
Other Residential · 0 sold
n/aflatMedian sale
1listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
The block above renders several polygons: Bridlemile is the higher-price SFR polygon; Maplewood and the adjacent West Portland Park / Markham polygons run lower. Hayhurst is not currently rendered as its own polygon here.
Bridlemile carries the highest single-family median in this group. Hayhurst and Maplewood offer similar postwar housing stock at lower price points.
## [Search for homes and condos in Bridlemile and Vermont Hills](https://lovejoyrealestate.hsidx.com/@ccare/search/694085f23602e)
### Shops, Restaurants & Local Highlights
[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/pic-49737.jpg)Bridlemile and Vermont Hills are primarily residential; day-to-day shopping and dining is on the surrounding commercial corridors:
- **Beaverton-Hillsdale Highway** – grocery, restaurants and small businesses along the corridor.
- **Multnomah Village** – independent shops, cafés and small restaurants at SW Capitol Highway and 35th.
- **Raleigh Hills** – [New Seasons Market](https://www.newseasonsmarket.com/) at Raleigh Hills Plaza plus surrounding retail.
**Alpenrose site (Hayhurst).** Alpenrose Dairy operated at 6149 SW Shattuck Road from 1916 until dairy operations were sold to Smith Brothers Farms in 2019 and the company relocated to Clackamas in 2023. The 51-acre property is approved for redevelopment as a residential subdivision (City land use case [LU 24-036049 LDS EN PD](https://www.portland.gov/permits), Type III hearing September 25, 2024, appeal withdrawn November 2024). Reported unit counts have ranged from roughly 260 to 269; confirm the current figure with Portland Permitting & Development.
### Parks & Recreation
- [**Gabriel Park**](https://www.portland.gov/parks/gabriel-park) – a 90-acre park with trails, a skatepark, sports fields, and an off-leash dog area.
- [**Southwest Community Center**](https://www.portland.gov/parks/southwest-community-center) – a public facility with an indoor pool, fitness center, and sports courts.
- [**Hamilton Park**](https://www.portland.gov/parks/hamilton-park) – a 10-acre park with trails, sports fields, and a playground.
- [**Albert Kelly Park**](https://www.portland.gov/parks/albert-kelly-park) – a 12-acre park with wooded trails and picnic areas.
### Schools
Bridlemile and Vermont Hills are served by Portland Public Schools. Bridlemile Elementary and Maplewood Elementary are the neighborhood elementary schools; the middle and high school assignment is generally West Sylvan Middle School and Lincoln High School. Verify attendance boundaries for a specific address with the district directly using the [PPS School Finder](https://www.pps.net/Page/2379). See the [Oregon Department of Education report card](https://www.ode.state.or.us/data/reportcard/reports.aspx) for current program and performance data.
### Getting Around
Access is by car along:
- **Beaverton-Hillsdale Highway** – main east-west corridor to downtown Portland (via SW Bertha and Barbur) and to Beaverton.
- **Interstate 5** – reached via Barbur/Bertha; downtown is 10-15 minutes off-peak.
- **Highway 217** – not adjacent, reached via Beaverton-Hillsdale Highway; connects to Beaverton and Tigard.
Public transit is TriMet bus service along Beaverton-Hillsdale Highway. There is no MAX light rail service to these neighborhoods; transit here is bus only. Plan a trip with the [TriMet trip planner](https://trimet.org/#/planner).
### The Trade-off
Bridlemile and Vermont Hills give you tree canopy, larger lot sizes than the inner-east grid, and a quiet residential setting five to fifteen minutes from downtown, Beaverton and Nike. You give up MAX access, walk-to-everything density, and a neighborhood commercial main street.
Direct alternatives on this side of the river: [**Hillsdale and Multnomah Village**](https://lovejoyrealestate.com/hillsdale-multnomah-village/) for the same character with a walkable town center; [**South Burlingame, Burlingame, and Tryon Creek**](https://lovejoyrealestate.com/south-burlingame-burlingame-tryon-creek/) for similar terrain closer to I-5.
### Thinking about Bridlemile or Vermont Hills?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, housing style, timing, and what you’re not willing to give up. Use the form below, or reach us at .
---
### [Kings Heights and Hillside](https://lovejoyrealestate.com/kings-heights/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
Kings Heights, which the City of Portland calls **Hillside**, sits west of the NW 23rd corridor and straight uphill from it, running from W Burnside north to NW Cornell Road. The neighborhood mixes early-20th-century single-family homes on view lots with a distinct band of prewar apartment buildings and condo conversions along the lower streets closer to NW 23rd.
Two markets share the same neighborhood boundary: a small-N upper-elevation single-family market with view premiums, and a much more active condo market in the older buildings at the base of the hill.
## The Market in Kings Heights
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 7 sold
$1.10M▲ 11.1%Median sale
$261flat$/sqft
35 days▼ 10.3%Days on market
96%of listSold-to-list
~1894approx.Year built
1listed todayActive
Condo · 30 sold
$378K▲ 15.3%Median sale
$367▼ 6.6%$/sqft
35 days▼ 23.7%Days on market
100%of listSold-to-list
~1911approx.Year built
19listed todayActive
2-4 Unit Residential · 1 sold
$1.10M▲ 12.0%Median sale
35 days▼ 16.7%Days on market
96%of listSold-to-list
~1899approx.Year built
2listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
The Kings Heights polygon covers two distinct housing markets that share the same hillside. The single-family segment is small-N; a headline median can move several percent on one high or low sale, so read that row as directional and lean on $/sqft and days on market for a truer picture. The condo segment is deeper: prewar buildings and later conversions along the lower streets closer to NW 23rd trade far more actively.
If you are shopping Kings Heights for a larger single-family home with a view, look at the upper-elevation listings. If you are shopping for a condo close to the NW 23rd corridor at those price points, the lower elevation is where the inventory lives. Both are legitimate Kings Heights addresses; they just live different real estate lives.
### Neighborhood Overview & Real Estate
Kings Heights is a small, low-turnover residential pocket. Housing stock includes stately older single-family homes on view lots along streets like NW Westover and NW Cumberland, plus a mix of period-revival and mid-century designs. The lower blocks along NW 23rd Place and NW 24th Avenue include a distinct band of historic apartment buildings that have been converted to condominiums over the years. Homeownership rate for the area is high per the City’s neighborhood profiles based on 2020 Census data; buyers should verify the current figure by address if that matters to their decision.
### Shops, Restaurants & Local Highlights
Kings Heights is primarily residential, but residents are one to three blocks downhill from the **NW 23rd Avenue** corridor, one of the oldest continuously operating commercial streets in Portland. A short list of longstanding stops:
- **Barista** for coffee.
- **St. Honoré Bakery** for pastries and cafe fare.
- **Salt & Straw** for ice cream.
- **Papa Haydn** for dessert and European-inspired plates.
- **Caffé Mingo** for Italian.
- **Besaw’s** for classic Pacific Northwest fare.
- **Goorin Bros. Hat Shop**, and **Rejuvenation** for period-inspired lighting and furniture.
### Outdoor Attractions & Green Spaces
Kings Heights runs up against Forest Park, and it’s just across W Burnside from the north end of Washington Park. [**Hoyt Arboretum**](https://www.portland.gov/parks/hoyt-arboretum), with 190 ridge-top acres, 12 miles of trails, and about 2,000 different tree and shrub species, is a few minutes further into the park (Hoyt sits inside Washington Park in the Arlington Heights neighborhood, not on the Kings Heights boundary). The [**Portland Japanese Garden**](https://japanesegarden.org/) and the [**International Rose Test Garden**](https://www.portland.gov/parks/international-rose-test-garden) are both in Washington Park; parking around them fills quickly on summer weekends and traffic backs up through the neighborhood.
The [**Oregon Zoo**](https://www.oregonzoo.org/) and the [**World Forestry Center**](https://www.worldforestry.org/) are both in Washington Park, with educational exhibits and interactive programming.
### Schools & Education
Schools serving this area (verify boundaries by address using the [Portland Public Schools boundary maps](https://www.pps.net/Page/2379)):
- [**Chapman Elementary School**](https://www.pps.net/chapman)
- [**West Sylvan Middle School**](https://www.pps.net/westsylvan)
- [**Lincoln High School**](https://www.pps.net/lincoln)
### Getting Around
Streets in Kings Heights are steep and narrow, and most trips out of the neighborhood are by car. **TriMet Line 20 (Burnside/Stark)** runs along W Burnside at the neighborhood’s southern edge and connects to downtown; nearby lines on NW 23rd and Everett provide additional coverage. Approximate drive times:
- **Downtown Portland:** 10 minutes via W Burnside or NW Everett.
- **Portland International Airport:** about 30 minutes via I-405 and I-84.
- **[The Alphabet District](https://lovejoyrealestate.com/alphabet-district-nob-hill-portland/):** a few minutes down the hill to NW 23rd.
### The Trade-off
Kings Heights gives you a quiet residential hillside with view potential a few blocks from the busiest close-in commercial corridor on the west side. You give up flat streets, easy parking, and single-family scale in the condo band. Because the SFR segment is small-N, comparable-sale analysis is harder here than in most Portland neighborhoods; the earlier you talk to us the better.
Direct alternatives: [**the Alphabet District**](https://lovejoyrealestate.com/alphabet-district-nob-hill-portland/) for corridor amenities without the hill; [**Willamette Heights**](https://lovejoyrealestate.com/willamette-heights/) and the Forest Park neighborhood for a deeper wooded setting further north; [**the Pearl District**](https://lovejoyrealestate.com/pearl-district/) for high-density condo living on flat ground.
### Thinking about Kings Heights?
Reach out before you are ready. Because the single-family segment is thin, the earlier we talk, the better positioned you are when something fits. Every consultation starts with your priorities: budget, housing style, timing, and what you are not willing to give up. Use the form below, or reach us at .
---
### [Hillsdale, Multnomah Village](https://lovejoyrealestate.com/hillsdale-multnomah-village/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/pic-49796.jpg)Hillsdale and Multnomah Village sit next to each other in Southwest Portland, each built around its own commercial core. Both are hilly, both are heavily wooded, and both are a short drive to downtown, Beaverton, and Lake Oswego.
### Neighborhood Overview & Real Estate
Hillsdale traces back to the 1880s and developed as a residential neighborhood after World War II. Housing stock skews postwar: ranch, split-level and mid-century modern on hillside lots, with a substantial share renovated in the last cycle.
Multnomah Village is a smaller commercial pocket with a mix of Craftsman bungalows, ranch homes, and contemporary row houses along the streets radiating out from the SW Capitol Highway / 35th Avenue core.
## The Market in Hillsdale and Multnomah Village
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
### Hillsdale
Charming SW Portland neighborhood with the Hillsdale Town Center, a beloved year-round Farmers Market, and views from elevated home sites.
Single Family · 105 sold
$770K▲ 1.3%Median sale
$310▼ 1.8%$/sqft
7 days▼ 73.1%Days on market
100%of listSold-to-list
~1958approx.Year built
32listed todayActive
Condo · 7 sold
$284K▲ 1.9%Median sale
$293▼ 0.7%$/sqft
30 days▼ 34.8%Days on market
99%of listSold-to-list
~1965approx.Year built
11listed todayActive
2-4 Unit Residential · 2 sold
$758K▲ 11.4%Median sale
127 days▲ 72.3%Days on market
98%of listSold-to-list
~1962approx.Year built
1listed todayActive
Other Residential · 3 sold
$250KflatMedian sale
154 daysflatDays on market
83%of listSold-to-list
0listed todayActive
### Multnomah Village
Often called "the village in the heart of Portland," a compact district of independent shops, cafés, and specialty stores.
Single Family · 84 sold
$615K▼ 1.6%Median sale
$349▲ 5.5%$/sqft
16 days▲ 33.3%Days on market
100%of listSold-to-list
~1971approx.Year built
13listed todayActive
Condo · 37 sold
$405K▼ 13.4%Median sale
$338▲ 6.1%$/sqft
60 days▲ 100.0%Days on market
100%of listSold-to-list
~2003approx.Year built
21listed todayActive
2-4 Unit Residential · 2 sold
$914K▲ 9.5%Median sale
218 dayssmall NDays on market
99%of listSold-to-list
~1980approx.Year built
1listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
Hillsdale and Multnomah Village are two distinct polygons in the block above. Read each row separately: Hillsdale sits at a higher single-family price point, Multnomah Village runs lower on SFR but carries a deeper condo segment along Capitol Highway.
The choice between the two is mostly about price point, elevation, and which commercial core is closer.
## [Search for homes and condos in Multnomah Village and Hillsdale](https://lovejoyrealestate.hsidx.com/@ccare/search/694087b168e1f)
### Shops, Restaurants & Local Highlights
#### Multnomah Village
Often called “the village in the heart of Portland,” a compact district of independent shops, cafés, and specialty stores along SW Capitol Highway and 35th Avenue. Anchors include [**Annie Bloom’s Books**](http://www.annieblooms.com/), [**Sip D’Vine**](http://www.sipdvine.com/), [**Lucky Labrador Public House**](http://www.luckylab.com/), **Fat City Café**, **Yalla**, **Indigo Traders**, and the **Multnomah French Quarter** retail block. Each August, **Multnomah Days** takes over the village with local vendors, live music, and activities for all ages.
#### Hillsdale
The **Hillsdale Town Center** is the neighborhood’s commercial anchor at SW Capitol Highway and Sunset Boulevard. The [**Hillsdale Farmers Market**](https://www.hillsdalefarmersmarket.com/) runs year-round on Sundays and is one of the larger neighborhood markets in the city. [**Basics Market**](https://basicsmarket.com/store/hillsdale/) handles everyday groceries and runs cooking classes. Other neighborhood businesses include **Three Square Grill**, **Baker & Spice**, [**Paloma Clothing**](https://www.palomaclothing.com/), [**Hoot-N-Annie**](https://www.hootnannie.com/), and [**Steeplejack Brewing Company**](https://steeplejackbeer.com/), set inside a repurposed historic church.
### Parks & Recreation
Gabriel Park (90 acres, SW 45th and Vermont) is the largest park in the immediate area with sports fields, an off-leash dog area, and connections to the SW Trails network. DeWitt Park and Custer Park sit inside Multnomah Village. The Fanno Creek Greenway and Red Electric Trail corridors also run through this quadrant.
### Schools
Hillsdale and Multnomah Village are served by Portland Public Schools. Neighborhood schools include **Rieke** and **Maplewood Elementary** in the Hillsdale area, **Capitol Hill Elementary** serving parts of Multnomah Village, **Robert Gray Middle School** or **Jackson Middle School** depending on address, and **Ida B. Wells High School**. Attendance boundaries change; verify for a specific address with the district using the [PPS School Finder](https://www.pps.net/Page/2379). See the [Oregon Department of Education report card](https://www.ode.state.or.us/data/reportcard/reports.aspx) for current program and performance data.
### Getting Around
Downtown Portland is reached via **SW Capitol Highway** or **Barbur Boulevard** to I-5; Beaverton via Beaverton-Hillsdale Highway. Multiple TriMet bus routes run through the Hillsdale Town Center and along Barbur; plan a trip using the [TriMet trip planner](https://trimet.org/#/planner). There is no MAX light rail to Hillsdale or Multnomah Village; transit here is bus only. The closest MAX station is Sunset Transit Center via the 54/56, several miles west.
### The Trade-off
Hillsdale and Multnomah Village give you tree canopy, walkable village cores, and quick access to both downtown and the westside job corridor. You give up MAX access, a tight grid, and the walk-to-everything density of the inner east side.
Direct alternatives on this side of the river: [**Bridlemile and Vermont Hills**](https://lovejoyrealestate.com/bridlemile-vermont-hills/) for larger lots and a residential-only setting; [**South Burlingame, Burlingame, and Tryon Creek**](https://lovejoyrealestate.com/south-burlingame-burlingame-tryon-creek/) for similar terrain closer to Tryon Creek State Natural Area.
### Thinking about Hillsdale or Multnomah Village?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, housing style, timing, and what you’re not willing to give up. Use the form below, or reach us at .
---
### [Laurelhurst](https://lovejoyrealestate.com/laurelhurst/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
Laurelhurst is a compact, park-centered residential neighborhood straddling the Burnside line in inner Portland, running roughly from I-84 and Sandy on the north to SE Stark on the south, and from about 33rd to 44th. The northern half carries NE addresses; the park and the southern blocks carry SE. Its neighborhood association sits with the Southeast Uplift district office. Laurelhurst was platted in 1909, when the Laurelhurst Company bought Hazel Fern Farm from the estate of William S. Ladd. John Charles Olmsted advised on the street layout, and the curving streets survive. The central park was designed in 1912 by Portland park superintendent Emanuel Mische, who had trained with the Olmsted Brothers.
Laurelhurst is smaller than most of Portland’s official neighborhoods, but it carries a persistent market premium relative to comparable inner-Portland stock, driven by park proximity and the neighborhood’s architectural cohesion.
## The Market in Laurelhurst
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 71 sold
$935K▼ 0.8%Median sale
$332▲ 6.7%$/sqft
5 days▼ 50.0%Days on market
101%of listSold-to-list
~1923approx.Year built
8listed todayActive
2-4 Unit Residential · 1 sold
$682KflatMedian sale
53 daysflatDays on market
102%of listSold-to-list
~1927approx.Year built
0listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
Laurelhurst is essentially all single-family; the SFR row is the number. Condo inventory is minimal to nonexistent within the neighborhood core.
Days-on-market here typically runs shorter than the citywide average. Well-positioned Laurelhurst homes frequently sell within two to three weeks. The homes that sit longer are usually priced against an older comp set rather than current conditions.
### Neighborhoods within Laurelhurst
The neighborhood is compact enough that intra-neighborhood variation is smaller than in most Portland districts. Homes fronting Laurelhurst Park itself command a park-view premium above the neighborhood median. The blocks between NE 33rd and NE 42nd hold the majority of the substantial early-1900s housing stock. Homes closer to the E Burnside corridor at the southern edge trade at slight discounts relative to interior blocks.
### Shops, Restaurants & Local Highlights
Laurelhurst is primarily residential; the nearest commercial corridor is the NE Glisan and NE 28th area at the neighborhood’s western edge, and the NE Sandy corridor just north. Laurelhurst Village at NE Glisan and 32nd provides a small cluster of local retail and services. Laurelhurst Theater on E Burnside near NE 28th is a long-running neighborhood movie theater.
### Parks & Recreation
Laurelhurst Park, at SE César E. Chávez Boulevard and Stark, is the defining public asset: about thirty-two acres, listed on the National Register of Historic Places in February 2001, the first city park in the United States to be listed, with a spring-fed pond, mature trees, and paths. Fernhill Park is a short drive north for additional green space.
### Schools
The area is served by **Portland Public Schools**. Laurelhurst Elementary K-8 serves the neighborhood. Grant High School is the primary comprehensive high school. Verify attendance boundaries for a specific address with the district directly using the [PPS School Finder](https://www.pps.net/Page/2379). See the Oregon Department of Education report card for current program and performance data.
### Getting Around
Laurelhurst is a compact neighborhood straddling the Burnside line with strong TriMet bus coverage on NE Glisan, NE Sandy, and E Burnside. I-84 access is via 33rd or 39th, providing direct freeway to downtown Portland (10 to 15 minutes off-peak). MAX Blue, Green, and Red Lines all stop at Hollywood/NE 42nd Avenue, a short distance north. PDX is about 15 minutes via I-84 to I-205.
### The Trade-off
Laurelhurst gives you a planned residential district with curving Olmsted streets, a substantial central park that anchors daily life, and consistent early-1900s housing stock. You give up: commercial infrastructure within the neighborhood core (nearest coffee is at the edge), condo inventory (essentially none), and entry-tier pricing (Laurelhurst runs at a persistent premium).
The direct alternatives: **Alameda / Grant Park** trades the park-centered planning for slightly more commercial corridor and slightly larger inventory at comparable prices; **Irvington** trades the Laurelhurst-specific premium for lower entry prices on comparable housing stock; **Ladd’s Addition** trades some size for a similarly planned historic street pattern in inner southeast.
### Thinking about Laurelhurst?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, school boundary, timing, and what you’re not willing to give up. Use the form below, or reach us at .
---
### [St. Johns](https://lovejoyrealestate.com/st-johns/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
St. Johns occupies the northern tip of the Portland peninsula, where the Willamette meets the Columbia River. The neighborhood is separated from the rest of North Portland by industrial land and the University of Portland campus, which gives it a distinct sense of being its own place rather than a subset of the broader city. St. Johns was an independent city until 1915, and the historic downtown along N Lombard between N Fessenden and N Ivanhoe retains the small-town commercial core from that era.
The St. Johns Bridge, a 1931 suspension bridge crossing the Willamette to the Northwest Portland industrial district and Forest Park, is the neighborhood’s defining piece of infrastructure and one of the more architecturally significant bridges on the West Coast. Cathedral Park directly beneath the bridge is the neighborhood’s primary riverfront public space.
## The Market in St. Johns
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 140 sold
$450K▼ 3.2%Median sale
$315flat$/sqft
18 days▲ 8.8%Days on market
100%of listSold-to-list
~1962approx.Year built
32listed todayActive
Condo · 31 sold
$302K▼ 7.2%Median sale
$312▼ 3.0%$/sqft
55 days▼ 53.8%Days on market
100%of listSold-to-list
~2024approx.Year built
8listed todayActive
2-4 Unit Residential · 4 sold
$535K▼ 17.6%Median sale
5 days▼ 95.4%Days on market
101%of listSold-to-list
~1958approx.Year built
6listed todayActive
Other Residential · 4 sold
$441K▲ 4.9%Median sale
$251▼ 27.4%$/sqft
92 days▼ 45.9%Days on market
87%of listSold-to-list
~1995approx.Year built
0listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
St. Johns is dominantly single-family. Read the SFR row. Condo inventory is limited and concentrates in the historic downtown along Lombard.
St. Johns spent a long time as one of the more affordable corners of the city and is a much more active market now. Recent comps matter here more than they do in slower-moving neighborhoods; anchor on the last 6 months of sales.
### Neighborhoods within St. Johns
The core residential grid between N Ivanhoe and N Willamette holds the neighborhood’s older single-family housing stock: 1910s through 1940s bungalows and Old Portland-style homes on standard lots. Homes on the higher-elevation blocks with river or bridge views command premiums above the neighborhood median. The area east of N Portsmouth toward the Columbia carries an industrial-adjacent character; the area west toward Cathedral Park and the bluff features more established housing.
### Shops, Restaurants & Local Highlights
The historic downtown along N Lombard is the neighborhood’s cultural and commercial anchor. St. Johns Farmers Market runs seasonally on N Lombard. The neighborhood has grown a substantial restaurant and coffee scene over the past decade.
### Parks & Recreation
Cathedral Park directly beneath the St. Johns Bridge is the neighborhood’s signature public space, with the bridge’s gothic arches framing the Willamette River. Pier Park at N Bruce and Lombard provides additional green space. The Peninsula Crossing Trail runs along the neighborhood’s eastern edge and connects to the broader city trail network. Forest Park, one of the largest urban forest reserves in the country, is a short drive across the St. Johns Bridge.
### Schools
The area is served by **Portland Public Schools**. James John Elementary, George Middle School, and Roosevelt High School serve most of the neighborhood. Roosevelt has undergone substantial renovation and program investment in recent years. Verify attendance boundaries for a specific address with the district directly using the [PPS School Finder](https://www.pps.net/Page/2379). See the Oregon Department of Education report card for current program and performance data.
### Getting Around
N Lombard is the primary east-west arterial. The St. Johns Bridge provides west-side access to Highway 30, Forest Park, and Northwest Portland. TriMet bus service through St. Johns is extensive. The nearest MAX Yellow Line stations are Rosa Parks and N Lombard Transit Center, about three miles east on N Interstate Avenue, reachable by bus or car. Downtown Portland is 20 to 25 minutes by car via N Lombard to I-5. PDX is about 25 minutes via I-5 to I-84 to I-205.
### The Trade-off
St. Johns gives you a distinct sense-of-place neighborhood with a genuinely intact historic downtown, waterfront park access, and pricing that until recently was meaningfully below the rest of inner Portland. You give up centrality (St. Johns is 20+ minutes from most other Portland neighborhoods), some commercial density, and the price gap that used to separate St. Johns from comparable inner-eastside neighborhoods.
The direct alternatives: **Kenton, Arbor Lodge, and Portsmouth** to the south trade the sense-of-place cohesion for closer proximity to MAX and lower prices; **Linnton** across the St. Johns Bridge trades urban density for a rural-feeling riverside village.
### Thinking about St. Johns?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, housing style, timing, and what you’re not willing to give up. Use the form below, or reach us at .
---
### [Calculating a Good Investment Property](https://lovejoyrealestate.com/calculating-a-good-investment-property/)
**Published:** July 12, 2024
**Author:** Charles Turner
**Content:**
## Calculating a Good Investment Property
If you’ve decided that purchasing an investment property is right for you, the next step is to figure out what constitutes a good investment. You can check [what we look for in an investment property](http://portlandrealestateblog.com/realestate/2007/01/what-do-we-look-for-in-investment-properties/)– the post is older, but the idea is the same. Once you know what type of property you want, and in what condition, you need to figure out if a particular property is worth the money – after all, it is an “investment.” There are various formulas to calculate whether an investment is “good” for you. The simplest is the ROI – return on investment. It’s simple because you just need to compare what you’ll get out of it to what you’re going to have to put into it. However, it’s perhaps a little too simple. The three calculations below will provide you with a more strategic outlook on such an investment.
### Cash on Cash:
Cash on Cash Return = Annual Before Tax Cash Flow/Total Cash Invested A higher cash on cash return is typically a better investment (“typically” because it doesn’t account for appreciation/depreciation). This calculation is overly simplistic, but a quick way to determine if further examination is warranted. Let’s say an investor puts $150,000 down on a $600,000 property and expects to generate a $4,000/mo. return on that property, after expenses. The before tax income would be $6,000 x 12 = $72,000. So, the Cash on Cash return would be $72,000/$150,000 = 48%.
### GRM:
Gross Rental Multiplier = Sales Price/Annual Rent The lower the GRM, the better the investment. This calculation, like the above one, is highly limited, but it can be compared to the area’s average GRM. To get information on that, contact your Realtor®. In the above example, if the monthly rent were $12,000, this would give you an annual rent amount of $12,000 x 12 = $144,000. The GRM would then be $600,000/$144,000 = 4.2 (rounded up).
### Cap Rate:
Capitalization Rate = Yearly Income/Total Value The higher the cap rate, the better. Let’s consider the running example of the $600,000 property. With a yearly income of $72,000/$600,000, the Cap Rate would be 0.12 (or 12%). Where this differs from the cash on cash is that it does allow for appreciation/depreciation. Let’s say in 3 years, the value of that home rises t0 $1.2M, the Cap Rate would be 0.06 (6%), a much less favorable number. The investor could then consider options.
### Online Calculator:
Making these calculations is easy with [this online calculator](http://www.proapod.com/calculator/free/o_cap.php).
If you’re interested in what investment properties Portland offers, give us a call at 503-406-5232.
---
### [Alameda, Grant Park & Hollywood](https://lovejoyrealestate.com/alameda-grant-park-hollywood/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
Alameda, Grant Park, and Hollywood form a connected residential district in Northeast Portland running roughly from NE Broadway north to NE Prescott, and from NE 24th east to NE 47th. Together they cover the transition from Portland’s inner-northeast historic residential streets to the eastern edge of the classic streetcar-era eastside grid. Housing stock is dominantly 1910s through 1930s Old Portland-style homes, bungalows, and Craftsman construction on generously-sized lots by inner-city standards.
The district is anchored commercially by the Hollywood corridor along NE Sandy and NE Broadway, home to the Hollywood Theatre (a 1926 movie palace still operating as a nonprofit art-house venue), Trader Joe’s, and the Hollywood Farmers Market. The neighborhoods share Grant Park itself as a central green space, one of the larger flat urban parks in Portland.
## The Market in Alameda, Grant Park & Hollywood
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
### Alameda
Scenic Alameda Ridge neighborhood with stunning city, West Hills, and Mt. Hood views — known for Bungalows, Colonial Revival, English Tudor, and Spanish-style stucco homes.
Single Family · 73 sold
$950K▲ 3.9%Median sale
$340▼ 1.7%$/sqft
5 days▼ 23.1%Days on market
102%of listSold-to-list
~1927approx.Year built
5listed todayActive
### Grant Park
Peaceful residential neighborhood centered on 19-acre Grant Park, home to the Beverly Cleary Sculpture Garden.
Single Family · 63 sold
$885KflatMedian sale
$352▲ 4.4%$/sqft
5 days▼ 16.7%Days on market
103%of listSold-to-list
~1925approx.Year built
7listed todayActive
Condo · 1 sold
$689KflatMedian sale
$287flat$/sqft
6 daysflatDays on market
100%of listSold-to-list
~1925approx.Year built
0listed todayActive
### Hollywood
Compact commercial hub anchored by the historic Hollywood Theatre and the Hollywood Transit Center connecting MAX Red and Blue lines.
Single Family · 10 sold
$667K▼ 6.9%Median sale
$275▲ 18.3%$/sqft
6 days▼ 31.6%Days on market
102%of listSold-to-list
~1921approx.Year built
0listed todayActive
Condo · 5 sold
$340K▲ 4.6%Median sale
$345▲ 7.6%$/sqft
111 dayssmall NDays on market
106%of listSold-to-list
~2024approx.Year built
1listed todayActive
2-4 Unit Residential · 1 sold
$988KflatMedian sale
105 daysflatDays on market
92%of listSold-to-list
~1927approx.Year built
0listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
This is a merged three-neighborhood market block. Grant Park’s SFR median often trades slightly above Alameda’s; both trade meaningfully above Hollywood’s, which includes more condo and apartment inventory near the Sandy corridor. The blended SFR number smooths that. If you’re comparing a specific street, ask us for the per-neighborhood breakdown or pull a sub-market comparable set.
Condo counts here are dominated by Hollywood’s mid-rise stock along Sandy Boulevard, not by Alameda or Grant Park (which have almost no condo inventory).
### Neighborhoods within the District
Alameda holds the higher-elevation ridge stretching from NE 24th to NE 47th. The Alameda Ridge itself commands a premium; homes on the ridge with unobstructed downtown or Mount St. Helens views trade well above the citywide median. Grant Park is flatter, with a slightly denser residential grid and Grant High School and Grant Park itself as neighborhood anchors. Hollywood extends south of NE Broadway with mixed housing stock, older apartment buildings, and mid-rise condo development along the Sandy corridor at meaningfully lower price points.
### Shops, Restaurants & Local Highlights
The Hollywood Theatre at NE 41st and Sandy anchors the district’s cultural life, screening independent film and hosting community programming. Hollywood Farmers Market runs Saturdays on NE Hancock and 44th, seasonally. The Broadway corridor from NE 24th to NE 42nd carries the district’s primary restaurant lineup.
### Parks & Recreation
Grant Park at NE 33rd and US Grant Place is the district’s central green space, with sports fields, a swimming pool, and a large open lawn. The Beverly Cleary Sculpture Garden within Grant Park commemorates the Portland author who set several of her books in the surrounding neighborhood. Wilshire Park at NE 33rd and Skidmore provides additional green space at the northern edge.
### Schools & Education
The district is served by **Portland Public Schools**. Grant High School is the primary comprehensive high school and one of PPS’s largest, with strong AP and athletics programs. Beverly Cleary K-8 and Alameda Elementary serve most of the residential district. Boundary specifics should be verified per address.
### Getting Around
NE Broadway and NE Sandy Boulevard are the primary east-west arterials. I-84 access is via 33rd or 39th, providing direct freeway to downtown Portland (10 to 15 minutes off-peak). **MAX Red and Blue Lines** stop at NE 42nd (Hollywood/NE 42nd Ave Transit Center), providing rail to downtown and to PDX. PDX is about 15 minutes by car via I-205, or 20 minutes by MAX. TriMet bus service is extensive.
### The Trade-off
This district gives you generous-lot inner-city housing with a working commercial corridor, one of Portland’s better high schools, and rail access to both downtown and PDX. You give up river or forest proximity (it’s an inner-eastside residential district, not a natural-area neighborhood) and, in the higher-tier Alameda blocks, entry-tier pricing.
The direct alternatives: **Irvington-Sabin-Lloyd** trades some elevation for slightly cheaper entry closer to the river; **Beaumont-Village and Wilshire Park** to the north trade slightly less proximity for lower prices on comparable housing stock; **Laurelhurst** trades the commercial corridor for a quieter park-centered residential feel.
### Thinking about Alameda, Grant Park, or Hollywood?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, housing style, school boundary, timing, and what you’re not willing to give up. Use the form below, or reach us at .
---
### [Pearl District Neighborhood Profile](https://lovejoyrealestate.com/pearl-district/)
**Published:** February 17, 2025
**Author:** Charles Turner
**Content:**
The Pearl District is Portland’s transformed former warehouse and rail-yard district, occupying roughly the area bounded by W Burnside, NW 14th, NW Broadway, and the Willamette River just north of downtown. Over the past three decades the Pearl has become the metro’s densest urban condo submarket, with high-rise and mid-rise buildings organized around galleries, restaurants, and Jamison Square. The neighborhood is directly adjacent to downtown and served by the Portland Streetcar.
What makes the Pearl unusual as a real estate market is that neighborhood-level averages tell you almost nothing. The building matters more than the neighborhood. Elizabeth Lofts trades on completely different fundamentals than the Metropolitan; the Cosmopolitan and the Encore are near-neighbors with entirely different HOA structures, litigation histories, and rental compositions. If you’re serious about a Pearl condo, you’re serious about a specific building.
## The Market in Pearl District
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 0 sold
n/aflatMedian sale
1listed todayActive
Condo · 346 sold
$385K▲ 3.9%Median sale
$370▼ 1.7%$/sqft
72 days▼ 19.4%Days on market
98%of listSold-to-list
~2003approx.Year built
246listed todayActive
2-4 Unit Residential · 0 sold
n/aflatMedian sale
1listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
The single-family row above will almost always be zero or single-digit. Pearl is a condo market. Read the condo row. Even within the condo row, the median is smoothing across an enormous range: 500 sq ft studios in older loft conversions and 3,000 sq ft penthouses in newer towers are pooled together. That’s why we publish the top-15-buildings drilldown further down this page. Read the building-level data if you want a comp that actually matches what you’re looking at.
Also worth knowing: our building-level data anchors on the RMLS UnparsedAddress field rather than legal description, so the sold count per building matches what your agent sees on RMLSweb. If you see a number here that doesn’t match a pull your agent did, tell us. That’s a data-quality signal we want to catch.
### Buildings within the Pearl
Fifteen or so buildings dominate the market by unit count and turnover. The Metropolitan and Elizabeth Lofts anchor the higher-price top tier. The Cosmopolitan carries litigation history buyers should have their agent review before writing an offer. Encore, Streetcar Lofts, and 937 Condominiums cover the middle range. Casey, Marshall Wells Lofts, Riverstone, and Chown Pella Lofts each carry distinct HOA and character profiles.
Per-building median sale, sold count, $/sqft, and days-on-market are in the buildings table below. That table is refreshed twice daily on the same schedule as the main statistics.
### Pearl District by Building (top 15 by size)
Pearl District trades by building, not by neighborhood average. The largest condo and loft buildings sit below, ordered by total unit count. Sold, active, and turnover figures cover the trailing 12 months. Parking and storage condos are excluded.
BuildingTotal unitsSold (12mo)ActiveTurnoverMedian sale$/sqftCosmopolitan on the Park3455101.4%$475K$505Waterfront Pearl23111114.8%$415K$353The Casey231622.6%$875K$483Elizabeth Lofts1791246.7%$358K$325Pinnacle Condominiums1755102.9%$341K$297Avenue Lofts167744.2%$369K$374Marshall Wells Lofts1631338.0%$320K$325Vista North Pearl1435123.5%$600K$419Lexis on the Park139855.8%$205K$341Streetcar Lofts133846.0%$357K$416Encore Condominiums1321219.1%$397K$378Metropolitan Condominiums132674.5%$573K$430Tanner Place130745.4%$490K$387Bridgeport Condominiums129856.2%$498K$365Riverstone Condominiums129523.9%$580K$470
Building roster from the Lovejoy buildings registry; sold and active counts pulled from RMLS over the trailing 12 months and matched to canonical buildings via legal description and subdivision. Turnover is sold count divided by total units. Buildings with zero recorded sales in the window show “n/a” for median and $/sqft; this is common in tightly-held buildings and does not mean the building is inactive. Buyers should ask about FHA approval status, HOA reserves, pet and rental rules, and any open or recent litigation before writing on any specific building. Source: RMLS. Data deemed reliable but not guaranteed. Last refreshed Oct 6, 2026 at 12:09 PM Pacific.
### Shops, Restaurants & Local Highlights
Restaurant turnover in the Pearl is heavy, so this section names anchors rather than a full lineup. Powell’s Books at NW 10th and Burnside is the district’s cultural anchor. The Portland Art Museum’s Pearl-adjacent institutions and Jamison Square are the primary public gathering points. First Thursday in the NW 13th arts district has run for decades and continues.
### Parks & Recreation
Jamison Square at NW 10th and Johnson is the neighborhood’s primary park, with a shallow fountain popular in summer. Tanner Springs Park at NW 10th and Marshall is a smaller, quieter native-plants park with weekly bird-watching draws. The Fields Park at NW 10th and Overton fills out the northern edge. Streetcar access at multiple stops and the Broadway Bridge put the east side and the west hills within easy reach.
### Schools & Education
The Pearl is served by **Portland Public Schools**. Boundary specifics change by address; verify each specific address against the PPS attendance-area map. Chapman Elementary west of I-405 and MLC (Metropolitan Learning Center) K-12 downtown are the closest options for many Pearl addresses.
### Getting Around
The **Portland Streetcar** runs directly through the Pearl with stops every few blocks. TriMet bus service is extensive. MAX Yellow, Blue, Red, and Green Lines are reachable at nearby stations within a few blocks of the eastern Pearl. I-405 defines the western edge for freeway access. Downtown Portland is essentially within the Pearl’s southern boundary. PDX is about 15 minutes via I-405 to I-5 to I-84.
### The Trade-off
The Pearl is the metro’s premier dense-urban condo submarket. You get proximity to downtown, transit, and a concentration of restaurants and galleries no other Portland neighborhood matches. You give up private outdoor space, single-family privacy, and HOA-free ownership; and for buildings with litigation or specialty deferred-maintenance histories, you can give up meaningful resale liquidity.
The direct alternatives: **Northwest Portland** (Alphabet District and Nob Hill) trades some density for older Victorian and Craftsman single-family stock; **South Waterfront** trades the streetcar-village feel for high-rise river views; **Lloyd District** trades First Thursday for cheaper condo entry. If you want dense-urban but need private outdoor, look at NW Portland. If you want the river view, look at South Waterfront.
### Thinking about the Pearl?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, building preferences, timing, and what you’re not willing to give up. Then we narrow to the specific buildings that actually fit. Talk to a broker who works the Pearl specifically: use the form below, or reach us at .
