Housing & Systematic Racism
I know for sure that generational wealth has had a HUGE impact on the quality of my life today and that those opportunities to own (& steal) land over the number of generations are opportunities that were not afforded to BIPOC folks until very recently in the course of history. Especially in Oregon where Blacks and other minorities were not allowed to live at all - let alone own property per our state's Constitution.
I personally come from a LONG list of ancestors who first stole native land and then owned land for every generation after that (all the way back to the 1840's). Wealth has been inherited down from multiple generations and there's no doubt it has assisted in the owning of the property that I do today as well as the access I have to a number of other wonderful resources.
When people say "that racism stuff was all in the past" or "we have Fair Housing laws to protect people now" or "my life has been full of struggle- I matter too!" .... let's be open to the conversation that our history still has negative impacts. It isn't "solved" once a law is passed. We still have a lot of work to do.
It doesn't mean your struggle isn't important or that your life doesn't also deserve love, support and respect. We all do! This conversation is about something else. It's about a calculated system & set of laws that has caused tremendous harm to people of color. Laws that have made it impossible for large parts of the population to own property, live in certain neighborhoods, build community, access certain schools, etc. Realtors were some of those responsible for these laws as they relate to housing. Let's commit to openly listen, to make mistakes, to stay patient and persistent, & to be uncomfortable and brave in our conversations.
Jen's Real Estate News
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Native Land Online Map & Resource
Check out this very interesting web site Native Land Digital (a Canadian not-for-profit organization) to see what Indigenous groups originally lived in your area. Visitors to the site can enter a street address or ZIP code into the map’s search bar to discover whose traditional territory their home was built on.
In addition to the map, it’s a great resource of information highlighting Native Land territories, treaties, and languages throughout the US, Canada, etc.
"Native-Land.ca This is not an academic or professional survey of Indigenous territories, and the maps are constantly being refined from user input."
Portland Real Estate Predictions
Portland Real Estate Predictions from The Oregonian: A summer spike in homes for sale, desire for a built-in hygiene station
“The sinking economy and coronavirus pandemic aren’t predictable, but residential real estate might be, says Todd Prendergast, co-owner and president of Windermere Realty Trust.
The main force: Too few homes for sale.
Sellers at almost all levels continue to profit from the low number of residential properties for sale in Oregon, the state with the largest housing shortage in the nation.
Inventory has been dropping in the Portland area since January 2019, and even then, with a 3.3 month supply, it was a sellers’ market.
In April 2020, there was a 2.4 month supply of homes for sale, which was an increase from March 2020’s 1.8 month supply. But a hoped-for May surge hasn’t yet materialized.
“There continues to be pent-up demand, generally speaking, for properties priced below $700,000,” says Prendergast. “The lower- to mid-price range, in many cases, is still experiencing multiple offers” if priced right.
Many property owners are being cautious about entering the market, especially if they live in the home, he says. Close to 60% of new listings since March 1 have been vacant properties, which is unusual, he adds.
Summer, which is historically a slow time for home shopping as people take vacations, might see a bump in activity.
“We are beginning to see sellers getting more comfortable with exploring the possibility of listing their homes,” says Prendergast.”
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How Mortgage Rates Have Fueled Housing Market Potential Amid the Pandemic
Check out this interesting blog post written by Mark Fleming, the chief economist for First American Title…
“The early signs of a housing market comeback that appeared in mid-April, rising weekly purchase loan applications, continued to surge through May and into June. In fact, weekly purchase loan applications have now exceeded pre-pandemic levels.
While the coronavirus pandemic continued to negatively impact the domestic and global economy in May, the market potential for existing-home sales rebounded from the April low point, according to our Potential Home Sales Model. In May, housing market potential increased to 4.92 million SAAR, a 6 percent improvement compared with April, but remained 7 percent lower than one year ago. The two biggest drivers of the increase in May are slightly loosening credit standards, which allow more potential home buyers to qualify for financing, and the increase in house-buying power due to historically low mortgage rates.”
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Protect Your Investment - A Guide for At-Risk Homeowners
The National Association of Realtors has released a helpful guide of resources for homeowners who may have been impacted by Covid-19-related financial emergencies. Check out this resource guide HERE …