That Portland Life

Portland Lifestyle and Real Estate

Contact Us!

home seller

Is buying before you sell the right move?

by Leave a Comment

For many homeowners, the prospect of selling their current home before purchasing a new one is daunting. This can be due to the uncertainties around finding the right home, timing mismatches, and general uncertainties involved. However, buying a new home before selling your existing property can offer a seamless transition, eliminating the need for temporary housing and ensuring a smooth one time move. With real estate becoming more competitive, its important to do everything you can to stand out from the crowd on both the buying and the selling side. Let’s explore various strategies and considerations for homeowners looking to buy before they sell, ensuring a stress-free and coordinated moving experience.

buying a house
1. Bridge Loans

A bridge loan is a short-term financing option that allows homeowners to leverage the equity in their current home to finance the purchase of a new property. This loan essentially “bridges” the gap between the sale of your old home and the purchase of your new one. Bridge loans are ideal for those who need to move quickly, such as for a job relocation, and can’t wait to sell their current home. While bridge loans offer flexibility and speed, they also come with higher interest rates and costs, so it’s essential to consider your financial situation carefully.

2. Home Equity Lines of Credit (HELOC)

For homeowners with significant equity in their current home, a Home Equity Line of Credit (HELOC) can provide the funds needed to purchase a new home before selling. HELOCs typically offer lower interest rates than bridge loans and provide flexible access to funds. However, you’ll want to fully repay the HELOC with the sale of your home, so its important to compare your equity to what you’ll need for your next down payment.

3. Contingent Offers

Placing a contingent offer on a new home means your offer is conditional upon selling your current property. This strategy can provide peace of mind, ensuring you won’t be stuck with two mortgages. However, contingent offers are less attractive to sellers in a competitive market, as they carry more risk and uncertainty. It’s essential to work closely with a real estate agent to navigate this approach effectively.

4. Leveraging Technology and Real Estate Platforms

Several real estate platforms and services now cater to homeowners looking to buy before they sell, offering innovative solutions that streamline the process. Some services provide cash advances for new home purchases or offer to buy your current home outright, allowing you to move on your timeline. Researching and leveraging these options can significantly simplify your transition.

Regardless of the strategy you choose, careful planning and preparation are crucial. Start by assessing your financial situation, understanding the value of your current home, and exploring your new home’s market. Working with a knowledgeable real estate agent can provide you with the insights and support needed to navigate these options successfully.

wanting more ideas? Check out our handy guide with even more tips HERE

Why selling your first home in Portland could be the right move

by Leave a Comment

Hey there, Portland homeowners! Are you ready to move up to a bigger and better home? Then you’re in the right place! Selling your first home can be intimidating, but don’t worry. We’ve got you covered!

With low inventory and high demand in Portland’s housing market, now could be the perfect time to sell your current home and move up to a more spacious, comfortable home. We know that making any move can be a little nerve-wracking. That’s why it’s important to work with a real estate agent who understands your needs and can guide you through the process. So, what are some of the things you need to consider when going to a “move up” home in Portland?

Step 1

First, you need to understand the current state of Portland’s housing market. In recent years, the market has been experiencing low inventory and high demand, which has resulted in rising home prices. That has slowed down with recent interest rate hikes, but the market is still competitive and prices are trending upwards. This can be a great opportunity for homeowners who are looking to sell their first home. By selling in a seller’s market, you may be able to get a higher price for your current home, which can help you afford a more expensive “move up” home.

Step 2

Second, you’ll need to decide if staying in Portland is the right move. The city has many wonderful things to offer like the best food carts in the country, stunning parks and trails, and proximity to amazing outdoor attractions like Mt. Hood and The Coast. Even still, we acknowledge that Portland isn’t right for everyone. If you do want to move out of the city, or out of the state, do a deep dive on the places you are considering to see what will best suit your lifestyle. If you need a connection out of state, we are happy to connect you with someone that can educate you on neighborhoods and current market trends.

Step 3

Lastly, you’ll need to think about what you want in your next home. We suggest making a list of the things you love about your home, and the things that you want to change. Then we will use that list as a baseline to find your next home. You want to dig a little deeper than the first time around with this list. Think about neighborhood amenities and any expected lifestyle changes when coming up with your wants list.

