What’s Next for Portland Real Estate? Key Trends and Forecasts

Summary

Curious about the Portland Metro real estate market? In this episode, Joe and Makayla dive deep into the latest data on home values, affordability, inventory growth, and migration patterns. Discover how Portland compares to other West Coast cities like San Diego, Sacramento, and Denver, and what it all means for buyers, sellers, and the future of real estate in the area. If you're eyeing the Portland real estate scene, this is the inside scoop you need!

Episode Highlights

• Current Home Values: Median home value in Portland is $543,000, with a modest growth of 0.7% in the past year.
• Affordability Concerns: Average mortgage payments and how rising rates are affecting homebuyers.
• Market Trends: Portland’s inventory growth at 28% and how it stacks up against other cities.
• Migration Insights: Portland sees a slight population decrease—what does this mean for the market?
• West Coast Comparisons: Insights into San Diego’s balanced market and Austin’s real estate struggles.

Explore in-depth real estate insights and neighborhood-specific trends on our blog at LivPortland.com. Thinking of buying or selling? Contact the LivPortland team for personalized advice and accurate property valuations.

Thank you for listening to this episode. Stay up to date on the latest trends and insights by subscribing to our podcast and following us on social media.

For more information about buying or selling in the Portland Metro real estate market, please visit www.LivPortland.com or contact us directly.

We appreciate your feedback, so please leave a review and let us know what topics you would like to hear more about.

Transcript

00;00;08;21 - 00;00;25;13

Joe Reitzug

Welcome to Off the Record talking real estate with Joe and Makayla. If you’re interested in the Portland, Oregon real estate market and want the unvarnished inside scoop, you’ve come to the right place. Thanks for giving us a listen. Okay. Welcome, everyone. Thanks for joining the show. Hello, Makayla.

00;00;25;14 - 00;00;26;28

Makayla Mast

Hi. How are you?

00;00;27;00 - 00;00;31;00

Joe Reitzug

I'm good. I'm good. I'm a little low energy. I'm trying to pep up a little bit.

00;00;31;07 - 00;00;32;10

Makayla Mast

Me too.

00;00;32;12 - 00;00;34;00

Joe Reitzug

We missed our coffee window.

00;00;34;03 - 00;00;38;09

Makayla Mast

So unfortunate. We did hit our taco window, though, which is equally as important.

00;00;38;16 - 00;00;42;01

Joe Reitzug

The taco window surpasses the coffee window for me.

00;00;42;04 - 00;00;42;26

Makayla Mast

For sure.

00;00;42;29 - 00;00;49;06

Joe Reitzug

Yeah. Shout out to public who lives down here in the Pearl. That place rocks.

00;00;49;09 - 00;00;51;05

Makayla Mast

They get a lot of our business.

00;00;51;07 - 00;01;08;25

Joe Reitzug

They certainly do. But today, we're not here to talk about tacos, are we? We're here to talk about what is going on in the Portland real estate market, according to the data that we're seeing. So we're going to dive deep into the data. This is the time of year where I really like to take a look. We look at it all year long.

00;01;08;28 - 00;01;31;03

Joe Reitzug

But this time of year you kind of start looking at what the year was, kind of how it compares to, you know, past years. Other markets and also see what we can glean from that as far as what it's looking like for the future. So for today, our podcast will be on Portland Metro. So the Portland Metro is Portland and Vancouver.

00;01;31;03 - 00;01;56;05

Joe Reitzug

In this scenario, the Portland metro area when it comes to number one values, what are values and pricing looking like right now. And number two affordability which has become a real problem for us here in Portland Metro. A lot of people priced out of the marketplace. With the rates going up today, we're going to take a look at what the data says for affordability.

00;01;56;12 - 00;02;20;26

Joe Reitzug

And then three, we're going to try to take a look at some of the data and see what might be showing for the future and where we're going in the near term. And then what it looks like for next year. So that's what we're going to be trying to accomplish here. We appreciate you joining us as always. Everything from our podcast can be found all the data, all the visuals, everything can be found at our website.

00;02;20;26 - 00;02;33;03

Joe Reitzug

LivPortland.com that's livportland.com. Go to the blog and our podcast is there. Find this episode and you will find all of the data that we're talking about here today.

