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Summer Selling Starts in January

It’s hard to believe, but selling your home by summer 2013 can mean starting at the beginning of the new year. Starting preparations in January helps create an easy and smooth selling experience so you can focus on the next step. On average, it takes about 4 to 6 weeks to get your home ready to go on the market. That might include two to four weeks for minor repairs and freshening to get top value, and another two weeks for our marketing team in the M Media Truck to capture the story of your home and create all of the amazing materials to show your home to its best advantage. Professional staging needs to be squeezed in there too.

That means your home would be ready for the market in February or early March, which is an ideal time to start marketing a home in Portland. Buyers are usually waiting eagerly for new listings in the late winter and early spring. Sellers who wait until May or June to list their homes have a lot more competition in the marketplace, which can sometimes mean a lower sales price.

Based on the average days on market for homes in Portland, your home could receive an offer in two to six weeks, depending on a variety of factors. That gets us into April. The transaction could close by May, and you would be ready to move on to the next step by June.

Starting in January allows you to take the time you need to sell and prepare for what comes after. Let’s strategieze about the best timing and how to sell your home in 2013.

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What’s happening with home prices

The Year in Review:

What a wild year it has been in Portland real estate. In popular neighborhoods, we’ve seen multiple offers and many homes selling in a week or less. So many homes sold last year that a shrinking supply of listings led to even more competition among buyers. Sellers thought it was a bad time to sell, so most people held off on listing their homes. Skinny inventory resulted in rising prices.

Have we seen the bottom of the market? It sure looks that way. Especially in the close-in neighborhoods, and many of the popular neighborhoods farther out, too.

On the other hand, despite the rising competition among buyers, some homes stayed on the market a long time, as you may have noticed.

Why?

the house didn’t have what most buyers wanted, or
it wasn’t marketed well, or
it wasn’t staged or priced right, or
it had some quirk or oddity or location issue.

For these reasons, it didn’t sell. It stayed on the market for a couple of months or many more, and if the sellers were motivated, they made the necessary adjustments, and they stuck with it until their turn eventually came up.

A divided market. The market this year has been divided into homes that sold almost immediately (quick-sellers), and homes that didn’t sell for months or longer (lingerers). In my 25 years in this business, I’ve seen divided markets before. The good news is, I know quite a few ways to turn a lingerer into a quick-seller.

What’s it been like for buyers? Buyers have had trouble finding homes to look at. There are very few homes for sale. My buyers keep a close watch on the Looking Glass home searches I send them. They are looking day and night. When a house is new on the market, the house show “green” for 24 hours and they jump on those first. When they see something good, guess what? A bunch of other buyers have noticed it too, and we line up with other brokers and their clients waiting to get in for showings. It really is like that. Multiple offers? We are talking 4, 6, even 10 offers if the house looks like a good deal. Of course this drives up the price. It can be a roller coaster for my buyer clients, but more often than not, if my buyers write an offer they get the house.

For sellers? The quick-sellers were of course very pleased and grateful to have a good offer from an earnest buyer, or even multiple offers.

Prices. We are in a rising market. The prices of the quick-selling homes are rising. In fact, it’s important to be careful not to under-price.

For the lingerer houses it’s still been a rough ride. With the right adjustments, those houses have sold in 2012 too. I have outstanding tools to identify the factors that have created a lingering house and turn it into a quick-seller. One difficulty, perhaps not obvious to people outside of the real estate profession, is that homes that stay on the market longer tend to sell for less.  There are many reasons, but a home that sells quickly usually sells for substantially more than a home that is on the market a long time. That’s why we evaluate pricing very carefully. Having the right price encourages buyers to make offers right away.

So there is your (very) short course on the answer to “what’s up with prices?” I’d love to tell you more. Let’s talk about your plans for 2013. Contact me if you’d like to learn more about your home’s value or making a purchase, or any other real estate questions. Happy 2013!

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Best in Show

One of our friends at M Realty, Shana Ruess, will be competing with her dog in the Rose City Classic Dog Show this month. Five days of great dog shows will run from January 16-20, 2013 at the Expo Center. Every year people come out to see their favorite breeds and competitions, and competitors fly in from around the country with their dogs. Parking fills up fast, so it’s always a great idea to take the MAX instead, which drops you off right outside the expo building.

Shana will be competing with her 11-month-old Tibetan Mastiff, Lyka, who recently received 3 points toward her AKC Champion title in October. She was Winner’s Bitch and Best Opposite Sex for a 3-point Major Win.

