Laughter. Tears. Exhilaration. Defeat. And Rising from the Ashes of Annihilation. Or, House Hunting in Portland’s Spring 2021 Market.
Moving to Portland: The Decision
Bud and I first met our clients, Gary and Matthew, several years ago at a Friendsgiving dinner party thrown by mutual friends. They were visiting from Los Angeles. This was not their first visit to Portland, but it was “the visit.” The one where the city and her environs seduce you with her lush green forests, wildflower covered mountains, thunderous and crashing waves of the Pacific, and bucolic valleys of vineyards stretching as far as the eye can see.
On this trip, they fell in love with Portland and set things in motion to move here. It took a while, but once the dream of Portland settled into their bones, they carried it daily. Moving to Portland became a singular focus, no matter how long the journey.
Moving to Portland: The Challenge
The duo arrived in town and lined up a rental in Southeast. With their base of operations secured, they could finally explore neighborhoods after years of browsing listings online. Seeing Portland’s verdant, tree-lined streets in person confirmed that Portland was the right decision. They were here, and they were ready to lay claim to some lucky home that they could make their very own. It had to have a wood burning stove or fireplace (a rarity in L.A.). They sought a yard with space for gardening. Matthew needed space for an art studio. And it for sure needed the right layout for their sweet bunny to hippity hoppity around the home safely.
But then, in a twist of fate we did not see coming, the governor shut down the state of Oregon due to the impending COVID-19 pandemic. In those first days and months, there was so much uncertainty. We did not understand modes of transmission, or how long we would be locked down. Even the real estate industry paused briefly. It was temporary mayhem. Soon, however, the market became mayhem for different reasons. Interest rates dropped seductively low, and the market was off and running. As newcomers to the city, Gary and Matthew saw this sudden uptick in real estate and thought, “Surely this cannot continue at this pace.” But it did. Each month, inventory dwindled until there were just weeks of inventory left in the entire metro area.
Moving to Portland: The Home Tours
At this point, they figured, “If we are going to do this thing that we moved 1,000 miles to do, we better do it now.” And what a glorious time to be house hunting in Portland. Daffodils and flowering trees and sunshine. Oh my.
We toured so many homes. Some were fixers. Some were more polished, but did not check all the boxes. We were diligent and thorough, at least as much as we could be with 30 minute restrictions imposed by a market that saw homes listed on a Thursday and sold after just one weekend for tens and upwards of a hundred thousand dollars over list price. We did not let that landscape deter us.
Then one day, we walked into a home. The Home. It checked all the boxes. It was quiet, quaint, had both the space and the charm. Plus, it had the all-important wood-burning stove. It was walking distances to a few different “villages” for shopping and dining. And most important of all, it felt like home the moment we walked into it. Suddenly moving to Portland a year ago became about securing this home. We wrote as aggressive an offer as finances would allow, working closely with our mortgage lender to ensure that we could back up everything in our offer. We knew it was our strongest offer, so we submitted it with a well-constructed cover letter, proof of funds, and what we hoped was a good rapport built over the past couple of days with the listing agent. And then we waited.
Moving to Portland: The Call
When I received the call about our offer, I held my breath. There were two offers higher than ours. Still, they were offering us backup position. I felt the air leave my body. We offered everything we could, holding nothing back. I knew my disappointment would be experienced in magnitudes by my clients. I also knew that despite their disappointment, Bud and I needed to convince them that they wanted to accept backup. Often when a client’s offer is rejected, the “F’ you” response kicks in hard. It is a self-defense mechanism. “You don’t reject me. I reject you!” And while that is all well and good, our job is to get folks past that, accept backup, and keep moving forward despite the crushing defeat and the sad realization that all the imagined future possibilities with this home need to be put away while we forge ahead. It is hard to tell clients that I want them to like a house enough to write an offer, but not love it so much that I have to peel them off the floor if they don’t get it. It’s a delicate balance.
Moving to Portland: Moving On
I am not a woo-woo person. But I do believe that you will find the right house if you keep looking. And if it is meant to be, it will happen. While our clients did take a few days to lick wounds and summon up their enthusiasm for home buying again, we got back out there with renewed vigor. Neither Bud nor I are fans of “waiting until after the summer” or taking off huge amounts of time. In a rapidly rising market, your purchase power diminishes with each passing month. Waiting until after an entire season just means that the season you sat out has set the prices for homes in the next season. There might be less competition (not a guarantee), but home prices are that much higher.
We nicknamed most of the homes we toured. There was The Treacherous Staircase House, The Tiny Bathroom House, and my personal favorite, The Tetanus Shot House. It was not all snark and eyerolls. Our poor client actually needed a tetanus shot after cutting his hand on a garage door handle at that one.
Moving to Portland: The Second Call
While parked on a side street in Northeast Portland on a particularly warm and sunny Saturday, awaiting our 15 minute slot to tour the Only 15 Minutes House, my phone rang. It was the listing agent of The Home. Buyer was terminating. Our clients were moving to first position. What?! Flooded with excitement, I managed to ask the usual questions: Why was the buyer terminating? Did something come up in inspection? Can we see the inspection report? How about radon, sewer scope, and oil tank reports?
We do not normally share things that “might” be possible with clients. It is not worth raising hopes and expectations. But on this particular Saturday, parked in front of the Only 15 Minutes House, and sensing the disappointment we were all feeling, I cautiously shared the news that we should know more in an hour, but the buyer of The Home was maybe terminating, and we would automatically move to first position that very day. All of us were full hands over already masked faces like Stephan from Saturday Night Live, all staring at one another. No one said a word. Eyes dancing with hope and excitement.
Then came the chatter. “What? Oh my God what? Are you serious? What else do they want from us? What do we have to do to get it?” they asked.
“No. It’s yours. You signed backup paperwork. It’s automatic. Same terms as we offered. It’s yours,” I replied.
Now hands clutching hearts. Visibly standing up straighter. Pacing. “Oh my God. It’s ours? Oh my God. Like, ours, ours?” they asked.
“Do you want to go back and visit The Home so we can make sure it’s still what you want?” I asked.
“Yes. Absolutely yes,” they chimed.
We still had about an hour to kill before knowing for sure that the termination would happen. So we did visit the Only 15 Minutes House followed by the The Royal Blue Bungalow. We toured distractedly and half-heartedly to say the least. When the time came to go back into The Home, after weeks of comparing every other possibility to The Home, would it be as we remembered?
Moving to Portland: Living the Dream
In a word, yes. It was magical to spend time inside, relaxed, not having to whip through, worried about the next buyer behind us. We forgot how charming the kitchen was. And how spacious the basement. And how versatile the yard. My clients could now make future plans after having moved to Portland over a year ago. To have been part of this journey was inspiring. Sharing that news personally on that day on that street and experiencing the excitement and bewilderment right along with our clients is why we love what we do. Knowing that we were a part of making this happen and delivering this level of happiness to our fellow humans is the best feeling in the world. And knowing how truly happy these clients are going to be makes everything worth it. Even the tetanus shot.
Moving to Portland? Or already here? We are Here to Help
Danni Duggan, Dana Smith, and Charles (Bud) Garrison, OR Brokers, Premiere Property Group, LLC
Danni: 503-719-2279 | danni@dannipdx.com
Dana: 503-805-0569 | dana@dannipdx.com
Charles (Bud): 503-679-1893 | bud@dannipdx.com
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