Tag: home buying tips

The 85% Rule: Your Key to Overcoming Analysis Paralysis in Home Buying

Posted on by Will Sing

Hey future homeowners!

Ever find yourself stuck in a loop, analyzing every little detail while hunting for your dream home? Well, I’ve got a golden rule to share with you that might just be your game-changer: The 85% Rule. Let’s dive into it!

What is the 85% Rule?

In the home-buying journey, it’s easy to get caught up in the whirlpool of options and details, leading to what we call ‘analysis paralysis’. This is where the 85% rule comes into play. It’s a simple yet fantastic rule to guide you in making decisive actions.

How Does it Work?

The rule is pretty straightforward. When you’re looking at potential homes, aim for one that meets about 85% of your criteria. Yes, it doesn’t have to tick every single box on your list.

Why 85% and Not 100%?

Here’s the thing, finding a home that has 100% of what you’re looking for is like finding a unicorn – it’s a beautiful thought but nearly impossible. Even those who have had their homes custom-built find themselves wishing for changes five or ten years down the line.

Embrace the Imperfections

Remember, it’s absolutely okay for a home not to be perfect. What matters is that it’s perfect for you at this moment in your life. The small imperfections? They are opportunities for you to add your personal touch down the line.

Conclusion

So, the next time you find yourself stuck in the home-buying process, remember the 85% rule. It’s not about settling for less; it’s about embracing a home that meets most of your needs and holds the potential for you to make it truly yours over time.

Reach out to talk further now!

📞 Call Me – (503) 303-0822
✉️ Email Me – hello@agentlivinginpdx.com

When the right home comes along

Posted on by Lily Ray Wyss

Often when starting out the home buying process, especially with a first time home buyer, we give the process a lot of structure. And that is for good reason.

We ask home buyers to get as specific as possible with their home needs, how many bedrooms, bathrooms, whether the yard needs to be fenced or not. We ask them their ideal timeline and so many other important things.

This structure and clear path forward is important to having a stress free home buying experience.

BUT sometimes you have to be willing to have an open mind and be flexible.

Enter C and H’s home buying story.

When I first met with C & H we met very early on in their timeline which gave us plenty of time to start the education process and dial in what they were looking for in a home.

We discussed their ideal time to purchase a home and when we would plan to start the search more seriously. Which was a few months out.

But then… a few weeks later… we noticed the perfect home.

You know, the house that was priced well, super cute, well taken care of and in a great area. The home were you stand in it and go, why has no one else snatched this home up yet type home.

Luckily C & H had already started the home loan pre-approval process so we were able to act quickly, write an offer and secure them the property.

Everything went super smoothly and I was able to hand them over keys to their new home. We were sipping champagne in their new backyard after what felt like the most beautiful whirlwind of a home transaction.

The moral of the story is, it’s great to have a game plan for your home buying journey, but when the right home comes along, even if it feels “too soon” sometimes making the leap can be the best thing you ever did.

If you want to talk about your personalized home buying strategy and how we can work together please reach out. I would love to be sipping champagne with you in your backyard someday soon!

The Portland Market Update: January 2024 – Navigating New Real Estate Currents

Posted on by Will Sing

The dawn of 2024 brings fresh opportunities in Portland’s real estate realm. I’m Will, ready to guide you through the ebb and flow of our local market. Let’s cut through the noise and hone in on the essentials affecting your home buying and selling decisions this year.

Interest Rates’ Ripple Effect Cast your mind back to the 8% interest peak last October—a tremor that dampened demand. Fast forward to today, and we’re witnessing interest rates gently retreat to the high sixes, a move that’s reinvigorating the market pulse. This along with our normal seasonal changes is bringing back demand quickly.

Days on Market and Inventory Portland’s property scene is diverse; quick sales for some listings contrast starkly with others that sit longer, awaiting the right match. The days on market now stretch up to 60-75 days in certain submarkets, painting a vivid picture of buyer selectivity and market stratification. Thus, there are two markets with houses going quickly and the others sitting on the market for a longer time.