00;02;33;05 - 00;02;52;13

Makayla Mast

I love what you put together. This is some great information. You are so nerdy with the data, which is so important, you know, and it's really fun to look at when you put it in this chart the way that you do it. So thank you. Yeah. I think the best way to make sense of this information is, of course, comparing Portland Metro to other cities.

00;02;52;15 - 00;03;16;12

Makayla Mast

Without that, it doesn't really mean much. So it looks like you polled other major metropolitan areas on the West Coast that have similar ish populations. So Portland, Vancouver, where 2.44 million, which is interesting to know in itself. And then we are also looking at San Diego, which is has a population of 3.27 million. Sacramento has 2.42 million people.

00;03;16;15 - 00;03;28;11

Makayla Mast

Vegas has 2.34 million people, Austin at 2.42, salt Lake City a little smaller at 1.27 million people, and then Denver at 2.94 million.

00;03;28;12 - 00;03;55;06

Joe Reitzug

Yeah. So all similarly sized for the most part. And we like to take a look at these areas because same size you know, you can kind of get a generalization as far as the economies of scale and the housing markets and that type of thing. So with that in mind, let's jump into values right now. The value. And by value we mean a homeowner.

00;03;55;06 - 00;04;08;17

Joe Reitzug

What's the current value of your home. The average here in Portland right now actually I think we're talking about the median. So the absolute middle is 543,000. Okay. So that surprises you at all.

00;04;08;19 - 00;04;09;22

Makayla Mast

Seems about right.

00;04;09;22 - 00;04;17;23

Joe Reitzug

Yeah. We're always looking at that. So that's not really a big surprise. But it's certainly up big time over the past five years. And we'll look at that data here in a second.

00;04;17;23 - 00;04;24;25

Makayla Mast

So interesting to compare that against San Diego or the average or the average home value is 941,009.

00;04;24;25 - 00;04;45;08

Joe Reitzug

Hundred and 41,000 is the median home value in San Diego. And we won't jump through all of these. Like I said, it's on our website, but some of no. You know, if you look at Sacramento, which is almost the same exact size as us 578,000, which surprises me a little bit. I didn't think that would be that close.

00;04;45;08 - 00;04;46;26

Makayla Mast

Yeah, but.

00;04;46;28 - 00;05;11;06

Joe Reitzug

That is what it is. Vegas 429,000 is their median home value. Denver 578,000. Same as Sacramento. So it is what it is. But that's kind of the benchmark there for value. But let's look at what the value has done over the last 12 months. So if we take a snapshot of what it is now versus what it was 12 months ago, is it up, is it down?

00;05;11;13 - 00;05;13;25

Joe Reitzug

What's it doing and what does it say? For Portland?

00;05;13;28 - 00;05;16;06

Makayla Mast

We are at 0.7%.

00;05;16;06 - 00;05;17;07

Joe Reitzug

Pretty much flat.

00;05;17;07 - 00;05;18;25

Makayla Mast

Yeah.

00;05;18;27 - 00;05;21;27

Joe Reitzug

Not a lot of growth in the past 12 months.

00;05;21;27 - 00;05;23;27

Makayla Mast

I'm optimistic and like so we're up.

00;05;24;00 - 00;05;37;23

Joe Reitzug

We're up 2.7. Yes. The surprise here is San Diego and Las Vegas San Diego 6.5% increase. Las Vegas a 6.1% increase.

00;05;37;25 - 00;05;39;02

Makayla Mast

That is nuts.

00;05;39;05 - 00;05;40;28

Joe Reitzug

Over one year time span, especially.

00;05;40;28 - 00;05;51;26

Makayla Mast

Considering the market that we've been in for the last two years. Yeah, that's pretty impressive. That is poor Austin is down Austin, Texas 4%. That is so surprising to me.

00;05;51;26 - 00;06;12;16

Joe Reitzug

That's a big drop. Yeah. And one year. So kind of crazy. But let's expand this now and look at the value growth over the past five years. And so we're in 2024. We're looking at 2019 until now. Right. Portland Vancouver was 34% increase.

00;06;12;19 - 00;06;15;20

Makayla Mast

That's great. We need a little applause. Sound effect.

00;06;15;20 - 00;06;18;18

Joe Reitzug

Yay Portland.

