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How’s the Market? December 2016

How’s the market? As always, it depends on your plans. Inventory is still low. We don’t have enough houses for sale to meet the buyer demand.  But interest rates have been going up since the election. The fed is expected to raise the bank’s rate this week which down the road could impact mortgage rates further. In my experience, when rates rise, prices may eventually soften because buyers will not be able to afford as much of a loan.

So if you are considering selling, call me sooner rather than later to discuss a plan.

Buying? The note above makes it sounds like buyers should wait because prices may soften. But if you are financing a purchase and rates rise, you will probably get more house by buying sooner than by waiting. If you are a cash buyer, then you could wait it out and see if prices soften. Confused? Happy to clarify, just give me a call.

Some homes are not selling as quickly as they were earlier this fall, and we have seen some price reductions this fall. Savvy buyers are considering these “leftover” homes that are sometimes ripe for a price reduction or have a motivated seller. 

Homes that are marketed with panache are attracting the people who will love (and buy) them. Homes that are appropriately priced, prepared and marketed are still eliciting multiple offers. Here’s an example of one of M’s listings that sold over asking price, and in less than a week.

We are working with many buyers who are looking for their dream home.  Call me if you’d like to get your home treated with our superior and unique marketing service called TrueView. I’d love to hear about your real estate goals and help you determine the best way to meet them.

 

 

6828 SE Ash St – $750,000

Sold in 3 days, $30k over asking!

Beds: 3 | Baths: 2.1 | 2,719 sqft.
This fantastic Mt Tabor contemporary home has been beautifully updated! Enjoy quick access to tons of SE Portland dining and entertainment options, while the nearby I-84 and I-205 are perfect for commuters. Neat landscaping decorates the front yard, welcoming guests to the home. A two-car garage offers tons of space for parking and storage. Entertain with ease in the backyard, where a sizable deck overlooks the lovely garden. A large patio sweeps around the side, leading to fruit trees and another garden space!

 
 

 

 

 

 
 

 

 
 
 
 
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Adventures in Milwaukie and Oak Grove!

Christmas Ships in Milwaukie Bay, Milwaukie Oregon, coming around again this Saturday at Milwaukie Riverfront Park.

Adventures in Milwaukie and Oak Grove

Did you know Milwaukie and Oak Grove are just south of Sellwood?

Both Milwaukie and Oak Grove have many beautiful woodsy areas with larger lots and a mix of vintage homes from the 1910s through the 1940s, and many mid century and new homes as well. There is a long stretch of waterfront homes along the Willamette Riverin Oak Grove and Jennings Lodge. A little known haven for many artists and musicians, Oak Grove continues to grow a warm but informal sense of community, where many artists and musicians have been developing their crafts for years. Neighborhood street fairs, open mikes, art shows, potluck groups and more make Oak Grove a sweet place to call home. The end of the line light rail station at Park and McLoughlin is making Oak Grove even more convenient. Many cyclists are moving to the area because the new Trolley Trail bike and pedestrian way connects to the Springwater Corridor and easy and direct routes to downtown.

Outside of rush hour, the beautiful bayfront Milwaukie Riverfront Park is a short 15 minute drive from Hawthorne and SE Martin Luther King Blvd. Getting to town by bike is easy too! And the Portland Metro area welcomed the MAX Orange Line a year and a half ago–a 7.3 mile stretch of easy-to-access public transit aiming to alleviate congestion on the McLouglin/Highway 99E Corridor and serve a growing residential community. The new transit option has opened up more home buying opportunities on the east side of the river, particularly in up-and-coming Milwaukie and Oak Grove!

Prices are up in this blossoming area, but there are still good deals to be had in both Milwaukie and Oak Grove. With large lots and big trees, this area can feel like a welcome retreat, yet it is 5 minutes to Sellwood cafes and shops. I’ve been selling homes in this area for quite a long time and I have some favorite areas and hideaways, so don’t hesitate to ask me if you’d like to know more.

Perhaps unbeknownst to many folks, Milwaukie is home to a world class comic book publishing house, Dark Horse Comics, and the purveyor of organic ingredients, Bob’s Red Mill. A fantastic large farmers’ market meets every Sunday in the warmer months along with a First Friday celebration that fills downtown with people. It includes salsa dancing at one end and varying live music at the other, with sidewalk cafes, booths, and more. The lively downtown scene is seeing an uptick in new businesses.  With the Orange Line providing an easy way to get into city without the hassle of traffic, Milwaukie or Oak Grove may just be the the right option for you!

