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Portland’s New Home Energy Score Proposal

Posted by Sydney Agate on December 02, 2016  /  in Sellpdx News  /  No Comments

There’s a new bill being proposed in Portland, Oregon, and it’s getting a lot of attention. This bill is intended to help combat climate change, an issue that is currently of major concern. It will address the issue of home energy usage, which currently contributes to approximately 20% of the city’s carbon emissions. The bill will do this by requiring home owners who want to sell their home to have an energy audit and receive a home energy score.

Single family homes would be required to do two things if the bill passes. First, the home must acquire a home energy performance report. This report typically costs between $150 and $200 for the average home. Second, the homeowner will be required to disclose the report to the city of Portland before the home can go on the market.  They will also have to disclose the score to any potential home buyers.

The idea is that the energy report will encourage home sellers to make changes to their homes to make them more energy efficient. A contractor will conduct the report, and will also make suggestions to improve the homes energy score. This could also potentially increase the value of the home, since “green” homes can sell for up to 4% more. However, there is no way to know how many households will actually make the improvements.

Will the Energy Score Help?

In theory, this bill sounds great. Anything that addresses climate change is a good step forward. However, will this bill help to solve the problem? Or will it just be another regulation that makes lives more difficult and does little to help?

Only about 2% of single family homes have an energy score. However, home buyers can still have access to the utility costs of the home. Nick Krauter commented on this on KATU news:

“This concept that they are trying to sell, that this is a buyer protection, is a complete fallacy. If you’re a home buyer and you want to know what the energy costs of a home are, you can get the utility costs.”

Nick  also made it clear that he wants to combat climate change, but that there are more effective ways to do so. This includes creating incentives for current homeowners (who are not looking to sell) to make changes to their homes to make them more energy efficient.

You can read more about the bill here.
You can watch the news report with Nick Krauter on KATU News here.

Inventory Drops as Sellers Wait out the Winter | Portland Inventory Report | November 2016

Posted by Nick Krautter on November 22, 2016  /  in Reports, The Market  /  No Comments

Inventory Drops as Sellers Wait out the Winter

Chalk it up to election jitters or the return of a normal seasonal slowdown but sellers look to be sitting out the market this winter. With fewer homes to choose from prices should hold through the winter and are poised to jump again in 2017. Interest rates may spike up a half a percent but remain historically low, which should keep the market busy, ultimately favoring Sellers.

This localized home inventory report helps give context to the metro statistics that often make headlines. Real estate is a local affair and this report shows which parts of town and which types of properties are selling and which ones are sitting. Inventory is figured in months with 6 months being balanced, less than 6 months favoring sellers and more than 6 months favoring buyers. I use active listings and 6 months of sold data from the RMLS to create this report.

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No One Likes Surprises: The Election and Portland Real Estate

Posted by Nick Krautter on November 15, 2016  /  in The Market  /  No Comments

No one likes surprises, and for most people in Portland, Oregon the election results were a shock. In my experience when people are in shock they often pull back from making big life decisions, such as buying or selling a home.

The stock market in the days following the election has hit all time highs. This positive response to a Trump win is also a surprise as most pundits claimed it would be met with an immediate recession.

The bond market is getting hammered and interest rates have risen sharply with an expected rate increase in the Fed funds rate in December. It’s worth noting though that rates are still very low.

My prediction is that the real estate market in Portland will go through a short term pause to deal with the surprise of the Clinton/Trump election results but will return to normal activity in the Spring of 2017. I also predict that we will have a typical seasonally-adjusted, slower Winter 2016/2017.

The factors that drive real estate, namely supply and demand, are still pointing to increased prices in the Portland market. The State of Oregon Economics office is predicting record in-migration and population growth over the next seven years and we are still not in an over-building phase.

To sum up: expect a moment of pause and slower real estate activity followed by a normal up swing in early Spring 2017 for Portland real estate.

Be sure to download our most recent Commercial Real Estate Report.

Broadway & Weidler Corridor Report here >>

Sellpdx Team sponsors Home for the Holidays and Central City Concern

Posted by Nick Krautter on November 11, 2016  /  in Sellpdx News  /  No Comments

We’re proud to announce that the Sellpdx team is a major sponsor this year for the Home for the Holidays campaign to help fight homelessness in its hometown of Portland, Oregon. The campaign will run through Thanksgiving weekend and benefit Central City Concern, a Portland-based nonprofit organization dedicated to providing pathways to self-sufficiency through active intervention in poverty and homelessness.

Our hope is that our support will help solve our problem with homelessness in Portland and make life better for our most vulnerable neighbors.

Central City Concern

 

 

It’s Property Tax Time Again!: Property Tax in Portland Oregon

Posted by Nick Krautter on November 03, 2016  /  in Misc, Sellpdx News  /  No Comments

Property Tax In Portland Oregon

It’s property tax time again, so you should start receiving your property tax statement in the mail here in the coming days and weeks. And don’t be surprised to see a hike in your tax bill.

