Unless you’ve been living off the grid, you’ve likely heard that soaring home prices have plagued the Portland metropolitan area – and the country – all year. So of course, the question of affordability looms. How much longer will home prices keep shooting up? Will this mean that Portland no longer ranks as an affordable area to live in? And the truth is that Portland’s affordability does appear to have taken a hit. So while we write this article once a year, this year the topic is more pressing than ever. Suburbs provide an excellent alternative to living in city limits for many home buyers. For one thing, you’re bound to be able to afford more space. And while we...
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5 Most Affordable Portland Suburbs in 2021
July 30, 2021
Unless you’ve been living off the grid, you’ve likely heard that soaring home prices have plagued the Portland metropolitan area – and the country – all year. So of course, the question of affordability looms. How much longer will home prices keep shooting up? Will this mean that Portland no longer ranks as an affordable area to live in? And the truth is that Portland’s affordability does appear to have taken a hit. So while we write this article once a year, this year the topic is more pressing than ever. Suburbs provide an excellent alternative to living in city limits for many home buyers. For one thing, you’re bound to be able to afford more space. And while we...
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Thinking of selling your home? The average real estate commission in the U.S. in 2021 is just under 5%. Most of the time this commission includes both the seller’s and buyer’s agent costs combined and paid by the homeowner. All real estate commissions in the U.S. are fully negotiable. Valid real estate commission information is hard to come by. There is only one legitimate research firm that reports on commission rates across the country, Real Trends. Also Realogy, the largest corporate group of various Realty brands in the U.S., occasionally publishes nationwide real estate commission reports. Other articles you will find online about real estate commission rates are conducted by biased real estate websites conducting their own surveys, but they...
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Real Estate Agent Commissions Drop Under 5% in 2021
July 28, 2021
Thinking of selling your home? The average real estate commission in the U.S. in 2021 is just under 5%. Most of the time this commission includes both the seller’s and buyer’s agent costs combined and paid by the homeowner. All real estate commissions in the U.S. are fully negotiable. Valid real estate commission information is hard to come by. There is only one legitimate research firm that reports on commission rates across the country, Real Trends. Also Realogy, the largest corporate group of various Realty brands in the U.S., occasionally publishes nationwide real estate commission reports. Other articles you will find online about real estate commission rates are conducted by biased real estate websites conducting their own surveys, but they...
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1. Online is the present and the future of real estate. Our clients are online. This is obvious. Homebuyers, for all intents and purposes, are exclusively shopping for homes online with the occasional open house stop along the way. Homeowners constantly check their home values online. More and more frequently homebuyers and homeowners are finding their next Realtor online too (whether it is through a social media platform or website). Realtors are online. Realtors primarily work from a smartphone and not an office. The NAR Member Profile Report 2021 says 96% of Realtors use a smartphone and 93% use text as the primary communication method with their clients. Only 25% of Realtors report any office expense whatsoever (exhibit 3-9). Home...
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5 Reasons Why Every Realtor Should Join eXp Realty in 2021
July 26, 2021
1. Online is the present and the future of real estate. Our clients are online. This is obvious. Homebuyers, for all intents and purposes, are exclusively shopping for homes online with the occasional open house stop along the way. Homeowners constantly check their home values online. More and more frequently homebuyers and homeowners are finding their next Realtor online too (whether it is through a social media platform or website). Realtors are online. Realtors primarily work from a smartphone and not an office. The NAR Member Profile Report 2021 says 96% of Realtors use a smartphone and 93% use text as the primary communication method with their clients. Only 25% of Realtors report any office expense whatsoever (exhibit 3-9). Home...
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If you’ve read this blog at all this year, you know that one of the biggest stories we’ve been following is Portland’s low inventory. Yet if you read the title of this post, you know that home sales are still going through the roof. So how do these two truths not contradict? First, let’s talk about what inventory means. When we quote an inventory number, that number comes from our monthly RMLS reports. It’s calculated by dividing the number of active residential listings at the end of the month by the number of closed sales for that month. So you’re looking at a ratio: when it’s under 1.0, that means more homes sold than came on the market. For June,...
