Portland Real Estate Market News

Portland Real Estate Market

Our local Portland real estate market is always changing. It takes a very busy real estate agent, top 1% in Portland, to keep a finger on its pulse. We write Portland housing market forecasts twice a year, an annual best month of the year to sell or buy a home article, population growth articles, Portland development articles, articles on real estate market trends, housing affordability, articles on Realtors themselves, and much more. Enjoy!

best home search websites

#1 Home Search Website for 2021 – 5 Reasons Why

November 27, 2020

We are not arguing this home search website is #1 because it is the prettiest site to search homes for sale. We believe this website is number one because it is the smartest and most effective way to find the home you want and get the best deal while you’re at it. Most home search websites are prettier or easier to use versions of each other – this one is outright unique.  1. Type in any Word – Find a Matching Home. Seriously. Want to find a home with a sunset view? South facing door? Gazebo? Indoor pool? Only interested in Mid-Century Modern or Victorian homes? Want to find homes designed by a specific architect? Require a river, ocean, or...

portland property taxes to rise

Portland Property Taxes Higher than Ever – 2021

November 20, 2020

Portland passed three new ballot measures this November that will increase property taxes in the city. But even if these measures had failed, property taxes would still go up for homeowners in the Portland metro region, because of the way our tax system is structured. A new report shows that Portland was #5 in the nation for highest property taxes (before this tax increase), but the reason has as much to do with home value assessments as it does the new bonds and levies. It will be interesting to see how Portland ranks in 2021 – will it have the highest property tax rate in the nation? Why do Portland property taxes increase every year? Property taxes are calculated by multiplying...

portland short sale market

Portland Short Sale Market Report – Back in 2021?

November 16, 2020

Short sales were almost non-existent in the Portland real estate market in 2020, representing a fraction of 1% of real estate transactions in the city. However, many expect short sales to rise in 2021 due to the impact of COVID-19 on the economy, and the end of mortgage relief programs that were passed in early 2020. Homeowners who are underwater on their mortgage should choose a short sale over a foreclosure in most cases, protecting themselves by enlisting the help of a Short Sale Certified real estate agent.  Before we get into the differences between short sales and foreclosures, we’ll go over some short sale basics and look at the current market for short sales. For more information on our...

best way to sell a home

Best Way to Sell your Home in 2021

November 13, 2020

Did you know there is comprehensive research done every year on how homes are sold across the country in the United States? The National Association of Realtors, or NAR, conducts the research and makes its reports publically available. The organization breaks down how homes sell across the country – down to a percentage point. The report, called NAR Profile of Home Buyers and Sellers is often hundreds of pages long, but we will summarize it for you here. Rest assured the report clearly shows each year what makes a home sell and how homes get sold. Hard data every seller could use before making a decision on selling their home. Top 4 Ways a Home Sells 1. Home Buyer Searches...

portland real estate zoning changes

Starting 2021, a Six Plex can be built next to any Portland Home.

November 9, 2020

Travel back in time to Portland 150 years ago, and you’d see a housing mix that is different from today’s suburban, single-family-home-dominated neighborhoods. There were garden houses, rowhouses, courtyard apartments and cottages. Density was higher, and nobody needed parking because they used the Portland streetcar to get around (plus cars hadn’t been invented).  This vision has inspired a piece of legislation five years in the making: the Residential Infill Project. The goal of RIP, as it is known around Portland, is to reconstruct that higher-density time in Portland’s housing mix, in a contemporary way. The idea isn’t to strip away all zoning rules and create a housing free-for-all. In fact, RIP received a record-setting 15,000 public comments as it moved through...

new construction rates portland

New Home Construction Dropped in Portland 2020, Will it Recover in 2021?

November 2, 2020

Like everything else this in 2020, new construction in Portland was hit by the pandemic, but signs are already pointing to a healthy recovery in 2021.  To understand what’s going on with the new construction market, let’s take a look at new construction permits that have been issued, under review, and finaled (meaning the building was completed) in Portland, and compare those to previous years.  Here are the new residential construction permit numbers for the first nine months of 2020, direct from the City of Portland database. So far this year: 540 new residential construction permits have been issued 294 are under review 714 have been finaled As you can see from the chart below, 2020 will be a five-year...

real estate delayed closings

19% of Home Sales are Delayed in Escrow

October 23, 2020

Delayed in escrow? You’re not alone. According to the National Association of Realtors’ most recent Confidence Index Survey, only 77% of homes close escrow on time. Another 19% are delayed but close eventually. In 4% of home sales, the contract is terminated and the home does not close.  Escrow begins at the moment the seller accepts an offer on the home and the buyer deposits earnest money. It ends at the “closing”, when the final paperwork is signed and the sellers hands off the keys to the buyer. Generally, real estate agents and their clients try to avoid moving this date, but sometimes pushing it back is the only alternative to having the deal fall through.  Why would escrow be...

additional dwelling units ADU portland

Portland ADU, Additional Dwelling Unit Guide 2021

October 16, 2020

Accessory Dwelling Units, or ADUs, are a popular form of housing in Portland. They can be created in a variety of spaces, from a converted garage or basement to a new structure in the backyard. For some homeowners, they’re the secret to home affordability in the metro area, while for others, they create a vital space for a family member or aging in place.  Whatever the case, the good news is that ADUs are now allowed in every city in Oregon. In this article, we’ll dive into the types of ADUs we typically see in and around the Portland metro area, how you can use them, and what the regulations are for the different cities and counties that make up...

sell portland home fast

How Fast do Portland Homes Sell?

October 9, 2020

The Portland real estate market has been widely considered a seller’s market, at least for the last six years or so, and that means that Portland homes on average sell fast! But how fast do the homes sell? How fast is fast? Typically home sales are considered fast, and the market is considered a seller’s market, if the average home sells in 60 days or less. As you can see from the below chart, homes have sold in less than 60 days on average in the Portland real estate market since 2014. (Portland, in this article, refers to the tri-county metro area of Multnomah, Washington, and Clackamas counties.) The chart below reflects the number of days it took to sell...

portland rental law landlords

Portland Rental Law: What Landlords should Know in 2021

September 18, 2020

The Portland real estate rental market was pretty eventful for rental owners in Portland in 2020. For long-term rental/investment property owners, the contentious FAIR ordinance went into effect city-wide in March, but was soon overshadowed by COVID and the subsequent ban on evictions. Short-term property owners saw a dip in bookings as well, but the situation resolved itself more quickly. Let’s review what the changes were for rental owners in the Portland real estate market this year, and what you need to do to be a successful rental owner in Portland in 2021 and beyond. Before we get started, we should say that we are not lawyers and that this blog post is not intended to be a complete guide...