Whitney Minnich Real Estate and Community Updates

Portland rent rising slower than national average, report says Portland's average rent increased by three percent in 2018, less than the national average of 3.1 percent. Author:  Jared Cowley, KGW Published:  12:39 PM PST January 22, 2019 Updated:  12:40 PM PST January 22, 2019 PORTLAND, Ore. — The average rent price in Portland increased at a lower percentage than the national average in 2018, according to a report. While Portland had the third-highest average rent price in the metro area, at $1,490 per month, it was also one of five cities in the Portland metro area with a lower average rent increase than the  national average  of 3.1 percent. Portland's average rent went up by three percent in 2018. The other four cities in the metro area whose rent went up slower than the national average last year were Tualatin (1.6 percent); Oregon City (1.7 percent); Milwaukie (2.2 percent); and Clackamas (2.9 percent). The average price to rent i

Report Raises Concerns Over Dual Agency January 16, 2019 Consumers are confused when it comes to dual agency arrangements in real estate, according to a new report from the Consumer Federation of America that reflects results from a consumer survey and a mystery shopper survey of real estate agents. Two-thirds of consumers surveyed believe that real estate agents are always or almost always required to represent the interests of the home buyer or seller they’re working with. However, they’re confused when agents can also work with the other party. “Today, many home buyers and sellers do not know whether their agent is representing their interests, those of the other party, or those of neither,” says Stephen Brobeck, a CFA senior fellow and author of the report. “Given the huge expenditure of a home purchase and the conflict of financial interests between seller and buyer, it is important that consumers know who their real estate agent is actually representin

Top 5 Landscaping Trends for 2019 January 15, 2019 Pergolas, metals, and pinks will be the leading landscape cravings of 2019, according to the National Association of Landscape Professionals. The NALP surveyed 1 million of its landscaping professionals to predict the hot trends that will influence the design and maintenance of backyards across the country. “Homeowners yearn for beautiful outdoor spaces without the hassle of upkeep,” says Missy Henriksen, the NALP’s vice president of public affairs. “This year’s trends reflect current lifestyle preferences as well as innovations happening in the industry that are transforming landscapes across the country.” NALP predicts the following trends will have the biggest influence on outdoor spaces in the new year: 1. Two-in-one landscape design.  “Functional elements are no longer a perk, but rather a necessity in today’s landscapes, as consumers desire stunning outdoor features that have been cleverly designed to serve a dua

3 Home Repairs That Can Save a Sale January 7, 2019 Sellers whose homes aren’t in tip-top shape may need to spend extra money or put in a little elbow grease to get their properties in market-ready condition. But what are the most important repair or maintenance tasks that support a higher asking price? “Smaller and less expensive updates in combination with good staging will have a great return,” Susanna Haynie, GRI, a sales associate with Colorado Real Estate Group in Colorado Springs, told HouseLogic. The National Association of REALTORS®’ consumer-facing news service highlighted some of the most important items to address before putting a home up for sale. 1. Fix flooring flaws.  “Scratched-up wood flooring, ratty, outdated carpeting, and tired linoleum make your home feel sad,” the HouseLogic article notes. “Buyers might take one step inside and scratch the property from their list.” Most buyers don’t want the hassle of replacing carpet and may not accept a

The Hottest Paint Colors of 2019 by  Melissa Tracey  on December 31, 2018 The paint companies have released their color forecasts for the new year. Here are the hot hues expected to make waves in 2019. Which one is your favorite? Living Coral / Photo Credit: Furniture Choice Living Coral:  Paint company Pantone announced “Living Coral” as its 2019 Color of the Year. The orange shade with golden undertones embodies “warmth and comfort,” Pantone says. “Living Coral easily delivers a graphic pop to a space,” says Rebecca Snowden, an interior style adviser at Furniture Choice. “Introducing it through small elements will brighten up a room, creating a sense of coziness that’s also fresh and chic.” For example, the energetic tone can liven up cushions, throws, and rugs in a living room. In a dining area, color blocked plates and coasters in the peachy hue may add some spark to a table arrangement, she says. Read  Furniture Choice’s guide to weaving in more Living Coral into your h