If you are wondering how to go about appealing your property taxes, find links provided below for how to appeal in each county:

Multnomah County

Clackamas County

Washington County

Property tax bills are allowed to increase up to 3%, plus any additional increase due to the cost of bond measures that voters approve, such as the Parks and Library bonds passed three years ago. However, Portlanders can receive up to a 3% discount on their tax bills if the full property tax amount is paid by November 15, 2016.

Total property tax collections in Multnomah County are projected to top $1.5 billion in 2015-16, about 4.8 percent more than the prior year, according to new calculations by County Assessor Randy Walruff.

For a quick tutorial on how property taxes are assessed and further information on the appeals process, check out this post Nick authored!

Normal Winter Slow Down Coming | Portland Sales Volume Report | November 2016

Posted by Nick Krautter on November 02, 2016  /  in Reports, The Market  /  No Comments

Normal Winter Slow Down Coming to Portland Real Estate Market

771 homes sold in Portland this October which is 105 less than September. Pending sales are starting their predictable softening into Fall and Winter. The market is still favoring sellers and promises to keep inventory low, although buyers should have an easier time this winter vs winter 2015, which had the lowest inventory ever.

Wild cards: As prices rise, more buyers are priced out of the market which could slow the pace of sales. Interest rates have dropped close to all time lows. Out of state investment continues to push prices and rents higher and keep inventory low.

I’m predicting around 700 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in November.

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Sales volume is a leading indicator for price. To help predict where the market is going I publish this sales volume trend report. The wisdom is that price follows volume so when you see a market trending higher in sales, prices will soon follow up and when sales volume is low, prices will stay flat or fall.

Portland to Get Even More Crowded

Posted by Nick Krautter on October 31, 2016  /  in The Market  /  No Comments

Portland Population Growth

Oregon continues to lead the nation as the most popular state to move to. If you thought it was getting crowded in Portland already you won’t want to look at this projection from the Oregon State economists:Portland Migration ChartThe black vertical line is this last year and you’ll notice that they are expecting increases in population of 2.5-3% per year for the next SEVEN years. That’s great news if you own real estate or operate a service business but it will continue to tax our infrastructure in terms of road traffic and housing affordability. Even with the growth and solid economy we’re still not building enough homes and apartments to keep up with the demand. Portland Construction Supply

Sales Slowdown Leads to Increased Inventory | Portland Inventory Report | October 2016

Posted by Nick Krautter on October 19, 2016  /  in The Market  /  No Comments

Portland Real Estate Market: Sales Slowdown Leads to Increased Inventory

Rapid increases in home prices in Portland within the last year has led to a slowdown in sales as we enter the Fall season, which means more choices for Buyers and extended times on the market for Sellers. Interest rates remain low, which should keep the market busy, ultimately favoring Sellers.

This localized home inventory report helps give context to the metro statistics that often make headlines. Real estate is a local affair and this report shows which parts of town and which types of properties are selling and which ones are sitting. Inventory is figured in months with 6 months being balanced, less than 6 months favoring sellers and more than 6 months favoring buyers. I use active listings and 6 months of sold data from the RMLS to create this report.

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Sales Level Out | Portland Sales Volume Report | October 2016

Posted by Nick Krautter on October 11, 2016  /  in The Market  /  No Comments

Portland Real Estate Marekt: Sales Level Out

876 homes sold in Portland this September, which is 31 less than August. Pending sales are starting their predictable softening into Fall and Winter. The market is still favoring sellers and promises to keep inventory low, although buyers should have an easier time this winter vs winter 2015, which had the lowest inventory ever.

Wild cards: As prices rise, more buyers are priced out of the market which could slow the pace of sales. Interest rates have dropped close to all time lows. Out of state investment continues to push prices and rents higher and keep inventory low.

I’m predicting around 800 closed sales in Portland (RMLS areas 141, 142, 143 & 148) in October.

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Inventory Holds | Portland Inventory Report | September 2016

Posted by Nick Krautter on September 27, 2016  /  in The Market  /  No Comments

Portland Real Estate Market: Inventory Holds

The Portland real estate market’s inventory is in a holding pattern due to strong buyer activity late this Summer. With the exception of Ladds/Hawthorne, Sellwood/Eastmoreland, and Irvington/Grant Park, where inventory dropped slightly, most neighborhoods remained fairly steady. Pending sales are trending up, which should keep inventory levels tight heading into Fall.

This localized home inventory report helps give context to the metro statistics that often make headlines. Real estate is a local affair and this report shows which parts of town and which types of properties are selling and which ones are sitting. Inventory is figured in months with 6 months being balanced, less than 6 months favoring sellers and more than 6 months favoring buyers. I use active listings and 6 months of sold data from the RMLS to create this report.

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