00;06;18;21 - 00;06;31;22

Makayla Mast

It's crazy when I'm doing market analysis for people who have bought their home in 2019, that's always the marker where I'm like, well, there, you know, they may have bought their home for 430,000 and now it's worth 700,000, right?

00;06;31;28 - 00;06;32;09

Joe Reitzug

Right.

00;06;32;14 - 00;06;33;09

Makayla Mast

Crazy.

00;06;33;09 - 00;06;46;06

Joe Reitzug

It is crazy. But that's the good that's the good news. But. Right. Look at some of our fellow West Coast cities. San Diego, 59% increase. That's crazy.

00;06;46;13 - 00;06;47;09

Makayla Mast

It's insane.

00;06;47;09 - 00;07;11;06

Joe Reitzug

Yeah, good for them. Good to be a homeowner that bought before 2019. They're the low was actually Sacramento and Denver 36%. Actually we were the low of all the it's Portland's only 34%. Everyone else is higher than that. Sacramento is 36, Denver 37%, Salt Lake City. Surprisingly 51% people have done extremely well.

00;07;11;06 - 00;07;15;09

Makayla Mast

That's so interesting, especially because they're the lowest population.

00;07;15;11 - 00;07;37;16

Joe Reitzug

Yeah. So that's the value growth over the last five years. So what does the value change in this current drop. We like to look at everything from June of 2022. It's pretty much like June. I remember it was like June 12th 1:00 I just got done having my lunch and all of a sudden the market pooped. That was the time.

00;07;37;18 - 00;07;44;25

Makayla Mast

Okay, I remember it. Yeah, we had a couple fall out of escrow. Nothing on the horizon. Yeah, it was, it was.

00;07;44;25 - 00;08;11;26

Joe Reitzug

A tough one right there. Yeah. So Portland Vancouver is down 3.9% since June of 2022 value wise. Okay. You know, so if we were looking at that five year growth of 34%, but in the last, you know, two, you know, two years we've dropped almost 4% of that value. So that's that's a rough one right there. Yeah San Diego up 5.5%.

00;08;11;28 - 00;08;13;12

Makayla Mast

Of course they are.

00;08;13;14 - 00;08;15;04

Joe Reitzug

That market is just.

00;08;15;07 - 00;08;18;10

Makayla Mast

Kind of hurts to put us right next to San Diego.

00;08;18;16 - 00;08;20;11

Joe Reitzug

I know it's tough to look at.

00;08;20;13 - 00;08;23;17

Makayla Mast

But when we compare against the rest we're really not looking so bad.

00;08;23;18 - 00;08;32;03

Joe Reitzug

No we're not. Las Vegas is only down 1.1%. So they're almost flat in this in this latest downturn here or Austin.

00;08;32;04 - 00;08;33;22

Makayla Mast

Gosh what's happening there.

00;08;33;29 - 00;08;35;24

Joe Reitzug

I don't we're going to find out. We're going to.

00;08;35;28 - 00;08;37;01

Makayla Mast

Okay. We'll look at.

00;08;37;03 - 00;09;07;12

Joe Reitzug

All the numbers that tells a story. But they are down 18.5% since June of 2022 ish. Yeesh, that is a big time drop. So value wise, since June of 2022, that's a tough one. So those were the values. We also want to take a look at list prices. Right. So the difference between what someone's homes worth and what they actually put it on the market at are two different things as we know right.

00;09;07;14 - 00;09;26;14

Joe Reitzug

So let's look at median list price A median list price in Portland is 649 okay. Right. So compared to our home value of 543 yeah. You know 60 $60,000 or so. Median list price in San Diego, 997. Okay. 36,000.

00;09;26;20 - 00;09;28;03

Makayla Mast

Over their home values.

00;09;28;06 - 00;09;53;08

Joe Reitzug

Over their home values. The surprise. You know, there's not a whole lot surprising here. Vegas 477 Austin 520. That's $70,000 over. Yeah, yeah. So there's something going on there. But let's look at so that's median list price. Let's look at list price year over year. So what was their median list price a year ago versus what it is now.

00;09;53;08 - 00;09;56;13

Joe Reitzug

Gone up gone down. So here in Portland how did we look.

00;09;56;14 - 00;10;03;13

Makayla Mast

Where -3.2%. Yeah okay. And then San Diego's at -5.1%.

00;10;03;13 - 00;10;10;16

Joe Reitzug

So their list prices have actually gone down 5% but their values have gone up. It's a pretty healthy market.