With lower home prices on average than Portland, both Milwaukie and Oak Grove might belong on your radar next time you’re poised to enter the market. I know this area very well. If you’d like to know more about homes in this burgeoning real estate market, give me a call. I am always happy to help!

 

MAX Orange Line Map

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The Cost of Waiting

 

You’ve heard that “time is money” and it actually applies to our current real estate market. If you’re considering buying someday soon, there’s a definite cost to waiting.

For most people, the true cost of purchasing a home boils down to the property’s purchase price and the interest rate you can secure for your loan. This past year both those factors have been on the rise:

Rates have been rising since the 2016 election.

That might not sound like it would have a significant impact, but let’s take a look at an example of a $250,000 home with a 1% increase in interest rates. Those increases are likely to result in an extra $188.50 in your monthly payment, according to one of the mortgage pro’s we work with. That’s $2,262 a year and a total of $67,860 extra over the life of a 30-year loan. This is, by no means, reason to panic. But it’s absolutely something to consider if you’re thinking of buying in the near future. Looking for a $500,000 home? Double those numbers. (Of course the impact will vary depending on the percentage you put down).

What’s important here? If you’re not ready, don’t let these factors sway you. But if you’re on the fence, it might be wise to consider hopping into the market.

Are you thinking about a move? I’d love to answer any questions you have and help you formulate the best strategy for getting you into your ideal home!

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The Value of Working with an Agent

Popular internet-based real estate marketplaces like Zillow, Trulia, and Craigslist have made searching for your dream home a whole lot easier on your own. However, every home is unique (just like these kittens!). There are several important things to remember about why having a real estate professional on your side can make the process much better! Here are just a few ways your M Agent beats the internet:

    •  

    • Internet-based real estate marketplaces often give an estimate of a listing based on market prices of homes around the area. While these estimates and pricing calculators have gotten better over the years, especially at identifying trends in an area, nothing beats an agent’s local knowledge and resources in seeking out homes that are within your budget. If you are selling, online services don’t reflect what is really special about your home that makes it stand out from the competition. They can’t take that into consideration when pricing.

 

    • Your agent’s experience and knowledge can help you put your best foot forward at the negotiation table. You want someone on your side with access to the best facts and figures without undermining either the buyer or seller. While you may have some idea about how the market is playing out, a real estate professional will likely know just a bit more than you. Agents at M also have the benefit of working at a brokerage where there are forums for other agents to offer their support and expertise.

 

    • Your agent is there to understand your needs and your desires — the internet can’t really do that for you. By putting you first, and gaining your trust, your agent will be able to help you achieve your real estate goals, be it finding your first home or selling your third!

 

    • Not all homes for sale have an online presence — some homes exist just under the radar. Typically, agents will let each other know of new pocket listings that might be of interest, or share exclusive listings before they even hit the market. (See for yourself and check out my sneak peeks!) This is valuable information, especially in this current market.

 

    • When you’re working with an agent, especially an M Realty Agent, you know that they have your best interests in mind. The internet may let you quickly search for that house you drove past, but your agent can show you a house that you may have not considered, but is perfect for you.

 

There are many other things your M Agent can do for you — shuffling through mountains of paperwork is just one of them. If you’d like to learn more about what I can do for you, don’t hesitate to reach out.

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Mt Tabor — 7644 SE Clay

$401,000 — 2 Bedrooms, 1 Bath — 923 SF

East Tabor eco-friendly garden retreat near the Park! Huge glorious trees, & sun for pesticide-free & organic gardens too! Updated bath & cool checkerboard kitchen. Loft space above garage. Two bdrms + study opens to patio & sunny backyard w abundant berries, natives, herbs, rain barrels, view of park, & tiny art shed. Majestic Giant Sequoia and Western Red Cedar trees. Sewer 2008. Newer metal roof & newer furnace!

Listed by: Laurie Sonnenfeld @ M Realty LLC

SOLD — 6 Days on Market

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A Smarter Home

Technological advances in the last 15 years or so has brought us smart phones, smart cars, and now, smart homes. The smart home industry has seen a recent uptick in interest, and while they may not all be necessary upgrades for your home, a few of these gadgets could be fun additions to your daily routine. Here’s a snapshot of what products are out there right now. 

Amazon Echo

Amazon released the first iteration of the Echo in 2014, and since then, it has made strides in connecting folks to their homes. A voice-activated device, the Echo is a fantastic control center for the other smart devices in your home. When you enter a room, ask Alexa to turn on your smart lights, and the room will be illuminated within seconds. If you have a smart garage door, you can ask Alexa to close it for you from the kitchen. With built-in speakers, you can easily play music through the various music streaming services available during a dinner party. 