---
### [Portland Metro Cities](https://lovejoyrealestate.com/portland-metro-cities/)
**Published:** July 16, 2026
**Author:** Charles Turner
**Content:**
# Portland Metro Cities
The Portland metro is a collection of distinct cities, each with its own market, housing stock, schools, and character. Below is our guide to nine of the largest metro cities plus Portland itself, with live twice-daily RMLS market data for each. Click a city to see its full profile, neighborhoods, restaurants, schools, and current market statistics.
**A note on Portland itself.** Portland is 95 distinct neighborhoods, not one market. Because the housing dynamics of the Pearl District bear no resemblance to those of St. Johns or Sellwood, we grouped neighborhoods to dedicated pages. Click [Portland Neighborhoods](https://lovejoyrealestate.com/portland-neighborhoods/) to explore all 27 profiles.
## Cities in the Portland Metro
[Portland
95 neighborhoods, grouped into 27 market profiles. From the Pearl District to Multnomah Village, each has its own price band, housing stock, and character.
Browse all 27 Portland profiles →](https://lovejoyrealestate.com/portland-neighborhoods/)[Beaverton
Median$580K
$/sqft$292
YoY-1.7%
DOM30
Sold 12mo1,018
Active321](https://lovejoyrealestate.com/beaverton-oregon/)[Gresham
Median$475K
$/sqft$266
YoY+2.3%
DOM26
Sold 12mo1,059
Active352](https://lovejoyrealestate.com/gresham-oregon/)[Hillsboro
Median$510K
$/sqft$290
YoY-1.7%
DOM33
Sold 12mo1,191
Active323](https://lovejoyrealestate.com/hillsboro-oregon/)[Lake Oswego
Median$965K
$/sqft$374
YoY+4.0%
DOM25
Sold 12mo645
Active284](https://lovejoyrealestate.com/lake-oswego/)[Oregon City
Median$562K
$/sqft$305
YoY+0.4%
DOM21
Sold 12mo448
Active160](https://lovejoyrealestate.com/oregon-city-oregon/)[Sherwood
Median$630K
$/sqft$296
YoY-3.1%
DOM25
Sold 12mo286
Active59](https://lovejoyrealestate.com/sherwood-oregon/)[Tigard
Median$590K
$/sqft$289
YoY-4.8%
DOM30
Sold 12mo738
Active202](https://lovejoyrealestate.com/tigard-oregon/)[Tualatin
Median$600K
$/sqft$277
YoY-0.6%
DOM26
Sold 12mo352
Active66](https://lovejoyrealestate.com/tualatin-oregon/)[West Linn
Median$783K
$/sqft$314
YoY+3.2%
DOM30
Sold 12mo416
Active165](https://lovejoyrealestate.com/west-linn-oregon/)
## Frequently Asked Questions
### How do I decide which Portland Metro suburb fits me?
The three variables that matter most for most buyers are commute, schools, and price. Commute times to downtown Portland run from about 20 minutes off-peak (Tualatin, West Linn) to 45 minutes (outer Hillsboro, Gresham). School district reputation varies significantly. Prices span roughly $400,000 median SFR (Gresham) to $1,100,000 median SFR (Lake Oswego). Start by ranking your priorities among those three, then narrow. The city pages above have current data for each.
### Which suburbs have the top-rated schools?
By Oregon Department of Education performance metrics, the highest-rated Portland Metro school districts are Lake Oswego, West Linn-Wilsonville, Sherwood, and portions of Beaverton (specifically the Sunset, Westview, and Mountainside boundaries). Hillsboro School District runs strong Spanish and Japanese dual-language immersion programs. Tigard-Tualatin and Oregon City are solid comprehensive districts. Each city page above links directly to the district’s website and to third-party performance data.
### What’s the commute to downtown Portland from each?
Off-peak driving estimates: Beaverton 20 to 25 minutes, Tigard 20 to 30, Tualatin 20 to 30, Lake Oswego 15 to 25, West Linn 25 to 35, Oregon City 25 to 30, Sherwood 30 to 45, Hillsboro 25 to 35, Gresham 20 to 30. MAX rail serves Beaverton (Blue Line), Hillsboro (Blue Line terminus), and Gresham (Blue and Green Lines) with commutes of 45 to 55 minutes to downtown. WES Commuter Rail connects Beaverton and Wilsonville via Tigard and Tualatin. Rush-hour times run 40 to 100 percent longer.
### Where do I get the most house for my money?
Gresham has the lowest median single-family price of the nine cities at roughly $495,000, with direct MAX access to Portland. Hillsboro and Oregon City are next tier at $555,000 and $581,000 respectively. Beaverton and Tigard sit in the mid-$600Ks. Tualatin, Sherwood, and West Linn are $630,000 to $823,000. Lake Oswego is the highest at $1.11M median SFR. Each city page has the current numbers refreshed twice daily.
### Which cities have MAX or rail access?
MAX Blue Line: Beaverton (multiple stations, downtown Beaverton is the primary hub), Hillsboro (Blue Line terminus at Hatfield Government Center), Gresham (Blue and Green Lines). MAX Green Line: Gresham (Clackamas Town Center is Green Line terminus, southeast Portland connection). WES Commuter Rail runs Beaverton to Wilsonville with stops in Tigard and Tualatin. Lake Oswego, West Linn, Oregon City, and Sherwood are car-dependent for commutes but have TriMet bus service. The planned SW Corridor MAX extension will eventually terminate in Tigard.
### What’s the metro market doing right now?
Across the nine cities, single-family prices are flat to modestly down year-over-year. Days-on-market is up meaningfully in several cities (Gresham +50%, Tigard +45%, West Linn +43%, Hillsboro +27%), indicating buyers are taking longer to decide even though sellers are still generally getting close to list price. Condos have softened more than single-family across the board. The city cards above show live numbers; each city page has the full breakdown by property type.
### Are these listings from the MLS?
The market statistics on each city page come from RMLS (Regional Multiple Listing Service), the primary MLS covering Oregon and SW Washington. Data is aggregate-only — we don’t publish individual listings on the market data pages. For active listings and property searches, use our [home search](https://lovejoyrealestate.hsidx.com/). Data is refreshed twice daily at 6 AM and 6 PM Pacific.
### Who do I talk to?
Lovejoy Real Estate has been serving the Portland Metro since 2003 with brokers who specialize in specific cities and neighborhoods. Every buyer and seller consultation starts with understanding your priorities and constraints, then narrowing to the cities and price bands that make sense. If you’d like to talk, use the form on any city page or reach us at .
Explore Portland Metro Communities
[Portland Neighborhoods](https://lovejoyrealestate.com/portland-neighborhoods/)·[Beaverton](https://lovejoyrealestate.com/beaverton-oregon/)·[Gresham](https://lovejoyrealestate.com/gresham-oregon/)·[Hillsboro](https://lovejoyrealestate.com/hillsboro-oregon/)·[Lake Oswego](https://lovejoyrealestate.com/lake-oswego/)·[Oregon City](https://lovejoyrealestate.com/oregon-city-oregon/)·[Sherwood](https://lovejoyrealestate.com/sherwood-oregon/)·[Tigard](https://lovejoyrealestate.com/tigard-oregon/)·[Tualatin](https://lovejoyrealestate.com/tualatin-oregon/)·[West Linn](https://lovejoyrealestate.com/west-linn-oregon/)
---
### [Lake Oswego Real Estate Profile](https://lovejoyrealestate.com/lake-oswego/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
Located just south of Portland, **Lake Oswego** is a suburban community known for its parks, downtown, and access to Oswego Lake. With a small-town atmosphere and proximity to city amenities, Lake Oswego offers a blend of natural beauty and urban convenience. The community features well-maintained neighborhoods, top-ranked schools, and a wide variety of outdoor recreation opportunities.
The city is built around the 415-acre Oswego Lake, providing waterfront views and recreational opportunities. The downtown area, located just north of the lake, features restaurants, boutique shops, wine bars, and cafés. Millennium Plaza Park serves as a central gathering space for concerts, farmers markets, and seasonal events.
The West Linn-Wilsonville sibling to the south often gets more national attention for schools, but Lake Oswego’s own district consistently posts strong outcomes, and the city’s mix of established housing stock, lakefront estates, and downtown-adjacent condos gives it market depth few Metro suburbs can match.
## The Market in Lake Oswego
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 472 sold
$1.14M▼ 0.5%Median sale
$401▼ 3.1%$/sqft
20 days▼ 13.0%Days on market
99%of listSold-to-list
~1982approx.Year built
189listed todayActive
Condo · 165 sold
$376K▲ 5.3%Median sale
$289▼ 0.6%$/sqft
43 days▲ 2.4%Days on market
99%of listSold-to-list
~1979approx.Year built
95listed todayActive
2-4 Unit Residential · 4 sold
$1.10MflatMedian sale
12 daysflatDays on market
100%of listSold-to-list
~1979approx.Year built
0listed todayActive
Other Residential · 4 sold
$843K▲ 110.6%Median sale
22 days▼ 46.3%Days on market
89%of listSold-to-list
0listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
Lake Oswego is one of the deepest Metro markets by volume, with steady turnover across four distinct price tiers: First Addition character homes, hillside builds with views, downtown-adjacent condos, and lakefront estates. Sustained demand from the school district and out-of-state relocations keeps the market balanced, with days-on-market longer than mid-tier suburbs as buyers work through a wider price range. Sellers benefit from tight preparation and clear pricing; buyers benefit from the depth of inventory across every segment.
## [Search Lake Oswego homes and condos](https://lovejoyrealestate.hsidx.com/@ccare/search/69408f4030807)
### Neighborhoods within Lake Oswego
Lake Oswego’s real estate spans a wide range of home styles. The historic **First Addition** neighborhood features early 20th-century Craftsman bungalows and English cottages. Many of these homes have been carefully restored; others have been replaced with modern residences that blend into the neighborhood’s character. In the hills above downtown, homes tend to be larger with spacious lots and views. Along the shores of Oswego Lake, waterfront properties range from cottages to luxury estates, some offering private dock access and lakefront settings.
### Shops, Restaurants & Local Highlights
Lake Oswego has a strong local dining scene, with restaurants offering a variety of cuisines. [**St. Honoré Bakery**](http://www.sainthonorebakery.com/), a French-inspired café, serves freshly baked pastries, breads, and espresso drinks. [**Five Spice Seafood + Wine Bar**](http://fivespicerestaurant.com/) offers a Pacific Northwest-inspired menu with fresh seafood, house-made pastas, and a curated wine selection. [**Riccardo’s Ristorante**](http://riccardoslo.com/) has been a neighborhood favorite for decades, serving classic Italian dishes with an emphasis on fresh, seasonal ingredients.
The [**Lake Oswego Farmers Market**](http://www.ci.oswego.or.us/Farmersmarket/default.htm), held at Millennium Plaza Park from May through October, is a popular community event featuring fresh produce, local artisan products, and live music.
### Parks & Recreation
With more than 30 parks and open spaces, Lake Oswego provides plenty of opportunities for outdoor recreation. [**Tryon Creek State Park**](http://www.tryonfriends.org/), located near First Addition, offers miles of hiking trails, picnic areas, and a nature center. It’s a favorite for hikers, joggers, and those looking for a peaceful retreat.
[**Luscher Farm**](http://www.luscherfarm.org/), a community-supported agricultural site, features gardens, walking trails, and educational programs focused on sustainable farming. The farm also includes dog-friendly areas and athletic fields, making it a versatile outdoor space for residents.
### Schools & Education
Lake Oswego is served by the **Lake Oswego School District**, which consistently ranks among Oregon’s strongest for academic performance. The district’s two comprehensive high schools are **Lake Oswego High School** and **Lakeridge High School**, feeding from **Lake Oswego Junior High** and **Lakeridge Middle School** respectively, along with several well-regarded elementary schools.
For details and ratings, visit [Lake Oswego School District](https://www.losdschools.org/), [GreatSchools.org](https://www.greatschools.org/oregon/lake-oswego/), or the [Oregon Department of Education](https://www.oregon.gov/ode).
### Getting Around
Lake Oswego is a suburban community, and most residents rely on personal vehicles for commuting. TriMet operates bus service along Highway 43, connecting Lake Oswego to downtown Portland. The [**Willamette Shore Trolley**](http://www.ci.oswego.or.us/engineer/trans/trolley.htm) offers a historic rail experience between Lake Oswego and Portland, running seasonally from May through October. Interstate 5 sits just west of the city; Highway 43 runs along the eastern edge.
### Thinking About Selling in Lake Oswego?
Lake Oswego attracts a specific buyer profile: motivated, well-informed, and often relocating from higher-cost metros. Marketing to that audience requires knowing the community well and presenting the home in its best context. Lovejoy Real Estate works regularly in this market and can give you an honest picture of what your home is worth and what preparation makes sense before listing. Our [Market Ready program](https://lovejoyrealestate.com/market-ready-transformations/) helps sellers maximize their return before going to market.
[Learn about selling your home →](https://lovejoyrealestate.com/sell-your-home/)
### Final Thoughts
Lake Oswego offers a blend of suburban character and urban convenience that makes it one of the more desirable communities in the Portland metro. From lakefront homes to downtown restaurants to exceptional schools, this city continues to be a top choice for buyers seeking a balanced lifestyle with access to outdoor recreation and city amenities.
Explore Portland Metro Communities
[Portland Neighborhoods](https://lovejoyrealestate.com/portland-neighborhoods/)·[Beaverton](https://lovejoyrealestate.com/beaverton-oregon/)·[Gresham](https://lovejoyrealestate.com/gresham-oregon/)·[Hillsboro](https://lovejoyrealestate.com/hillsboro-oregon/)·Lake Oswego·[Oregon City](https://lovejoyrealestate.com/oregon-city-oregon/)·[Sherwood](https://lovejoyrealestate.com/sherwood-oregon/)·[Tigard](https://lovejoyrealestate.com/tigard-oregon/)·[Tualatin](https://lovejoyrealestate.com/tualatin-oregon/)·[West Linn](https://lovejoyrealestate.com/west-linn-oregon/)
---
### [RMLS IDX Compliance Test](https://lovejoyrealestate.com/idx-compliance-tester/)
**Published:** June 20, 2026
**Author:** Charles Turner
**Content:**
## RMLS IDX compliance tester
Enter any RMLS listing number to see exactly how it renders and what compliance decisions were made.
Test
---
### [IDX Compliance](https://lovejoyrealestate.com/idx-compliance/)
**Published:** June 19, 2026
**Author:** Charles Turner
**Content:**
Listing from RMLS IDX 3**\#3 RMLS logo + source.** On the detail page and every RMLS card.
Sold
▦ View all 43 photos
$625,000
↓ $25,000 from $650,000 Sold 6**\#6 RMLS status.** Active shows plainly; non-active shows the written-out RMLS status on the photo and here. MLS# 573125554
7407 N POLK AVE N, Portland, OR 97203
ST JOHNS
**4**Beds
**2**Baths
**2,218**Sq Ft
**$282**/ Sq Ft
**1940**Built
**0.12**Acre lot
Listing provided courtesy of **Lark and Fir Realty LLC** · info@larkandfir.com 4**\#4 Courtesy attribution.** Listing brokerage name + AttributionContact (agent email/phone) shown whenever the feed provides it.
4
### Home Energy Score = 4 / 10
Portland requires the HES in every listing.
Energy details ★**Portland HES.** From PropertyGreenVerification. Required for Portland listings.
## About this home
Back on market at new price! Character, location, flexibility, major system updates and an ADU-style basement with private entrance - all in one inviting package! The finished lower-level living space features a bedroom, full bath, laundry, living area, and kitchenette, creating an ideal setup for multigenerational living, extended guests, work-from-home flexibility, or potential income-producing opportunities. UPDATES include: Sewer line replaced, new fence, and electrical upgrades. Other major improvements: certified decommissioned oil tank, roof (2018), water heater and HVAC system (2018), plus premium Renewal by Andersen windows installed in 2022 with a 10-year transferable warranty. With a Walk Score of 91 and Bike Score of 95, you'll enjoy easy access to Cathedral Park, downtown St. Johns amenities, the University of Portland, and so much more! This fabulous St. Johns English celebrates its Art Deco influences with stylish and custom updates throughout. Inside, you'll find beautifully refinished original hardwood floors, cozy wood-burning fireplace, and newer stainless steel kitchen appliances flanked by custom cabinetry and elaborate stone tilework. Situated on a corner lot along wide, low-traffic streets, this home offers the kind of neighborhood feel that's increasingly hard to find! And you get your own Little Free Library. Home Energy Score = 4. HES Report at https://us.greenbuildingregistry.com/green-homes/OR10246047
Listing description shown verbatim from RMLS — data is not modified (Compliance #10). 10**\#10 No modification.** Fields render exactly as delivered by RMLS.
## Facts & Features
### Interior
- Bedrooms 4
- Full baths 2
- Living area 2,218 sqft
- Basement Finished,FullBasement
### Property
- Type SingleFamilyResidence
- Style Cottage,Tudor
- Year built 1940
- Lot 0.12 ac
- Garage 1
- Parking Driveway,OnStreet
### Construction & Utilities
- Roof Composition
- Heating ForcedAir,WallHeater
- Cooling CentralAir
- Home Energy Score 4 / 10
### HOA & MLS
- HOA None
- Status Sold
- Days on market 96
## Property taxes
- Annual property tax $6,021
- Tax year 2025
**Source:** RMLS listing tax fields. A multi-year sale history is not in the RMLS IDX feed and is not shown.
## Schools
- Elementary James John
- Middle George
- High Roosevelt
**Source:** RMLS agent-loaded school fields. Facts only — verify enrollment with the district. 9**Schools from RMLS.** RMLS data, rating-free per Fair Housing.
TT
The Turner Team
Lovejoy Real Estate · a real, accountable broker
1**\#1 Brokerage above the fold.** Kept on screen as you scroll.
Not a lead farm. Not a stranger who bought your info. A local broker who answers and is accountable for your transaction.
[Schedule a showing](https://meetings-na2.hubspot.com/daniel35) [Ask about this home](https://meetings-na2.hubspot.com/daniel35)or call **503-501-2490**
Listing data via RMLS IDX
RMLS Internet Data Exchange 2**\#2 Disclaimers A/B/C.** Shown wherever RMLS data appears; refresh ≤12 hrs.
**A.** The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS™ of Portland, Oregon. Real estate listings held by brokerage firms other than Lovejoy Real Estate are marked with the RMLS logo, and detailed information about these properties includes the name of the listing brokers. Listing content is copyright © 2026 RMLS™, Portland, Oregon.
**B.** All information provided is deemed reliable but is not guaranteed and should be independently verified.
**C.** This content last updated on 10/06/2026 14:49. Some properties which appear for sale on this web site may subsequently have sold or no longer be available.
© 2026 Lovejoy Real EstateEqual Housing OpportunityLicensed in Oregon & WashingtonMembers of RMLS & WVMLS
4
### Energy & green features
×
Home Energy Score — 4 / 10
U.S. DOE Home Energy Score · assessed 2026-03-19
**Source:** RMLS PropertyGreenVerification. Location / walkability fields are intentionally not displayed.
× ‹ ![Listing photo]() ›
---
### [About Us](https://lovejoyrealestate.com/about-us/)
**Published:** June 14, 2024
**Author:** Charles Turner
**Content:**
## About Our Company
Choosing who you work with should come down to more than a coin toss: Asa Lovejoy and Francis Pettygrove were two of the area’s original settlers. Both men wanted to name the new town after their respective hometowns. To settle the dispute, they flipped a coin. Pettygrove won the coin toss two out of three times, and the town was named Portland after Portland, Maine. If Lovejoy had won, the town would have been named Boston after his hometown in Massachusetts.
Jenny began her real estate career in 1998. Charles followed in 2003 and they joined one of the country’s most recognized real estate franchises. They founded the Turner Team under the umbrella of a franchise in 2010. In 2017 we opened Lovejoy Real Estate, a locally owned independent real estate brokerage. Our main office is in Northwest Portland with satellite offices in Vancouver, Washington and Salem. Our team is more than thirty strong and growing..
### [Meet the team.](https://lovejoyrealestate.com/our-team/)
Lovejoy Real Estate has sold over $1 billion in real estate and more than 1,000 homes. The company has twice been named to the Portland Business Journal’s 100 Fastest Growing Private Companies list, earned RealTrends Verified status: ranking among the top three teams in Oregon by both sales volume and transactions in 2025 and was recognized as a Tom Ferry Dream Team. Lovejoy was awarded Gold Medal Best of the Rose City in 2025 and is a FastExpert Top Agent.
Lovejoy Real Estate has been featured in the Portland Business Journal, Portland Mercury, Portland Tribune, The Oregonian, The Columbian, Associated Press, US News and World Report, RIS Media, MSNBC, and JC Oregon, and has appeared on KOIN 6 News. Lovejoy has earned more than 240 five-star Google reviews and over 350 five-star reviews on Zillow.
## As seen on:
Our unique team structure is designed to offer the best coverage and assistance across the Portland Metro area, from SW Washington, through Portland, and down south to Eugene. Working with us, you have the best Realtors equipped with cutting-edge tools and unmatched expertise, ready to guide you through any residential real estate transaction with ease.
## Professional Experts
[ Meet Our Real Estate Team ](https://lovejoyrealestate.com/our-team/)
## Find Us On Google
```
Posted on Google Maria B Cook I fell in love with an older home in Portland that needed major repairs. Jenny Turner helped me navigate the challenging process of getting contractor bids following a tough inspection process and negotiating a solid and fair deal. I highly recommend Jenny Turner and her team at Lovejoy as a knowledgable and trusted advocate for a buyer or seller. She worked hard, communicated throughout the process and we closed! Posted on Google Kathy Heider Kelsey has helped me both buying and selling homes. During the process she actively listens to my concerns and requirements and is well organized ensuring that all details are covered.
Kelsey's experience, confidence and empathy provide the professional qualities to secure a successful and gratifying real estate transaction. Posted on Google Janet Kittleson Loved working with Jenny. She is efficient and supportive in our home buying and selling adventures! Posted on Google Scott Engle Jenny T and the team at Lovejoy did an exceptional job with both buying and selling. Found the perfect house, negotiated the winning bid, closed quickly, listed and sold at well over asking with great terms and a fast close. Simply amazing!! Posted on Google Brian K Buying and selling a house was a lot of work but we felt so comfortable during the whole process working with Jenny and her team at Lovejoy. We felt confident with all the advice she gave to get our old house ready for sale and in making a strong offer on the new house. All the advice paid off when we received a great price for the house we sold and moved into the house we wanted. We will definitely will be contacting her team in the future whenever that occasion may arise. Posted on Google Jimmy Nguyen Can’t sing enough praises about Shayda who helped us sell our first home! Selling a home isn’t easy and we were expecting hiccups, but with Shayda’s advice and lead, we closed the transaction quickly and smoothly. Thank you Shayda for making our first home selling experience pain free! Posted on Google Dori Day Daniel was great to work with. He always communicated really quickly and walked me through every step.
I really appreciated his insight all through the process. He made the whole process easy for me and I know that’s because he’s a pro. Posted on Google Guohua Shen I bought my first house with Chandler Schur from Lovejoy, and he is very knowledgeable and patient. We worked together over the course of 3-4 months from going to open-houses to final closing, nothing unexpected happened. A very pleasant and smooth experience for first-time home buyers like me. Posted on Google Sheldon Fox Alina Aliyar is one of the best real estate agents out there. She really helped us hone in on exactly what we needed in a home. She spent a year showing us properties and talking us through the process until we found the perfect house that was a 100% yes from both me and my partner. With skill and insight she wrote a highly compelling offer on a competitive house and here we are in our dream home! We couldn’t have done it without her. She’s a joy to be around, provides invaluable feedback and insight, and will make you laugh along the way. We are so grateful to Alina for all of her hard work.
```
## Fast Expert Top Agent
---
### [Stayton](https://lovejoyrealestate.com/stayton/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
### Stayton, Oregon
Nestled along the banks of the Santiam River, Stayton offers small-town charm and easy access to the scenic beauty of the Willamette Valley. Just 15 miles southeast of Salem, this community is known for its historic downtown, beautiful parks, and welcoming atmosphere. Residents appreciate the relaxed pace of life, access to nearby nature trails, and the strong sense of local pride that defines the area. Whether you’re looking for a classic single-family home or newer construction on spacious lots, Stayton provides a variety of real estate options to suit your lifestyle.
## [Search for Homes in Stayton](https://lovejoyrealestate.hsidx.com/@cturner1/search/694081b3e9635)
#### History
Stayton was founded in the 1870s by Drury Stayton, who recognized the value of the Santiam River’s waterpower and established a sawmill that became the heart of the community. The town grew around its milling industry, and by the early 20th century, Stayton had developed into a vibrant agricultural and manufacturing hub for eastern Marion County. Today, reminders of its early history can still be found in the preserved architecture downtown and the city’s continued connection to the Santiam River, which remains central to local recreation and community events.
#### Shopping
Downtown Stayton blends historic charm with modern convenience. Local favorites like [Aloha Coffee & Surf](https://www.alohacoffeeandsurf.com/) and [Santiam Bicycles](https://www.santiambicycles.com/) bring character to Third Avenue, while larger retailers and essential services are located along Shaff Road and Wilco Highway. The city’s proximity to Salem also means additional shopping and entertainment options are just a short drive away.
#### Food & Drink
Stayton’s dining scene offers a variety of local eateries that highlight the region’s friendly, community-driven spirit. Popular spots include the [Covered Bridge Café](https://coveredbridgecafe.com/) for hearty breakfasts, [Gardner House Café](https://gardnerhousebnb.com/) for farm-to-table meals, and [Nerisita’s](https://www.nerisita.com/) for Mexican cuisine. For coffee lovers, [EspresSOS](https://espres-sos.com/) serves locally roasted blends from a drive-up stand, and [Stayton Roastery](https://www.staytonroastery.com/) offers a cozy place to work or meet friends.
#### Entertainment
Community events are central to Stayton’s appeal. The annual [SummerFest](https://staytonoregon.gov/page/events) brings live music, vendors, and family activities downtown each July, while the [Stayton Covered Bridge Run](https://staytonevents.com/) celebrates the town’s iconic pedestrian bridge over the Santiam River. For movie nights, locals enjoy [Starlite Lanes & Theatre](https://www.starlitetheater.net/), which combines bowling and cinema in one venue. Nearby Silver Falls State Park provides a breathtaking natural escape, only about 20 minutes away by car.
#### Schools & Education
Stayton is part of the [North Santiam School District](https://www.nsantiam.k12.or.us/), which serves Stayton and surrounding communities. Local schools include Stayton Elementary, Stayton Middle, and Stayton High School. Families can use the [GreatSchools.org](https://www.greatschools.org/oregon/) platform or the district’s website to explore programs, test scores, and extracurricular offerings. The [Stayton Public Library](https://www.ci.stayton.or.us/page/library_home) is a popular resource for all ages, offering reading programs, events, and digital collections.
#### Transportation & Accessibility
Stayton is conveniently located off Highway 22, making it easy to reach Salem and other nearby communities. Commutes to Salem typically take about 20–25 minutes by car. The [Cherriots regional bus system](https://cherriots.org/) provides service between Stayton and the Salem area for those seeking public transportation options. To plan a specific route, visit [TriMet’s official trip planner](https://trimet.org/#/planner).
#### Recreation & Green Spaces
Stayton’s network of parks offers plenty of opportunities for outdoor recreation. [Pioneer Park](https://www.ci.stayton.or.us/page/parks_home) is the city’s largest, featuring walking paths, sports fields, and picnic areas. The historic Stayton–Jordan Covered Bridge, rebuilt after the 1997 flood, is a centerpiece of the park and a local photo favorite. Other nearby green spaces include Riverfront Park and Community Center Park, both of which host seasonal events and outdoor activities.
With its blend of natural beauty, historic character, and convenient location, Stayton offers a balanced lifestyle just outside the state capital. Whether exploring the scenic Santiam Canyon, enjoying a coffee downtown, or attending a local festival, residents find plenty to love about calling Stayton home.
---
### [Woodburn, Oregon](https://lovejoyrealestate.com/woodburn-oregon/)
**Published:** April 1, 2026
**Author:** Charles Turner
**Content:**
## Woodburn, Oregon
## **Overview**
Woodburn occupies a strategic position in the northern Willamette Valley — 19 miles north of Salem and 31 miles south of Portland, with direct I-5 access that makes both cities a straightforward commute. With nearly 28,000 residents, it is one of the larger cities in Marion County and one of the most culturally distinctive communities in the region. Woodburn has one of the highest concentrations of Latino residents in Oregon, a demographic reality that shapes and enriches the city’s food, culture, and community identity in ways that make it genuinely different from anywhere else in the Willamette Valley.
## **Real Estate & Neighborhoods**
Woodburn’s housing stock spans over a century of development, from early 20th-century cottages and mid-century ranch homes to traditional construction from the 1990s and 2000s. The result is a diverse inventory at a range of price points that tends to offer more for the money than comparable proximity to Portland would suggest. Most single-family homes fall in the **$350,000 to $500,000** range.
**Woodburn Estates** is a notable exception — one of the largest 55-plus active adult communities in Oregon, with more than 1,500 single-family homes built around a private 18-hole golf course. It operates as a community unto itself and represents a significant share of the city’s housing market.
[Search Woodburn Homes →](https://lovejoyrealestate.hsidx.com/?lat=45.14069244329505&lng=-122.8441215&zoom=11)
## **Shops, Restaurants & Local Highlights**
Downtown Woodburn’s commercial streets offer a mix that reflects the city’s character — Latino markets, taquerias, and family-owned restaurants sit alongside longtime local businesses. **Trapala Brewpub & Rostisseria** brings craft brewing and rotisserie cooking to the downtown mix.
Outside of downtown, **Woodburn Premium Outlets** draws shoppers from across the region as one of the Willamette Valley’s primary outlet destinations. And each spring, the famous **Wooden Shoe Tulip Farm** just outside of town transforms the surrounding fields into one of Oregon’s most photographed landscapes.
The annual **Fiesta Mexicana** — held each August at Legion Park for more than 50 years — is one of the oldest and largest celebrations of Mexican culture in Oregon, drawing visitors from across the state for music, food, and community.
## **Parks & Recreation**
**Centennial Park** is the city’s largest at 25 acres, featuring baseball diamonds, soccer fields, a picnic shelter, workout stations, and a popular splash pad for families. **Settlemier Park** and **Legion Park** round out the city’s primary parks, offering playgrounds, sports fields, and open lawn.
The **Woodburn Aquatic Center** provides year-round swimming with an indoor lap pool and waterslide — a valuable community amenity in a region where outdoor swimming is limited by the climate.
## **Schools & Education**
Woodburn is served by the **Woodburn School District**, which includes four elementary schools, two middle schools, and a high school. The district was awarded the **Oregon Seal of Biliteracy** in 2019, reflecting its highly regarded dual-language programs that have become a model for bilingual education in the state.
For details and ratings, visit [Woodburn School District](https://www.woodburn.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
## **Getting Around**
Woodburn’s I-5 location is its strongest commute asset. Salem is 20 minutes south; Portland is 35 to 40 minutes north under normal conditions. Highway 99E runs parallel through the city as an alternate route. This is one of the most commuter-accessible communities in the mid-Willamette Valley.
## **Final Thoughts**
Woodburn is easy to underestimate from the freeway. Look closer and you find a city with real cultural depth, a strong community identity, practical commute access to two major metros, and housing prices that remain well below the Portland market. For buyers who want to stretch their budget without sacrificing location, it deserves a serious look. Our Salem-area team is glad to help you explore it.
**Lovejoy Real Estate — Salem Office**
250 Commercial NE, Salem, OR 97301
503-551-4921
Explore Mid-Willamette Valley Communities
[← Back to Mid-Willamette Valley Neighborhoods](https://lovejoyrealestate.com/mid-willamette-valley-neighborhoods/)
[Canby](https://lovejoyrealestate.com/canby-oregon/) · [Dallas](https://lovejoyrealestate.com/dallas-oregon/) · [Independence](https://lovejoyrealestate.com/independence-oregon/) · [Keizer](https://lovejoyrealestate.com/keizer-oregon/) · [Monmouth](https://lovejoyrealestate.com/monmouth-oregon/) · [Mt. Angel](https://lovejoyrealestate.com/mt-angel-oregon/) · [Salem](https://lovejoyrealestate.com/salem-oregon/) · [Silverton](https://lovejoyrealestate.com/silverton-oregon/) · [Stayton](https://lovejoyrealestate.com/stayton-oregon/) · [Sublimity](https://lovejoyrealestate.com/sublimity-oregon/) ·
---
### [Sublimity, Oregon](https://lovejoyrealestate.com/sublimity-oregon/)
**Published:** April 1, 2026
**Author:** Charles Turner
**Content:**
## Sublimity, Oregon
## **Overview**
Sublimity is the kind of small Oregon town that’s increasingly hard to find — genuinely rural in character, rooted in agricultural tradition, and close enough to Silver Falls State Park and the Cascade foothills to offer a natural setting that most buyers have to travel much farther to find. With a population of around 2,500, Sublimity sits just east of Stayton in Marion County, and shares that city’s school district and some of its commercial amenities. It’s a community where neighbors know each other and the pace is deliberately slow.
## **Real Estate & Neighborhoods**
Sublimity’s real estate market is modest in volume but consistent in character. Single-family homes dominate, ranging from older farmhouse-style properties on larger lots to mid-century ranches and some newer construction. Most homes fall in the **$380,000 to $550,000** range, with acreage properties and custom homes on larger parcels at the higher end.
Buyers are drawn here primarily for the setting — larger lots, quiet streets, and a natural backdrop that genuinely feels like the Oregon countryside. Properties with foothills views or acreage generate the most competitive interest.
[Search Sublimity Homes →](https://lovejoyrealestate.hsidx.com/?lat=44.86852751281009&lng=-122.74772250000001&zoom=11)
## **Shops, Restaurants & Local Highlights**
Sublimity’s commercial life is centered along North Center Street, where locally owned businesses serve the community’s daily needs. **Panezanellie Breadstick Shoppe** is a local institution — a bakery that has built a loyal following across the broader Stayton-Sublimity area.
The annual **Sublimity Harvest Festival**, rooted in a friendly 1973 competition between local farmers over who could pull a tractor the farthest, has grown into one of Marion County’s most beloved community celebrations. It’s exactly the kind of event that says everything about what Sublimity is.
## **Parks & Recreation**
**Church Park** offers disc golf and walking trails within the city. **Sublimity Park** (also known as Early Settlers Park) provides tennis and baseball facilities for the community. The bigger draw for outdoor recreation is the surrounding landscape — **Silver Falls State Park** is approximately 15 minutes to the south, putting the famous Trail of Ten Falls well within range for a morning hike. The Cascade foothills begin almost immediately to the east.
## **Schools & Education**
Sublimity shares the **Stayton-Sublimity School District** with neighboring Stayton. **Sublimity Elementary School** has earned strong ratings, consistently recognized as one of the better public elementary schools in Marion County.
For details and ratings, visit [Stayton-Sublimity School District](https://www.stayton.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
## **Getting Around**
Sublimity is car-dependent. Highway 22 via Stayton connects to Salem in approximately 25 to 30 minutes. The rural road network provides access to the surrounding foothills and to Silver Falls State Park. This is genuinely country living with a manageable Salem commute.
## **Final Thoughts**
Sublimity is for buyers who mean it when they say they want a quieter life. The setting, the pace, and the community character are the real thing — not a marketing pitch. Silver Falls State Park in your backyard, a school district that performs, and a neighborhood where the Harvest Festival tractor pull is still a genuine event. Our Salem-based team knows this part of Marion County well and would be glad to help you find the right property.
**Lovejoy Real Estate — Salem Office**
250 Commercial NE, Salem, OR 97301
503-551-4921
Explore Mid-Willamette Valley Communities
[← Back to Mid-Willamette Valley Neighborhoods](https://lovejoyrealestate.com/mid-willamette-valley-neighborhoods/)
[Canby](https://lovejoyrealestate.com/canby-oregon/) · [Dallas](https://lovejoyrealestate.com/dallas-oregon/) · [Independence](https://lovejoyrealestate.com/independence-oregon/) · [Keizer](https://lovejoyrealestate.com/keizer-oregon/) · [Monmouth](https://lovejoyrealestate.com/monmouth-oregon/) · [Mt. Angel](https://lovejoyrealestate.com/mt-angel-oregon/) · [Salem](https://lovejoyrealestate.com/salem-oregon/) · [Silverton](https://lovejoyrealestate.com/silverton-oregon/) · [Stayton](https://lovejoyrealestate.com/stayton-oregon/) · [Woodburn](https://lovejoyrealestate.com/woodburn-oregon/)
---
### [Silverton, Oregon](https://lovejoyrealestate.com/silverton-oregon/)
**Published:** April 1, 2026
**Author:** Charles Turner
**Content:**
## Silverton, Oregon
## **Overview**
Silverton has a way of winning people over quickly. Tucked into the foothills of the Cascades about 14 miles east of Salem, this historic small city of roughly 10,000 residents sits at the edge of some of Oregon’s most spectacular natural scenery — Silver Falls State Park to the southeast, the Cascade foothills to the east, and the fertile Willamette Valley farmland in every other direction. Its compact downtown, walkable streets, and strong community identity make it one of the most sought-after small towns in the Salem area for buyers who want character without the commute.
## **Real Estate & Neighborhoods**
Silverton’s housing stock tells the story of a town that grew steadily over more than a century. Victorian-era homes and Craftsman bungalows anchor the historic downtown neighborhoods, while mid-century ranches fill out the surrounding residential streets. Newer construction exists on the town’s edges, offering modern floor plans with easy access to the established community. Most single-family homes in Silverton fall in the **$450,000 to $650,000** range, with larger properties on acreage commanding more.
Buyers are drawn to Silverton not just for price point, but for setting. Properties backing to Silver Creek or with views of the surrounding foothills generate strong interest when they hit the market.
[Search Silverton Homes →](https://lovejoyrealestate.hsidx.com/?lat=44.945776499999994&lng=-122.643534&zoom=10)
## **Shops, Restaurants & Local Highlights**
Silverton’s Water Street is the heart of downtown — a walkable strip of locally owned restaurants, coffee shops, boutiques, and galleries.
**Milltown Pub** occupies the site of the historic 1916 Silver Falls Timber Company store. **Twirling Bird** has earned a following for its creative menu. **Silverback Estate Winery** offers a taste of the region’s growing wine culture.
The **Oregon Garden** — an 80-acre botanical showcase — features Frank Lloyd Wright’s Gordon House, the only home the architect designed in the Pacific Northwest.
## **Parks & Recreation**
Silverton is the gateway to **Silver Falls State Park**, Oregon’s largest state park. The Trail of Ten Falls winds past ten waterfalls — including the nearly 200-foot South Falls you can walk behind.
**Silverton Reservoir** offers 65 acres of calm water for fishing and non-motorized boating. Silver Creek runs through town, threading green corridors through the residential neighborhoods.
## **Schools & Education**
Silverton is served by the **Silver Falls School District**, highly regarded for strong test scores, elevated graduation rates, and advanced technology programs.
For details, visit [Silver Falls School District](https://www.silverfalls.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
## **Getting Around**
Highway 213 connects Silverton to Salem in roughly 20 to 25 minutes. Silver Falls State Park is under 15 minutes from downtown.
## **Final Thoughts**
Silverton delivers a quality of life that’s hard to find at its price point — a genuine historic downtown, world-class outdoor recreation, excellent schools, and a community that takes real pride in what it’s built. Our Salem-area team is locally based and happy to show you around.
