Hi, this is Shawn with the Yu Realty Group at Keller Williams. Happy new year! I hope you guys are having a great time with your family and friends.
In 2018, I would love to hear from you whether it's about your 2018 real estate goals, or maybe you want to become a real estate agent, or maybe marketing to grow your own business, or just want to be healthier.
We have some exciting changes this year. I was just awarded as a Five Star Real Estate Agent again in 2018. Thank you so much for the sellers and buyers who worked with me in 2017 and voted for me. Yes! I really do appreciate it.
We just added a transaction coordinator and a marketing specialist to serve you even better in 2018 and going forward. We constantly look for ways to serve you guys better so please let us know what we can do for you.
When I lived in Minneapolis, my wife and I searched for our second home and found one that we both fell in love with. It was a colonial two-story with a nice big front porch, a large back yard with a swing set, and was steps away from a lovely park with a duck pond. The basement was partially finished and I imagined soundproofing it and making it into my music hideaway. The elementary school was blocks away and we even took a tour and met the teachers because we were so sure we were going to live there.
Then we did the home inspection. Sure enough, we got bad news. There was evidence of mold. We were devastated. We worried about our health and thought the mold couldn't easily be removed. We decided to pass on the house. At the time, I don't remember that we were given any other choices. We didn't realize we could ask the sellers to have the mold removed or get credit for the cost of having it done ourselves. I wasn't a realtor at that time.
Back then, there weren't any reality house renovation shows that are so popular now, where nightmare homes turn into dream houses. It hadn't even crossed our minds that that was possible. Now, with the current Portland real estate market where inventory is low, people are more willing to fix up houses and negotiate for the repair costs. Dream homes don't always come in perfect packaging.
My wife and I went back to see the house a few weeks later. It had been put back on the market and had immediately gone pending, and the photos showed brand new siding had been put on. We had to see it again. It looked even more beautiful. We walked across the street down the little trail to the park, watching the ducks in the peaceful grassy field, and felt sad about losing the house. As young home buyers, even ones who had the experience of buying one house before, we just didn't know everything we needed to know. If only...
Right now the hot topic in the Portland real estate market is whether we're heading toward another crash like in 2007. Have we reached the peak of the market yet? In my personal and professional opinion, it is coming. But I don't believe that it will be as severe as the one in 2007. There are two big reasons why.
One is the difference between the rental costs in 2007 and now; until 2010 rental costs remained steady and vacancy rates were one of the highest in the country. Since 2010, there has been a 34% increase in rental rates, according to the Portland Housing Bureau. Within the last year rental rates went up 17% in Portland, with vacancy rates below 2% and the median rent cost at $1771 in January 2016. If that cost is similar or comparable to the mortgage payments when buying a home, there will be buyers buying as well as sellers selling.
The second reason is that there is no more predatory subprime mortgage lending. Remember when you could buy a house with 0% down and no proof of income? Now, the rules have gotten tighter and people who truly aren't qualified to buy can't get loans with mortgages that will balloon out of control and lead to massive foreclosures like we saw back when.
So, is a shift or adjustment coming? Yes, it is, but a subtle one, in my opinion.
I smile every time I drive down West Linn's main road after passing Hidden Springs Dr. and Mapleton -- Chow Mein Lane. It even rhymes!
When my family and I first arrived in Portland, we loved the fun street names: Klickitat (where Ramona lives!) and Couch (which only Portlanders know to pronounce kooch--what?!). And the Alphabet district--clever! As newcomers, we got to learn about the history of the state, such as Lovejoy and Pettygrove who tossed a copper penny to decide between the city names Portland or Boston. And the counties of Oregon such as Klamath and Clatsop, a mouthful.
Lake Oswego, Sherwood, Tualatin, Wilsonville and more share Boones Ferry Road, which always made me wonder. The only Boone I heard about was Daniel Boone. Of course, I then discovered that Alphonso was his grandson and ran a ferry on the Willamette River. I've always like that name--Alphonso.
Lake Oswego, among many cities, uses themes to name their streets, with the most popular (at least the most stolen) being the Lord of the Rings street signs (Hobbit Court, Tolkien Lane). And driving on Hillsboro's Tongue Lane made me wonder if they just forgot the name--it's on the tip of my tongue. I never thought it was named after a man, Thomas Tongue, a former mayor and Congressman. A politician named Tongue--sounds about right.
I drive around a lot in my work, so it's fun to look at the street names and learn a little about the history behind the names. What names intrigue you?
The other day I was driving on Roy Rogers toward Scholls Ferry when I was surprised to see fields of new homes built or being built. This is what I’d been hearing about, Tigard’s South Cooper Mountain area’s new residential planned community.
