LISTING – ANDY HESS

This masterpiece designed by Andee Hess of Osmose Design has just hit the market! Enjoy the luxuries and beauty that Pearl District has to offer in this stunning condo. Completely customized from start to finish – European oak floors, blackout blinds, quartz countertops, and SO much more.

Condo details and features:

EDGE 721 DESIGN
Original design by Andee Hess of Osmose Design
Construction by Hammer & Hand

Kitchen:
Granite wall & backsplash – 3 sold “Silver Fox” slabs
Island & desk – Custom powder-coated steel with European wide oak planks
Countertops – Super slim Pentalquartz
Lighting – Flos Smithfield pendant lights
Appliances – 36” Miele gas on glass cooktop, Miele speed oven, Integrated subzero refrigerator and freezer, Integrated Miele dishwasher

Living:
Flooring – European white oak, wide plank
Windows – Blackout blinds

Bathroom:
Vanity – Custom steel vanity
Shower – Terrazzo stone tiles with linear LED lighting

LISTING DETAILS:
$625,000
ADDRESS: 1410 NW Kearney St, #721, Portland, Oregon, 97209
1 Bed/1 Bath
Sqft: 1,041

Original interior design by Andee Hess of Osmose Design featured in Grey Magazine. When you walk into this space, your eyes are immediately drawn to the full wall of east-facing windows, affording you a stunning view of the Pearl District. Enjoy all the drama and refined touch this space has to offer such as European white oak flooring and blackout blinds that allow you to enjoy the vista or create your own personal oasis. A chef’s kitchen with Miele appliances and a subzero refrigerator bring function to the structural elegance of the main living area. Want more? You’ll also find stunning quartz countertops paired with custom sleek cabinetry and three solid “Silver Fox” granite wall slabs that elevates the space. The bathroom, with its terrazzo stone shower and custom vanity with storage, maximizes the space while creating a relaxing escape. Don’t miss out on an opportunity to live in a distinctive space while enjoying all the Pearl has to offer.
Get in touch to tour today!
Marissa Sainz
512-736-6111

DEEPER DIG INTO THE PEARL MARKET

If you have been following me for some time, you know I have a deep love for the Pearl District. Over the years, I’ve become quite familiar with this market. With that, I want to dive in to do a compare/contrast on the Pearl District market versus the rest of Portland. Here are a few key components that make up this unique market:

Unlike Portland’s Seller Market, The Pearl Is A Buyer’s Market Right Now.

Recent statistics reported from the RMLS show that there was an increase of 33.1% for-sale listings in January this year compared to 2020. Not only that, the volume of listings have increased by 3.5% from December of 2020.

When you take a look at the overall trends below of days on market, you’ll notice in January that property sales were up by 9.1% compared to last January. Not only that, the total number of properties available in January 2021 is significantly higher than in January 2020. This year has brought on bigger inventory to the Pearl District market, meaning buyers will have the ultimate selection of choices compared to the rest of Portland.

The Average Sold Price per Square Footage Remains Neutral.

Analyzing the average sold price per square footage is one of the best ways to analyze the value of a condo. In the graph shown below, January 2021 shows an Average Sold Price per Square Footage of $493. This is a decrease of 0.8% from last month as well as January of 2020.

The Average For Sale Price Is Depreciating, Meanwhile, Average Sold Price And Median Sold Price Stay Neutral.

In January, the Average For Sale Price was $634,000. This reflects an 11% decrease from January of 2020 where the Average For Sale Price was $712,000. As of January 2021, we saw $544,000 being the Average Sold Price. In January 2020, this was $444,000. This indicates an increase of 22.5% in sold prices. The Median Sold Price this January was $405,000, which shows an increase of 28.6% from January of 2020 where the Median Sold Price was $315,000.  It’s evident that value is going UP and so is supply right now! 

Months of Inventory Trend Indicate a Clear Buyer’s Market.

Generally speaking, when we see a low level of inventory, that’s when the market would be considered beneficial for sellers. However, when we see such a spike in inventory, it’s overall better for buyers. With the graph below, you can see an obvious spike in inventory for January 2021 compared to January 2020. Months of Inventory that Pearl District saw last month increased by 23.2% compared to last year. It’s also showing a significant increase compared to December 2020. Right now is the prime time for buyers! 

Absorption Rates Show An Overall Decrease.

To go alongside the Months of Inventory trend graph above, this Absorption Rates graph indicates how many current active listings are actually closing or going pending. As you can see, based upon closed sales there was a decrease of 17.5% in January 2021 compared to last year. If we go based on pending sales, it’s quite significant as well. There has been a decrease of 47.6% in January 2021 compared to last year. Overall, this showcases that there’s definitely an influx of supply for buyers right now in the Pearl market.

The Pearl District Is Like No Other – If You’re Looking For A Loft Or Condo In The Heart Of Portland, Now Is The Time To Search! 

