Tag: Vancouver WA appraisal

Portland Real Estate Appraisal Brief – Thursday, November 27, 2025: $21M in Unspent Rental Fees Discovered

A recent city review found that Portland has accumulated approximately $21 million in rental-registry fees that were designated to support emergency rental assistance and eviction-prevention programs. During the period in which these funds remained unused, landlords in Multnomah County filed an estimated 800 to 1,200 eviction cases per month, though not all filings result in an eviction order.

Portland Oregon skyline at sunset with Mount Hood in the background and overlay text “$21 Million in Unspent Rental Assistance Funds,” illustrating the impact of housing policy and unspent rental-aid funds on the Portland metro real estate appraisal market.

The rental-registry program requires landlords to pay fees and register units, with the revenue earmarked specifically for tenant-support programs. Poor tracking and administrative delays left the money unspent, even as demand for rental aid remained elevated across the Portland metro area.

Leadership Change and Severance Package

The discovery coincided with the resignation of Portland Housing Bureau Director Helmi Hisserich. Following paid administrative leave, Hisserich received a severance package equal to her full annual salary of approximately $241,000. The city continues to examine how the funds went unused for an extended period.

Appraisal Implications in the Portland Region

Residential Properties (1–4 Units)

The unspent funds have no immediate direct effect on comparable sales selection or adjustment grids for typical single-family or small-multifamily appraisals in the Portland metro area. Broader affordability pressure and eviction volume remain relevant market-condition factors, but no abrupt shift in residential values is likely from this development alone.

Commercial Multifamily and Investor-Owned Properties

If the $21 million is successfully redeployed for rental assistance and eviction defense, occupancy stability in larger apartment properties (5+ units) could improve. Lower economic vacancy risk and reduced turnover expense represent positive influences on net operating income, which in turn support lower capitalization rates and higher valuations for income-producing assets across the region.

Appraisers working on commercial assignments in Multnomah County should monitor city council actions regarding reallocation of these funds in the coming weeks to months.

Homeowners, lenders, realtors, estate planners, and attorneys relying on accurate valuation of investment-grade multifamily residential properties will benefit from understanding how policy execution—or delays—can influence income metrics and risk adjustments in appraisal reports.

Sources & Further Reading

Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.

Question: Do you think the $21 million will be disbursed soon, or will it take months before the funds can be used for rental assistance?

CODA

Are you an agent in Portland and wonder why appraisers always do “x”?

A homeowner with questions about income-producing properties?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.

Portland Real Estate Appraisal Brief – Wednesday, November 26, 2025: Oregon’s New 7‑Hour Anti‑Bias CE Requirement Starts January 1, 2026

Appraisers don’t create the market—we measure it. Much like reporting the weather, our role is to analyze conditions, not control them. Oregon’s new 7‑hour anti‑bias CE requirement reinforces accountability, ensuring appraisal reports remain fair, transparent, and free from unintended influences.

Map of Oregon showing all counties and a banner at the top announcing new continuing education requirement in anti-bias training for appraisers.

Starting January 1, 2026, every licensed appraiser in Oregon must complete a 7‑hour course on Valuation Bias and Fair Housing Laws and Regulations, followed by at least 4 hours every subsequent two‑year renewal cycle. The mandate (OAR 161‑010‑0010, amended July 2025) does not increase total continuing education hours—Oregon still requires 28 hours per cycle—but carves out dedicated time for bias and fair‑housing training.

The goal is straightforward: strengthen appraisers’ ability to recognize and eliminate unconscious bias in comparable selection, adjustments, and reporting. For homeowners, realtors, attorneys, and lenders in the Portland metro, this means clearer documentation in appraisal reports, making it easier to understand and challenge valuation decisions.

Why This Training Matters for Everyday Appraisals

Bias most often shows up in the judgment calls appraisers make every day—choosing which sales to include or exclude, deciding whether an adjustment is warranted, or how large it should be.

Under USPAP, appraisers are not required to make any specific adjustment. What USPAP does require is that the analysis be credible, adequately supported, clearly explained, and never misleading. It also explicitly prohibits bias of any kind.

This new training reinforces those obligations with practical tools and case studies, so reports become even more transparent and defensible.

Practical Takeaways for Homeowners, Realtors, and Lenders

  • Expect slightly longer, more detailed appraisal reports starting in 2026—especially around comparable selection and adjustment rationale.
  • Over‑improved properties (e.g., high‑end renovations in modest subdivisions) will still be adjusted to market evidence, but the reasoning will be spelled out more explicitly.
  • Rebuttals and reconsideration of value requests should become easier to evaluate because the appraiser’s decision path will be clearer.

Appraisers don’t set market value—we measure it. Clearer documentation simply helps everyone see the measurement process more accurately.

Addressing Common Challenges

One frequent point of tension arises with over‑improved properties. Homeowners may expect comps from upscale areas, but market evidence must guide adjustments. Recent lawsuits have spotlighted these disconnects between owner expectations and data‑driven conclusions, underscoring the need for explicit explanations.

