2020: Low Inventory Continues!

We start our year with the lowest inventory in three years. Thus, supply and demand dictates a continued pressure on our local housing market for rising sale prices and frustrated home buyers. Keep in mind this is not true for every property in every location! There will always be exceptions. Thinking of buying or selling this year? Call Susan, Len & Laura or Agata to discuss your goals for 2020!

Landlords! Understand New Senate Bill 608

Eviction Standards
Eliminates no-cause eviction standard after the first year of occupancy.
o Landlords can continue to evict for a tenant-based cause (current law – i.e., non-payment, violation of the rental agreement, outrageous conduct, etc.).
• Adds new landlord-based for-cause reasons to evict a tenant:
o Sale to a person who will move in;
o Landlord or family member move-in;
o Significant repair or renovation of the unit;
o Removal of the unit from residential use.
• If landlord uses one of these four landlord-based reasons, they must provide the tenant with 90-day notice and relocation expenses in the amount of 1 month’s rent.
• Small landlords (4 or fewer units) do not have to pay relocation expenses.
• Landlords who live on the same property as their tenant (owner occupied, 2 units or less) may still use a no cause eviction at any time.
Month-to-Month Tenancies
• For the first 12 months of occupancy, a landlord may terminate the tenancy without cause with a 30-day notice.
• After the first 12 months of occupancy, a landlord may only evict a tenant for cause, by using an existing tenant based reason or by using one of the four new landlord-based reasons.
Fixed-Term Tenancies
• After the first 12 months of occupancy, the fixed-term lease will automatically roll over to month-to-month unless the landlord has a tenant or landlord-based reason to terminate.
• A fixed-term lease might not automatically roll over at the end of the fixed term per landlord discretion if the tenant has violated the terms of the rental agreement 3 separate times during a 12-month period, with written warnings for each violation given contemporaneously with the violation.
Annual Rent Increase
• Landlords may increase rent by no more than 7% + consumer price index in a 12-month period.
• Maintains current law regarding rent increases: prohibits rent increases in first year of month-to-month tenancy and requirement that landlords give 90-day notice of rent increases thereafter.
• New Construction: A landlord may increase the rent above 7% +CPI in a 12-month period if the certificate of occupancy was issued less than 15 years ago.
• New Tenancy: If the previous tenant vacated the unit voluntarily or their tenancy was otherwise terminated in compliance with other applicable law, the landlord may reset the rent on the new tenancy without limitation.
• Subsidized Housing: If the landlord is providing reduced rent to the tenant as part of a federal, state, or local program or subsidy, they are exempt.
• If a landlord violates the new provisions, they are liable for three months’ rent plus actual damages.

Buyers should plan for patience in 2019!

With a significant shortage of inventory, our real estate market continues to be challenging for buyers. It is not uncommon for new listings to receive multiple offers! Often the offers are significantly over asking price; and we are seeing more and more cash offers which are hard to beat. Buyers should plan to be patient with themselves—and their Realtor! :) It may take writing a few offers before being successful in securing just the right home.

Winning the Multiple Offer Situation

Buyers… Right now if the house you’re excited about is new to market and rather appealing, you might likely find yourself in a multiple-offer situation. Unfortunately supply isn’t meeting demand. Here are a few tips to consider:
1. Disregard asking price and embrace what you would feel good about paying.
2. Look at properties under your top dollar so you don’t over-spend your budget.
3. Remember that your offer isn’t just about price.
4. Give us a call… We have an awesome track record for helping our clients come out on top!

Inventory Shortage!

This is going to be a very interesting year for real estate sales in our area. It is a great time to buy with mortgage rates so low; and indeed the buyers are lining up and ready! What we’re currently missing is enough “inventory” or homes for sale, to meet the demand. Prices are starting to tick up. In some ways this is not all bad. Look at how the Portland market has exploded, however… locals are being priced out of the market. Not good.

2016 will be an excellent year for most sellers. If you are considering selling, give us a call!

Two condos to choose from! $115k or $189.9k

We have two very different, 2-bedroom condos currently listed:

• 418 Stonewood is in South Hills. 2 beds, 2 full baths, updated with new paint and carpet—move-in ready!  $115,000

• 1313 Lincoln #1001 is a 10th floor unit downtown, fully remodeled. Live downtown in style! $189,900

Call Agata for a private showing: 541-968-7314

Best RIVERFRONTAGE in Downtown Springfield!

Itching for something truly special? You won’t believe how cool this place is. Own right down to the riverfront—totally private—in Downtown Springfield.

1 or 2 bedrooms, 1 bath, 1400+sf — $369,000

Dangle your toes in the river! Call Susan for a private showing: 541-520-2246