Tag: First Time Buyer

Portland Market Update Late-March 2024

Posted on by LeAnn Raschke

Find out what’s happening in the Portland real estate market for Late-March 2024.

 

Hi I’m LeAnn Raschke, a licensed OR & WA broker at Living Room Realty, here to tell you what you need to know about the market for late March 2024.

The Spring Market

With the re-emergence of the sun, the first day of Spring, and the cherry blossoms afoot, it’s hard not to notice Portlanders have a bit more pep in their step! Welcome to the spring real estate season, where the chill of winter thaws, and a new cycle of opportunity begins!

For Sellers, Spring is typically the ideal time to list your home. With longer days, warmer temperatures and gardens blooming, properties tend to show better, attracting more potential buyers.

With that, over the last 2.5 months, we’ve seen new listings slowly make their way to market. There has been an average of 72 new listings per week across the entire Portland Metro Market since the beginning of 2024.

Competition Returns

So, just as the Spring brings warmer weather, it also brings competition.

Buyers have now adjusted to the 6.5 – 7% interest rates, and they are awakening from their winter hibernation.

In our office, which holds the number one market share in Portland, we’re seeing multiple offers on new listings that are priced well and move-in ready.

Many lending experts are predicting that we won’t see rates fall much further through the end of the summer.

In this ramp up to a busy season, it’s crucial for buyers to act fast and for sellers to price their homes strategically.

Connect With Your Agent

Buyers, in this market, now more than ever, it is crucial to have a knowledgeable buyers agent on your team. We will help you navigate this wild time by providing up-to-date information on new market listings, getting you to the negotiating table with strategically strong offers and guiding you gently through to closing.

If the buzz of competition isn’t for you, this is a great time to schedule a strategy session with your agent to examine your home buying goals so you’re in a better position when you are ready to take flight.

 

Make A Move

Whether you’re buying, selling, or simply dreaming about your next move, give us a call today. We’d love to help you find your next Living Room.

 

What Every First-Time Homebuyer Should Know

Posted on by Kelsey Burkett

Homeownership has gotten more challenging over time. In fact, the average first-time homebuyer is now 36 years old. Without the proper support and guidance, a home purchase can be filled with unfamiliar terms and financial complexities. Understanding which factors are most important to prepare for can help you make informed decisions that are right for you and your unique circumstances. Let’s explore five key components that every first-time homebuyer should be familiar with: credit score, percentage down payment, earnest money, closing costs and loan-to-value (LTV) ratio.

Credit Score:

Your credit score is a numerical representation of your creditworthiness, and it plays a pivotal role in determining your mortgage eligibility and interest rates. Lenders typically use FICO scores, and a higher score often translates to lower interest rates. Your mortgage rate determines the amount of interest you’ll pay over the life of the loan. Before embarking on your homebuying journey, check your credit report for any errors and work on improving your score if needed. Aim for a score above 700 to secure favorable mortgage terms. Business Insider suggests “aiming to get your credit score in the ‘good’ range (670 to 739) would be a great start towards qualifying for a mortgage. But if you’re wanting to qualify for the lowest rates, try to get your score within the ‘very good’ range (740 to 799).”

It’s worth noting that your credit score is one of many factors that mortgage lenders/brokers consider. Along with your credit score, they also assess income, employment history and your debt-to-income ratio.

Percentage Down Payment:

The down payment is a percentage of the home’s purchase price that buyers must pay upfront. While a 20% down payment is often recommended to avoid PMI (private mortgage insurance – an additional fee you pay monthly to “insure” your mortgage), many first-time buyers find it challenging to save such a substantial amount. In fact, there are various loan programs that accept lower down payments, such as FHA loans (requiring as little as 3.5%). Ultimately, the amount you’re able to put down, along with your loan-to-value ratio, help determine your home buying budget. When determining what you can “afford” for your down payment, make sure you’re also accounting for inspection costs (~$1,000 is typical), closing costs and a reasonable savings cushion in case other costs or life changes pop up. 

Earnest Money:

Earnest money is a deposit made by the buyer to show their serious intent to purchase a property. It is typically held in escrow until the transaction is finalized and counts towards your down payment total. While the amount can vary, a good rule of thumb is 1-3% of the home’s purchase price. First-time buyers should be aware of the local market and consider it a factor in making a “strong” offer. Your Realtor will help guide you through this, taking your unique goals and financial situation into account. Luckily, buyers are protected at key points throughout a real estate transaction (your Realtor will tell you what these are) and as long as you’re within key contingency triggers/dates, your earnest money may be refunded. That being said, if a deal falls through outside of those key milestones, earnest money may be at risk.

Closing Costs:

One factor that tends to be elusive when first-time buyers are considering how much money they can afford to put down on a home are closing costs. Closing costs encompass various fees and expenses associated with finalizing the home purchase. They typically include appraisal fees, title insurance, escrow fees and more. It’s crucial for first-time buyers to factor in closing costs when budgeting for their home purchase. On average, closing costs can range from 2-5% of the home’s purchase price.

Loan-to-Value (LTV) Ratio:

The LTV ratio is a comparison of the loan amount to the appraised value of the home. For instance, if you are putting 20% down ($50,000) on a $250,000 home, your loan amount would be $200,000, resulting in an LTV ratio of 80%. Lenders often prefer lower LTV ratios, as it signifies a lower risk for them. First-time buyers should aim for a lower LTV to secure better mortgage terms and potentially avoid private mortgage insurance (PMI). Qualifying standards vary by lender, but a loan with an LTV ratio of 80% or lower is usually considered the most ideal. Ultimately, the less “skin in the game” the lender has, the less risk or penalty if you aren’t able to pay. 

As a first-time homebuyer, navigating the complexities of the real estate market can be challenging. By understanding and prioritizing key factors like credit score, down payment, earnest money, closing costs and LTV ratio, you’ll be better equipped to make informed decisions that align with your financial goals. Finding a knowledgeable Realtor and Mortgage Broker/Lender to guide you through each step of the process will help alleviate stress and set you up for success for your first home purchase. 

I’d love to discuss your goals and what you’re looking for in a home. Reach me at  kelsey@livingroomre.com // 971.371.0203 // @kcb_portland. 

5 Tips for Getting Ready to Buy a Home

Posted on by Kelsey Burkett

Preparing to buy a home is a big deal. It’s a huge investment that can feel confusing and overwhelming, making it difficult to even know where to start. Here are five tips that can help you take a deep breath and begin the process: 

1. Play around with a mortgage calculator to understand how mortgage rates affect your home buying budget

Most online mortgage calculators are free and you can find them on sites like Realtor.com or Google. Play around with the rate (enter the current rate, one quarter, one half and one full percent up and down from the current rate) to get a feel for what changes in the mortgage rate may mean for your monthly housing costs so you’re not surprised. None of us can predict the future, but this can help you get a feel for your budget range and timing. 

2. Get pre-approved

Understanding what lenders are willing to lend you, and what you have budgeted for a down payment and closing costs, is a pivotal first step in your home buying journey. A pre-approval letter is something that most sellers want to see when you’re making an offer. This will also help you establish what your budget range is before you start touring homes more seriously with a realtor.

Tip: find a knowledgeable lender or mortgage broker who will spend the time to break down a few different scenarios for you. 

3. Get to know your local market by keeping up with data and setting up automated searches

Read and follow national and local real estate news to get to know the market and trends. The National Association of Realtors releases a weekly podcast (called Real Estate Today) every Friday. Living Room gathers and posts regular local market updates on their social pages (@livingroomrealty).

Define your search criteria. What are your must-have’s vs nice-to-haves? You can set separate searches for each. Set up searches on sites like Realtor.com, Zillow or Redfin that automatically ping your email inbox with new or price reduced listings that fit your criteria in the neighborhoods you’re excited about.

Tip: Visit open houses! Talk to the host and ask about the market. This is real-time data and most realtors are happy to share. 

4. Be aware of seasonal trends, timing and inventory

If you’re looking to have the highest number of fresh homes to choose from, maximizing your potential to find just what you’re looking for, consider buying during a peak season (like late spring or summer). But be aware that competition is likely to be high and be ready to pay a slight premium.

Inventory in the winter tends to be low, but prices can often reflect this due to lower competition near the holidays and colder months where touring and curb appeal are lessened. 

5. Work with a realtor and team who you not only trust, but connect with

It’s quite literally our job to stay up-to-date on data, news and trends in our national and local market. Work with someone you know, like and trust. If you don’t know a realtor already, ask your friends, family or coworkers for a referral. It’s best to get connected with an agent at the start of your home buying journey so you can get aligned on your goals, criteria and prep. You want to be ready to write an offer quickly once you find “the one.” 

Added bonus: Many real estate brokers are well connected in the community and can provide you with knowledge, recommendations and referrals for your housing needs and beyond (we also love to eat and drink). Your realtor is there for you far past your home buying journey, so be sure to keep in touch!

 

If you’re interested in chatting about the market or want to explore your home ownership or investment goals, reach out! You can find me at @kcb_portland or kelsey@livingroomre.com.

First-Time Homebuyer Tips

Posted on by Living Room Realty

Howdy y’all! Queer realtor Río Palomares here with some tips on how to get into the real estate market as first-time homebuyers. First-time homebuyers make up for the majority of my clientele (fellow queer community as well, hello!). Go ahead and take a gander, will ya?

 

Hot Tips for Homebuying

 

  • Find a realtor

Working with a realtor who will dedicate their time by advocating for you is key. Not all relationships are a good match; the same applies to working with a realtor. Take your time in finding someone that will help guide you in one of the biggest steps of your life! It’s never too early to get the ball rolling; creating a housing plan with your realtor will only prepare you that much more.

  • Saving money for a down payment and other expenses

Savings? Who is she? Saving any money you can towards a down payment will help substantially in the long run. Beyond a down payment, you can expect to pay closing costs (a percentage of what you are financing) and for any inspections conducted in your housing process (such as a general home inspector). So, how can you save? This is a personal big one for me; I know how hard it is to not order takeout or delivery but try to cut down on any excess spending and you will be amazed at how much you can save in just a matter of weeks.

  • Find a lender to get pre-approved

Chat with a few lenders to shop for the best rate. While you’re doing this, it is great to ask any questions you may have in regards to the financial aspects of this journey (they are the experts after all!). If you’re looking for lender recommendations, your realtor will typically have a few local lenders to refer you to.

  • Credit score

Yeah, that one number that just won’t seem to go away is indeed a key factor in this process as well. If you suspect you have any credit score issues or need to raise your score, working with a lender sooner than later is vital. A lender can help advise you towards the right path for success.