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June Home Sales in Portland Real Estate Market Beat Out Past 10 Years
July 23, 2021
If you’ve read this blog at all this year, you know that one of the biggest stories we’ve been following is Portland’s low inventory. Yet if you read the title of this post, you know that home sales are still going through the roof. So how do these two truths not contradict? First, let’s talk about what inventory means. When we quote an inventory number, that number comes from our monthly RMLS reports. It’s calculated by dividing the number of active residential listings at the end of the month by the number of closed sales for that month. So you’re looking at a ratio: when it’s under 1.0, that means more homes sold than came on the market. For June,...
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The home buying process can feel like a wild ride. And most of that ride can be pretty fun – you’re looking at houses online, touring them in person, and imagining yourself in your new home. What’s not as fun, though? The closing process, with its twists and turns and complicated terms. Closing on a home, especially for first time buyers, can become a labyrinth of obscure words and processes. That’s what we’re here for! We believe the role of the real estate agent during this time encompasses many things, and one big one is to guide you through the closing. Whenever parties are exchanging big chunks of money, complication ensues. And that complication is there for a reason: to...
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What is Escrow – And How Much Does it Cost in 2021?
July 21, 2021
The home buying process can feel like a wild ride. And most of that ride can be pretty fun – you’re looking at houses online, touring them in person, and imagining yourself in your new home. What’s not as fun, though? The closing process, with its twists and turns and complicated terms. Closing on a home, especially for first time buyers, can become a labyrinth of obscure words and processes. That’s what we’re here for! We believe the role of the real estate agent during this time encompasses many things, and one big one is to guide you through the closing. Whenever parties are exchanging big chunks of money, complication ensues. And that complication is there for a reason: to...
The post What is Escrow – And How Much Does it Cost in 2021? appeared first on Real Estate Agent PDX.
In case you haven’t already heard, 2021 is a great year to sell a home in the Portland real estate market! But just in case you’ve been living under a real estate rock, here’s a quick catch up. Inventory has been hovering at a notorious low, because homes are selling faster than new listings come up. Now, typically the real estate market starts slowing by late summer and continues to cool off into the fall and winter months. So what we’re looking at below (RMLS report), covering through the end of June 2021, should represent the fastest time of year to sell a home: As you can see, the ratio of active listings to sold properties dipped below 1 to...
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How Many Days to Sell a Home in 2021?
July 19, 2021
In case you haven’t already heard, 2021 is a great year to sell a home in the Portland real estate market! But just in case you’ve been living under a real estate rock, here’s a quick catch up. Inventory has been hovering at a notorious low, because homes are selling faster than new listings come up. Now, typically the real estate market starts slowing by late summer and continues to cool off into the fall and winter months. So what we’re looking at below (RMLS report), covering through the end of June 2021, should represent the fastest time of year to sell a home: As you can see, the ratio of active listings to sold properties dipped below 1 to...
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Think your Portland home might have mold? Well, you’d be correct – but don’t panic! Airborne mold exists just about everywhere. And since mold loves moisture, it also loves Portland. The trick is that mold spores float through the air looking for a wet place to land and grow. If you keep those wet spots out of your home, the mold won’t grow there. But we all know that can be a hard thing to do! Most of the time, a little mold in the bathroom is a quick cleaning job. Sometimes, though, a more pervasive moldy area becomes what we call a mold growth problem. We’re not talking toxic black mold, which thankfully doesn’t grow here. But you could...
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How to Test your Home for Mold: 2021 Update
July 16, 2021
Think your Portland home might have mold? Well, you’d be correct – but don’t panic! Airborne mold exists just about everywhere. And since mold loves moisture, it also loves Portland. The trick is that mold spores float through the air looking for a wet place to land and grow. If you keep those wet spots out of your home, the mold won’t grow there. But we all know that can be a hard thing to do! Most of the time, a little mold in the bathroom is a quick cleaning job. Sometimes, though, a more pervasive moldy area becomes what we call a mold growth problem. We’re not talking toxic black mold, which thankfully doesn’t grow here. But you could...