**Lovejoy Real Estate — Salem Office**
250 Commercial NE, Salem, OR 97301
503-551-4921
Explore Mid-Willamette Valley Communities
[← Back to Mid-Willamette Valley Neighborhoods](https://lovejoyrealestate.com/mid-willamette-valley-neighborhoods/)
[Canby](https://lovejoyrealestate.com/canby-oregon/) · [Dallas](https://lovejoyrealestate.com/dallas-oregon/) · [Independence](https://lovejoyrealestate.com/independence-oregon/) · [Keizer](https://lovejoyrealestate.com/keizer-oregon/) · [Monmouth](https://lovejoyrealestate.com/monmouth-oregon/) · [Mt. Angel](https://lovejoyrealestate.com/mt-angel-oregon/) · [Salem](https://lovejoyrealestate.com/salem-oregon/) · [Stayton](https://lovejoyrealestate.com/stayton-oregon/) · [Sublimity](https://lovejoyrealestate.com/sublimity-oregon/) · [Woodburn](https://lovejoyrealestate.com/woodburn-oregon/)
---
### [Mt. Angel, Oregon](https://lovejoyrealestate.com/mt-angel-oregon/)
**Published:** April 1, 2026
**Author:** Charles Turner
**Content:**
## Mt. Angel, Oregon
## **Overview**
Mt. Angel is one of the Willamette Valley’s most distinctive small towns — a community of roughly 3,500 built around a hilltop Benedictine monastery and shaped by more than a century of German Catholic heritage. The **Mt. Angel Abbey**, perched above the town since 1882, is both a functioning monastery and a significant piece of Pacific Northwest architectural history. Below it, the town’s streets carry an authentic Central European character that isn’t manufactured for tourism — it’s simply how Mt. Angel grew. Located in North Marion County, about 12 miles northeast of Salem and minutes from Silverton, it offers a quality of life that’s hard to replicate at any price.
## **Real Estate & Neighborhoods**
Mt. Angel’s housing market is driven more by community character than by volume. The town is small, inventory is limited, and homes tend to stay in families for generations. When properties do come available, they range from Victorian-era homes and early Craftsman bungalows near the historic core to newer construction on the town’s edges. Most single-family homes fall in the **$380,000 to $560,000** range.
The hilltop setting and the abbey views create a visual character unlike anywhere else in Marion County. Properties with views toward the valley or the abbey tend to command a premium.
[Search Mt. Angel Area Homes →](https://lovejoyrealestate.hsidx.com/?lat=45.14069244329505&lng=-122.8441215&zoom=11)
## **Shops, Restaurants & Local Highlights**
Mt. Angel’s commercial character is anchored by its German and Benedictine heritage. The **Benedictine Brewery**, owned and operated by the monks of Mt. Angel Abbey, crafts beer using locally sourced hops and has become a destination in its own right. **Lou’s Kitchen** is the community’s beloved breakfast spot, with a cozy fireplace atmosphere that draws locals year-round.
The crown jewel of the town’s calendar is the annual **Mt. Angel Oktoberfest** — one of the largest Oktoberfest celebrations in the Pacific Northwest, held each September. For four days, the normally quiet streets fill with music, traditional food, and visitors from across the region. It’s an extraordinary event for a town this size and a genuine expression of what makes Mt. Angel unlike anywhere else in Oregon.
## **Parks & Recreation**
**John B. Humpert Park** provides the city’s primary community green space, with a playground and open lawn. The grounds of **Mt. Angel Abbey** are open to visitors and offer a peaceful hilltop setting with sweeping Willamette Valley views. Silver Falls State Park — the same destination that anchors Silverton’s identity — is just a short drive to the south, putting Oregon’s most spectacular waterfall trail within easy reach.
## **Schools & Education**
Mt. Angel is served by the **North Marion School District**, which serves the North Marion County area including Mt. Angel and surrounding communities.
For details and ratings, visit [North Marion School District](https://www.nmarion.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
## **Getting Around**
Mt. Angel is a car-dependent community. Highway 214 connects to Salem in approximately 20 to 25 minutes and to Silverton in about 10 minutes. The town’s hilltop geography and winding streets are part of its charm, though they do require some adjustment for daily commuters.
## **Final Thoughts**
Mt. Angel is the kind of place that earns fierce loyalty from the people who live there. The abbey, the Oktoberfest, the brewery, the community character — there is genuinely nothing else like it in the Willamette Valley. For buyers who want something beyond the ordinary, it’s worth a serious look. Our Salem-based team is happy to help you explore the market.
**Lovejoy Real Estate — Salem Office**
250 Commercial NE, Salem, OR 97301
503-551-4921
Explore Mid-Willamette Valley Communities
[← Back to Mid-Willamette Valley Neighborhoods](https://lovejoyrealestate.com/mid-willamette-valley-neighborhoods/)
[Canby](https://lovejoyrealestate.com/canby-oregon/) · [Dallas](https://lovejoyrealestate.com/dallas-oregon/) · [Independence](https://lovejoyrealestate.com/independence-oregon/) · [Keizer](https://lovejoyrealestate.com/keizer-oregon/) · [Monmouth](https://lovejoyrealestate.com/monmouth-oregon/) · [Salem](https://lovejoyrealestate.com/salem-oregon/) · [Silverton](https://lovejoyrealestate.com/silverton-oregon/) · [Stayton](https://lovejoyrealestate.com/stayton-oregon/) · [Sublimity](https://lovejoyrealestate.com/sublimity-oregon/) · [Woodburn](https://lovejoyrealestate.com/woodburn-oregon/)
---
### [Monmouth, Oregon](https://lovejoyrealestate.com/monmouth-oregon/)
**Published:** April 1, 2026
**Author:** Charles Turner
**Content:**
## Monmouth, Oregon
## **Overview**
Monmouth and its neighbor Independence share a school district, a fire department, and a free trolley — and in many ways they share an identity. But Monmouth has its own distinct character, shaped primarily by **Western Oregon University**, which has anchored the city since 1856 and continues to give it an energy and diversity unusual for a Polk County town of 10,000. The result is a community that feels more cosmopolitan than its size would suggest, with a walkable downtown, a growing restaurant scene, and a population that skews younger and more eclectic than many Willamette Valley cities.
## **Real Estate & Neighborhoods**
Monmouth’s housing market reflects its college-town character — a mix of older bungalows and Craftsman homes near the university, mid-century ranches in the established residential neighborhoods, and newer construction on the city’s perimeter. Average home values hover around **$400,000 to $480,000**, making Monmouth one of the more accessible markets in the Salem area for buyers seeking character and walkability.
Proximity to the university creates consistent rental demand, which can be relevant for buyers considering investment properties alongside primary residences.
[Search Monmouth Homes →](https://lovejoyrealestate.hsidx.com/?lat=44.796227915469046&lng=-123.35515964999999&zoom=10)
## **Shops, Restaurants & Local Highlights**
Monmouth’s downtown Main Street has developed a genuine dining scene in recent years. **Habebah Coffee & Cuisine** brings Libyan Mediterranean cooking — with both meat and vegetarian options — to a corner spot across from the park. **Rick’s Place** is the reliable morning coffee anchor. **Café Iula**, a small French restaurant, rounds out a food scene that punches well above what you’d expect from a city this size.
The **MI Trolley** — a free, low-emissions red trolley connecting Monmouth and Independence — runs along Main Street and Monmouth Avenue, making it easy to move between the two downtowns without a car.
## **Parks & Recreation**
**Main Street Park** and **Gentle Woods Park** serve as the city’s primary green spaces, offering playgrounds, picnic areas, and walking paths. The **Independence State Recreation Site** just minutes away on the Willamette River provides camping, fishing, and river trail access for the broader community.
The Western Oregon University campus itself adds a significant dimension of walkable green space, athletic facilities, and cultural programming to the city’s recreational life.
## **Schools & Education**
Monmouth is served by the **Central School District**, which operates Monmouth Elementary, Talmadge Middle School, and Central High School. **Western Oregon University** provides four-year college access within the city, with a focus on affordability and first-generation student support.
For details and ratings, visit [Central School District](https://www.central.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
## **Getting Around**
Monmouth is car-dependent for Salem commutes, with Highway 99W providing the primary route to Salem in roughly 20 minutes. The free MI Trolley serves local trips between Monmouth and Independence. Portland is approximately 65 miles north via 99W or I-5.
## **Final Thoughts**
Monmouth offers a quality of life that’s genuinely different from the standard Willamette Valley suburb — walkable, culturally active, and affordable, with a university presence that keeps the community evolving. For buyers who want more than a bedroom community, it’s worth a close look. Our Salem-based team is happy to walk you through what’s available.
**Lovejoy Real Estate — Salem Office**
250 Commercial NE, Salem, OR 97301
503-551-4921
Explore Mid-Willamette Valley Communities
[← Back to Mid-Willamette Valley Neighborhoods](https://lovejoyrealestate.com/mid-willamette-valley-neighborhoods/)
[Canby](https://lovejoyrealestate.com/canby-oregon/) · [Dallas](https://lovejoyrealestate.com/dallas-oregon/) · [Independence](https://lovejoyrealestate.com/independence-oregon/) · [Keizer](https://lovejoyrealestate.com/keizer-oregon/) · [Mt. Angel](https://lovejoyrealestate.com/mt-angel-oregon/) · [Salem](https://lovejoyrealestate.com/salem-oregon/) · [Silverton](https://lovejoyrealestate.com/silverton-oregon/) · [Stayton](https://lovejoyrealestate.com/stayton-oregon/) · [Sublimity](https://lovejoyrealestate.com/sublimity-oregon/) · [Woodburn](https://lovejoyrealestate.com/woodburn-oregon/)
---
### [Independence, Oregon](https://lovejoyrealestate.com/independence-oregon/)
**Published:** April 1, 2026
**Author:** Charles Turner
**Content:**
## Independence, Oregon
## **Overview**
Independence sits on the west bank of the Willamette River in Polk County, just south of its neighbor Monmouth, and carries a distinct identity built on more than 150 years of history. Founded in the 1840s and shaped by the hop farming industry that once made it famous, Independence has evolved into a small, close-knit city of around 10,000 that takes genuine pride in its riverfront, its historic downtown, and the sense of community that comes from a place people actually invest in. The free MI Trolley connection to Monmouth extends the walkable reach of both cities and makes the pair feel like a connected small-city experience.
## **Real Estate & Neighborhoods**
Independence’s housing stock reflects its age and character — Victorian-era homes and early 20th-century bungalows near the historic downtown core, mid-century ranches in the established neighborhoods, and a modest amount of newer construction. Prices are generally in line with Monmouth, with most single-family homes in the **$380,000 to $490,000** range.
Properties along or near the Willamette River — particularly those with views or walking access to Riverview Park — attract strong interest and tend to move quickly.
[Search Independence Homes →](https://lovejoyrealestate.hsidx.com/?lat=44.82689563298777&lng=-123.16023254999999&zoom=11)
## **Shops, Restaurants & Local Highlights**
Independence’s downtown Monmouth Avenue corridor has a genuine small-city commercial character with locally owned businesses, restaurants, and the kind of streetscape that rewards a slow walk. The city’s **hop farming heritage** is woven into local culture and history — Independence was once the hop capital of Oregon, and that agricultural identity still shapes the community’s sense of self.
The **MI Trolley** connects downtown Independence to downtown Monmouth along a scenic route, making it practical to move between the two without a car.
## **Parks & Recreation**
**Independence Riverview Park** is the city’s crown jewel — a scenic riverside destination along the Willamette with walking trails, picnic areas, and some of the best river views in the Salem area. The park connects to a broader trail network along the river corridor that is popular with cyclists, walkers, and families.
The **Independence State Recreation Site** adds camping and boat launch access to the river experience, and the broader Polk County trail system extends the outdoor recreation options into the surrounding farmland and valley landscapes.
## **Schools & Education**
Independence shares the **Central School District** with Monmouth, which operates elementary, middle, and high school programs serving both communities. **Western Oregon University** in neighboring Monmouth provides convenient four-year college access.
For details and ratings, visit [Central School District](https://www.central.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
## **Getting Around**
Independence is car-dependent for most errands and commutes. Highway 51 connects to Salem in roughly 20 minutes. The free MI Trolley serves local trips to Monmouth. Portland is approximately 65 miles north.
## **Final Thoughts**
Independence rewards buyers who value history, river access, and community character over newness. Its Willamette River frontage, historic downtown, and connection to Monmouth create a living experience that’s genuinely distinctive in the Salem area. Our locally based Salem team knows this market well and would love to show you around.
**Lovejoy Real Estate — Salem Office**
250 Commercial NE, Salem, OR 97301
503-551-4921
Explore Mid-Willamette Valley Communities
[← Back to Mid-Willamette Valley Neighborhoods](https://lovejoyrealestate.com/mid-willamette-valley-neighborhoods/)
[Canby](https://lovejoyrealestate.com/canby-oregon/) · [Dallas](https://lovejoyrealestate.com/dallas-oregon/) · [Keizer](https://lovejoyrealestate.com/keizer-oregon/) · [Monmouth](https://lovejoyrealestate.com/monmouth-oregon/) · [Mt. Angel](https://lovejoyrealestate.com/mt-angel-oregon/) · [Salem](https://lovejoyrealestate.com/salem-oregon/) · [Silverton](https://lovejoyrealestate.com/silverton-oregon/) · [Stayton](https://lovejoyrealestate.com/stayton-oregon/) · [Sublimity](https://lovejoyrealestate.com/sublimity-oregon/) · [Woodburn](https://lovejoyrealestate.com/woodburn-oregon/)
---
### [Dallas, Oregon](https://lovejoyrealestate.com/dallas-oregon/)
**Published:** April 1, 2026
**Author:** Charles Turner
**Content:**
## Dallas, Oregon
## **Overview**
Dallas is the county seat of Polk County, tucked into the Willamette Valley about 15 miles west of Salem. With a population of roughly 17,000, it carries that particular small-city character — a real downtown, a genuine community identity, and the kind of day-to-day livability that comes from a place that has been a functioning town for over 150 years. The Eola-Amity Hills wine country begins just to the northeast, adding a distinctive regional context that connects Dallas to one of Oregon’s most celebrated wine appellations.
## **Real Estate & Neighborhoods**
Dallas offers some of the most affordable homeownership in the greater Salem area, with a cost of living that remains competitive with the broader Oregon market. Housing styles range from Victorian-era homes near the historic downtown core to mid-century ranch homes in established neighborhoods and newer construction on the city’s edges. Most single-family homes fall in the **$340,000 to $500,000** range.
The combination of lower price points, larger lot sizes, and proximity to Salem makes Dallas particularly attractive for first-time buyers and those looking to maximize space for their budget.
[Search Dallas Homes →](https://lovejoyrealestate.hsidx.com/?lat=44.923245340611544&lng=-123.35139155000002&zoom=11)
## **Shops, Restaurants & Local Highlights**
Dallas has invested in its downtown in recent years, and the result is a walkable commercial core with locally owned restaurants, cafes, and shops. The city’s **summer concert series** and weekly **farmers’ market** bring the community together during the warmer months and give the downtown a lively energy that punches above the city’s size.
The annual **Polk County Fair** is a regional institution that draws visitors from across the valley each summer. And the proximity to the Eola-Amity Hills means several respected Oregon wineries are within a short drive.
## **Parks & Recreation**
**Dallas City Park** is the city’s primary recreation hub at 35 acres — featuring a playground, basketball courts, a skate park, and picnic areas. The **Dallas Aquatic Center** provides year-round swimming and water recreation. The **Rickreall Creek Trail** offers a scenic natural corridor for walking and cycling through the surrounding valley landscape.
## **Schools & Education**
Dallas is served by the **Dallas School District**, which operates seven schools serving approximately 3,000 students across the city and surrounding area.
For details and ratings, visit [Dallas School District](https://www.dallas.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
## **Getting Around**
Dallas is a car-dependent community. Highway 22 connects the city to Salem in roughly 20 to 25 minutes. The broader Polk County road network provides access to the coast via Highway 22 west, and to the rest of the Willamette Valley via Highway 99W.
## **Final Thoughts**
Dallas offers what a growing number of buyers are actively seeking — affordability, community character, and a real downtown in a valley setting that doesn’t feel like a suburb. Its position as the Polk County seat gives it a permanence and civic identity that smaller towns can’t match. Our Salem-based team is well-versed in the Dallas market and happy to show you around.
**Lovejoy Real Estate — Salem Office**
250 Commercial NE, Salem, OR 97301
503-551-4921
Explore Mid-Willamette Valley Communities
[← Back to Mid-Willamette Valley Neighborhoods](https://lovejoyrealestate.com/mid-willamette-valley-neighborhoods/)
[Canby](https://lovejoyrealestate.com/canby-oregon/) · [Independence](https://lovejoyrealestate.com/independence-oregon/) · [Keizer](https://lovejoyrealestate.com/keizer-oregon/) · [Monmouth](https://lovejoyrealestate.com/monmouth-oregon/) · [Mt. Angel](https://lovejoyrealestate.com/mt-angel-oregon/) · [Salem](https://lovejoyrealestate.com/salem-oregon/) · [Silverton](https://lovejoyrealestate.com/silverton-oregon/) · [Stayton](https://lovejoyrealestate.com/stayton-oregon/) · [Sublimity](https://lovejoyrealestate.com/sublimity-oregon/) · [Woodburn](https://lovejoyrealestate.com/woodburn-oregon/)
---
### [Canby, Oregon](https://lovejoyrealestate.com/canby-oregon/)
**Published:** April 1, 2026
**Author:** Charles Turner
**Content:**
## Canby
## **Overview**
Canby occupies a distinctive position in the northern Willamette Valley — in Clackamas County, roughly 25 miles south of Portland and 35 miles north of Salem. With a population of around 17,000, it has the feel of a community that has grown deliberately, maintaining its small-city character while developing the schools, parks, and local businesses that make it a genuinely appealing place to live. The surrounding landscape — the Molalla River to the south, productive farmland in every direction, and the broader Willamette Valley extending north — gives Canby a strong sense of its own geography.
## **Real Estate & Neighborhoods**
Canby’s housing market has historically offered better value per square foot than comparable communities closer to Portland. Most single-family homes fall in the **$450,000 to $650,000** range, with newer construction and larger lots available at the higher end. The city has seen steady growth, and inventory has remained relatively tight — a reflection of consistent buyer demand from people seeking an alternative to the Portland metro without a long commute.
The combination of Canby’s school district reputation, park system, and community character makes it particularly attractive for families.
[Search Canby Homes →](https://lovejoyrealestate.hsidx.com/?lat=45.2630556&lng=-122.69138890000002&zoom=11)
## **Shops, Restaurants & Local Highlights**
Canby’s downtown has a relaxed, community-oriented commercial character. **Yazzolino’s Cosa Bella Italian Kitchen** brings a genuine family-recipe Italian tradition — 300 years in the making from Calabria — to the local dining scene. **Oregon City Brewing’s Canby Beer Library**, housed in the city’s historic old library building, is a beloved community gathering spot with craft beer and food carts.
The annual **Dahlia Festival** each August is one of Canby’s signature events, celebrating the region’s long tradition of dahlia growing with displays and community gatherings. The **Clackamas County Fair & Rodeo** draws visitors from across the region every August, and the **Oregon Renaissance Faire** is held nearby each June.
## **Parks & Recreation**
**Canby Community Park** is the city’s primary recreation hub, featuring sports fields, playgrounds, and a skate park. The surrounding area offers exceptional state park access — **Molalla River State Park** to the south offers hiking, picnicking, and boating access on the Molalla River, while **Champoeg State Park** to the northwest provides a significant slice of Willamette Valley history and natural scenery.
## **Schools & Education**
Canby is served by **Canby School District 86**, which has a strong community reputation. **Canby High School** offers AP coursework, CTE pathways, strong arts and athletics programs, and a well-supported extracurricular community.
For details and ratings, visit [Canby School District](https://www.canby.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
## **Getting Around**
Canby is a car-dependent community. Highway 99E provides the primary route north to Portland (35–40 minutes) and south toward Salem. The Canby Ferry — one of the last operating ferries on the Willamette River — offers a scenic crossing to Wilsonville and connects to the broader regional road network to the north.
## **Final Thoughts**
Canby delivers on the things that matter most to families and buyers seeking a true community — strong schools, well-maintained parks, a genuine downtown, and a location that keeps both Portland and Salem within reasonable reach. It’s a city that tends to exceed expectations. Our team is happy to help you explore it.
**Lovejoy Real Estate — Salem Office**
250 Commercial NE, Salem, OR 97301
503-551-4921
Explore Mid-Willamette Valley Communities
[← Back to Mid-Willamette Valley Neighborhoods](https://lovejoyrealestate.com/mid-willamette-valley-neighborhoods/)
· [Dallas](https://lovejoyrealestate.com/dallas-oregon/) · [Independence](https://lovejoyrealestate.com/independence-oregon/) · [Keizer](https://lovejoyrealestate.com/keizer-oregon/) · [Monmouth](https://lovejoyrealestate.com/monmouth-oregon/) · [Mt. Angel](https://lovejoyrealestate.com/mt-angel-oregon/) · [Salem](https://lovejoyrealestate.com/salem-oregon/) · [Silverton](https://lovejoyrealestate.com/silverton-oregon/) · [Stayton](https://lovejoyrealestate.com/stayton-oregon/) · [Sublimity](https://lovejoyrealestate.com/sublimity-oregon/) · [Woodburn](https://lovejoyrealestate.com/woodburn-oregon/)
---
### [Keizer, Oregon](https://lovejoyrealestate.com/keizer-oregon/)
**Published:** March 22, 2026
**Author:** Charles Turner
**Content:**
## Keizer
## **Overview**
Keizer sits just north of Salem along the Willamette River, and while it shares a school district and zip code with its neighbor, it has always maintained a distinct identity. Incorporated as its own city in 1982, Keizer has grown into a community of roughly 40,000 residents who value its quieter pace, well-maintained neighborhoods, and easy access to everything Salem has to offer. For buyers looking for suburban comfort without sacrificing convenience, Keizer consistently delivers.
## **Real Estate & Neighborhoods**
Keizer’s housing stock reflects decades of steady growth, with most neighborhoods built between the 1950s and 1990s. Ranch homes and split-levels dominate the established interior neighborhoods, while newer construction has filled in the city’s edges with traditional two-story family homes. Prices remain more accessible than many comparable Willamette Valley communities, with most single-family homes falling in the **$380,000 to $520,000** range.
For buyers seeking something more distinctive, Keizer offers a handful of standout pockets:
**Inland Shores** wraps around the private Staats Lake — a rare find in the mid-Willamette Valley — with lakefront homes that rarely hit the market and command prices starting well above $600,000.
**McNary Estates** is a gated community near the river with larger lots, custom construction, and homes generally starting in the mid-$600,000s.
**Wilark Park** offers well-maintained mid-century homes with walkable access to schools and Keizer Station, making it one of the more sought-after entry-level neighborhoods in the city.
Along the Willamette River, custom estate properties offer privacy and water views, with prices starting around $750,000.
[Search Keizer Homes →](https://lovejoyrealestate.hsidx.com/?lat=45.00506592810743&lng=-123.0240235&zoom=13)
## **Shops, Restaurants & Local Highlights**
Keizer Station — the city’s primary commercial corridor along Chemawa Road near I-5 — anchors much of the retail activity, with grocery stores, national retailers, and a growing mix of local dining.
The dining scene leans casual and family-friendly. **McNary’s Grill** near the golf club is a local favorite for a relaxed meal. **Sweet Home Thai Cuisine** has built a following for its curries and noodle dishes. **Hope n Drops** draws regulars with its 100% Angus beef burgers in a neighborhood-gathering-place atmosphere.
The annual **Iris Festival** — held each May in Keizer Rapids Park — is one of the city’s signature community events, drawing visitors from across the Willamette Valley for arts, food, and entertainment.
## **Parks & Recreation**
Keizer takes its green spaces seriously. With 19 parks spread across the city, residents are never far from a trail, a field, or a stretch of river.
**Keizer Rapids Park** is the crown jewel — a multi-use destination along the Willamette River with an 18-hole disc golf course, paved walking and biking trails, a boat ramp, and a dedicated dog park. It draws residents year-round and connects to the broader river trail system.
**McNary Golf Club** is a well-regarded public course that has anchored the McNary neighborhood for decades — one of the more affordable and accessible golf options in the Salem area.
The Claggett Creek and Rock Creek natural areas offer quieter trail experiences for those looking to get off the pavement, while neighborhood parks throughout the city provide playgrounds and sports fields close to home.
## **Schools & Education**
Keizer is served by the **Salem-Keizer Public School District**, one of the larger districts in Oregon. Schools serving Keizer include:
- **McNary High School** — Keizer’s primary high school, known for strong athletics and a broad range of academic programs
- **Whiteaker Middle School** — consistently well-regarded within the district
- **Gubser Elementary, Cummings Elementary, Claggett Creek Middle School** — among the neighborhood schools serving different parts of the city
For school boundary details and ratings, visit [Salem-Keizer School District](https://www.salkeiz.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
## **Getting Around**
Keizer is a car-dependent community, but its location makes that easy to live with. Direct I-5 access via the Chemawa Road interchange puts downtown Salem minutes away and downtown Portland under an hour. Highway 99E provides an alternate north-south route through the city. Salem’s Cherriots bus system serves portions of Keizer for those who prefer transit, though most residents commute by car.
## **Final Thoughts**
Keizer offers something increasingly rare in the Willamette Valley — a genuine community feel within a city large enough to have real amenities. Its parks, schools, and accessible price points make it a natural first look for families relocating to the Salem area, and its Willamette River frontage adds a quality of life element that surprises many buyers. Our Salem-based team knows this market well and would be glad to help you explore what Keizer has to offer.
**Lovejoy Real Estate — Salem Office**
250 Commercial NE, Salem, OR 97301
503-551-4921
Explore Mid-Willamette Valley Communities
[← Back to Mid-Willamette Valley Neighborhoods](https://lovejoyrealestate.com/mid-willamette-valley-neighborhoods/)
[Canby](https://lovejoyrealestate.com/canby-oregon/) · [Dallas](https://lovejoyrealestate.com/dallas-oregon/) · [Independence](https://lovejoyrealestate.com/independence-oregon/) · · [Monmouth](https://lovejoyrealestate.com/monmouth-oregon/) · [Mt. Angel](https://lovejoyrealestate.com/mt-angel-oregon/) · [Salem](https://lovejoyrealestate.com/salem-oregon/) · [Silverton](https://lovejoyrealestate.com/silverton-oregon/) · [Stayton](https://lovejoyrealestate.com/stayton-oregon/) · [Sublimity](https://lovejoyrealestate.com/sublimity-oregon/) · [Woodburn](https://lovejoyrealestate.com/woodburn-oregon/)
---
### [Salem, Oregon](https://lovejoyrealestate.com/salem-oregon/)
**Published:** April 1, 2026
**Author:** Charles Turner
**Content:**
## Salem, Oregon
## **Overview**
Salem is Oregon’s capital city and the heart of the mid-Willamette Valley — a city of nearly 180,000 that has grown considerably in recent decades while retaining a livability and affordability that most Pacific Northwest cities its size cannot match. The Willamette River runs along the city’s western edge, dividing Salem from its distinct West Salem community. State government anchors the downtown economy, but Salem has diversified well beyond its capital city identity into manufacturing, healthcare, education, and a growing food and wine industry rooted in the surrounding agricultural valley.
Salem’s neighborhoods vary considerably in character, price, and age of housing stock. Understanding the city by area is the most useful way to approach a Salem home search.
## **Salem by Area**
### **Downtown & Central Salem**
Central Salem encompasses the historic downtown core, state government offices, Willamette University, and the established residential neighborhoods radiating outward from the capitol building. Housing ranges from Victorian-era homes and period bungalows in the historic districts to mid-century ranches and newer condominiums. The area is the most walkable in Salem, with easy access to the Saturday Market, restaurants, and cultural institutions. Zip code **97301**.
Most single-family homes in Central Salem fall in the **$350,000 to $550,000** range, with historic homes in premium condition commanding more.
[Search Central Salem Homes →](https://lovejoyrealestate.hsidx.com/?lat=44.95856664426151&lng=-123.00255099999998&zoom=12)
### **North Salem**
North Salem covers the neighborhoods north of the downtown core, including the Lancaster area, Hayesville, and the Clear Lake and Lakebrook communities. The housing stock is primarily mid-century to 1980s construction with a mix of ranches and traditional two-story homes. North Salem offers good value and practical access to I-5 and the broader Salem commercial corridor. Zip code **97303**.
Most homes fall in the **$330,000 to $480,000** range.
[Search North Salem Homes →](https://lovejoyrealestate.hsidx.com/?lat=45.02631095291875&lng=-123.01744900000001&zoom=12)
### **South Salem**
South Salem is one of the most desirable areas in the city — newer construction, larger lots, established mature trees, and a strong sense of residential neighborhood identity. The Fairview, Sunnyslope, and South Gateway areas offer a range of housing types from mid-century classics to contemporary builds. Proximity to the South Salem commercial corridor, Pringle Creek, and Bush’s Pasture Park adds to the appeal. Zip codes **97302 / 97306**.
Most homes fall in the **$400,000 to $650,000** range, with premium properties at the higher end.
[Search South Salem Homes →](https://lovejoyrealestate.hsidx.com/?lat=44.9074914927516&lng=-123.05909&zoom=14)
### **East Salem**
East Salem encompasses the neighborhoods east of I-5, including the Four Corners and Fruitland communities. This is a primarily residential area with a mix of older ranch homes, 1980s and 1990s construction, and newer development on the city’s eastern edge. East Salem offers more space per dollar than central or south Salem and attracts buyers who prioritize square footage and yard size. Zip code **97305**.
Most homes fall in the **$310,000 to $460,000** range.
[Search East Salem Homes →](https://lovejoyrealestate.hsidx.com/?lat=45.02047070050605&lng=-122.91393649999999&zoom=11)
### **West Salem**
West Salem sits across the Willamette River from the city proper — technically part of Salem but with its own distinct geography and character. The Salemtowne and Brush College areas offer a mix of mid-century homes, newer construction, and some of the best Willamette River views in the greater Salem area. Residents cross the bridges daily but maintain a neighborhood identity that feels slightly separate from the main city. Zip code **97304**.
Most homes fall in the **$360,000 to $580,000** range, with river view and riverfront properties above that.
[Search West Salem Homes →](https://lovejoyrealestate.hsidx.com/?lat=44.962747966478105&lng=-122.99440519999999&zoom=10)
## **Parks & Recreation**
**Bush’s Pasture Park** is Salem’s most beloved green space — 108 acres in South Salem with rose gardens, an art museum, historic houses, and paved trails. **Riverfront Park** runs along the Willamette downtown and connects to the **Salem Riverfront Carousel** and the broader river trail system. **Minto-Brown Island Park** provides over 1,000 acres of trails, wetlands, and wildlife habitat along the Willamette south of downtown — one of the largest urban parks in Oregon.
## **Dining, Arts & Local Life**
Salem’s dining and cultural scene has matured considerably in recent years. The **Downtown Salem** core has a growing concentration of locally owned restaurants, breweries, and coffee shops. The **Salem Saturday Market** runs from April through October in Riverfront Park. **Willamette University** brings a consistent arts and cultural calendar to the city, while the **Salem Art Association** and **Elsinore Theatre** anchor the city’s creative life.
The surrounding Willamette Valley wine country — including the Eola-Amity Hills and Chehalem Mountains AVAs — is among Oregon’s most celebrated wine regions and within a short drive of any Salem neighborhood.
## **Schools & Education**
Salem is served primarily by the **Salem-Keizer Public School District**, one of the largest districts in Oregon. The district operates dozens of elementary, middle, and high schools across the city and surrounding area. **Willamette University** and **Chemeketa Community College** provide higher education options within the city.
For details and ratings, visit [Salem-Keizer School District](https://www.salkeiz.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
## **Getting Around**
Salem sits at the junction of I-5 and several major highways, making it one of the best-connected cities in the Willamette Valley. Portland is 50 miles north via I-5 (45–60 minutes depending on traffic). Eugene is 65 miles south. **Cherriots**, Salem’s regional transit system, provides bus service across the city and to neighboring communities. The city is also served by the Amtrak Cascades route with a downtown station.
## **Final Thoughts**
Salem rewards buyers who look past its capital city reputation. The combination of Willamette Valley location, diverse neighborhoods, strong parks, and price points that remain well below Portland makes it one of the most practical and undervalued real estate markets in Oregon. Our Salem-based team lives and works here — we know every neighborhood and would be glad to help you find the right fit.
**Lovejoy Real Estate — Salem Office**
250 Commercial NE, Salem, OR 97301
503-551-4921
Explore Mid-Willamette Valley Communities
[← Back to Mid-Willamette Valley Neighborhoods](https://lovejoyrealestate.com/mid-willamette-valley-neighborhoods/)
[Canby](https://lovejoyrealestate.com/canby-oregon/) · [Dallas](https://lovejoyrealestate.com/dallas-oregon/) · [Independence](https://lovejoyrealestate.com/independence-oregon/) · [Keizer](https://lovejoyrealestate.com/keizer-oregon/) · [Monmouth](https://lovejoyrealestate.com/monmouth-oregon/) · [Mt. Angel](https://lovejoyrealestate.com/mt-angel-oregon/) · [Silverton](https://lovejoyrealestate.com/silverton-oregon/) · [Stayton](https://lovejoyrealestate.com/stayton-oregon/) · [Sublimity](https://lovejoyrealestate.com/sublimity-oregon/) · [Woodburn](https://lovejoyrealestate.com/woodburn-oregon/)
---
### [Privacy Policy](https://lovejoyrealestate.com/privacy-policy/)
**Published:** July 10, 2024
**Author:** Charles Turner
**Content:**
## PRIVACY POLICY
**Last Updated: May 14, 2026**
**Introduction**
Turner Team Inc. DBA Lovejoy Real Estate (“Lovejoy Real Estate,” “Turner Team,” “we,” “us,” or “our”) is committed to protecting your privacy. This Privacy Policy outlines our policies and practices regarding the collection, use, disclosure, and protection of your personal information when you interact with [www.lovejoyrealestate.com](https://www.lovejoyrealestate.com), our mobile app, our text and email programs, and the related services we provide (collectively, the “Services”).
**Acceptance of This Privacy Policy**
By using the Services, you signify your acceptance of this Privacy Policy. If you do not agree to this Privacy Policy, you should not use the Services. We reserve the right to modify this Privacy Policy at any time by posting an updated version on our website and revising the “Last Updated” date above. Your continued use of the Services after a modification indicates your acceptance of the changes.
**Location of Servers and Transfer of Information**
Our website and the third-party services we use are hosted on servers located in the United States. If you are located outside the United States, your personal information will be transferred to, stored in, and processed in the United States. By submitting your personal information, you consent to its transfer to the United States and its storage, processing, and use in accordance with this Privacy Policy. United States data protection laws may differ from those in your country of residence.
**Scope of This Privacy Policy**
This Privacy Policy applies to your use of the Services. We do not own, operate, or control the websites or platforms of third parties — including individual real estate licensees, outside referral agents, lenders, title and escrow companies, home service providers, or social media platforms. Accordingly, this Privacy Policy does not apply to those parties’ websites, apps, or their respective collection, use, storage, and disclosure of your personal information. We encourage you to review the privacy policies of any third party before sharing information with them.
**1. Information We Collect**
We collect personal information you voluntarily provide when you interact with the Services in order to deliver the services you request and to communicate with you. This includes:
- **Account and profile information:** name, email address, phone number, mailing address, password, and preferences when you register on our website or in the Lovejoy app.
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**2. Information Collected Automatically**
Even if you do not submit personal information, we and our service providers may collect information about how you use the Services (“Non-Personal Information”). This information generally cannot be used to identify you personally on its own and includes:
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**3. How We Use Information**
We use the information we collect to:
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- Respond to your inquiries and provide customer support;
- Send transactional communications about your account, saved searches, showings, transactions, and other Service-related matters;
- Send marketing communications about market updates, new listings, events, and other Lovejoy Real Estate content, where permitted by law and in accordance with your preferences;
- Improve, secure, and develop the Services;
- Measure and improve our marketing, including through analytics and advertising platforms;
- Comply with legal, regulatory, licensing, fair housing, recordkeeping, and tax requirements; and
- Detect, investigate, and prevent fraud, unauthorized activity, and abuse of the Services.
**4. How We Share Information**
**We do not sell your personal information.** We share personal information only as follows:
- **Licensed brokers and our team:** we share your information with the Lovejoy Real Estate brokers and staff who need it to respond to your inquiry, provide the Service you requested, or carry out a transaction.
- **Service providers (data processors):** we share information with vendors that perform services on our behalf, including HubSpot (CRM, email, marketing automation), Salesmessage (text messaging via HubSpot), the Lovejoy app provider (Homestack), our IDX/MLS data provider, RMLS and WVMLS (multiple listing services), our website hosting and security providers, Google (analytics and advertising), Meta (advertising), our e-signature and transaction-management providers, lenders and title/escrow companies you engage with, and other vendors that support our business. These vendors are contractually limited to using your information to provide services to us.
- **With your direction or consent:** when you ask us to share information with a lender, inspector, title/escrow provider, or other party.
- **Legal and safety:** to comply with applicable law, lawful process, or governmental request; to enforce our Terms of Use; to protect the rights, property, or safety of Lovejoy Real Estate, our clients, or others; or in connection with a corporate transaction such as a merger, acquisition, or sale of assets.
**We do not sell or share mobile numbers, SMS consent, or message data with third parties or affiliates for their marketing or promotional purposes.** Information sharing with subcontractors that support our text messaging program (such as our messaging platform and CRM) is permitted solely to operate the Service. All other sharing categories described above exclude text messaging originator opt-in data and consent; this information will not be sold or shared with any third parties.
**5. Text Messaging (SMS) Program**
Lovejoy Real Estate operates a text messaging program through HubSpot and our messaging provider, Salesmessage, registered under the carrier-required **A2P 10DLC** framework and operated in compliance with the **Telephone Consumer Protection Act (TCPA)** and applicable **CTIA Messaging Principles and Best Practices**.
- **Consent.** By providing your mobile number through a Lovejoy Real Estate form, the Lovejoy app, an agent, an event sign-in, or another disclosed channel, you give your express written consent to receive recurring automated and non-automated text messages from Lovejoy Real Estate at the number you provide. **Consent is not a condition of any purchase or service.**
- **Message types.** We send both **transactional** messages (such as appointment confirmations, listing alerts, showing requests, transaction status updates, and one-to-one agent communications) and **marketing** messages (such as market updates, new-listing notifications, open-house invitations, and occasional promotional content). Where required, we obtain separate consent for marketing messages.
- **Frequency and cost.** Message frequency varies based on your activity and preferences. **Message and data rates may apply**, based on your mobile plan.
- **Opting out.** You can opt out at any time by replying **STOP**, **CANCEL**, **END**, **UNSUBSCRIBE**, **QUIT**, or **STOPALL** to any message we send you. After you opt out, you will receive a single confirmation message and will not receive further marketing or automated text messages from that program. You may continue to communicate one-to-one with your broker by replying to that broker directly.
- **Help.** Reply **HELP** to any of our text messages for assistance, or contact us at the addresses below.