  • Ask all the questions. Seriously.

Please, ask away! Whether it’s your realtor, lender or vendor, we would much rather you ask any questions to ensure you have a complete grasp of this process. It is your potential new home and we want you to feel good about this moving forward! Makes sense, right?

These are just some base steps to take as you gear up for getting into the homebuying journey. Homebuying is much more thorough and dialed in to your specific needs once you’re fully invested in it. If you’re feeling ready to dive in, connect with a realtor (like me!) sooner than later. Best of luck y’all, you’ve GOT this!

Just Listed! Bright Powellhurst Delight

Posted on by Julie Davis

4233 SE 115th Avenue

Portland, Oregon, 97266

This quintessential 1950’s ranch style home is situated on an oversized lot in the diverse and vibrant Powellhurst-Gilbert neighborhood! Filled with light, and move-in ready with a spacious living room and eat-in kitchen, this home is certain to delight your first-time home buyers. The home offers three bedrooms, including a generously sized primary with double French doors leading to a covered deck and the expansive, full-fenced backyard. Think urban farm, fire pit and room for your four-legged (or perhaps two-legged) creatures to romp about. The extra-long driveway has room for your car, with additional space for your recreational vehicles. The quiet street gives neighborly, residential vibes and easy access to Division Street, shopping, freeways, Kelly Butte Natural Area, and Powell Butte Nature Park.

OFFERED AT $419,000

3 BEDROOM | 1 BATH | 1,224 SQFT

MLS# 22002266 | TAXES: $3,220

Does the Home Buying Lingo Intimidate You?

Posted on by Living Room Realty

Does the home buying lingo intimidate you? Have no fear, Jamie is here, with a list of home buying lingo to bring you up to speed!

Let’s start with the fixed mortgage rate and adjustable rate. A fixed rate is simply a loan that has an interest rate that will remain the same for the life of the loan. An adjustable-rate can change from year to year. That’s it, pretty simple, right?
Another term you’ll hear is Escrow. Escrow is defined as the holding of funds, by a neutral third party, prior to closing. They hold the money until the deal gets done!

CONTINGENCES!

One of the most important words for negotiations in this market! Sellers are looking for buyers who can purchase the home with the least amount of obstacles. Like buyer home sales, inspections, and mortgage contingent. The easier you can make it the better chance you have to “win” the multiple offer market we’re in.

You’ve made it! It’s closing time.
With closing comes closing costs. Typically, closing costs range from 2% to 5% of the purchase price. Examples of closing costs include fees related to the underwriting of the mortgage, real estate commissions, taxes, insurance, and record keeping.
I hope just knowing these most common phrases will help to make the buying process a little less frightening!

How to stay safe and be successful in a market that demands so much of buyers

Posted on by Jessica LeDoux

The reputation of Portland’s real estate market often precedes itself. In many ways, the market is as it appears – we have historically low inventory (if no new homes were listed, our inventory would be depleted within two weeks), housing prices are rising, and there is a large buyer pool fueling an overall competitive environment. All of this can land as fear in the heart of a hopeful buyer and spur reasonable questions:

 

Will I be forced to take uncomfortable risks in order to have my offer accepted?

If I buy in this market am I at risk of paying over market value?

Will I be able to compete?

Is now still a good time to buy?

What should I expect from real estate representation?

 

The answers can be nuanced and unique to each individual person, but one thing we aim to inspire in all buyers is empowerment around choice, rather than a “when the competition says jump, you say how high,” mentality.

Will I be forced to take uncomfortable risks in order to have my offer accepted?

It’s true that there will likely be scenarios where competition is fierce and what it takes to win a home may stretch a buyer’s comfort. But this should always be viewed as a question mark (Is this the home to fight for?), rather than a demand. We want to nurture a foundation of security by way of education, supporting buyers in honing in on and prioritizing goals, and setting clear expectations so when “the one to fight for” does come around, buyers can respond with less reactivity and instead can feel rooted in their well-rounded understanding of the market and commitment to their own individual needs. Our ultimate goal is aiding buyers in honoring the right decision for them.

If I buy in this market am I at risk of paying over market value?

Often market value is conflated with appraised value. In short, market value is determined by how the market responds to a home. This is the amount buyers in the market are willing to pay. Appraised value is a bank’s assessment of risk. There are times when these two numbers are farther apart, which is often the case coming out of winter when early spring sales have not yet closed and the less fervent winter market is providing the bulk of the comparable sale stats for appraisers. This can also be the state of things when an influx of buyers outpaces rising home values – or in other words, population growth and demand are moving at such a clip that appraised values seem to be one step behind. Consequently, we are seeing appraisal gap coverage (the willingness to pay the difference between the appraised value and offered price) become increasingly commonplace within offer terms. When a buyer is bridging an appraisal gap, they are paying the same price they offered for the home, but are taking out a lower principal loan. In essence, the cash to close is higher and the loan amount is less.

Will I be able to compete?

We never want to squash dreams, but we try to arm buyers with realistic expectations. The fact is that aggressive offer terms do exist in the marketplace: variations on partial or full appraisal waivers, inspection waivers or limitations, earnest money releases, etc. These decisions are at each buyer’s discretion and if one or all of these terms do not feel comfortable, it is still important to know what you could be up against. It is also important to keep in mind that even in a highly competitive market, there is still opportunity and often buyers end up purchasing homes in scenarios that are compatible with their level of willingness to compete.

Is now a good time to buy?

It can be heartbreaking when a buyer feels as though they are chasing the market. The reality is that rising housing costs have priced some first time homebuyers out. Often, buyers that have stepped away and are now returning to the market are faced with the question: Do I adjust my expectations around what kind of house I can buy with the money I have or do I no longer want to be a buyer in this market? We want to counsel buyers away from the experience of chasing a unicorn only to emerge disappointed months later. For many buyers, kicking the door down, getting into their first home, and beginning to build equity will take precedence and expectations will adjust. Others will determine that stepping away from the market serves them more. Both are valid choices and both decisions come with their own risks. Investing in real estate has always carried some uncertainty and although many signs point to continued value increases for Portland’s homes, the bottom line is we cannot predict the future and the weight of investment risk is not one size fits all.

What should I expect from real estate representation?

Counsel – No matter the archetype of the buyer, this is an important and emotional process. Finding an agent that hears your needs and adds value to your process is imperative.

Honesty – Your agent cannot pick your home for you, but they can frame realistic expectations on what type of home you should be targeting for success. This process should be educational and interactive. No matter what we hear at the water cooler or from trusted sources, there is NO better way to understand than to be directly and actively involved in a process focused on your needs.

Negotiation – Getting an offer accepted is not based on price alone. There are many components to an offer that add strength. Having an agent who understands this and can educate you is critical in this seller’s market. Our team spends a lot of time preparing and educating you on the process so that you are ready to act fast and have had time to evaluate what tools are safely at your disposal.

Presentation – Crafting the right offer is complex, but the presentation is just as critical as the terms offered. Our team has a stellar reputation in the Portland marketplace, and we have earned this by working at a high level of integrity and with respect for the co-brokers we get to work with. The presentation of your offer sets the tone for the entire process and we want the first impression of your team to be as leaders of the industry.

Exploration and location

Posted on by Natalie Tracy

Dolly and Steve were living on the East Coast when they first reached out to me last Spring, following a referral from lovely recent clients. They had visited Portland before and felt strongly committed to relocating here.

Initially their goal was to find a home remotely. Specifically, they wanted to find a new construction home that was not yet complete. But they didn’t really know Portland that well. They had never lived here, nor visited enough to be very
familiar with the area. Of course, the various neighborhoods of Portland are so different from each other, and they were even considering including Vancouver in their search. So, I encouraged them to do what I recommend for all my relocating clients: rent first, short-term if possible, so they can explore, get the lay of the land, and be more confident about what areas they should be looking in.

They followed my advice and got a short-term rental in Vancouver in the fall. Within two weeks of being here, and with a list of areas we’d come up with for them to explore, they’d honed in on neighborhoods that felt like a potential fit for them and their daughter. They continued to spend time exploring the city as a family on weekends. And when the timing felt right, we got out looking at houses.

In the process of touring homes, we narrowed the search to several neighborhoods on Portland’s west side. We looked at homes in West Haven, none of which were quite right. But the neighborhood was perfect for them, so when this home came on the market, we saw it right away and they loved it!

We submitted their offer over an unusually busy New Year’s weekend, with a cash offer was hot on our heels. They came at it with all the bells and whistles and their offer was accepted!

Dolly and Steve were over the moon. In just a little over three months from when they arrived and began exploring, we got them the right house in the right location. They can’t wait to settle in and make it their own!

A Jade District Gem

Posted on by Living Room Realty

One of the pleasures of having a referral based business is being able to work with the family, friends, and community of my past clients. I recently met Duc from a wonderful past client who I had the pleasure of working with this past fall. 

As many of you know, the real estate market is often a whirlwind of action. My time helping Duc through his home buying processes was testament to this. Duc reached out to me on a Wednesday, we immediately set up a time for a home buying consultation on Friday and then began identifying properties to view the following day. We were under contract by that Sunday!

In spite of the incredibly limited inventory on the market, Duc was able to identify a house that would work for him. One of the most important criteria for my client was making sure that the community was going to be a good fit for him. He hoped to be within walking distance of Asian markets and restaurants. We found the perfect place for him in the heart of  the Jade district . Here, there are an abundance of asian owned markets, restaurants, businesses and community.

While finding a house in this challenging market felt like a feat in and of itself, we were able to go in under asking thanks to this house having been on the market for two weeks. We knew it checked almost all the boxes but that there would be some repairs that would need to be negotiated. I’m grateful that in addition to the price reduction, we were able to have the seller agree to pay nearly all my client’s closing costs and complete some needed repairs. 

I am truly honored to have helped Duc with his home buying process and cannot wait to see how he will transform this house into his home. Buying in a tight market with such limited inventory can have its challenges but it is certainly possible as evident through Duc’s journey.