00;10;10;19 - 00;10;11;23

Makayla Mast

Yeah.

00;10;11;26 - 00;10;17;22

Joe Reitzug

Yeah that's a pretty healthy market right there I'm saying Sacramento's down 2.3 Vegas.

00;10;17;27 - 00;10;20;18

Makayla Mast

You know Vegas just kind of crosses a one there.

00;10;20;24 - 00;10;44;21

Joe Reitzug

All right 1% pretty stable right Austin yeah 6.6% yeah Denver. If their values have changed down 18.5% and their list prices have only changed 6%, that's a problem, right? There's a whole lot of price cuts that should be happening there. We'll talk about that in a little bit when we get to forecasting.

00;10;44;23 - 00;10;47;09

Makayla Mast

Oh gosh not a fun one.

00;10;47;11 - 00;11;04;12

Joe Reitzug

No not a fun one at all. So that's the values and pricing and where everyone's at right now and how we've done over the past couple of years. Super interesting. Like I said, if if you want to get this, if you're visual like I am and you want to see this go to LivPortland.com LivPortland.com and take a look at that.

00;11;04;12 - 00;11;31;07

Joe Reitzug

We're starting to do a lot of posting for on LinkedIn as far as. And every other day we'll be posting on different trends around the nation compared to Portland. Big cities, little cities, all sorts of different data. So we're diving in deep to this because it's telling a story. That's pretty interesting. But the big story in Portland for the past couple of years has been affordability, especially with interest rates moving up, people can afford to last.

00;11;31;07 - 00;11;46;24

Joe Reitzug

Everyone that's interest rate sensitive knows that they can't buy as much home as they were before. Right. So let's look at the trends of what's going on with that. So average mortgage payment here in Portland.

00;11;46;27 - 00;11;51;10

Makayla Mast

This one is $3,347 a year.

00;11;51;13 - 00;11;52;07

Joe Reitzug

That's a lot.

00;11;52;13 - 00;11;53;12

Makayla Mast

It is a lot.

00;11;53;16 - 00;12;02;22

Joe Reitzug

That's the median. No it's the average. That's the average mortgage payment. So there's a bunch more that are a lot more than that.

00;12;02;24 - 00;12;06;11

Makayla Mast

Most of the ones we close, it seems like they're over that.

00;12;06;13 - 00;12;07;18

Joe Reitzug

Yeah. 4 or 5.

00;12;07;18 - 00;12;08;06

Makayla Mast

Yeah.

00;12;08;08 - 00;12;25;29

Joe Reitzug

Yeah. So, that's a tough one. But when you look at San Diego, not that bad. They're at 56, 72 is their average mortgage payment. Well their median household income is 105,000 versus Portland, which is 96,000. It's really not that much.

00;12;26;01 - 00;12;30;25

Makayla Mast

That's not that much more. Therefore going over a lot to live there, which does say a lot.

00;12;30;28 - 00;12;32;02

Joe Reitzug

Have you been to San Diego?

00;12;32;02 - 00;12;32;25

Makayla Mast

Yes.

00;12;32;27 - 00;12;33;20

Joe Reitzug

It's pretty nice.

00;12;33;20 - 00;12;36;07

Makayla Mast

It's pretty nice. Yeah. Not a bad place to live.

00;12;36;11 - 00;12;44;10

Joe Reitzug

No, no, not bad at all. You know, all things considered, I like it here in Portland, but San Diego is pretty darn nice.

00;12;44;10 - 00;12;49;13

Makayla Mast

Sure. And then Sacramento's 3500, which is so surprising. That's I would.

00;12;49;13 - 00;12;50;04

Joe Reitzug

Choose me way.

00;12;50;04 - 00;12;54;06

Makayla Mast

Rather live here than Sacramento. Again, I hate Sacramento.

00;12;54;07 - 00;13;00;14

Joe Reitzug

I have family in Sacramento. My sister Mary Beth shout out and it's it's nice. Yeah.

00;13;00;15 - 00;13;01;02

Makayla Mast

Okay.

00;13;01;02 - 00;13;07;22

Joe Reitzug

Yeah it's nice. It's a it's a really you know their schools there. Listen to this. Their school cafeteria.

00;13;07;25 - 00;13;09;15

Makayla Mast

Outside.

