Fast and Decisive

Last year, we were quite busy, and having a banner year. Somehow, this year, we put 23.8% more transactions together in August 2015 than in 2014.  How did we do that?  Primarily, I think with more decisive buyers and sellers.

More decisive buyers and sellers also contributed to our still low inventory (1.9 months as compared to 3.0 months in August 2014) and to our quicker market time; 41 days as compared to 63 days in August 2014.

Though not a scientific sample, the great majority of my buyer clients this year, actually looked at fewer than ten houses before making their purchase.   And some as few as four.  But...before you jump to conclusions, they all did TONS of online research in advance of and during our in person shopping.  So that is the other part of what has changed...technology and research.

And, of course, prices are up.  The year to date median price is $305,000, compared with $285,000 year to date in August 2014.

We are though, seeing some seasonal slowing, and even priced reductions.  Some of the sales with prices driven high by emotional multiple offers are now closing.  I'm not sure those houses would have sold at those high prices, had we actually priced them there to begin with.

So for fall, the market will continue at a fast pace, with more decisive buyers and sellers (fall is NOT a time for looky loos).  While interest rate increases may occur, I doubt we'll see anything drastic. Remember, we had a boom market with interest rates at five and six percent.

Let me know if you have questions, or are feeling decisive :)  leslievjones@gmail.com 503-312-8038

See the full RMLS report

Songwriting with Soldiers

Not a real estate post.  I'm just back from a great trip with Roots on the Rails. Sort of a moving concert to amazing places with a bunch of best friends you've never met before.

As always, there were incredible musicians on this trip.  One musician, in particular,  has been working on a project that really grabbed me.  Mary Gauthier, along with several other noted song writers, has been working with soldiers, talking with them about their experiences and putting their word into song.

The Songwriting with Soldiers  website's description of the project,  " The words of our participants, put to melody and rhyme, tell of combat, loss, joy and pride.  The songs convey a deep sense of what it means to serve, and the struggles our veterans face upon returning home. The soldiers talk, The songwriters listen. Together they create the songs."

Mary Gauthier played a few of these songs on the trip, and shared the stories of the soldiers with whom she had written.  The songs and stories were beyond touching, and had the group of us wiping away our tears.

I'm hoping you'll check out Songwriting for Soldiers, and consider supporting their work.

Is Fall the time to buy (and sell)?

Many think spring is the "best" time to transact real estate.   And while spring isn't a bad time, I favor fall for a variety of reasons.  First off, I love an under dog.  Poor maligned fall :)

Both buyers and sellers in the fall market are ready to get down to business,and get it done.  Fall is not a looky loo, real estate as entertainment time of the year. Fall is about efficiency.  Owner occupants or investors; most everyone wants to get it done by the holidays, or the end of the calendar year.

Sellers who did not get their property sold in the busier spring, are often ready to get down to business and may make repairs and concessions they might not have agreed to earlier in the year.

There tend to be fewer buyers in the fall market as many are busy with back to school activities, and even schooling of their own.  So buyers can have more choices in the fall.

Our listing inventory bumped up in the late summer, and I expect we'll see that true for September and October.

AND, interest rates remain reasonable low, even though the financial markets are acting as if the Fed has already raised them sky high.

So, ready and willing sellers, fewer buyers, more houses, and lower interest rates.  What's not to like?

And sellers, don't worry that you missed the mythical busy season.  You don't need, or want 21 offers on your property.  You'll probably still get a few offers, keeping things competitive.  And really, you only need one good offer.

Call, email or text with questions about the fall market. 503-312-8038  leslievjones@gmail.com

Cat Houses - for felines, that is

I've written in the past about catios, those enclosed areas giving cats some outside space, safe from predators, cars and the like.

Catios come in many shapes and sizes. many are owner designed and built. Some contractors have gotten in the game, identifying a niche.  A custom catio can be quite expensive.

 An enterprising builder out of Petaluma, California has put together a series of kits and accessories  for catios  These kits are designed to attach to your house, with the cats accessing through a window.  Free standing units are also available.

My friend, client and pet sitter/dog walker extraordinaire, Renee Stilson, just got one for her cats. Lucky cats, they are.  Here are a few pictures of a catio in action.

the kit

work in progress

the finished product

catio access

While I'm sure there are no statistics yet, I'd think, if properly built and situated, a catio could even add value to your home.  Hmm.

 If you are in need of a fabulous pet sitter, Renee, though her company,  Home Sweet Home Pet Sitting provides professional, caring and compassionate pet sitting and dog walking.

 I've got plenty more pictures and resources about catios, and would be glad to answer questions.  leslievjones@gmail.com, 503-312-8038.

Portland Market Stats

The Regional Multiple Listing Service released the numbers for July 2015 last week.  There are a few items to note.

Inventory remains quite low.  At our current rate of sales, it would only take us 1.7 months to sell all the homes currently on the market.  This is for the whole Portland metro area.  In Portland's close-in neighborhoods, inventory continues to be a real challenge.  In the 97214 zip code, there are currently 19 houses on the market, ranging from $389,900 to $825,000, with a median price of $660,000.  And in the 97232 zip code, there are currently 11 houses on the market, ranging from $349,000 to $849,000, at a median price of $669,950.

