By Mel Marzahl, April 1, 2020
Getting Started
Elizabeth and Kyle have been thinking about buying their first home for a long time! They are both super smart and thoughtful people who don’t take big decisions like buying their first home lightly. We met, talked about about strategy and what they were looking for months before we jumped into the market to shop.
By the time they were pre-approved, and ready to make a move, the Portland spring market had started early in February. Inventory was low, and it seemed like just about everyone and their mother wanted the same home Elizabeth and Kyle were looking for. Starting their search looking at some homes that need work, and then at homes for a little more that needed a little less work.
Narrowing Down the Search
We saw quite a few that were either really nice but way too small, or the right size, but needed way too much work. Then, we toured a skinny home on a little street in NoPo. On paper it wasn’t exactly what they thought they wanted, a skinny home that looked a bit beat up. We toured it anyway and after seeing it in person they realized they really liked the layout.
The house checked all the boxes as far as size, number of bedrooms, bathrooms, and garage space. It needed some work, it wasn’t old, but it needed work and was priced too high. I pulled comps and researched the neighborhood for them. After looking at the market and recent sold homes, they made a well-researched offer well below the asking price and after some negotiations, they walked away from it. They were bummed, but the home needed so much work, and for what the seller was asking, it just wasn’t worth it to them.
Within a few days, another home, almost exactly the same layout and size, but in WAY better condition, on a different street came up on the market for the SAME PRICE! They made an over well over asking, but were outbid…
Third Time’s a Charm!
BUT, without any time to be discouraged a THIRD skinny home on the exact street as the first one cam on the market. This third home was identical to the first but in much better condition and priced better too. By this one, they know exactly what they wanted, and they jumped on it! Theirs was the first and best offer. They decided to go in at their best price. The house was pretty new and had been well cared for. They didn’t find any surprises during the inspection, and the closing went very smoothly.
Elizabeth and Kyle are very excited to move into their new home in a few weeks. While the last few weeks of their escrow period happened to be in the middle of the coronavirus pandemic, they stayed calm. Everyone involved in their. deal worked together (virtually and from home) to make sure they would close on time.
I was so happy to mail the keys to them, since we can’t hand them over in person. And I’m so excited to virtually wish them a huge CONGRATULATIONS! and cheers with a bubbly beverage via video chat.
Mel Marzahl
Broker | OR
She/Her
Raised in the Pacific Northwest, Mel became a passionate advocate for homeownership and investing in real estate after buying and selling her first home...
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- T: 503-443-5382
- mel@livingroomre.com
