It’s become somewhat of a tradition this time of year for me to write a market update that focuses on the all-consuming question: When are house prices in Portland going to go down???
Have you heard/seen the acronym “ADU” and wondered what it meant, but were just too laz… I mean, busy… to pull out your mobile long enough to Google it?
Then here’s the definition you’ve been waiting for:
ADU = Accessory Dwelling Unit
This is a secondary housing unit on a single family residential lot (technically you can have one on a commercial lot but they still have to be subservient to a residential unit).
End of blog, what more do you need to know, right?
Well, if you have any interest whatsoever in building an attached/detached ADU, or converting existing space (like a basement, attic, or garage) into an ADU, or buying/selling a home with something on it that seems like an ADU… then there is A LOT more to know.
If you’ve never heard of nor used Portland Maps (which we will from this point forward just refer to as Portlandmaps.com, because that’s what everyone calls it), then you are in for a treat today!!!
Okay, that might be overstating it just a bit. But, I will be going into some detail explaining a few important pieces of information you can find using this tool (which is free, accessible for everyone, and relatively easy to navigate). I’ll also mention a few other handy websites that work for residents all around the metro. All together, these make for some powerful tools in your toolbelt.
Even if you don’t read this full blog article, go ahead and bookmark it, favorite it, share it, make a note, screenshot it, or somethin’, because it’ll come in handy at some point!
My latest blog covers two related topics: the pending state-wide rent control legislation and development going on in the city of Portland. Even though these topics might seem a little dry, they literally could impact every single person in the city of Portland, either directly or indirectly, whether you are a renter or a home owner, along with many people throughout the state.
Debates about rent control legislation are raging
The market as a whole always slows down in winter, but residential inventory has risen dramatically in the past month. There are lots of reasons for that… seasonality, a re-balancing of the market, affordability, etc.
What’s notable is that quite a few former rentals are going on the market, or will be soon, which is likely a “straw that broke the camel’s back” reaction by landlord-investors to a bill that recently passed the Oregon Senate and is now being considered by the House.
I haven’t written a blog in a while! To my ones of erstwhile readers, my sincerest apologies.
Late 2018 brought on lots of change for my household in the form of 2 puppies and the beginning of a major remodeling project, which I’ll write more about once we’ve actually broken ground, so stay tuned.
That wasn’t the only reason for the hiatus. In addition to my regular real estate activity (and last year was bustling!), I’ve been working on launching a brand new home search platform and website that will offer some great tools for active home buyers, window shoppers, prospective sellers, and home owners that like to keep up with their neighborhoods. Hopefully that will be coming very soon, so stay tuned for that, too!
For right now, it’s time to talk about the real estate market, and see some puppy pictures. All my conversations lately revolve around these two subjects, so it’s just about all I can write about!
It’s a sensitive subject. And I mean that literally. When I walk into a smelly home my eyes start to water, my nose goes on overdrive, and a blasting headache begins to form behind one, sometimes both, of my eyes.
I’ve been told that I have a '“super-sniffer”. I once got hit in the face with the smell of cat pee as soon as I opened the door of a condo. My buyers didn’t even notice until I made a casual comment about it, and even then they had to really stop and take it in.
I don’t think my sense of smell is THAT good, but my gauge might be skewed from watching Gus on the show Psych use HIS super-sniffer to fight crime. He gets this ability genetically from his parents. Okay, clearly I’ve watched a little too much of this show, but if you haven’t seen it, then check it out on Amazon Prime, because it’s 8 seasons of AWESOME (you can skip “Psych: The Movie”, but don’t skip “Psych: The Musical”).
This is a divisive term in the world of real estate.
Some agents will happily represent both the buyer and the seller on a transaction. Some agents are vehemently against it and believe there is no way to adequately and fairly represent both parties. Other agents will only consider it in non-multiple offer situations. Other agents foam at the mouth and bend over backwards to try to find "double-ended deals".
As long as it's allowed, I think it will always be up for debate. But, the most important thing that I always keep in mind is: what's best for the client(s)?
Otherwise known in the Portland metro market as the "Agreement to Occupy After Closing", rent back is a very common part of real estate transactions.
What is Rent-back?
If a homeowner would like to sell their home, but needs time after closing to vacate the property, then they ask for rent-back.
After the home has closed and the buyers become the new homeowners, they also become landlords as the previous homeowners become tenants. (Is this confusing yet?)
About 10 months ago I wrote my most popular blog article that was all about trying to do the impossible - predict when housing prices would fall.
So, in the interests of self-interest, I figured I'd do a follow up. Hey, if everyone liked the first one, then why not take advant... er, I mean, why not provide even more valuable information to the discerning public?
A few days ago, while driving to meet a client, I noticed water barreling out of a manhole cover. Soon after, I heard that Portland area residents were issued a warning to avoid the Willamette River due to sewage overflow. Then yesterday I showed clients a property in Milwaukie that is actually on a cesspool. I've sold properties with septic tanks before, but that was a first.
I think this definitely calls for a blog about sewer lines. This isn't typically a fun subject, but let's take the plunge anyway. I promise it won't be a waste of time.
But, you might want to grab a stool, this could take a while. Ooh, I'm so punny!