If you’re ready to take the next step and start exploring your options, we’re here to help. Visit HERE for an instant home valuation to see if moving might be worth it for you. You can also contact us for a free consultation if you’d like a more accurate representation, you can find our Calendar HERE. If you still aren’t sure, give us a call and we’ll be happy to answer any questions you may have.

Don’t wait to make your move. Let us help you sell so you can find the perfect “move up” home.

Is this a good HOA?

by Leave a Comment

Buying a home could mean dealing with a homeowners’ association. This begs the question, how can you tell if the HOA is doing a good job? Watch to find out!

HOA’s manage, maintain, and regulate everything that is outside of the home — Such as the structure of the building, the common areas, the landscaping, and the recreation areas, if they have them. But unlike the membership of other community organizations, you can’t resign if you’re unhappy with the way the organization is run.

If the community you are searching in passes these 4 checks, you are probably in good hands!

#1 – Community looks nice

If the community looks good, it usually means that something positive has impacted the community. Of course, the opposite is also true. If you’re thinking about buying into a community, take an objective look at its appearance. Is the structure of the building in good repair? Are the trees pruned, the beds weeded and the landscaping well maintained? Is the pool clean? Are any of the homes in the community eyesores? Your answers to these questions reflect on whether the HOA is performing its duties properly and requiring homeowners to do the same. The proof, as they say, is in the pudding.

#2 – Strong Communication

This is your community and you have every right to know what’s going on in it. Do your research. Figure out how the HOA board communicates with homeowners. The options are numerous and include newsletters, websites, annual reports and emails. Check for flyers advertising community meetings. If homeowners are invited to attend committee meetings, it’s a good sign that their input is heard and valued.

#3 – Strong Money Management

The best HOA’s put checks and balances in place to safeguard against the risk of financial mismanagement. They employ a second set of eyes – someone not on the board – to collect the dues, pay the bills, and review checks and invoices to make sure the HOAs financial affairs are in good order. Often the second pair of eyes is a professional property manager, a lawyer, or an accountant on staff. We also want to be sure that they have a clear budget for addressing repairs, whether it is unforeseen circumstances or scheduled maintenance.

#4 – Clear HOA Rules

HOA’s tend to have a set of rules called Covenants, Conditions, and Restrictions. CC&R’s supercede city, county, and state laws and come with hefty fines if they are violated. So it’s really important to know if you’re moving into a community with a strict HOA. CC&R’s are meant to be applied objectively and fairly throughout the community – but sometimes they’re only enforced if a neighbor complains. The best way to tell if CC&R’s are applied consistently (or not) is to take a tour around the community. If everyone’s landscaping is immaculate, the HOA is probably very strict. But if some homes look run-down, and others don’t, it’s a good sign that the HOA is pretty lax on enforcing their rules.

Now that you know what to look for, let us help guide you into the perfect community! Even if that means avoiding HOAs all together! Contact us below!

Ready to get started? You can chat with us, or our lenders! Learn more about them over on our preferred lenders page

The Open House

by Leave a Comment

Today we are taking you behind the scenes of everything we do to prep for an open house! We made this great video for you to enjoy! If you prefer to read about it, we have that included below for you!

The first and most important thing that we do to prepare for an open house is to research the current trends in the neighborhood. We are constantly watching overall trends, but we want to be able to answer neighborhood specific questions to prospective buyers as well. We pull together a list of comparable properties, every other open house in the neighborhood, and our buyer book and head off to the house.

The Big Set Up

All of our open houses are marketed on multiple websites and through facebook ads, but you never know who might be driving by, so we also place many signs around the neighborhood to make it easy to find us.

Once we are at the house we want everyone to feel like they are already home. We have both sweet and savory snacks available, white or rose wine, sparkling water, and plenty of napkins. We also want to turn all the lights on so the home shows the best it can no matter the weather. This also gives a chance to get even more familiar with the property. We look for the furnace, water heater, and any quirks that people may have questions about.

Open houses are one of the most fun things you can do as a realtor. You get to meet quite a few people and usually spend a couple hours inside a gorgeous house. If you are starting to think about getting into the market, we are happy to send you weekly open house lists. Just fill out the form below! You can also search for homes by clicking HERE

The Listing

by Leave a Comment

Today we are taking you behind the scenes of everything we do to prep and win a listing appointment! We made this great video for you to enjoy! If you prefer to read about it, we have that included below for you!

