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PORTLAND
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View Portland Real Estate OverviewPortland Home Inspection
The purpose of a thorough home inspection is to ensure that Portland home buyers know exactly what a home’s condition is prior to completing the transaction. A good Portland home inspection should include an evaluation of the foundation, framing, roofing, site drainage, attic, plumbing, heating, electrical system, fireplaces, chimneys, pavement, fences, stairs, decks, patios, doors, windows, walls, ceilings, floors and built-in appliances. All significant or pertinent findings should be reported in writing to the prospective Portland homebuyer. The home inspection report gives the Portland homebuyer the information he or she needs to determine whether to buy the property as is or to ask the seller to make repairs.
In most cases, when an Portland homebuyer makes repair requests, sellers usually agree to some if not all of the conditions.
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.
Portland Homebuyers Quandry
Before you begin your next home search, make sure the Portland you have is Market Ready. If painting or landscaping or repairs need doing, get them done. If you are going to go out house-hunting you may save yourself a lot of heartache and headache if your house is ready to be listed at a moment’s notice.
In many cases the amount you expect to realize from your existing Portland real estate will determine the price you can afford to pay for your next home. Start with a Comparative Market Analysis so you will know about how much you can afford to spend.
Portland. How Much Should You Offer?
Comparable sales figures is a good guide for homeowners who are pricing their Portland and a good guide for prospective buyers. Make sure you compare homes that are similar to the one your are considering...the same neighborhood, the same size, the same condition. Also, make sure you compare sales within the past six months.
Ask your REALTOR for a comparison of the list price and sales price of comparable Portland sales. This information may give you a trend and a guideline for your offer. For example, maybe homes in the area have consistently listed for more than they actually sold for. If that is the case, find out what percentage of reduction occurred. Use this information as a basis for your offer.
Bitten by the Portland Home Improvement Bug?
Unless money simply isn’t an issue, the financial implications of remodeling are definitely something to consider. When it comes time to sell your Portland home, the new buyer will usually not pay for over-improvements. This means that if you have the smallest home in an area of larger, more expensive homes, home improvements may make very good financial sense. However, if you already have the largest, most expensive home in Portland, more improvements may make you more comfortable but may not bring you a good financial return. You may find that it is financially wiser to sell and move to a different home that already has the features you want to add.
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.
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