The Pearl is a beautiful and charming piece of Portland. It’s amazing to reflect back and see the growth that’s taken place over time for Pearl District. Once being an area of run-down warehouses to now one of Portland’s most prominent & thriving districts! I hope this information was beneficial for you if you’re looking to make a move to the Pearl soon. I’d love to help you in any way I can! Be sure to connect with me and I’ll make sure your transition to the beautiful Pearl District is a smooth one. 

What My Years in Real Estate Have Taught Me

Over a decade in real estate has afforded me my fair share of insights. That time has reinforced my passion for supporting like-minded women in business above all else. I am lucky for the support system fostered by my agency and for the support I’ve found in the professional organizations I’ve joined. Through it all, there are some universal lessons I think could help anyone in the position I started in. Whether you’re just getting started, or a real estate vet, read on and let me know if any of these life lessons resonate with you!

1. Find Like-Minded Friends or Women in Business to Lean On!
I couldn’t have gotten through my first few years without the support of my community. Having that system in place is key, and they don’t have to be in the same industry as you. Give yourself the gift of guidance AND companionship—there’s no reason to feel lost or lonely! It’s fortifying to have a circle of trusted friends you can count on. So put yourself out there and form those connections! Although it may be uncomfortable at first, it’ll be worth it in the long run.

2. Don’t Be Scared to Ask for Help.
When you join a brokerage, you’re with a team of other agents. Those agents should be there to help and guide you when needed. Utilize that resource! Learn all you can, open up your mind, and you’ll be rewarded with a wealth of knowledge and confidence.

3. Network, Network, Network. As an introvert, this was difficult for me at first. But I’m so thankful I took the jump. Early on I decided to Join Women in Financial Services and Women’s Council of Realtors and ended up building the most incredible connections with other women in similar fields. It was a huge support for my business early on. The root of real estate IS relationship building—whether it’s with clients or colleagues, you need your fair share of both to go far!

4. Plan, Plan, Plan.
 Be realistic and set aside savings before your full dive into real estate. Like anything worthwhile, it’ll take time to build up at first. Especially if you’re starting at ground zero with a small sphere. Don’t expect to make quick cash and close on million-dollar homes right away! Not to say it can’t happen, but it doesn’t hurt to have extra savings put aside to keep you at ease while you get the momentum going.

5. Real Estate is Unpredictable.
Be ready and be willing to help your clients during unexpected times of the day. Of course, it’s important to set boundaries with your work schedule, but a big part of real estate is last-minute changes. Meaning, you may have a client who wants to see a house on a Monday evening or on a Saturday. Be prepared and be ready to support your clients when that time comes.

6. Set a Compass Point.
Early on, set goals for yourself to work towards. You might not know where to start, but especially in the beginning, any star is a good north star when you give it your utmost intention. Map out where you’d like to be and backtrack to find what steps you need to get there. This will help motivate you as you check off new milestones.

7. There is NO one-size-fits-all.
It doesn’t exist. Just because one realtor is successful by doing one form of marketing doesn’t mean that’s the only way to be successful. There are tons of avenues to promote and earn business such as advertising, networking, and cold-calling. Figure out what aligns and works for you!

8. Do Your Research Before You Select a Brokerage.
 Make sure you truly feel it’s the right fit. You’ll be spending A LOT of time around whoever is in your brokerage and it’ll be a gateway to learn from others. So pick a reputable one that fits your needs. I personally love working with my brokerage, Living Room Realty. I couldn’t be happier, and I want the same for you. Do the research, ask questions, and don’t be too quick to make your decision. It’s an important one to make!

I’m sure there is so much to say, but even after all these years, these are the lessons that have stuck with me.  And while it’s been some time, I still learn new things every day! Real estate is one of those industries that’s ever-changing and constantly pivoting. As long as you dive in with an open mind and an open heart, you’re going to be golden! I hope that these tips help guide you on your journey. Please connect with me on social media if you haven’t done so already, I’d love to support you in your real estate endeavors. You can find me at here.

HOMES INSPECTIONS —WHAT TO EXPECT AND WHAT TO INSPECT

You can’t know what kind of problems a home can have at first glance. As a home buyer, doing a home inspection is KEY and could save you lots of potential hassle in your transaction. Keep in mind that the goal of a home inspection is to uncover issues that may impact you in the future. Some buyers stray away due to cost or simply take the seller’s word for the property condition. I encourage you to always initiate your own home inspection report. The reality is that purchasing a home is a big deal, so let’s treat it as such—and that’s where a home inspector comes in!

Keep these factors in mind when it’s time for your home inspection:

1. Be prepared to schedule your home inspection ASAP!
As soon as you’re under contract, you’ll want to schedule a home inspection. This allows adequate time for any additional inspections that may be needed as well as negotiations with the seller. Expect about a 2-4 hour time block for this inspection to take place.  With that in mind, the written report may take a couple of days.