00;13;09;18 - 00;13;15;20

Joe Reitzug

Yeah. That's how much it rains. They're not very often. So they go outside for lunch because it's always.

00;13;15;20 - 00;13;19;02

Makayla Mast

So it's worth an extra $200 in the mortgage payment. I didn't.

00;13;19;02 - 00;13;32;02

Joe Reitzug

Say that. I didn't say that their median household income is almost exactly the same. It's like $50 difference, but their mortgage payment is $200 difference.

00;13;32;05 - 00;13;33;04

Makayla Mast

Yeah okay.

00;13;33;06 - 00;13;38;20

Joe Reitzug

So they got they got some affordability issues there as well. Vegas 25 is the average payment.

00;13;38;21 - 00;13;39;19

Makayla Mast

Wow.

00;13;39;21 - 00;13;40;18

Joe Reitzug

Yeah I know.

00;13;40;18 - 00;13;43;29

Makayla Mast

But their average household income is 76,000.

00;13;44;06 - 00;14;17;18

Joe Reitzug

Indeed. Indeed. Yeah 105,000. And Denver Austin 100,000. A little bit more than Portland but not a ton. Not a ton. Let's move on to inventory growth. How many more new homes are hitting the market? And I love this stat because supply demand is everything. And, we've gone through a intense period of very low inventory. And when inventory grows, typically we're going to see prices go down.

00;14;17;23 - 00;14;37;26

Joe Reitzug

Right. And as it grows, a great metric of that is year over year growth. So what was it last year compared to what is it now. And here in the Portland metro area we have 28% more inventory right now this year than we did this time last year.

00;14;37;29 - 00;14;38;19

Makayla Mast

Interesting.

00;14;38;25 - 00;15;05;24

Joe Reitzug

Yeah. So the marketplace is growing, but when you compare it to some of the other cities in the West, like San Diego, had 77% increase. But we talk about unlocking the marketplace. They've got choices. Yeah, right. Buyers have choices, but their values have gone up. So it's a myth. Sounds like a very balanced market in San Diego. Sacramento was up 49%.

00;15;05;27 - 00;15;15;28

Joe Reitzug

The only one that was less than us was Austin at 23%. And Salt Lake City only had 19% growth. Denver was up 62%.

00;15;16;01 - 00;15;17;27

Makayla Mast

So also a very healthy market there.

00;15;18;04 - 00;15;30;01

Joe Reitzug

Yeah, yeah for sure. So 28% sounds good. But compared to what we probably need for affordability and for buyers having a little bit more leverage, not nearly.

00;15;30;01 - 00;15;36;11

Makayla Mast

Enough. Right? Right. I see that when I'm touring with buyers right now, it just still seems like there's not a lot to look at.

00;15;36;15 - 00;15;41;16

Joe Reitzug

Yeah, in the media, it's all there's all these more homes for sale, this, that and the other one.

00;15;41;18 - 00;15;42;03

Makayla Mast

Yeah.

00;15;42;03 - 00;15;43;16

Joe Reitzug

Kind of.

00;15;43;19 - 00;15;44;11

Makayla Mast

Not.

00;15;44;11 - 00;15;58;09

Joe Reitzug

Really that much. Let's talk price cuts. So an interesting data point that we look at is how many of the homes that are on the market reduced their price last month.

00;15;58;11 - 00;16;02;17

Makayla Mast

Just last month we had 34% reduce their price.

00;16;02;17 - 00;16;04;10

Joe Reitzug

A third of our marketplace.

00;16;04;16 - 00;16;05;16

Makayla Mast

Wow.

00;16;05;19 - 00;16;07;11

Joe Reitzug

Did a market or did a price cut?

00;16;07;11 - 00;16;11;01

Makayla Mast

I think that might be one of the most important takeaways from this list.

00;16;11;03 - 00;16;18;04

Joe Reitzug

Yeah. You know, and that's obviously just the actives. But a third of the actives on the market reduce their price.

00;16;18;07 - 00;16;35;15

Makayla Mast

And we see that so much too. It has so much to do with the psychology of sellers and what the algorithms are telling them online. And inflated the prices from 2021. So it feels like a correction, right, that we're having that many price reductions.

00;16;35;21 - 00;16;39;20

Joe Reitzug

Right? I would venture to say we probably need to be around 40 or 50%.

