It’s been a riveting year in the Real Estate industry as we approach the end of the first half of the year. Global trends and local nuances intertwine to shape a narrative that’s as complex as it is fascinating. We will explore the top five real estate news stories 2023, each bearing significant implications for homeowners, investors, and industry professionals. First, we’ll examine the financial changes shaking the mortgage industry as rates have climbed to their highest level in 13 years. This macroeconomic shift is sending ripples across the housing market, affecting everyone from first-time buyers to seasoned investors. Next, we’ll explore the seemingly unstoppable rise in home prices. With values reaching record highs, we’re left questioning what’s driving this...
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Top 5 Real Estate News Stories of 2023 so far.
June 5, 2023
It’s been a riveting year in the Real Estate industry as we approach the end of the first half of the year. Global trends and local nuances intertwine to shape a narrative that’s as complex as it is fascinating. We will explore the top five real estate news stories 2023, each bearing significant implications for homeowners, investors, and industry professionals. First, we’ll examine the financial changes shaking the mortgage industry as rates have climbed to their highest level in 13 years. This macroeconomic shift is sending ripples across the housing market, affecting everyone from first-time buyers to seasoned investors. Next, we’ll explore the seemingly unstoppable rise in home prices. With values reaching record highs, we’re left questioning what’s driving this...
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Zillow is in charge of the American home selling experience. Major news from Zillow this week. For those who need a quick update, Zillow is the number one home search site in America by a large margin. There are data crunchers out there suggesting that Zillow has over 50% share of all home buyer searches in the country. We run a top 10 most visited home search website report every year. In the 2023 report we conducted, Zillow.com had grown its traffic substantially from 2022 with over 300 million visitors a month. No one else is even close. Second place went to Realtor.com with 124 million visitors in a month, a drop from 2022. So not only is Zillow #1,...
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Zillow to Boost Homes for Sale that use Zillow Products (demoting others)
June 2, 2023
Zillow is in charge of the American home selling experience. Major news from Zillow this week. For those who need a quick update, Zillow is the number one home search site in America by a large margin. There are data crunchers out there suggesting that Zillow has over 50% share of all home buyer searches in the country. We run a top 10 most visited home search website report every year. In the 2023 report we conducted, Zillow.com had grown its traffic substantially from 2022 with over 300 million visitors a month. No one else is even close. Second place went to Realtor.com with 124 million visitors in a month, a drop from 2022. So not only is Zillow #1,...
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Over the past few years, the iBuyer model surged and faded, with companies like Opendoor and Zillow leading the way. iBuyers acted as intermediaries, providing quick purchases for sellers and reselling to buyers or amassing their real estate portfolio and turning those homes into rentals. However, this seemingly ideal solution has faced some recent challenges. The model thrived when housing prices were rising, allowing for profitable transactions. But when the market started shifting,, iBuyers like Opendoor and Zillow ran into some difficulties. They were accused of driving up prices during the boom and faced a backlash during the new market. While some expected praise for making housing more affordable, that was not the case at all. As a matter of...
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iBuyer Warning. Read before selling your home to Opendoor, Zillow, etc.
May 29, 2023
Over the past few years, the iBuyer model surged and faded, with companies like Opendoor and Zillow leading the way. iBuyers acted as intermediaries, providing quick purchases for sellers and reselling to buyers or amassing their real estate portfolio and turning those homes into rentals. However, this seemingly ideal solution has faced some recent challenges. The model thrived when housing prices were rising, allowing for profitable transactions. But when the market started shifting,, iBuyers like Opendoor and Zillow ran into some difficulties. They were accused of driving up prices during the boom and faced a backlash during the new market. While some expected praise for making housing more affordable, that was not the case at all. As a matter of...