- **Resubscribing.** If you previously opted out and want to opt back in, reply **START**, **YES**, or **UNSTOP**, or sign up again through our website or app.
- **Carriers.** Supported carriers include (but are not limited to) AT&T, Verizon, T-Mobile, US Cellular, Sprint, Boost, MetroPCS, Cricket, and Google Fi. Carriers are not liable for delayed or undelivered messages.
- **Mobile information sharing.** As noted above, **we do not sell or share mobile numbers, SMS consent, or message data with third parties or affiliates for their marketing or promotional purposes**. We share this information only with the subcontractors needed to operate the messaging Service.
- **Alternatives.** Opting out of text messages does not opt you out of email, mail, or phone communications, and vice versa. You can update your preferences across channels by contacting us at the addresses below.
**6. Cookies, Analytics, and Advertising**
We and our service providers use cookies, pixels, tags, SDKs, and similar technologies to operate the Services, remember your preferences, measure performance, and deliver relevant marketing. This includes:
- **Google Analytics (GA4):** to understand site usage and improve the Services. You can opt out using the [Google Analytics Opt-Out Browser Add-on](https://tools.google.com/dlpage/gaoptout).
- **Google Ads & remarketing:** to measure ad performance and show relevant ads on Google properties and partner sites. You can adjust ad settings at [adssettings.google.com](https://adssettings.google.com).
- **Meta Pixel (Facebook/Instagram):** to measure ad performance and show relevant ads on Meta properties. You can adjust ad preferences in your Facebook settings.
- **HubSpot tracking:** to identify your interactions with our emails (opens and link clicks) and pages so we can provide relevant follow-up.
Most browsers allow you to block or delete cookies through their settings. You can also use industry opt-out tools provided by the [Digital Advertising Alliance](https://optout.aboutads.info) and the [Network Advertising Initiative](https://optout.networkadvertising.org). Blocking cookies may limit some features of the Services.
**7. Updating or Correcting Your Information**
If your personal information changes or you no longer wish to use the Services, you may correct, update, or delete your personal information by signing into your account on our website or in the Lovejoy app, by following the unsubscribe instructions in any marketing email, or by contacting us at:
Lovejoy Real Estate
828 NW 19th Ave., Portland, OR 97209
Email: **8. Children**
Our Services are not directed to children under the age of 13, and we do not knowingly collect personal information from children under 13. If we learn we have collected personal information from a child under 13, we will delete it. If you believe a child has provided us with personal information, please contact us at the address above.
**9. Security**
We use reasonable administrative, technical, and physical safeguards to protect personal information against unauthorized access, disclosure, alteration, and destruction. No system can be guaranteed 100% secure, however, and we cannot warrant the security of any information you transmit to us. You use the Services at your own risk.
**10. Data Retention**
We retain personal information for as long as necessary to provide the Services, maintain our business records, comply with legal and regulatory obligations (including Oregon and Washington real estate licensing recordkeeping rules), resolve disputes, and enforce our agreements. When no longer needed, we securely delete or de-identify the information.
**11. Your Privacy Choices**
- **Marketing email:** click the unsubscribe link in any marketing email or contact us at the addresses above.
- **Text messages:** reply STOP (or any of the keywords listed in Section 5) to any message.
- **Cookies and tracking:** use your browser settings, privacy-focused browser features, or industry opt-out tools listed in Section 6.
- **Advertising platforms:** use opt-out features provided by Google, Meta, and other advertising partners.
- **Account changes:** update your profile or preferences in your Lovejoy account.
**12. Your Privacy Rights**
Depending on where you live, you may have the following rights regarding your personal information:
- **Access and portability:** request a copy of the personal information we maintain about you.
- **Correction:** request that we correct inaccurate personal information.
- **Deletion:** request that we delete personal information, subject to legal and operational retention requirements.
- **Restriction and objection:** request that we restrict or object to certain uses of your personal information.
- **Withdraw consent:** withdraw consent you previously gave (such as for marketing email or SMS) at any time.
- **Non-discrimination:** we will not discriminate against you for exercising any of these rights.
To exercise these rights, contact us at the addresses provided in Section 7. We may need to verify your identity before responding. You may also authorize an agent to make a request on your behalf, subject to verification.
**13. Oregon Residents (Oregon Consumer Privacy Act)**
If you are an Oregon resident, the Oregon Consumer Privacy Act (OCPA) provides you with the rights described in Section 12, including the right to access, correct, delete, and obtain a portable copy of your personal data, and to opt out of certain “targeted advertising,” “sale” of personal data, and certain profiling. **We do not sell personal data for monetary consideration.** We may engage in cross-context behavioral (targeted) advertising through services such as Google Ads and the Meta Pixel as described in Section 6; you can opt out of those uses by following the instructions in Sections 6 and 11 or by contacting us at the addresses in Section 7. If we decline a request, you may appeal by contacting us at the same addresses; if you are dissatisfied with the outcome of your appeal, you may submit a complaint to the Oregon Department of Justice at [justice.oregon.gov/consumer](https://justice.oregon.gov/consumer/).
**14. Washington Residents**
If you are a Washington resident, you may have rights under Washington consumer protection laws, including the Washington My Health My Data Act (which generally applies to “consumer health data”). We do not knowingly collect consumer health data through the Services. To exercise any applicable rights or to ask questions about our practices in Washington, contact us at the addresses in Section 7.
**15. California Residents**
If you are a California resident, the California Consumer Privacy Act, as amended (“CCPA/CPRA”), provides you with the rights described in Section 12, including the right to know what personal information we collect, use, and share; the right to delete; the right to correct; and the right to opt out of the “sale” or “sharing” of personal information and certain uses of “sensitive personal information.” **We do not sell personal information for monetary consideration.** We may “share” personal information for cross-context behavioral advertising as defined under California law (for example, through the Meta Pixel and Google Ads). To opt out of such sharing, follow the instructions in Sections 6 and 11, or contact us at the addresses in Section 7. We will not discriminate against you for exercising your rights.
**16. Other U.S. State Privacy Rights**
Residents of other U.S. states that grant comparable privacy rights may exercise those rights by contacting us at the addresses in Section 7. We will respond consistent with applicable law.
**17. Do Not Track**
Some browsers can be configured to send “Do Not Track” signals. There is no industry-standard response to these signals, and we do not currently respond to them. We do honor Global Privacy Control (GPC) signals where required by applicable state law as a request to opt out of “sale” or “sharing” of personal information.
**18. Third-Party Services**
Our Services may contain links to websites and online services operated by third parties — including MLS portals, social media, lenders, title and escrow companies, and home service providers. We do not control these third-party services and are not responsible for their privacy practices. We encourage you to review their privacy policies before providing any personal information.
**19. International Users**
The Services are intended for residents of the United States. By using the Services, you consent to the transfer, processing, and storage of your personal information in the United States, where data protection laws may differ from those in your country of residence. We will take reasonable measures to handle your personal information in accordance with this Privacy Policy.
**20. Opting Out of Third-Party Ad Servers**
To prevent third-party ad servers from setting and reading cookies on your device, you may visit each ad network’s website individually and use its opt-out tools where offered, or use the Digital Advertising Alliance and Network Advertising Initiative tools linked in Section 6. To opt out of any Lovejoy Real Estate email subscription, email us at or use the unsubscribe link in any marketing email.
**21. Changes to This Privacy Policy**
We may modify this Privacy Policy at any time. Material changes will be reflected by updating the “Last Updated” date above and, where appropriate, by additional notice through the Services. Your continued use of the Services after changes take effect indicates your acceptance of the updated Privacy Policy.
**22. Governing Law**
This Privacy Policy and any disputes related to it or our privacy practices will be governed by the laws of the United States of America and the State of Oregon, without regard to its conflict of laws principles. Any legal action or proceeding will be brought exclusively in a federal or state court of competent jurisdiction sitting in Multnomah County, Portland, Oregon.
**23. Complaints**
If you have a concern about our compliance with this Privacy Policy, please contact us first using the information in Section 7. We will investigate and attempt to resolve any complaints regarding our privacy practices. If you are not satisfied with our response, you may have the right to lodge a complaint with the Oregon Department of Justice, the Washington Attorney General’s Office, or another applicable consumer protection authority.
**24. How to Contact Us**
If you have questions or concerns about this Privacy Policy or our privacy practices, please contact us:
- Email:
- Unsubscribe:
- Postal mail:
Lovejoy Real Estate
828 NW 19th Ave., Portland, OR 97209**25. Severability**
If any provision of this Privacy Policy is found to be invalid or unenforceable, the remaining provisions will continue to be valid and enforceable to the fullest extent permitted by law.
---
### [Relocation](https://lovejoyrealestate.com/relocation/)
**Published:** May 6, 2026
**Author:** Charles Turner
**Content:**
## RELOCATION
## **Relocating**
## Moving to Portland for a new job looks different than a typical home search. The timeline is compressed. You may have never set foot in the neighborhood you’re about to live in. And there are financial mechanics — relocation packages, lender credits, third-party management companies — that most agents never deal with.
## **If You Have a Relocation Package**
Many corporate relocation packages include real estate benefits: closing cost credits, rate buydowns, or access to preferred lenders with better-than-market terms. Read the details before assuming what’s included — and before assuming who you have to use to get it.
Some employers contract with third-party relocation companies (Cartus, SIRVA, and Graebel are common) who maintain their own preferred agent networks. If that’s your situation, you can often request a one-time exception to use the agent of your choice. We’ve been approved this way before. It’s worth asking.
## **Buying Before You Arrive**
We’ve helped buyers purchase in Portland without walking through the front door before closing. Virtual tours, video walkthroughs, and the [Lovejoy app](https://lovejoyrealestate.com/) — available on [iPhone](https://apps.apple.com/us/app/lovejoy-real-estate/id6754545582) and [Android](https://play.google.com/store/apps/details?id=com.lovejoyrealestate.app) — give you full RMLS and WVMLS access from wherever you are. When you’re ready to narrow it down, we can tour on your behalf and tell you what the photos don’t show.
The harder question usually isn’t the technology. It’s neighborhood fit. Pearl District and Lake Oswego are both excellent. They are not the same. Figuring out which one matches how you actually live takes a conversation, not a search filter. That’s where we start. [Browse Portland’s neighborhoods →](https://lovejoyrealestate.com/portland-neighborhoods/)
Most people don’t have to rely on technology and are able to make at least one visit during the process. We often suggest focusing on neighborhoods first, seeing representative homes each area on day one and then zeroing in on an area and seeing everything that matches your criteria at purchase time. That’s the framework we like to use, adjusted to your schedule and needs.
## **If You Are Leaving the Area**
We work with agents across the country. If you’re selling here and buying somewhere else, we can connect you with someone we trust in your destination — not a directory referral, someone we know. We’ll help take the stress of selling your home away from you with our suite of seller services, including our Market Ready program to make sure your home shines the day it goes on the market..
## Relocation FAQs
**Can I use my own Realtor if my employer has a relocation package?**
Often yes. Many corporate relocation packages allow you to request a one-time agent exception. We’ve been approved through Cartus, SIRVA, and similar programs before. Ask your HR or relocation coordinator before assuming you’re locked in.
**What does a corporate relocation package typically cover for real estate?**
It varies by employer, but common benefits include closing cost credits, temporary housing allowances, rate buydowns through preferred lenders, and reimbursement for moving expenses. Review your package details carefully — the real estate benefits are often underused because employees don’t know they exist.
**How do I buy a home when I've never been there?**
We’ve done it many times. The Lovejoy app gives you full RMLS search from anywhere. We can tour homes on your behalf, walk you through video walkthroughs, and give you an honest read on neighborhoods, condition, and value — not just what the listing says.
**Which Portland neighborhood is right for me when relocating?**
That depends on how you actually live — commute priorities, school preferences, housing type, budget, and lifestyle. Pearl District, Lake Oswego, Beaverton, and Sellwood are all popular with relo families for very different reasons. We start with a conversation, not a search filter.
**Does Lovejoy work with out-of-state agents on incoming referrals?**
Yes. If your clients are moving to the Portland metro, Mid-Willamette Valley, or SW Washington, we’re happy to work with you on a referral basis. Reach out directly.
**I'm selling my Portland home and moving out of state. Can you help with both?**
We’ll manage your Portland metro or sale and connect you with a vetted agent in your destination city. We work with agents across the country — not a referral directory, people we actually know. In the event we don’t have a direct connection, we’ll help you ask the right questions.
Have more questions? Read the our complete library of [FAQs](https://lovejoyrealestate.com/faq/ "Frequently Asked Questions") or the [blog](https://lovejoyrealestate.com/blog/ "Portland Real Estate Blog").
We’ve done it many times. The Lovejoy app gives you full RMLS search from anywhere. We can tour homes on your behalf, walk you through video walkthroughs, and give you an honest read on neighborhoods, condition, and value — not just what the listing says.
---
### [BUYING A HOME](https://lovejoyrealestate.com/home-search/)
**Published:** June 10, 2024
**Author:** Charles Turner
**Content:**
## BUYING A HOME
## **FINDING YOUR NEXT HOME**
Buying a home is one of the few decisions where the stakes are high, the process is unfamiliar, and everyone around you has an opinion. We think the best thing we can do is give you straight information and let you move at your own pace.
Whether you’re buying for the first time, trading up, or adding to a portfolio — the market looks different depending on where you are in that journey.
## **First Time Buying**
The first purchase is less about finding the perfect home and more about understanding what you’re actually deciding. Neighborhood trade-offs. What the inspection is really telling you. How to write an offer that competes without stretching past what makes sense.
We’ve helped thousands of first-time buyers in Portland. We know what surprises people and we get ahead of it.
## **Moving Up**
If you’re selling one home to buy another, the sequencing matters as much as the search. Timing, contingencies, bridging the gap between closing dates — these are solvable problems, but only if someone’s thinking about them early.
## **Investing**
Portland’s neighborhood dynamics create real opportunity for investors who understand the market at a granular level. Cap rates, rental demand, and resale potential vary significantly from one zip code to the next. We have a primer on buying investment property if you want to start there.
## **Relocation**
Relocation can be an exciting and emotional time. Moving for career reasons may mean leaving the comfort of home for states or countries unknown, leaving friends and family, and creating new routines that were simple and familiar. Read more [details on our relocation services here](https://lovejoyrealestate.com/relocation/).
## **A note on how buying works now**
The home buying process changed in 2024. Before touring homes with an agent, buyers now sign an agreement outlining how that agent is compensated. It sounds more complicated than it is — we’ll walk you through it clearly before you sign anything, and make sure you understand exactly what you’re agreeing to.
## Frequently Asked Buyer Questions
**What are the steps from pre-approval to closing?**
The process runs roughly like this: get pre-approved with a lender → define your search criteria with your agent → tour homes → write an offer → negotiate terms → sign the purchase agreement → complete inspections during the due diligence period → satisfy financing conditions with your lender → final walk-through → sign closing documents → receive keys. In Portland, a typical financed transaction takes 30 days from accepted offer to closing. The biggest variables are your lender’s timeline and how quickly you respond to document requests.
**What is earnest money and can I get it back?**
Earnest money is a good-faith deposit you submit with your offer, showing the seller you are serious. In the Portland metro, one to two percent of the purchase price is typical. It gets applied toward your down payment or closing costs at closing — it is not an additional cost. During the inspection period and financing contingency period, you have specific rights to terminate and recover your earnest money. Your agent will walk you through exactly when and under what conditions you are protected. Once contingencies are removed, the deposit is generally at risk if you back out without a valid reason.
**What does a buyer's agent actually do?**
More than most people realize until they are in the middle of a transaction. Before the search: help you understand what you can realistically buy, which areas match your priorities, and what the market is actually doing. During the search: identify properties, provide honest assessments of value and condition, and keep you from falling in love with a home that has problems you cannot see. During the offer: advise on pricing strategy, contingencies, and terms that protect you without losing the deal. After acceptance: manage the inspection process, interpret what the findings mean, negotiate repairs or credits, coordinate your lender, title company, and escrow, and make sure the closing timeline stays on track.
**What happens during a home inspection — and what is specific to Portland?**
A licensed inspector spends two to three hours examining the home’s structure, systems, and condition: roof, foundation, electrical, plumbing, and HVAC. You will get a detailed report. In Portland specifically, there are inspection items that come up regularly that buyers from other markets are not expecting:
- **Oil tanks:** Many Portland homes built before 1970 were heated by oil. Decommissioned underground oil tanks are common and a big deal — contaminated soil can cost tens of thousands to remediate. A tank sweep (ground-penetrating scan) should be standard on any older home.
- **Sewer scope:** Portland’s older sewer laterals (the pipe from house to main) frequently have root intrusion, cracks, or deteriorated material. A sewer scope camera inspection is a relatively inexpensive ($150–$300) way to find an expensive problem before you close.
- **Radon:** Oregon has elevated radon levels in some areas. Testing is simple and mitigation is relatively affordable if it is needed.
- **Seismic:** The Cascadia Subduction Zone is a real consideration. Unreinforced masonry homes and older homes without seismic bolting are worth noting.
We will help you understand which specialists to call based on what the general inspection finds.
**What is a buyer representation agreement?**
Since 2024, buyers are required to sign a buyer representation agreement before touring homes with an agent. This agreement outlines how the agent is compensated — typically a percentage of the purchase price — and for how long and what geography the agreement covers. It sounds more formal than it actually is. We will walk you through it before you sign anything and make sure you understand exactly what you are agreeing to. The compensation is often covered by the seller as part of the transaction, but it is a real number that gets disclosed clearly.
**How do I compete in a multiple offer situation?**
It depends on the specific property, seller, and market conditions — there is no universal answer. The tools available to you include price, escalation clauses, down payment size, inspection contingency terms, closing timeline flexibility, and earnest money amount. Escalation clauses can be effective but also reveal your ceiling to the seller in some formats. Shortening or waiving inspection contingencies carries real risk and should only be done with eyes wide open. We will advise on the right approach for each specific situation rather than applying a blanket strategy. Sometimes the answer is simply that a property is priced below market and will get multiple offers no matter what — and the right move is to bid aggressively or pass.
**How does the Portland market vary by neighborhood and price point?**
Significantly. In the same month, you might see a $450,000 inner SE home go to multiple offers in four days and a $1.2M West Hills home sit for 60 days. Factors that drive competition in any given area: proximity to employment centers, school quality and boundaries, condition relative to price, and neighborhood investment trajectory. Some Portland neighborhoods are appreciating; others are flat or declining. We will give you a specific read on any area you are considering rather than a generalization.
**Do I need to sell my current home first before buying?**
Not necessarily. The right answer depends on your equity position, your lender’s guidelines, and your risk tolerance. Options include: sell first and buy in a compressed timeline (more certainty, more pressure), buy simultaneously with a home sale contingency (fewer competing offers will accept this), bridge financing to carry both for a short period, or sell to a cash buyer to close faster and negotiate a rent-back period. Each has trade-offs. We will walk you through the realistic options for your specific financial situation before you assume you have to sell first.
**What are closing costs and what should I expect to pay?**
Closing costs on the buyer side typically run two to three percent of the purchase price and cover: lender origination fees, title insurance (both for the lender — required — and for you, which is highly recommended), escrow fees, prepaid property taxes, and homeowner’s insurance. Your lender is required to provide a Loan Estimate early in the process that breaks all of this down. Cash transactions have significantly lower closing costs since the lender title insurance policy does not exist. We will help you read the Loan Estimate and flag anything that looks off.
**How long does it take to close?**
Thirty days is the Portland norm for a financed transaction. Twenty-one days is fast; forty-five days is slow. Cash transactions can close in as little as a week. The timeline is driven primarily by your lender — the best thing you can do is respond quickly when they request documents and stay available for questions. Every day of delay on your end typically means a day of delay at closing.
Have more questions? Read the our complete library of [FAQs](https://lovejoyrealestate.com/faq/ "Frequently Asked Questions") or the [blog](https://lovejoyrealestate.com/blog/ "Portland Real Estate Blog").
---
### [Welcome](https://lovejoyrealestate.com/welcome/)
**Published:** April 27, 2026
**Author:** Charles Turner
**Content:**
PortlandORHomesNow — Upgraded
# A Better Way to Search
We've pulled your saved searches into the Lovejoy app to upgrade your experience. Same Portland metro and Willamette Valley listings. Better alerts. And your data stays private — always.
**No need to start over.** We've already moved account into the app. Download it, sign in, and you'll find your account waiting — ready to go. Check your email for a message from invite@homestack.com or request a new password using your email address.
## Download the Lovejoy App
Full RMLS and WVMLS coverage, instant alerts the moment a match hits the market, and the ability to save and share favorites. We're a local, independent brokerage — your search activity stays between us.
**🔍 Full MLS Search** Every active listing in the Portland metro and Willamette Valley
**🔔 Instant Alerts** New matches, the moment they hit the market
**❤️ Save & Share** Bookmark homes and share with family or your agent
**🔒 Private by Default** We don't sell your search activity. Period.
[  ](https://apps.apple.com/us/app/lovejoy-real-estate/id6754545582) [  ](https://play.google.com/store/apps/details?id=com.lovejoyrealestate.app)
---
Or search on the web---
Prefer a browser? Browse every active listing on our website — no app required.
[Search Portland Metro Homes](https://lovejoyrealestate.com/home-search/)
Questions? We're here.
Lovejoy Real Estate ·
[503-501-2490](tel:5035012490)
---
### [Mississippi District & Boise-Eliot](https://lovejoyrealestate.com/mississippi-district-boise-eliot/)
**Published:** April 25, 2026
**Author:** Charles Turner
**Content:**
The **Mississippi District** and **Boise-Eliot** neighborhoods are two of North Portland’s most historically significant and culturally layered communities. **Boise-Eliot** is one of Portland’s oldest African American neighborhoods — a place with deep roots, resilient character, and a housing stock that reflects over a century of Portland history. **Mississippi Avenue** runs through its heart, now one of the city’s most recognized commercial corridors, lined with locally owned restaurants, bars, boutiques, and creative businesses. Together, these neighborhoods offer **the energy of one of Portland’s best streets** and the depth of a community that has shaped the city in ways that newer neighborhoods simply haven’t.
This is a neighborhood that has changed. That’s worth saying plainly. Longtime residents and newer arrivals share these blocks, and the tension between preservation and growth is real. What remains consistent is the streetscape — **classic Victorian homes, Craftsman bungalows, and century-old corner buildings** — and a neighborhood identity that hasn’t been entirely smoothed over.
## Neighborhood Overview & Real Estate
**Boise-Eliot** developed in the late 1800s and became the cultural and commercial center of Portland’s Black community through much of the 20th century. That history is embedded in the architecture, the churches, and the community institutions that remain. The neighborhood was bisected by the construction of I-5 in the 1960s — a wound that reshaped the street grid and displaced residents — but the community held together, and what’s here today is a direct result of that resilience.
Housing stock is a mix of **late Victorian and Craftsman-era homes**, many of which have been carefully restored, alongside **modern infill construction, ADUs, and smaller apartment buildings** that have filled in vacant lots over the past two decades. Lot sizes are relatively generous by Portland standards, and many properties include existing or potential accessory dwelling units — a practical advantage for buyers thinking about rental income or multigenerational living.
The **Mississippi District** itself encompasses a stretch of N Mississippi Ave that has become one of Portland’s most bike- and transit-accessible commercial strips. Property values along and near Mississippi reflect that desirability. Buyers here are typically drawn by convenience to local amenities, transit access, proximity to both downtown and North Portland’s other neighborhoods, and the texture of a neighborhood that feels genuinely lived-in.
## Shops, Restaurants & Local Highlights
**N Mississippi Ave** is the main draw — roughly 10 blocks of independent businesses that have made this corridor one of Portland’s most-visited. A few standouts:
- [Prost!](https://www.prostportland.com/) – A German beer hall with an exceptional tap list, street-side seating, and a loyal neighborhood following. One of the street’s anchors.
- [Gracie’s Apizza](https://www.graciesapizza.com/) – New Haven-style pizza done right. Long waits for a reason.
- [Ecliptic Brewing](https://eclipticbrewing.com/) – A serious craft brewery with a full kitchen, named for the path the sun traces across the sky. The food is better than you’d expect from a brewery.
- [Back to Eden Bakery](https://www.backtoedenbakery.com/) – Vegan and gluten-free done well. Rotating seasonal menus, excellent pastries, and a genuinely welcoming space.
- [Psychic Bar](https://psychicbar.com/) – A neighborhood cocktail bar that manages to feel neither pretentious nor divey. Good drinks, good energy.
- [Mississippi Studios](https://www.mississippistudios.com/) – One of Portland’s best small music venues, attached to Bar Bar next door. National acts play here regularly in a room that holds maybe 300 people.
On **N Williams Ave**, just east of Mississippi, the corridor has its own strong lineup:
- [Tasty n Daughters](https://www.tastyndaughters.com/) – Breakfast and brunch with serious technique. One of the best morning meals in the city.
- [New Seasons Market](https://www.newseasonsmarket.com/) – Full-service local grocery with an emphasis on Oregon producers and sustainable sourcing.
- [Interurban](https://www.interurbanpdx.com/) – Neighborhood bar with a covered patio, good cocktails, and reliably solid pub food.
## Schools & Education
Families in **Boise-Eliot** are served by Portland Public Schools. The area feeds into Jefferson High School, which has undergone significant investment in recent years and is known for its arts programs and community partnerships.
[**Boise-Eliot/Humboldt Elementary School (PK–5)**](https://boiseeliot.pps.net/)**:** The neighborhood’s primary public school, serving students from pre-K through fifth grade with a focus on community connection and academic growth.
[**Jefferson High School**](https://jefferson.pps.net/)**:** A North Portland institution with deep community roots, strong arts programming, and a history that reflects the neighborhood itself. Voters approved a full modernization in May 2025, with new facilities expected to open in Fall 2029.
For current school boundaries, enrollment options, and performance data:
- [Portland Public Schools School Finder](https://www.pps.net/Page/2379) – Verify school boundaries and assignments.
- [GreatSchools Portland Ratings](https://www.greatschools.org/oregon/portland/) – Compare school ratings and parent reviews.
- [Oregon Department of Education Report Cards](https://www.ode.state.or.us/data/reportcard/reports.aspx) – Review state-reported school performance.
## Transportation & Accessibility
**N Williams Ave** is one of Portland’s busiest cycling corridors — tens of thousands of bike trips per month — which tells you something about how this neighborhood moves. Most errands are easily handled by bike or on foot from anywhere near Mississippi or Williams.
For transit, [TriMet](https://trimet.org/#/planner) service is strong:
- **Yellow Line MAX (N Interstate Ave)** – One of Portland’s most useful MAX lines, running from downtown through North Portland to Expo Center. Multiple stops are within easy walking or biking distance.
- **Line 4** (N Williams/Vancouver) – Direct service along Williams Ave connecting to downtown.
- **Line 44** (Capitol Hwy/Airport Rd) – Cross-town connections.
I-5 access is close for anyone commuting to the burbs or heading south toward Salem. The neighborhood sits roughly 10 minutes by bike from the Pearl District and downtown.
## Final Thoughts
**Mississippi District & Boise-Eliot** offer something increasingly rare in Portland real estate: a neighborhood with genuine identity, convenient access to local amenities, transit access, and housing stock that still has character. The history here matters, and so does the ongoing conversation about what this neighborhood becomes next.
For buyers, this is a neighborhood worth understanding before you buy into it — not just the market, but the place. If that sounds like the right fit, we’re happy to walk you through what’s available and what the blocks actually feel like on a Sunday afternoon.
Questions? Use the form or [Contact Us](https://lovejoyrealestate.com/contact-us/).
---
### [Market Ready Transformations](https://lovejoyrealestate.com/market-ready-transformations/)
**Published:** February 25, 2026
**Author:** Charles Turner
**Content:**
## Market Ready Transformations
Getting a home Market Ready might be as simple as paint and fixtures or require the gutting of a space. We’ve helped sellers manage simple transformations to extensive renovations. We provide guidence so that you understand which projects will bring the best return and what buyers value in today’s market.
Sometimes it is simple things like fresh paint and fixtures that make a room pop. Staging makes a house feel like a home. Buyers begin to imagine and dream how their lives would would unfold in the space.
We were handed the keys to this four bedroom home the day after the owner moved into memory care with a couple of suitcases. The first part of the project was coordinating with donation and recyling centers to remove all the personal property family members did not want.
Once the personal property was removed, the whole house was painted and staged. The result was multiple offers and a quick closing
80’s music is still cool. 80’s fixtures… not so much. The market feedback said the home was beautiful but dated and buyers were not willing to take the project on themselves. The sellers took the home off the market and we managed the transformation so the new buyers could simply move in and unpack. This million dollar home had over $100,000 of updates to get this home sold.
---
### [Home Search](https://lovejoyrealestate.com/home-search-2/)
**Published:** December 16, 2025
**Author:** Charles Turner
**Content:**
---
### [reviews](https://lovejoyrealestate.com/reviews/)
**Published:** October 3, 2025
**Author:** Charles Turner
**Content:**
We feel we’re pretty great at what we do. More importantly more than 200 five star Goolge reviews and 300 five star Zillow reviews agree.
```
Posted on Google Adam Davids 1 days ago Trustindex verifies that the original source of the review is Google. Excellent communication and flexibility . Jenny was great to work with. I appreciate her directness, flexibility and quick communication. She kept us informed throughout the process of selling our property and it really was the easiest real estate transaction ever. Posted on Google Jake House 21 days ago Trustindex verifies that the original source of the review is Google. The Superlative of a Perfect Experience. Daniel is an extremely strong communicator that sought first to understand our needs first and foremost. He's a real caring and thoughtful person that did everything in his power to take care of us, and we felt he accomplished this exceptionally well. It was so nice to have someone like him take care of us through every step of the process, especially as first-time home buyers.
We are quite tuned with the housing market and Daniel masterfully filled in the gaps for us. His negotiation skills and professionalism are exceptional and bar his deep empathy and kindness, are his greatest assets.
We've been raving about our experience with him to all of our friends and family and have already referred him to them for their home-buying adventure so sorry if this is a public review space, but you might have to wait until Daniel is available to hire him as your realtor. Posted on Google Rochelle Mort 23 days ago Trustindex verifies that the original source of the review is Google. Above and Beyond, Every Single Time. This is the second time we’ve had the pleasure of working with Sami on a real estate transaction, and she continues to impress us every step of the way. When we ran into a few unexpected, tricky situations, she handled each one with complete professionalism and a clear 'get-it-done' attitude. Sami is an incredible listener and communicator who made us feel completely at ease, confident that every detail was under control. She works tirelessly for her clients...always bringing a calm, reassuring presence and a fantastic sense of humor. We highly recommend her. Posted on Google Amir Iliaifar 24 days ago Trustindex verifies that the original source of the review is Google. Buying a home is one of the most rewarding things a person can do, but it’s also one of the most stressful. That’s doubly true when you’re moving across the country and buying a home more or less remotely, or “sight unseen.” In that situation, having a realtor who is communicative, friendly, proactive, and willing to go the extra mile (or two) to take as much stress off your shoulders as possible is absolutely essential.
That realtor is Patrick Bowman.
We actually met Patrick while visiting Portland. We had plans to move back to the area and were peeking into an open house he just happened to be showing. We weren’t ready to buy yet, but wanted to check out some homes in the neighborhoods we were considering. We got a good “vibe” from Patrick almost immediately. He has a warm, kind, and genuine demeanor that makes him incredibly easy to talk to.
About a month later, we seriously started looking for a home in the Beaverton area. We initially went with a realtor recommended by a family member, but unfortunately had a terrible experience. We quickly remembered Patrick and reached out using the card he had given us when we first met.
We explained our situation to him, and from that point forward, he was a complete and utter superstar. Everything our previous realtor had fallen short on, Patrick excelled at: communication, being proactive, asking the right questions, and often having answers to questions before we even thought to ask them. Considering we were navigating this process from across the country, that level of attention and responsiveness meant everything to us.
I know this is a gushing review, but it’s all true. Patrick was absolutely amazing. I didn’t know what to expect when we contacted him or started working with Lovejoy, but I certainly didn’t expect to come out of the process feeling like we had become friends with our realtor.
Patrick’s warmth and genuineness, combined with the simple fact that he is an incredibly skilled and knowledgeable broker, helped turn what could have been an unmanageably stressful process into an infinitely better experience. We couldn’t have asked for a better person to guide us through buying our home from across the country, and we would recommend Patrick without hesitation to anyone looking for a realtor in the Portland area.
TL:DR: Patrick was great, and we had a five-star experience with him and Lovejoy. Posted on Google Nolan Gordin 43 days ago Trustindex verifies that the original source of the review is Google. 10/10 amazing to work with! Andreea was an exceptional agent to work with. Her attention to detail and patience for our journey was so appreciated as we found our perfect home. I couldn’t recommend her enough! I really valued her perspective as we discussed different aspects of each home we toured, her knowledge of homes and the buying process was invaluable. She is a true professional! Thank you Andreea for your amazing work and expertise. Posted on Google Katie Schmidlin 52 days ago Trustindex verifies that the original source of the review is Google. Shayda was a wonderful agent to work with. She is communicative, trustworthy, and will go that extra mile to make sure everything is perfect! I would recommend her to anyone looking for an agent! Posted on Google Joseph Smalkowski 74 days ago Trustindex verifies that the original source of the review is Google. Jennie Turner went above and beyond our expectations to assist us before and after purchasing our home in Portland. Posted on Google Delaney McKay 97 days ago Trustindex verifies that the original source of the review is Google. Sami made our home buying process a really positive experience! We first met her at a showing and felt really comfortable talking with her.
As first time buyers, we appreciated how she explained each step of the process, and shared examples she had seen with other clients to help ease our minds. She had a great perspective on the market trends and on different neighborhoods, and helped us find a house that is a perfect fit for us! She was very supportive and patient, and made sure it was truly a good fit for us.
Sami helped us feel calm and confident in a very busy and competitive market. With her guidance, we felt like the offers we made were very competitive, and her ability to build relationships and work with others contributed to us successfully buying a house! We recommend Sami for her down to earth approach and expertise!
Thank you, Sami!! Posted on Google Dru Cartier 106 days ago Trustindex verifies that the original source of the review is Google. Hardworking, Devoted Realtor.
I’ve worked with several realtors over the years as both a buyer and a seller, and calling Melissa an outstanding realtor would be an understatement. Her devotion to her clients is truly commendable. She has helped me buy two homes and sell one, and her integrity and compassion shine through in everything she does. She guides you through every step of the process, is consistently proactive—especially with communication—and is an absolute joy to work with. She has honestly ruined me for working with any other realtor. Her team is equally impressive, working tirelessly to ensure clients get exactly what they need, on time and with ease. When Melissa is running the show, I can finally take a breath and enjoy the process, knowing she is on top of every detail. Posted on Google Nic 110 days ago Trustindex verifies that the original source of the review is Google. Nicole and Jenny at LoveJoy were incredible Realtors to work with buying our first home! They were crucial key people to why we found the home we really wanted. Nicole worked so well with us as we naturally figured out what we wanted and did not want in a home, and she was the lead on homes and negotiating for us throughout the area we wanted to find a home.
We had a lot happen personally during this time that temporarily paused our home buying timeline, and they were so gracious and helpful and rooting for us until we resumed the process, and quickly found exactly where we were meant to be. Now we are HOME!
Nicole and Jenny were easy to work with and super professional and enjoyable to go through our home buying experience.
Would recommend them and LoveJoy to anyone moving to Oregon! Posted on Google Cameron Chaffee 123 days ago Trustindex verifies that the original source of the review is Google. We cannot recommend Patrick enough! Finding a home that met our needs was especially challenging because we have animals and many HOA communities have strict restrictions that limited our options. Patrick remained determined and went the extra mile to reach out to listing agents and read through the CC&Rs before even recommending the properties to us to ensure the best experience. With his help we purchased a home that perfectly met our needs, even when our animals severely limited our available options. Posted on Google Taylor Johnson 126 days ago Trustindex verifies that the original source of the review is Google. amazing! Emmy was so helpful throughout the entire process - we couldn’t have done it without her! Load more
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---
### [First Time Buyer](https://lovejoyrealestate.com/first-time-buyer/)
**Published:** April 30, 2025
**Author:** Charles Turner
**Content:**
## The First-Time Buyer Journey
In a world where control over your living environment is more important than ever, owning a home offers the freedom to create a space that’s uniquely yours. While the industry often touts ‘now is a great time to buy,’ we acknowledge the complexities and risks involved, and we’re here to guide you through them.
**Developing Your Plan**
When we first talk, whether over coffee, the phone or Zoom we want to hear what’s motivating to explore homeownership. Does Fido need a yard? Landlord won’t let you paint? Upstairs neighbor have lead feet? We’ve heard it all. We’ll come up with a plan that moves you down the path of homeownership at your pace. Or maybe you’ll decide it’s not for you, that’s okay.
**Understanding the Market**
‘Location, location, location’ only goes so far. We are yet to meet a buyer with an unlimited budget so deciding what tradeoffs get you to your goal is a key step in the process. We’ve sold over 1000 homes around Portland so we understand neighborhoods and even the micro-markets within them.
**The Financial Realities**
Understanding how the money flows is critical in your purchase. Buyer representation contracts create transparency in commission dollars. The awesome rate offered by an online lender may not be so great when the costs and fees are examined. A more expensive house might have a lower payment when taxes, insurance, HOAs and utilities are factored in. This is a huge financial investment and we’ll guide you through what today’s economic uncertainties mean in your home purchase. Bringing clarity to the full financial picture and highlighting some of the ‘hidden costs’ of home ownership is something we’ll discuss.
**Your Home Search**
You may have spent countless hours on Zillow scouring listings and now it is time to make one of those homes yours. Or maybe you need help setting up a search for a specific need. Everyone’s journey is unique and we’ll work together to develop a plan tailored to you. Refining your search is something are experts at.
**‘This is the One’- Positioning Your Offer**
Listing pictures and marketing materials are designed to put a property’s best features at the forefront and diminish others. Even worse, poorly done flips or repairs may hide other red flags. We know what to look for. When it comes time to writing your offer we want make sure your offer puts you in the best position to win without giving up the protections inspections and other terms give you. Negotiating on your behalf is one of the most important things we do. It’s not just about price.
**Your Keys and Beyond**
It doesn’t end when you get keys. A shockingly low percentage of people use their Realtor a second time. More than half our business is past clients and their referrals and over 200 five star Google reviews say we’re doing something right. Whenever you have a real estate related question, just ask. We are constantly updating our list of preferred vendors and contractors for home repair and maintenance as an ongoing service. Thinking about a project and want to know if it will add value? We’re your resource. If you want to talk to one of our past first-time buyers about their experience, we’d be happy to connect you.
