WHAT'S GOING ON IN THE HOUSING MARKET? How is the COVID-19 pandemic affecting Portland's homeowners?
I have been taking this time indoors to continually educate myself on current real estate issues and what is going on in the Portland housing market. From many Zoom meetings with industry professionals from all over the USA, to economists and lenders. I'd like to share some things from my notes:
This is nothing like the great recession in 2007 & 2008 that affected the housing sector, that was due to other factors with lenders and banking.
Home prices have been consistantly rising, supply and demand causes this
Home owners have a lot of equity in their homes right now
Inventory has remained low, new construction may slow down making new inventory even lower
70% of the population is still employed, many people are now working from home instead of an office
People still need to move for many reasons, meaning people will still be buying and selling
Home sale prices have been projected to only drop about 5% during the quarantine time, but many sellers are able to keep the same listing prices or only a small drop in price during all of this
This means that the market will probably slow down a little, but it's more of just a pause button was hit. Those who need to sell now will still have many buyers looking at their homes, and many buyers incomes have not changed and they have been locked into their mortgage rate already.
The real estate community is a huge network of professionals like myself who are a valuable resource to what is going on with the market, our clients, the laws, and current memorandums going on at this minute. I know mortgage lenders who have more information about this industry, I am happy to give you their information. If you have any concerns about what is happening in the real estate world please don't hesitate to contact me! Things are changing quickly and I have resources I can tap into to help you or someone you know.
DO I NEED A PERMIT FOR MY PROJECT? HOW MUCH WILL MY PERMIT COST?
A building permit is usually required to build a new structure, or to alter or enlarge an existing structure. Download your free guide on Residential Projects, or search "Portland BDS do I need a permit" on the web.
HOW TO CONTINUE YOUR HOME SEARCH During the COVID-19 Pandemic
Generally, spring is the busiest season for real estate—but as with most other areas of life, the COVID-19 pandemic has rendered this spring unimaginably different. A few short months ago, many places were experiencing a strong seller’s market, with high demand from buyers and low housing inventory. However, due to “social distancing” measures, many prospective buyers are delaying their house hunts. Depending on the listing, an in-person tour may still be an option, especially if the property is vacant.
Scour listing photos for red flags. Since you might not be able to instantly see a home in person, pay particularly close attention to what the listing photos are showing you—and what they’re not showing. For example, if there are more photos of the exterior than the interior, it could be an indication that the interior needs work; if the blinds are closed in a photo, they could be hiding an unappealing view; and if photos appear stretched out, they may have been modified to make rooms appear larger.
Feel free to ask me to give you a more realistic view of the home via FaceTime. After reviewing the listing photos and virtual tours, think about concerns you may have or parts of the home of which you’d like a more up-close view. I can get a list of questions to contact the seller's agent with, including any additional photos they may have,
Scope out the neighborhood. As always, location is arguably the most important factor to consider when you are choosing a new home. Fortunately, tools like Google Earth allow you to get a feel for a neighborhood without leaving the safety of your current abode. Many listings are including more in-depth virtual tours as well.
i have a great Century 21 app that you can easily search properties and contact me through. Unlike Zillow or other home searching sites, I won't sell your information. DOWNLOAD: https://email@example.com
PORTLAND REAL ESTATE MARKET AS OF APRIL 7, 2020
Here is some numbers from the RMLS
MARKET STATISTICS - SOLD DATE 03/24/2020 TO 04/07/2020 Search Criteria: Property Category = RESIDENTIAL County = Multnomah Status = SLD Sold Date = 04/08/2020...05/07/2020 City = Portland Property Type = CONDO, DETACHD
Contact me for a full and/or customized report for your area.
MARKET STATISTICS - LISTED DATE 04/08/2020 TO 05/07/2020 Search Criteria: Property Category = RESIDENTIAL County = Multnomah Status = SLD List Date = 04/08/2020...05/07/2020 City = Portland Property Type = CONDO, DETACHD
Contact me for a full and/or customized report for your area.
One tool that is very helpful is the Altos Report that I have access to. This shows a snapshot at any time for any of these areas and zip codes. Contact Me for a report in your area.
Would you like to know what your home could sell for right now? I am happy to look at market data and current trends to come up with a Comparative Market Analysis that is customized for your home.
Do you have a recipe you have made while you have been at home recently that you would like to share with others? Email Me the recipe and I would be happy to feature it right here in next month's newsletter!
DO'S AND DON'TS Of Working From Home
As the COVID-19 pandemic temporarily shutters offices, countless employees are suddenly working from home. For many, this transition represents a major lifestyle shift—but the trend towards remote work is nothing new. In fact, it has increased by over 150 percent in the last twelve years and is expected to continue growing in the future. Therefore, now is a great time for employees to adapt to working outside of a traditional office environment. Whether you’re new to remote work or have been detached from the office for years, here are a few do’s and don’ts to help ensure that your work-from-home arrangement is comfortable, functional, and productive:
Do get dressed. One of the most common challenges of working from home is maintaining separation between work and your personal life. Without this separation, you could find yourself working at all hours of the day, which may ultimately lead to burnout. Taking simple steps like getting dressed in the morning—even if it just means taking a quick shower and changing from your pajamas into a comfortable, casual outfit—will help you psychologically maintain a boundary between work and leisure.
Don’t succumb to distractions. Working from home allows you to avoid certain distractions, like chatty coworkers or unnecessarily long meetings. However, you may encounter several new distractions, such as housework, family obligations, or the constant temptation of scrolling through social media. When you notice that your focus is faltering, remind yourself that any time spent on distractions will ultimately prolong your workday, making it far more difficult to maintain “normal business hours.” To avoid this, consider turning off notifications on your phone or using an app to block certain websites while you are working, and set a timer when you take a break.
Do communicate with your team. Working remotely can feel isolating and may also cause a lack of clarity regarding expectations about how and when work is completed. Whether you are reporting to your boss, collaborating with coworkers, or managing a team, prioritizing communication will be even more important than it is at the office. To avoid misunderstandings, establish a schedule for when you and your team will check in with each other via phone calls, video conferencing, or other means of communication.
Don’t neglect your social life. When you work with colleagues for eight or more hours each week day, it’s easy to get your “social fix.” But when making a sudden transition to working from home—particularly under ominous circumstances like the coronavirus pandemic—it is normal to feel lonely. To combat these glum feelings while still maintaining social distancing, try to observe your usual social rituals. For example, if you typically enjoy lunch with coworkers once a week, make a date to have a virtual luncheon via Zoom or a similar app.
This is not intended as a solicitation if your property is currently listed with another agent. These materials contain information and articles obtained from third parties. Century 21 - Cascade or it's agent's do not endorse the recommendations of any third party nor guarantee the information provided is complete or correct.