Nest Learning Thermostat

The humble thermostat has finally been updated with the Nest Learning Thermostat. With the ability to learn your ideal temperature and know when nobody is home, the Nest can set up the perfect schedule for your air conditioning needs with very little work on your end. This will help make your home more comfortable while also helping you save money.

Lutron Serena Remote Controlled Shades

Gone are days of fiddling with strings to lower or raise your blinds with the Lutron Serena. With a push of a button, you can control the motorized shades from across the room, and let in a much or as little light as you want. 

Power outlet with integrated USB Ports

Perhaps the simplest and cheapest smart home upgrade you can do is change out your old power outlets with ones that have several built-in USB Ports. Easily charge your smart phones, tablets, and other USB enabled devices without having to deal with a power brick. 

Let me know if I missed one of your favorite smart home devices! If you have any real estate related questions, please give me a call.

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Crafty Costumes

Halloween is creeping up on us and here are some fun and crafty DIY costumes for you to try out. If you do end up making any of these costumes, don’t forget to share it on social media by tagging @mrealtyhomes. If you’re looking to move into a haunted house (or a regular house), you know who to call!

Gumball Machine
Materials:
White t-shirt
Fabric glue
Multicolor pom-poms
Red skirt or pants.

Simply glue the pom-poms securely all over the white t-shirt, and tuck it into the red pants or skirt!

 

 

 

Solar System
Materials:
Galaxy printed shirt or dress
Eight or nine foam balls (depending on whether or not you’d like to include pluto, which you should)
Craft sewing needle that is at least as long as your largest foam ball
Acrylic paint
Black string or fishing line

Paint the foam balls like the planets, allow them to dry completely, then use the craft sewing needle to thread them onto the fishing line or string. Tie the chain of planets into a loop, then wear as a sash over your galaxy printed shirt or dress.

 

 

Jellyfish
Materials:
Large cowboy hat
Sheet of cardboard
Bubble wrap
One yard of felt
One yard of shiny fabric
Ribbon
Stapler
Duct tape

Cut the cardboard into a donut shape, large enough to fit around the hat. Staple felt to the bottom of the cardboard, then cut out the felt underneath where your head goes. Add bubble wrap to fill in the top of the hat, using the duct tape to keep it in place. Next, add your tentacles by stapling different lengths and types of ribbon around the brim. If you have battery powered LED lights, you can add them with the ribbon to make this costume light up. Finally, staple the shiny fabric over the bubble wrap.

 

 

Grapevine
Materials:
Large purple balloons
String
Stapler
Safety pins
Black headband
Green felt

Blow up the balloons, and tie them in clusters to the string, then safety pin the grapevines to a plain shirt. Cut out leaf shapes from the felt, then staple them to your headband. To make this costume a raspberry, just use red balloons.

 

 

And for your furry friends, Ghost Dog
Materials:
White sheet large enough to cover your dog
Scissors
Black marker

Cut three round holes in the middle of the sheet, two for your dog’s eyes, and one large enough for your dog’s nose and mouth to fit through. Draw a circle around the holes. For added cuteness, give your dog a pumpkin candy basket to hold.

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Cully — 4729 NE 78th Ave

$275,000 — 2 Bedrooms, 1 Bath — 774 SF

Nestled in the blossoming Cully neighborhood on a quiet street near Roseway delights & Sacajawea off-leash park! Bright, sunny 1950 cottage maintains much of its original charm. Hardwood floors. Enjoy native plants, fruit trees, a sweet garden with strawberries, a rain barrel & a deck in the fenced yd. Attached garage. Appliances included. Updated furnace, insulation, fresh paint & some new windows. Room for more improvements & updates.

Listed by: Laurie Sonnenfeld @ M Realty LLC

SOLD — 8 Days on Market

A lush yard and established plantings adorn the front of the home, while an attached garage (with bike hooks) opens to the back yard and provides room for your car, tools, and toys.

Around back, a large grassy area and a raised deck call for relaxation amidst the fruit trees and strawberry garden. Rain barrels help make good use of rain water, and the disconnected downspouts come with a rebate on your water bill.

Besides the apple and pear trees, the site boasts vine maples, rhodies, disease resistant dogwoods, budlea (butterfly bush), a honey locust, a black willow, snake bark maple, a bamboo leaf oak, spirea, a raywood ash (turns burgundy in the fall) and a golden chain tree!
Inside, the living room is light and bright, with gleaming hardwood floors illuminated by generous windows. The cozy kitchen is equipped with ample storage, corner display shelves, a gas range, a pot rack, and a sun-splashed dining area.

