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PORTLAND
OREGON
REAL ESTATE
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Buying and Selling Portland Homes for Sale
Portland Real Estate Title Insurance
Buyers in the Portland market can be tempted to save money by foregoing a title search but the risks are heavy because title problems are many and varied. Some typical problems that title searches have uncovered include a second mortgage on a home that does not appear to have been paid off. The sellers borrowed money years ago from a parent who insisted that a second mortgage be recorded. The loan was repaid but the title wasn’t cleared. Another typical Portland problem occurs when an owner had work done on the property but for one reason or another failed to pay the contractor in full. The contractor filed a mechanic’s lien on the property and it has never been removed. These are liens on the property and if you take title to a property without clearing these liens or encumbrances, you may be responsible them.
Building Portland Home Equity
A popular question from prospective Portland homebuyers relates to building home equity. Buyers like to estimate how much a home may increase in value based upon past appreciation. One of the many advantages of home ownership is that appreciation is based on the home’s market value rather than on the actual dollar amount invested or the down payment so that a $100,000.00 home that appreciates 5% is now worth $105,000.00, especially in Portland.
With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build Portland home equity faster by choosing a 15-year loan instead of a 30-year loan.
Buying a Portland Fixer-Upper
Some Portland investors concentrate on buying fixer-uppers, making repairs and upgrades then selling for a profit. Going with a Portland fixer-upper can also be a smart way for those who are handy to buy a home in a neighborhood that they might otherwise be unaffordable. Fixer-uppers are a wonderful opportunity for those who simply love to create their space to their own specifications but for whatever reason do not want to start with a vacant lot.
Best to know the extent of the job and whether or not you are up to it before you buy. Some Portland fixer-uppers simply need cosmetic work such as paint, wallpaper, carpeting and maybe kitchen appliances are fairly easy to estimate the costs for fixing. Portland homes that need minor structural repairs such as roofing are also fairly easy to cost estimate.
Does Your Portland Have Curb Appeal?
From cottages to castles some Portland have so much curb appeal that passersby can’t help but stop and admire them. When visiting property with great curb appeal, prospective buyers often experience 'Love at First Sight' and this disposes them to love the entire home before they even walk through the front door.
Portland curb appeal is the result of a perfect blend of architectural style, landscaping, up-keep and color choices. Money alone does not guarantee outstanding curb appeal. I’ve seen very expensive Area homes with costly landscaping that fail to appeal and I’ve seen very modest priced Area homes with outstanding curb appeal. In part, the landscaping aspect of curb appeal is a matter of personal taste.
What Makes Portland Sell?
The Condition affects its salability and possibly price. Portland that is in move-in condition will usually sell for a higher price than a home that suffers from deferred maintenance.
The Home’s Accessibility refers to just that. Is the Portland accessible to shopping and local transportation? For some this would be a necessity and for others, the more remote the better.
Marketing Exposure refers to how Portland is advertised. Today the Internet is a fantastic way to market a home but it is still true that the best service a listing agent can do for sellers is to promote the home heavily with local brokers and agents. The Internet and other advertising certainly help, but it is still true that in most cases it is the agent that sells the home by making sure the right buyers know about it.
Portland DOWNTURNS
Real estate markets are affected by the economy as a whole and in turn, can affect the general economy. Of course, a buyer’s dream is to buy Portland when prices are low and sell when prices are high. However, real estate is not exactly like other forms of investment and most people become comfortable and attached to their homes and are not interested in selling just because the market is right.
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