At the show in January, Lyka will be competing in Conformation in the Tibetan Mastiff Breed going up against all the other females to win additional points towards her title. Lyka is working on her CH title, she has 8 of the required 15 points towards her title. Lyka could quite likely finish her CH title at Rose City, as entries will be large and most days should be worth 3-4 points. However, this is a very big show, and the best of the best come to compete, so competition will be stiff.  The winner of Best of Breed goes on to compete in the Breed Group Ring. Tibetan Mastiffs are part of the Working Dog group.

Shana will be working with Lyka on controlling her “puppy enthusiasm” as they prepare for the show. Root for your favorite breeds and keep an eye out for Lyka this January at the Rose City Classic!

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Progressive in Portland, December Events.

Warming December Events:

Friday, December 7, 2012: 15th annual Portland Clowns Without Borders Benefit Show!

Clowns Without Borders Benefit Dec 7

Hilarious comedy-circus variety show. Clowns Without Borders strives to relieve trauma through laughter in areas of crisis around the world. 7:30 pm, Da Vinci Middle School Theater, 2508 NE Everett, Portland 97232

Tuesday, December 11, Friends of Family Farmers

At their next InFarmation & Beer, Friends of Family Farmers is presenting a screening of the latest rough-cut of Gaining Ground, a documentary film about food justice by Elaine Velazquez and KBOO talk show host, Barbara Bernstein. 5:30 to 8:30 pm at Holocene, 1001 SE Morrison.

The feature length documentary shows how growing healthy food can be a catalyst for igniting hope and empowerment in rural and urban communities. Here’s a clip: 28554508

Saturday December 8, OCCUPY Portland Holiday Free Store! 1-5 pm.

Contribute and/or attend the Occupy Holiday Free Store at St. Francis Church, 1131 SE Oak just north of Stark Street (in the basement room). Bring/get anything that would make a nice holiday gift – tins of cookies, fruit cakes, knitted mittens, crocheted throws, books, DVDs, CDs, flower vases, games, puzzles, toys, stuffed animals, earrings, necklaces, frisbees.
Write a personal gift certificate for: skills, hours of work, consultation, empathy, concert tickets, whatever you want to offer for a gift. Email freestorepdx@gmail.com for more information or if you want to volunteer or have things to donate. Thanks!

MORE on FaceBook: https://www.facebook.com/events/389008361181853/

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Portland’s Most Haunted Properties

With the cold crisp in the morning air, the snap of autumn leaves under your feet, and the Pumpkin Spice latte in your hand, fall is finally here. And that means it’s almost time for Halloween. Most Portlanders are aware of our city’s strange and eerie past with places like the Shanghai Tunnels and the famously haunted Pittock Mansion, so take a look at a few more interesting Portland properties with some disturbing histories.

The Willamette Mansion

This forgotten home site sits across the river from the Waverly Club. The foundation was originally part of Oregon’s old water pump house. Legend says the builder and owner’s spirit still wanders the halls—especially in the elevator shaft where it is rumored he took his own life. Visitors have experienced doors mysteriously locking and lights randomly turning on and off.

Photo by Rick Ernst, click photo for link to Flickr.

 

Witch’s Castle

The stone ruins of a 1950s park ranger station are rumored to sit above what was once an old trading post from the 1600s. The land was originally owned by the Balch family in the mid 1800s—creating the start of an eerie past with the father Danford Balch who claimed his wife bewitched him into committing murder. The land was eventually divided up and given to the City of Portland in 1897 to be used as a park. Today, visitors who seek out the shack claim seeing strange orbs and apparitions.

 

White Eagle Saloon and Hotel

The White Eagle Saloon originally had a less than ideal reputation on Mississippi Avenue in Northeast Portland. It was once considered the saloon and brothel of choice for Portland’s roughest crowd where bar fights got out of hand on a daily basis—resulting in the nickname “Bucket of Blood.” The old brick building, which was built in the early 1900s, is rumored to be haunted by a working girl named Rose, who met an untimely death by the hand of a jealous lover. McMenamins eventually bought the building and now it functions as a popular neighborhood haunt known for its live music.

Above, the saloon today. Below, the saloon shortly after it opened in 1906.

 

 

 

 

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Selling During The Holidays

During the winter holidays, many sellers withdraw their homes from the market or wait until after the first of the year to sell. Most often, it’s because of family visits and holiday celebrations. However in today’s market, having your home up for sale during the winter holidays can give you a competitive edge.