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A Guide for Every Buyer

Whether you are looking for a first home, investment property, or purchasing your dream home, buying real estate can, at times, be a difficult process to navigate.

Here are a few tips for any home or investment property buyer.
First Time Home Buyers:

  • Make a wish list. Talk/meet with your realtor and discuss what you are looking for in your home, and what neighborhoods you are interested in. Their job is to get to know you and meet your needs, so don’t be alarmed if they suggest an area or home you haven’t yet considered.
  • Don’t judge a book by its cover. Same goes for a house. Visit the property in person, look around, and visualize the potential. When you buy a house, it’s not just a place to live, it’s an investment.
  • Consider all of the costs. Aside from the monthly mortgage payment, make sure you have a financial grasp and budget for what it takes to own a home.
  • Make a reasonable offer. When it comes to negotiating with the seller, the three most important matters are information, preparation, and realism.

Investment Properties/Flippers:

  • Find the right neighborhood. It’s important to know the dynamics of a neighborhood– are most homes owner occupied or do some rental properties exist? Location is also key when it comes to tenant retention and happiness.
  • Be aware of local rental regulations. It is a safe assumption that you’ll need to bring your property into accordance with local rental regulations prior to earning any income from the property.

Luxury Real Estate:

  • Learn about the search process. Many luxury homes go unlisted to protect the seller’s privacy. By hiring a local, luxury real estate specialist, you can use their connections to identify which homes are for sale, and meet your search criteria.
  • Consider the financing. The loan process for luxury homes typically takes longer than for smaller mortgages. Since it can take extra time, you will want to be pre-qualified early in your home search process.
  • Thoroughly inspect any property you are considering making an offer on. In many cases, luxury homes are larger and have amenities that may require specialized home inspectors.

Second Home or Vacation Property:

  • Choose your location/destination carefully. You’ll want a place for you and your loved ones to gather that is easily accessible and offers a variety of activities for everyone to enjoy.
  • Buy under your budget. If you are planning on hiring someone to maintain your house while you are at your primary residence such as landscaping, there will not be much wiggle room in your budget to afford it.
  • Understand the tax implications. A qualified real estate agent should be able to provide details about taxes in the area, and possibly even tips on ways to save, such as buying just outside the city limits.
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Register for the Fourth Annual Catio Tour!

Catios Help Create Purrfect Backyard Habitats for Cats and Wildlife

cattioDear Backyard Habitat Builder,

Are you looking for a way to reduce your cat’s impact on wildlife in your backyard habitat? Don’t miss this one-of-a-kind event! The fourth annual Catio Tour will showcase eight of Portland’s coolest outdoor cat enclosures—including one on a floating home—on Saturday, Sept. 10, from 10 a.m. – 2 p.m.

Hosted by the Audubon Society of Portland and the Feral Cat Coalition of Oregon, this self-guided tour seeks to inspire cat guardians to build or buy their own outdoor cat enclosure so their felines can exercise and soak up the sun safely. Backyard enclosures from DIY to designer keep cats safe from outdoor hazards while also protecting wildlife from cat predation.

There’s a $10 suggested minimum donation to attend.

Register Now!

The Catio Tour is part of Portland Audubon’s and the Feral Cat Coalition of Oregon’s “Cats Safe at Home”™ campaign, which seeks to address the challenges associated with cat overpopulation in the Portland metropolitan area in a humane and environmentally responsible manner. Both organizations believe every cat deserves a safe home where it is loved, cared for and kept free from hazards.

 

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PNW’s Best Museums

From rose gardens to aviation museums, and historical societies that bring light to years past through photos, postcards and articles, the Pacific Northwest boasts fantastic museums where we can learn more about our region or simply enjoy art. Check out the map for a list of museums near and far.

For more information, head over to FreeMuseumDay.org!

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Chill Out!

Keeping cool in the summer can be a costly endeavor. Here are a some tips to save money while staying cool at home. Give me a call if you have any other home maintenance questions. I can get you in touch with the right people!

  • Open your windows at night to let cool air in and use fans to help aid in the process. Don’t forget to close the windows during the day to trap the cool air in!

 

  • Invest in some blinds or darkening curtains to help insulate and regulate the air inside while you’re away.

 

  • Big machines like your washer and dryer tend to give off a lot of heat, so do your laundry at night for maximum efficiency. With that in mind, get out and use your grill instead of your oven and stove when cooking.

