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Buying and Selling Portland Real Estate
Portland-Home of Their Dreams
Ever think you would like to build your own Portland home and have everything just the way you want it? Lots of people do and they often start by looking at land or lots for sale. With many people the idea is to buy a lot today, get it paid off or mostly paid off and then sometime in the future, contract with a custom builder for the Home of their Dreams via Portland.
Portland HOME BUYING MORTGAGE PITFALLS TO AVOID
ALL MORTGAGES ARE NOT ALIKE. There are far too many variables—type of mortgage, term, lender and amount of points to mention a few—not to investigate all of your options in Portland. Don’t simply accept the first plan presented to you, whether it is from a mortgage broker, an agent or on the recommendation of a friend. Spend time comparing to get the best plan for you.
HOME INSPECTION – A MUST. If you should ever think about skipping the Portland home inspection in order to save money, stop and give yourself a good shaking. In the scheme of things, the Home Inspection fee is small potatoes but it is a very important step for any buyer to take. Going without a Home Inspection or choosing an unqualified inspector puts you at risk for not knowing about potentially expensive or even hazardous defects in the property.
Portland Housing Patterns
Portland Housing patterns tend to be homogenous, meaning homes worth $100,00 are located in $100,000 neighborhoods. It is important for properties to be within the general pricing patterns of their neighborhoods because over-valued homes, even if they are exceptional, are sometimes difficult to sell at full market price. Remember, lenders want to compare your home to nearby homes. If your Portland real estate is located in a neighborhood of $100,000 homes but you have added another $100,000 in improvements, you may have over- improved your property in that lenders will be reluctant to lend the higher amount.
Many sellers think that the price of their home is determined solely by what they are willing to accept and what the buyer is willing to pay. However, the lender’s appraisal in Portland is one more variable and it can complicate the sale of your home. In these cases, it helps to have a knowledgeable REALTOR working on your side.
Portland Real Estate Cycles
One problem with attempting to time your purchase to the business cycle is that even experts have problems accurately predicting the future economy. Even when they can, the Portland market does not necessarily move in tandem with the stock market or the economy as a whole. Portland is a unique situation.
When the economy is doing well, interest rates are generally higher. The result is that fewer people can afford houses, and Portland is no exception. When the economy slows down, interest rates fall, the "affordability index" moves up and more people can afford houses. The Portland market will take the lead.
Bitten by the Portland Home Improvement Bug?
Money isn’t everything however so that if the most important consideration for remaining in your Portland home happens to be the school where your children attend or the proximity to your work or to a particularly attractive recreational opportunity then remodeling may be the best option. On the other hand, if the idea of having your Portland house torn up for weeks at a time makes your blood run cold, it really doesn’t matter how much money you might make turning a fixer-upper into a model home. You will be far better off selling the home you have and moving to a home that better fits your needs.
Taking Title to Your Portland
There are so many details to consider when purchasing your Portland and mounds of legal paperwork to read that sometimes it seems overwhelming. Some important decision can be made ahead of time so you know what is in your best interests when the time comes. For example, right at the end when the paperwork is being signed you may be asked how you want to take title. This is an important decision that should not be rushed but often is. Knowing some of the common forms of Portland ownership ahead of time is one way to protect yourself.
A single Portland buyer will usually want to take title in his/her name alone. Husbands and wives usually own property through a form of joint ownership such as joint tenancy. Unrelated individuals can take title in a limited partnership arrangement.
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