Serious Buyers. Only serious buyers are looking for homes during the holidays. Think about it. Would you rather be attending holiday events and getting your shopping done, or driving around in the rain and cold looking at homes? For buyers, their dedication and commitment to the home buying process during this time makes them perhaps more serious buyers than the summer tire-kickers. Most buyers start their search on the internet and will spend their holiday break surfing the web looking for homes. With more free time, buyers and their families will spend more time dreaming about what they will do in 2013. Why not give them a great home website created by M Realty to fall in love with?

Less competition. As other sellers take their homes off the market, this creates less competition for those committed buyers. With fewer homes to consider, buyers will be more likely to spend time looking at your home. This will shift in January as more sellers trickle back into the market, slowly increasing back up to normal levels by the beginning of March.

Moving up before prices increase.  The market appears to have hit bottom in 2012.  From here, the market will likely begin to move back up as foreclosures decrease and normal houses return to the market.  Ask yourself, “what is the cost of waiting until I know for sure?”  Given a 3% annual increase in the market, a $250,000 house will gain $7,500 in value, while a $500,000 house will gain $15,000 in value.  Your leverage in buying up to the next level house is much higher in actual dollars.

Holiday decorations. If you are already moving furniture and personal times to put up holiday decorations, it’s also a great time to clean behind the couch or sideboard. And the temporary storage for your personal items is the same as it is when having your home professionally staged. Give me a call to have my professional stager help you with both your holiday decorations and staging your home for sale at the same time. Buyers are emotional during the holidays. Capitalize on their emotions by using high quality holiday decorations to showcase what your home has to offer—in turn letting buyers experience the dream of living in your home.

Higher appraisal values.  Recent strong sales support the rising appraisal values of homes. With the market increase in sales of normal homes, now is the best time to sell. The percentage of bank-owned and foreclosure homes has shrunk, giving appraisers more information on the sale of regular homes as they begin to increase in value for the first time in over five years.

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Kerns — 2114 NE Everett

$306,000 — 2 Bedrooms, 1 Bath — 1810 SF

Sunny, spacious, charming 1923 bungalow. Near hot new cafes like Luce, as well as Whole Foods, Laurelhurst Theater, Screen Door, 28th Ave, food carts and more. Light pours in! Beautiful hardwoods. Big kitchen & bedrooms. Bonus area in attic. Sunny garden spots. Buckman school! Bike-friendly cute detached garage on east side.

Listed by: Laurie Sonnenfeld @ M Realty LLC

SOLD — 91 Days on Market

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Foster-Powell — 3622 SE 72nd

$250,000 — 3 Bedrooms, 2 Baths — 2104 SF

Urban retreat! Bright & open 1923 Bungalow w full porch in beautiful setting. Huge fenced yard w privacy & waterfall, sun & shade. Updated kitchen opens to deck. 3 bdrms, all up/2 baths. Wood flrs. New furnace, mostly dbl windows. Hip Foster-Powell offers parks, cafes, bikeways & live music. Continue updating this spacious bungalow to make it all your own.

Listed by: Laurie Sonnenfeld @ M Realty LLC

SOLD — 7 Days on Market

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Concordia — 6335 NE 26th Ave

$362,500 — 3 Bedrooms, 1.1 Baths — 2428 SF

Mid Century Modern in Concordia near New Seasons & Kennedy School. Spacious and open living & dining with “Modern” details. Lots of light with big windows everywhere. Classic “racetrack” ceiling. Big party room w fplc. New high eff gas furnace. Storms. Patio (or inexpensively depave it for sunny garden!). Either Jefferson or Madison HS.

Listed by: Laurie Sonnenfeld @ M Realty LLC

SOLD — 28 Days on Market

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Roseway — 7625 NE Stanton

$272,000 — 3 Bedrooms, 1 Bath — 2013 SF

Beautiful Cape Cod with character. Hardwoods! Tucked away on charming street 6 blks from Roseway Theater & cafes (Pho Vinh & more!). Near parks & k-8 school. Updated kitchen opens to big, sunny yard w garden & privacy. Double living rm + formal dining. Spa tub & separate shower. Listing agent related to seller. Sqft includes 193sf garage.

Listed by: Laurie Sonnenfeld @ M Realty LLC

SOLD — 3 Days on Market

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Hawthorne — 3554 SE Alder

$389,000 — 3 Bedrooms, 2.1 Baths — 1846 SF

Tiny House + Big House! Amazing opportunity to get into Hawthorne/Belmont & Sunnsyside Env School! Legally rent out 1 house to make it affordable! Exceptionally bright, charming 1-level studio cottage (ADU), PLUS 3 bdrm 1.5 bath *fixer* bungalow with refinished wood floors, open stair, big kitchen & all 3 bdrms up. Updated furnace, roof, more. Walkscore 95!