Called River Terrace, 500 acres is being developed, and in the next 20 years will include 2,500 new homes, shops, schools, restaurants, trails, community centers and parks.
People have already bought homes there, from townhomes to luxury estates and everything in between. It comes at a good time, when the U.S. Census Bureau has released figures that show that Portland and its outlying cities are growing by the thousands every year.
If interested in living in a new home out that way, give me a call. I already have one very happy buyer in contract. I’d be happy to talk to you about getting in on the ground floor of an exciting new community.
Are you interested in your or your future neighborhood's home sales and values? Take a look at my quick and easy-to-use DIY market report. Just go to my website SRpdx.com. On the home page, scroll down the right-hand column and look for this:
When you click on the icon, it will take you to a page where you can set up your specific search parameters. It will then take you to a page that shows all the homes that are active, pending and sold within the past 6 months. You'll be able to see the average list price, price per square footage, and average days on market for the active and pending properties. In addition to that, for the sold properties, you'll be able to compare what the list price was to what the actual sold price was. If it's a neighborhood you're looking to buy into, it may prepare you to make a price over or under the asking price based on recent history.
This DIY market report will give you a fairly accurate overview of how your particular area is doing. You can take the average square footage of the sold properties and get a good idea what your home was worth in the past six months and compare that to the average square footage of active and pending properties to see how much it may be currently worth (though this isn't as accurate since the actual selling price is not yet known). Of course, some homes sell for a lot more or less for various reasons such as location and condition issues, but generally it shouldn't be more than 5-10% off.
If you want to keep track of your neighborhood values by receiving automatic monthly updates, you can click on the icon below, which you'll find at the top of the page under "Market Report":
Of course, to get a more accurate free home valuation, call or text me at 503-433-8400. I'd love to help!
When I'm in a restaurant, I sometimes have trouble deciding between a hamburger or fish and chips. That's why it seems crazy when people shop for a house like they're at a fast food restaurant. It's the most expensive purchase most people will ever make, and yet they're ordering up a house as fast as they can order up a happy meal.
Yes, the current Portland area real estate market has driven people into this feeding frenzy, but take a moment to consider a few things. It may save you from buying an overpriced house in the wrong neighborhood. Ask yourself these three questions before making a fast food house purchase:
1. Have you had a buyer consultation and how many homes have you seen? If it's the first day of the search, you should probably sleep on the decision. As a general rule, people tend to hone in on their preferences when they've seen around a half a dozen homes (if buyer consultation was done). Without a consultation, you may still be confused after seeing twenty homes.
2. Where is the home located? Location is still king. It's better to stick to your preferred location than to find a cute house in the wrong area. Things such as neighborhood restaurants within walking distance or areas with the right schools for your kids or shortening your commute to work may be bigger considerations. Location specific issues should also be considered. Can you handle the morning traffic noise from the nearby busy street? Or is it okay that your house is facing north surrounded by tall trees?
3. What is it that makes you love the home? Is your heart talking to your head? I had a friend who bought a house because she fell in love with the old oak tree in front of the house. After a while, she stopped noticing that oak tree and started noticing the narrow hallways leading to the tiny bedrooms. It wasn't really what she wanted after all.
Most importantly, find yourself a reliable agent who will spend the time to do a buyer consultation to look out for your best interests and help you make your home purchase more like a seven-course gourmet meal!
Even though I don't watch a lot of football, I love watching the Superbowl. It's a great spectacle, and it's crazy to think that 30 seconds of ad time costs $5 million. I guess that's why the NFL stars make so much money. Of course, as a real estate agent I would love to sell a home owned by an NFL star. It would be a real estate marketer's dream!
Notably, two NFL stars with ties to Oregon have a high and a low in real estate. You may know them...
Ndamukong Suh, an alumni of Grant High School and the highest paid defensive tackle for the Miami Dolphins signed a $114 million contract (and had a and then made the most expensive home purchase by an NFL star: a $7 million home in Fort Lauderdale, Florida. It's a 2013 build modern home, partially furnished, 11,142 square feet, with six bedrooms, seven bathrooms and two half baths, according to public records. He's in a community on the Intracoastal Waterway with a golf course and a yacht club. The home has a home theater, maid's quarters, a game room, fitness center, and pool. There's an elevator to the roof where guests can enjoy the artificial grass, patio furniture and the flat-screen TV.
Marcus Mariota, Tennessee Titans quarterback and former QB for the University of Oregon, who signed a four-year contract for $24,213,974, has the smallest property at just 1,890 square feet. That doesn't mean it's not pricey though. At $1.05 million, its a penthouse condo in a luxury building in downtown Nashville. It has 15 foot ceilings, three bedrooms and 2.5 bathrooms, with a private terrace.