 

2B2B in Prime Arleta-Woodstock Location

Posted on by Alyssa Starelli

Ever dreamed of having your very own bathroom, despite living in a 2 bedroom home? Picture this: a serene, zen-like environment, where no children’s bath toys clutter the corner,  there’s also no cloud of the roomie’s patchouli deodorant mystifying your nostrils, and the ‘squatty-potty’ is yours and yours alone.  Maybe you share it with a significant other, but they too have a place for their own toothbrush and it really only commingles with yours.  Then, down the hall, there’s another bathroom. This one is considered to be for guests, but in reality, it’s the wild west of ablutions, the domain of either your sticky toothbrush wielding kids, your aforementioned patchouli dousing roomie, or maybe your mother in law’s collection of Avon. Perhaps it really is for guests, but however it’s used, it’s not YOUR bathroom. Your bathroom is a sanctuary of peace and cleanliness and proof positive of real adulthood.

Maybe you also dreamed of having a kitchen big enough to work in? One with cabinets and counterspace enough to wrangle some “sous-chef” “helpers” into chopping and mixing to your own heart’s desire. Perhaps you’re just tired of every meal being like a chaotic episode of Bake-off? Or, could it be that you’ve been longing for a separate eating area so that dinner time was also quality time? The potential for greatness is here and what’s already in place is vast! Look at all that counterspace!

This ever-so desirable, and very rare, two bedroom and two bath domicile is also situated in the heart of Mt.Scott/Arleta/Woodstock. So not only are you utterly beguiled by the sheer number of cafes, bars, parks, groceries (I count 4) and libraries available to you, so is that roomie or those kids of yours who hanker for the “good-life”.  Sure, weighing in at 1050 sq ft makes it one of the smaller abodes, but despite the tiny street-view, this home is surprisingly roomy with a full living room,  dining room, a very-decent sized kitchen, and a real laundry room!!  The lot is large and has room for a garage, or a crafts-shed, a playground, or RV parking,  and is conveniently accessed by alley.  There’s a ton of potential here to tap but with new flooring and new paint inside and out, this starter or downsizer home is well on its way!

6523 SE Carlton St.
Portland, OR 97206

MLS# 21651419

2 beds, 2 baths, 1050 sq ft.
$430,000

 

 

What’s up with Cosmetic Fixers?

Posted on by Mel Marzahl

 

What’s up with cosmetic fixers? What are they? What’s the difference between a “fixer” and a “cosmetic fixer”? Here is a quick guide to cosmetic fixers. I’ll answer these questions and talk a bit about how buying one could be the best way to get into a busy market and what to look for.

What are they?

First, let me explain what I mean by a “cosmetic fixer”. These are homes that structurally and mechanically are in good shape but look outdated, dirty, or generally unattractive. Cosmetic fixers can be condos, townhouses, single-family or multi-family homes.

What’s the difference between a “fixer” and a “cosmetic fixer”?

In short, a fixer is a property that needs A LOT of work and may not even be livable (lacking heat, missing flooring, open walls, mold/mildew, etc). They are priced significantly under the average price for a similar property in the same area that is “move-in ready”. Fixers often require cash to purchase the home as lenders may not provide financing for them. A cosmetic fixer is a home that has “good bones” meaning its main systems are functioning well and it’s livable, but it may need a deep clean and some minor t0 significant updates to the cosmetics. Cosmetic updates might include things like carpet, paint, countertops, cabinetry, fixtures, tile, and the list goes on… It can also generally be financed as well because while it may need a deep clean and updating it is still in liveable condition.

What to look for

If you’re looking for a cosmetic fixer, you will need to look past a home’s popcorn ceilings, chipping vinyl floors, or dirty, threadbare carpeting and take a good look at the functional aspects of the home. The structural components of the home, like the roof, gutters, siding, windows, and doors should be in generally good to average condition. The mechanical components of the home, like the furnace, ac, plumbing, electrical panel, and ventilation should also be in good to average condition. Your realtor can point out things to take note of and share their experiences, but you should always rely on the expertise of a home inspector and/or trusted contractors to verify the condition.

Is a cosmetic fixer right for my budget?

Whether you are a first-time buyer looking to get into the market, someone looking to buy a second home, or an experienced investor, there are some things to consider first. Mainly, does your budget allow you to make the needed repairs? If you’re getting a loan to buy the house, you’ll want to look at the funds you have available after your downpayment and closing costs. Do you have enough money to make the repairs you want to do? How big is the home?

If you only have enough to cover new paint, some new hardware for cabinets, and an appliance or two, maybe a “light” cosmetic fixer or a more modest-sized home is best. If you have enough cash to replace all the cabinetry, re-do the bathrooms, replace light fixtures and flooring, you’ll have more options.

A way to stretch your budget as a first-time buyer, or someone who intends to live in the home as they fix it up, is to prioritize your repairs. Decide what needs fixing or replacing before you move in, what items you can do in the first year, and what things you can live with for a few years while you save up for the next project. Does the carpet need replacing or does the asbestos popcorn ceiling need to be removed? You might decide to do these items before you move all your stuff in and live with the 1970s kitchen for a while. If you go this route, keep in mind that you’ll also have regular home maintenance things to budget for as well. You may be saving for a new bathroom, but don’t forget to put a few dollars away to re-caulk and touch up paint the exterior next fall or to have your ac and furnace serviced regularly.

Is buying a cosmetic fixer right for me?

Well, if you’ve read this far, I think it could be! Deciding to buy a cosmetic fixer means that you have the vision for what a home could be with some TLC. It also means that you’re committing to a bit of a project. Cosmetic fixers can work for many types of buyers. Maybe you’re handy, you like a DIY project and plan to live in the home as you fix it up. Or maybe you’re planning to hire someone to do all the updates right away so you can move in and enjoy the freshly updated space. You might have an eye for design and see a cosmetic fixer as an opportunity to choose your own finishes and make a space your own vs buying something in great shape that doesn’t match your style. Maybe you see it as an investment opportunity and plan to fix it up to be more desirable to more people and sell it for a profit. Whatever your plan is, cosmetic fixers can be a good option for lots of buyers!

 

If you’re ready to start shopping for a cosmetic fixer in Portland or the surrounding areas, give me a call. I’ll happily show you homes with potential that just need a little TLC. I love a design project and can discuss how to meet your goals and make a place your own.

Just Listed! Light and Bright Mid-Century Modern Condo

Posted on by Living Room Realty

4702 N Montana Ave

Portland, Oregon, 97217

This condo has everything a couple of adventurers could ever need! Situated in the Overlook District, you are blocks away from Mississippi Ave for a fun night on the town! Not to mention the easy access to Adidas, the Max light rail, and you’re minutes from downtown Portland! Entertaining has never been simpler with this condo’s private outdoor space. The condo itself features hardwood floors throughout, and a rare find of a private flex-space basement with high ceilings; leaving you with lots of options for an office, or storage for all the gear required for all the outdoor adventures Oregon has to offer. No need to pay for a separate storage unit when you have this basement in your condo! It has plenty of room for all your outdoor Oregon gear. Big enough to convert to a second bedroom and bathroom or to use for a generous office space. This corner unit has a strong HOA in a garden courtyard setting with no rental cap.

OFFERED AT $305,000

1 BEDROOM | 1 BATH | 1,157 SQFT

MLS# 21024316 | TAXES:  $3,301.00

Hacienda of many Colors!

Posted on by Alyssa Starelli

Congratulations to Tyler and Allison on their purchase of this very colorful “mood-enhancing” hacienda-style mid-century ranch home! The previous owners followed their dreams of moving to sunny Mexico, but not before they brightly painted every surface to make such a cheery home.  I’m pretty sure these kids will never again suffer from SAD!! Moreover, it’s really nice to get them into such a finished, fun space, when so many of the alternatives were drab and sometimes out-right scary. Everything happens as it should and I am quite sure this was the ‘right move’.

To Allison and Tyler — I really enjoyed working, laughing and experiencing your first home buying experience with you! Thank you for being so eager and open-minded, I had a lot of fun. Can’t wait to fiesta with you!

Congrats!! Alyssa

Patience, Grasshopper.

Posted on by Gabrielle Enfield

Hi, Readers!

How glad are you to be on the other side of that heatwave madness? Zoinks! It seems like we may be edging toward a shift in this white-hot real estate market, too. We’re seeing more inventory come to the surface, and we’ve seen a 3% uptick in homes that have adjusted their listing prices, with more than 26% of the homes on the market decreasing their list price. This means sellers overshot their price and were counting on the inflated prices to hold steady. That also means things are shifting more in favor of buyers. Don’t get me wrong, it’s still very much a sellers market, but it’s nice to see a bit of a shift, albeit slight.

In the case of a recent closing I helped a buyer in Bridlemile on, we kept an eye on a property that at first seemed above my buyer Rebecca’s means — it was listed at her stretch price point. A week went

by, which in today’s market is eternity (most of the “good” stuff is gone the first weekend it’s on the market), and I called the agent to find out what happened. Turns out there was a big bidding war between two buyers that basically spooked each other away, and the house never went under contract. Then it sat – and the more time a home sits in today’s market sends a message to today’s buyers that something must be “wrong” with it. There is a clearly defined target for timing and pricing, that’s why listing in the right zone is critical. In the case of Rebecca, she was able to jump into action and wrap the house up under contract at a price she could afford. Now she’s putting down roots in her beautiful new mid century home.

Morale of the story? If you are on the hunt, look for the properties that have been on the market more than 10 days. Those are the properties that are likely on the verge of a price adjustment, and the more time on market, the more motivated the sellers will be. It also pays to look past funky paint and shag carpet… but we’ll save that for another story.

If you want to hear more about winning ways to make it happen in Portland real estate, give me a call. I’m here to help. 503 388 2788

Till then, high fives!

A New Home For The Holidays

Posted on by Living Room Realty

I first met the Carsons in September. They are a family of four and were living in a condo in the South Waterfront and their balcony was being tear-gassed almost every night of the week because of the protests. They were living in 1000 square feet and they were itching to get out and have more space. 

The most important items on their checklist were outdoor space for their two teenage boys, 20 minutes or less for their daily commute to the Pearl, decent schools and a bedroom for each kid. We embarked on a house hunting journey that took us from Forest Heights all the way to Tualatin and in-between. 

When we found this house they walked-in and knew they loved it. It had been really nicely remodeled, had a fabulous backyard for their kids to play, two fireplaces, a big garage, an extra family room and enough space for them to all spread out. And bonus, they wouldn’t have to do any work to it, they could just move right in!

We beat out three other offers. Now they can move in just in time to celebrate the Holidays in their brand new home. They can start making memories here together. And bonus points for the kids: the Gabriel Park Skate Park is also just down the street!

Under the Oak Tree

Posted on by Robin Hakeman

 

“I feel at home under the oak tree,

Centuries old and standing tall.

