ChatGPT Did Not Write This Post

ChatGPT Did Not Write This Post

Posted inReal Estate
There is both art and science to selling a home. Mostly, this blog is concerned with the science but even to me that gets boring sometimes, so not to threaten you with too much of a good time but there won't be any charts and graphs in this post. This time around I wanted to talk more about the art, and the science that is interfering with it. The science in question: ChatGPT. I'll warn you now, there will be snark…
Portland Real Estate: 2023 in Review

Portland Real Estate: 2023 in Review

Posted inReal Estate
In the interest of starting the new year on a high note, let's dispense with the misanthropy right away-- interest rates are too high, there aren't enough houses for sale, they're all too expensive, and we're sick of Agreeable Gray paint. Done! Moving on! The word to describe the 2023 housing market is blip, not correction. Yes, interest rates remained significantly higher than they were during the manic rush for government cheese we saw in 2020 and 2021. Yes, inventory was…

How Buyer Agents Get Paid

Posted inReal Estate
In the event that headline news isn't really your thing, I'll fill you in on the potentially seismic developments in the world of real estate commissions. Recently, jurors heard a class action case filed against the National Association of Realtors (the trade group to which anyone who calls themselves a capital-R Realtor belongs) and several large brokerages. They came to the conclusion, essentially, that the NAR practice of requiring sellers to offer compensation to buyer agents (those who bring a buyer…
How to Sell Your House 3-6 Months From Now

How to Sell Your House 3-6 Months From Now

Posted inReal Estate
Last month's topic of the day month was about the best time to sell a house. The tl; dr conclusion from that effort was that you will face more competition in the spring and summer, but it generally is still worth it. More people are shopping, more people are selling, and homes tend to get higher prices. So for today's class, let's talk about how you can use the upcoming winter of our discontent to get ready for the glory of…
Is There a “Best” Time of Year to Sell Your House?

Is There a “Best” Time of Year to Sell Your House?

Posted inReal Estate
"Selling season" is a term you may be acquainted with when it comes to real estate. The conventional wisdom is that spring and summer are the best times to buy and sell, as that's when families are making plans with the next school year in mind and there are no major holiday distractions. Also, it's warmer. The newness of spring, the thaw, the rebirth- all that jazz. Far more houses do sell during these seasons, that's a fact. But are sellers…

List Price is Merely a Suggestion

Posted inReal Estate
"I can't believe this market, every house is going for $100k over asking!" Whether in conversation or online forums, that- or something similar- has been commonly heard over the past couple of years. The impression is that everything goes for over asking. The reality is more nuanced. This past July, the percent of homes that sold above their asking price was 40%. About the same number sold under asking, and 20% sold at their current list price (which may not be…
What Makes Home Prices “Sticky?”

What Makes Home Prices “Sticky?”

Posted inReal Estate
The more things change, the more they stay the same. The median sale price of a home on Portland's west side this June was $625,000, up .8% over last June. For the first half of the year combined, the median was 2.6% lower than it was for 2022's first half. In other words, despite a year of rapid change to the world of mortgage lending- changes that essentially doubled the cost of financing- the price of the home itself has stuck…
Are People Actually Fleeing Portland?

Are People Actually Fleeing Portland?

Posted inReal Estate
Whenever I feel like I'm hearing the same anecdotes over and over, I tend to do two things. First I roll my eyes, which is my natural tendency when confronted with anecdotal evidence (which is an oxymoron). Second, I see if there's a way to use actual data to either confirm or refute the anecdotal evidence. I've heard enough times that Portland and Multnomah County, via their real and perceived ills, are causing people to leave. High income and property taxes?…
Unclutch Those Pearls: LLPA’s Explained

Unclutch Those Pearls: LLPA’s Explained

Posted inReal Estate
A few weeks ago, some news about mortgage pricing that was originally announced in January finally got noticed by some in the media who, doing what media often does, framed it in a way that is designed to outrage rather than inform. In this case, the narrative became one of Biden screwing over hard-working Americans in favor of those who have been less "responsible" financially. The reality, as always, needs context. If you don't know what the hell I'm talking about…
Reports of the Housing Market’s Demise Have Been Greatly Exaggerated

Reports of the Housing Market’s Demise Have Been Greatly Exaggerated

Posted inReal Estate
"Hey Eli, why would I sell my house when the market is dead?" What's that you say, straw man asking me a fake question? The market is "dead"? Since when? I've got news for everyone that's been doomscrolling housing and economic news. The Portland housing market is far from dead. Yes, inventory is down, as are sales. For the west side of Portland in the past month, new listings were down 30% from last year. Sales were down 38%. Prices, however,…