Homeownership Tenure at Highest Level in 18 Years January 14, 2019 Since 2008, in the aftermath of the last housing crisis, homeowners have stayed put longer in their homes. But now more than a decade out from the crisis, that trend is only deepening, according to a new study released by First American Bank. “[Homeownership] tenure jumped to seven years during the aftermath of the crash between 2008 and 2016, and the most recent data from December 2018 shows that the median length of time someone lives in their home has increased 10 percent compared to a year ago,” says First American Chief Economist Mark Fleming. Over the past few months, rising interest rates, low inventory, low foreclosure rates, and tight credit have all increased homeownership tenure to its highest level in 18 years, Fleming says. For homeowners who have a low interest rate, they may be less inclined to want to move, he adds. “The lower the interest rate homeowners have on their existing mor

How are you spending this MLK Day?  My family will be volunteering at a local elementary school on Monday.  Each year, on the third Monday in January, the MLK Day of Service is observed as a "day on, not a day off." MLK Day of Service is intended to empower individuals, strengthen communities, bridge barriers, create solutions to social problems, and move us closer to Dr. King's vision of a "Beloved Community." Learn more about how you can get involved here: https://www.nationalservice.gov/serve-your-community/mlk-day-service

Non-Owners Dream of Ownership, But… January 15, 2019 About 75 percent of non-homeowners believe homeownership is still part of their American dream, according to a new analysis released by the National Association of REALTORS®. However, the biggest barrier for non-owners is that they are currently unable to afford a mortgage, according to the fourth-quarter 2018 Homeownership Opportunities and Market Experience (HOME) survey, based on more than 8,000 consumer responses. During the last quarter of 2018, 43 percent of non-owners said they did not own a home because they were not in a position to purchase one, which is down from 49 percent who said the same in the third quarter. Thirty-three percent said they do not own because current life circumstances are not suitable for ownership, and 16 percent said they currently need the flexibility of renting. So what could encourage them to buy? Thirty-one percent of non-owners said an improvement in their financial situa

Would Buyers Benefit If Fed Pauses Rate Hikes? January 14, 2019 Following a series of interest rate hikes, the Federal Reserve may be ready to hit the pause button—which could be welcome news for mortgage borrowers. Notes from the Fed’s latest meeting show a consensus among board members not to raise the benchmark interest rate at the body’s January meeting or its next meeting in mid-March. However, Fed officials did say they expect economic growth to remain strong enough to still support a rate increase sometime in 2019. The Fed’s benchmark interest rate does not directly impact mortgage rates, but it usually influences the direction mortgage rates go. At a December news conference, Fed Chairman Jerome H. Powell said the economy remained strong, and the Fed expected to continue to raise rates in 2019. But upset investors had driven down asset prices and prompted a market slump. The Fed has since lightened its tone and has emphasized that it’s taking note of inv

How a recession could impact the housing market 10 The fundamentals of the housing market are strong. But is it recession-proof? By  Jeff Andrews     Jan 10, 2019, 3:52pm EST The United States has enjoyed  one of the largest economic expansions in its history  since the 2008 housing bust brought the global economy to its knees. But with each passing year, the recovery gets a little longer in the tooth, prompting  questions about if or when a cyclical recession might take place. These questions have gotten louder in recent months as rising interest rates and tariffs have  wreaked havoc on the stock market,  which had been hitting new all-time highs on a regular basis. One of the most reliable tells of an impending recession— the dreaded Treasury bond yield curve inversion —occurred earlier this month between 2-year and 5-year Treasury bonds, leading some economists to sound their alarms. If a recession  does  hit, how would it affect a  housing market that’s alread

Where You’ll Find the Most Competitive Buyers January 16, 2019 You can find the most competitive buyers in Denver, Los Angeles, and Portland, Ore., according to a new analysis by LendingTree, an online loan marketplace. Buyers in these cities have higher than average credit and the ability to put down a larger down payment, making them highly competitive in a multiple-offer situation. LendingTree analyzed the 50 largest metro areas and examined competitiveness by the share of buyers shopping for a mortgage before identifying the house they want, the average down payment percentage, and the percentage of buyers who have good or excellent credit (above 680). A more competitive buyer tends to have higher credit and the ability to put down larger down payments, researchers note. In general, the most competitive buyers live out west, researchers found. Of the 10 most competitive cities, only two—St. Louis and Boston—were not located in a western state, LendingTree n