And when I’m gone after a lifetime

The oak tree will remember my song. “

–Haley Johnsen

When Haley & Erik set out to buy their first home, they never imagined they would get so lucky. They happened upon an open house in Milwaukie & decided to check it out. Immediately the colorful interior, spacious yard with the 200 year old oak tree and layout of the home felt right to them. With their ducks in a row, we were set to write an offer.

As first time buyers, Haley & Erik needed to make their offer stand out to the seller. I learned from the listing agent that that oak tree was extremely special to the seller & Haley & Erik felt connected to it as well. So what do you do when you are an amazing musician and you really want a house? You write a song about it!! Haley’s song can be heard here – and let’s just say the seller was in tears.

It was so special for me to lead Haley & Erik through this process. Not only are they amazing to work with – they are family. Congratulations Haley, Erik & Gifford!!! You did it!!!

To learn more about Haley’s work as a songwriter & performer, click here!

HES Scores: What Do They Mean For Buyers and Sellers?

Posted on by Aryne + Dulcinea

When a home goes on the market in the city of Portland, an HES or Home Energy Score must be listed as well. So for sellers, that is the first thing they can do to get their house ready to list.

What is the HES? Ultimately, the HES offers information about the energy costs of a house. We like to think about it as the house’s “gas mileage”.

The HES gives buyers a more holistic sense of a home’s monthly bottom line. The accompanying report will offer ways to make improvements, if a house doesn’t score a perfect 10. The most common score we see is a 4, and when you complete a purchase, you can make energy improvements to your new home.

About Us: Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.

Just Sold- Gorgeous Gresham Getaway

Posted on by Living Room Realty

I’m thrilled to share this amazing North Central Gresham home purchased by my client!  Thomas is a recent college graduate and a first time home buyer. We started looking for homes a few months ago, and as soon as he saw this one, he knew it was the one. He was the president of the Real Estate Club at his university, so he knew what he wanted and was very engaged in the process. Thomas will enjoy a lovely open floor plan split on two levels with 4 bedrooms and 3 baths. Not to mention, new flooring and appliances! This is an outdoor entertainer’s dream with a fantastic covered patio that opens to a huge backyard. He’s plans to become a carpenter and will set up shop in his spacious new garage. There are plenty of projects around the house for him to work on. Congrats on such a big purchase, Thomas! I’m so excited to see how you make the space yours.

Sibling Domesticity

Posted on by Gabrielle Enfield

Hi Readers!

If you have a sibling, remember saying, “Get out of my room!” as a kid?

For the Su family, they’re going to get to the chance to experience this as adults. Josh and Grace currently live in the Bay Area. Daniel is here in Portland. 2020 showed them the flexibility of remote working, and they made the smart choice to take advantage of terrific interest rates and programs for first time homebuyers to purchase their first home, together, in Tigard. Combined, their purchase power was more than double what Daniel was looking at for a purchase on his own.

We viewed several properties together, ranging from attached homes with HOAs to the home they ultimately decided to purchase. We put together a very strong offer and beat out 10 other offers. Its appreciated value is strong, it’s a very solid investment for them to begin their real estate portfolio.

To top it off, they are a great group who will make for great roommates…again.

Congratulations, gang! Thanks for choosing me to be your partner on this important journey.

Are you a first time buyer looking to double-down on your purchase power? Let’s talk about options. #callgab

Till then, high fives,

 

Long Search for First Home Comes to an End

Posted on by Mel Marzahl

Anika and Todd have been searching for their first home for over a year. It has been a long journey for them to find their first home. The toughest part was narrowing down what they really wanted and needed and then finding that within their budget. It was made even more challenging because of the increasing home prices, changing needs, and, of course, Covid.

Changing Needs and Wants

We started the search by looking at homes close-in SW Portland that needed some work. Anika and Todd have a great eye for design and what is possible with a home. We talked about the potential of lots of dated and fixer homes we toured. They researched the cost of putting in new kitchens, baths, and flooring, but eventually crossed a fixer home off their list. They decided that living in a project wasn’t for them, especially once Covid came and they and their two girls were all working and learning remotely. Managing and living in a remodel while teaching and working in it too sounded much less feasible.

We also looked at three-bedroom homes to start and decided that the family would need more space. With the greater need for a dedicated office, a four-bedroom, or three-bedroom with bonus room became a necessity. The extra room would serve triple duty as an office, playroom, and guest room for the day when the family can eventually come to visit!

Overcoming Challenges

With the changes in the family’s needs and wants, came changes in price expectations and location. We had to overcome multiple challenges with Anika and Todd’s home search. The first being that they are first time buyers without the huge cash reserves of many others looking in their price range. Because they weren’t buying your typical “starter home” Anika and Todd were up against other buyers who had more cash and were buying their “move-up homes” with equity from previous sales or other sources of cash. This made it tough to compete against the large down payments of other buyers, once we found houses they were interested in.

Their second big challenge was overcoming the reality check of housing prices and location. Over the year we were searching, housing prices increased by almost 8% in the parts of SW Portland we were looking. Also, when we started the search, we were looking at 3 bedroom cosmetic fixers in close-in SW. They were able to find this type of homes to look at fairly frequently. By the time we were making offers a year later, our search had changed to 4 bedroom move-in ready homes. Unfortunately, this type of house was over budget in the areas we were looking in so we had to expand our search further out to include the suburbs, places Anika and Todd originally had ruled out.

Writing the Winning Offer on the Perfect Home

After a year of searching, changing needs, overcoming challenges, Anika and Todd found an amazing home in Beaverton. It has three bedrooms plus a fourth bedroom/bonus room with interesting nooks perfect for a multiple-use space. We had to see it the second it came on the market, and after touring it, they knew it was the right one. They made a very competitive offer with great terms any seller would like to see. I spoke with the agent multiple times and developed a report with her. When we learned another offer was higher and willing to buy the home as-is, Anika and Todd decided to increase their offer to their max budget. They knew they could regret not doing so if they lost it.

The agent called me to discuss because their increased price put us neck and neck with their other offer best offer. We were told the only difference was that the other offer had a slightly larger downpayment and the buyers were willing to buy the home as-is. We chatted about why Anika and Todd weren’t comfortable with as-is, and while they truly didn’t expect to find any major issues, they couldn’t risk taking on a large, unexpected repair since they were putting their savings into the downpayment.

The sellers ended up accepting their offer anyway. I was thrilled to hear that the main reason they went with Anika and Todd’s offer over the other was my communication with the listing agent. Developing a good relationship with the other agent, being communicative, honest, and upfront while protecting Anika and Todd’s interests stood out to her. I don’t know who the other agent was, but I know they also wrote a very strong offer and were tough competition! Being a part of the deciding factor in my client’s offer winning out over another, slightly better offer felt great and I was so happy to relay that news to Anika and Todd.

A Long Search Comes to an End

Anika and Todd are now in the process of moving into their new home as I write this! The escrow process was a bit bumpy toward the end, with a closing delay, but we all got through it and both sides ended up happy. The inspection report was the cleanest I had ever seen, and the home needs just a few minor repairs and is ready for their personal touches. Anika and Todd are thrilled to finally own their first home. They worked really hard to make this happen for their family, and I couldn’t be happier to see them moving in.

Congratulations to Anika, Todd, and their girls! I can’t wait to see how they make their new house their home.

First-Time Buyer Snags Centennial Charmer

Posted on by Mel Marzahl

I’ll start off by saying that the market in Portland is tough for first-time buyers right now. Honestly, it’s tough for all buyers right now! We have the lowest inventory we’ve ever had, so buyers are struggling to find the right property, and when they do, they have to fight for it. Centennial is one of the outer east side neighborhoods that are still affordable with home prices averaging $341,000 and rising rapidly. Home values in Centennial have gone up 8.81% in the past 12 months!*

My buyer, Isak, was in the same boat as a lot of other buyers out there. Some wonderful clients of mine who had also just bought their first home in Lents last year referred him to me (thank you!). Isak was ready to take advantage of the great mortgage rates and buy his first home. He is smart about it as well. His plan is to get a roommate or two to help offset the mortgage and possibly keep it as an investment property one day.

Along the way, we found, made offers on, and lost out on a few homes. We were up against investors with large cash reserves, sellers who were reluctant to work with buyers on necessary repairs, and multiple other buyers writing offers just as competitive as his. Isak took his time finding the right home and wasn’t one to jump on the first home that came around. He was lucky enough to have to move right away, so wasn’t in a time crunch to find something. This worked to his advantage. We were able to look at lots of homes that could work but ultimately didn’t feel ‘right’.

When we came across ‘the one’ Isak knew it was special. This 3bd/2ba home in the heart of Centennial checked a lot of his boxes. The house has an extra room that could be made into a 4th bedroom, music room, or office. It also has a basement for projects or storage and a two-car garage with a separate workshop area. To top it off, it sits on a large lot with a big front-yard filled with giant Douglas Firs providing shade and privacy. The house itself is cosmetically dated, but overall in great condition with a functional layout. The previous owners lived there for over 30 years and took excellent care of it. This is perfect for Isak because he can focus on the fun and creative updates.

We close today, and I’m so excited to hand over the keys to his home. Congrats Isak!

*Source: NAR RPR (Realtor’s Property Resource) https://www.narrpr.com/

First Time Buyer gets America’s Home Grant

Posted on by Robin Hakeman

First time buyer gets America’s Home Grant!

It’s not everyday that a first time home buyer can become a home owner thanks to a grant program. However, that is exactly how my client joined the real estate market. She was fortunate to qualify for the America’s Home Grant through Bank of America, which offers closing cost assistance of $7,500. The credit can be used towards non-recurring closing costs, (think title insurance and recording fees), and to buy down the interest rate on the loan. My buyer closed on her home this week with $0.00 in closing costs and a 30 year, fixed-rate mortgage at 2.75%!! The icing on the cake? The funds she received do not need to be repaid to the bank!

One caveat of the program is that the subject property must be in a low to moderate income tract. Each home is run through the bank’s system to check the income tract. Some qualify and some do not, meaning you are limited to certain areas of Portland. The competition for these homes can be fierce. After making an offer on a property that received 10+ offers within 1 day, my client was discouraged.

Thankfully, this summer turned out to be the height of the selling season and homes were coming on the market left and right. A home on the outskirts of Montavilla came on the market and it was perfect for her. It met the Bank’s requirements so we went to see it. The house has 2 bedrooms and 1 bathroom, a lovely living room & updated kitchen. There is a back deck and a small yard. The attached garage is perfect for her car and storage. Thanks to America’s Home Grant, my client was able to beat out the other offers and offer over the asking price. This could not have happened without the closing cost assistance she was given.