Listed by: Laurie Sonnenfeld @ M Realty LLC

SOLD — 160 Days on Market

Near cafes and shops, in the heart of the Belmont District. Perfect for frequent guests, rental, or home office.

Near Laurelhurst Park, the library and the Belmont and Hawthorne District cafes and Hawthorne New Seasons too!

Cottage plus fixer 3 bedroom bungalow. The big house has beautiful refinished fir floors. Great big kitchen ready for your re-visioning, with a vintage range. Three bedrooms, all upstairs. 1.5 baths.

Plus, reap the benefits of the utterly adorable guest cottage in the back (official ADU!), sunny deck, and garden. Contact me for showing information.

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Hawthorne — 1605 SE 22nd

$410,000 — 3 Bedrooms, 2 Baths — 2426 SF

Bike-friendly Heart of Hawthorne retreat in Colonial Heights w attached garage/Artist studio. Fabulous organic gardens! Vintage oak floors w/inlay & built-ins. Lots of space! City views from upstairs skylight. Tremendous potential in tall bsmt. Beautiful built-in cedar sauna. Major upgrades include roof, central air, sewer, more. Near cafes, New Seasons!

Listed by: Laurie Sonnenfeld @ M Realty LLC

SOLD — 71 Days on Market

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Brooklyn — 920 SE Franklin

$390,000 — 3 Bedrooms, 3 Baths — 3057 SF

Gorgeous craftsman bungalow 3 level. DUPLEX + 3rd kitchen & bath in bsmt. Near PSU, OHSU, New Seasons, new Max. Sunny 1200 sf main floor 2 bdrm w/fplc, wrap-around porch, hdwd, natural woodwk & built-ins. Lg bright loft-like upper flat. Easy restore to single family. Big yd w/garden.Garage. Seller is listing agent.

Listed by: Laurie Sonnenfeld @ M Realty LLC

SOLD — 151 Days on Market

Beautiful 1913 craftsman duplex for sale.  Natural woodwork! Hardwood floors and fireplace. Built-ins.  Big kitchen in large main floor 2 bedroom flat.  Sweet upstairs loft-like apartment too. And semi-finished basement with 3rd kitchen and bath.

Wraparound porch, garage, big back yard, and oversized garage.

Bike friendly and close to Brooklyn neighborhood cafes and Clinton Bike Blvd, People’s Food Co-op and New Seasons. Springwater Corridor and Esplanade too!

A few minutes to PSU/downtown, more.  House next door is going to be beautiful–still in the design phase.

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John McCutcheon, live on KBOO 11/11/11

John McCutcheon will be playing live on my show on KBOO this Friday, 11/11/11.

Laurie Sonnenfeld hosts John McCutcheon live on KBOO
Mike Seeger, Pete Seeger, John McCutcheon

John writes a lot of activist songs, leaning fully to the left, though he has also been a prolific singer and songwriter of kids songs and spiritually tinged songs of the seasons.  “Christmas in the Trenches” (from his 1984 album Winter Solstice) tells the story of the Christmas truce of 1914.  Hail to the Chief is made up entirely of malapropisms from George W. Bush. I especially love his rhythmic and inspiring “Step by Step” (the longest march, can be won).

John appears live on the 11th at the Alberta Rose Theater.

Movin’ On runs from noon to 1:30 every Friday and features live and recorded folk, political, and women’s music on Portland’s only community radio station: KBOO, at 90.7 fm or streaming live at www.KBOO.FM

Laurie Sonnenfeld hosts most first and third Fridays and Don Jacobson hosts on most 2nd and 4th Fridays.

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Historic low rates, again…

I can only say I am amazed that mortgage rates have dropped this low again.

I’m hearing about 4.25% and 4.5% fixed rates. Today, Wednesday the 10th, I am hearing about rates for 30 year fixed loans with normal fees, under 4%. Even for investment purchases. Buyers who are able are moving forward with purchases to take advantage of the rates. Let me know if you want to know more. I can refer you to several reputable sources to get pre-approved for a purchase loan or a refinance. If you are self employed, the low rates will help you get financing. If you have to take an interest rate increase now because of credit or self employment, it won’t hurt as much because the starting rates are so low. If you’ve been considering buying a home in Portland Oregon, or a doing refi, call me. Now is the time.