### Take the next step and contact us:
---
### [Elementor #12672](https://lovejoyrealestate.com/elementor-12672/)
**Published:** December 11, 2024
**Author:** Charles Turner
**Content:**
We’ve updated our neighborhood profiles to include over 500 photos on our [Pinterest boards](http://pinterest.com/turnerteaminc/ "Turner Team Inc. Pinerest page"). Links to these ‘hoods are always available on the sidebar to the right. ## Neighborhoods
- [Alameda, Grant Park & Hollywood](https://lovejoyrealestate.com/alameda-grant-park-hollywood/)
- [Beaumont Village, Wilshire Park, and Rose City Park](https://lovejoyrealestate.com/beaumont-village-wilshire-park-rose-city-park/)
- [Belmont & Hawthorne](https://lovejoyrealestate.com/belmont-hawthorne/)
- [Boise-Eliot, The North Mississippi District, and Overlook](https://lovejoyrealestate.com/boiseeliot-north-mississippi-district-overlook/)
- [Bridlemile & Vermont Hills](https://lovejoyrealestate.com/bridlemile-vermont-hills/)
- [Dunthorpe & Riverdale](https://lovejoyrealestate.com/dunthorpe-riverdale/)
- [East/West Moreland](https://lovejoyrealestate.com/eastwest-moreland/)
- [Forest Heights](https://lovejoyrealestate.com/forest-heights/)
- [Hillsdale, Multnomah Village](https://lovejoyrealestate.com/hillsdale-multnomah-village/)
- [Irvington, Sabin, and the Lloyd District](https://lovejoyrealestate.com/irvington-sabin-lloyd-district/)
- [Kenton, Arbor Lodge, Portsmouth](https://lovejoyrealestate.com/kenton-arbor-lodge-portsmouth/)
- [Kings Heights](https://lovejoyrealestate.com/kings-heights/)
- [Ladd’s Addition, Clinton, and Colonial Heights](https://lovejoyrealestate.com/ladds-addition-clinton-colonial-heights/)
- [Lair Hill, Terwilliger & John’s Landing](https://lovejoyrealestate.com/lair-hill-terwilliger-johns-landing/)
- [Lake Oswego](https://lovejoyrealestate.com/lake-oswego/)
- [Laurelhurst](https://lovejoyrealestate.com/laurelhurst/)
- [Linnton](https://lovejoyrealestate.com/linnton/)
- [Mt Tabor](https://lovejoyrealestate.com/mt-tabor/)
- [Nob Hill, Alphabet District](https://lovejoyrealestate.com/nob-hill-alphabet-district/)
- [Pearl District & Old Town](https://lovejoyrealestate.com/pearl-district-town/)
- [Portland Neighborhoods](https://lovejoyrealestate.com/portland-neighborhood-overview/)
- [Sellwood & Garthwick](https://lovejoyrealestate.com/sellwood-garthwick/)
- [South Burlingame, Burlingame, Tryon Creek](https://lovejoyrealestate.com/south-burlingame-burlingame-tryon-creek/)
- [St. Johns & University Park](https://lovejoyrealestate.com/st-johns-university-park/)
- [Stayton](https://lovejoyrealestate.com/stayton/)
- [The Alberta Arts District, Concordia](https://lovejoyrealestate.com/alberta-arts-district-concordia/)
- [West Hills, Raleigh Hills, West Slope](https://lovejoyrealestate.com/west-hills-raleigh-hills-west-slope/)
- [Willamette Heights](https://lovejoyrealestate.com/willamette-heights/)
- [Woodstock](https://lovejoyrealestate.com/woodstock/)
Real estate is local. Portland is not San Francisco, Miami or anywhere else. At the same time, the Hawthorne area of SE Portland is not the Alphabet District in Northwest Portland. Moving is a tough task at the best of times. Relocating to a new area, starting a new job, moving the pets, starting new schools and managing a real estate transaction when you may not have even arrived in Portland adds to the complication. Our neighborhood profiles describe Portland’s neighborhoods. Each profile provides a little history and insight to the area with a focus on real estate. They were written by Portland’s Marchetti Creative exclusively for the Turner Team. Use our property search engine to search the Portland real estate area served by RMLS to find your perfect home. Registered users can save searches that will notify you when new properties come to market that meet your criteria. You can also save favorite properties. Or contact us and we’ll set it up for you. [LiveNWpdx.com](http://liveNWpdx.com "liveNWpdx.com") is our site dedicated to Portland’s Alphabet District in Northwest Portland which is also commonly referred to as Nob Hill. When it comes time to visit Portland, we have a special room rate set up at the Inn at Northrup Station. Located on the streetcar line in Northwest Portland, it is the perfect place to be based as you explore everything Portland has to offer.
---
### [Elementor #377](https://lovejoyrealestate.com/elementor-377/)
**Published:** June 14, 2024
**Author:** Charles Turner
---
### [What’s My Home Worth](https://lovejoyrealestate.com/whats-my-home-worth/)
**Published:** June 16, 2024
**Author:** Charles Turner
**Content:**
## What's My Home's Value?
---
### [Sell My Home](https://lovejoyrealestate.com/sell-my-home/)
**Published:** June 16, 2024
**Author:** Charles Turner
**Content:**
---
### [Opt Out](https://lovejoyrealestate.com/opt-out/)
**Published:** July 10, 2024
**Author:** Charles Turner
**Content:**
## OPT OUT POLICY
The Turner Team frequently provides users the opportunity to opt-out of receiving communications from us and/or our partners at the point where we request your information. Also, in our e-mail communications you will find instructions for unsubscribing. KW seeks to comply with the CAN-SPAM Act of 2003 and will always strive to maintain a good relationship when contacting our customers and site visitors.
Additionally you may use one of the following options to request removal of your information from our databases. Please include the exact contact information you’d like removed and some detail about the type of communication you received from us.
You can send an email directly to
You can send postal mail to the following address:
Turner Team, Inc.
818 NW 14th Ave.
Portland, OR 97209
Most email communications provide a uniquely coded URL so customers can unsubscribe from individual lists. To unsubscribe from one of our newsletters, please email[ unsubscribe@turnerrealtors.com](mailto:unsubscribe@turnerrealtors.com)
---
### [Tfdocs](https://lovejoyrealestate.com/tfdocs/)
**Published:** July 11, 2024
**Author:** Charles Turner
**Content:**
## TF
Charles and Jenny joined Tom Ferry coaching in 2011. Charles attended a “free” event and signed up for Core coaching without telling Jenny first, a clear violation of the $500 rule ($6000 contract). The needle really started to move when we moved up to Elite and then joined Team+ when it was announced and are now in the Legacy group. We have offices in Portland, Salem (Oregon’s state capital) and Vancouver, Washington. If we don’t serve the area of Oregon you need, we know someone who does.
## Brochures & Documents:
### Virtual Assistants:
[Virtual Assistant Task List](https://www.dropbox.com/scl/fi/l49jabcvw54hdmd183ie3/VA-TasksLovejoy-Real-Estate.pdf?rlkey=ktmktrzj2ddwpcv4d7kvjzv56&dl=0) – You can either hire your VAs direct or through a service. Most services take a large cut from what you pay to them and what the VA actually earns. Hiring direct through Upwork or other sites mitigates that but shifts hiring and HR to you. Either way, plan on training to your way of business. [Summit VA Solutions](https://va.lovejoyrealestate.com/?_gl=1*1iur8yr*_ga*MTU0NTQ1Mjg3Mi4xNzIwNDYzMjg0*_ga_XTK2MTT26Q*MTcyMDcxMzIyMi40LjEuMTcyMDcxNTU4NC4wLjAuMA..) has been successful with our referrals in the past. Others to look at: - [Summit VA Solutions](https://va.lovejoyrealestate.com/?_gl=1*ypvreq*_ga*MTU0NTQ1Mjg3Mi4xNzIwNDYzMjg0*_ga_XTK2MTT26Q*MTcyMDcxMzIyMi40LjEuMTcyMDcxNTU4NC4wLjAuMA..)
- MyOutdesk
- Support Realty (2022 Summit Sponsor)
- VirtuDesk
### Marketing:
- Marketing Calendar
- Team Calendar
- Social Media
1. [Instagram Profile Audit](https://www.dropbox.com/s/wtbmh7sx1nn9alz/Instagram%20Profile%20Audit%20Lovejoy%20Real%20Estate.pdf?dl=0)
2. [Checklist, Tracker and Game Plan](https://www.dropbox.com/s/plecfbdqugjidjg/Agent%20Social%20Media%20checklists-tracker-game%20plan.pdf?dl=0)
3. [Instagram Post and Reels Audit](https://www.dropbox.com/s/rhwzphgf7ho9jto/Agent%20Instagram%20Profile%20Audit.pdf?dl=0)
- [Market Update Graphic](https://www.dropbox.com/s/rh9wekmojnfkctw/May%202022%20Market%20Updates%20Lovejoy%20Real%20Estate.png?dl=0)
- [Buyer’s Guide](https://www.dropbox.com/s/mjlza0ukzkag8d2/Home%20Buyer%27s%20Guide%20Lovejoy%20Real%20Estate.pdf?dl=0)
- [Seller’s Guide](https://www.dropbox.com/s/9vokfb229383fyb/Home%20Sellers%20guide%20-%20OR%20Lovejoy%20Real%20Estate.pdf?dl=0)
### Agent Resources:
- [Recruiting Brochure](https://www.dropbox.com/s/2of0u6zsjv2f7l1/Recruiting%20Pamphlet%202022%20Lovejoy%20Real%20Estate.pdf?dl=0)
- [Tri-fold Agent Brochure](https://www.dropbox.com/s/fz5nfa7me7iqosx/Agent%20Trifold%20Pamphlet%20Lovejoy%20Real%20Estate.pdf?dl=0)
- [Door Knocking Open House Invite](https://www.dropbox.com/s/ztw1kzmmzvugik0/Open%20House%20Door%20Knocker%20Lovejoy%20Real%20Estate.pdf?dl=0)
- [Marketing Compliance ](https://www.dropbox.com/s/83ai495mnr47o0b/Lovejoy%20Marketing%20Catalogue.pdf?dl=0)
### Operations:
[Director of Operations Job Description](https://www.dropbox.com/s/7ecquqxqyo685ta/Director%20of%20Ops%20Job%20Posting%20Lovejoy%20Real%20Estate.pdf?dl=0)
[Operations Manual Table of Contents](https://www.dropbox.com/s/nxwjk3fmxxnuv80/Ops%20Manual%20TOC%20Lovejoy%20Real%20Estate%20%20-%20Google%20Docs.pdf?dl=0) – Why just the table of contents? This is a legal document that you need to own and generate to your specifics. Ours has been reviewed by an Oregon HR attorney our specifics. “Find and Replace” does not create a document that embodies your company or covers you legally. Use this as a guide as you build your own.
### Open Houses
- [Open House Door Knocker](https://www.dropbox.com/s/ztw1kzmmzvugik0/Open%20House%20Door%20Knocker.pdf?dl=0)
- [Open House Flyer](https://www.dropbox.com/s/s9xdvcb5ibjuxdq/Open%20House%20Flyer%20Template.pdf?dl=0)
- [Progressive Open House Flyer](https://www.dropbox.com/s/m418fa523znhyz3/Open%20House%20Flyer.pdf?dl=0) (three listings same complex)
- [Open House Sign In](https://www.dropbox.com/s/obp85rzrk0cx7ad/Open%20House%20Sign%20in.pdf?dl=0)
- [Luxury Open House Flier](https://www.dropbox.com/s/i890uezp4obx5rs/Luxury%20Open%20House%20Flyer%20-%2012%20NE%20Fremont%20St%20%284%29.pdf?dl=0)
---
### [BPdocs](https://lovejoyrealestate.com/bpdocs/)
**Published:** July 11, 2024
**Author:** Charles Turner
**Content:**
## BluePrint Documents
## BluePrint Resources
Presentation Slides: [Recruiting Agents to Grow your Team](https://lovejoyrealestate.com/wp-content/uploads/2022/10/PT-1-Recruiting-Agents-to-Grow-your-Team.pdf)
[Recruiting Pamphlet 2022 Lovejoy Real Estate](https://lovejoyrealestate.com/wp-content/uploads/2022/10/Recruiting-Pamphlet-2022-Lovejoy-Real-Estate.pdf)
[Onboarding Guide](https://lovejoyrealestate.com/wp-content/uploads/2022/10/Onboarding-Guide.pdf)
Run ads on [wizehire](https://wizehire.com/). They have a free DISC that applicants can fill out.
Trello onboarding (click to enlarge):
[  ](https://neonatestaging.com/lovejoy/wp-content/uploads/2024/07/Onboarding-Trello.png)
---
### [Portland Neighborhoods](https://lovejoyrealestate.com/portland-neighborhood-overview/)
**Published:** December 13, 2024
**Author:** Charles Turner
**Content:**
[](../files/2011/05/portland.jpg)# Portland Oregon Neighborhoods
The Rose City is home to many unique and diverse neighborhoods with homes ranging from hillside palaces to charming bungalows. Whether you are looking for a modern loft or suburban paradise, there is something for everyone. The following neighborhood guides will introduce you to some of the more popular neighborhoods, and we are always happy to setup a home tour when you are ready to take a closer look.
## Downtown Portland
#### [](../files/2011/05/downtown-portland2.jpg)Overview
Located on the West bank of the Willamette river, downtown Portland has undergone a successful urban revitalization since the 1970s, and in the past decade alone there have been dozens of new buildings constructed, including townhomes, offices, and condominiums (1).
Downtown Portland is also the heart of the city, and so if you are seeking dining, shopping, or nightlife, then it is a great place to explore, with hundreds of independent retailers and excellent access to public transportation.
## South Portland
#### [](../files/2011/05/south-portland2.jpg)Overview
Formerly known as the Corbett Terwilliger Lair Hill neighborhood, this area is comprised of several distinct neighborhoods that occupy a long, narrow strip of land between Portland’s West Hills and a portion of the Willamette River. The Lair Hill portion of the neighborhood is part of historical South Portland, and several of its homes have been designated historic landmarks by the city. Corbett lies to the East of Lair Hill while Terwilliger sits just to the South. Each of these attractive and desirable areas offers its residents a broad choice of lovely homes, wonderful views and easy access to freeways and recreational areas.
Oregon Health and Sciences University’s new Aerial Tram is located in South Portland and provides residents with a unique way to travel between the University’s renowned facilities and the upscale shops and eateries along the South Waterfront District.
## Southwest Portland
#### [](https://portlandrealestateblog.com/wp-content/uploads/2011/05/southwest-Portland1.jpg)Overview
Bounded by the Willamette River to the East, and Burnside Street to the North, the Southwest area enjoys some of the best views and the most irregular terrain of any region in Portland. If you are looking for good schools, parks, and a large backyard, then you will certainly want to explore this side of Portland.
Historically, because of the abundance of flat land to build on in other parts of Portland, the Southwest region was developed more recently in Portland’s history, especially as you get further away from downtown. This means that Southwest Portland is home to many of Portland’s newer retail developments and enjoys modern shopping plazas and good access to freeways.
## Southeast Portland
#### [](https://portlandrealestateblog.com/wp-content/uploads/2011/05/Southeast-Portland1.jpg)Overview
Across the river from downtown you will find a diverse mix of homes from charming bungalows to riverfront estates and new condominiums. The level terrain, plentiful sidewalks, and historic retail stores all serve to imbue the neighborhood with a bit of Old Portland charm and a pedestrian friendly atmosphere.
Numerous parks also dot the landscape, including the 140-acre Oaks Bottom Wildlife Refuge with views of downtown and seasonal wetlands, the 34-acre Laurelhurst Park with recreation facilities and a dog park, and the 195-acre Mount Tabor Park where you can hike to the top of an extinct volcano and enjoy the views.
Portland.
## North Portland
#### [](https://portlandrealestateblog.com/wp-content/uploads/2011/05/North-Portland1.jpg)Overview
Across the river from downtown you will find a diverse mix of homes from charming bungalows to riverfront estates and new condominiums. The level terrain, plentiful sidewalks, and historic retail stores all serve to imbue the neighborhood with a bit of Old Portland charm and a pedestrian friendly atmosphere.
Numerous parks also dot the landscape, including the 140-acre Oaks Bottom Wildlife Refuge with views of downtown and seasonal wetlands, the 34-acre Laurelhurst Park with recreation facilities and a dog park, and the 195-acre Mount Tabor Park where you can hike to the top of an extinct volcano and enjoy the views.
## **Northwest Portland**
#### Overview[](https://portlandrealestateblog.com/wp-content/uploads/2011/05/Northwest-Portland.jpg)
Northwest Portland starts next to downtown and moves Northwest along the beautiful riverfront between Forest Park, the largest urban natural forest reserve, and the Willamette river (map). Many of the Northwest Portland neighborhoods are referred to interchangeably as downtown Portland due to their proximity to the heart of the city.
Some of the most famous Northwest/Downtown neighborhoods include the Pearl District and Goose Hollow, both of which won awards as best places to retire in 2007 from Money Magazine.
## Northeast Portland
#### Overview[](https://portlandrealestateblog.com/wp-content/uploads/2011/05/Northeast-Portland.jpg)
The Northeast Portland area is bounded by I-84 to the South and the Columbia river to the North and includes many close-in communities with very short commutes to downtown, and excellent access to transportation, including the Max light rail line to the Portland International Airport and the city of Gresham.
The neighborhoods of Northeast Portland vary widely from the urban Lloyd center area with the only highrise buildings outside of downtown to the historic tree-lined streets of Alameda, Beaumont, Irvington, and Laurelhurst which is technically part of the Southeast District.
---
### [How to Pick the Right Real Estate Agent in Portland](https://lovejoyrealestate.com/how-to-pick-the-right-agent/)
**Published:** September 14, 2026
**Author:** CoWork
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2026/09/ChatGPT-Image-Sep-14-2026-09_42_30-AM.png)Full disclosure, you’re reading this because you clicked a paid ad. AI sent you to an agent who paid OpenAI to send you here. An ad getting your attention isn’t the same as an agent earning your trust. Before you read another word about us, here’s the actual test to run on anyone you’re considering, including the team that bought this ad.
## What actually matters when you’re choosing an agent
Skip the superlatives on their website. Look for these instead:
- **A real, verifiable track record in your specific area.** Not “years of experience” — actual closed sales in your neighborhood, in your price range, in the last 12 months.
- **How is the agent leveraging AI?** AI shouldn’t replace critical thinking and experience. AI can replace mundane tasks freeing up agent time work directly with their clients.
- **A pricing conversation grounded in data, not flattery.** An agent who tells you your home is worth more than the comps support isn’t being generous… they’re buying your listing with a number they’ll tell you cut later.
- **A specific, written marketing plan.** Not “I’ll put it on the MLS and see what happens.” Ask what they’ll actually do — photography, staging, digital reach, open houses — and get it in writing.
- **Team bandwidth.** Ask who picks up the phone when your agent is at a closing across town.
- **Reviews you can actually verify.** Google and Zillow reviews are tied to real names and real transactions. Testimonials on an agent’s own website aren’t.
- **Independence from any one brokerage’s portal or franchise incentives.** Some agents are pushed to steer you toward in-house lending, in-house title, or in-house everything. Ask directly whether that’s the case.
## Questions worth asking before you hire anyone
- How many homes have you personally closed in this neighborhood in the past year?
- What’s your written estimate of my net proceeds, and how did you calculate it?
- Who’s on your team, and what do they handle versus what you handle directly?
- Can I see your actual marketing plan, not just a general description of it?
- What happens if we don’t get an offer in the first 30 days?
If any of those questions get a vague answer, that’s information too.
## Where we fit
Fair’s fair — you should run that same checklist on us. Here’s the honest version:
The Turner Team at Lovejoy Real Estate has sold over $1 billion in real estate and 2,500+ homes across the Portland metro, SW Washington, and the Willamette Valley. We’re ranked among Oregon’s top three teams by RealTrends, and carry 260+ five-star Google reviews and 350+ on Zillow — reviews tied to real names, from real closings.
We’re locally owned and independent. We left a national franchise in 2017 to build something that isn’t a lead farm and isn’t answerable to a portal’s shareholders — just a team that’s accountable to the people we work for. We’re members of both RMLS and WVMLS, so our reach covers the full range of neighborhoods across the region, not just one pocket of it.
None of that replaces the conversation. The ad got you here — the checklist above is what should decide the rest.
---
### [CONTACT US](https://lovejoyrealestate.com/contact-us/)
**Published:** June 17, 2024
**Author:** Charles Turner
**Content:**
### CONTACT US
Team members focus on their areas of expertise and work together to ensure your transaction is the best possible. The depth of talent and the breadth of knowledge allows us work through the unique challenges and opportunities that every real estate transaction presents. If you’re interested in learning more about our team or scheduling a consultation, fill out the form below or call us directly – Buying: 503-501-2454 or Selling: 503-501-2490.
##### Contact Us
We would like to hear from you. Please send us a message by filling out the form and we will get back with you shortly.
##### Charles and Jenny Turner, Principal Brokers
503-312-4642
503-501-2490
jenny@lovejoyrealestate.com
---
### [Home Sale Calculator](https://lovejoyrealestate.com/home-sale-calculator/)
**Published:** June 16, 2024
**Author:** Charles Turner
**Content:**
` `
---
### [Mortgage Calculator](https://lovejoyrealestate.com/mortgage-calculator/)
**Published:** June 16, 2024
**Author:** Charles Turner
**Content:**
` `
---
### [Affordability Calculator](https://lovejoyrealestate.com/affordability-calculator/)
**Published:** June 16, 2024
**Author:** Charles Turner
**Content:**
` `
---
### [Blog](https://lovejoyrealestate.com/blog/)
**Published:** December 1, 2024
**Author:** Charles Turner
---
### [Terms of Use](https://lovejoyrealestate.com/terms-of-use/)
**Published:** July 10, 2024
**Author:** Charles Turner
**Content:**
## TERMS OF USE
**Last Updated: May 14, 2026**
Welcome to the website of **Turner Team Inc. DBA Lovejoy Real Estate** (“Lovejoy Real Estate,” “Turner Team,” “we,” “us,” or “our”), located at [www.lovejoyrealestate.com](https://www.lovejoyrealestate.com) (the “Site”). The information provided on this Site is for general informational and educational purposes only.
**Please read these Terms of Use carefully before accessing or using this Site. By accessing or using this Site, you acknowledge that you have read, understood, and agreed to these Terms of Use. If you do not agree, you may not access or use the Site.**
1. **Use of Site.** The information provided on this Site is for general informational and educational purposes. This Site is neither a solicitation nor does it constitute real estate, financial, tax, or legal advice. Real estate decisions should be made in consultation with a licensed real estate professional, attorney, lender, or other qualified advisor. Your access to and use of the information contained in the Site is subject to these Terms of Use. By accessing and using this Site, you accept, without limitation or qualification, these Terms of Use.
2. **Brokerage Licensing.** Lovejoy Real Estate is a licensed real estate brokerage in the State of Oregon and the State of Washington. All real estate services described on this Site are provided through licensed real estate brokers affiliated with Lovejoy Real Estate. We are an Equal Housing Opportunity provider and comply with all applicable federal, state, and local fair housing laws. We do not discriminate on the basis of race, color, religion, sex, handicap, familial status, national origin, sexual orientation, gender identity, marital status, source of income, or any other classification protected by law.
3. **Property Listings and IDX/MLS Data.** Property listings, market data, and related information displayed on this Site are provided in part through the Regional Multiple Listing Service (RMLS) and the Willamette Valley Multiple Listing Service (WVMLS), and may be supplemented by third-party data providers. This data is provided for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed. Listings are subject to change, prior sale, or withdrawal without notice. Square footage, lot size, school assignments, taxes, and HOA information should be independently verified.
4. **No Warranties; No Duty to Update.** THE CONTENTS OF THIS SITE ARE PROVIDED “AS IS.” Lovejoy Real Estate makes no warranties or representations of any kind as to the accuracy, currency, or completeness of any information on this Site. You agree that access to and use of this Site and its content is at your own risk. Neither Lovejoy Real Estate nor any of its affiliates or third-party providers shall have any responsibility to maintain the data and services made available on this Site or to supply any corrections, updates, or releases in connection therewith. Availability of data and services is subject to change without notice. LOVEJOY REAL ESTATE EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT, AND ANY WARRANTY FOR THE USE OR THE RESULTS OF THE USE OF THE SERVICES WITH RESPECT TO THEIR CORRECTNESS, QUALITY, ACCURACY, COMPLETENESS, RELIABILITY, PERFORMANCE, TIMELINESS, OR CONTINUED AVAILABILITY.
5. **Limitation of Liability.** NEITHER LOVEJOY REAL ESTATE NOR ANY PARTY INVOLVED IN CREATING, PRODUCING, OR DELIVERING THIS SITE SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING WITHOUT LIMITATION DIRECT, INCIDENTAL, CONSEQUENTIAL, INDIRECT, OR PUNITIVE DAMAGES, ARISING OUT OF ACCESS TO, USE OF, OR INABILITY TO USE THIS SITE, OR ANY ERRORS OR OMISSIONS IN THE CONTENT. THIS LIMITATION INCLUDES DAMAGES TO, OR FOR ANY VIRUSES THAT MAY INFECT, YOUR COMPUTER OR OTHER DEVICE. LOVEJOY REAL ESTATE SHALL HAVE NO LIABILITY, CONTINGENT OR OTHERWISE, FOR THE FAILURE OF ANY CONNECTION OR COMMUNICATION SERVICE TO PROVIDE OR MAINTAIN YOUR ACCESS TO THIS SITE, OR FOR ANY INTERRUPTION OR DISRUPTION OF SUCH ACCESS.
6. **No Warranties as to Security.** Lovejoy Real Estate makes no warranty, express or implied, regarding the security of the Site, including with respect to the ability of unauthorized persons to intercept or access information transmitted through the Site. While we use reasonable security practices, no internet transmission is fully secure.
7. **System Outages, Slowdowns, and Capacity Limitations.** As a result of high internet traffic, transmission problems, systems capacity limitations, third-party service outages, and other problems, you may at times experience difficulty accessing the Site or communicating with us through the internet or other electronic and wireless services. Any computer system or other electronic device — yours, your internet service provider’s, or ours — can experience unanticipated outages, slowdowns, or capacity limitations.
8. **Electronic Communications and SMS Consent.** By providing your phone number through this Site, a form, an agent, or any other Lovejoy Real Estate channel, you expressly consent to receive recurring automated and non-automated transactional and marketing text messages and phone calls from Lovejoy Real Estate at the number you provide. Consent is not a condition of any purchase or service. Message frequency varies. Message and data rates may apply. Reply **HELP** for help; reply **STOP**, **CANCEL**, **END**, **UNSUBSCRIBE**, **QUIT**, or **STOPALL** to cancel. Carriers are not liable for any delayed or undelivered messages. For complete details on our text messaging program — including message types, opt-out, resubscribe, and how we handle mobile information — see the Text Messaging (SMS) Program section of our [Privacy Policy](https://www.lovejoyrealestate.com/privacy-policy/). You also consent to receive email communications related to your inquiry, transaction, or interest in our services, and you may opt out of marketing email at any time using the unsubscribe link in any message.
9. **Indemnification.** You agree to indemnify, defend, and hold harmless Lovejoy Real Estate, its affiliates, and their respective officers, directors, employees, agents, suppliers, and third-party partners from and against all losses, expenses, damages, and costs, including reasonable attorneys’ fees, resulting from any violation by you of these Terms of Use or applicable law.
10. **Privacy.** Lovejoy Real Estate respects the privacy of Site users. Please refer to our [Privacy Policy](https://www.lovejoyrealestate.com/privacy-policy/), which explains users’ rights and responsibilities with respect to information disclosed through this Site, including our practices around HubSpot, the Lovejoy app, IDX/MLS search, cookies, analytics, and text messaging.
11. **Third-Party Links and Sites.** This Site may contain links or references to websites maintained by third parties (including lenders, title and escrow providers, home service vendors, MLS portals, social media platforms, and others) over whom Lovejoy Real Estate has no control. Such links are provided merely as a convenience. Lovejoy Real Estate makes no representations as to the accuracy, currency, or completeness of any information on third-party sites and shall have no liability for any damages or injuries arising from such content. Inclusion of any third-party link does not imply endorsement or recommendation.
12. **Non-Confidential Information.** Subject to any applicable terms and conditions set forth in our [Privacy Policy](https://www.lovejoyrealestate.com/privacy-policy/), any communication or other material that you send to us through the internet or post on the Site by electronic mail or otherwise — including any questions, comments, suggestions, or the like — is and will be deemed non-confidential, and Lovejoy Real Estate shall have no obligation of any kind with respect to such information. Lovejoy Real Estate shall be free to use any ideas, concepts, know-how, or techniques contained in such communication for any lawful purpose. This provision does not apply to personal information governed by the Privacy Policy or to confidential client information exchanged in the course of a represented real estate transaction.
13. **Trademarks.** “Lovejoy Real Estate,” “Turner Team,” the Lovejoy and Turner Team logos, and other product or service names appearing on this Site are trademarks of Turner Team Inc. or its affiliates or licensors. The use or misuse of these trademarks or any other materials on the Site, except as expressly permitted herein, is prohibited and may violate copyright law, trademark law, the law of slander and libel, the law of privacy and publicity, and applicable communications regulations.
14. **Copyrights.** The contents of this Site are subject to copyright protection. © 2010–2026 Turner Team Inc. DBA Lovejoy Real Estate. All rights reserved. The contents of this Site may not be copied other than for noncommercial individual reference, with all copyright and proprietary notices retained, and may not thereafter be recopied, reproduced, or otherwise redistributed. Except as expressly provided, you may not copy, display, download, distribute, modify, reproduce, republish, or retransmit any information, text, images, or documents contained in this Site or any portion thereof in any electronic medium or in hard copy, or create any derivative work, without the express written consent of Lovejoy Real Estate. Nothing herein shall be construed as conferring by implication, estoppel, or otherwise any license or right under any patent, trademark, or copyright of Lovejoy Real Estate or any third party.
15. **DMCA Notice.** If you believe content on this Site infringes your copyright, please send a written notice to our designated agent containing the elements required by 17 U.S.C. § 512(c)(3), including: (a) your physical or electronic signature; (b) identification of the copyrighted work claimed to be infringed; (c) identification of the allegedly infringing material and its location on the Site; (d) your contact information; (e) a statement of good-faith belief that the use is not authorized; and (f) a statement, under penalty of perjury, that the information is accurate and you are authorized to act on behalf of the copyright owner. Send notices to: Lovejoy Real Estate, Attn: DMCA Agent, 828 NW 19th Ave., Portland, OR 97209; .
16. **Void Where Prohibited.** This Site and its contents are intended to comply with the laws and regulations of the United States. Although the information on this Site is accessible to users outside the United States, the information pertaining to Lovejoy Real Estate’s services is intended for use only by residents of the United States, primarily in Oregon and Washington. Other countries and jurisdictions may have laws and regulatory requirements that differ. Lovejoy Real Estate reserves the right to limit the provision of its services to any person, geographic region, or jurisdiction. Any offer for any product or service made on this Site is void where prohibited.
17. **Governing Law and Venue.** These Terms of Use and your use of the Site shall be governed by the laws of the United States of America and the State of Oregon, without regard to its conflict of laws principles. Any legal action or proceeding related to this Site shall be brought exclusively in a federal or state court of competent jurisdiction sitting in Multnomah County, Portland, Oregon, and you consent to the personal jurisdiction of those courts.
18. **Changes to These Terms.** Lovejoy Real Estate reserves the right to alter, update, or delete materials from this Site and to modify these Terms of Use at any time at its sole discretion. Material changes will be reflected by updating the “Last Updated” date above. Your continued use of the Site after any such change constitutes your acceptance of the new Terms of Use.
19. **Miscellaneous.** If any provision of these Terms of Use is held to be unlawful, void, or unenforceable, that provision shall be severable without affecting the enforceability of all remaining provisions. The failure of Lovejoy Real Estate to enforce any right or provision of these Terms of Use will not be deemed a waiver of such right or provision. These Terms of Use, together with the Privacy Policy, constitute the entire agreement between you and Lovejoy Real Estate regarding your use of the Site.
20. **Contact.** Questions about these Terms of Use can be directed to:
Lovejoy Real Estate
828 NW 19th Ave., Portland, OR 97209
Email:
---
### [Portland Oregon Neighborhoods](https://lovejoyrealestate.com/portland-neighborhoods/)
**Published:** December 8, 2024
**Author:** Charles Turner
**Content:**
Portland’s neighborhoods each carry their own character, housing stock, and sense of place — and now their own live market data. Whether you’re relocating to Portland or exploring beyond your own block, click any area on the map for current sales, median prices, and active listings, pulled straight from RMLS. Better data, better decisions.
## Discover Portland’s Best Neighborhoods
Portland's neighborhoods each carry their own character, housing stock, and sense of place. Click any highlighted area on the map to learn more, or browse the full list below.
Loading neighborhood boundaries…
🗺
Click any shaded neighborhood on the map to see details and a link to the full page.
## Browse All Neighborhoods
${n.name}
${n.desc}
Housing ${n.housing}
[${linkText}](${linkUrl})
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${z.label}
`; }); })(); (function(){ const grid = document.getElementById('pdx-zones-grid'); ['n','nw','ne','se','sw','metro'].forEach(zk => { const items = NEIGHBORHOODS.filter(n => n.zone===zk); if(!items.length) return; const col = document.createElement('div'); col.className = 'pdx-zone-col'; col.innerHTML = `### ${ZONES\[zk\].label}
${items.map(n=>{ const href = n.pageUrl || APP\_URL; return `- [${n.name}](${href})
`; }).join('')}
`; grid.appendChild(col); }); })(); })();
**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily. Neighborhood boundaries follow Portland Maps' official polygons and are approximate. Data deemed reliable but not guaranteed; aggregated statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
## Urban Core
- [Pearl District & Old Town](https://lovejoyrealestate.com/pearl-district/ "Pearl District Neighborhood") – Contemporary urban living
- [Nob Hill/Alphabet District and Slabtown](https://lovejoyrealestate.com/alphabet-district-nob-hill-portland/ "Nob Hill, Alphabet District and Slabtown") – Historic charm meets modern convenience
- [Kings Heights](/kings-heights/) – Prestigious hillside estates
- [Willamette Heights](/willamette-heights/) – Scenic river views
### Historic Districts
- [Irvington & Sabin](/irvington-sabin-lloyd-district/) – Classic architecture
- [Laurelhurst](/laurelhurst/) – Park-centered community
- [Ladd’s Addition](/ladds-addition-clinton-colonial-heights/) – Rose gardens and diagonal streets
- [Eastmoreland & Westmoreland](/eastwest-moreland/) – Tree-lined boulevards
### Northeast Portland
- [Alberta Arts District & Concordia](/alberta-arts-district-concordia/) – Vibrant arts scene
- [Alameda & Grant Park](/alameda-grant-park-hollywood/) – Established neighborhoods
- [Beaumont Village](/beaumont-village-wilshire-park-rose-city-park/) – Charming retail corridor
- [Mississippi District & Boise-Eliot](https://lovejoyrealestate.com/mississippi-district-boise-eliot) – Dynamic urban renewal
### Southeast Portland
- [Belmont & Hawthorne](/belmont-hawthorne/) – Eclectic shopping districts
- [Mt Tabor](/mt-tabor/) – Volcanic park views
- [Sellwood & Garthwick](/sellwood-garthwick/) – Riverside community
- [Woodstock](/woodstock/) – Diverse neighborhood hub
### Southwest Portland
- [Bridlemile & Vermont Hills](/bridlemile-vermont-hills/) – Wooded retreats
- [Dunthorpe & Riverdale](/dunthorpe-riverdale/) – Exclusive estates
- [Forest Heights](/forest-heights/) – Modern hillside homes
- [Hillsdale & Multnomah Village](/hillsdale-multnomah-village/) – Small town feel
- [Lair Hill & John’s Landing](/lair-hill-terwilliger-johns-landing/) – Riverside amenities
### North Portland
- [St. Johns & University Park](https://lovejoyrealestate.com/st-johns) – Historic character
- [Kenton & Arbor Lodge](/kenton-arbor-lodge-portsmouth/) – Growing communities
### Surrounding Areas
- [Lake Oswego](/lake-oswego/) – Lakeside luxury
- [Linnton](/linnton/) – Industrial heritage
- [Stayton](/stayton/) – Small town charm
'; html += 'Updated ' + asOf + ' · Source: RMLS
'; return html; } html += ''; html += 'Recent sales · last 12 months
'; html += 'Homes sold' + (sold.count || 0) + '
'; if (sold.price && sold.price.min != null) html += 'Sold range' + fmtMShort(sold.price.min) + ' – ' + fmtMShort(sold.price.max) + '
'; if (sold.price && sold.price.median != null) html += 'Median sale' + fmtMFull(sold.price.median) + '
'; if (sold.ppsf_median) html += 'Median $/sqft$' + Math.round(sold.ppsf\_median) + '
'; if (sold.dom_median != null) html += 'Median time on market' + fmtDays(sold.dom\_median) + '
'; if (sold.sold_to_list_median != null) html += 'Sold-to-list' + fmtPct(sold.sold\_to\_list\_median) + '
'; html += '
'; const hasYoy = yoy.price_median_pct != null || yoy.ppsf_median_pct != null || yoy.dom_median_pct != null; if (hasYoy) { html += ''; html += 'vs. a year ago
'; if (yoy.price_median_pct != null) html += 'Median sale' + fmtDelta(yoy.price_median_pct) + '
'; if (yoy.ppsf_median_pct != null) html += '$/sqft' + fmtDelta(yoy.ppsf_median_pct) + '
'; if (yoy.dom_median_pct != null) html += 'Time on market' + fmtDelta(yoy.dom_median_pct, true) + '
'; html += '
'; } html += ''; html += 'Currently active
'; html += 'Active listings' + (active.count || 0) + '
'; if (active.list_price_median) html += 'Median list' + fmtMFull(active.list\_price\_median) + '
'; if (active.pct_with_reduction != null) html += 'With price reduction' + fmtPct(active.pct\_with\_reduction, 0) + '
'; if (active.median_reduction_depth != null) html += 'Median reduction' + fmtPct(active.median\_reduction\_depth, 1) + ' off original
'; html += '
'; html += 'Updated ' + asOf + ' · Source: RMLS
'; return html; } function injectSections(data, zoneColor) { const body = document.querySelector('#pdx-preview-card .pdx-preview-body'); if (!body) return; body.querySelectorAll('.pdx-preview-row').forEach(el => el.remove()); const sectionsHtml = buildSectionsHtml(data, zoneColor); const link = body.querySelector('.pdx-preview-link'); if (link) link.insertAdjacentHTML('beforebegin', sectionsHtml); else body.insertAdjacentHTML('beforeend', sectionsHtml); } function loadAndInject(slug, zoneColor) { if (cache[slug]) { injectSections(cache[slug], zoneColor); return; } const url = URL_TEMPLATE.replace('{slug}', slug); fetch(url, { cache: 'default' }) .then(r => r.ok ? r.json() : null) .then(data => { if (!data) return; cache[slug] = data; if (getCurrentSlug() === slug) injectSections(data, zoneColor); }) .catch(err => { console.warn('[lj-preview-enrichment]', slug, err); }); } function processCard() { if (document.querySelector('#pdx-preview-card .pdx-data-section')) return; if (document.querySelector('#pdx-preview-card .pdx-no-data')) return; const slug = getCurrentSlug(); if (!slug) return; loadAndInject(slug, getZoneColor()); } function startObserver() { const target = document.getElementById('pdx-preview-card'); if (!target) return false; processCard(); new MutationObserver(() => { processCard(); }).observe(target, { childList: true, subtree: false }); return true; } function boot() { if (!startObserver()) setTimeout(boot, 200); } if (document.readyState === 'loading') document.addEventListener('DOMContentLoaded', boot); else boot(); })();
---
### [Selling your home](https://lovejoyrealestate.com/sell-your-home/)
**Published:** July 16, 2024
**Author:** Charles Turner
**Content:**
## SELLING YOUR HOME
## **SELLING YOUR HOME**
Every seller’s situation is different. Some homes are move-in ready. Others need work. Either way, the conversation starts the same place — an honest assessment of where you are and what makes sense.