As an agent, it is important to know the options for your clients so they are able to get into a home. This is a single woman, on her own becoming a HOME OWNER!!! I am so proud to have helped her through this process. If you or someone you know would like to learn more about how to become a home owner, contact me today! Congratulations to my awesome client – she now owns her own special piece of Portland.

What are the actual costs of purchasing a home?

Posted on by Aryne + Dulcinea

Whether you’re a first time home buyer or buying for the first time in a long time, we can help you get a handle on the full costs of buying a home.

Down Payment:

Most people know that they need a down payment and that the rest of their purchase will be secured with a loan from a bank. The down payment typically ranges from 3.5% up to 20% of the purchase price. For a $500,000 home that equals $17,500 up to $100,000 in cash.

What else will you need to pay for? Inspections, appraisal, closing costs and prepaid expenses, repairs and updates.

Inspections:

One of your first steps in the purchase process is inspections. We recommend a general home inspection and if applicable, a sewer scope, radon test and oil tank locate plus soil sampling, if necessary. The total costs for inspections vary depending on size of house, which inspections you choose to complete and the inspector’s fees. We recommend budgeting $800 to $1,200 for all inspections.

Appraisal:

Toward the end of the inspection period your lender will order the appraisal. An appraiser will conduct a walkthrough of your new home and complete a report which determines the market value of the home based on specific calculations and assessments. Appraisals run $500 to $1,500.

Closing Costs:

At the end of your transaction you will be responsible for closing costs and prepaid expenses. Your lender will be able to tell you these costs once you are pre-approved. These fees average between 3% and 5% of your loan.  Fees include things like title insurance, taxes, loan fees, homeowner’s insurance, home warranty (view it here), title insurance and escrow fees.

Now for the fun stuff:

Once your purchase is complete you get to pay for the fun stuff! Now that you own a new house, it’s time to make it your home. Final costs include repairs not included in the transaction, updates of your choosing and new furniture fabric corner lounge.

About Us: Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.

Before and After in Arbor Lodge!

Posted on by Living Room Realty

I LOVE when clients send me pics or have me over after they’ve remodeled.  These two, Hayley and Ethan, would not compromise on location AT ALL and they wanted the impossible.  The process took months and we wrote lots of offers but couldn’t land it.   The goal was a minimum of 2/2 not past Cully, not past Kenton with walk-ability, good light, garage, yard, and a basement they could eventually rent out and under $400k.

Finally, on a quiet Memorial Day weekend this little hoarder house popped up in Arbor Lodge.  It checked every box but needed heavy cosmetics.  They were bound and determined to bring sweat equity and breathe life back into it.  These photos are just the beginning.

Buying A Dream Home During Covid-19? CHECK!

Posted on by Jamis Minnis

Spencer & Jessie are nearly settled into their dreamy new home.
Skylight in the kitchen. CHECK!
Water spigot over the stove for pasta. CHECK!
A Dining Room Bay Box Windows, CHECK!
2 Living Rooms CHECK CHECK!
An Upstairs Balcony off the master bedroom. CHECK CHECK CHECK CHECK!
How many checks can one home have?
And while it’s been over a month since they have been in their new place.
It’s only been a day since last we have texted.
I have met their parents.
We are planning camping getaways.
My partner is gifting them a sourdough starter.
Spencer & Jessie may have gotten their dream home.
But I can confidently say that I got lifelong friends out of the deal! CHECK!

Investing in Dreams: A North Portland Love Story

Posted on by Gabrielle Enfield

Hi Readers!

Today’s story is one that’s from North Portland, and involves my longtime friends and savvy investors Tim and Elizabeth. 15 years ago, they were getting ready to move back to Portland from San Francisco. They knew then that Kenton is a terrific community to raise a family, and that investing in that area would pay off in the long run. They purchased a “skinny” home, new construction, and planned to live in it for a while, then leverage the property as a rental as their family grew.

That’s exactly how their plan played out…

They called it home while they needed it, and then the house was able to generate enough income as a rental to enable them to build a real estate portfolio. Smart. Investing in Real Estate, even in the time of COVID, is a good idea. Homes continue to hold appreciated value in the greater Portland area. HERE is a good visual you can reference to get an understanding. If you’re curious to learn more, please reach out, I can help explain the numbers.

When Tim and Elizabeth were ready to sell, we knew we had to lean into great staging, photography, and online resources to make it easy for people to get a feel for the home. Check! Three days later, they were pending, after reviewing multiple offers.

Here’s where the love story comes in. See, for Tim and Elizabeth, it wasn’t just about the highest offer for the home they were selling. They took the time to read every buyer’s letter who submitted one, and ended up deciding to go with a buyer whose story reminded them a little of themselves. They were early in their relationship. Loved North Portland. Active in their communities. Wanted to start a family. Had a dog. Why do I bring this up? Because as a buyer you should know that a seller’s motivation – even in this market – isn’t always going to be about dollar signs. Take the opportunity to leverage your story. Explain your why. And if you need help crafting that… I would be happy to put my  journalist hat back on to help you tell it in a way that will resonate and get your offer accepted.

Til then, high fives,

The evolution of a buyers frame of mind

Posted on by Carson Mead

My client’s Hieu and Christina just finished up their first home purchase. We met several months ago, and ironed out details of their search while they finalized some of the last items to get their financing in order. Their wishlist included 3 bedrooms, 2 bathrooms, move in ready with a large yard. They wanted to be in the south Tabor area but were flexible on location, 550K max.

We started looking and saw some interesting options, both in older renovated homes and newer construction, but none of the homes really felt like what they were hoping to find. The location really started to adjust as it became clear that the home itself was of paramount importance. They looked south to Milwaukie, east to NE 122nd, and across the river in SW Portland.

They ended up coming across a really unique opportunity in SE Portland in the Lents neighborhood. A really small developer had bought a lot, partitioned it, and custom built two homes on it. The larger lot portion had a really nice layout with 4 bedroom, 2.5 bathrooms and open concept living area. The yard was not what they had initially wanted, but the house was so nice they adjusted their expectations. It wasn’t Mt. Tabor, but two blocks away was a large park with an off leash area.

The home inspection came back crystal clean, and the deal went off without a hitch all in all . They’re moving in Friday, and I’m so excited for them to officially be home owners!

 

Relocating? Rent first!

Posted on by Natalie Tracy

There are times when it makes sense to move to a new city and buy a house right away. For instance, if an employer is part of the process, or if you already know the city well. But for many folks, moving to a new state or new city is overwhelming all by itself, without throwing a house search in the mix. They don’t know the neighborhoods, the transit system, bike routes, schools, coffee shops, and so on. They aren’t yet sure where in the city the want to settle long-term.

And for folks in this category, it just makes sense to rent first! Christy, Aaron, and Maddie were in just this situation when we met. They were referred by a friend prior to their move from the east coast, and had a goal to buy a house within 1-2 months. They’d been looking online, and had some ideas. But they weren’t sure whether they wanted to buy their first home in Portland or Vancouver. After several conversations, I advised them to consider renting for at least 3-6 months after moving, so they could explore neighborhoods.

Oh, and did I mention they were moving with their then 2-month-old baby? Yeah, it just made sense to let their family settle before taking on a house search! So they found a rental with some flexibility, and went about exploring Portland and Vancouver neighborhoods.

Fast forward to May 2020. They had a handle on what would work for their family for their first home. They had tested commute times. They had a list of neighborhoods. And we were off on the search! And as so often happens, because they had focus and knew what they wanted, we found their sweet first home within a few weeks. Now they’re getting ready to enjoy their backyard, have their baby take her first steps in their first home, and just enjoy being new homeowners!

First time buying in a pandemic

Posted on by Carson Mead

I started working with Bryan and Maeve back in February when we were all living in our pre-Covid worlds. We toured together, wrote competitive offers and ended up in back-up position a couple of times. When everything escalated in March, they moved from backup to first position on a house in NE Portland. It seemed perfect, that they might be able to get into their new home right before the lock down really changed how we search for homes. Alas, my very thorough home inspector discovered that the house was built on a brick foundation under the concrete. They thankfully pulled out of that deal and decided to take a pause.

As the very long month of March turned to April, and we got more information on how to more safely tour homes, we started up the search again. They were offered backup position on another great house in NE Portland, before finally finding their perfect house just a few blocks away. It had been renovated (with permits!), but the original charm of the house was very much still intact. We moved very quickly presenting a strong offer, and organized all the necessary contractors to complete a thorough inspection. We were able to negotiate a lot of the more serious needs (see my previous post: a sewer scope is the best $125 inspection). The transaction went really smoothly, and we were able to close quickly. As we don’t have five or hug right now, we did a dance of joy in the living room on the key hand off.

My buyers are so excited to be moving into their first home. It was three years of hard work and saving that made it possible for them, and now they can stretch out in their big back yard and cute, cozy house.

Lucky in the Time of Corona.

Posted on by Living Room Realty

My buddy Lauren bought her house in Woodlawn back in 2009 and lived there with various roommates and girlfriends for 10 years until she moved into her girlfriend Karmen’s house a couple years ago.  Since then she’s been renting to friends until she figured out what she wanted to do next.  When she told me a few months back that she was thinking of selling we made a plan to get the house spruced up and get the tenants sorted out so we could hit the spring market.  We made a punch list for the handyman, lined up the painter, and Lauren, being an electrician, installed some new lighting.  The place was looking good.

Simultaneously,  some friends that work for Equal Exchange came into Sloans for happy hour back in January.  One of them, Shawn, was telling me she and her girlfriend, Raina, were about to get pre-approved and start looking for a house.  They wanted a 3/2 and figured they’d have to be looking pretty far out to get that in their price point. I mentioned to her that my friend Lauren was getting ready to sell her 3/2 super close-in and around that price range and that I’d let them in for a sneak peek before it hit the market.

So fast forward to March, we had everything ready to come on the market mid-month and shit starts getting serious with the Corona.  I had shown Shawn and Raina a handful of houses all over town but they weren’t finding anything they liked.  They really wanted to see Lauren’s house before it came on the following weekend so I took them through it and they wanted it.  I talked to Lauren to see if she’d be open to selling off market and she was excited about the possibility of an easy sale and keeping it in the community.

When a situation where two sets of our clients enter into a deal together,  my business partner Teddy and I split off from each other and represent one party each.  That way, there’s no conflict of interest and both sides are represented fairly.  I worked with Lauren and Ted worked with Shawn and Raina.

