Friday, January 20, 2023

Portand's 2023 Real Estate Market?


What do we think the 2023 Portland real estate market will be like?

It looks as though interest rates will settle in somewhere below 6%. Rate predictability will benefit both buyers and sellers, allowing parties to make decisions reliably.  Continued lower inventory of homes on the market will keep demand in play, but longer market times will give buyers a chance to consider their purchase (and make better decisions).

Timing the market is hard, or impossible.People who think they timed the market most likely got lucky.  And a market in extremes (crazy sellers market or heavily weighted buyers market) brings undue pressure on one party or another.

2023 is the right time to buy if:

You plan to be in your home three or more years. 

Home ownership is in your life plan. 

You want to lock in your housing costs and have control of your environment. 

You need to sell to buy. It is reasonable to expect to get an offer accepted subject to selling your current home. The extreme sellers market of the last few years left little to no opportunity for those who had to sell to buy.  Now is your time.

You don't make large financial decisions quickly and want time to think about such a major purchase. 2023 should give buyers a bit of time in which to contemplate their choice and purchase. 

You want the opportunity to have your prospective home inspected and evaluated. The 2023 market should be balanced enough that buyers can have inspections and perhaps even negotiate repairs and concessions from the seller.

You'll use a lower down payment loan and don't have the resources for bidding wars and bridging appraisal gaps with cash reserves.

Selling in 2023:

Sellers will still be in the drivers' seat in this market. You'll just be driving a BMW compared to a Ferrari. 😂.  

It remains important for houses to be priced well (not aspirationally) and thoroughly prepped for sale.    Consider getting an inspection in advance of selling, and addressing the issues on the inspection. Have the furnace serviced, tend to those maintenance jobs you might not have gotten to. Clean, paint, power wash. be sure your water heater has two seismic straps. Be sure your smoke and CO detectors are in compliance with your city/state rules (in Portland there must be a smoke detector inside each bedroom, and CO detectors within 15 feet of each bedroom, they must be less than ten years old). Gather maintenance, repair and remodel records and recipients. Find that paperwork from the oil tank that was decommissioned years ago.  Remove LOTS of furniture and belongings from the house, and consider having it professionally stage. All that prep will pay off.

I'm glad to give you direction and ideas for house prepaid even have a few suggestions for service providers. 

As always, I'm here to discuss your specific situation and help with your real estate plan.



Friday, January 13, 2023

Into the dark in search of the light!

 Bucket list?  Not quite, as I don't really believe in those.  But seeing the Northern Lights had long been an aspiration.  Though it would be fabulous to see them spontaneously, in my 62+ years on earth, that had not yet happened.  I don't regularly hang out late at night, in the far northern hemisphere in winter.  Yes, occasionally forecasters will predict them visible in Oregon, and we have driven late into the night, east, in search of darkness for light...to no avail.

My brother-in-law spent his career working with the tour and travel industry in the NW and suggested a few places to which one must travel in search of the northern lights.  We considered both Chena Hotsprings Resort and Borealis Basecamp, both in Alaska.

Chena Hotsprings Resort drew us as there appeared to be more to do while waiting to see the northern lights and because they had availability in 2022.  We were hoping to schedule in that suspended time between Christmas and New Year's.  

We were able to schedule at Chena, pretty much exactly when we wanted. We booked a three night package, and then added a night. Traveling all the way up there, it seemed wise to add a night to increase our chances of seeing "the lights." The package included meals (generous options) and non-alcoholic beverages, aurora tour, dog sledding, hot springs, kennel tour. We added in massages, also recommend that.  Chena Hotsprings has a shuttle that picks up from the Fairbanks Airport and several area hotels. The drive is a bit over an hour, but with various pick up stops, can take up to two hours.



The setting is stunning, in a sweet valley, so nice mountain views.  It is a very easy and enjoyable place to spend a few days. 

We stayed in the Moose Lodge. Moose Lodge is the newest,and from what I understand best appointed of the accommodations;  decent hotel rooms, close to the restaurant/bar, pool etc.  The rooms have radiant floor heat. It took us a day or so to get the setting right. First night was like sleeping in a sauna. We were most comfortable with it set on 3.25, 5. Being the highest. No worries about being cold!

Our package included three meals a day. The restaurant is busy and doesn’t take reservations, so be patient, and build in enough time. Getting cranky won’t help. With just two of us, we were usually seated within 20 minutes, though sometimes service was slow. All the staff were working incredibly hard and efficiently. If you’re on the package, remember to tip on your entire meal cost.  Food was generally good. They grow lettuce, tomatoes and other vegetables year round in their hydroponic greenhouses (you can get a brief tour). I enjoyed the salmon dinner most, Don liked the curry. And breakfast. I love a good breakfast.



 

The resort is quiet in the mornings, but gets crowded with day trippers in the afternoon and into the night. We really enjoyed an early breakfast (we’re early risers) at 7:00, and then spending time in the hot springs before it gets crowded. The package we had gave us free use of the hotsprings. I’m not sure if all guests get that, or only those on packages. With the long nights, we really loved the springs in the dark morning, and watching dawn break. There is a bit of a chilly walk from the locker rooms to the outdoor hot springs pool. They don’t allow shoes in the locker rooms.  Some folks had water shoes or slippers, we survived without. The pool itself has a gravel (pea gravel, so easy on the feet) floor.  Lockers are available for 50 cents a use. 




Then, an afternoon activity…massage, dog sledding, geo-thermal energy tour, kennel tour.  We didn’t tour the ice museum, nor partake in ice fishing.   Our massages were in this historic cabin, dating back over a century to the early days the report (photo taken around 3:00 pm in the afternoon).




 

As we very much enjoy dogs, we spent a fair amount of time with the dogs. They get sooo excited at the prospect of pulling a sled.The folks at the "dog yard" were friendly and accommodating. Plenty of dog pets and snuggles, lots of interesting information and of course, sledding!




We enjoyed walks around the resort and on a few of the closer trails. Our Yaktrax served us well, though we did shorter walks to meals and such without. They ask you don’t wear them inside, though the folks at the dog yard were fine with them inside. 

The Aurora Tours are your best viewing opportunity. They leave nightly at 9:30 and 10:30 pm, with a projected duration of five hours. As clear skies are best for viewing, consider the weather report when booking your "tour'. Groups are driven, via fancy snow-cat, to the top of Charlie Dome, which offers a 360 degree view. The resort has a few large yurts, heated and equipped with warm beverages. Wear all your warm clothes, as one the lights are visible, you won't want to miss them!  





Chena Hotsprings Resort is off the grid. Until the early 2000's, the resort was run on diesel generators.  Owner Bernie Karl a bit of an inventor in his own right, sought to harness the energy of the hot springs. As the springs water is cooler than that required to power traditional steam engines, a heat exchanger system was developed, leading the world in low-tempertaure geo-thermal power.  In addition to creating electricity, the hotsprings heat the accommodations through hot water floor heat.  

Power and hot water from the springs also fuel the various on-site greenhouses, with fresh vegetables grown year round.  A variety of hydroponic gardening methods are used.



We had a great time on this trip and are so thankful we were able to see the northern lights.  Even without seeing 'the lights" this would have been a wonderful trip. I highly advise setting expectation such that your excursion can be a success, even if the northern lights don't make an appearance.