In a competitive market, having frenzy take hold and light fire under a buyer’s decision making is a true risk. Not only does a low inventory market promote a sense of “there’s not enough” that can create a survival mode mentality, but it fosters an environment of uncertainty that can lead buyers down a “don’t want to, but feel like we have to” path. If buyers succumb to the frenzy or are not partnered with wise and stable counsel, this can manifest as buyers offering over what they can comfortably pay for a home, settling on areas of a home that don’t line up with their core values, and investing in inspections unnecessarily on a home that ultimately will not be the right fit. We try to instill a sense of empowerment and stability in the midst of uncertainty. The reality is that nothing is certain, but what we can control is how we respond.
Here are a few simple tips:
1. MAKE A LIST of the top three things you do not want to compromise on. There is no perfect house, but if you are able to hone in on the areas you are willing to compromise on and take the time to get in touch with your non-negotiables, this will make for a more empowered search and you will feel clearer on when to walk away. If you are buying a home with someone else, make these lists separately, then discuss where your lists overlaps and make a new list together.
2. THE FINANCIAL GUT CHECK. This can be difficult because the reality of the market, your needs in a home, and your financial comfort all need to be considered and valued collectively. Taking the time to see if what you want in a home lines up with the reality of the market is step number one. There is nothing worse than chasing a unicorn to the point of disappointment months later. We will provide support as you test the waters and get a sense of what homes are within reach so you can make an educated decision for your life and financial future. If what you are seeing in the market at your price point lines up with your needs, we can move forward with realistic expectations and healthy boundaries around when (if ever) it makes sense to stretch your price point goals.
3. BUY LOCATION AND LAYOUT. Remodeling a kitchen is easier than moving a house. When we say “buy location,” we mean buy a home in a location you will be happy living in. Even if walkability is not one of your priorities, liking your neighborhood is important. This may seem obvious, but many people have fallen in love with homes in otherwise undesirable locations only to find themselves wanting to move a few years later. If you like where you live, you are buying longevity in the home. Simple as that. Of course, we need to balance this against your tolerance for home improvement, but the bottom line is paint can always come later. Likewise, it is much easier to change the cosmetics of a home than it is to change the layout. Look past the aesthetics to the fundamentals of a home’s layout to see whether it has the potential to meet your housing needs for years to come.
There is a lot of news right now about the instability of the housing market. While the market will always fluctuate, if you buy a home that can adapt to your life long-term if needed (regardless of your short-term plans), your satisfaction with your home and investment has a greater chance of outliving any market volatility.
It’s raining a lot right now! The moment water hits the peak of your roof, it rolls down towards your gutters, it has to get off and away from your home. Take a look below at a few ideas to keep your house dry in this rainy weather.
My buyer Theo wins the award for the single most expensive repair I have negotiated for a buyer. Theo was a first time buyer who was referred to me by a past client of mine who they work with. We met up on a chilly fall evening to talk about what they were looking for in a house and get the process started. Within a couple of days, Theo had their pre-approval letter in hand and we were ready to go. I sent them all of the available homes within the geographic boundaries, price range and features they were looking for. The list wasn’t very long and out of all of them, only 2 houses piqued their interest. We went to see one in NE, and that was a no-go. The second house we saw was bright blue 1920’s bungalow in the Brooklyn neighborhood. It had been on the market for about a month and had one sale fail. The home was lovely with a gigantic newly remodeled kitchen and a large upstairs bedroom with room to add a bathroom. The basement was decent enough with lots of windows and good ceiling height- a great candidate for future finishing. Theo slept on it and the next morning let me know they wanted to write on it. We put together a great offer and boom- got it accepted.
Sarah and Tariq contacted me in early August after being referred to me by one of my favorite lenders. They used to live in Portland, and had moved to Los Angeles for work, and were now being transferred back to Portland. They were moving to Portland in mid-November, so they came to Portland in mid-October to find a home. Before they arrived, we had a flurry of emails back and forth narrowing down homes they wanted to see. They seemed to really hone in on mid-centuries and when we came up with our list of homes to see over the next few days, the majority were mid-centuries. They arrived on a Thursday evening, and we hit the ground running on Friday morning. We saw around 12 houses together over the next couple of days, and they saw even more homes on their own visiting open houses.
We are so grateful for this nod from our neighbors on Nextdoor!
