Portland Real Estate on the Summer Streets
Summer of 2024 is winding down, and it’s been an interesting season for real estate, that’s for sure.
The new buyer broker agreement is now in full swing, and it’s been an adjustment. If you haven’t heard: new regulations, in a nutshell, means that buyers now have to sign a form before we can show anyone homes, and if a seller isn’t willing to pay the buyer agent fee (as it has historically been done in the past) buyers will need to find a way to pay the buyer agent fee. From what I’ve seen so far, sellers are still willing to contribute for the most part, but there’s no guarantee of that – which means buyers may still need to directly pay their agent. So I’ve been working hard to educate myself on the best ways to make this as low impact on my buyers as possible. And I do have some pretty good strategies and ideas if that ends up being something my buyers need to do.
Try viewing it like this: the buyer has always given the seller all the money for the house sale via the offered sales price, and out of that money, the seller pays the buyer’s agent. If you think about it this way, then it’s an easier shift into the idea of the buyer paying their agent directly for their service, it’s just a more transparent way to do business. And the buyer isn’t forking out any additional money, in theory.
Of course it’s still not as easy for a buyer to navigate, since before they didn’t have to even think about it at all. But after talking to some trusted lenders, building this into the sales price is essentially what we’ve been doing without realizing it, and you can STILL do that, and buffer your out of pocket costs. I’ve been working hard on how find ways to help soften the impact to buyers, and after seeing spreadsheets and spreadsheets on various different methods, I feel confident there are options that will work for you without too much pain and suffering.
If you have any questions about this pretty significant change in how we do real estate here, please reach out and ask. I also talked about these changes in-depth in my last newsletter, so you can get more info there, as well. As a seller, this really isn’t bad news for you. You can choose to negotiate the buyer agent fee, or offer to pay it, depending on your situation, if the home receives multiple offers…these can all potentially play into the final terms buyers offer. But once again, it’s always been, and will continue to be, one pot of gold: the sales price, and then subtracting the cost of doing business to tally the final proceeds you’ll walk away with.
Onto interest rates, and for once, it’s not bad news! Finally, we’re seeing a drop in rates, and all indicators suggest they’ll continue to do so. When rates drop, we do expect an uptick in real estate activity due to the foreseen change in affordability, but of course, that may mean more competition for you – so it’s never too early to reach out and let me know if you’re considering a move. We want to plan accordingly and get you lined up, so you’re ready to jump if anything exciting pops up and the timing is right. Because rates are lowering, it’s a good time to consider selling and buying a new place if you’ve been delaying because of affordability. Let’s chat about your goals and see what things look like for you with some finite numbers. Thanks to OnPoint Credit Union for the graphic!
Lastly, my amazing brokerage, Urban Nest Realty, was voted the #2 real estate company in Portland, and I couldn’t be more proud to be associated with such an incredible company filled with smart and conscientious realtors. Thanks to all of you who voted us in!
Summer in the Home and Garden
Hopefully you’ve all been enjoying the coast, in the forest, hiking the mountains, and doing all that summer adventuring that makes Oregon so fantastic for living your best lives. So you’d be forgiven for neglecting your home maintenance a little while you’re squeezing the most out of farmers markets, foraging, and music festivals.
We’re not quite done with our crops of tomatoes, so there’s still a few things to check off the summer list before we dig into preparing for winter:
* Now’s the ideal time to plant bulbs in your garden, right before any freezes. I typically plant my garlic bulbs around Halloween (it’s easier to remember that way), and it’s also a good time to start your cool-season vegetables: broccoli, carrots, kale, onions, radishes, chard, and more. Add some fresh compost to your garden beds before planting to give your veggies their best start in life.
* While you’re out there, this shift in seasons is a good time to divide or plant your peonies and irises, or transplant volunteers like mock orange or other natives.
* Get your HVAC cleaned and serviced, ready for the cold weather.
* It’s not a fun job, but clean and store your outdoor furniture, including any cushions and BBQs, to prevent them from being covered in mildew.
* Take stock of your emergency preparedness kits: replace anything that’s expired (or donate near-expired food items to your local food banks), and test and replace batteries on your smoke and carbon monoxide detectors. Don’t have an emergency kit? There’s loads of great resources online on where to start, and I’ve found it’s much easier to build your kit a little at a time, so you don’t get overwhelmed. Here’s a good spot to begin.
* Even if you end up doing nothing from this list, just promise me that you’ll clear out your gutters and downspouts! When the rain hits in the Pacific Northwest, it’s not messing around. Remove leaves, moss, and debris to avoid flooding and clogs, and ensure all water is directed away from your home’s foundations. This will save you many, many thousands of dollars in water and roof damage and repairs. Walk the perimeter of your home and check window frame integrity, loose shingles, moss growth, etc. Keeping on top of your home’s exterior will keep your energy costs low and your home protected from rot.
* While you’re out there, ensure there’s no attractive entry points for critters to access your home. A lovely insulated roof is a perfect cozy spot for raccoons and all their relatives to overwinter, and it’s far easier (and cheaper) to prevent them than it is to evict them, trust me on that.
Urban Nest has got you covered for events happening in Portland and surrounds, and here’s our picks for September. It’s also important to note that you can join Urban Nest agents on September 13th for the We Believe in Portland Clean Up, which is a fabulous way to volunteer for your local community. Hope to see you there!
So cat’s out of the bag, I GOT MARRIED! Yes, engaged and married in 4 months time, after four years of dating…let’s gooo! Does this surprise you to know I’m a motivated woman of action in my personal life, too? I’m sure it does not.
I’m still abuzz about it all, to be honest! I could not have asked for a better experience, and yes, I’m also extremely excited about life returning to normal too, but the whole thing was pretty amazing. And I still found time to garden, and help my clients buy and sell their homes, of course. Those are two things that never change. I would absolutely love to help you plot and plan for your future moves too, so please reach out!
Lastly, but definitely not least – I’m actively working on getting my Washington license, yay! Ever since I started as a Portland realtor, I’ve had more and more people ask me to help them in our neighboring state…and since Urban Nest has an office there, this dream to help everyone I love – even when they want to crossover into Washington – is within reach now! So, if you or anyone you know is looking to buy or sell in Washington in the coming months (or years), please send them my way!
Important Resources & Links
View My Urban Nest Realty Profile
Interested in receiving my listings and blog posts as soon as they go live? Subscribe to get automatic weekly updates from my site right in your email inbox.