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View Portland Real Estate NewsPortland Disclosure Rule
If you are contemplating the purchase of an existing home or any Portland, I strongly recommend that you utilize the services of a trusted home inspector. The final purchase of any home should be based on obtaining a favorable home inspection. Portland is no exception to this rule.
What if the home inspector discovers a problem? That happens and as long as it happens before the sale is final the seller can fix the problem or the buyer who agrees to take the property as is can negotiate the price. Any questions regarding Portland, just give me a call.
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.
Buying a Portland Fixer-Upper
This, of course, depends on the condition of the Portland home and the estimated cost of the repairs you must make. Portland real estate in a good neighborhood that is priced about 25% lower than others that are in good shape may be a good deal if it simply needs cosmetic or minor structural repairs. If the house is a gut job, that is the entire inside will be torn out and rebuilt the 25% rule may work and may not so estimate your costs as closely as possible.
Shopping by neighborhood makes good sense when considering the purchase of a fixer upper. As a buyer, the more you know about the Portland homes in a particular area the better able you are when it comes time to judge whether or not a home your are considering meets the financial parameters you are looking for.
Choosing Your Portland Neighborhood
You’ve probably heard about the three major determinants of Portland values are: 1) location, 2) location and 3) location. This is not only true about real estate in Portland; it is true about real estate in general. If you cannot afford what you want where you want it, give up something inside the house rather than settling on a lesser location.
When Portland Does Not Sell
Let’s say a home is in excellent condition but simply messy. The cat box needs changing, the dog dish is a mess, the dishes haven’t been put into the dishwasher and the beds are not made. Should these conditions affect the price of the Portland? No, but they do. Take two identical houses next door to each other and priced the same. The sparkling clean house will sell much faster than the messy house and the messy house will more than likely sell for a lower figure. This is true of Portland as well as real estate nationwide.
When a home does not sell, the owners tend to think that the REALTOR didn’t do a good enough job of promoting the property. There is a difference among agents and brokers and some will promote a property more than others. However, the main and most important method of promoting Portland for sale is listing it in the local MLS.
Portland BARGAINS
A bargain exists in the mind of a buyer when entering into an agreement to exchange goods when the buyer thinks the price is favorable. Bargains can always be found in the Portland market if a buyer is patient and willing to wait for a truly motivated seller. In economic downturns many people believe that foreclosures and short sales are automatically bargains when, in fact, this may not be the case.
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