## **The Plan Comes First**
Before anything goes on the market, we’ll walk through your home and give you a straight read. What needs attention, what doesn’t, and what the numbers actually look like. Sometimes the right answer is to list immediately. Sometimes it’s to wait. Sometimes it’s a conversation about selling versus holding.
We’re comfortable telling you any of those things.
## **Your Home, Presented Properly**
How a home looks online determines whether buyers show up in person. Lovejoy has an in-house marketing team that handles professional [flambient photography](https://lovejoyrealestate.com/flambient-photography-the-best-of-real-estate-photography/ "Blog post on flambient versus other photography"), Matterport 3D tours, and video for every listing — not as an upgrade, but as a baseline. The buyer who scrolls past a dark, poorly framed photo might be the one who makes your best offer. We don’t leave that to chance.
## **Market Ready**
For homes that would sell for more with some preparation, Market Ready fronts the cost of repairs and refresh — no out-of-pocket expense until closing. We coordinate everything. Contractors we work with regularly will often defer payment until closing. We front up to $10,000 directly and have managed projects well over $100,000.
Not every home needs it. Not every home qualifies. We’ll tell you straight which category yours is in.
These [before and after pictures](https://lovejoyrealestate.com/market-ready-transformations) tell the story of how projects can add value to your home.
## **What About a Cash Offer?**
No prep, no showings, no uncertainty. It’s not the right answer for most sellers, but it’s the right answer for some. We’ll tell you honestly which category you’re in.
## Selling
**How do you determine the right listing price?**
By looking at what comparable homes have actually sold for — not listed for — combined with an honest assessment of your home’s condition, location, and the current demand in your specific price range. We will show you the data, give you our recommendation, and tell you if we think you are leaving money on the table or pricing yourself into a longer market time. Ultimately the decision is yours, but we will not tell you what you want to hear if it is not what the data supports. Overpriced homes sit; homes that sit get stigmatized. Buyers start wondering what is wrong. Pricing correctly from day one is almost always the faster and more profitable strategy.
**How long will it take to sell my home?**
A well-priced, well-presented home in most Portland market conditions sells in days to weeks. An overpriced home can sit for months and ultimately sell for less than it would have at the right price on day one. We will give you an honest timeline projection before you list, based on current conditions in your specific neighborhood and price range.
**What preparation actually makes a difference before listing?**
Almost never everything and almost never nothing. The improvements that consistently return their cost: fresh interior paint, clean or new carpet, landscaping cleanup, and thorough cleaning. The improvements that rarely return their cost: full kitchen remodels, primary bathroom renovations, and major structural projects. The calculation changes based on your home’s condition, your price point, and the current buyer pool in your area. We will walk you through specifically what makes sense for your home — not a generic list.
**What is the Market Ready program and how does it work?**
Market Ready is Lovejoy’s program to fund preparation work upfront, with the cost repaid from the sale proceeds at closing. We coordinate everything: licensed contractors, trades, staging, and project management. We front up to $10,000 directly; our contractor relationships allow us to manage projects well over $100,000 with payment deferred to closing. You do not pay out of pocket before the sale. Not every home needs it, and not every home qualifies — we will tell you directly which category yours is in. [See before and after examples](https://lovejoyrealestate.com/market-ready-transformations/).
**What does Lovejoy's marketing include?**
Professional [flambient photography](https://lovejoyrealestate.com/flambient-photography-the-best-of-real-estate-photography/), Matterport 3D tours, and video for every listing — not as an upgrade, but as a baseline. The buyer who scrolls past a poorly lit photo might be the one who makes your best offer. We do not leave that to chance. Listings are published to RMLS (and WVMLS for applicable properties), Zillow, Realtor.com, Homes.com, and our own site. We also have an active buyer database and will contact buyers whose search criteria match your home directly.
**What is a cash offer and is it right for me?**
A cash offer means no financing contingency, no appraisal, and typically a faster close with less uncertainty. The trade-off is that cash buyers expect a discount — they are paying for the certainty and speed, and they know it. For some sellers — an estate sale, a home that needs significant work, a seller who cannot handle showings — a cash offer makes sense even at a lower number. For most sellers in good condition homes, the open market will produce a better outcome. We will tell you honestly which category yours is in.
**How do the new commission rules affect what I pay as a seller?**
Since August 2024, sellers are no longer required to offer compensation to the buyer’s agent through the MLS. Compensation is negotiable. In practice, many sellers still choose to offer buyer agent compensation as a way to attract financed buyers and maximize the pool of potential purchasers. We will walk you through the current norms in your specific market and help you think through the trade-offs. Our fee is disclosed clearly in the listing agreement before you sign anything.
**Should I sell or remodel?**
The answer depends on what the numbers actually support and what you are trying to accomplish. The key questions: Will the market support the cost of the remodel in the sale price? Will buyers in your price range pay for the renovation quality you are planning? Do you want to stay in the home and benefit from the renovation, or are you doing it purely for resale? We will walk through the realistic math before you commit to either path.
**Should I rent my home or sell it?**
Sometimes holding makes sense — if your equity is modest, if rents cover your costs with cash to spare, and if you want to build long-term wealth through real estate. Sometimes the carrying costs, maintenance liability, and opportunity cost of trapped equity point clearly toward selling. There is one critical Oregon-specific factor: Oregon has very restrictive landlord/tenant laws around selling a property that has a tenant in place. Portland and some other cities add additional layers on top of state law. Tenant relocation fees may be required. The best advice is to consult a real estate attorney before making any decisions about tenancy when you are considering a sale.
**What if my home is currently rented?**
We have navigated tenant-occupied sales many times. Lease terms, notice requirements, showing logistics, and buyer acceptance of tenancy — all of these are manageable, but they require planning. Oregon’s landlord/tenant laws are some of the most tenant-protective in the country. Portland adds additional rules including mandatory relocation assistance in some situations. Do not take any action regarding your tenancy before talking to us and potentially an attorney. A misstep here can delay or derail your sale.
**What is probate and how does it affect a home sale?**
Probate is the legal process of settling a deceased person’s estate, including real property they owned. In Oregon, it is handled through county circuit court and can take several months to over a year. The property typically cannot be sold until the court appoints a personal representative with authority to act on behalf of the estate. Once that authority is in place, the sale process is similar to a standard transaction but with additional documentation requirements and specific timelines. We have worked with families navigating probate sales and understand the emotional and logistical weight involved.
**What is a 1031 exchange?**
A 1031 exchange allows an investor to defer capital gains taxes by rolling the proceeds from the sale of one investment property into the purchase of another qualifying property. The rules are specific: you must identify a replacement property within 45 days of closing and complete the purchase within 180 days. The exchange must be handled through a qualified intermediary — the proceeds cannot pass through your hands directly. This is a decision that needs to be made early in the listing process, before closing, so the proper structures are in place. We will connect you with the right people and make sure the real estate side supports what you are trying to accomplish.
**What does the selling timeline look like from decision to closing?**
A compressed but realistic timeline: listing consultation and pricing → preparation (days to weeks depending on scope) → photography and marketing setup (approximately one week) → active on market → accepted offer → inspection and due diligence period (typically 10–15 days) → buyer financing contingency period → closing (typically 30 days from accepted offer). From decision to closing, sellers should expect 6–10 weeks in most cases, longer if significant preparation work is needed.
Have more questions? Read the our complete library of [FAQs](https://lovejoyrealestate.com/faq/ "Frequently Asked Questions") or the [blog](https://lovejoyrealestate.com/blog/ "Portland Real Estate Blog").
---
### [Frequently Asked Questions](https://lovejoyrealestate.com/faq/)
**Published:** March 11, 2026
**Author:** Charles Turner
**Content:**
## About Lovejoy Real Estate
**What areas does Lovejoy Real Estate serve?**
Lovejoy Real Estate works across the Portland metro, Southwest Washington (Clark County), and the Mid-Willamette Valley including Salem, Silverton, Canby, Stayton, and the surrounding communities. We hold memberships in both RMLS and WVMLS, which means we can list on both systems and show any home across the full geography. Our offices are in Portland (NW 19th Ave), Salem, Eugene, and Vancouver WA.
**What is the Turner Team?**
The Turner Team is the name for the core leadership group at Lovejoy Real Estate — Charles and Jenny Turner and the agents who work directly with them. Lovejoy Real Estate is the brokerage; the Turner Team is the team within it. When you work with Lovejoy, you are working with a locally owned, independent brokerage that has operated in Portland since 2017.
**Do you work with buyers and sellers at the same time?**
Yes. We have dedicated buyer agents and dedicated seller agents. What we do not do is have the same agent represent both the buyer and the seller in a single transaction — that blurs the line between serving your interests and closing a deal. At Lovejoy, both sides of any transaction have their own agent, even when both agents are on our team.
**How is Lovejoy different from a franchise brokerage?**
We are locally owned and independent — we left a national franchise in 2017. That means our decisions are made here, our standards are set by us, and we are accountable to our clients directly. We are not managing to a corporate standard set in another state. Our track record: over 2,500 transactions, 250+ five-star Google reviews, 350+ Zillow reviews, two-time Portland Business Journal Fastest Growing Companies honoree, and 2025 Best of the Rose City real estate company.
**What is the Market Ready program?**
Market Ready is our program to help sellers prepare their home for sale without out-of-pocket costs upfront. We coordinate repairs, updates, and staging through licensed contractors — paint, carpet, landscaping, and other improvements that help a home show at its best. The cost is repaid from the sale proceeds at closing. We front up to $10,000 directly and have managed projects well over $100,000. Not every home needs it or qualifies. We will tell you directly which category yours is in. [See before and after examples →](https://lovejoyrealestate.com/market-ready-transformations/)
## The Portland Market
**What neighborhoods are appreciating fastest?**
It shifts, and any answer without current data is a guess. Generally, neighborhoods with new commercial investment, improving infrastructure, and strong school access have outperformed over the long run. North Portland has seen sustained investment along the Mississippi and Alberta corridors for over a decade. Inner Southeast along Division, Clinton, and Woodstock has matured. Outer Southeast — Lents, Woodstock, Foster-Powell — has been the move-up option as inner neighborhoods priced out. We track this closely and publish regular updates on our [blog](https://lovejoyrealestate.com/blog/). Ask us about any specific area.
**How is the Portland market different from national trends?**
National headlines describe averages that rarely fit any single market. Portland has structural differences that matter. The Urban Growth Boundary limits sprawl and has kept large institutional builders and cookie-cutter subdivisions largely out of the Oregon market — which has both constrained supply and limited the extreme price swings other markets experience. Portland neighborhoods move independently of each other. A multiple-offer situation and a price reduction can be happening in the same city at the same time in different price ranges. Local context is everything.
**Is Portland a buyer's or seller's market?**
It depends on neighborhood, price point, and time of year. We have seen simultaneous multiple-offer situations in one price range and extended days on market in another in the same month. Broad labels do not tell you much about your specific situation. We will give you a precise read on whatever you are looking at.
**What price ranges are most competitive right now?**
Entry-level and move-up segments typically see the most competition because they attract the broadest buyer pool. Higher price points tend to move more slowly and give buyers more negotiating room. This relationship shifts with interest rates and inventory levels. We publish current market conditions on our [blog](https://lovejoyrealestate.com/blog/).
**How do interest rates affect the Portland market specifically?**
Higher rates reduce buyer purchasing power, which pulls some buyers out of the market and reduces competition — which can benefit buyers who remain active. They also cause some potential sellers to stay put rather than trade a low existing rate for a higher one, which tightens available inventory. The net effect depends heavily on your price range and neighborhood. We will help you understand what current rates mean for your specific situation.
**What is the Urban Growth Boundary and why does it matter?**
Oregon’s Urban Growth Boundary (UGB) is a state-mandated line that separates urban land from rural land and limits where new development can occur. For Portland, it has significantly constrained the supply of new housing over time — which has contributed to Portland’s affordability challenges but also prevented the kind of sprawling oversupply that caused extreme boom-bust cycles in other western markets. If you are buying in a UGB-constrained area, that supply constraint is part of the long-term value story.
## Financing & Mortgages
Lovejoy Real Estate is not a mortgage broker, bank, or lender. The most important thing to remember when comparing rates is the combination of rate and points. The rate makes the headlines, the devil is in the details.
**What is the difference between pre-qualification and pre-approval?**
Pre-qualification is a quick estimate based on self-reported information — it does not carry weight in a competitive offer situation. Pre-approval means a lender has verified your income, assets, and credit. In today’s Portland market, sellers expect pre-approval before taking an offer seriously. We refer buyers to local lenders we trust to get this done correctly. A local lender also matters at closing — they understand Oregon’s specific transaction requirements and are reachable when something comes up.
**How much do I need for a down payment?**
Less than most people assume. Conventional loans can go as low as three percent down. FHA loans require 3.5 percent. Oregon Housing and Community Services offers down payment assistance programs for qualifying buyers. Twenty percent avoids private mortgage insurance (PMI) but is not a requirement. Most investment property purchases require 25 percent, though some programs offer lower. We will connect you with the right lender for your situation.
**What credit score do I need to buy a home?**
Conventional loans typically require a minimum score of 620, though significantly better rates become available around 740 and above. FHA loans can qualify buyers with lower scores. If your score needs work before you are ready to buy, we would rather tell you that now and help you plan toward it than have you find out mid-transaction.
**Are there first-time buyer programs in Oregon?**
Yes. Oregon Housing and Community Services (OHCS) offers below-market rate loans and down payment assistance for qualifying first-time buyers. Some areas qualify for USDA rural development loans. FHA loans have lower down payment and credit score requirements than conventional financing. We work with first-time buyers at all stages of readiness and will connect you with lenders who specialize in these programs.
**What is an adjustable rate mortgage vs. a fixed rate?**
A fixed rate stays the same for the life of the loan — predictable and straightforward. An adjustable rate (ARM) starts lower but can change after an initial fixed period, typically five or seven years. ARMs can make financial sense in specific situations, particularly if you plan to sell or refinance before the adjustment period. Your lender will walk you through the math; we will help you think through the timeline relative to your plans.
## Working With Lovejoy
**How do I get started?**
Reach out directly — phone, email, or the contact form. No forms to fill out first, no commitment required. We will have a conversation about where you are in the process and what you are trying to accomplish. If we are the right fit, great. If not, we will tell you that too.
**How are you compensated?**
For buyers: before we tour homes together, we sign a buyer representation agreement that outlines our agreed compensation. That fee is often covered by the seller as part of the transaction, but it is a real cost and we will walk you through it clearly before you commit to anything. For sellers: our commission is disclosed upfront in the listing agreement. Compensation is always negotiable. We will tell you what you are getting and let you decide if it is worth it.
**Do you work with clients relocating from outside Portland?**
Yes, regularly. We understand the specific dynamics of an out-of-area purchase — the timeline pressure, the challenge of evaluating neighborhoods remotely, and the decisions that have to be made faster than local buyers are used to. We have helped buyers relocate from Seattle, San Francisco, the East Coast, and internationally. We will walk you through what Portland’s different areas are actually like, not just what a listing description says.
**Do you work in Washington state as well as Oregon?**
Yes. Lovejoy Real Estate Services holds a Washington real estate license and maintains an office in Vancouver, WA. We work with buyers and sellers throughout Clark County.
---
### [Career](https://lovejoyrealestate.com/career/)
**Published:** June 15, 2024
**Author:** Charles Turner
**Content:**
## THE BEST REAL ESTATE COMPANY HIRES THE BEST AGENTS
## We Are Always Looking For Great Agents To Join Our Team.
Join our dynamic real estate team and elevate your career with unparalleled support and resources! Our in-house marketing team and support staff mean you can concentrate on selling homes. We have three tracks depending on where you are in your real estate career. We are growing and seeking a motivated, licensed or soon to be licensed Real Estate Agent in Oregon or Washington to join our team. You will have an amazing team behind you supporting you in achieving your goals and advancing your real estate career with providing lead generation systems, marketing, and transaction support. The right candidate will be professional, energetic, driven and a team player! If this sounds like you, please email your resume and cover letter, we want you to be a part of our long-term growth!
Charles & Jenny Turner’s name is synonymous with the local real estate market, where our well-established reputation, unmatched market knowledge and innovative marketing ideas have made us a frontrunner in the Willamette Valley and SW Washington residential real estate industry. As the leaders of one of the top selling teams in the metro area, we have built a team of professionals with a focus on personal service and attention to the clients’ every detail, which has continued to expand a large base of referral and repeat clients. Savvy home sellers and homebuyers entrust the Turner Team to guide them through every step of the real estate process, ensuring that all expectations are being met and exceeded along the way.
Team Agent
Legacy Agent
Referral Only
Team Agent
Our brokerage offers comprehensive coaching, personalized mentorship, and robust training programs to ensure your success. You’ll benefit from consistent accountability and direct principal broker support, making your professional growth our top priority. Enjoy seamless transaction coordination and thrive in our collaborative team environment. Work and meet clients in our modern office space, equipped with cutting-edge facilities, and leverage our in-house marketing services to boost your business. Become an expert in generating business and closing company provided opportunities.
Legacy Agent
Our Legacy program is designed to be a career agent’s exit strategy. You don’t want to retire today but want to start to ease into the next chapters in life. You love your clients and they love you. We offer a way of transferring your relationships while ensuring a future income stream. This is the program for you if you have been licensed at least 10 years and have closed at least 50 real estate sales.
Referral Only
No longer selling real estate but still want to get paid? By hanging your real estate license at our sister company, Pettygrove Real Estate, we provide the opportunity to keep up to 100% of your real estate commission on a referral closed by a Lovejoy Real Estate agent. You must have and maintain an active real estate license but do not need PMAR or RMLS memberships. This program is only offered in Oregon licensees.
**Our Mission** at the Lovejoy Real Estate is to provide our clients with a better buying and selling experience. We will deliver effective results in a timely manner while maintaining a high level of customer service that seems to have been long since lost in today’s fast paced world. We believe that today’s home buyers and sellers are longing for that personal connection with their real estate agent as they are guided safely through the process. We believe that experience matters… relationships matter… and the agent you select matters!
**Our Vision** at the Lovejoy Real Estate is to be Portland Metro’s top choice for consumers when selecting a Realtor. We provide the experience, resources and education so that our clients can make the best decisions when it comes to buying and selling their home.
---
### [OUR TEAM](https://lovejoyrealestate.com/our-team/)
**Published:** June 10, 2024
**Author:** Charles Turner
**Content:**
## MEET THE TEAM
- All
- Eugene and Salem Manager
- Admin Department
- Marketing Department
- Office Dog
- Realtor in Oregon
- Realtor in Washington
[](https://lovejoyrealestate.com/team/charles-turner/)
[Charles Turner](https://lovejoyrealestate.com/team/charles-turner/)
Realtor in Oregon
Principal Broker
[503-936-7764](tel:503-936-7764)
[](https://www.linkedin.com/in/realtorcharlesturner)[](https://www.facebook.com/cturner144/)[](https://www.instagram.com/cturner144/)
[](https://lovejoyrealestate.com/team/jenny-turner/)
[Jenny Turner](https://lovejoyrealestate.com/team/jenny-turner/)
Realtor in Oregon, Realtor in Washington
Principal Broker
[503-312-4642](tel:503-312-4642)
[](https://www.linkedin.com/in/jturner144)[](https://www.facebook.com/JTurner144/)[](https://www.instagram.com/JennyTurner1/)
[](https://lovejoyrealestate.com/team/andreea-oltean/)
[Andreea Oltean](https://lovejoyrealestate.com/team/andreea-oltean/)
Realtor in Oregon
Broker
[360-513-4935](tel:360-513-4935)
[](https://www.linkedin.com/in/ioana-andreea-oltean-75047926/)[](https://www.facebook.com/andreea.i.oltean/)[](https://www.instagram.com/andreearealtor/)
[](https://lovejoyrealestate.com/team/carla-chan/)
[Carla Chan](https://lovejoyrealestate.com/team/carla-chan/)
Admin Department
[503-936-5295](tel:503-936-5295)
[](https://www.linkedin.com/company/turnerteaminc/)[](https://www.facebook.com/carla.dumo)[](https://www.instagram.com/carlamyrieldumo/)
[](https://lovejoyrealestate.com/team/chandler-schur/)
[Chandler Schur](https://lovejoyrealestate.com/team/chandler-schur/)
Realtor in Oregon, Realtor in Washington
Broker
[717-491-0921](tel:717-491-0921)
[](https://www.linkedin.com/in/chandler-schur-52bb98194/)[](https://www.facebook.com/chandler.schur/)[](https://www.instagram.com/ChandlerSchur/)
[](https://lovejoyrealestate.com/team/daniel-brooks/)
[Daniel Brooks](https://lovejoyrealestate.com/team/daniel-brooks/)
Admin Department, Realtor in Oregon, Realtor in Washington
Sales Manager and Managing Broker
[971-703-0102](tel:971-703-0102)
[](https://www.linkedin.com/company/danieljbrooks1/)[](https://www.facebook.com/daniel.brooks.9699/)[](https://www.instagram.com/_danielbrooks.realestate/)
[](https://lovejoyrealestate.com/team/emmy-ward/)
[Emmy Ward](https://lovejoyrealestate.com/team/emmy-ward/)
Realtor in Oregon
Broker
[(503) 342-2428](tel:503342-2428)
[](https://www.linkedin.com/in/emmy-ward-99539b325/)[](https://www.facebook.com/EmmyWard0505)[](https://www.instagram.com/emmyhartpdx/)
[](https://lovejoyrealestate.com/team/halle-pickering/)
[Halle Pickering](https://lovejoyrealestate.com/team/halle-pickering/)
Realtor in Oregon
Broker
[503-461-8487](tel:503-461-8487)
[](https://lovejoyrealestate.com/team/lili-calderon/)
[Lili Calderon](https://lovejoyrealestate.com/team/lili-calderon/)
Realtor in Oregon
Broker
[971-328-7077](tel:971-328-7077)
[](https://lovejoyrealestate.com/team/melissa-messner/)
[Melissa Messner](https://lovejoyrealestate.com/team/melissa-messner/)
Realtor in Oregon, Realtor in Washington
Broker
[971-404-8078](tel:971-404-8078)
[](https://www.linkedin.com/in/melissa-messner-56640835/)[](https://www.facebook.com/melissa.messner68)[](https://www.instagram.com/melissa.ann.messner/)
[](https://lovejoyrealestate.com/team/moon-song/)
[Moon Song](https://lovejoyrealestate.com/team/moon-song/)
Realtor in Oregon, Realtor in Washington
Broker
[503-451-1085](tel:503-451-1085)
[](https://www.linkedin.com/in/moon-song-438890324/)[](https://www.facebook.com/mysong11)[](https://www.instagram.com/hellomoonsong/)
[](https://lovejoyrealestate.com/team/morgan-bream/)
[Morgan Bream](https://lovejoyrealestate.com/team/morgan-bream/)
Realtor in Oregon
Broker
[503-400-6329](tel:503-400-6329)
[](https://lovejoyrealestate.com/team/nick-farah/)
[Nick Farah](https://lovejoyrealestate.com/team/nick-farah/)
Admin Department, Realtor in Oregon
Growth and Technology Specialist
[503-445-9622](tel:503-445-9622)
[](https://www.linkedin.com/in/nick-farah-7ab68b359?miniProfileUrn=urn%3Ali%3Afs_miniProfile%3AACoAAFlEbrMB5Fc9htC3WI_u_xBVRToYiF2163Y&lipi=urn%3Ali%3Apage%3Ad_flagship3_search_srp_all%3B08ab7N2JQ5KSlloca6G3XA%3D%3D)[](https://www.facebook.com/nicksellspdx4/)[](https://www.instagram.com/nicksellspdx/)
[](https://lovejoyrealestate.com/team/nicole-rodriguez/)
[Nicole Rodriguez](https://lovejoyrealestate.com/team/nicole-rodriguez/)
Eugene and Salem Manager, Realtor in Oregon
Broker
[503-551-4921](tel:503-551-4921)
[](https://www.linkedin.com/in/nicole-rodriguez-22417a146/)[](https://www.facebook.com/nicki.rodriguez.756)[](https://www.instagram.com/NicoleRodriguez_Lovejoy/)
[](https://lovejoyrealestate.com/team/patrick-atlas-bowman/)
[Patrick Atlas Bowman](https://lovejoyrealestate.com/team/patrick-atlas-bowman/)
Realtor in Oregon
Broker
[503-739-9907](tel:503-739-9907)
[](https://www.linkedin.com/in/patrickatlasbowman/)[](https://www.facebook.com/PatrickAtlasPDX/)[](https://www.instagram.com/PatrickAtlasPDX)[](https://www.tiktok.com/@PatrickAtlasPDX)
[](https://lovejoyrealestate.com/team/raymond-chan/)
[Raymond Chan](https://lovejoyrealestate.com/team/raymond-chan/)
Admin Department, Marketing Department
[503-936-4368](tel:503-936-4368)
[](https://www.linkedin.com/in/raymond-chan-05230544/)[](https://www.facebook.com/ShimoZen/)[](https://www.instagram.com/shimozen/)
[](https://lovejoyrealestate.com/team/sami-akbari-mort/)
[Sami Akbari-Mort](https://lovejoyrealestate.com/team/sami-akbari-mort/)
Realtor in Oregon
Broker
[971-459-8055](tel:971-459-8055)
[](https://www.facebook.com/samisellspdx)[](https://www.instagram.com/samisellspdx/)
[](https://lovejoyrealestate.com/team/sebastian-rodrigues/)
[Sebastian Rodrigues](https://lovejoyrealestate.com/team/sebastian-rodrigues/)
Realtor in Oregon
Broker
[503-852-2657](tel:503-852-2657)
[](https://lovejoyrealestate.com/team/shayda-rohani/)
[Shayda Rohani](https://lovejoyrealestate.com/team/shayda-rohani/)
Realtor in Oregon
Broker
[503-481-4601](tel:503-481-4601)
[](https://www.linkedin.com/in/shayda-rohani-8609626/)[](https://www.facebook.com/shaydaroho/)[](https://www.instagram.com/ShaydaM/)
[](https://lovejoyrealestate.com/team/susie-delava/)
[Susie Delava](https://lovejoyrealestate.com/team/susie-delava/)
Realtor in Oregon
Broker
[971-220-7106](tel:971-220-7106)
[](https://lovejoyrealestate.com/team/addie/)
[Addie](https://lovejoyrealestate.com/team/addie/)
Office Dog
Director of Team Morale
[](https://lovejoyrealestate.com/team/nash/)
[Nash](https://lovejoyrealestate.com/team/nash/)
Office Dog
Chief Happiness Officer
[](https://www.instagram.com/nashpdx)
---
### [Beaumont Village, Wilshire Park, and Rose City Park](https://lovejoyrealestate.com/beaumont-village-wilshire-park-rose-city-park/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
**Beaumont-Wilshire and Rose City Park** sit in Northeast Portland. These neighborhoods offer early-20th-century housing stock, mature street trees, and two commercial districts on NE Fremont and NE Sandy.
### Neighborhoods within Beaumont-Wilshire and Rose City Park
#### Beaumont-Wilshire
**Beaumont-Wilshire** has two sections: **Beaumont**, south of NE Fremont Street, and **Wilshire**, to the north. The area centers around Beaumont Village, a 17-block stretch of NE Fremont Street from NE 33rd to NE 50th Avenues. Homes here include Colonials, Tudors, bungalows, ranches, and Cape Cod styles.
**Wilshire Park**, a 14-acre green space, features a playground, an off-leash dog area, and paved paths. Homes near Wilshire Park run smaller than the Beaumont average, largely bungalows and Cape Cods.
#### Rose City Park
**Rose City Park** sits between NE 47th Avenue, NE Fremont Street, NE 65th Avenue, and Highway 84. It offers classic bungalows and some newer homes. The neighborhood includes **Normandale Park**, with a fenced dog area, sports fields, and playgrounds. **Frazer Park** adds basketball courts, picnic areas, and more green space.
## The Market in Beaumont-Wilshire and Rose City Park
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
### Beaumont-Wilshire
Charming Northeast neighborhood centered on Beaumont Village along NE Fremont Street, with Wilshire Park as a green anchor.
Single Family · 69 sold
$800K▲ 10.5%Median sale
$370▲ 11.9%$/sqft
5 days▼ 16.7%Days on market
101%of listSold-to-list
~1929approx.Year built
9listed todayActive
Condo · 6 sold
$428K▲ 7.7%Median sale
$465▲ 16.0%$/sqft
54 days▼ 18.8%Days on market
101%of listSold-to-list
~2026approx.Year built
0listed todayActive
2-4 Unit Residential · 0 sold
n/aflatMedian sale
1listed todayActive
### Rose City Park
Northeast Portland neighborhood between NE 47th and 65th Avenues with classic bungalows and access to Normandale and Frazer Parks.
Single Family · 115 sold
$610K▼ 15.8%Median sale
$293▼ 1.8%$/sqft
5 days▼ 16.7%Days on market
100%of listSold-to-list
~1924approx.Year built
14listed todayActive
Condo · 10 sold
$419K▲ 16.5%Median sale
$357▼ 5.9%$/sqft
56 days▼ 9.7%Days on market
100%of listSold-to-list
~2025approx.Year built
8listed todayActive
2-4 Unit Residential · 5 sold
$620K▲ 6.0%Median sale
18 days▼ 83.3%Days on market
98%of listSold-to-list
~1953approx.Year built
4listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
If the market block above is rendering data, read each polygon separately. Beaumont-Wilshire and Rose City Park share Northeast Portland addresses but trade at slightly different price points. Read the SFR row; condo inventory in these neighborhoods is limited and any median swings around a small sample.
### Shops, Restaurants & Local Highlights
Beaumont Village is the neighborhood’s commercial core, with shops, restaurants, and local businesses along NE Fremont. Named businesses on the corridor and nearby include **Alameda Brewhouse**, **Ristretto Roasters** (has changed locations; verify), **[Green Dog Pet Supply](http://www.greendogpetsupply.com/)**, and **[A Children’s Place Bookstore](http://www.achildrensplacebookstore.com/)** (Portland’s oldest independent children’s bookstore). Business rosters change; verify hours and openings before you go.
### Parks & Recreation
**Wilshire Park** (14 acres) and **Normandale Park** offer trails, sports fields, and picnic areas. Frazer Park adds more green space for relaxation and play.
### Schools
The area is served by **Portland Public Schools**. Local schools include Alameda Elementary, Beaumont Middle School (verify current name and configuration; PPS reconfigured several middle schools in recent years), Grant High School, Leodis V. McDaniel High School (formerly Madison; renamed February 2021 to honor educator Leodis V. McDaniel), and Laurelhurst Elementary (serves parts of Rose City Park). Verify attendance boundaries for a specific address with the district directly using the [PPS School Finder](https://www.pps.net/Page/2379). See the Oregon Department of Education report card for current program and performance data.
### Getting Around
Bus routes run along NE Fremont Street, NE 42nd Avenue, NE 57th Avenue, and Sandy Boulevard. These connect to Hollywood/NE 42nd Avenue, where MAX Blue, Green, and Red Lines all stop. Interstate 84 is a 10 to 15 minute drive to downtown Portland. Portland International Airport is about 15 to 20 minutes away by car.
### The Trade-off
Beaumont-Wilshire and Rose City Park give you two active commercial cores (Beaumont Village and NE Sandy), consistent early-20th-century housing stock, and a short drive or bus ride to Hollywood MAX. You give up the entry-tier pricing of outer NE and the direct-MAX-inside-the-neighborhood convenience of Hollywood or Lloyd District.
The direct alternatives: [**Alameda / Grant Park / Hollywood**](https://lovejoyrealestate.com/alameda-grant-park-hollywood/) trade Beaumont Village for the NE Broadway corridor and Hollywood MAX access; [**Alberta Arts and Concordia**](https://lovejoyrealestate.com/alberta-arts-district-concordia/) trade the Beaumont price point for lower entry prices on the Alberta corridor; [**Laurelhurst**](https://lovejoyrealestate.com/laurelhurst/) trades size for planned Olmsted streets and a central park at a higher entry price.
### Thinking about Beaumont-Wilshire or Rose City Park?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, housing style, timing, and what you’re not willing to give up. Use the form below, or reach us at .
---
### [West Hills, Raleigh Hills, West Slope](https://lovejoyrealestate.com/west-hills-raleigh-hills-west-slope/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
This page covers two adjacent but distinct areas: the **West Hills** of Portland (the wooded ridges immediately west and south of downtown, including Portland Heights, Council Crest, Arlington Heights, Hillside, Healy Heights and Sylvan-Highlands), and the unincorporated Washington County communities to the west along Beaverton-Hillsdale Highway: **Raleigh Hills**, **West Slope** and **Garden Home**. Housing stock in the West Hills is dominantly detached single-family with a substantial contingent of mid-century and later architect-designed homes taking advantage of the topography. Raleigh Hills, West Slope and Garden Home carry Beaverton mailing addresses and Beaverton School District boundaries, but they are **not** within Beaverton city limits; they are unincorporated Washington County.
Council Crest at 1,073 feet is the highest point in the City of Portland, and the ridges throughout the West Hills produce a housing stock heavily oriented around views. Downtown, the Willamette River and the Cascades are visible from many addresses.
## The Market in West Hills, Raleigh Hills, West Slope
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
### Southwest Hills
Hillside neighborhood with custom homes, sweeping views, and Council Crest Park.
Single Family · 117 sold
$1.08M▲ 0.6%Median sale
$322▼ 2.0%$/sqft
49 days▲ 4.3%Days on market
98%of listSold-to-list
~1953approx.Year built
84listed todayActive
Condo · 18 sold
$266K▼ 9.4%Median sale
$279▲ 7.9%$/sqft
124 days▼ 6.0%Days on market
99%of listSold-to-list
~1953approx.Year built
11listed todayActive
2-4 Unit Residential · 1 sold
$765K▼ 37.3%Median sale
83 days▲ 88.6%Days on market
97%of listSold-to-list
~1956approx.Year built
1listed todayActive
Other Residential · 0 sold
n/aflatMedian sale
1listed todayActive
### Hillside
Northwest hills neighborhood with custom homes and dramatic topography, near Washington Park.
Single Family · 49 sold
$1.13M▼ 9.6%Median sale
$349▼ 0.9%$/sqft
25 days▼ 50.0%Days on market
98%of listSold-to-list
~1942approx.Year built
19listed todayActive
Condo · 26 sold
$518K▼ 13.5%Median sale
$473▲ 3.1%$/sqft
21 days▼ 68.8%Days on market
99%of listSold-to-list
~1999approx.Year built
14listed todayActive
Other Residential · 0 sold
n/aflatMedian sale
1listed todayActive
### Arlington Heights
Small West Hills neighborhood near Washington Park, with elegant historic homes.
Single Family · 14 sold
$935K▼ 28.4%Median sale
$485▲ 25.5%$/sqft
6 days▼ 71.7%Days on market
99%of listSold-to-list
~1967approx.Year built
7listed todayActive
### Healy Heights
Small hillside neighborhood with sweeping city views, southwest of downtown.
Single Family · 3 sold
$998K▼ 40.3%Median sale
$340▼ 22.2%$/sqft
9 days▼ 91.1%Days on market
97%of listSold-to-list
~1954approx.Year built
5listed todayActive
### Sylvan-Highlands
West-side neighborhood along the Sylvan corridor, with wooded lots and easy Highway 26 access.
Single Family · 17 sold
$797K▼ 9.9%Median sale
$306▼ 14.6%$/sqft
58 days▲ 28.9%Days on market
99%of listSold-to-list
~1993approx.Year built
8listed todayActive
Condo · 2 sold
$460KflatMedian sale
$241flat$/sqft
98 daysflatDays on market
92%of listSold-to-list
~1993approx.Year built
0listed todayActive
Other Residential · 0 sold
n/aflatMedian sale
1listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
The block above renders the West Hills polygons only (Southwest Hills, Hillside, Arlington Heights, Healy Heights, Sylvan-Highlands). Raleigh Hills, West Slope and Garden Home are separate polygons in Washington County and are not included in the medians above; if you are shopping those specific areas, ask us for a targeted pull.
The area is dominantly single-family. Read the SFR row. The median smooths across a genuine range: hillside custom homes with unobstructed Cascade views can trade well over $2M, while older mid-century homes on interior lots trade closer to the citywide median. If you are comparing a specific address, view corridor matters more than any other single variable, and it is not visible in aggregate stats.
Days-on-market here tends to run longer than the citywide average, driven by the higher-end tail of the price distribution.
### Sub-areas covered on this page
**Portland’s Southwest Hills**: Portland Heights on the eastern ridge closest to downtown is the oldest sub-area. Council Crest and Healy Heights carry view premiums. Hillside sits on the north end (adjacent to Washington Park). Arlington Heights is a small polygon near Washington Park with older housing stock. Sylvan-Highlands sits along the Sylvan corridor at the top of Highway 26.
**Raleigh Hills, West Slope, Garden Home**: unincorporated Washington County. These communities have **not** been annexed into the City of Beaverton; individual parcels are occasionally annexed, so confirm jurisdiction for a specific address with Washington County. City-of-Portland zoning does not apply here.
### Shops, Restaurants & Local Highlights
The West Hills has limited commercial infrastructure by design. Most day-to-day retail is accessed downtown (a short drive down) or along the Hillsdale, Beaverton-Hillsdale Highway and Raleigh Hills corridors to the southwest. New Seasons Market at Raleigh Hills Plaza is a common anchor for daily shopping. Old Market Pub & Brewery and Casa Colima Mexican Restaurant are Raleigh Hills stalwarts along Beaverton-Hillsdale Highway.
### Parks & Recreation
Council Crest Park anchors the ridge with panoramic views. Marquam Nature Park contains the Marquam Nature Trail, connecting Council Crest to the Terwilliger corridor along a 5.5-mile linear forested park. Washington Park is a short drive north and includes Hoyt Arboretum, the International Rose Test Garden, the Portland Japanese Garden, and the Oregon Zoo. Raleigh Park and Fanno Creek Trail sit within the Raleigh Hills area.
### Schools
Attendance areas vary by address. West Hills addresses (Portland side) are typically served by Portland Public Schools, generally including Ainsworth Elementary or Bridlemile Elementary, West Sylvan Middle School, and Lincoln High School. Raleigh Hills and West Slope are within the Beaverton School District, typically Raleigh Hills K-8 and Beaverton High School. Garden Home is also Beaverton School District, generally Montclair Elementary, Whitford Middle School and Southridge High School. Verify any specific address with the district directly.
### Getting Around
Downtown Portland is 5 to 15 minutes by car from most West Hills addresses. I-405 and Highway 26 provide freeway access. Highway 217 is reached via Beaverton-Hillsdale Highway from Raleigh Hills. TriMet bus service is limited given the topography and low residential density on the Portland side; a car is essentially required for daily life in most of this footprint. There is no MAX light rail directly serving these neighborhoods; the closest MAX access is the Blue Line at Sunset Transit Center.
