2023 Real Estate in Portland: What to Expect
Happy 2023! We are out of the holiday real estate halt, and now that we’ve had all of January to recalibrate, I can report the market is already beginning to shift due to the interest rates adjusting downward. And although winter is typically a sleepier season, across the board we are starting to see multiple offers on well-priced homes again. The good thing is most offers are not going super crazy over the list price, and the terms being offered aren’t catastrophically risky for buyers, but it’s common to see a few offers on good homes pile up again.
This is our general fate for the foreseeable future, because we are in a literal housing state of emergency (as Tina Kotek has just made very clear), and so the supply will not outweigh the demand any time soon.
Though we saw less growth, PDX Metro still grew and will continue to gain population faster than we can build new housing. So, unfortunately, the same buyers who were being priced out when the rates were high – and those that waited it out for more inventory – are now faced with the stark reality that we’re back to multiple offers, again. But the great news is that so far, for the most part, listings are not going for 50k over. Rates are hovering at what I feel is a more “normal” and sustainable range.
Moral of the story: nobody ever really knows what the rates will do, but if it’s the right time in YOUR life for a move, you’re good to get that ball rolling.
As a seller, yes, it’s hard to see those home prices relax a bit, but by and large it’s still a really profitable position to be a home owner ready to sell (I believe homes increased overall by a minimum of 6% last year, which is still better than the unpredictable volatility of stocks), not to mention the perks of ownership outside of the financial gains. Obviously I’m a bit biased, being that I live and breathe real estate, but I’d pick the real estate market over any other place to invest right now (and, honestly, always).
I have buyers and sellers gearing up to make their moves, and I’m feeling positive that the market will provide opportunities for both. Again, rates are down, and houses are still increasing in value, just as a slightly more sustainable rate.
Nerd Out on Market Data With Me
Need help making sense of market trends? Don’t be afraid to ask questions, that’s what I’m here for!
Home and Garden Tips for Winter Weather
The winter weather isn’t over by a long shot, and we recently had a cold snap and a little freezing rain. Historically, Portland occasionally gets snowy conditions in February and even March, so continue to ensure your home is protected from damage. Here’s some tips to help you along your way.
* Make sure you have faucet covers in case of snow or ice. These are easy to apply, pretty affordable, and a great item to keep in storage as you can use them year after year. When you hear the below freezing temps are on the horizon, insulate your faucets, and, ideally, switch off the water supply for any outdoor faucets to prevent water freezing and causing expensive damage. Here’s a handy guide on how to do that.
* Winter = perfect time to prune your fruit trees! Doing so in winter protects them from diseases and rot, and promotes healthy growth in spring. Follow Portland Fruit Tree Project, as they post lots of helpful links, and often host hands-on tree pruning workshops. Also, did you know you can grow certain citrus strains in Portland’s climate? One Green World is a great little nursery in Portland, and they have a lovely range of citrus trees to choose from, including Meyer lemon, yum!
* Stuck inside and feeling a bit listless? Now’s the best time to attack some of those house chores you’ve been putting off – clean out the kitchen cupboards (and donate any unopened and unexpired goods you no longer want or need to a local food pantry), organize your medicine cabinet, and make sure all your filters are clean and that your home is heating itself efficiently. I just tackled my basement storage area and feel like 10 pounds lighter! It was long, long overdue so no judgement here!
Looking for fun stuff to do in Portland this January? We at Urban Nest have the scoop….click here for the full Picks!
Reviews Make My World Go ‘Round
…AND I’m also really bad about asking for them historically. I’m trying to get better at that, because there’s really no better way to show your Realtor you care than by leaving a positive review – reviews and word of mouth are still the best path for potential clients to connect with their new Realtor, after all. And it’s such meaningful work to be part of an expanding community of total badasses.
A recent client dropped this surprise review out of the blue, and it honestly made my world. If you’ve worked with me in the past and loved the experience, I’d be so delighted if you left me a review as well. You can reply right to this email and I’ll post it to my website, or even better, there are many places to do so with an even bigger impact (and you can just cut and paste your review into multiple platforms). Here’s me on Facebook, Zillow, Realtor.com, and Google if you’d like to do me a solid. I’m rearing to go in 2023, and would love help your friends, family, and co-workers find or sell a home.
Need Home Renovations Help?
Even if you’re not thinking of selling your home any time soon, it’s still not a bad idea to entertain ways in which to improve your surrounds for both increased value and livability. There are loads of small checklist items that are easily DIY, and that make a vast difference to how your home looks and feels. You don’t even have to spend lots of $ to get it done!
So here’s your chance to mine my experience and resources – is there any type of home reno you’re considering, but don’t know where to start? Chances are good I’ve done it myself, or know how to get that ball rolling. I’m not talking extensive plumbing updates or a new roof, but things like giving your kitchen a facelift with fresh tile, or how to tackle interior/exterior painting and other minor repairs or home beautification…I got you!
I’d love to do a deep dive on whatever’s on your To Do list. So reach out and let me know! I always love it when my people do. Here’s some examples of recent correspondence on how to maximize a light bathroom freshen on a budget. What do to, what not to do…it’s not always an obvious choice – and I hear ALL the opinions from both my buyers AND agents who show my listings – so trust that I’ve got you covered when it comes to cost -vs- value analysis!
I love winter for the downtime, and have also been trying to soak up any sunshine when there’s a break in the clouds and the rain.
If you know me, you know that I pride myself in being a meticulous homeowner – and over the years I’ve still run into my fair share of issues – but I’ve also gathered the right tools to help keep my house dry and healthy. This means gutter water management, furnace and filter maintenance, etc., and that’s why I’m SO keen on sharing it with you, so hopefully you can avoid issues where you can, and be less freaked when things DO come up. All those typical routine areas to address as we go through the cold and wet season are going to be the most important to tackle each year.
And it’s amazing what the right gear can do for a person, too, making it much more enjoyable to get out and move our bodies, rain or shine. I highly recommend investing in quality rain paints, waterproof boots, and a rain coat. Yes, it took me far too long to be an adequately dressed winter Portland bunny, and I have my boyfriend to thank for helping me realize it, ha. We recently foraged for wild, seasonal mushrooms in the rain, and it was so fun. If it’d done this without the right kit, I’m sure I would have been soaked and miserable, but instead, I was 100% prepared, and it made such a massive difference in my adventuring. Now, I show shoe in winter, I’ve taken walks in my neighborhood during the occasional ice and snow storms. My eyes have been opened to a whole new world!
Don’t get me wrong, snuggling in front of a fireplace with my kitties will never lose its magic, but I highly recommend stepping outside of those comfy zones and experiencing everything our beautiful state has to offer, no matter the weather.
P.S. Feast your eyes on my fungi bounty. I was so thrilled with this haul, and of course I put it to good (and very yummy) use.
Important Resources & Links
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