00;16;39;23 - 00;16;40;25

Makayla Mast

Okay.

00;16;40;27 - 00;16;45;18

Joe Reitzug

I don't think enough people are reducing prices right now. Yeah, right. Yeah.

00;16;45;20 - 00;16;46;23

Makayla Mast

I could get on board with that.

00;16;46;26 - 00;17;08;00

Joe Reitzug

Yeah, yeah. If you look at our neighbors around the West Las Vegas 29%. So less than us, San Diego has less than Sacramento has 27. So it's all kind of right in that 25 to 35, 36%. I like I said, I think there should probably be more price cuts. Buyers are more picky right now.

00;17;08;02 - 00;17;08;21

Makayla Mast

00;17;08;23 - 00;17;09;23

Joe Reitzug

You know.

00;17;09;25 - 00;17;11;14

Makayla Mast

And more than ever, more.

00;17;11;14 - 00;17;31;29

Joe Reitzug

Than ever, they're not going to make purchases like they did in 2122, where it was like 20 grand over what the actual value is 40 grand. 50 grand. Sure. I just want the house to remember that. Yeah, yeah. Not in this current market. No. So let's, let's let's look at days on market. This is a good one a good one.

00;17;32;01 - 00;17;50;08

Joe Reitzug

So days on market increase from last year. So year over year what it was last year versus what it is this year. Is it going up. Is it going down. And this is where I kind of jumped ahead. Las Vegas is days on market is only up 2%. So they have the same days on market pretty much that they did last year.

00;17;50;15 - 00;18;00;12

Joe Reitzug

Gosh. Right. Very stable market there. Yeah. Portland's at 28% Michael okay okay. Yeah. That's getting a little scared.

00;18;00;12 - 00;18;04;29

Makayla Mast

The second highest on the list too, compared to Denver at 32%.

00;18;04;29 - 00;18;06;07

Joe Reitzug

Denver had a 32%.

00;18;06;07 - 00;18;09;04

Makayla Mast

Increase for San Diego's at 13%.

00;18;09;10 - 00;18;10;04

Joe Reitzug

Yeah.

00;18;10;07 - 00;18;11;20

Makayla Mast

Right. Good for them.

00;18;11;25 - 00;18;22;12

Joe Reitzug

Yeah. So out of our list right now I'm thinking San Diego and Las Vegas pretty much have the healthiest real estate markets here in the West.

00;18;22;15 - 00;18;28;19

Makayla Mast

I'd say. I think it would be nicer to be a seller in San Diego and then a buyer in Las Vegas.

00;18;28;22 - 00;18;30;25

Joe Reitzug

Boy, wouldn't that be nice.

00;18;30;27 - 00;18;32;00

Makayla Mast

He'd have a lot to work with.

00;18;32;02 - 00;18;33;11

Joe Reitzug

You really would.

00;18;33;14 - 00;18;33;18

Makayla Mast

You.

00;18;33;18 - 00;19;02;12

Joe Reitzug

Really would. So forecasting this, that's kind of where we're at right now. The Portland market. For me, it feels like we're we're a little bit stuck. Right. We're a little bit stuck. Values are flat. Affordability is still a big concern. And all the data points for forecasting for the future says we're not quite there yet. Right. We're not quite there yet.

00;19;02;14 - 00;19;27;22

Joe Reitzug

I don't think interest rates are coming to the rescue anytime in the next 3 to 4 months. It's, you know, probably 6 to 9 months or something like that. But the more activity we get, the more people in the marketplace, as there's more certainty in the marketplace after the election and, you know, stock markets doing well, those type of things, hopefully that will start pushing things up.

00;19;27;25 - 00;19;50;25

Joe Reitzug

But I think price cuts have to start happening because that's going to drive down days on market. Inventory growth. More people need to be making that choice to get all those metrics kind of put together. That's kind of what I'm seeing right now is Portland's a very stock market, similar to a Denver and Salt Lake City, Sacramento, somewhat in the same boat.

00;19;50;27 - 00;20;12;08

Joe Reitzug

Austin's got problems. Yeah, they got real problems. When you're down 4.4% year over year in value and everyone else is flat or moving up, that's a real problem. And then for the value change from June of 2022 to be down almost 19%, that's nuts.