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This month we are assessing the real estate market in the Portland suburb of Milwaukie. Each month we choose one of Portland’s many desirable suburbs and provide an analysis of its housing market. Our Portland Suburb Real Estate Market Reports are a great resource if you’d like to learn more about real estate conditions in suburbs we are covering. Milwaukie, Oregon is a Portland suburb that is sometimes confused with Milwaukee, WI by those outside of Oregon. The city center of Milwaukie is roughly 6 miles south of downtown Portland and neighbors its southeastern border. With a diverse selection of restaurants, bars, shopping, and outdoor activities, it is a desirable place to live in its own right, with its proximity...
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Milwaukie, Oregon Real Estate Market, 2023 Update
May 29, 2023
This month we are assessing the real estate market in the Portland suburb of Milwaukie. Each month we choose one of Portland’s many desirable suburbs and provide an analysis of its housing market. Our Portland Suburb Real Estate Market Reports are a great resource if you’d like to learn more about real estate conditions in suburbs we are covering. Milwaukie, Oregon is a Portland suburb that is sometimes confused with Milwaukee, WI by those outside of Oregon. The city center of Milwaukie is roughly 6 miles south of downtown Portland and neighbors its southeastern border. With a diverse selection of restaurants, bars, shopping, and outdoor activities, it is a desirable place to live in its own right, with its proximity...
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The spring housing market likely hit its final peak in May as buyer traffic grew and inventory remained low. June will likely be a slightly slower month than May as inventory starts to climb. So far this year is staying within normal season cycles where the spring is the best time to sell and the fall is the best time to buy. June will still be a good month to sell, just not as strong for sellers as May. Housing Inventory is Low while Buyer Traffic is High Traffic from our last report was hovering in the 19,000 a week range, and has since increased to the 20,000 range in May. Buyer Traffic has Warmed up Above are weekly buyer...
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Portland, Oregon Real Estate Market, June 2023 Report
May 26, 2023
The spring housing market likely hit its final peak in May as buyer traffic grew and inventory remained low. June will likely be a slightly slower month than May as inventory starts to climb. So far this year is staying within normal season cycles where the spring is the best time to sell and the fall is the best time to buy. June will still be a good month to sell, just not as strong for sellers as May. Housing Inventory is Low while Buyer Traffic is High Traffic from our last report was hovering in the 19,000 a week range, and has since increased to the 20,000 range in May. Buyer Traffic has Warmed up Above are weekly buyer...
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The Portland real estate market has been buzzing with activity in the spring of 2023. While we saw home sales slide quite a bit from May of 2022 to the end of 2022, we are experiencing a strong rebound in the spring of 2023 (though we expect it to slow down again in the summer and more so in the fall and winter). With the current real estate market conditions, sellers who price their homes at or below market value often find themselves receiving multiple offers. Understanding how to handle the multiple-offer scenario is important if you’re in this situation. To help you make informed decisions, we’ve compiled a list of frequently asked questions regarding handling multiple-offer situations as a...
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How to Pick the Best Offer in a Bidding War
May 22, 2023
The Portland real estate market has been buzzing with activity in the spring of 2023. While we saw home sales slide quite a bit from May of 2022 to the end of 2022, we are experiencing a strong rebound in the spring of 2023 (though we expect it to slow down again in the summer and more so in the fall and winter). With the current real estate market conditions, sellers who price their homes at or below market value often find themselves receiving multiple offers. Understanding how to handle the multiple-offer scenario is important if you’re in this situation. To help you make informed decisions, we’ve compiled a list of frequently asked questions regarding handling multiple-offer situations as a...
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Licensed since 2003, one of the trends I’ve noticed is that bigger homes are not as desirable as they were twenty years ago. Large homes still have a market, don’t get me wrong, but household size is down overall. The average household had 3.68 people in the home in 1940. In 2010 that number was 2.58. Then came the rise of multi-generational living and grown-up kids still living in their parent’s home. This caused a slight increase from 2.58 to 2.65 in 2017. According to an NBC news report had slightly higher numbers, the average household size still came down to around 3, a steady decline from 3.7 in the 1960’s in the reports they referenced. However you look at...
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How Much More Does a 4 Bedroom Home Sell for Than a 3 Bedroom Home?
