The Portland Real Estate Podcast Steve Nassar and Joe Fustolo

The real estate market was nothing but hot in 2021. We saw a staggering number of transactions, and most homes were on the market for less than a week.
And now the market is correcting. Real estate has a longer shelf life and there are fewer buyers.
But what if this shift in the market isn’t necessarily a bad thing? What can we do as brokers to adapt to the circumstances and be successful for the long term?
Justin Harnish is the Broker-Owner of Harnish Properties, and industry leader in the sales and marketing of luxury homes in and around Lake Oswego.
On this episode of the Portland Real Estate Podcast, Justin joins cohosts Joe Fustolo and Steve Nassar to discuss how the real estate market has changed in recent months, describing how demand has stepped back while supply remains the same.
They explain how the interest rate hike works in favor of cash buyers, why off market sales are a good play right now, and what a market correction means for buyers, sellers and agents.
Listen in for insight on keeping sellers happy right now and learn how you can adapt and be successful in the current market environment!
Key Takeaways How demand has stepped back in recent months while supply hasn’t changed
Why the level of urgency is lower in the luxury market
How the interest rate hike works in favor of cash buyers
The challenge of finding comps in a market that is changing so quickly
Justin’s take on how the market will play out for the rest of 2022
Why a market correction is not a bad thing and how it will ‘thin the herd’ in our profession
The return of seasonality in the real estate markets
Why off market sales are a good play right now
How agents can adapt to be successful in the current real estate market
Why conversations around price reductions are back
How to keep sellers happy right now
How sellers know what’s going on in the market and why that benefits us
Why real estate is still the safest long-term investment there is
Why a new judge was assigned to the Lake Oswego case
Connect with Justin Harnish Properties
Justin on LinkedIn
Connect with Joe Soldera Properties
Joe on LinkedIn
Connect with Steve Steve’s Team at Premiere Property Group
Steve on LinkedIn
Resources Masters in Real Estate Facebook Group
Justin on The Portland Real Estate Podcast EP037
Justin on The Portland Real Estate Podcast EP114
Think Big, Act Small: How America’s Best Performing Companies Keep the Startup Spirit Alive by Jason Jennings
‘Judge Ann Lininger Disqualified from Long-Running Case Over Access to Waters of Lake Oswego’ in Williamette Week

We’ve just seen the most significant interest rate hike since 1994. There’s scary inflation news and an economy in flux.Has all of this caused a slowing down in the real estate market?
Kurt von Wasmuth, President/CEO of the Oregon RMLS, is back on the show to share the latest market action data.
On this episode of the Portland Real Estate Podcast, Kurt joins cohosts Joe Fustolo and Steve Nassar to share the active listings data and the forecast for new construction for the rest of 2022.
Kurt shares what the post-COVID data shows about review deadlines and what buyers want and will pay the highest dollar for in homes now. We discuss two surprising data trends in the commercial market and how the great resignation is affecting the numbers in the real estate population.
Listen in for a look at the value of the RMLS for subscribers in a tight real estate market and how Kurt’s team is working to bring new features onboard. Plus, two exciting RMLS offerings coming soon.
Key Takeaways Why median is a more reliable market indicator than average when it comes to housing prices 
Why it’s still a hot market even with the trend of only one month’s worth of inventory
What the new construction data says about the change in momentum in the market
The indicator that new construction is going to be strong throughout the rest of 2022
Why the review deadlines trend is cooling now that demand is cratering
Why buyers are going all-in for larger yards and more square footage
The post-Covid trend toward buying in the commercial space
How the great resignation drove the MLS subscriber number to an all-time high
What will happen to a broker’s bottom line when the number of listings per subscriber resets
How artificial intelligence is helping to find errors in the RMLS
How the value of an RMLS subscription increases in a tight real estate market
Connect with Kurt Regional Multiple Listing Service (RMLS)
Kurt von Wasmuth on LinkedIn
Connect with Joe Soldera Properties
Joe on LinkedIn
Connect with Steve Steve’s Team at Premiere Property Group
Steve on LinkedIn
Resources PDX Real Estate 122: A Conversation With RMLS CEO Kurt Von Wasmuth