To accept an offer off market, it has to be enticing enough that you feel comfortable letting go of whatever possibilities a multiple offer situation might bring you.  Shawn and Raina wrote an attractive offer and Lauren took it.  The deal was super straight forward and easy.  There were a handful of things to fix/repair and we were able to get them done before the world shut down.  We were even able to close early.

So, that’s the story of my recent win-win.  Lauren was able to dodge the Corona bullet and Shawn and Raina got their 3/2 house in Woodlawn at an unheard of price.  My only regret is that I wasn’t able to work with those two, but they were in good hands with Ted.  Congrats my dudes!

Gratitude Abounds!

Posted on by Shannon Dooley

Sometimes you just get lucky. Really lucky. This was that kind of lucky you have when you meet someone and you’re just like, “yes,” these are my people. That was what it was like when I met this amazing couple.

Making the move to Portland from New York is a big one, but these two took their time to learn the city and definitely fell in love. So it happened, like we do when we fall in love with someone or someplace, they decided to move in. No more toothbrush at your place kind of scenario… the real deal. It was time to buy a house. We had our list and it was fairly specific. I thought for sure we’d look for a month or so to get a feel for what’s out there so they could see what their options looked like. Then wildfire. They walked in to the first house and that was it, they begrudgingly looked at one more, but there was no reason to waste time – we needed to get an offer in on this house!

We worked our way through a couple of difficult issues but they were unflappable and so calm and kind, it was a dream. I look forward to the housewarming party and am excited for them to start their new adventures as homeowners in the city they fell in love with.

Midcentury Dream on Oversized Lot

Posted on by Shannon Dooley

Make your home in this stylish Russell neighborhood ranch filled with awesome detail and an impressive brick fireplace. The living space is both functional and cozy and the roomy master bedroom has an ensuite half bath! This house is move-in ready with fresh paint inside and out. The large back yard is the perfect place to host your friends and family this summer. The health of our community is top priority so if you’re isolating or not feeling well I’m happy to coordinate a video walkthrough for you. MLS #20288660

2929 NE 123rd Ave

3br/1.5ba

Listed at 320K
SQUARE FEET: 1086
TAXES: $3,224
LOT SIZE: .18

So You Want to Be a Homeowner: 5 Tips to Get Ready to Buy Your First House 

Posted on by Sharon Bloudek

A lack of affordable homes in urban areas. High student loan debt. Difficulty qualifying for a loan. These are just a few of the reasons millennials aren’t buying homes at the same rate as Generation Xers and baby boomers before them. However, experts believe it’s not that millennials don’t want to buy homes. It’s just that they’re taking a little longer to do so. In fact, millennials are poised to become the fastest-growing group of new homeowners.

If you’re thinking about buying your first home (or hey! even if you’re thinking about buying your fourth home!) make sure you know how to get a cell tower on your property to prevent issues with the reception.

Here are some essential tips to prepare for this important (and exciting) step:

  • Get your debt under control. Student loans, car loans, credit card debt. Whatever debt you have, make a concerted effort to pay down as much debt as you can before you consider buying a home. There are a variety of strategies for how to approach paying off debt. Research and consider which approach makes the most sense for your situation. Then make a plan, and stick to it! Remember: decreasing your debt increases the likelihood that you’ll qualify for a favorable home loan. Plus, the process of paying off debt improves your overall credit score—which also helps in your loan application process. 
  • Strive for steady employment. As a group, millennials are more likely to be entrepreneurs. Millennials are also more likely to move between jobs than older generations. However, when it comes to qualifying for a home loan, lenders like to see that you have a steady and reliable source of income. If homeownership is your goal, be aware that sticking with one employer for a period of time could prove beneficial.
  • Squirrel away savings. At this point, you might be thinking, “Yikes. So I’m supposed to pay off debt AND save at the same time?!” Well, yes. And that can be hard to do. I get it. But there are a lot of reasons to build a nest egg. For starters, the process of buying a home requires some up-front cash. You’ll need to have funds available for escrow. You’ll need to pay for a home inspection (money that is very well spent!). You’ll need a down payment; the precise amount depends on the type of loan you get, and if you intend to purchase private mortgage insurance. And, you want to be prepared for the myriad expenses that come with home ownership. You might need to purchase a lawnmower. You might need to purchase a new water heater. At some point, you might be faced with a bigger purchase, like a new roof. A healthy savings account gives you a level of security and comfort as you take this next big step toward owning a home. 
  • Be ready to settle down. No, buying a home doesn’t mean that you surrender your sense of adventure! You’re still the same fun-loving, adventurous person you’ve always been. But in financial terms, if you’re going to buy a home, try to think ahead a few years. Do you see yourself being happy in the same neighborhood in the same city for at least 2–3 years?
  • Balance what you want with what is realistic. When you think you’re ready to take the leap, start to gather information needed to make an informed decision. Get pre-approved for a mortgage so you know what you can afford. (Hint: the highest number you qualify for isn’t necessarily the same as your maximum budget. Think about what is truly affordable!) Research the neighborhoods you love the most. How’s the commute? Are the types of homes you like in the areas you like within your budget? What concessions might you need to make?

And finally: it’s important to have a team you trust to walk with you through the home-buying process. If you think you’re ready to make the step toward homeownership, let’s chat! From connecting you with reputable lenders to making an offer to handing you the keys to your new home, I’m here to work with you every step of the way. Here’s my cell phone – 503-701-1000.

Hometown Homo Gets a Homo of Her Owno!!!!

Posted on by Living Room Realty

This client needs no introduction.  Adrienne Graf is a born and raised Portlander with deep ties to the queer community, a champion for victims of sexual assault, and a loud as fuck renter’s advocate.  Not someone you’d want to get into a Facebook tangle with about renter’s rights because she will eat you alive.  She herself never thought she’d one day be a home owner in her town because of impossible prices for first time buyers.

Her brother is a mortgage broker and they had this idea that maybe she could borrow off her retirement account for her down payment.  Seemed legit so she started looking.  She sent me a house that had just come back on the market in St. Johns.  It was an adorable little 3 bedroom ranch and from what the listing agent told me, the previous buyer before us just got cold feet.  We checked it out and it was love.  I couldn’t really find anything wrong with it other than the electrical panel and a slightly older furnace. We were up against one other offer (so surprising with all the LIFT buyers) so we had to come up in price a few thousand but we got it!

Inspections went great and all was moving along until we found out that she was unable to borrow from that retirement account.  The deal was dead in the water until her brother, Thomas, being the saint that he is, decided he was going to loan her the down payment because he really wanted her to have this opportunity at home ownership and that’s what family should do.  It was one of the kindest acts of love I’ve seen in this business.

We negotiated a new panel and a tune-up for the furnace and Adrienne is now the proud owner of her perfect little witch cabin.  This was the best way to start off the new year and set the tone for what’s to come.  Congrats, paisan!  We did it!  Special thanks to Thomas Graf, the real hero here.

Buying a House on a Busy Street: A Secret Road to Homeownership

Posted on by Natalie Tracy

Okay, it’s not a secret road, it’s a busy road. But the secret is that you might get A LOT more house for your money by buying on a busy street.

Why? Because your feeling that a busy street lowers the value of a house is 100% accurate.

So, then, why would you want to buy one? Because it might just get you a house and neighborhood you may not otherwise be able to afford. But if it lowers the value of the house, doesn’t that make it a bad investment? Not necessarily. Here’s the trick – make sure what you pay for the house reflects the busy street, and make sure the busy street is not so undesirable that resale will be an uphill battle.

Case in point – I recently worked with a lovely first time buyer couple with very specific ideas of what they wanted in a house and neighborhood. The challenge was that their budget didn’t quite match what they wanted. The solution? We found a fantastic house in the neighborhood they wanted, on a slightly busy street.

Notice I said slightly busy. Not a major thoroughfare that makes it impossible to enjoy your home, or to pull out of your driveway safely. If we had taken this same house and plunked it a block or two into the neighborhood, it would easily have sold for $25,000 more. By being willing to compromise on the street, they got the house and neighborhood they really wanted. And as evidence that the street alone did not make the house undesirable, their adorable home received multiple offers. With expert market knowledge and negotiation skills, I was able to guide them toward a competitive winning offer. But even still, I ensured the busy street was part of the property valuation – after all, it will come into play again when they sell the house.

Just like so many other aspects of home buying, it comes down to priorities. What will make you the happiest with your home purchase? If, like so many home buyers, your budget doesn’t quite fit everything you want in your ideal home, what are your flex points? Is a slightly busy street a consideration? Or would you rather a home that needs some work, or a house a little farther out?

Finding an agent you trust to guide you through the home buying process is key – are you looking for the right fit for your home search? Drop me a text or email, and let’s grab coffee!

What’s it like to work with an iBuyer?

Posted on by Natalie Tracy

Helping a family find their first home is always such a joy. But when an iBuyer is on the other side of the transaction, does that change the process at all? As I found out in my recent first transaction with an iBuyer, the answer is yes!

I was helping the sweetest family, referred to me by a dear friend and vendor. We were on the hunt for their first home for them, their two little girls, and their dog. All the usual suspects came into play – they had definite ideas about style of house, schools, and a desire for parks and shopping nearby. After a few neighborhood tours, we honed in on a couple of westside neighborhoods that really called to them.

Inventory was quite low, so we initially didn’t find much to look at. After a couple of weekends of homes that didn’t hit the mark, they were wondering if they needed to rethink their “must have” list. And wouldn’t you know it, the very next day a house that checked every box came on the market.

It was listed by an iBuyer that had recently entered the Portland market, so I wasn’t sure what to expect. Getting their offer submitted was perfunctory and lacking in human interaction, everything was through a web portal. Neither the listing agent, nor anyone in customer service, seemed to know anything about the home. Not too surprising, as they were all located out of state and had never actually been to the house. The same held true for the inspection negotiations. The listing agent was not available to discuss the details, so we basically asked for everything, and flexed just a little. It all felt like we either fit their algorithm or not. Like the offer and the repair requests were entered into their system, and the computer decided whether or not to agree.

All in all, the process felt quite mechanical. I worked extra hard to keep my clients informed and engaged, and provided more reassurance than usual, to make up for the lack of communication from the other side. There was nothing overtly negative about the transaction, but there was so much missing. Human insight, market expertise, engagement, and support are all vital to a successful and positive real estate transaction. The homeowners who sold to this iBuyer were deprived of all of these elements, in addition to selling their house under market value. So, if nothing else, my first iBuyer transaction highlighted what great REALTORS® do best. We build relationships, foster trust, facilitate smooth transactions, negotiate fiercely on behalf of our clients, and help our clients achieve their highest goals, all while providing that all important human touch.