To Buy or Sell? Strategic Timing is Key

In this market, foresight is king. Buying a home? It’s a long-term play. Consider not just the immediate gratification but the potential for equity growth over 5 to 7 years. This horizon often marks the break-even point, positioning you to leverage your investment for future property pursuits.

Selling? The current climate offers a unique window. With less competition and a market still warm from buyer interest, listing now could place you at an advantage. Preparing your property early ensures you’re market-ready, poised to act when the season hits its stride.

Your first home purchase is a foundational step, one that paves the way to that dream house down the line. And while timing the market to perfection is a myth akin to capturing lightning in a bottle, understanding these cycles and preparing accordingly can place you leagues ahead.

Embark on Your Real Estate Voyage For an in-depth journey through Portland’s market, set sail with my full video here.

Whether charting a course for purchase or plotting the perfect sale, I’m on deck to help you navigate these waters. Reach out, and together, we’ll find your true north in Portland’s real estate landscape.

House Hacking Success Story in North Portland

Posted on by Will Sing

I am thrilled to share a success story. It’s the story of Amanda and Shiv, a determined couple who embarked on a house hacking journey with dreams and a clear vision in their minds. Let’s dive into their journey!

The Dream: House Hacking in North Portland

Amanda and Shiv had been on the lookout for a golden house hacking opportunity for over a year. For those new to the term, house hacking involves buying a multi-unit property, living in one unit, and renting out the others to offset your mortgage. It was a dream they nurtured, and I had the privilege to guide them in this journey, equipped with my custom deal calculator to run the numbers meticulously.

The Find: A Duplex with Potential

Our persistent search led us to a promising duplex in North Portland. A place that whispered potential and promised a positive cash flow in just the second year! Yes, it required a bit of a nudge to enhance the rents, but nothing too daunting.

The Victory: Winning Against the Odds

In the competitive Portland market, we found ourselves up against another eager offer. But Amanda and Shiv had a winning spirit, and guess what? We won, securing a place that was more than a house; it was a canvas of opportunities.

The Inspection Period: A Time of Diligence

Entering the inspection period, we rolled up our sleeves, ready to delve deep into every nook and cranny. We scrutinized the property’s financials, keeping an eagle eye on the major issues. Our diligence paid off, securing a substantial $7,500 towards a new roof and a comforting home warranty to boot.

The Closing: A Happy Beginning

As we neared the closing, the joy was palpable. Not only did we secure the home, but we also managed to get a generous $9k in closing costs. Amanda and Shiv were all set to move into their new abode, ready to infuse it with their personal touch, one improvement at a time.

Conclusion

Today, Amanda and Shiv are happily settled in their unit, gradually transforming their space while enjoying the benefits of house hacking. Their story is a testimony to what determination, the right guidance, and a bit of house hacking savvy can achieve. Here is what they had to say:

Will was super helpful throughout the entire home buying process. He has a lot of knowledge about different types of housing options and knows the Portland area really well. He wants his clients to feel good about their purchase and we definitely do.

Inspired by Amanda and Shiv’s story and keen to start your own house hacking journey in Portland? Reach out to me at 📞 503-303-0822 or 📧 hello@agentlivinginpdx.com and let’s turn your home buying dream into reality!

House Hacking in Portland: How Jason Found His Perfect Investment Home

Posted on by Will Sing

Let me share with you a heartwarming story from my recent adventure as a buyer agent, helping out my client, Jason, in the vibrant and competitive Portland real estate market.

The Quest for the Perfect Investment Property

Jason had a clear vision: find an investment property under $400k where he could not only live but also house hack. Now, you might be wondering, what is house hacking? It’s a savvy strategy where you live in one of the multiple units of your property and rent out the others, effectively reducing or even eliminating your housing costs. In Jason’s case, we were finding a single-family home for him to rent out multiple rooms.