The training won’t alter core appraisal standards, but it will equip appraisers to better articulate their rationale, strengthening rebuttal packages and fostering trust.

The Bigger Picture for Portland Metro Professionals

Again, appraisers don’t create the market—we report it. We are a lot like Al Roker, who reports the weather, not make it! This new requirement promotes accountability, ensuring reports are fair, accurate, and free from unintended influences.

In a region like the Portland metro, where diverse neighborhoods drive varied valuation dynamics, clearer processes benefit everyone involved in transactions. For those who’ve navigated over‑improvement appraisals, the added transparency could smooth future interactions. Sharing experiences helps refine practices across the industry.

Sources & Further Reading

For current market context on inventory and pricing trends affecting comp selection in the Portland region, see our Q3 2025 Market Update.

Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.

Question: Do you think the new training requirement will have a material impact on valuation disputes?

CODA

Are you an agent in Portland and wonder why appraisers always do “x”?

A homeowner with questions about appraisal contingencies, comp selection, or reconsiderations of value?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.

Portland Real Estate Appraisal Brief – Tuesday, November 25, 2025: Oregon Joins $7 Million Proposed Settlement with Greystar Over RealPage Rent-Setting Practices

Oregon and eight other states filed a proposed $7M settlement with Greystar, affecting ~19,000 Portland apartments. Appraisers and buyers are watching for 2026 rent softening and cap rate shifts.

Graphic showing $7 Million dollar proposed settlement involving Oregon and 8 other states.

A coalition of nine states led by Oregon and California has filed a proposed $7 million settlement with Greystar Management Services — the nation’s largest rental housing operator — over allegations that Greystar used RealPage software to illegally coordinate rent pricing across competing properties.

The settlement, if approved by a federal court, would permanently bar Greystar from sharing non-public rent and occupancy data with competitors and from using RealPage’s hyper-local pricing recommendations. A separate DOJ consent decree filed against RealPage itself imposes similar behavioral restrictions and a three-year independent monitor.

Greystar manages approximately 19,000 apartment units in the Portland metro area — roughly 10 % of the region’s multifamily inventory. State investigators have estimated that RealPage-enabled pricing affected roughly one in five multifamily units statewide.

Image of large apartment complex with a "For Rent" sign superimposed.

For homeowners, buyers, agents, and lenders, the most immediate question is whether these enforcement actions will translate into meaningful rent relief in 2026 and beyond.

The Direct Impact on Purchasing Power

A renter currently paying a $200 “algorithm premium” (the difference between market rent and coordinated rent loses $2,400 annually that could otherwise go toward a down payment.

Even a modest 5–8 % softening in rents after these settlements would return $110–$176 per month to the typical household, equating to $4,000–$10,600 in additional savings over three to five years.

What Appraisers Are Watching in 2026

  1. Cap rate movement on institutional-grade (50+ unit) apartment buildings
  2. Total scheduled gross revenue trends at properties previously managed with revenue-management software

If rents soften and risk premiums rise, cap rates will widen first on larger assets. That pressure eventually flows through to gross rent multipliers (GRMs) on 1–4 unit residential income properties — either compressing GRMs if sale prices adjust faster than rents, or temporarily expanding them if prices lag.

We likely won’t see clear signals until mid-2026, but the direction of travel will matter for every appraisal involving the income approach in the region.

Bottom Line

Combined with new multifamily supply now entering the pipeline, these twin enforcement actions represent the strongest downward pressure on algorithmic rent growth Portland has seen since the pandemic began.

Sources & Further Reading

For broader quarterly context on inventory, pricing, and market segmentation trends in the Portland region, see our most recent Q3 2025 Market Update.

Decorative text border banner before outro and coda.

Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.

Question: Do you think we’ll see any meaningful slowdown in rent increases in the Portland area?

CODA

Are you an agent in Portland and wonder why appraisers always do “x”?

A homeowner with questions about appraisal contingencies, GRMs, or valuation delays?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or anywhere in the Portland Region, we’d be glad to assist.

Portland Real Estate Appraisal Brief – Monday, November 24, 2025: NAR RCI Shows Rising First-Time Buyers Amid Cooling Confidence

NAR October 2025 RCI: First-time buyers at 32%, DOM at 34 days, and 19% waived appraisals in Portland metro. Insights for realtors and homeowners on comp stability and market shifts.

October 2025 NAR REALTORS® Confidence Index report cover with Portland Oregon skyline and Mount Hood – key market trends for Portland metro real estate appraisers


The National Association of REALTORS® (NAR) has released its October 2025 REALTORS® Confidence Index (RCI), revealing a market with subtle shifts that Portland metro real estate professionals should monitor closely. First-time buyers climbed to 32% of transactions, supported by growing inventory and modestly lower rates, though overall confidence dipped—with only 17% of REALTORS® expecting year-over-year buyer traffic increases in the next three months, and 16% for sellers. Cash sales remained steady at 29%, while homes received an average of 2.1 offers, and 19% sold above list price.