On May 11, a federal judge permanently blocked Oregon’s ban on ‘love letters,’ calling it a violation of homebuyers’ First Amendment rights. And most REALTORS are glad that the ‘love letter’ is still an option.
But what does this mean in practice? How do brokers plan to leverage ‘love letters’ moving forward? And what can real estate professionals do to promote fair housing and help prevent the discrimination the ban was supposed to address?
On this episode of the Portland Real Estate Podcast, cohosts Joe Fustolo and Steve Nassar dig into the top posts in the Masters in Real Estate Facebook group over the last couple of months, beginning with the ruling on the ‘love letter’ ban and how these personal messages can be used appropriately.
Joe and Steve share their take on the controversy over CC-ing another agent’s transaction coordinator and what’s behind the trend to ask about pending listings prices.
Listen in for insight around the ongoing fight for public access to Oswego Lake and learn what to expect from the current market correction—and what steps you can take to be inflation-proof.
Key Takeaways How Oregon’s ‘love letter’ ban was permanently blocked
What made the ‘love letter’ ban an overreach and why it wouldn’t prevent discrimination
How brokers might approach ‘love letter’s’ moving forward
The controversy over being asked to CC another agent’s transaction coordinator on emails
How to ensure that your TC and everyone on your team is included in email communication
What’s behind the trend to ask about pending listings prices
When you should and shouldn’t reveal the price a seller accepted
How to offer guidance for comps without giving away the price of a pending listing
The ongoing fight for public access to Oswego Lake
What public access to Oswego Lake would mean for homeowners
The market correction we’re experiencing now and what kind of inventory increase we can expect
What steps you can take as a REALTOR to be inflation-proof
Connect with Joe Soldera Properties
Joe on LinkedIn
Connect with Steve Steve’s Team at Premiere Property Group
Steve on LinkedIn
Resources Masters in Real Estate Facebook Group
Oregon’s ‘Love Letter’ Ban
Total Real Estate’s Challenge of the ‘Love Letter’ Ban
‘Judge Permanently Blocks Ban on Homebuyer Love Letters’ in The Seattle Times
Heather Robbins, Brittany Gibbs and Kim Gellatly on PDX Real Estate EP142
‘Judge Paves Way for Greater Public Access to Oswego Lake’ on OPB

According to CNBC, today, buyers are paying 37% more for their payments on the same house because of a combination of higher interest rates and higher housing prices over last year. Diana Olick, CNBC Real Estate Correspondent says although closings and pendings have not changed, lockbox activity is down by 19% nationally for the month, an indicator that things are changing.
With inflation the highest it’s been since 1981, we’re seeing interest rates back up to where they were in 2009.

So how are these higher rates affecting the real estate market?
Brittany Gibbs is the Principal Broker at Move Real Estate with 25 people at her Brokerage and 15 team members. She’s been in the real estate industry for eight years and is the mother of two little boys ages four and five.  
Heather Robbins has been selling real estate for approximately 20 years. She owns Robbins Realty Group, a small boutique brokerage in her hometown of West Linn with her mother, who has been her partner and mentor in the business from the beginning.
Kim Gellatly got her real estate license right out of college. She’s been selling real estate for 18 years and is the Principal Real Estate Broker at Berkshire Hathaway HomeServices with three buyer specialists on her team and much support as a mom and business owner.
On this episode of the Portland Real Estate Podcast, Brittany, Heather, and Kim join hosts Joe Fustolo and Steve Nassar to share their personal experiences with buyer and seller reactions to the rising interest rates.

Listen in for insight into how each member of our panel is going the extra mile to serve their clients through creative strategies to help them realize their dreams of homeownership while managing expectations on both sides.
Key Takeaways How the higher interest rates are making it harder for buyers with more competition and less inventory
How to help first time and lower price point buyers through creative financing options
How to manage expectations for buyers who are seeing a decline in offers
How the increase in interest rates has increased communication between industry partners
How each member of our panel is meeting the challenge of the new market head on
Why our panel members are optimistic about the real estate market for the rest of 2022 and beyond
Connect with Brittany Gibbs Brittany Gibbs on LinkedIn
Move Real Estate
Connect with Heather Robbins Heather Robbins on LinkedIn
Robbins Realty Group
Connect with Kim Gellatly Kim Gellatly on LinkedIn
Berkshire Hathaway HomeServices
Connect with Joe Soldera Properties
Joe on LinkedIn
Connect with Steve Steve’s Team at Premiere Property Group
Steve on LinkedIn
Resources Here’s How Much the Same Mortgage Costs Now, Compared to Last Year by Mike Winters, on CNBC
The Price of a Home Sold in March Set a Record, as Inventory Dwindled and Sales Fell by Diana Olick on CNBC
Masters in Real Estate Facebook Group