2. All of the critical foundations and systems of the property will be analyzed. 
Expect to have the home foundation, structural components, roof, HVAC, plumbing, and electrical systems inspected. The inspector will also be checking that all major appliances are functioning. They’ll look around the attic and basement or crawlspace to assess any potential issues as well. Keep in mind, it’s the inspector’s job to remain neutral. They will never give you an opinion on their findings—instead, they will provide a written report once everything is evaluated. It’s then your responsibility to analyze the results.

3. Get involved with the inspection.
Attend the inspection. You want to make sure you know the ins-and-outs of what you’re getting involved with. This allows you to explore the home in greater detail and get more information firsthand rather than reading the report afterward.

4. Plan to pay the home inspection cost.
Anticipate hiring your home inspector and fronting the home inspection cost. Typically, the buyer takes on this cost. Even if the seller can offer their own home inspection report, it’s better to be proactive as a buyer and run your own home inspection report. In general, home inspections run anywhere from $250-$600. Again, this depends on the size and location of the home.

At the end of the day, home inspections are meant to protect all parties involved. It’s always good to get a thorough examination of a property before putting yourself on the title. A quality home inspection report should always include an extensive checklist and summary of all the major systems within the property.

To recap, you should expect the following to be examined in a home inspection report:
-The structural components of the property
-The electrical systems
-HVAC
-Plumbing
-The roof
-The property foundation

You can also expect photographs and any recommendations for repairs or replacements needed.

Keep in mind that the home buying process should continue as normal even if there are minor problems mentioned on your home inspection report. Typically, you can address minor issues with the seller or seller’s Realtor to get them resolved right away. When it comes to more serious issues, you may have to look into additional inspections or negotiating the current sale price of the home. Either way – that’s what your Realtor is for! To help guide and facilitate the process.

If you’re looking to buy in the near future and want more guidance on the home inspections process, connect with me! I’d be happy to help ensure that you have a smooth transaction.

Listing Prep

Each house or condo has different needs when getting ready to go to market. With that, listing prep is essential! The goal is to make the space appealing to the most buyers. The reality is that most buyers do not want to have to take on big projects when purchasing. For example, if a kitchen is needing a remodel, a potential buyer may be apprehensive about taking that project on.

When I visit the property to discuss the listing, I am looking for a few key points and small changes we can make to help increase the appeal. These minor details could include updated paint, updated lighting fixtures, a new kitchen backsplash and/or countertops, general clean up/decluttering, and landscaping. When I’m looking at a home or condo that hasn’t sold in the past, I make it a point to focus on what may be turning buyers off and how to address that.

A few of the things I address first:
1. Decluttering and furniture placement. This will help us determine if staging will be necessary.
2. Updating paint and light fixtures.
3. Landscaping.
4. Updating the kitchen, starting with smaller items and changes. Such as touch-ups to the paint, or updating the backsplash.

Keep in mind that it is important to have trusted industry partners to help with the preparation—contractors, landscapers, stagers, and handypeople!

Check out a few examples below of listings that we were able to prep and sell successfully!

1. This home had been a rental for years and was in beat-up condition. The sellers did quite a bit of clean up, paint, and carpet. This one had a full kitchen remodel. The cabinets were painted instead of being replaced and everything else was new. Staging definitely made this space pop for buyers. This home went to market in January and sold with multiple offers in a few days.

Before:

After:

2. This home just needed a bit of a facelift to get it ready for market. In the kitchen, we replaced the countertops and added the subway tile backsplash. There were some exterior paint and touchup that needed to be done as well.  I gave the sellers a guide on how to declutter and stage each room with their existing furniture.  This home went to market in July and sold with multiple offers in a few days.

Before:

After:

3. This condo was listed by another agent for 6 months and didn’t sell.  When I walked through, one of the first things I noticed was the dark black and silver backsplash feeling very out of place for the sweet condo. So, we changed out the backsplash to a matte white subway with grey grout to match the countertops. The bedroom was a grey/green color. We painted it a fresh white and removed the dark curtains to bring in more light. Staging also helped to show the multiple areas of this condo for living and working at home. The condo is currently on the market. Check it out here.

Before:

I hope these examples and tips help you as you find yourself prepping for a listing in the future! Remember – even the smallest adjustments can make a world of a difference when it comes to selling your home. Always put yourself in the buyer’s perspective and think about what adjustments could increase the buyer’s appeal. The first priority should always lie in maintaining a clean and clutter-free space! No matter what improvements you’ve made, if you have a cluttered home, chances are the potential buyer will automatically be turned off.

Once you’ve captured a clean space, you can move on tackling other projects such as updates needed, touch-ups, and landscaping! Have you had trouble getting your home to sell? Get in touch with me today – I’d love to help and bring my expertise around listing preparation over to you.