My buyers Annie and Ben were referred to me by one of the great lenders at Portland Housing Center. They were first time home buyers and during our meeting when we met to discuss their plan and get a feel to see if we would be a good fit to work together, we talked about the ideal house for them. They had a really clear idea of exactly what they were looking for and where they wanted to buy. Ben works in Vancouver and Annie works on the inner east side so their ideal house would be in North Portland in Kenton or near I-5. They also wanted something with vintage charm- preferably mid-century, and in good shape that would be easy to maintain. They also wanted a yard and their budget was $400k tops. They were still interviewing agents when a couple of days after we met, I got an email from my wonderful colleague Martin Cross here at Living Room with info on an open house a great listing of his in Kenton was having the next day. On paper that house seemed to meet all the criteria that Annie and Ben had, so I forwarded the email along to them. They responded that indeed, the house looked like it was great and they could tell I had a really good sense of what they were looking for, and that sealed the deal for us working together.
LOCAL U-PICK APPLES
GUTTERS – DO THEY NEED CLEANING?
Upstairs are four bedrooms plus a bonus room/den. The spacious owner’s suite features vaulted ceilings & french doors. A well appointed en-suite bath has double sinks, tiled shower & a free standing tub.
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My clients offer was accepted! My buyers knew just what they wanted. I showed them one property, made one offer, and prevailed in a multiple offer situation. This is very fortuitous as this is a very special property that was obviously meant for them. They are looking forward to enjoying life in the Mt. Tabor neighborhood with quick access to one of our of the city’s best parks – 
Four years ago I helped my client Matteo purchase his first home in Portland in Rose City Park after he recently moved to Portland from New Orleans. As an artist and stylist, he has a habit of buying and renovating homes, using his house as a palette for his talents. After four years living in his Rose City Park home, he was ready for a larger home with adequate studio space and further east to be closer to his job as a paintings teacher. He loves mid-centuries and we spent a few months looking at possibilities. He came so close to putting an offer on a home with a pool in Ventura Park, but decided at the last minute that he was basically buying a pool that came with a house, rather than the other way around.
If there is one part of the Portland market that’s not hot right now, it’s condos downtown and in the Pearl District. The Covid buying frenzy really focused on detached single family homes with yards. Communal living where you have to walk into an enclosed building and then take an elevator to your front door was the exact opposite of what the majority of buyers have wanted over the last year and a half. So for those folks who DO want to own a condo in the Pearl, the neighborhood is a pool full of fat oysters where buyers can take a while to look around be picky about what type of unit they want.
My buyer Clayton was referred to me by some of my favorite past clients ever, so I knew he was going to be great to work with. His ideal home would be in North Portland where he has lived for a long time as a renter, and would have the space and bedroom count to be able to comfortably rent out a room or two to roommates. He lost out on 2 houses, but they were not the best houses for him anyway. And when a great 4 bedroom house (2 beds on the main floor and 2 beds upstairs) came on the market he went to the open house and met the listing agent who was super impressed by how kind Clayton is and how through of a job he did looking at the house (he even went into the crawl space!). He loved the house and we wrote up an offer, and thanks to his letter and the listing agent explaining to her seller how awesome Clayton is, the seller wanted to sell to Clayton, but with another offer on the table that was over $100,000 over list price, the seller went with the crazy high offer.
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Sarah and Craig were referred to me by a dear longtime client. They just had a baby and were ready to buy a house to settle into and raise their kid in. When we first spoke this past spring, they had not yet spoken with a lender and didn’t really have an idea of how much they could qualify for. I gave them some names of great lenders I work with including the Portland Housing Center. After meeting with Portland Housing Center’s loan officer, they found out they qualified for a $15k grant if they bought something in the City of Portland, so that sealed the deal for them on which lender to use.
I have the best neighbors ever in Ladd’s Addition. We moved into our home 17 years ago, and had our first kid 11 years ago. Within 5 years of us moving in, most of our block turned over from old and aging folks to younger families with small kids. At one point, there were seven families with kids all within a five year range from youngest to oldest on our block. Our kids have grown up together, played together, laughed together, had block parties together, cried together and all the in-betweens. When they were younger, in the ages 4-8ish range, they would spend summer days moving back and forth between houses as a roving gang. Us parents never worried because we knew the kids were at someone’s house on the block. Only 2 families have moved over the last 10 years, and one didn’t move far. Throughout this whole time, the adults on our block have spent countless hours over the years doing impromptu happy hours, block parties and backyard hang outs.
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.
I couldn’t be more excited for my very dear longtime clients Emily and Ben. They outgrew their vintage cream puff bungalow in Foster Powell that I helped them purchase 7 years ago, and despite the horrors of the current market, they were able to sell their very much loved home and get under contract and close on an even better and bigger house that hit nearly every single one of their check-list items before they have to be out of their bungalow.