### The Trade-off
The West Hills gives you mature trees, dramatic topography, view corridors that other Portland neighborhoods cannot offer, and immediate access to Marquam and Washington Parks. You give up commercial-corridor infrastructure, transit density, and lower-tier pricing. This is a car district by default.
Raleigh Hills, West Slope and Garden Home give you Beaverton School District access, newer housing stock, and Washington County services at lower price points than the Portland ridge; you give up the direct downtown Portland proximity and the City of Portland tax base.
Direct alternatives: [**Forest Heights and Northwest Heights**](https://lovejoyrealestate.com/forest-heights/) trade downtown proximity for newer construction and master-planned amenities; [**Dunthorpe and Riverdale**](https://lovejoyrealestate.com/dunthorpe-riverdale/) trade urban Portland for a lower-density riverfront setting; [**Bridlemile and Vermont Hills**](https://lovejoyrealestate.com/bridlemile-vermont-hills/) trade some ridge topography for larger lots at lower price points.
### Thinking about the West Hills or Raleigh Hills?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, view corridor, school boundary, jurisdiction (City of Portland vs. unincorporated Washington County), timing, and what you’re not willing to give up. Use the form below, or reach us at .
---
### [Dunthorpe & Riverdale](https://lovejoyrealestate.com/dunthorpe-riverdale/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
[](https://lovejoyrealestate.com/wp-content/uploads/2011/06/pic-49754.jpg)The Dunthorpe and Riverdale neighborhoods sit just south of Portland in unincorporated Multnomah County. Located east of Highway 43 along the Willamette River, this area is known for its large, private properties and beautiful tree-lined streets. The community is exclusively residential, with no commercial zoning, maintaining its quiet, secluded atmosphere. [Lake Oswego](https://lovejoyrealestate.com/lake-oswego/) borders to the south.
### Neighborhood Overview & Real Estate
Dunthorpe features elegant homes with spacious lots, manicured gardens, and wooded surroundings. Many homes have riverfront access, while others are set back within forested areas. The neighborhood offers a mix of historic estates and modern architectural designs, providing a variety of luxury living options.
## The Market in Dunthorpe & Riverdale
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 50 sold
$835K▲ 1.5%Median sale
$279▼ 14.0%$/sqft
19 days▼ 44.3%Days on market
100%of listSold-to-list
~1992approx.Year built
20listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
Turnover in Dunthorpe and Riverdale is genuinely low, often only a handful of public transactions in a year. If it is your target, work with a broker who is actively covering that area rather than relying on a search alert. The RMLS block above draws from the Arnold Creek polygon, which is the one south-metro polygon in this footprint with meaningful trailing-12-month activity; read the numbers as an Arnold Creek reference point rather than a Dunthorpe or Riverdale median.
## [Search for homes in Dunthorpe and Riverdale](https://lovejoyrealestate.hsidx.com/@ccare/search/69408665b8bdf)
### Schools & Education
The Dunthorpe and Riverdale area is served by the [Riverdale School District](https://www.riverdaleschool.com/), an independent district founded in 1888. Unlike most Portland-area addresses, Dunthorpe does not fall under Portland Public Schools.
The district operates two schools:
- **Riverdale Grade School (K-8):** Located in Dunthorpe.
- **Riverdale High School (9-12):** Serves the Dunthorpe area; the high school building itself sits just outside the neighborhood boundary in Portland.
**Enrollment for non-residents:** Students who live outside the Riverdale School District may apply through an annual lottery. Successful applicants can enroll by obtaining an inter-district transfer from their home district or by paying tuition. The application window typically runs from September through mid-February for the following school year. See the [Riverdale School District enrollment page](https://www.riverdaleschool.com/enrollment) for current details.
For independent school data:
- [GreatSchools Portland School Ratings](https://www.greatschools.org/oregon/portland/)
- [Oregon Department of Education Report Cards](https://www.ode.state.or.us/data/reportcard/reports.aspx)
### Transportation & Accessibility
Dunthorpe is a short drive from downtown Portland and Lake Oswego. Public transit is bus service along Highway 43 (SW Macadam Ave./OR-43). The Portland Streetcar does not extend into Dunthorpe. Lewis and Clark College sits on the west edge of the neighborhood along SW Terwilliger Boulevard, the other main artery in and out.
### Community Highlights
Dunthorpe is known for mature trees, expansive properties, and river-adjacent parks. Nearby outdoor space includes:
- **Tryon Creek State Natural Area:** A 658-acre state park with a paved bike path at the perimeter and interior hiking trails.
- **Elk Rock Garden at the Bishop’s Close:** A historic garden on the Willamette open to the public.
- **Willamette River access:** A mix of private frontage and public docks nearby for kayaking, paddleboarding, and boating.
### Reading the numbers
The market block on this page shows Arnold Creek, the one south-metro polygon here with a meaningful RMLS sample over the trailing 12 months. Dunthorpe and Riverdale sit next door but see very few recorded transactions in any given year, so RMLS medians for those polygons on their own would be volatile and are not published above. If you are shopping either community, the useful conversation is a broker’s read on what is actually available or expected to come available, not a headline median.
### Zoning note
Dunthorpe is an unincorporated Multnomah County urban pocket that carries City of Portland zoning administered under an intergovernmental agreement. For a specific parcel, check [PortlandMaps](https://www.portlandmaps.com/) rather than the County map.
---
### [Willamette Heights](https://lovejoyrealestate.com/willamette-heights/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
Willamette Heights sits on the hillside along the Forest Park boundary, west and uphill from the NW 23rd corridor. Homes here are generally on larger, wooded lots, many with views west into the park or east toward the river and downtown. Architectural styles vary; a meaningful share of the housing stock is early-20th-century, and the neighborhood turns over slowly.
The page you are on describes two distinct places that people often refer to together: **Willamette Heights**, the hillside residential pocket along NW Aspen, NW Cornell and NW Hermosa above the Alphabet District; and the adjacent **Forest Park neighborhood**, the larger association area running north along the park boundary. Willamette Heights is small and low-turnover. The Forest Park neighborhood is where most of the market activity attributed to this hillside actually shows up.
### Reading the Numbers
Willamette Heights itself records very few transactions in a typical year, so any headline median for this specific pocket should be read as directional. If it is your target, the approach is a standing search and patience, plus watching coming-soon and expired inventory. Most of the closed-sale volume on this hillside sits in the larger Forest Park polygon; look at that block for a fuller picture of price movement and days on market at the upper end of the west side.
### Willamette Heights
Willamette Heights is a compact hillside pocket bounded roughly by NW Thurman on the south, NW Aspen on the east, the Forest Park boundary on the west, and NW Raleigh on the north. The housing stock is mixed but heavily weighted to early-20th-century craftsman and period-revival homes on view lots. Streets are steep and narrow. Buyers should plan for grade, driveway access, and slope stability review as part of due diligence.
### The Forest Park Neighborhood
The Forest Park neighborhood association area sits directly north and west of Willamette Heights along the park boundary, extending up toward NW Skyline. It is a larger, lower-density area with a mix of custom homes on wooded lots and a handful of smaller enclaves. Although the Forest Park association is primarily residential, most parcels are within a few minutes of Forest Park trailheads, and residents are a short drive from the shops and restaurants of Northwest Portland along the north end of **NW 23rd Avenue**.
### Forest Park
Forest Park covers 5,200 acres with more than 80 miles of trails, anchored by the 30-mile **Wildwood Trail**, a National Recreation Trail. It is one of the largest urban forest reserves in the United States. Trailheads directly accessible from the neighborhood include Lower Macleay, Wildwood, and access points along NW 53rd, Leif Erikson, and Saltzman Road.
### Shops, Restaurants & Nearby Dining
Residents rely on the nearby Alphabet District and Slabtown corridors for daily needs and dining. A short drive gets you to:
- [**Phuket Cafe**](https://www.phuketcafepdx.com/) for Thai in a lively room on NW 23rd.
- [**St. Honoré Bakery**](https://www.sthonorebakery.com/) for pastries and cafe fare.
- [**Great Notion Brewing**](https://www.greatnotion.com/) in Slabtown.
- [**Pizza Thief**](https://pizzathief.com/) for wood-fired pies.
- **Friendship Kitchen NW** for Vietnamese and Singaporean small plates.
Grocery: [**New Seasons Market**](https://www.newseasonsmarket.com/) or [**Zupan’s Market**](https://www.zupans.com/) are the closest full-service stores.
### Schools & Education
Schools serving this area (verify boundaries by address using the [Portland Public Schools boundary maps](https://www.pps.net/Page/2379)):
- [**Chapman Elementary School**](https://www.pps.net/chapman)
- [**West Sylvan Middle School**](https://www.pps.net/westsylvan)
- [**Lincoln High School**](https://www.pps.net/lincoln)
### Getting Around
Streets in Willamette Heights are steep and narrow, and most trips out of the neighborhood are by car. TriMet [**Line 15**](https://trimet.org/schedules/r015.htm) serves NW Thurman Street, providing access to downtown Portland. Approximate drive times:
- **Downtown Portland:** 10 minutes via I-405 or surface streets.
- **Portland International Airport:** 25 minutes via I-405 and I-84.
- **[The Alphabet District](https://lovejoyrealestate.com/alphabet-district-nob-hill-portland/):** 5 minutes to NW 23rd Avenue.
### Recreation & Trails
Forest Park is the neighborhood’s back yard. Popular routes from this side:
- **Wildwood Trail**: a 30-mile route connecting all the way to Washington Park.
- **Maple Trail**: a quieter path with a good autumn stretch.
- **Pittock Mansion Trail**: leads to a panoramic viewpoint over the city and, on clear days, the Cascades.
Adjacent parks worth naming: [**Macleay Park**](https://www.portland.gov/parks/macleay-park) and [**Washington Park**](https://www.portland.gov/parks/washington-park), home to the Oregon Zoo and the Portland Japanese Garden.
### The Trade-off
Willamette Heights gives you a genuinely wooded, view-driven hillside pocket a few minutes from the NW 23rd corridor. You give up flat streets, easy off-street parking, and the volume of transactions that make comparable-sale analysis simple. If you want a similar setting with more market depth, look at the adjacent **Forest Park neighborhood**. If you want the corridor amenities without the hill, look at [**the Alphabet District**](https://lovejoyrealestate.com/alphabet-district-nob-hill-portland/).
### Thinking about Willamette Heights?
Reach out before you are ready. Because this pocket is low-turnover, the earlier we talk, the better positioned you are when something does come to market. Every consultation starts with your priorities: budget, housing style, timing, and what you are not willing to give up. Use the form below, or reach us at .
---
### [Kenton, Arbor Lodge, and Portsmouth Neighborhoods](https://lovejoyrealestate.com/kenton-arbor-lodge-portsmouth/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
Located on the peninsula between the **Willamette and Columbia Rivers**, the neighborhoods of **Kenton, Arbor Lodge, and Portsmouth** fill in the middle of the North Portland peninsula, sitting east and southeast of [**St. Johns**](https://lovejoyrealestate.com/st-johns/). The three neighborhoods share the Interstate corridor and cover a wide range of housing stock, from historic bungalows to modern infill, at three distinct price points.
### Neighborhoods within Kenton, Arbor Lodge, and Portsmouth
#### Kenton
Kenton’s history as a **1911 company town** for Swift Meat Packing has shaped its industrial and residential landscape. While the area was once home to the [**Vanport housing project**](https://en.wikipedia.org/wiki/Vanport,_Oregon), built for shipyard workers during WWII and destroyed by flooding in 1948, the neighborhood today is anchored by tree-lined streets and classic **Craftsman, bungalow, and foursquare-style homes**. **Kenton’s Historic Firehouse**, built in 1913, remains a neighborhood landmark.
The **Paul Bunyan statue**, a 31-foot landmark at N Interstate and N Denver across from the Kenton/N Denver MAX station, was built for Oregon’s 1959 centennial and listed on the National Register of Historic Places in 2009. It stood at Interstate and Argyle until 2002, when it was moved 59 feet south to make room for the Yellow Line.
#### Arbor Lodge
Just south of Kenton, **Arbor Lodge** is bounded by N Lombard to the north, Interstate 5 to the east, N Ainsworth to the south, and Willamette and Chautauqua Boulevards to the west. Its neighbors are Kenton, Piedmont, Overlook, and University Park. Residential streets feature **Cape Cods, bungalows, and Old Portland-style homes**. Arbor Lodge picked up its anchor retail when the Yellow Line stations opened in 2004, bringing the New Seasons Market and the Fred Meyer at Interstate and Lombard (remodeled around 2016). More recent activity has been along the N Lombard restaurant and shop corridor.
#### Portsmouth
Portsmouth sits in the middle of the North Portland peninsula, bordering Kenton to the east, University Park to the south, and St. Johns to the west. Residential streets showcase **Victorians, ranch-style homes, and bungalows**. Portsmouth has several parks, including **Northgate Park, Columbia Park, and McCoy Park**, with open space, picnic areas, and recreational facilities.
## The Market in Kenton, Arbor Lodge, and Portsmouth
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
### Kenton
1911 company town turned thriving North Portland neighborhood, anchored by the Paul Bunyan statue and a revitalized N. Denver business district.
Single Family · 103 sold
$490K▼ 4.2%Median sale
$323▼ 1.1%$/sqft
7 days▼ 65.9%Days on market
100%of listSold-to-list
~1949approx.Year built
8listed todayActive
Condo · 14 sold
$334K▲ 4.4%Median sale
$344▲ 4.3%$/sqft
91 days▲ 42.2%Days on market
100%of listSold-to-list
~2025approx.Year built
10listed todayActive
2-4 Unit Residential · 0 sold
n/aflatMedian sale
2listed todayActive
Other Residential · 2 sold
$366KflatMedian sale
$327flat$/sqft
8 daysflatDays on market
103%of listSold-to-list
~1995approx.Year built
0listed todayActive
### Arbor Lodge
Residential North Portland neighborhood bordered by N. Lombard, with redevelopment along the commercial corridor.
Single Family · 79 sold
$577K▼ 3.8%Median sale
$286▼ 1.1%$/sqft
10 days▼ 13.0%Days on market
100%of listSold-to-list
~1927approx.Year built
11listed todayActive
Condo · 13 sold
$349K▼ 0.8%Median sale
$348▼ 7.8%$/sqft
115 days▲ 42.0%Days on market
100%of listSold-to-list
~2024approx.Year built
7listed todayActive
2-4 Unit Residential · 2 sold
$598K▲ 1.3%Median sale
47 days▼ 54.3%Days on market
100%of listSold-to-list
~1938approx.Year built
1listed todayActive
### Portsmouth
Central North Portland neighborhood bordering Kenton to the east, University Park to the south, and St. Johns to the west, with parks at Northgate, Columbia, and McCoy.
Single Family · 108 sold
$465K▼ 3.1%Median sale
$323▼ 0.7%$/sqft
16 days▲ 100.0%Days on market
100%of listSold-to-list
~1958approx.Year built
18listed todayActive
Condo · 13 sold
$335K▼ 2.9%Median sale
$339▼ 5.9%$/sqft
132 dayssmall NDays on market
100%of listSold-to-list
~2025approx.Year built
4listed todayActive
2-4 Unit Residential · 3 sold
$745K▲ 58.7%Median sale
177 dayssmall NDays on market
99%of listSold-to-list
~1970approx.Year built
3listed todayActive
### East Columbia
Industrial/residential mix along the Columbia River in North Portland.
Single Family · 17 sold
$480KflatMedian sale
$264▲ 9.1%$/sqft
52 dayssmall NDays on market
100%of listSold-to-list
~1997approx.Year built
6listed todayActive
Condo · 1 sold
$479KflatMedian sale
$211flat$/sqft
105 daysflatDays on market
96%of listSold-to-list
~1991approx.Year built
1listed todayActive
2-4 Unit Residential · 1 sold
$538K▲ 10.8%Median sale
191 dayssmall NDays on market
98%of listSold-to-list
~1997approx.Year built
0listed todayActive
Other Residential · 4 sold
$267K▲ 169.2%Median sale
$103▼ 3.4%$/sqft
62 days▼ 39.8%Days on market
99%of listSold-to-list
~1995approx.Year built
2listed todayActive
### Hayden Island
Island community in the Columbia River with floating homes, marinas, and Jantzen Beach shopping.
Single Family · 3 sold
$800K▼ 13.0%Median sale
$345▲ 10.4%$/sqft
6 days▼ 94.1%Days on market
100%of listSold-to-list
~1989approx.Year built
2listed todayActive
Condo · 29 sold
$299K▼ 20.2%Median sale
$225▼ 12.4%$/sqft
64 days▼ 8.6%Days on market
97%of listSold-to-list
~1983approx.Year built
31listed todayActive
Other Residential · 31 sold
$275K▼ 15.4%Median sale
$238▼ 0.7%$/sqft
52 days▲ 10.6%Days on market
96%of listSold-to-list
~1978approx.Year built
15listed todayActive
### Bridgeton
Narrow neighborhood on a levee between the Columbia's North Portland Harbor channel and Bridgeton Slough, known for its floating homes and its stretch of the 40-Mile Loop along Marine Drive.
Condo · 6 sold
$398K▼ 3.7%Median sale
$230▼ 7.2%$/sqft
90 days▼ 23.1%Days on market
98%of listSold-to-list
~2000approx.Year built
5listed todayActive
Other Residential · 10 sold
$275K▼ 9.1%Median sale
$273▼ 5.0%$/sqft
66 days▼ 45.7%Days on market
95%of listSold-to-list
~1975approx.Year built
6listed todayActive
### Overlook
North Portland neighborhood on the bluff above the Willamette, with downtown and West Hills views from the N Willamette Boulevard side. Overlook Park itself is inland at Fremont and Interstate, with ball fields, a playground, and an off-leash area.
Single Family · 89 sold
$603K▼ 4.4%Median sale
$280▼ 4.3%$/sqft
11 days▼ 4.3%Days on market
100%of listSold-to-list
~1924approx.Year built
14listed todayActive
Condo · 24 sold
$380K▲ 8.6%Median sale
$328▼ 6.2%$/sqft
46 dayssmall NDays on market
100%of listSold-to-list
~2017approx.Year built
14listed todayActive
2-4 Unit Residential · 3 sold
$577K▼ 11.9%Median sale
41 days▲ 28.1%Days on market
96%of listSold-to-list
~1943approx.Year built
3listed todayActive
### Sunderland
Largely industrial neighborhood along the Columbia Slough, in Northeast Portland.
Single Family · 1 sold
$250K▼ 43.6%Median sale
$326▲ 8.9%$/sqft
83 dayssmall NDays on market
96%of listSold-to-list
~1956approx.Year built
0listed todayActive
Other Residential · 3 sold
$295K▲ 71.5%Median sale
$262▲ 75.7%$/sqft
117 days▼ 13.3%Days on market
94%of listSold-to-list
~1973approx.Year built
1listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
Three North Portland neighborhoods sharing the Interstate corridor and the same general single-family price band. Read the SFR row for each polygon: Kenton and Portsmouth sit close in medians with Arbor Lodge trading a little higher, and pace of sale is brisk across all three. Condo counts are thin in each polygon and the median swings around a small sample, so read those rows as directional.
Buyers can compare these three areas head-to-head and decide on the basis of commute, transit access, and the specific block more than the market trajectory. Kenton and Arbor Lodge both have Yellow Line stations; Portsmouth has extensive bus service but no MAX station of its own.
### Shops, Restaurants & Local Highlights
In **Kenton**, the revitalized **N Denver Avenue** business district holds [**Pizza Fino**](http://www.pizzafino.com/), **North Star Coffeehouse**, and other independent operators, with [**Portland International Raceway**](https://portlandraceway.com/) nearby.
In **Arbor Lodge**, [**New Seasons Market**](https://www.newseasonsmarket.com/) and the remodeled [**Fred Meyer**](https://www.fredmeyer.com/) at Interstate and Lombard anchor the retail. The N Lombard corridor has continued to add restaurants and shops, including **Ukiyoe Japanese Restaurant**.
In **Portsmouth**, the neighborhood shares access to St. Johns retail to the west and University Park to the south, with a smaller number of independent cafés, breweries, and markets inside its own boundaries.
### Parks & Recreation
- [**Kenton Park**](https://www.portland.gov/parks/kenton-park): recreation fields, picnic areas, a playground, and a seasonal wading pool.
- [**Peninsula Park & Rose Garden**](https://www.portland.gov/parks/peninsula-park-rose-garden): home to Portland’s first rose garden. Note that Peninsula Park sits in the Piedmont neighborhood east of I-5, not in Arbor Lodge itself.
- [**Columbia Park**](https://www.portland.gov/parks/columbia-park-annex): paths, sports fields, and picnic areas.
- [**Portsmouth Park**](https://www.portland.gov/parks/portsmouth-park): playgrounds, a soccer field, and picnic tables.
### Schools
The area is served by **Portland Public Schools**. Verify attendance boundaries for a specific address with the district directly using the [PPS School Finder](https://www.pps.net/Page/2379). See the Oregon Department of Education report card for current program and performance data.
### Getting Around
With MAX Yellow Line stations in Kenton and Arbor Lodge, frequent bus service through Portsmouth, and access to Interstate 5, these three neighborhoods are well-connected to the rest of the city. The [**TriMet MAX Yellow Line**](https://trimet.org/schedules/maxyellowline.htm) runs through Kenton and Arbor Lodge, with rail service to downtown Portland. Portsmouth is served by frequent TriMet bus routes along N Lombard, N Willis, and N Rosa Parks Blvd, but the Yellow Line does not run through Portsmouth. N Lombard is the primary east-west arterial. Downtown Portland is roughly 15 to 20 minutes off-peak. PDX is about 20 minutes via I-5 to I-205.
### The Trade-off
Kenton, Arbor Lodge, and Portsmouth give you Yellow Line access (in Kenton and Arbor Lodge), historic housing stock, and price points that sit below the inner-east neighborhoods. You give up centrality (downtown is a MAX ride rather than a walk), the concentrated commercial density of inner Portland, and, in Portsmouth’s case, direct rail access.
The direct alternatives: [**St. Johns**](https://lovejoyrealestate.com/st-johns/) trades MAX proximity for a distinct sense-of-place historic downtown; [**Alberta Arts and Concordia**](https://lovejoyrealestate.com/alberta-arts-district-concordia/) trade the North Portland peninsula feel for the inner-east grid at a higher entry price.
### Thinking about Kenton, Arbor Lodge, or Portsmouth?
Reach out before you’re ready. The earlier we talk, the more options you have. Every consultation starts with your priorities: budget, housing style, timing, and what you’re not willing to give up. Use the form below, or reach us at .
---
### [Linnton and Sauvie Island](https://lovejoyrealestate.com/linnton/)
**Published:** December 2, 2024
**Author:** Charles Turner
**Content:**
# Linnton and Sauvie Island
**Linnton** is a narrow ribbon of homes on the west side of the Willamette River, stretching along Highway 30 between the river and the Forest Park boundary. It was an independent city until Portland annexed it in 1915, and the neighborhood has kept a distinct working-river-town identity. Housing stock ranges from small early-20th-century cottages to modern custom homes on the hillside, with a handful of true riverfront parcels below the highway.
Continuing northwest on Highway 30 and across the Sauvie Island Bridge, **Sauvie Island** is a different setting entirely: farmland, wildlife area, u-pick orchards, a handful of large parcels, and a short seasonal cluster of Columbia River beach cabins.
**Important for Sauvie Island buyers:** Sauvie Island is not inside Portland city limits. It is unincorporated territory split between Multnomah and Columbia counties.
That affects permitting, land use review, septic and well requirements, and services. Buyers should plan for county process, not city process. It also affects addresses, school districts, and property tax code areas. Confirm jurisdiction on any specific parcel with the county assessor before writing.
## The Market in Linnton
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 13 sold
$569K▲ 4.2%Median sale
$225▼ 11.9%$/sqft
34 days▲ 13.3%Days on market
100%of listSold-to-list
~1930approx.Year built
9listed todayActive
Condo · 1 sold
$335K▼ 4.3%Median sale
$243▼ 5.2%$/sqft
229 dayssmall NDays on market
100%of listSold-to-list
~2005approx.Year built
5listed todayActive
2-4 Unit Residential · 1 sold
$570K▼ 37.4%Median sale
14 days▼ 83.9%Days on market
95%of listSold-to-list
~1977approx.Year built
0listed todayActive
Other Residential · 2 sold
$115K▼ 71.0%Median sale
$212▼ 16.3%$/sqft
260 days▲ 89.8%Days on market
94%of listSold-to-list
~2019approx.Year built
4listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
### Reading the Numbers
Linnton is a low-turnover, small-N neighborhood. Read the SFR row as directional. A single high-priced or low-priced sale can move the median several percent in either direction, and $/sqft is a more stable read than the headline number in most years. Inventory is genuinely scarce: buyers should expect to act decisively when a property that fits the setting comes to market.
### Linnton
Linnton’s residential streets climb the hillside above Highway 30, with narrow, sometimes-unpaved lanes and steep grades. Homes range from cozy cottages and mid-century residences to custom-built modern designs on view lots. Some properties feature expansive decks and large windows built around river and forest views. Below the highway a small number of riverfront and near-river parcels come to market from time to time.
### Sauvie Island
Sauvie Island sits at the confluence of the Willamette, Multnomah Channel and Columbia. Most of the island’s south end is residential and agricultural, while the north end is the ODFW Sauvie Island Wildlife Area. Many homes sit on large parcels; some back onto the Multnomah Channel or the Columbia. Because most of the island is outside city limits (see the note above), buyers should build in extra diligence time for well, septic, floodplain, and county-level permitting review.
### Shops, Restaurants & Local Highlights
Linnton’s small commercial spine runs along **NW St. Helens Road**. [**Linnton Feed & Seed**](https://www.linntonfeed.com/) is a genuine working farm shop where local backyard-chicken keepers, gardeners, and small-acreage homesteaders pick up chicks, feed, seed, and advice from people who have been doing it for decades. A cornerstone of the community.
On **Sauvie Island**, the character is farm stands, u-pick orchards, and roadside markets selling produce and flowers. **Bella Organic Farm** and **Topaz Farm** offer seasonal produce, u-pick, and pumpkin patches in the fall. The **Sauvie Island Farmers Market** runs seasonally and is another stop for locally grown food.
For more dining and shopping, residents can drive into Northwest Portland along the Alphabet District and the [**Pearl District**](https://lovejoyrealestate.com/pearl-district/).
### Recreation & Green Spaces
Both Linnton and Sauvie Island sit within a few minutes of Forest Park trailheads and Columbia River water access.
**Forest Park.** [Forest Park](https://www.portland.gov/parks/forest-park) covers 5,200 acres with more than 80 miles of trails, anchored by the 30-mile **Wildwood Trail**, a National Recreation Trail. It is one of the largest urban forest reserves in the United States. From Linnton, direct trailhead access runs off NW Springville, NW Newton, and BPA Road.
**Sauvie Island Wildlife Area.** Managed by ODFW; the north end of the island is a wildlife refuge with birdwatching, seasonal hunting, and non-motorized water access at Warrior Rock and other points.
**Beaches and water access.** Sauvie Island’s Columbia River shoreline includes Walton Beach, Collins Beach and North Unit Beach, popular for swimming, paddleboarding and small-boat launches in the summer.
**Sauvie Island parking permits (2026 update).**
From June 19 through September 7, ODFW requires a **Sauvie Island Beaches Permit** to park at Walton, Collins, and North Unit beaches on **weekends and three observed weekday holidays** (June 19, July 3, and Labor Day). Daily permits are $10 and are capacity-limited; they sell out on hot weekends, with more released each Friday at 4 pm. The $30 seasonal Beaches Permit is sold out for 2026.
On summer weekdays outside the observed holidays, the regular **Wildlife Area Parking Permit** applies instead ($10 daily / $30 annual, valid at all 17 ODFW wildlife areas).
A check station operates at Reeder and Rentenaar Road during weekend hours; vehicles without a valid permit will be turned away. Details at [myodfw.com](https://myodfw.com/articles/parking-sauvie-island-wildlife-area).
### Schools & Education
Linnton addresses are served by **Portland Public Schools**; Sauvie Island addresses split between **Portland Public Schools** (Multnomah County portion) and **Scappoose School District** (Columbia County portion). Verify boundaries by address before making assumptions; the county line runs through the island.
### Getting Around
Both areas are car-dependent. **Highway 30** is the main corridor. Downtown Portland is roughly a 15-minute drive from Linnton and 25 to 30 minutes from most parts of Sauvie Island. **TriMet Line 16** runs limited bus service along St. Helens Road through Linnton. Sauvie Island has no transit service; access is by vehicle across the Sauvie Island Bridge.
### The Trade-off
Linnton and Sauvie Island give you something genuinely scarce in the Portland market: privacy, views, and outdoor access within a short drive of the city. You give up walk-to amenities, transit density, and, on Sauvie Island specifically, the whole set of city-service assumptions Portland buyers usually make. Inventory is thin in both areas, so buyers should be positioned to move when something comes to market.
Direct alternatives: [**St. Johns**](https://lovejoyrealestate.com/st-johns/) across the St. Johns Bridge trades the rural-riverside setting for a working urban village with more market depth; [**Willamette Heights**](https://lovejoyrealestate.com/willamette-heights/) and the adjacent Forest Park neighborhood trade the Highway 30 corridor for the hillside above NW 23rd.
### Thinking about Linnton or Sauvie Island?
Reach out before you are ready. Because both areas are low-turnover, the earlier we talk, the better positioned you are when something fits. Every consultation starts with your priorities: budget, housing style, timing, and what you are not willing to give up. Use the form below, or reach us at .
---
### [West Linn, Oregon](https://lovejoyrealestate.com/west-linn-oregon/)
**Published:** July 16, 2026
**Author:** CoWork
**Content:**
West Linn sits along the Willamette River across from Oregon City, occupying a distinctive geography of steep bluffs, forested ridges, and river frontage that gives the city a genuinely different visual character from other Clackamas County suburbs. Population is around 27,000. The city is defined less by a dense commercial core and more by a series of established residential districts, many with mature landscaping and view lots that command real premiums.
Historically, West Linn grew as a mill town in the late 1800s, tied to the Willamette Falls industrial economy on the Oregon City side. Today’s West Linn is primarily residential, with commercial districts organized around Willamette (the historic town center) and Robinwood on the western edge. The city has consistently ranked among the highest-income and highest-performing school districts in Oregon.
## The Market in West Linn
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 360 sold
$810KflatMedian sale
$319▼ 2.7%$/sqft
27 days▲ 54.3%Days on market
100%of listSold-to-list
~1987approx.Year built
119listed todayActive
Condo · 52 sold
$414K▲ 2.7%Median sale
$271▼ 6.6%$/sqft
48 days▼ 11.1%Days on market
99%of listSold-to-list
~1999approx.Year built
40listed todayActive
2-4 Unit Residential · 1 sold
$680K▼ 36.7%Median sale
93 dayssmall NDays on market
97%of listSold-to-list
~1964approx.Year built
2listed todayActive
Other Residential · 2 sold
$795K▲ 73.0%Median sale
207 dayssmall NDays on market
125%of listSold-to-list
3listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
West Linn’s market runs at a persistent premium relative to the metro. Days-on-market is tight for well-positioned SFRs, and sold-to-list holds above 100% on many transactions. School district reputation and view-lot inventory drive consistent demand from move-up buyers and out-of-state relocations. Higher-end homes (over $1.2M) sit slightly longer but continue to trade at strong price levels. Sellers of established homes in good condition are seeing disciplined outcomes across most price bands.
## [Search West Linn homes and condos](https://lovejoyrealestate.hsidx.com/?lat=45.3691&lng=-122.6412&zoom=13)
### Neighborhoods within West Linn
West Linn’s housing market spans a wide range driven by geography. Established neighborhoods in the Willamette district feature 1960s-1980s homes at $625,000 to $875,000. The Bolton, Sunset, and Robinwood districts offer mid-century and 1990s construction, typically $700,000 to $1,000,000. Newer construction and view lots on Rosemont, Skyline, and the ridges above the Willamette River trade in the $950,000 to $1,600,000 range.
The Tanner Basin area and other newer master-planned communities on the southern edge of the city provide contemporary construction from the 2000s-2010s at $850,000 to $1,300,000. Historic homes along the river in the Willamette district provide unique character at variable price points depending on view and condition.
### Shops, Restaurants & Local Highlights
The **Willamette** commercial district along Willamette Falls Drive is the historic town center, with restaurants like **Cibo**, **Bugatti’s Ristorante**, and **Willamette Coffee House** alongside boutique retail. The area retains genuine turn-of-the-century commercial architecture and functions as the city’s civic gathering point.
**Robinwood Station** on the western edge provides a second commercial anchor with restaurants, coffee, and daily-service retail. **West Linn Marketplace** along Salamo Road provides big-box retail and additional dining. The **Willamette Falls Overlook** and the [**Willamette Falls Legacy Project**](https://www.rediscoverthefalls.com) visible across the river will become an increasingly significant regional amenity as public access matures.
### Parks & Recreation
**Mary S. Young State Recreation Area** on the Willamette River provides trail access, waterfront, and open space at the northern edge of the city. **Fields Bridge Park** and **Willamette Park** provide waterfront access along the river. The city’s park system includes extensive trail connections along ridges and greenways.
**Tanner Creek Park** and **Tanner Basin** provide larger recreational space on the southern side of the city.
### Schools & Education
West Linn is served by the **West Linn-Wilsonville School District**, consistently one of the highest-rated districts in Oregon. **West Linn High School** is a comprehensive high school with AP coursework, CTE programs, and competitive athletics. School district reputation is one of the primary drivers of demand for West Linn housing.
For details and ratings, visit [West Linn-Wilsonville School District](https://www.wlwv.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
### Getting Around
Interstate 205 runs along the eastern edge of West Linn, providing direct freeway access north to Portland (20 to 25 minutes) and connecting to Interstate 5 south to Wilsonville and Salem. Highway 43 (Willamette Drive) runs along the western side of the city, connecting north to Lake Oswego and downtown Portland. Downtown Portland is 25 to 35 minutes by car depending on time of day. TriMet bus service covers the primary corridors.
### Thinking About Selling in West Linn?
West Linn’s strong school demand and persistent inventory constraint create real advantages for sellers who position their homes well. Lovejoy Real Estate can help you understand your neighborhood’s specific dynamics, current buyer pool, and the pricing strategy most likely to produce a strong result.
[Learn about selling your home →](https://lovejoyrealestate.com/sell-your-home/)
### Final Thoughts
West Linn offers something unusual in the Portland metro: distinctive natural geography, strong schools, established neighborhoods with real character, and easy freeway access. For buyers thinking carefully about long-term value and quality of place, it consistently rewards close attention. Our team is glad to help you take a closer look.
Explore Portland Metro Communities
[Portland Neighborhoods](https://lovejoyrealestate.com/portland-neighborhoods/)·[Beaverton](https://lovejoyrealestate.com/beaverton-oregon/)·[Gresham](https://lovejoyrealestate.com/gresham-oregon/)·[Hillsboro](https://lovejoyrealestate.com/hillsboro-oregon/)·[Lake Oswego](https://lovejoyrealestate.com/lake-oswego/)·[Oregon City](https://lovejoyrealestate.com/oregon-city-oregon/)·[Sherwood](https://lovejoyrealestate.com/sherwood-oregon/)·[Tigard](https://lovejoyrealestate.com/tigard-oregon/)·[Tualatin](https://lovejoyrealestate.com/tualatin-oregon/)·West Linn
---
### [Tualatin, Oregon](https://lovejoyrealestate.com/tualatin-oregon/)
**Published:** July 16, 2026
**Author:** CoWork
**Content:**
Tualatin sits along the Tualatin River at the southern edge of Washington County, straddling the boundary between Washington and Clackamas Counties. The city has a defined civic center around Tualatin Commons, a landscaped urban lake surrounded by restaurants, retail, and the public library that functions as a genuine gathering point. Population is around 28,000.
The city grew significantly through the 1990s and 2000s as a planned residential and commercial hub along Interstate 5. That legacy is visible in the housing stock, which skews newer than most metro cities. It’s also visible in the employment base, which includes major distribution, manufacturing, and healthcare employers along the Interstate 5 corridor.
## The Market in Tualatin
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 263 sold
$633KflatMedian sale
$292▲ 1.4%$/sqft
20 days▲ 5.3%Days on market
100%of listSold-to-list
~1997approx.Year built
48listed todayActive
Condo · 69 sold
$445K▲ 10.4%Median sale
$261flat$/sqft
40 dayssmall NDays on market
100%of listSold-to-list
~2001approx.Year built
13listed todayActive
2-4 Unit Residential · 1 sold
$1.18M▲ 13.3%Median sale
83 days▲ 38.3%Days on market
92%of listSold-to-list
~1978approx.Year built
4listed todayActive
Other Residential · 19 sold
$108K▲ 10.8%Median sale
$83▲ 16.5%$/sqft
129 days▼ 46.7%Days on market
98%of listSold-to-list
~1990approx.Year built
1listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
Tualatin’s market is characterized by newer construction and steady demand from the surrounding employment base. Days-on-market is moderate and sold-to-list holds near 100%. Inventory in the middle price bands ($550,000-$750,000) tends to move fastest, driven by buyers relocating for jobs in Tualatin, Wilsonville, and Beaverton. Higher-end homes on larger lots and along the Tualatin River trade less frequently but at strong price levels.
## [Search Tualatin homes and condos](https://lovejoyrealestate.hsidx.com/?lat=45.3841&lng=-122.7635&zoom=13)
### Neighborhoods within Tualatin
Tualatin’s housing stock is dominated by 1980s to 2010s construction on planned residential streets. Established neighborhoods around Tualatin Commons and off Boones Ferry Road offer 1980s-1990s SFRs at $500,000 to $700,000. Newer developments on the north and east sides feature 2000s-2010s construction at $600,000 to $850,000. Larger homes on premium lots (river frontage, larger acreage, view lots on the Ibach and Meridian areas) trade in the $850,000 to $1,300,000 range.
The city’s condo and townhouse inventory around the Commons and along Nyberg Road provides more accessible entry points in the $325,000 to $500,000 range.
### Shops, Restaurants & Local Highlights
The [**Tualatin Commons**](https://www.tualatincommons.com) is the civic and commercial heart of the city, with restaurants including **Nak Won Korean BBQ**, **Hayden’s Lakefront Grill**, and **Cabana** arrayed around the central lake. The Nyberg Rivers and Nyberg Woods shopping centers along Interstate 5 provide big-box retail and national chain dining.
The **Tualatin Farmers Market** runs seasonally at Tualatin Commons. **Bridgeport Village**, just north in Tigard, adds higher-end shopping and dining to the area’s amenities.
### Parks & Recreation
**Tualatin Community Park** along the Tualatin River provides waterfront access, sports fields, and picnic areas. The [**Tualatin River Greenway Trail**](https://www.tualatinoregon.gov/parks) runs along the river corridor with connections to adjacent parks.
**Ibach Park** and **Jurgens Park** provide additional recreational space on the west side of the city. The **Tualatin Hills Park & Recreation District (THPRD)** serves parts of the broader area.
### Schools & Education
Tualatin is served by the **Tigard-Tualatin School District**. **Tualatin High School** is the comprehensive high school for most of the city and offers AP coursework, CTE programs, and competitive athletics. Some areas of the city on the northern edge are served by **Tigard High School**. A small portion of the southern city is served by the **Sherwood School District**.
