By Living Room Realty, December 25, 2020
If you are relocating to the Portland area, and looking to buy a home, here are 3 key things worth considering, which will help prepare yourself for success in this current real estate market.
- Find a place to rent first — the timeline for finding the right home to buy might take longer than expected. Extremely low inventory means there will be less homes to choose from, and the multiple offer scenarios we see regularly might mean you miss on a couple homes before ultimately having an offer accepted. Having a stable, open-ended housing situation in the meantime will take a lot of stress out of the process, and help ensure that you don’t have external pressures that force you to settle on a home that you might not otherwise want to buy.
- Choose a local Lender — Having a Lender with local market knowledge is crucial for your success in this market. Many Lenders are licensed in multiple states, so it might be tempting to work with your Lender from California, or your big bank that you have an established relationship with. While this may seem like the path of least resistance, I have seen too many scenarios in which this type of Lender selection has worked against a Buyer; particularly during a multiple offer situation. Listing Agents and Sellers want to know that the Buyer’s Lender is in-tune with the local market and local appraiser timelines, which will help ensure the deal closes on time.
- Be Open Minded with Location — There are so many great neighborhoods and micro-markets here in the Portland area, and if you are relocating here, you may not be aware of all of them. Oftentimes, it’s helpful to consider the characteristics that you are looking for in the neighborhood that you want to live in. If you have a list of what those things are, I can help identify which neighborhoods might be a great fit! Then, I always recommend spending time exploring those neighborhoods — even spending a weekend doing normal “weekend activities” in the different areas you want to consider. Being open minded is key in this market, as some neighborhoods only have a handful of homes sell in a given month. Eliminating certain areas without giving them proper consideration could mean missing on a great home!
While this list is certainly not exhaustive of all the things to consider when relocating to Portland, it’s a good start towards preparing yourself for a move here!