The first and most important thing that we do to prepare for an upcoming listing appointment is to research the current trends in the neighborhood. We are constantly watching overall trends, but pricing a home and creating a personalized market plan requires specific data about which homes have just sold, how long they were on the market, and many other factors. We pull together all the market data, put together a personalized marketing guide, print the contract and head over to the potential new listing!

The Interview

A listing appointment is when we are truly being interviewed. We put our best foot forward and show everything that we have to offer. Typically we are going to be competing against 2 or 3 other agents so it is critical that we set ourselves apart. One big thing we do is send our ‘7 tips for Selling your Home’ booklet to the potential client before we even meet them. You can download it HERE if you want to check it out.

Some other big differences you can expect to get from us are the scope of our marketing knowledge and the brand power we bring. We are well-versed in running social media ads so we can guarantee the listing will get many more views than any neighbor’s listing. We also have the power of the Sotheby’s brand behind us. That gives us access to all of their marketing partners. We get to see our listings on the New York Times, Wall Street Journal, Mansion Global and many, many more websites around the world. The home is also marketed directly to our global Sotheby’s network. It may just be the perfect fit for an investor or someone relocating here to Portland.

Marketing

In the video above, our listing proposal stood out and we won the listing over at least one other agent. It always feels good to win, but now that we have the contract signed, it is truly time to get to work. Here is quick list of everything we have to coordinate in the week before the listing goes on the market.

Professional photos are the most important step at this stage. NEVER hire an agent that tells you they can take the photos on their phone. They won’t look good and you only get 1 chance to make a first impression. We also do a stunning walkthrough video, 3D tour, and drone pictures. Your home will be the best looking one on the block when we are finished.

The home in our video went pending for full price after only 4 days on the market. If you need some guidance about what to do to sell your home, we would love to come and interview with you! If you want a quick snapshot of your home’s value, you can find that HERE. Or if you prefer to check in on your neighbors homes, you can search for everything on the market HERE. You can also fill out the form below and we will be in touch soon!

Buyer Closing Costs

by Leave a Comment

Today we are going to be talking all about closing costs! Check out the video below to learn all about them! If you don’t like videos, read on below.

Last week we went through closing costs when you are selling a home, but there are also closing costs associated with purchasing a home.  Most buyers are aware that they need to save up for a downpayment. They also know they need to pay for inspections. But, many people don’t realize there are also quite a few fees that you need to budget for.  

I had a buyer a couple of years ago that had to let their dream home go because they didn’t have enough cash to close on the home. This could have been solved if they had know to budget for an extra 3%.  I really don’t want you to end up in that situation. So here are my 3 tips for buying a home when it comes to closing costs.  

Write out a budget

Meet with your realtor and write out a budget. Depending on the time of year that you are buying, closing costs can vary from 2-4% of the purchase price. That means if you are buying a $500,000 houses here in Portland, you can expect your closing costs to be about $15,000.  We have a great buyers guide for you once you are ready to get serious about buying a home. You can download it HERE

Be honest about what you can afford

Take a look at your finances and budget for what makes sense.  Just because you are approved for a $500,000  house doesn’t mean that is what you should spend.  If you only have $7,000 to put towards closing costs, we may want to look at buying a cheaper home.  You don’t want to move in and be immediately house poor, so lets come up with a real budget and decide what kind of purchase makes the most sense to you.  

Stretch your money

Make a plan for your money to go farther.  Depending on the health of the overall market, we may be able to ask the seller to pay for some, or all, of your closing costs. This means that your money can go farther.  While this is an option in all markets, if we end up writing an offer on a home with multiple offers, the chances of our offer being accepted and getting closing costs covered is very low.  There are things we can do to combat this, so we just need to sit together to plan everything out.  

Closing costs are not a fun part of the real estate transaction. They do however pay for your new deed, so they are crucial to buying a home.  If you want to sit down to discuss the specifics about what fees are covered, or if you just have general real estate questions, I would love to chat with you anytime! 

Be sure to follow us on Facebook, Instagram, and Youtube so you are always up to date with what we are doing!  You can also sign up for our monthly newsletter and we will send you fun events happening in Portland.  