 

  • If you have central air running through your home, you can maximize your AC usage while saving money by scheduling when it runs. Energy.gov suggests 78 +/- 1-2 when you’re at home, and bumping it up to 80 when you’re away. This of course can be adjusted to your comfort levels, but it’s a fantastic starting point. Don’t forget to change out your filters frequently during the summer.

 

  • The best thing you could do is to invest in exterior shades, like an awning or outdoor shutters. Awnings are an extremely effective way to reduce cooling costs.

 

These are just a few tips and tricks to chill out in your home while saving a bit of money. Stay cool!

 

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Design at Your Fingertips

Thinking about redecorating your home? Try out these fantastic free apps to help jump-start the process. If you’d like a more personal approach, get in touch with me. I can put you in contact with some fantastic designers!

AutoDesk HomeStyler, free on iOS and Android
Decorating a space can be quite the task, but AutoDesk HomeStyler aims to make it just a bit easier. You can upload an image of an empty room and virtually reconfigure the space with furniture from stores like Wayfair, Pier 1, IKEA, and Target. It also links each piece you’ve chosen to its website, making the purchase a lot simpler.

Houzz, free on iOS and Android
If you’re into gorgeous furniture, and want to be up-to-date with the season’s newest design trends, Houzz is right up your alley. Like AutoDesk HomeStyler, you can shop within the app, but what sets it apart is the community aspect. Join the discussion board if you have a question about a DIY project, or answer questions about gardens if you’re well-versed in perennial conversations.

Project Color, free on iOS and Android
Project Color can help you get rid of your color wheel with every color available at the Home Depot’s paint center right at your fingertips. The app allows users to take a picture of a room, and paint it whatever color they choose. It’s smart enough to paint around existing items in the room like picture frames, bookshelves, or your TV.

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Picnic Perfect

For whatever you do outside this summer– be it a hike in the gorge, a day at the beach, or a movie in the park– you and your companions will want to take a break from the action. So roll out a blanket, break out that basket, and tuck in to a wonderful, portable dining experience!

Here are four must-haves for the perfect picnic:

1. Fruit
It simply wouldn’t be summer without stone fruit, which practically begs to be included in your salads, side dishes, or beverages. Throw peach slices into sweet tea, or add cherries to your salsas to add sweetness and complexity. Watermelon, too, is one of summer’s delights– chop into cubes, add cilantro, feta, and lime for a wonderful, light side dish. Stop by your local farmer’s market and take home whatever is at the peak of the its season!

2. Seating
You and your guests are sure to appreciate the right seat when attending a movie in the park or a day at the river, so a sturdy blanket is a must. When it comes to seating, more is always better– speciality cushioned picnic blankets are ideal for practically any situation, but a normal blanket or towel with a shower liner underneath will keep everyone dry and comfortable.

3. Drinks
It’s hot out, you’re in the sun, and you’re thirsty. Experiment with juicing at home to make your own tasty beverages and cocktails! Confer with friends and neighbors to swap or glean harvests of plums, cherries, tomatoes, kale, lavender, and more! Make simple syrups to add to your favorite summertime drinks, or use the summer’s bounty as garnish for elegant cocktails.

4. The Basket
A picnic does not necessarily require a basket, per se, but the portable element of the picnic equation may sometimes seem daunting or troublesome. Not to worry however: there is no need to spend lavishly on specialty picnic sets. In whatever bag you find best suits your needs, pack cold foods at the bottom and hot foods at the top to control their temperatures. Wrap wine bottles in a dish towel, twist up the length of the bottle, and tie at the top for easy transportation. Make mason jars and napkins work double time as transportation for food, cutlery, and ultimately left-overs.

Check out the events map to learn about movies at the park in and around Portland this summer!

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How to Stand out as a Buyer

We all know the Portland market is saturated with excited and competitive buyers. If you are thinking about taking the leap, here are a few key things to do to make you stand out as a buyer. As always, I am here to answer any of your real estate questions!
 
1. Know your price point.
Having a firm idea of what your minimum and maximum price points are can help make the search and subsequent processes a lot smoother.
 
2. Get pre-approved.
This is key to putting your best foot forward. It makes finding the right home for you at the set price point a lot easier for your real estate agent. Being pre-approved also makes you look like a better buyer to the seller and their listing agent.
 
3. Don’t do anything drastic that can affect your credit.
This means keeping your debts at a minimum and your credit stable. For example, don’t switch careers in the midst of your home search or don’t purchase anything with a huge price tag like a car on credit. These can negatively impact your standing as a buyer.
 
Be realistic about your search. Knowing what you want is important, but knowing what you can afford and what makes the most sense is critical for you in the short and long term.