With short inventory comes shorter market times.  In July, houses that closed had been on the market an average of 45 days, compared to 57 days in 2014. In Portland's east side neighborhoods we are seeing market times of 23 days in North Portland, 25 days in NE Portland and 32 days in SE Portland.  These market times are from the time a listing becomes active in RMLS, until an offer is accepted and the listing status becomes pending.

We're doing a pretty large volume of business. July 2015 had the most closings of any July on record, with 3452 closings, up 28% from July 2014.  Wow.

We're still seeing plenty of buyers entering the market as we head toward fall, and usually see a flurry of activity as the holidays draw near. If you've been thinking of buying or selling, there is still time to get it done before the end of the year.  Get in touch and I'd be glad to outline first steps.  leslievjones@gmail.com  503-312-8038

Read the full Portland report.

Legal Marijuana and Real Estate

Oregon's new marijuana laws have created a bit of a legal quagmire, including the real estate industry.  Pre-existing medical marijuana laws and regulations, marijuana legalization for personal use and federal marijuana laws ( as in marijuana is considering a schedule I substance along with heroin) make navigating legal liabilities and disclosure responsibilities a mine field.

Meanwhile, on the ground, we in the Portland real estate market are approached daily by folks wanting to purchase or lease space to open a dispensary or develop a grow operation.  And, in selling, we often come across properties that have pretty obviously been used as grow operations.

First, and important to know: the federal government's RICO laws and classification of marijuana as a schedule I substance, make properties involved in manufacture or distribution, vulnerable to forfeiture. And forfeiture is one of these situations where one must prove innocence, rather the usual standard of innocent until proven guilty. AND, transfer of title, (selling the property) does not remove the risk of forfeiture. Ack!

Properties that have been used as grow operations can have certain types of damage and contamination of which one should be careful.  Excessive watering and humidity can lead to mold, fertilizers and pesticides can have lasting contamination effects and often electrical wiring has been added to and illegally altered.  Whether we are representing buyers or sellers, disclosure and discovery of these issues are important.  Of course when disclosed, does the property become vulnerable to federal forfeiture as mentioned above?

Now, in general, if folks are making efforts to comply with state marijuana regulations, the risk of federal repercussions is low.  But it is important as real estate professionals that we inform our clients of the risks, as a part of their decision making process.

Currently 23 states have some sort of legal marijuana laws and regulations.  Is that close to a tipping point where legislation in the remaining states will happen quickly?  Or will the upcoming presidential election bring a conservative backlash as recently threatened by Donald Trump?

Though I can answer some questions on this topic, Marjorie Elken, with Zupancic Rathbone Law Group, P.C. (who gave a great presentations at our office recently) has focused an amount of her practice on these some of these marijuana issues.

Tree rules, and trees rule.

Portland, and Portlanders, take great pride in our trees.  Friends of Trees has done a great job making it easy for neighborhoods and groups to coordinate tree plantings.

Unfortunately, much of our aging tree canopy will be dying off from old age and disease.  An amount of the canopy is also threatened by infill, increased density and development. 

To this end, the City of Portland updated the tree ordinance, which took effect the beginning of this year.  Per the website,

Portland's tree code works to:

- Protect trees during development

- Preserve trees as a community asset

- Plant new trees when others are removed, ensuring that the urban forest and its benefits continue to grow

- Educate people about proper tree care and the benefits of trees

- Increase the resiliency of the urban forest in the face of threats such as climate change and tree pests

Along with the updated ordinance came changes to tree removal and pruning permits, along with permits required for planting some trees.    Check here to see about permits.

The code and permit system are long and involved.  Here are a few pointers, but do check the website for information on a specific situation.  You'll most likely need a permit if any of the following conditions exist:

The tree is on a piece of land being developed.

It is a heritage tree.

The area in which the tree grows is in an overlay zone or plan district.

Cascade Station/Portland International Center Plan District

Columbia South Shore Plan District

Johnson Creek Basin Plan District

Portland International Airport Plan District

Rocky Butte Plan District

South Auditorium Plan District

The tree is over 12" in diameter at a height of 54" off the ground.

The tree is in a parking lot.  Think that Joni Mitchell song about paving paradise and putting up a parking lot.

If the tree is a "street tree".

So yes, the majority of the above instances are trees on private property.  Permit fees for removal and replanting can be as low as $25.00, but go up quickly if you aren't replanting, or it is a street tree, if the property is being developed, and so on. 

Before you whine about free will, and all those darn rules, keep a few of these facts about trees in mind, courtesy of the Arbor Day Foundation;

The net cooling effect of a young, healthy tree is equivalent to ten room-size air conditioners operating 20 hours a day.

Landscaping, especially with trees, can increase  property values as much as 20 percent.

The planting of trees means improved water quality, resulting in less run off and erosion. This allows more recharging of the ground water supply.  Wooded areas help prevent the transport of sediment and chemicals into streams.

Plant a tree, and be careful about and when cutting trees.