 |
PORTLAND
OREGON
REAL ESTATE
|
|
|
 |
|
BE
THE FIRST TO KNOW
Just listed
properties that are priced for a fast
sale go quickly. So, if you are
looking for the perfect home at the
right price, register online and I will
email you new listings as soon as they
come on the market. You will never
miss out on the best buys!
Register
Now
|
|
|
| SELLERS
- To
Find Your Home's True Value
Click
Here |
|
|
|
|
Facts About Portland Real Estate / Buy and Sell Wisely
Portland FAIR MARKET VALUE
When you buy Portland real estate or refinance your present home, your lender will ask you to pay for an appraisal to help ensure that the sales price and mortgage amount is consistent with the property's market value. The appraiser uses the Rule of Three. What that means is the lender wants to evaluate three "comparables"—recent sales of nearby homes that are very similar to the one you are buying. Based on this information, the lender will make adjustments to reflect the differences between the properties and arrive at a fair price for your home.
Guidelines for Buying Portland
Let’s say everything is a GO! You have found the perfect Portland home. You know you can afford it and it is actually priced below what you expected to pay. What a bargain! Yes there are bargains to be found in Portland. At this point it is fine to put in an offer on the property but only with a well-planned contingency. Of course, it the home is going to be financed, the lender will want a Home Inspection before agreeing to lend money on the property. However, you need to protect yourself by making an offer SUBJECT TO a clean bill of health from the Home Inspector of your choice. This kind of a contingency gives you an out if the inspector finds a problem with the roof, or foundation or other structural problem that was not apparent to the seller or to your agent. This does not mean you will not buy the house but you will have a good reason to renegotiate the price with the seller.
Portland: Art and Science
Buying a piece of Portland real estate is a science but buying your Portland home is an art. The science part involves getting the legal and financial parts down while the art is finding the Portland property that you’ll be happy with.
The total universe of possibilities within the universe of Portland real estate is quite diverse but narrowing your search ahead of time will help keep things in perspective.
In general there are two phases to any Portland real estate search. In the first phase, you get a feel for the different areas and an idea of what is being offered at what price. In the second phase, you search for the Portland real estate that meets all or most of your specifications.
Buying Portland Below Market
Isn’t that everyone’s dream? I hear it from prospective buyers almost every day and many of them want to find the perfect Portland home priced considerably under market. Is it possible? The answer may surprise you but often it is possible. You just need a sophisticated buying strategy.
Now the idea that you can simply decide one day to go house hunting and find just the Portland real estate you want priced way under market is pushing your luck. But if you take advantage of some of today’s Internet technology, do your homework and bide your time, you might find just what you are looking for. First let’s look at the technology.
The Benefits of Selling Portland
As you know, you are allowed to sell your Portland principal residence once every two years and exclude up to $250,000 ($500,000 for a married couple) of the gain of the sale on your Federal income tax. Please note: This is not a once in a lifetime tax savings and you don’t have to be any certain age or buy a more expensive property. If you meet the two-year residence test you can sell your principal residence every two years if you are so inclined and the market cooperates. But this tax saving does not affect rental property unless you convert the rental to your personal residence, live in it for two years and then sell it.
When Portland Does Not Sell
Here is where your agent’s expertise and diligence comes into play. A top agent will consider what similar Portland have sold for within the last 3 to 6 months and compare those homes condition, features and location with your home. If there are no comparable sales in the area, which is often the case with custom or one-of-a-kind properties, the agent may suggest that you obtain a formal appraisal.
A homeowner who must sell and sell quickly needs to price their Portland at or slightly below market to ensure a quick sale. A different homeowner may want to sell but has time and wants to get the top market price. These homeowners will often price the home slightly above current market prices and expect interested buyers to offer a lower amount to start the negotiation.
|
|
|