00;20;12;11 - 00;20;13;19

Makayla Mast

Ouch. Yeah.

00;20;13;21 - 00;20;20;15

Joe Reitzug

So maybe that just indicates where that market was when all this started was, you know, overvalued?

00;20;20;18 - 00;20;23;17

Makayla Mast

Probably. Is that your guess?

00;20;23;19 - 00;20;24;16

Joe Reitzug

I think that's a fact.

00;20;24;16 - 00;20;31;00

Makayla Mast

Okay. You're like, it's not a guess. I can tell you for sure.

00;20;31;02 - 00;20;47;03

Joe Reitzug

Yeah. So one thing we did look at before the show and that we're going to include in, one of our next podcasts that we talk about data is migration and German migration. Were you surprised by what I told you?

00;20;47;06 - 00;20;48;14

Makayla Mast

Yeah. Okay.

00;20;48;16 - 00;21;11;12

Joe Reitzug

Yeah. So Portland's migration numbers are negative. For the first time in a long time, -3700, people. So 3700 people. More, left the city than, migrated into the city, which is. I haven't seen that in a long, long time.

00;21;11;14 - 00;21;19;13

Makayla Mast

I think that just makes me frustrated because it, confirms what the mass media is saying, and I just hate when they're right, because rarely are they right.

00;21;19;15 - 00;21;46;12

Joe Reitzug

Yeah. Three. Think about it this way, though. Back 3700 people is point 1% of our Portland metro 2.4 million. Right. So in the bigger picture, point 1%. Yeah, that's pretty much flat. Yeah. I mean, that's pretty much flat, right? I got some crazy numbers for you from some of the other places around the United States. There are some where people are flocking to there.

00;21;46;16 - 00;21;57;12

Joe Reitzug

It's unbelievable. Boise, Idaho. Those numbers are crazy. You'll just have to tune in for the next, data pod that we do for all of that. But I think this is super helpful stuff.

00;21;57;12 - 00;21;59;11

Makayla Mast

I know it's good to rely on the numbers.

00;21;59;16 - 00;22;17;17

Joe Reitzug

Yeah, it is good to see what the numbers are. And if you're interested in these type of things, look us up on LinkedIn. Joe. Right. SIG is where we're posting all that. But we also post all of this on our, on our blog and podcast on LivPortland.com. You can go there to get all this information.

00;22;17;17 - 00;22;48;14

Joe Reitzug

And we look at the big numbers, the macro view, but we also look at the neighborhood view. And we are constantly looking at each zip code, each neighborhood and trying to figure out what direction things are going so that we can help our clients make better decisions. If you'd like to find out where your neighborhood your area is going, we're more than happy to put something together for you, to give you just a little bit of information that maybe helps you make a better decision about what you're going to be doing.

00;22;48;16 - 00;23;29;00

Joe Reitzug

The other thing is individual value of homes. I think we've gotten obviously, there's been years and years of talk about the Zillow and, you know, their valuations and their algorithms and all that type of stuff. When we do valuations, we don't do algorithms right. We go individually house by house to compare to what your home is and be able to take market knowledge and then convert it into this is where your home would sit in the current marketplace right now, which is critical to what you're wanting because you know, if you're talking about a six, seven, $800,000 home or $1 million plus home, and it's a plus or minus of three 4%, that's a lot

00;23;29;00 - 00;23;45;27

Joe Reitzug

of money, right? So skip the algorithm. Go to a professional realtor. We're here to help you with those things. But as always, we will continue to look at the data and I will continue to bore the snot out of Mikayla with all of the crazy dad I like.

00;23;45;29 - 00;23;46;25

Makayla Mast

It's interesting.

00;23;46;25 - 00;23;52;10

Joe Reitzug

I know you've kind of come on board with it. Yeah. I'm glad. Thank you, thank you.

00;23;52;13 - 00;23;53;23

Makayla Mast

All right. This is a good one.

00;23;53;23 - 00;23;58;21

Joe Reitzug

This was a good one. Thank you all for joining. And, we look forward to seeing you next time. Bye. Makayla.

00;23;58;25 - 00;33;27;01

Makayla Mast

Thanks for joining us today. If you're interested in finding out more about Joe, myself or the LivPortland team, you can go to LivPortland.com. Thanks for giving us a listen and see you next time on the Off the Record podcast.