A lot is happening in the world right now. The bond market took a dive, interest rates are rising, inflation is prominent, gas prices are up, and there’s a war in Europe.
All of these things are interconnected, so how are they going to affect the real estate market going forward?
Mark Aalto is a lender and economic forecaster who gives great insight into things that are commonly known among lenders, but might be new, helpful information to realtors. On this episode of the Portland Real Estate Podcast, Mark joins cohosts Steve Nassar and Joe Fustolo to discuss the current market and his predictions for the rest of 2022.
Mark shares his perspectives on current events in the real estate industry, how the stock and bond markets affect interest rates, and how the industry is accounting for an appraisal gap in the homebuying process.
Listen in for insight on why interest rates stayed low throughout the pandemic and have now increased significantly since the start of the year.
Key Takeaways Why the stock and bond markets heavily dictate financing rates
How financing rates have increased significantly since the beginning of 2022
How rates have fluctuated with the stock market throughout the Covid-19 pandemic
Why Mark would rather do purchases than refinancings with his customers
Mark’s perspective on the current state of the bond market and how it is affecting interest rates
Mark’s predictions of what rates will look like throughout the rest of 2022
Mark’s experience with loan programs and why they are typically underwhelming
Why buyers cannot get recast for government loans and need to go directly through the lender
The details of a federal judge recently blocking the new Oregon law banning “love letters” from prospective homebuyers and what that means for the future of the buyer/realtor relationship
Mark’s perspective on the appraisal system and how the industry is accounting for an appraisal gap
Connect with Mark Mark on LinkedIn
Mark on Facebook
Mark on Twitter
Mark’s Team on Advantage Mortgage
Connect with Joe
Soldera Properties

Joe on LinkedIn

Connect with Steve
Steve’s Team at Premiere Property Group

Steve on LinkedIn

Resources USA Today: Federal Judge Blocks Oregon Law Banning ‘Love Letters’ From Homebuyers Over First Amendment Rights

Nowadays, there are tons of people in the real estate business. Whether you’re an agent for a large company, small company, or own your own real estate business, it’s important to stand out from the crowd. The truth is that everybody wants to stand out, but not everybody will put in the effort to do it. Justin Stoddart is a real estate coach, podcast host, author, and speaker. He also serves as Founder and CEO of Portland-based company Think Bigger, where they help real estate professionals build successful businesses. On this episode of the Portland Real Estate Podcast, Justin joins cohosts Joe Fustolo and Steve Nassar to discuss his book The Upstream Model and how real estate professionals can pursue a life of success AND significance.
Justin shares various ways agents can provide value to their clients, the importance of delegation, and how agents can differentiate themselves within the market.
Listen in to learn Justin’s 5 steps for building your business with the Upstream Model.
Key Takeaways Justin’s background flipping homes and entering the real estate world
Benefits of being an independent real estate industry coach
Why great leadership is the highest form of sales
Current challenges and opportunities in the Portland real estate market and the future of the market
How an agent’s mindset can be a great differentiator in the market
The relationship-based business of real estate and what agents can do to set themselves apart
The importance of delegation
The benefits of managing your time by prioritizing customers that will bring you most of your revenue
The difference between a referral partner and a referral source
Why you should run your business as if it is large, regardless of its current size
How consistent communication is key to add value to your clients and stand out
How to be seen as MORE than just a real estate agent
Justin’s 5 steps for building the Upstream Model
Why it is important to pay attention to who you surround yourself with.
Connect with Justin Justin on LinkedIn
Justin on Instagram
Justin on Youtube
Justin’s Website
Work with Justin
Connect with Joe
Soldera Properties

Joe on LinkedIn

Connect with Steve
Steve’s Team at Premiere Property Group

Steve on LinkedIn

Resources Podcast: Think Bigger Real Estate Show
The Upstream Model by Justin Stoddart
The Challenger Sale: Taking Control of the Customer Conversation by Matthew Dixon and Brent Adamson
Uncopyable: How to Create an Unfair Advantage Over Your Competition by Steve Miller