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PORTLAND
OREGON
REAL ESTATE
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Information About Portland Real Estate
Portland HOME BUYING PITFALLS TO AVOID
Buying your Portland home whether you are a first time buyer or an ‘Old Pro’ involves legal, financial and emotional considerations. The more you know about the most common buyer mistakes, the more likely you are to avoid them.
Make sure that when you put in an offer on any Portland home that you have spent time narrowing down just what you are looking for. When the sellers accept your offer, you are involved in a binding contract that could cost you your deposit and other damages should you decide to back out. The opposite scenario, waiting for the 100 % perfect home can be an exercise in futility. With the thousands of variables available in housing, including location, style, size, amenities and condition, perfection is almost always an unreasonable goal.
Portland Homebuyers Quandry
When you find the home you want to buy you may make an offer contingent upon the sale of your existing Portland. In a Seller’s Market, offers with such contingencies are not well received because the seller must remove his home from the market while you sell yours. However there are times when this kind of offer is successful, even in the Portland market. A backup strategy might be to put in your offer with a very long escrow giving yourself time to sell your home. Very few sellers will accept these kinds of contingencies or long escrows if your house is not already on the market.
Portland Real Estate Title Insurance
A Portland mortgage policy that insures the lender remains in effect until the loan is paid off. An owner’s policy insures the buyer and remains in effect as long as the owner or the owner’s heirs own the property. An owner policy may cost a little more than a lender policy. For example, an owner policy may run somewhere around $3.50 per $1000.00 of home value while a policy for lender protection may run in the neighborhood of $2.50 per $1000.00 of home value.
The Portland real estate Title Company searches and examines public records to determine if any problems with the title exist. Your real estate agents works very closely with the Title Company to help clear up any past clouds that may affect the transfer of title to the new owner.
Buying Portland Below Market
While the perfect Portland option at the right price might come on the market within a couple of weeks, don’t expect that kind of time frame. You must be prepared to wait months for right property, and the Portland is no exception. Remember, most sellers tend to ask MORE than their property is worth, not less so bargains don’t pop up every day. Often times, homes that are on the market for too long a period of time will come down in price as the homeowners get tired of having their house for sale but unless the seller is really pressed, home prices tend to come down is small increments unless there is an unfortunate circumstance that might cause the homeowner to price the Portland under market for the specific purpose of getting a fast sale.
What Makes Portland Sell?
People often ask me when is the best time to sell my Portland? I usually reply that if you want to get the best price for your home, it is wise to give yourself as much time as possible to sell it. However peak selling seasons vary in different areas of the country, and Portland is no exception, and weather has a lot to do with an area’s peak season. For example, late spring and early fall are the prime listing seasons in many areas because houses tend to show better in those months than they do in the heat of summer. Having said that, houses sell in every season in areas where there is a demand. By demand, I mean a significant number of prospective buyers moving to the area for a variety of reasons.
What Makes Portland Sell?
If your only reason for selling your Portland is for the purpose of taking your profits there are a couple ways to approach this. Assuming you have lived in the Portland for two years so you can avoid federal tax consequences, if you sell when prices are high and rent until prices come down before buying a replacement home, you will have maximized your profit. Remember, if you sell when prices are low, you will still make a profit and be able to buy a replacement home while prices are still low.
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