May 22, 2023
Licensed since 2003, one of the trends I’ve noticed is that bigger homes are not as desirable as they were twenty years ago. Large homes still have a market, don’t get me wrong, but household size is down overall. The average household had 3.68 people in the home in 1940. In 2010 that number was 2.58. Then came the rise of multi-generational living and grown-up kids still living in their parent’s home. This caused a slight increase from 2.58 to 2.65 in 2017. According to an NBC news report had slightly higher numbers, the average household size still came down to around 3, a steady decline from 3.7 in the 1960’s in the reports they referenced. However you look at...
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These days, anyone interested in selling or buying a home is familiar with the home search engine Zillow and the proprietary Zestimate® formula it uses to place an estimated value on a property. Many times people will be motivated to make decisions about selling their home based on the Zestimate® they discover online. Or buyers may feel like they must offer a certain price based on a number generated by Zillow. But unfortunately, this price estimate can be misleading and has a wide margin of error according to Realtors, other sites, and even Zillow. This might cause you to wonder why Zillow would continue to post the Zestimate® and what is useful for if it cannot be trusted to accurately...
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Is the Zillow Zestimate® Accurate? 2023 Update
May 19, 2023
These days, anyone interested in selling or buying a home is familiar with the home search engine Zillow and the proprietary Zestimate® formula it uses to place an estimated value on a property. Many times people will be motivated to make decisions about selling their home based on the Zestimate® they discover online. Or buyers may feel like they must offer a certain price based on a number generated by Zillow. But unfortunately, this price estimate can be misleading and has a wide margin of error according to Realtors, other sites, and even Zillow. This might cause you to wonder why Zillow would continue to post the Zestimate® and what is useful for if it cannot be trusted to accurately...
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If your home is in need of a fresh coat of paint or you are considering painting your exterior to enhance its curb appeal for potential buyers, choosing the right color can feel like a weighty decision. It’s true that the most important photo for your home’s online listing is the first one, and that first impression is crucial for capturing a buyer’s attention. Learning about the types of colors that work well for your home’s design and in your neighborhood – as well as colors that are currently trending for home exteriors – can go a long way toward narrowing your choices. We’ve provided an overview of the most popular home colors this year to help you discover the...
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Top 5 Colors to Paint Your Home to Increase Home Value in 2023
May 15, 2023
If your home is in need of a fresh coat of paint or you are considering painting your exterior to enhance its curb appeal for potential buyers, choosing the right color can feel like a weighty decision. It’s true that the most important photo for your home’s online listing is the first one, and that first impression is crucial for capturing a buyer’s attention. Learning about the types of colors that work well for your home’s design and in your neighborhood – as well as colors that are currently trending for home exteriors – can go a long way toward narrowing your choices. We’ve provided an overview of the most popular home colors this year to help you discover the...
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Local Real Estate Market Research Licensed since 2003, I’ve had to handle a lot of my client’s questions along the way. My small team is approaching 3,000 local home sales. So you can multiply that number by say a dozen and get a rough idea of the number of questions coming my way. One of my favorite ways to answer starts with, “I wrote a greater Portland real estate market research report on that and the answer is _.” The Impact of Cash Offers Home buyers and home sellers want to know how much cash is getting thrown around in the greater Portland metro real estate market. Home buyers want to know because they’re concerned their financed or even contingent...
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In 2023 so far, 19.92% of homes sold for cash.
May 12, 2023
Local Real Estate Market Research Licensed since 2003, I’ve had to handle a lot of my client’s questions along the way. My small team is approaching 3,000 local home sales. So you can multiply that number by say a dozen and get a rough idea of the number of questions coming my way. One of my favorite ways to answer starts with, “I wrote a greater Portland real estate market research report on that and the answer is _.” The Impact of Cash Offers Home buyers and home sellers want to know how much cash is getting thrown around in the greater Portland metro real estate market. Home buyers want to know because they’re concerned their financed or even contingent...
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