For appraisers in the Portland area, these trends suggest more stable comparable sales (comps), but they also highlight persistent risks from contingencies, with 19% of buyers waiving appraisals and 6% of delayed settlements linked to valuation issues. This creates opportunities for thorough, defensible reports that address local market segmentation.

The RCI: A National Pulse with Local Relevance

The RCI draws from a survey of approximately 1,800 REALTORS® conducted November 1–16, 2025, focusing on buyer and seller activity, financing, contingencies, and sentiment. Unlike local MLS data such as RMLS, which tracks completed transactions, the RCI captures forward-looking expectations. In the Portland metro, including Vancouver, WA, combining these insights ensures appraisals reflect both anticipated trends and on-the-ground realities, particularly in cross-border markets.

Key Market Indicators Shaping Appraisals

October’s data points to a gradual easing:

  • Median Days on Market (DOM): 34 days (up from 33 in September 2025 and 29 in October 2024).
  • First-Time Buyers: 32% of transactions (up from 30% in September 2025 and 27% in October 2024), signaling stronger entry-level demand.
  • Cash Sales: 29% (down slightly from 30% in September 2025, up from 27% in October 2024).
  • Distressed Sales: 2% (unchanged from prior months).

While days on market are up year over year, the time homes are spending on market is not excessive. There is a bit more time for negotiations. I go into detail about rising days on market in my Portland Region Q3 2025 Market Update.

Buyer Shifts and Contingency Considerations

Buyers are navigating a slightly less competitive landscape, which influences appraisal timelines and risks:

  • 20% waived inspection contingencies (flat from September 2025).
  • 19% waived appraisal contingencies (flat from September 2025, down from 23% in October 2024)—a trend that eases renegotiation pressures for Portland appraisers.
  • 5% completed purchases via virtual tours only (unchanged).
  • 82% of purchases occurred in suburban, small town, rural, or resort areas (down from 87% in September 2025).

In Multnomah County and Vancouver, WA, this suburban preference reshapes comp pools, emphasizing the need for carefully defined competitive areas—location matters!

Seller Dynamics: Fewer Offers, More Scrutiny

Sellers are adjusting to softer demand, with implications for pricing and close processes:

  • Average offers per home: 2.1 (down from 2.3 in September 2025 and 2.5 in October 2024).
  • 19% sold above list price (down from 21% in September 2025, flat from October 2024).
  • 2% sold to iBuyers (up from 1% in September 2025).
  • Median time to close: 30 days (unchanged).
  • 7% of contracts terminated (up from 6% in September 2025).
  • 14% experienced delayed settlements (unchanged).
NAR October 2025 REALTORS® Confidence Index Key Market Indicators table showing median days on market 34, first-time buyers 32%, cash sales 29%, and properties sold above list price 19% – critical data for Portland Oregon real estate appraisers

For realtors and lenders in the Portland metro, rising terminations underscore the importance of appraisals backed by solid, verifiable comps. As I detailed in my Portland Region Q3 2025 Market Update, the sales price to original list price ratio has been declining.

Outlook: Tempered Optimism and Suburban Focus

REALTOR® confidence softened amid these changes:

  • 17% anticipate buyer traffic growth year over year in the next three months (down from 20% in September 2025).
  • 16% expect seller traffic increases (down from 19% in September 2025).
  • 29% of buyers prioritized work-from-home features (down from 34% in September 2025).

This aligns with the Portland Region’s ongoing suburban migration, impacting comp selection in Clackamas and Washington Counties. Homeowners and attorneys preparing for transactions should carefully read reports to verify they incorporate these broader sentiment shifts.

Implications for Portland Metro Valuations

The RCI’s blend of buyer gains and fading enthusiasm points to a transitional market: enhanced first-time activity promotes equitable pricing, but elevated terminations (7%) reveal gaps in expectations. For further details, explore the full report here, the main RCI page, or the existing-home sales tie-in. See also my Portland Region Q3 2025 Market Update.

NAR REALTORS® Confidence Index bar chart comparing Oct 2025 vs Sep 2025 vs Oct 2024: first-time buyers 32%, cash sales 29%, waived appraisal contingencies 19%, average offers 2.1, median DOM 34 days – PortlandAppraisalBlog.com

Thanks for reading—I hope you found a useful insight or an unexpected nugget along the way. If you enjoyed the post, please consider subscribing for future updates.

Question: Do you think lower mortgage rates will propel the market to new heights?

CODA

Are you an agent in Portland or Clackamas County and wonder why appraisers always do “x”?

A homeowner in Lake Oswego with questions about appraisal contingencies or valuation delays?

If so, feel free to reach out—I enjoy connecting with market participants across Portland and the surrounding counties, and am always happy to help where I can.

And if you’re in need of appraisal services in Portland or Clackamas County, we’d be glad to assist.