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Wishing everyone health, happiness, and prosperity in 2022! Thank you to all of our clients who made 2021 an incredible year.

By KGW Staff

The letters could reveal personal information about the buyers that could lead to discrimination, or even the perception of it.

PORTLAND, Ore. — Home buyers in Oregon will no longer be able to submit "buyer love letters" with their offers in an attempt to sway sellers to accept their offer over others. Gov. Kate Brown signed House Bill 2550 in June, which directs seller's agents to reject direct communications from buyer to seller, outside the scope of a traditional offer. 

Buyers will often include personal, heartfelt letters to sellers with their offers, telling them how much they love a home, how they can envision their family growing there, or that they see themselves hosting holiday dinners in the kitchen. The problem lies in that those letters could reveal personal information about the buyers that could lead to potential discrimination. Sellers aren't allowed to discriminate based on protected status, such as race, gender, religion or family makeup, and a letter could open the door to discrimination, or even just the perception of it. 

"The National Association of Realtors has actually advised against them, mainly because it rides a line of being perceived as violating fair housing rules or regulations," said Paul Knighton, CEO of More Realty.

Last year, the National Association of Realtors put out guidance discouraging agents from accepting love letters from buyers, but the practice remains popular nationwide.

"An example—when a letter comes in, if it describes the family situation or circumstances, whatever that may be, or indicates or gives a clue to a religious or any other protected class, there's always the risk that a seller could be accused of making a decision based upon inappropriate factors," Knighton said.  

Oregon is the first state to make it illegal. The bill's chief sponsor, Rep. Mark Meek (D-Clackamas), is a real estate agent. 

The sale should come down solely to the terms and conditions of your offer, Knighton said. He acknowledged it's a tough market for buyers right now, but said love letters rarely tip the scales. 

"You really have to put your best foot forward, make it a clean offer as possible," he said. "The truth is, this is a incredibly strong seller's market. There's 0.7 months of inventory on the market. The more months of inventory, the closer you get to a buyer's market, but right now it's such a strong sellers market that all the buyers can do is work hard and do their best to put their best foot forward in the offer."

By Clare Trepasso

With home prices at a new record high and homes flying off the market in hours in some cases, it’s no wonder that Google searches for “when is the housing market going to crash” have spiked dramatically in recent weeks. After all, the mania seems reminiscent of the run-up to the housing bubble in the mid-2000s—and we’ve all been told that what goes up must eventually come down.

However, housing is likely to keep defying common sense. Experts say there’s no reason to prepare for a crash landing like we experienced in 2008 and 2009. This time around, the reason for the out-of-control prices is simply that there are many more buyers than there are properties for sale. Another simple rule: Prices rise when there is more demand than supply. Crazy, it seems, is the new normal.

By Kimberly Olson // @Luxe

Heath Ceramics studio director Tung Chiang spent three months hunkered down at his home, exploring various design ideas and glazes for the company’s latest biannual seasonal collection, collaborating with co-owner and creative director Catherine Bailey and his studio team via videoconference. The 2020 Winter Seasonal Collection, which Tung coined “Seasons of Hope,” conveys strength and simplicity. The collection’s beautifully crafted pieces—a bud vase, sprout vase, teapot and cups, plaza tray, butter dish and small pitcher—each sport a gradient glaze. “Working as a creative in this tough time strangely helped me focus,” Chiang says. “Isolation translated to concentration. The quiet gave me the chance to explore the meaning of design. Ultimately, this collection is about inspiring hope and love.”

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On April 7, the IRS issued Notice 2020-23, extending a variety of deadlines, including 1031 deadlines. Although the Notice is confusing, because it is not written like the typical Disaster Relief Notices, this Notice extends any 45-day or 180-day deadline that occurs between April 1 and July 14, to July 15, 2020.

1031 Fund Security

A major role of a Qualified Intermediary is to safeguard taxpayer funds during a 1031 Exchange. Since Qualified Intermediaries are not regulated by the federal government or by most states, financial assurances, expertise, company strength and reputation are critical factors.

Real estate professionals are working to convince the IRS to change the start date from April 1st to January 20th so that the extensions apply to more taxpayers. Please note that this is different from the usual disaster extension that provides for an extra 120 days.

Here are two examples to illustrate the current extension.

Example 1: Exchange began April 1, 2020. 45th day is May 16, which would be extended to July 15, 2020. Taxpayer must still close on replacement property by Sept 28, which is the 180th day; because Sept 28 is after the last day of the disaster period (July 15).

Example 2: Exchange began Dec 31, 2019, 45th day is Feb 14, 2020. ID period is not extended because it is before April 1. The 180th day is June 28, which would be extended to July 15, 2020. As always, exchangers should speak with their tax advisors to determine if they are eligible for an extension.

This remains a fluid situation and should be confirmed with the IRS.