For details and ratings, visit [Tigard-Tualatin School District](https://www.ttsd.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
### Getting Around
Interstate 5 runs directly through Tualatin, providing fast access north to Portland (20 to 30 minutes) and south to Wilsonville and Salem. The Interstate 5/Interstate 205 junction sits just north of Tualatin, providing options for buyers commuting to Clackamas County or east-side employment centers. Highway 217 access is via Tigard. TriMet bus service is extensive, and WES Commuter Rail terminates in Wilsonville, one stop south.
### Thinking About Selling in Tualatin?
Tualatin’s steady demand from the surrounding employment base creates a market where well-presented homes get strong outcomes. Lovejoy Real Estate can help you understand your neighborhood’s specific conditions, price positioning, and the current buyer pool.
[Learn about selling your home →](https://lovejoyrealestate.com/sell-your-home/)
### Final Thoughts
Tualatin offers newer housing stock, strong employment access, and a defined civic center that many metro suburbs lack. For buyers thinking carefully about commute, value, and community amenities, it’s a market worth examining closely. Our team is glad to help you take a closer look.
Explore Portland Metro Communities
[Portland Neighborhoods](https://lovejoyrealestate.com/portland-neighborhoods/)·[Beaverton](https://lovejoyrealestate.com/beaverton-oregon/)·[Gresham](https://lovejoyrealestate.com/gresham-oregon/)·[Hillsboro](https://lovejoyrealestate.com/hillsboro-oregon/)·[Lake Oswego](https://lovejoyrealestate.com/lake-oswego/)·[Oregon City](https://lovejoyrealestate.com/oregon-city-oregon/)·[Sherwood](https://lovejoyrealestate.com/sherwood-oregon/)·[Tigard](https://lovejoyrealestate.com/tigard-oregon/)·Tualatin·[West Linn](https://lovejoyrealestate.com/west-linn-oregon/)
---
### [Tigard, Oregon](https://lovejoyrealestate.com/tigard-oregon/)
**Published:** July 16, 2026
**Author:** CoWork
**Content:**
Tigard is the geographic center of the southwest metro, sitting at the intersection of Interstate 5, Highway 217, and Highway 99W. That crossroads location is both the reason it grew and the reason it still functions as a hub for the surrounding suburbs. Population is around 55,000. Commercial and employment density is substantial. Housing stock spans everything from 1960s ranches to 2020s new construction.
What makes Tigard interesting for buyers is that it offers a wider range of price points and neighborhood types than most metro suburbs. The Bull Mountain area on the west side features upscale hillside homes with territorial views. Downtown Tigard is undergoing meaningful reinvestment. The King City boundary on the south provides access to a mature retirement community. And the Metzger and Tigard Triangle areas offer more affordable entry points with strong commute access.
## The Market in Tigard
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 567 sold
$635K▼ 3.1%Median sale
$298flat$/sqft
28 days▲ 7.7%Days on market
100%of listSold-to-list
~1996approx.Year built
140listed todayActive
Condo · 166 sold
$400K▼ 7.0%Median sale
$279▼ 2.8%$/sqft
37 days▼ 11.8%Days on market
100%of listSold-to-list
~2000approx.Year built
58listed todayActive
2-4 Unit Residential · 4 sold
$541K▼ 9.8%Median sale
34 days▼ 21.6%Days on market
99%of listSold-to-list
~1975approx.Year built
3listed todayActive
Other Residential · 0 sold
n/aflatMedian sale
1listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
Tigard’s market performance varies meaningfully by sub-area. Bull Mountain and other established SFR markets trade tight, with fast days-on-market and modest premiums. The condo and townhouse market runs looser, with more inventory relative to demand and longer time to close. Overall, sold-to-list holds close to 100% and price appreciation tracks the metro average. Sellers with well-maintained SFRs in strong sub-areas continue to see disciplined outcomes.
## [Search Tigard homes and condos](https://lovejoyrealestate.hsidx.com/?lat=45.4312&lng=-122.7715&zoom=13)
### Neighborhoods within Tigard
Tigard’s housing spans a wide range. Bull Mountain and the western hillsides offer newer construction on larger lots with territorial views, typically $650,000 to $1,200,000. Established neighborhoods off Walnut Street and Bull Mountain Road provide 1970s to 1990s construction at $525,000 to $750,000. Downtown Tigard and the surrounding areas feature older housing stock at $425,000 to $600,000, with active reinvestment underway. Metzger and the Tigard Triangle offer some of the most accessible price points in Washington County at $400,000 to $550,000.
The city’s ongoing downtown revitalization, including the SW Corridor light rail plan and mixed-use development around Main Street, is likely to shift the value gradient over the next several years.
### Shops, Restaurants & Local Highlights
**Bridgeport Village**, the outdoor lifestyle center along Interstate 5, is one of the metro area’s higher-end shopping and dining destinations, featuring restaurants such as **McCormick & Schmick’s**, **P.F. Chang’s**, and multiple national retailers. [**Washington Square**](https://www.washingtonsquare.com), technically in unincorporated Washington County but Tigard-adjacent, is the largest enclosed mall in Oregon.
Downtown Tigard along Main Street has active reinvestment underway, with restaurants like **Symposium Coffee** and **Max’s Fanno Creek Brewpub**. The **Tigard Farmers Market** runs seasonally.
### Parks & Recreation
The [**Fanno Creek Trail**](https://www.fannocreektrail.org) runs through the city, connecting parks and neighborhoods along a green corridor. Cook Park at the Tualatin River provides waterfront access, sports fields, and picnic areas. Cook Park is the largest park in the city and one of the more meaningfully-sized outdoor spaces in the southwest metro.
The **Tualatin Hills Park & Recreation District (THPRD)** serves parts of the broader area with recreation centers, swimming pools, and programming.
### Schools & Education
Tigard is served by the **Tigard-Tualatin School District**. The district includes **Tigard High School** and **Tualatin High School**, both comprehensive high schools with AP coursework, CTE programs, and competitive athletics. Parts of the city on the eastern edge are served by the **Beaverton School District**.
For details and ratings, visit [Tigard-Tualatin School District](https://www.ttsd.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
### Getting Around
Tigard’s crossroads location is its defining transportation asset. Interstate 5, Highway 217, and Highway 99W all pass through the city, making commute options into Portland, Beaverton, Tualatin, or Wilsonville all viable. Downtown Portland is 20 to 30 minutes by car depending on time of day. WES Commuter Rail runs from Tigard to Beaverton with connections to MAX. TriMet bus service is extensive.
The planned SW Corridor MAX extension, when built, will terminate in Tigard and reshape the transit dynamic for the whole southwest metro.
### Thinking About Selling in Tigard?
Tigard’s market varies significantly by sub-area, and sellers benefit from strategy specific to their location and price point. Lovejoy Real Estate can help you understand your neighborhood’s specific dynamics, current buyer pool, and pricing strategy.
[Learn about selling your home →](https://lovejoyrealestate.com/sell-your-home/)
### Final Thoughts
Tigard offers a broader range of housing options and price points than most metro suburbs, along with commute access that few can match. For buyers thinking carefully about flexibility, value, and long-term investment potential, it’s a market that repays close attention. Our team is glad to help you take a closer look.
Explore Portland Metro Communities
[Portland Neighborhoods](https://lovejoyrealestate.com/portland-neighborhoods/)·[Beaverton](https://lovejoyrealestate.com/beaverton-oregon/)·[Gresham](https://lovejoyrealestate.com/gresham-oregon/)·[Hillsboro](https://lovejoyrealestate.com/hillsboro-oregon/)·[Lake Oswego](https://lovejoyrealestate.com/lake-oswego/)·[Oregon City](https://lovejoyrealestate.com/oregon-city-oregon/)·[Sherwood](https://lovejoyrealestate.com/sherwood-oregon/)·Tigard·[Tualatin](https://lovejoyrealestate.com/tualatin-oregon/)·[West Linn](https://lovejoyrealestate.com/west-linn-oregon/)
---
### [Sherwood, Oregon](https://lovejoyrealestate.com/sherwood-oregon/)
**Published:** July 16, 2026
**Author:** CoWork
**Content:**
Sherwood occupies a specific niche in the Portland metro: a smaller city (population around 20,000) with a genuinely intact historic Old Town, strong schools, and a footprint that keeps it feeling like its own place rather than a subdivision of somewhere larger. It sits at the southern edge of the metro along Highway 99W, close enough to Portland to be practical for commuters and close enough to the Willamette Valley wine country to make weekends easy.
Old Town Sherwood is a real historic district (the buildings are original) with active reinvestment underway. The Sherwood Ice Arena, an unlikely community anchor for a city this size, provides year-round recreational programming. And the surrounding rural land along the Chehalem Mountains keeps the visual character much more distinct than most metro suburbs.
## The Market in Sherwood
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 246 sold
$656K▼ 4.3%Median sale
$304▼ 4.0%$/sqft
24 days▲ 11.4%Days on market
100%of listSold-to-list
~2001approx.Year built
40listed todayActive
Condo · 32 sold
$409K▼ 2.7%Median sale
$270▼ 3.1%$/sqft
41 days▲ 43.1%Days on market
100%of listSold-to-list
~2004approx.Year built
14listed todayActive
2-4 Unit Residential · 1 sold
$729K▲ 15.0%Median sale
62 days▲ 18.1%Days on market
100%of listSold-to-list
~1964approx.Year built
2listed todayActive
Other Residential · 7 sold
$184K▲ 15.2%Median sale
$141▲ 28.6%$/sqft
8 daysflatDays on market
100%of listSold-to-list
~1995approx.Year built
2listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
Sherwood consistently trades at a modest premium to comparable outer-metro suburbs, driven by school demand and the intact Old Town character. Days-on-market is tight and sold-to-list runs slightly over 100% on most SFR transactions. Inventory is limited by the city’s geographic size and rural growth boundary. Sellers of well-maintained SFRs are getting strong outcomes; buyers looking for value here will need patience and a well-positioned offer.
## [Search Sherwood homes](https://lovejoyrealestate.hsidx.com/?lat=45.3568&lng=-122.8395&zoom=13)
### Neighborhoods within Sherwood
Sherwood’s housing stock spans a genuinely wide range for a city its size. Old Town and surrounding historic areas feature turn-of-the-century homes and Craftsman bungalows from the early 1900s, typically priced from $475,000 to $650,000. Established neighborhoods from the 1970s to 1990s offer larger lots and mid-century construction at $525,000 to $725,000.
Newer master-planned communities on the north and east sides of the city (including Ladd Hill and Brookman) provide contemporary construction from the 2000s onward at $625,000 to $875,000. Buyers looking for larger lots and semi-rural character can find acreage at the edges of the city, priced above $850,000.
### Shops, Restaurants & Local Highlights
Old Town Sherwood along Main Street and First Street has been the focus of thoughtful reinvestment. **Grateful Bread**, **The Public House**, and **Sherwood Provisions** anchor the local dining scene. [**The Robin Hood Festival**](https://sherwoodhistoricalsociety.org), held each July, plays on the city’s name and draws visitors from across the metro.
The [**Sherwood Ice Arena**](https://www.sherwoodicearena.com) offers hockey leagues, figure skating, and public skating throughout the year. The **Sherwood Farmers Market** runs seasonally and features producers from the surrounding agricultural areas. Multiple wineries in the Chehalem Mountains AVA are within a short drive.
### Parks & Recreation
[**Tualatin River National Wildlife Refuge**](https://www.fws.gov/refuge/tualatin-river) is a legitimate regional asset, one of only a handful of urban national wildlife refuges in the country. Trail access, wildlife viewing, and interpretive programming are all first-rate.
**Snyder Park** and **Stella Olsen Memorial Park** anchor the local park system, with additional trail connections along the Tualatin River corridor. The **Tualatin Hills Park & Recreation District (THPRD)** serves parts of the broader area.
### Schools & Education
Sherwood is served by **Sherwood School District**, one of the highest-rated districts in Oregon by most measures. The district includes **Sherwood High School**, which consistently ranks near the top of state performance metrics and offers AP coursework, CTE programs, and competitive athletics. School reputation is a significant driver of housing demand throughout the city.
For details and ratings, visit [Sherwood School District](https://www.sherwood.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
### Getting Around
Highway 99W is the primary north-south corridor through Sherwood, connecting north to Tigard and Interstate 5, and south to the wine country and Newberg. Downtown Portland is 30 to 45 minutes by car depending on time of day and 99W conditions. Highway 217 access is via Tigard. Interstate 5 access is via Tualatin. TriMet bus service covers the primary corridors.
### Thinking About Selling in Sherwood?
Sherwood’s persistent inventory constraint and strong school demand create real advantages for sellers who position their homes well. Lovejoy Real Estate can give you a specific read on your neighborhood, price range, and the buyer pool actively looking in Sherwood right now.
[Learn about selling your home →](https://lovejoyrealestate.com/sell-your-home/)
### Final Thoughts
Sherwood offers something that gets harder to find in the Portland metro: a small city that has actually stayed a small city, with the historic character, school quality, and rural surroundings that make it different from any subdivision. Our team is glad to help you take a closer look.
Explore Portland Metro Communities
[Portland Neighborhoods](https://lovejoyrealestate.com/portland-neighborhoods/)·[Beaverton](https://lovejoyrealestate.com/beaverton-oregon/)·[Gresham](https://lovejoyrealestate.com/gresham-oregon/)·[Hillsboro](https://lovejoyrealestate.com/hillsboro-oregon/)·[Lake Oswego](https://lovejoyrealestate.com/lake-oswego/)·[Oregon City](https://lovejoyrealestate.com/oregon-city-oregon/)·Sherwood·[Tigard](https://lovejoyrealestate.com/tigard-oregon/)·[Tualatin](https://lovejoyrealestate.com/tualatin-oregon/)·[West Linn](https://lovejoyrealestate.com/west-linn-oregon/)
---
### [Oregon City, Oregon](https://lovejoyrealestate.com/oregon-city-oregon/)
**Published:** July 16, 2026
**Author:** CoWork
**Content:**
Oregon City holds a distinction most people in the metro don’t fully appreciate: it was the first incorporated city west of the Rocky Mountains, established in 1844 at the terminus of the Oregon Trail. The city sits at the confluence of the Willamette and Clackamas Rivers, with Willamette Falls, one of the largest waterfalls in North America by volume, defining its geography in a way that is hard to overstate. The falls powered Oregon’s first industrial economy and are now the centerpiece of a major public access restoration effort.
The city’s history is visible in the built environment. A historic downtown runs along Main Street on the bluff above the river, and the McLoughlin House, home of the founder of the Oregon Territory, is a National Historic Site. That layering of history alongside a working city gives Oregon City a character that newer suburbs simply can’t replicate.
Oregon City is also, frankly, one of the better values in the Clackamas County market. Buyers who look carefully at what they get for the price (river proximity, downtown access, historic housing stock, and strong school options) consistently find it compelling.
## The Market in Oregon City
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 381 sold
$579KflatMedian sale
$307▲ 4.6%$/sqft
20 days▲ 8.1%Days on market
100%of listSold-to-list
~1997approx.Year built
115listed todayActive
Condo · 45 sold
$410K▼ 5.5%Median sale
$309▲ 20.3%$/sqft
40 days▲ 9.6%Days on market
100%of listSold-to-list
~2025approx.Year built
21listed todayActive
2-4 Unit Residential · 7 sold
$485K▼ 19.9%Median sale
8 days▼ 81.6%Days on market
99%of listSold-to-list
~1948approx.Year built
8listed todayActive
Other Residential · 14 sold
$192K▲ 31.2%Median sale
$148▲ 34.6%$/sqft
50 days▲ 35.1%Days on market
99%of listSold-to-list
~1997approx.Year built
14listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
Oregon City’s market sits at a real value point relative to comparable Clackamas suburbs. Days-on-market is moderate and sold-to-list holds close to 100%, indicating disciplined pricing on both sides. The historic housing stock in Canemah trades on character and river proximity, while newer construction on the south end appeals to buyers who want a shorter walk to daily services. The ongoing Willamette Falls Legacy Project will likely reprice properties in the immediate area as public access matures.
## [Search Oregon City homes and condos](https://lovejoyrealestate.hsidx.com/?lat=45.3565&lng=-122.6068&zoom=12)
### Neighborhoods within Oregon City
Oregon City’s housing market spans a wider range than most suburbs its size. The historic Canemah neighborhood on the lower bluff features Victorian and Craftsman-era homes from the late 1800s and early 1900s, typically priced in the $425,000 to $600,000 range. The Central Point and Beavercreek Road areas feature mid-century and newer construction in the $450,000 to $650,000 range. South End and newer development areas offer more recent construction at $525,000 to $725,000.
The city’s ongoing revitalization efforts, particularly around downtown and the Willamette Falls waterfront, make this a market where early buyers are rewarded as the investment matures.
### Shops, Restaurants & Local Highlights
Oregon City’s downtown Main Street has experienced real momentum in recent years. **Coin Jam Coffee**, **The Lumberyard**, and **McMenamins Oregon City** anchor a commercial district that is actively being reinvested. The [**End of the Oregon Trail Interpretive Center**](https://historicoregoncity.org) is a legitimate regional attraction, not just a local curiosity.
The **Oregon City Municipal Elevator**, one of only four vertical street elevators in the United States, connects the lower river district to the blufftop downtown. An extraordinary piece of infrastructure that happens to be both functional and free.
The **Clackamas County Farmers Market** runs seasonally in Oregon City and draws producers from across the region.
### Parks & Recreation
The [**Willamette Falls Legacy Project**](https://www.rediscoverthefalls.com) is the most significant public access development in the Portland metro area, a multi-year effort to open the falls to public view and create a riverfront park on a site that has been walled off by industry for over a century. When complete, this will be transformative for property values in the immediate area.
**Clackamette Park** at the river confluence provides waterfront access, boat launch facilities, and open space. **Molalla River State Park** is a short drive south for trail access and river recreation.
### Schools & Education
Oregon City is served by **Oregon City School District**, which has a strong community presence and consistent performance. **Oregon City High School** is a comprehensive high school with AP coursework, CTE programs, and competitive athletics. Parts of the city overlap with the **Canby School District** to the south.
For details and ratings, visit [Oregon City School District](https://www.orecity.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
### Getting Around
Interstate 205 runs through Oregon City, providing direct freeway access north to Portland (25 to 30 minutes) and east toward the Mount Hood corridor. Highway 99E connects north through Milwaukie to Portland as an alternative. TriMet bus service covers the major corridors. Oregon City is a TriMet end-point for several routes.
### Thinking About Selling in Oregon City?
Oregon City’s market is actively improving as downtown reinvestment and the Willamette Falls project mature. Sellers in the right areas and price points benefit from telling that story clearly. Lovejoy Real Estate can help you understand where your property fits in the current market and what presentation makes a difference.
[Learn about selling your home →](https://lovejoyrealestate.com/sell-your-home/)
### Final Thoughts
Oregon City surprises buyers who show up expecting an ordinary suburb and find instead a city with genuine history, extraordinary natural assets, and real investment happening in its future. Our team is glad to help you take a closer look.
Explore Portland Metro Communities
[Portland Neighborhoods](https://lovejoyrealestate.com/portland-neighborhoods/)·[Beaverton](https://lovejoyrealestate.com/beaverton-oregon/)·[Gresham](https://lovejoyrealestate.com/gresham-oregon/)·[Hillsboro](https://lovejoyrealestate.com/hillsboro-oregon/)·[Lake Oswego](https://lovejoyrealestate.com/lake-oswego/)·Oregon City·[Sherwood](https://lovejoyrealestate.com/sherwood-oregon/)·[Tigard](https://lovejoyrealestate.com/tigard-oregon/)·[Tualatin](https://lovejoyrealestate.com/tualatin-oregon/)·[West Linn](https://lovejoyrealestate.com/west-linn-oregon/)
---
### [Hillsboro, Oregon](https://lovejoyrealestate.com/hillsboro-oregon/)
**Published:** July 16, 2026
**Author:** CoWork
**Content:**
Hillsboro is Washington County’s largest city and the economic engine of Oregon’s tech sector. Intel operates its largest US campuses here (Ronler Acres, Jones Farm, and Hawthorn Farm), and the surrounding cluster of semiconductor, clean-tech, and advanced manufacturing companies forms the “Silicon Forest” employment base. For buyers who work in this sector or are relocating for it, Hillsboro is frequently the most practical answer on the map.
With a population around 110,000, Hillsboro has grown significantly over the past two decades, but it has retained both agricultural roots and a distinct downtown. The Tualatin Valley, visible from higher elevations across the city, gives Hillsboro a broader geographic identity than most suburbs its size. The surrounding farmland (nurseries, vineyards, and working farms) remains a visible and valued part of the surrounding landscape.
## The Market in Hillsboro
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 801 sold
$555K▼ 0.9%Median sale
$303▼ 3.5%$/sqft
27 days▼ 1.8%Days on market
100%of listSold-to-list
~1997approx.Year built
181listed todayActive
Condo · 354 sold
$410K▼ 5.9%Median sale
$273▼ 4.3%$/sqft
53 days▲ 47.2%Days on market
100%of listSold-to-list
~2013approx.Year built
117listed todayActive
2-4 Unit Residential · 19 sold
$566K▲ 2.9%Median sale
8 days▼ 5.9%Days on market
100%of listSold-to-list
~1980approx.Year built
13listed todayActive
Other Residential · 16 sold
$92K▼ 15.3%Median sale
$71▼ 5.8%$/sqft
8 days▼ 92.7%Days on market
95%of listSold-to-list
~1978approx.Year built
9listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
Hillsboro’s single-family market moves faster than most Metro suburbs, with the typical home selling in under two weeks at slightly over list. Tech employment underwrites consistent demand across most price points, and the new-construction pipeline in South Hillsboro adds inventory without diluting existing values. Days-on-market on condos is longer, indicating some segment softness there. Sellers of established Hillsboro SFRs in reasonable condition are getting strong outcomes.
## [Search Hillsboro homes and condos](https://lovejoyrealestate.hsidx.com/?lat=45.5229&lng=-122.9898&zoom=12)
### Neighborhoods within Hillsboro
Hillsboro offers some of the best price-per-square-foot value in Washington County. Single-family homes typically range from $425,000 to $625,000, with newer construction in planned communities such as Tanasbourne, Reed’s Crossing, and South Hillsboro at the higher end. The areas around downtown and the original residential grid offer older homes on established lots at the lower end of the range.
The South Hillsboro development is the largest new master-planned community in the metro area, adding thousands of homes, a new town center, and parks infrastructure in a planned buildout that will continue through the late 2020s. Buyers interested in new construction will find the most options here.
### Shops, Restaurants & Local Highlights
Downtown Hillsboro around Main Street and Second Avenue has active reinvestment underway, with restaurants, coffee shops, and the [**Walters Cultural Arts Center**](https://www.hillsboro-oregon.gov/our-city/departments/parks-recreation/walters-cultural-arts-center) anchoring public life. **Sayler’s Old Country Kitchen**, the long-running Portland institution, relocated to Hillsboro years ago and remains one of the region’s classic steakhouse destinations.
The [**Hillsboro Hops**](https://www.milb.com/hillsboro) minor league baseball team plays at Ron Tonkin Field, which has become a genuine community gathering place. The **Hillsboro Farmers Market** is one of the largest in Washington County and runs deep into fall. Orenco Station, the planned mixed-use community around the MAX station, has developed into a compact commercial center with restaurants, cafes, and daily-service retail organized around a central plaza.
### Parks & Recreation
[**Jackson Bottom Wetlands Preserve**](https://www.jacksonbottom.org) is one of the best urban wildlife refuges in the metro area, 725 acres of wetlands, ponds, and open space with extensive trail access and consistent great blue heron and shorebird populations.
**Rood Bridge Park** on the Tualatin River provides waterfront trail access and picnic areas. The city maintains an extensive trail network connecting residential areas, and the Tualatin Hills Park & Recreation District (THPRD) serves parts of the broader area.
### Schools & Education
Hillsboro is served by **Hillsboro School District**, one of the largest in Oregon. The district includes **Liberty High School**, **Hillsboro High School**, and **Glencoe High School**, each with AP coursework, CTE programs, and competitive athletics. The district runs Spanish and Japanese dual-language immersion programs.
For details and ratings, visit [Hillsboro School District](https://www.hsd.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
### Getting Around
The **MAX Blue Line** terminates in Hillsboro, making it one of the best-connected outer suburbs for transit. Multiple stations serve different parts of the city. Downtown Portland is 45 to 55 minutes by MAX, 25 to 35 minutes by car via Highway 26. For buyers commuting to the Intel or Nike campuses, driving times within Washington County are typically 15 to 25 minutes.
### Thinking About Selling in Hillsboro?
Hillsboro’s tech employment base and strong new construction pipeline keep buyer demand active across price points. If you’re thinking about selling, Lovejoy Real Estate can give you a current read on your neighborhood’s specific conditions.
[Learn about selling your home →](https://lovejoyrealestate.com/sell-your-home/)
### Final Thoughts
Hillsboro is frequently underestimated by buyers who haven’t spent time there. The combination of tech employment, transit access, active community investment, and price value makes it one of the more rational choices in the Portland metro for buyers thinking carefully about the long term. Our team is glad to help you explore it.
Explore Portland Metro Communities
[Portland Neighborhoods](https://lovejoyrealestate.com/portland-neighborhoods/)·[Beaverton](https://lovejoyrealestate.com/beaverton-oregon/)·[Gresham](https://lovejoyrealestate.com/gresham-oregon/)·Hillsboro·[Lake Oswego](https://lovejoyrealestate.com/lake-oswego/)·[Oregon City](https://lovejoyrealestate.com/oregon-city-oregon/)·[Sherwood](https://lovejoyrealestate.com/sherwood-oregon/)·[Tigard](https://lovejoyrealestate.com/tigard-oregon/)·[Tualatin](https://lovejoyrealestate.com/tualatin-oregon/)·[West Linn](https://lovejoyrealestate.com/west-linn-oregon/)
---
### [Gresham, Oregon](https://lovejoyrealestate.com/gresham-oregon/)
**Published:** July 16, 2026
**Author:** CoWork
**Content:**
Gresham is the fourth-largest city in Oregon, sitting at Portland’s eastern edge in Multnomah County with the Columbia River Gorge and Mount Hood corridor directly to its east. It’s a city that has historically played second fiddle in metro comparisons, which means buyers willing to look past the reputation consistently find value that the western suburbs can’t match at comparable price points.
The city’s geography is one of its strongest assets. The Springwater Corridor trail enters from the south. The Sandy River, Columbia River Gorge, and Mount Hood are all within 30 to 40 minutes. For buyers who prioritize outdoor access and want to be on the water or in the mountains on a weekend morning, Gresham’s location is genuinely hard to beat.
Gresham has an industrial and small-business heritage that continues to shape its downtown. Recent reinvestment along Main Street and Division Street is producing a more active commercial core, with new independents opening alongside the long-standing businesses that anchored the area for decades.
## The Market in Gresham
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 805 sold
$500K▲ 1.0%Median sale
$277▲ 1.6%$/sqft
22 days▲ 10.0%Days on market
100%of listSold-to-list
~1981approx.Year built
213listed todayActive
Condo · 178 sold
$314K▼ 3.5%Median sale
$242▼ 1.6%$/sqft
54 days▲ 43.4%Days on market
100%of listSold-to-list
~2002approx.Year built
88listed todayActive
2-4 Unit Residential · 29 sold
$530K▼ 3.6%Median sale
36 days▲ 38.5%Days on market
100%of listSold-to-list
~1978approx.Year built
14listed todayActive
Other Residential · 42 sold
$132K▼ 11.8%Median sale
$99▼ 2.3%$/sqft
50 days▼ 8.3%Days on market
97%of listSold-to-list
~1994approx.Year built
34listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
Gresham remains the most affordable single-family option in the immediate metro on a per-square-foot basis. Absolute prices are running up modestly, days-on-market is longer than the west-side suburbs, and inventory is heavier, which favors buyers who can be patient. Condos and townhomes are noticeably softer than SFR. If you’re a seller in Gresham, pricing tightly and presenting well matters more than in tighter Metro submarkets.
## [Search Gresham homes and condos](https://lovejoyrealestate.hsidx.com/?lat=45.5001&lng=-122.4302&zoom=12)
### Neighborhoods within Gresham
Gresham offers the most affordable single-family housing in the immediate Portland metro. Typical homes range from $375,000 to $525,000, with newer construction in the Hogan Butte and south Gresham areas at the upper end and established older neighborhoods closer to downtown at the lower end. For buyers priced out of Portland’s inner eastside or the western suburbs, Gresham represents meaningful value with direct MAX access to the city.
The Gresham Butte and Hogan Butte areas offer elevated properties with views. The Rockwood neighborhood (split between Gresham and unincorporated Multnomah County) is an area of active community reinvestment.
### Shops, Restaurants & Local Highlights
Gresham’s Main City Park and downtown Main Street corridor have seen growing investment. [**McMenamins Edgefield**](https://www.mcmenamins.com/edgefield), a hotel, music venue, brewery, and event complex on the site of a former county poor farm, is one of the most distinctive hospitality destinations in the metro area and sits just outside Gresham in Troutdale.
The **Gresham Farmers Market** runs seasonally in the downtown area. Independent restaurants and coffee shops continue to open along Main Street and Division Street, and the downtown corridor is a work in progress that rewards regular visits.
### Parks & Recreation
The [**Springwater Corridor**](https://www.portland.gov/parks/springwater-corridor) trail enters Gresham from the west and continues east toward Boring, 21 miles of paved trail on a former rail line and one of the most significant multi-use trails in the Pacific Northwest.
**Main City Park** anchors the downtown with open space, an amphitheater, and community facilities. **Nadaka Nature Park** and the surrounding natural areas offer forested trail access within the city. The proximity to [**Oxbow Regional Park**](https://www.oregonmetro.gov/parks/oxbow-regional-park) on the Sandy River, one of the finer regional parks in the Portland metro, is a significant outdoor recreation asset accessible within 20 minutes.
### Schools & Education
Gresham is served by **Gresham-Barlow School District**, with **Sam Barlow High School** and **Gresham High School** as the primary high schools. Both offer AP coursework and CTE programs.
For details and ratings, visit [Gresham-Barlow School District](https://www.gresham.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
### Getting Around
The **MAX Blue Line** and **MAX Green Line** both serve Gresham, with downtown Portland roughly 45 to 55 minutes by MAX. By car via Interstate 84, downtown Portland is 20 to 30 minutes in off-peak conditions. Highway 26 (Mount Hood Highway) provides the route east toward Sandy, Zigzag, and Government Camp, putting skiing and river recreation within easy reach.
### Thinking About Selling in Gresham?
Gresham’s value positioning attracts buyers doing careful research and relocation buyers from out of state. If you’re considering selling, Lovejoy Real Estate can help you understand the current market and what preparation makes sense before listing.
[Learn about selling your home →](https://lovejoyrealestate.com/sell-your-home/)
### Final Thoughts
Gresham rewards buyers who look east instead of west. The price-to-location ratio is strong, the outdoor access is exceptional, and the city is actively investing in its future. Our team is glad to help you take a closer look.
Explore Portland Metro Communities
[Portland Neighborhoods](https://lovejoyrealestate.com/portland-neighborhoods/)·[Beaverton](https://lovejoyrealestate.com/beaverton-oregon/)·Gresham·[Hillsboro](https://lovejoyrealestate.com/hillsboro-oregon/)·[Lake Oswego](https://lovejoyrealestate.com/lake-oswego/)·[Oregon City](https://lovejoyrealestate.com/oregon-city-oregon/)·[Sherwood](https://lovejoyrealestate.com/sherwood-oregon/)·[Tigard](https://lovejoyrealestate.com/tigard-oregon/)·[Tualatin](https://lovejoyrealestate.com/tualatin-oregon/)·[West Linn](https://lovejoyrealestate.com/west-linn-oregon/)
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### [Beaverton, Oregon](https://lovejoyrealestate.com/beaverton-oregon/)
**Published:** July 16, 2026
**Author:** CoWork
**Content:**
Beaverton sits in Washington County, roughly 7 miles west of downtown Portland, and has grown into one of the most economically significant cities in Oregon. With a population approaching 100,000, it is one of the state’s largest cities, but it doesn’t feel like one. Most of Beaverton’s residential areas are neighborhood-scale: quiet streets, tree-lined subdivisions, and established commercial corridors that serve daily life without requiring a trip into the city.
The city’s identity is closely tied to Nike, whose global headquarters sits on Beaverton’s southwest side. Intel operates its largest US campuses just west in Hillsboro. Together, these employers anchor a Washington County workforce that drives sustained housing demand across economic cycles.
Beaverton’s dining and retail scene has evolved past the strip-mall reputation the suburbs are usually saddled with. [Cedar Hills Crossing](https://cedarhillscrossing.com) has become a real destination, and Progress Ridge Townsquare on the south end anchors another mixed-use hub. Between those two centers, the [Beaverton Farmers Market](https://beavertonfarmersmarket.com), and a growing set of independents scattered along Canyon Road, you can eat well without driving to Portland proper.
## The Market in Beaverton
Active listings updated Oct 6, 2026 at 12:09 PM Pacific. Sold figures cover the trailing 12 months. Source: RMLS.
Single Family · 683 sold
$645K▼ 0.8%Median sale
$300▼ 1.7%$/sqft
21 days▼ 8.7%Days on market
100%of listSold-to-list
~1990approx.Year built
153listed todayActive
Condo · 319 sold
$344K▼ 4.2%Median sale
$277▼ 7.8%$/sqft
59 days▲ 43.9%Days on market
100%of listSold-to-list
~2004approx.Year built
162listed todayActive
2-4 Unit Residential · 15 sold
$710K▲ 10.1%Median sale
139 dayssmall NDays on market
98%of listSold-to-list
~1970approx.Year built
5listed todayActive
Other Residential · 0 sold
n/aflatMedian sale
1listed todayActive
RMLS®**About this data.** Market statistics on this page are compiled from sold and active residential listings reported to Regional Multiple Listing Service (RMLS) over the trailing 12 months. Refreshed twice daily; last refresh Oct 6, 2026 at 12:09 PM Pacific. Data deemed reliable but not guaranteed; statistics reflect listing activity reported to RMLS and may not include private, off-market, or new construction sales. © RMLS. Equal Housing Opportunity. Presented by Lovejoy Real Estate.
Beaverton’s market has stayed steady while much of the broader metro cooled. The typical single-family home moves in about two weeks at close to list, with prices modestly up year over year and $/sqft holding. The condo segment has softened slightly on days-on-market as inventory has built, but pricing hasn’t followed. If you’re a buyer targeting the Beaverton School District, expect competition on desirable inventory. If you’re selling, current absorption is running around six weeks of supply, close to a balanced market with a slight seller edge.
## [Search Beaverton homes and condos](https://lovejoyrealestate.hsidx.com/?lat=45.4871&lng=-122.8037&zoom=12)
### Neighborhoods within Beaverton
Beaverton’s housing market spans a wide range depending on where you look. Older ranch-style homes in established neighborhoods like Vose, Highland, and West Slope typically sit in the mid-$500,000s. Newer construction in planned developments like Murrayhill and along the Progress Ridge corridor runs higher, often $700,000-plus. Townhomes and attached housing near the MAX line offer accessible entry points in the mid-$300,000s to $450,000s.
The Beaverton School District’s reputation is a consistent driver of buyer demand. Buyers relocating for the schools target this district specifically, which keeps inventory tighter than the broader metro average.
### Shops, Restaurants & Local Highlights
**[Cedar Hills Crossing](https://cedarhillscrossing.com)** has grown into one of the metro’s better outdoor lifestyle centers. Anchor tenants include **New Seasons Market** and **REI**, and the dining lineup brings names Portlanders already know to a Beaverton address: **Bamboo Sushi**, **Salt & Straw**, **Oswego Grill**, and **La Provence**. Works as easily for a weeknight dinner as a Saturday errand-and-eat afternoon.
The **[Beaverton Farmers Market](https://beavertonfarmersmarket.com)** runs May through October at The Round and is one of the most-attended farmers markets in the Portland metro. Downtown Beaverton continues to build out its own commercial identity around the market, City Park, and the MAX station.
**Progress Ridge Townsquare** on the south end offers another mixed-use retail-and-dining center, arranged around a pond and central plaza with adjacent surface and structured parking. A popular alternative for buyers on the south side of the city.
### Parks & Recreation
[**Tualatin Hills Park & Recreation District (THPRD)**](https://www.thprd.org) is one of the best-resourced park districts in the state, maintaining over 60 parks, trails, aquatic centers, and recreation facilities across Beaverton and western Washington County. THPRD is a genuine quality-of-life differentiator that shows up in property values across the district’s coverage area.
**Jenkins Estate** offers 68 acres of historic gardens and trails. The **Fanno Creek Trail** runs through Beaverton and connects to the regional trail network extending to Lake Oswego and Tigard.
### Schools & Education
Beaverton is served by [**Beaverton School District**](https://www.beaverton.k12.or.us), one of the largest and most respected districts in Oregon. Comprehensive high schools include Westview, Sunset, Southridge, Mountainside, and Beaverton itself, with academic programs, athletics, and CTE tracks that consistently place the district among Oregon’s top performers. The district also runs an International Baccalaureate program and multiple dual-language immersion tracks, giving buyers a broad set of academic options within a single district.
For details and ratings, visit [Beaverton School District](https://www.beaverton.k12.or.us), [GreatSchools.org](https://www.greatschools.org), or the [Oregon Department of Education](https://www.oregon.gov/ode).
### Getting Around
Beaverton is one of the most transit-accessible suburbs in the metro. The **MAX Blue Line** runs from downtown Beaverton to Portland’s city center, with several stations serving different parts of the city. Commute time to downtown Portland is roughly 30 to 40 minutes by MAX, 20 to 25 minutes by car in off-peak hours. Highway 26 and Highway 217 provide major freeway connections north, south, and east.
### Thinking About Selling in Beaverton?
Beaverton’s strong employment base and school district reputation keep buyer demand consistent. If you’re considering selling, Lovejoy Real Estate can give you a current market read and walk you through the preparation process. Our [Market Ready program](https://lovejoyrealestate.com/market-ready-transformations/) helps sellers maximize their return before listing.
[Learn about selling your home →](https://lovejoyrealestate.com/sell-your-home/)
### Final Thoughts
Beaverton offers more than most suburbs its size. Exceptional parks and recreation infrastructure, strong schools, a growing dining and retail scene, and direct rail access to Portland. It rewards buyers who look past the suburban reputation and actually spend time there.
Explore Portland Metro Communities
[Portland Neighborhoods](https://lovejoyrealestate.com/portland-neighborhoods/)·Beaverton·[Gresham](https://lovejoyrealestate.com/gresham-oregon/)·[Hillsboro](https://lovejoyrealestate.com/hillsboro-oregon/)·[Lake Oswego](https://lovejoyrealestate.com/lake-oswego/)·[Oregon City](https://lovejoyrealestate.com/oregon-city-oregon/)·[Sherwood](https://lovejoyrealestate.com/sherwood-oregon/)·[Tigard](https://lovejoyrealestate.com/tigard-oregon/)·[Tualatin](https://lovejoyrealestate.com/tualatin-oregon/)·[West Linn](https://lovejoyrealestate.com/west-linn-oregon/)
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