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How to Buy a Home when you need to Sell

So you are ready to move? Whether it is downsizing, upsizing, or just getting into a different area, needing to sell first can feel like a huge obstacle. Luckily we have 11 awesome tips to help you buy before you sell so this transition is as smooth as possible!

You can download our full guide, or continue below to read the highlights!

Buy when you need to sellDownload

Tip 1:

Get a Bridge Loan

If downpayment and closing cost funds are keeping you out of your dream home, consider a short term loan. A bridge loan will give you cash to use towards your next purchase.  This allows you to purchase a home with no additional contingencies!  After you move, you use the funds from the sale of your current home to pay the loan back.

Tip 2:

Use a HELOC – Home Equity Line of Credit

This is one of the most common strategies that we are seeing.  Use the equity in your home to get a line of credit to pay for your new home.  This also allows you to purchase first with no additional contingencies.

Tip 3:

Buy New Construction

Builders commonly have additional inventory allowing you to plan out your move date in advance.  This allows you to line up the closing of your current home and the closing of your new home with some overlap to ensure you only move once.

Tip 4:

Custom Build a Home

Similar to buying new construction, this allows you to line up your closing dates and your moving dates. Most custom home builders have in-house financing that will allow you to sell your home and build simultaneously.

Tip 5:

Borrow from your 401K

This allows you to temporarily pull a “loan” from your 401k.  Having this loan allows you to have the cash on hand to make strong offers with no additional contingencies. There are some special circumstances so be sure to discuss this option with your financial planner and/or CPA.

Tip 6:

Seller Carried Financing

This isnt a very common option, but if the seller owns the home outright, they will sometimes carry a short term loan for you while you wait for your home to sell.  This option requires an attorney and usually has higher interest rates associated with it.

Tip 7:

Negotiate a Lease Back

With a strong sellers market, we can list your home and ask the new buyers to give us time in the home after it has sold.This can give us an additional 60 days to find and close on your new home.

Tip 8:

Use Sale Subject To

With a strong sellers market, most buyers just want to “win” a home.  We can ask to have a close date that is subject to you finding a replacement property.  Most people want to have some idea of how long that will take, so we often see in contract within 60 days.  This is a great option especially when paired with a rent back.

Tip 9:

Look in Less Desirable Areas or Price Ranges

If you don’t have a strong preference for a certain area we can focus on locations that are not as competitive.  This allows us to have more control in our offer terms and closing dates. Also, if you have some pricing flexibility, we can find price ranges that don’t have as much competition.

Tip 10:

Write a Contingent Offer

We can write an offer that is contingent upon the sale of your current home.  This allows us to find the home you want before putting your home up for sale.  Depending on market conditions, it can be difficult to have this extra contingency accepted.

Tip 11:

Rent for a Bit

If you want to sell at the peak of the market and have additional time to look for a home, this can be a great option.  Find a short term rental to move into to remove the timeline crunches of finding a new home.

Now that you know your options, are you ready to see what your home might be worth? Or are you ready to see what options are on the market? You can do both right here!

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Or, if you would rather chat with us before jumping right in, fill out the form below and we will get back to you right away!

Slappy Cakes

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Slappy Cakes is a Portland favorite and one of the most fun restaurants that you can visit in SE Portland.  With griddles on nearly every table, you can order and make your very own pancakes at your table.  They always have buttermilk, chocolate, and vegan batter, but there is also a rotating seasonal flavor to keep you coming back.  This time around it was a lemon poppy seed which paired perfectly with our fruit. 

Slappy cakes

I went as a special mom and daughter date, so we ordered all the berries, chocolate chips, and whipped cream.  The pancakes are light and fluffy, and the flavor combination was perfect.  In the past I have ordered chorizo and goat cheese toppings, so if you are feeling adventurous, be sure to check that out! If you aren’t in the mood for pancakes, they also have all the breakfast staples.  Hash, Benedict, Scrambles, Candied Bacon.  This place will truly please everyone in the family. 

Because I was having a mommy and me date, we ordered some fresh squeezed orange juice.  They have multiple juice options, but if you are in the mood for something a little stronger they also have a fantastic cocktail menu.  I highly recommend the Slappy Cakes Bloody Mary!

We constantly go back to this restaurant for the fun atmosphere and the yummy food and drinks, have you been to visit yet?  Make sure to let us know when you go! 

Kimura

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This week we headed out to try something new. I’d never had a japanese toast before, but I’d only heard good things. Located on the very popular Williams corridor and next to another favorite hotspot, Kayos Ramen, you can come to Kimura for lunch or dessert! Shokupan, also known as japanese milk bread, is a soft and spongy this bread that you can order with a huge array of toppings.

image courtesy of https://kimuratoast.com

The toast reminded me of a mix of a croissant and french toast. It was thick and spongy like a good french toast, but delicate and buttery like a delicious croissant. I chose to have mine topped with strawberries and cream which perfectly complimented the warm sunny day.

kimura - strawberry toast

Naturally I enjoyed my toast with my favorite beverage, a glass of champagne, but they also have a wide range of other drinks to choose from. There are multiple wine options, coffee and espresso with coffee beans from Proud Mary Coffee, teas from Smith Tea Maker, and of course, Matcha tea and lattes.