Her First Home Renovation

Posted on by Bobby Curtis

I Want to Fix Up an Old House

Tasa first reached out to me in 2018. She had seen some of the work I’ve done, and expressed a deep interest to buy and renovate a house. She also “warned me” she had no home renovation experience outside of her own, but as a professional home stager, she had design sense.  Had work was second nature to Tasa, and that she had a successful janitorial business for over 20 years helped.

That said, we started off on the journey to get Tasa ready to take on a renovation project. From finding a funding source, to vetting contractors, we went through many of the ins and outs of house flipping.

The Modern Kenton Ranch

Nine months later we found this sweet Portland ranch in the Kenton neighborhood. Because she was skeptical at first, Tasa passed it up. While it was a smaller size house, which was appropriate for her first project, it was still in pretty rough shape. It was certainly rougher than what she was looking for. After weeks of searching, I asked her if she would reconsider the Kenton house. We went back for another look, and something changed. All of a sudden she was ready to go, and this time around Tasa knew this was the renovation for her.

And so it was.  We wrote that offer. Her offer was the only one, and the sellers accepted. While I knew she had it in her, I was impressed every step of the way. Her quality job and dedication was distinct, and she spent almost everyday at the house until the renovation was complete, including her birthday. She expressed to me that taking this leap was something she had talked about for 10 years. I’m very proud, and it’s been a privilege to work with her. It’s not a surprise that she’s already onto her next renovation. That one will be coming soon in Milwaukie, Oregon.

 

 

 

Interested in other home renovations, check out this Portland Farmhouse I restored in the Montavilla neighborhood here.

Bobby Curtis
Principle Broker
Licensed in Oregon
Licensed Contractor
CCB# 215071
503-502-3066

Good Karma, Great Home

Posted on by Mel Marzahl
Me, Aaron, and Carol after he finished singing his closing documents!

The first time I sat down with Aaron was the first week of June, 2019. He told me about his goal of buying a house and how he wasn’t sure about the process just yet. More importantly, he shared with me his motivations.

Aaron told me about his little brother who he had taken in just about a year prior. He is in middle school and adjusting well since his move up from TX. Aaron also told me about how he really wanted to move his mom up from TX to live with him to so he could live with her and make sure she is taken care of.

At this point I’m practically in tears about what a selfless and caring guy Aaron is. BUT THEN, he goes on to tell me about how he is into community building. He helps all these different people out in small and big ways all while working 10 hr or more days 5+ days/week. (I mean… if anyone deserves a home to call their own, it’s Aaron, right?) We continued to connect over a love of classic cars, he loves working on old Cadillacs and other cars. My dad has been restoring old Corvettes forever and my husband designs and builds custom motorcycles.

He hadn’t decided to hire me just yet, but I would be damned if I didn’t get to help him achieve his goals! I told him I would be honored to be his agent and would do whatever I could to help him get there. I explained how Living Room Realty stands by and truly lives out our values. I thought they would resonate with him and I think they did. Last, I asked if I could put him in touch with a great mortgage consultant and he agreed.

Aaron worked really hard after this meeting. I connected him with Carol Flanagan at Guild Mortgage and she assisted with him from that point on to repair and build his credit. He listened to her advice and by about Thanksgiving he had a pre-approval letter in hand. He qualified for the Oregon Bond Program, an FHA loan that provides down payment assistance to help buyers like him get into the market and start building equity.

Aaron and his girlfriend, Kjiersten, outside their new home!

Once he was ready, we went out and saw just about every home on the market that met his criteria in about 3-4 days. We wrote an offer right away on a turn-key ranch in SE that checked all the boxes. While there was another offer practically the same as his, he won out after bumping up his price just enough. I was also able to negotiate just over $2000 in closing credits, along with a home warranty paid for by the seller. We closed 35 days later, which was  7 months and 3 days after I first met with him.

Watching him sign his closing papers was emotional because it reminded me of why I love this job so much. Aaron worked really hard to get to the signing table. I am so proud of the work everyone did, especially Aaron, to get him the keys to his new home.

Congrats Aaron!

Just Listed – Slightly Hidden Ranch

Posted on by Living Room Realty

Slightly Hidden Ranch

2475 SW 194th Ave | Aloha, OR 97003

Offered at $349,900 | MLS #19651482

4 Bedrooms |  2 Baths | 2 Car Garage

Move in ready 70’s ranch, tucked up on a nice corner lot. Features include a modern sunken living room, exposed wood beam ceiling, a large private dining room with eat-in bar, granite counters, new paint and carpet, and fully fenced yard with the potential for RV parking.

 

 

 

Megan – 503.840.2842  |  Lisa – 503.449.1079

If you’d like help with any Real Estate Needs , We’d love to be a part of your team too!

Little Gem’s in the $300K’s

Posted on by Veronica Powell

 

There aren’t many, but this little cutie goes to show you that some diligence, realistic expectations and a good amount of elbow grease can truly make your dreams of homeownership come true.

If you’d like some help finding your little gem, I’d be happy to guide you through this adventure.

Veronica Powell
Veronica@LivingRoomRE.com
503.936.3475

Not a Murderer!

Posted on by Living Room Realty

I got a strange text from someone on a Sunday afternoon saying they were looking for a REALTOR® that was responsive and flexible with their time, was that me?  I said yes and they asked me to meet them at this vacant house the next morning.  I was a more than a little creeped out by their tone but I looked them up on Facebook and saw we had one mutual friend so I agreed to meet.  I told my business partner  the address and that if she didn’t hear from me by 10:30am to call the police.  Luckily, she was exactly what her profile picture looked like and not a murderer but you can never be too careful in my line of work.  I’ve seen and heard of some crazy shit!

She had gone to the open house that Sunday with friends and loved it but when we walked through it together and I pointed out the amount of work it needed she decided to pass.  I was relieved because it looked like a nightmare deal.  Hours later she called again and wanted to make an offer so I wrote it up.  The agent on the other end is an agent I’ve had several deals with and we have a good rapport.  We acknowledged off the bat that getting this house to finance and the amount of repairs needed would be very tricky, but we both committed to gather all the bids and do all the legwork to keep it alive.

This house might be the roughest one yet.  The only inspections we got lucky on were sewer and radon but the rest were enough to make a buyer run far away.  This particular buyer had been looking in her price range for close to a year and was using a first-time buyer program that was expiring so we had to make this work if possible.  We got bids on bids on bids and just asked for the world.  We knew we wouldn’t get it all but we knew what we needed to have to stay in the deal.Over several days of back and forth nail biting negotiations we got what we needed to make it work.

This year has been the year of really tough deals.  As the market is shifting, buyers have some negotiating power again.  It’s a good time to try to buy if you are on the edge of thinking you may have to rent forever.  Let me get you there.

Dog Days of Fall

Posted on by Natalie Tracy

When you want a house that’s as much of a fit for your dog as it is for you, finding one that you love — with a huge yard and a dog park nearby — is the fairytale ending. This is exactly what we found for Rebecca and her adorable dog, Jack.

As a first time buyer, Rebecca was prepared. She met with me and her mortgage broker early on, and we helped create a plan well ahead of starting her search. So when she was ready to move forward, she had a clear vision of what she wanted. After we explored a few neighborhoods, she honed in on what would give her the perfect blend of access to transit, walkability, and space for Jack. On one of our weekend outings, we had five houses lined up to see – the first three were a clear no, but the last two both had potential. It was a tough decision momentarily, but when she pictured herself in each house with Jack, one stood out as the clear winner.

Like every good fairytale, there were a few bumps in the road, and the victory was sweet. She got the dream house. Jack got the dream yard. Jack has never had a yard before, and now he has one of the best in Portland!

A Place to Call Home, That’s All His Own

Posted on by Aryne + Dulcinea
Our intrepid client is a man on the go! Work takes him out of the country around the world often, at short notice and for weeks or months at a time. When it’s time to come back home he wants to be at a home that’s all his own. He knew just what he wanted and where he wanted to be. When we met he was ready to get down to business. He decided on this dreamy condo that met all of his needs. The best part? It will be waiting for him when he comes back from his adventures abroad.
The Portland condo market is booming! Want to see for yourself? Give us a call and we’ll take you on tour.

About Us:
Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.

Multnomah Village People

Posted on by Veronica Powell
Walkable to Spring Garden Park and Multnomah Village.   This sweet house is just what this delightful young  family was looking for.  Wishing them so many fun strolls in the neighborhood!
 If you would like help finding your perfect home give me a call. I’m happy to help.
Veronica Powell
Veronica@LivingRoomRE.com
503.936.3475

Charm and Farm

Posted on by Aryne + Dulcinea

 

Our wonderful first time buyers were looking to meet their unique property needs. A house that hadn’t lost its charm and a yard that would offer ample outdoor space to play and create PLUS a garden large enough to be a real urban farm. On top of that, these city cyclists wanted to live car free, so they wanted a neighborhood that could support their two wheeled life style and penchant for public transport. They found it, and more, in the growing Foster-Powell corridor on a beautiful block. We can’t wait to watch them make this charming cottage a home and see how their garden grows.

 

 

 

 

About Us:
Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.

Riverside Livin’ for First Time Buyers

Posted on by Gabrielle Enfield

 

Brianna and Sean found me through my online reviews (thanks, clients!) and decided we made a great team for their first time home purchase. They are both busy young professionals, who were recently married and excited to start the next chapter in their lives. After reviewing their pre-approval, we worked together to narrow down the scope of their preferred home, whether it was a detached single family, or an attached condo or townhouse.

Together we put together a list of must-haves — great kitchen for entertaining, a deck (view preferred), room for a home office and two generous bathrooms with showers so they could get ready in the mornings hassle-free. They went
out on the open house circuit for a few weekends to tour at their leisure and came back with feedback. After seeing a unit that was available in the Riverscape Townhomes, they felt like they’d found the one.

They were right! We were able to get a below-asking offer accepted because of their other strong terms. Now, they are packing up and moving in to their beautiful riverside home. Congratulations, S + B! Thanks for your trust and partnership.

Are you interested in looking into the condo or townhome market? Give a call — it’s a great time to buy.

Till then, high fives,

 

 

The First Time is the Sweetest

Posted on by Gabrielle Enfield

Hi Readers! Summer is in full swing in Portland real estate land, and it’s a great time to give a quick update on my recent adventure in #myrealestatelife.