Thanks for joining me today and I will talk to you soon!

The cost of Instant offers

by Leave a Comment

So you want an instant offer? No doubt you have heard about open door at this point, but Zillow and Amazon also have programs that allow you as a home seller to get an offer without any showings or contingencies. Check out the full video for all the details!

It is terribly convenient to just sell your home to an internet company. As they say on their commercials, there are no showings, no contingencies, and you get to look over the pricing details before you make a decision. If this all sounds too good to be true, it’s because it usually is.

These companies are in the market of buying homes to make a profit when they re-sell them. This means you are selling your home for less than you would get if you listed it with a realtor almost every time. They want to pay wholesale for your home, do a couple repairs, which likely means paint, and then they re-list it at the price it was worth in the first place.

Zillow

We have a great example of this. this offer below was presented to the client of an associate of mine. He needed to sell quickly but also wanted to be sure he was getting what his home was worth. He called his realtor to discuss what his opinion was and they needed up selling the home after 3 days on the market, for 6% commission at $550,000.

Had the seller chosen to go with this Zillow offer he would have left more than $100,000 on the table. Most the examples that we see aren’t this extreme, but in almost every case the seller could have received thousands more dollars if they had listed with a Realtor.

This model will of course work for some people, if you need to just sell and timing is more important than price, this is a great option. Just make sure you discuss everything in detail with a Realtor so you know all of your options.

Open Door

Another issue we see with Open Door specifically is the way they send over offers can be very misleading. They don’t charge a real estate commission but they do charge a 7% service fee (also known as a commission). They also over-estimate the time on market and time for closing, and lastly, they assume you will be paying 3.5% in seller concessions. You may have to pay some concessions for a buyer but this is rare, negotiable, and should not be thought of as a guarantee.

For this example the seller should have $18,000 more selling through a Realtor, but we don’t know what the home is actually worth either so they could have received even more. Again, it is very important to talk to a realtor about your home before you make any decisions.

If you have specific questions about your home and what it is worth, please reach out to us directly. Or if you want an instant valuation click here. You can also see our other real estate videos over on Youtube. Or our other posts HERE

We will talk to you again soon!

HOW TO – 3 tips to sell for more than your neighbor.

by Leave a Comment

Everyone wants to sell their home for the most amount of money. I’ll go through my top 3 tips to get your home sold for more money than your neighbors.

If you don’t have time to watch this great video, feel free to read below for all my tips!

1 – Spruce up the exterior

Nothings sells a house faster than having a ton of curb appeal. You don’t have to spend a lot of money to make a really big impact. The simplest steps are to keep the lawn mowed, bushes trimmed, and exterior paint touched up. I would also buy some fresh potted flowers to sit on the front steps, they really help to welcome prospective buyers as they walk into your home.

2 – Choosing paint colors

Paint colors effect the value of a home more than you might think. You want to be sure that you are appealing to as many buyers as possible, so you want to stick with neutral tones and a cohesive theme throughout the home. Zillow did an interesting study on how colors effect a home’s value and found that a black door can raise a home’s value by 2.9%! Grey has been the popular color lately, specifically when it has blue undertone. If you don’t want to repaint every room in the house, the bathroom and living room will get you the biggest bang for your buck.

3 – Keep up the cosmetics

Buyers want to be able to move right into a home, especially if they are paying top price for it. If the carpet is old and dingy, it should at the minimum be cleaned, but consider replacing it, or trading it our for hardwoods. Also consider staging, or having a staging consultation. If you have old or worn furniture, it won’t show well. If it’s in your budget you could consider buying new furniture and taking it with you! Research by the National Association of Realtors shows that a staged home sells for 5-20% more than a vacant home depending on the price range.

Bonus – Marketing

They way you market your home matters more than anything else, 98% of home buyers find their home online. simply entering the home into the local MLS is not enough. Make sure you are hiring someone who understands the power of social media and will work with marketing trends to get the most buyers looking at your listing. Interested in what we offer to sellers? Click below to download our FREE seller’s guide!

Buying/Selling Guide

I hope you enjoyed these tips! Please reach out if you have any specific questions about selling your home. We would be happy to discuss how we can get you the most money for your home! Want to know what your home is worth? Click for a 15 second home valuation! — > See Home Value