In the bustling Portland market, finding a home in this price range meant facing stiff competition. But Jason had a secret weapon – his background in construction. He was ready and willing to roll up his sleeves and turn a fixer-upper into a dream home.

The Hunt and the Happy Find in North Portland

Our journey took us all around Portland, putting in several offers, and keeping our spirits high. Jason’s patience and determination paid off when we found “the one” in North Portland. Despite competing against four other offers, we came out on top, a testament to Jason’s vision and our strategic approach.

Navigating the Transaction with Expertise

Entering the transaction phase, we discovered a few hiccups — issues with the home that needed addressing. But guess what? They were manageable, and we tackled them head-on. From getting the seller to decommission an oil tank found during inspections to negotiating a sweet deal where the seller covered a whopping 11k in closing costs, plus adding a home warranty for that extra peace of mind.

A Happy Ending and a New Beginning

Fast forward to a month later, and we were at the closing table, all smiles and ready for Jason to start his new chapter. Now, with keys in hand, he’s busy adding not one but potentially two additional bedrooms, a move that could skyrocket the home’s value by over $50k.

Here is what Jason had to say about the Experience:

Will went above and beyond to help me find the right home for my budget. The home search, buying, and closing process was executed perfectly. I am confident that Will’s personality, local knowledge, and understanding of the client’s needs would be a perfect fit for anyone looking to purchase property. He went above and beyond gathering repair quotes from multiple contractors, negotiating closing credit, and handling the coordination between my lender, escrow, and my self. I will defiantly be reaching out to Will in the future for my next property purchase.

Ready to take the next step in your home-buying journey?

Feel free to reach out to me for personalized guidance and expertise. Whether you have questions or are ready to find your dream home in Portland, I am here to assist you every step of the way.

📞 Call Now – 503-303-0822

📧 Email Me – hello@agentlivinginpdx.com

Navigating the Portland Real Estate Market: September 2023 Update

Posted on by Will Sing

Hello, fellow Portlandians and prospective home buyers and sellers! It’s Will here, bringing you the latest scoop on the Portland real estate market as we step into September 2023. Buckle up as we dive deep into the current trends, predictions, and some golden advice for both buyers and sellers in the vibrant Portland market. Don’t forget to hit that like and subscribe button for more real estate insights!

Current Market Dynamics

First things first, let’s talk numbers. The interest rates have been hovering around the mid to low-sevens, and while core inflation has ticked down slightly, the overall inflation has seen an uptick. The median sales price has decreased by about 2.7% compared to last year, and we are witnessing a competitive market in the $300,000 to $700,000 price range.

Predicting the Market’s Path

As we venture further into 2023, there are a few scenarios we might see unfolding in the Portland market:

  1. Interest Rates Decreasing: This would be a boon for buyers, potentially bringing about 5 million new buyers nationally. However, it could spur a demand-supply imbalance, pushing the prices up.
  2. Steady Interest Rates: If the rates remain unchanged, we might be looking at a stable market for the next 12 to 18 months, albeit with a persistent demand in the affordable first-time homebuyer range. This is the most likely scenario of the three.
  3. Interest Rates Increasing: Not the best news for buyers as affordability would take a hit. Sellers might have to get creative with offers to attract buyers. We may also see a slight decrease in pricing but not 20-30% drops.

Golden Advice for Buyers

If you are a first-time homebuyer eyeing properties in the $300,000 to $600,000 range, brace yourself for some competition. But hey, don’t lose heart; you might just snag some cool concessions from the sellers, including a 2-1 rate buy down or additional closing costs assistance.

Seller’s Corner

Sellers, it’s time to put on your aggressive hats when it comes to pricing. With fewer buyers in the market, you might want to keep a close eye on comparable listings to price your property competitively. And if you are selling a condo, patience is key as the days on the market have increased.

Let’s Connect

Got questions or need personalized advice? Feel free to reach out; I am here to guide you in your real estate journey in Portland. And before you go, do hit that like and subscribe button to stay updated with the latest in the Portland real estate world.