It’s so wonderful when friends and colleagues keep in touch, and reach back out to me when they’re ready to enter the real estate fray. Kyle and Andrea are the latest additions. We met a few years back when we were working at a digital marketing agency called Parliament; Kyle is a super duper talented designer and developer and I oversaw strategy and business development there.

He and Andrea have been saving and strategizing for the last couple years on what they wanted in a first home, and I was excited to hear from them they were ready to start the hunt. The did an excellent job of talking with their lender (Clint Elliott at Union Bank – hi, Clint!) about what was realistic for them to pay each month for mortgage, but still have enough in their budget to take trips abroad and not compromise their senses of adventure. We took careful note of what each of them wanted in a home, but were willing to compromise on — they did a great job with my buyer questionnaire. This is an important part of my arsenal I make sure each buyer completes, especially if it’s a couple or more than one person buying a home. You gotta know where each other stands, and through that process you may learn and hear something that may not have otherwise been obvious. In the case of Kyle and Andrea — he wanted clean lines and design, she wanted quirk and charm.

We were able to hone in on neighborhoods based on these criteria, and before long we found a SWEET #mcm ranch with a huge backyard. It had been updated (helllloooo awesome kitchen!) but had enough original detail they could make their mark. Plus, it’s super close to a skate park and had good bike-ability. WINNING!

Congrats, Kyle and Andrea – I’m so grateful for your trust in this process and wish you many happy memories in your new beautiful home.

High fives!

 

Buyer in Back-up Wins Bridlemile Beauty

Posted on by Mel Marzahl

The day I walked into this beautiful Bridlemile home, I knew it was meant for Jewelia. It checked all her boxes. The location is close to work, to family, and things to do. The home has all the features she was looking for too! It has a fireplace, sunken living room, three beds, two baths, and nice sized yard. I knew it wouldn’t be on the market long, so I texted her immediately to schedule a tour.

My instincts were right, Jewelia loved the home too. We made an offer right away and while it was a strong offer, we were outbid. The seller’s accepted the other one, but I explained to Jewelia what a Back-Up Offer is and we asked if we could be put in back-up position.

Jewelia asked me how often back-up offers move to first position and become accepted offers. Even though she loved the house, she didn’t want to get her hopes up in case the first sale went through. I can’t say for certain how many times this happens because the home never goes off the market and then back on, it’s hard to track that data. All I could do was share my personal experience.

What is a Back-Up Offer?

A back-up offer is when the seller has accepted an offer already, but is willing to put your offer in “back-up”. This means that if the first deal falls apart, then the seller will notify you, and your offer is immediately accepted, or put into “first position”. You can continue to look for homes in the meantime, and just request to be taken out of back-up if they find something else. 

This is also beneficial to the seller because the house never goes back on the market and they don’t have to worry about losing interested buyers who are now wondering if there was something wrong with the house. Houses that go pending, then go back on the market often don’t sell for as much as if the first sale had gone through.

Buying My Own Home

When I bought my first home, we made an offer that was rejected. Later, we saw the house come back on the market and made an offer again. This time we were put in back-up position. We thought there was no way we’d get it, but about a week later we learned ours was in first position! The house needed lots of work which is why it’s previous deals failed. But, our agent was a skilled negotiator and we bought it with some credits to put towards repairs. 

I hoped sharing my experience would help, and Jewelia was put in back-up. A week or so later, she learned that she was put in first position! She was thrilled, as was I, and we moved forward with the purchase. The home had been very well maintained and there was little to negotiate. The transaction moved forward smoothly, and Jewelia closed on her first home last week! She went from back-up to getting the keys in just over a month!

It all started when Jewelia walked into our Multnomah Village office one day. She was curious about buying her first home. She and I were connected and I am so grateful we were. Getting to know her and help her through this important purchase was a joy. I can’t wait to see how she makes this house her home. Congrats Jewelia!!!!

Jewelia gets the keys to her first home!

First Time Buyers Fall in Love with Lents Farmhouse

Posted on by Mel Marzahl

Starting their Search

When first time buyers Adina and Caitlin started their search they wanted a condo. They were tired of living in a rental where the landlord didn’t keep up with repairs. So, they thought the convenience of not having to maintain the exterior possibly having a gym would be great. Starting their search Adina and Caitlin really wanted to find something affordable and start building equity. Their plan was to eventually, in 5-10 years, buy the big family house they really wanted.

The Problem with Condos

Many first time buyers have a similar story. They start out looking at condos because of the lower price. It makes sense at first, the low price, the ease of upkeep. It’s not until they talk with their agent and lender that they start factoring in the high cost of HOA dues and realize how the HOA costs affect their approval price. Once they realize the big impact those high HOAs have on their price, they consider widening their search to include other types of homes.

Financing Tip: Even condo listed at 280 may have a HOA payment of $400/month or so.  This means a buyer putting roughly 5% down would need to be pre-approved for 360-375 to actually qualify to buy it.

Adina and Cailtin (center) with Mel Marzahl, their agent (right), and Dawn Carter, their lender (left)

Change of Plans

This is predicament Adina and Caitlin found themselves in. They liked the idea of a condo for the ease of maintenance, but they realized they could pay the same amount monthly to buy a great starter home instead. When we opened up their search to include single family homes there were so many more options. In their price point some houses needed major repairs but they wanted something they could live in, and slowly fix up. A complete remodel is not in the cards for most first time buyers. We searched all over SE Portland and looked at every 2bd 700 sqft bungalow on the market, until this big, blue, beauty popped up!

The Happy Ending

They widened their search just a bit more. Including a few areas they hadn’t originally considered, like Lents. The house they found is a beautiful, 4bd, 3 story, neon blue farmhouse. It has a front porch made for a swing and summer evening hangouts. This house checked all their “must have” boxes, and more. The main floor was fixed up enough, they could move in, enjoy it but make changes slowly. It has a basement for an art studio, a big lot for gardening, and a whole upstairs level with two bedrooms, a sitting area, and space to add a bath and kitchenette.

Adina and Caitlin got everything they wanted 5-10 years from now, today. Their new house is a beauty that lives well for them in terms of style and financially. They plan to rent the private top level to travelling nurses for some help on the mortgage. After they start a family they’ll have room to grow for the kiddos. They will be the first to tell their friends to consider all their options when searching for a home. Because they know better than most that you might go from looking at 2bd condos in Multnomah Village or Lake Oswego, to 4bd farmhouses in Lents in a matter of a month or so.

CONGRATS on your first home Adina and Caitlin!

Adina and Caitlin on the front porch of their new home!

 

 

First Time Home Buyer, Future Investor

Posted on by Mel Marzahl

When I think about the story of this purchase, I realize the center of this story is not the charming Montavilla ranch. This story is about my client, Russell. He is a first time home buyer, arborist, future Portland real estate mogul, and all around cool guy to know.

Me and Russell at the signing for his first home!

I met Russell when my neighbor recommended his tree company and was immediately impressed with his knowledge and passion for his work. I hired him for a job at my own home, and for every tree need I’ve had since. He is now my go-to person for all things tree and shrub related and I recommend him to everyone in my area.

I learned about his interest in real estate after he did a few projects at my house. Russell had a very focused idea of what he wanted. He wanted to buy a house he could live in comfortably for a few years. However, his end goal was to eventually turn this house into a rental. He is interested in building wealth through real estate and was ready to start building his portfolio! Russell has an investor’s mindset and an eye for what will make a good rental.

I’m happy to say that after touring lots of homes in southeast Portland, we found one that was perfect! After less than 10 hours on the market, we had toured and submitted an offer on this property. The 2 bedroom, 800 sqft home in Montavilla fits his criteria perfectly. A well maintained, move-in ready home, with easy access to freeways for commuting, within walking distance to shops and restaurants on Stark, an attached garage Russell can convert to a woodworking studio. (One of his talents is making, and teaching others to make, beautiful wooden spoons, butter knives, and serving ware.) The house is also on a spacious lot with room for a garden and, of course, some trees!

Russell in front of his first home!

The sellers accepted Russell’s offer after waiting a few days to review all others that had come in. When writing his offer, he put his best foot forward because he knew this was the home he wanted. He didn’t want to miss out on such a great investment so he offered above asking, knowing the home was worth it. The sellers agreed to a small repair that needed doing, but the rest of the transaction was a breeze. We signed the closing docs on five years to the day he moved to Portland, and I couldn’t be more happy for him!

Congrats on your first home Russell!!!

The Surgical Strike Lands a Unicorn

Posted on by Ella Gray

I met Rebecca last summer after the closing of “Tangerine Dream”, a house in Alberta Arts where I represented the buyer. She was impressed my buyer got the house “at list price” versus an amount her original agent had advised her. We set up a meeting to go over various strategies, philosophies, the changing market in general, and other details, and she decided to make a switch and work with me!

We started looking in earnest at homes in her criteria in the winter of 2018…very slim pickings coming on the market at that time (a historical norm). Once the new year hit, more inventory started coming on in her criteria – the quintessential “dialed-in” older home that had been remodeled and updated, but still retained the older charm and character, and in a walkable neighborhood. This criteria, PLUS a turnkey ADU or a rentable space in a popular price range put us in the “unicorn” territory. They are out there, highly desirable, hard to find, and when you do find one, everyone else wants it for a good deal too!

So we started off the new year in several multiple offer situations. We kept coming in at the right price, but there were terms that continued to “win” over the 5-8 other offers at each house. Terms that no agent normally recommends any buyer to use…folks were outright releasing appraisal contingencies, skipping inspections, lots of insanity to land the house (usually these buyers have lots of experience buying, and/or an endless amount of cash).

Finally a new listing came up that we both knew WAS.THE.ONE. A beautifully renovated Cape Cod with all kinds of modern updates, a mother-in-law suite with a separate entrance, in a walkable area, at a great price. THE UNICORN!  I was the very first agent to call about it, and we were one of the first groups to see it a few hours after it hit the market.

Rebecca and I knew the other buyers that were still out there that were waiving inspections, waiving appraisal contingency, etc. We sat down and she agreed to deploy the SURGICAL STRIKE of offers (and still kept all contingencies!). After going through a few rounds of previous offers, she trusted me and the process. We wrote the offer that same evening it hit the market and had it accepted within 12 hours before the first open house! Just in time too, as the listing received more offers throughout the weekend, but we were already in contract thanks to the Surgical Strike Strategy!

CONGRATULATIONS, Rebecca! I wish you many happy years here!