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We’re fully immersed in the summer real estate market in Portland now, and that means excellent opportunities to become a condo owner. Amid the hot seller’s market, condos make for an affordable choice in Portland. And the variety on the market – from style to price – might surprise you. But how to navigate the condo market? Between HOA fees and rules, shopping for a condo can feel a little murky. That’s why we’ve created this ultimate guide to buying a condo in Portland. Whether you’re a first time homebuyer or looking to downsize, our tips and insight will help you find your next perfect home. Why Choose a Portland Condo? While condo life isn’t for everyone, there are a...
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Portland Condos for Sale: 2021 Buyers’ Guide
July 14, 2021
We’re fully immersed in the summer real estate market in Portland now, and that means excellent opportunities to become a condo owner. Amid the hot seller’s market, condos make for an affordable choice in Portland. And the variety on the market – from style to price – might surprise you. But how to navigate the condo market? Between HOA fees and rules, shopping for a condo can feel a little murky. That’s why we’ve created this ultimate guide to buying a condo in Portland. Whether you’re a first time homebuyer or looking to downsize, our tips and insight will help you find your next perfect home. Why Choose a Portland Condo? While condo life isn’t for everyone, there are a...
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Low inventory and rising home prices have made themselves felt here in Portland, as they have across the country. According to the latest numbers from Fannie Mae’s Home Purchase Sentiment Index® (HPSI), 64% of respondents feel that right now is a bad time to buy a home, while 77% feel it’s a good time to sell. Buyers, especially first time buyers, are feeling the sting of lack of affordability pushing them out of the market. So how does Portland shape up in comparison to the rest of the country? We’ll take a look at ATTOM’s recently released affordability data for the second quarter of 2021 to find out. Portland Home Prices Grew Faster Than Wages To consider affordability, you can’t...
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As Portland Home Prices Soar, Home Affordability Takes a Hit
July 12, 2021
Low inventory and rising home prices have made themselves felt here in Portland, as they have across the country. According to the latest numbers from Fannie Mae’s Home Purchase Sentiment Index® (HPSI), 64% of respondents feel that right now is a bad time to buy a home, while 77% feel it’s a good time to sell. Buyers, especially first time buyers, are feeling the sting of lack of affordability pushing them out of the market. So how does Portland shape up in comparison to the rest of the country? We’ll take a look at ATTOM’s recently released affordability data for the second quarter of 2021 to find out. Portland Home Prices Grew Faster Than Wages To consider affordability, you can’t...
The post As Portland Home Prices Soar, Home Affordability Takes a Hit appeared first on Real Estate Agent PDX.
When it comes to real estate, we live in a brave new world. And by that, yes, we mean that the internet plays a bigger and bigger role every year. According to the National Association of Realtors, in 2020 51% of buyers found the home they bought online. And that doesn’t include those who used a website at some point during their home search (NAR calculated that number at 93%). But as magical as the internet is, not every site is created equal – including in real estate. So today let’s compare four top home search websites. What are their strengths and weaknesses? And how can you use them to best serve your home search? 4. Zillow.com Main Home Search...
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Top 4 Real Estate Sites to Use to Find your Next Home. #1 Will Surprise You
July 9, 2021
When it comes to real estate, we live in a brave new world. And by that, yes, we mean that the internet plays a bigger and bigger role every year. According to the National Association of Realtors, in 2020 51% of buyers found the home they bought online. And that doesn’t include those who used a website at some point during their home search (NAR calculated that number at 93%). But as magical as the internet is, not every site is created equal – including in real estate. So today let’s compare four top home search websites. What are their strengths and weaknesses? And how can you use them to best serve your home search? 4. Zillow.com Main Home Search...
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