We are definitely going to be going back to visit again to try some different toasts and house made butters. Let us know if you have stopped by yet and what your favorite dish is. You can also check out their website and menu Here. If you want to see what else we love, all of our hot spots can be found Here. See you next week!

March Market Update

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The real estate market in Portland is showing no signs of slowing down. As we head into spring we fully expect to see the same trends continue. If you are on the fence about buying, I’d jump off now even though it is competitive. Interest rates will keep climbing as we continue through the year and that will only lessen your buying power as home prices also continue to climb.

Breakdown

The average sales price jumped up to $542,000 from $514,000 in just a month. That also gives us a 14% increase from last year. Portland has been seeing a 10-14% increase in sales price since way back in 2018. Even if you are buying at these higher prices, you are still going to be gaining equity over the next couple years.

As we see the weather change we are also seeing more homes come onto the market. This is good news for buyers, but things are still very competitive out there. Homes are selling for an average of 8.5% over list price, in some neighborhoods this is close to 12%. Make sure you are taking to your realtor about specifics so you can be making informed decisions whether you are writing offers or planning on listing your home.

As we mentioned above, if you are waiting for the bubble to pop or the other shoe to drop, you may be waiting for a long time. The market is healthy and climbing and most economists agree this will continue for at least another year. Once inventory finally starts to stabilize we will see a slow down and plateau, but it shouldn’t cause prices to drop. If you have specific questions feel free to reach out and we would love to chat with you! Lastly, if you need some tips to get your offer accepted, head over to THIS POST to read all the things we are doing to win for our buyers.

Güero

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We have loved this place for quite awhile and it is high time we share it with everyone! Hopefully you have already been to try this awesome restaurant, but if not, here is why we love it! Güero started as a food cart and after their massively popularity, moved into its brick and mortar location. They landed on Ne 28th which has become a more and more popular destination for food and snacks. They have been making fabulous tortas and margaritas since they opened in 2017.

Guero

All of the food is phenomenal, but they are of course best known for the tortas. My personal favorite is the Ahogada, a carnitas torta with jalapeño slaw covered in achiote tomato sauce. I always gravitate towards saucy things on the menu and this one really wowed. If you aren’t in the mood for a sandwich, you can also try one of their fabulous bowls. No matter what you order, I can guarantee you will enjoy it.

Güero also has a fabulous margarita, you can order one with Mezcal or tequila, and have them on the heated patio, or to go! They are simple yet perfectly tart and dangerously drinkable. If you want something lower in alcohol, they make a great horchata and aqua de jamaica.

Güero has done a great job of making things cozy for people wanting to dine in, the patio area is well covered and has several heaters going to keep you warm. We went out on a brisk 40* degree and were quite comfortable with our food. If you have tried this restaurant we would love to hear your thoughts! If not, be sure to go check it out soon! You can head over to their website to see the full menu and hours HERE.

December Market Update

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The market stats for December 2020 were recently released. It is time to dig into them and see what they mean. Almost every stat dropped last month, in some areas that is good news, in some it is bad news. The only number that rose last month is the number of sold listings. This lines up with what we know about the Portland market. There are tons of buyers out looking for homes.

December market update
Stat Breakdown

The average sale price dipped a bit, this almost always happens at the end of the year, a lot of people take a break for the holidays, so with less offers driving prices up, we saw the number drop down a bit. The days a home sits on the market are still continuing to drop along with the inventory levels. If we remove the outliers, the average days on market is actually just 7 days. So houses are flying off the market. In general we will see them listed mid week, open all weekend, and pending by early the next week. Because of this, Inventory has dropped all the way down to .8 months. As a reminder, this means if we don’t list any new homes, everything on the market will be sold before the end of the month. It’s lower than it has ever been, so if you have any thoughts of selling, now is the time!

For the whole Portland metro, homes are selling at an average of 6.7% over asking price. For a $500,000 house, that is $30,000 over asking price. As a buyer it is more important than ever that you pay close attention to your budget. If you only want to spend $500,000 we need to be shopping in the $450,000 range.

It is tough out there right now for buyers, but with a savvy agent, and a little luck, people are finding homes that are a great fit. We are helping our clients get into homes that they love right now, so if you want help with your home search, fill out the form below and we can’t wait to talk with you! If you want to see our other market updates, you can head HERE.

Why Use a Realtor

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So now that you are ready to buy a house why on earth should you use a realtor? Well, watch the video below to find out! Or skip ahead and read about it!

I get it, realtors have a bad reputation and tons of people think we are under qualified and over-paid.  So why would you hire one when you can just do it yourself online?  Well, here are our top 5 reasons that you will want to hire us. 

#1 – It’s Free

That’s right, as a buyer, you don’t have to pay me. If you could get 10 years of sales experience for free wouldn’t you want to use it? I only get paid when we successfully find and close on a house and the seller pays that fee so there is literally no cost to you for using me. 

#2 – Home Tours

You need a realtor to get access to most houses.  You can’t just knock on doors and expect to get a  tour, you could try, but people will think you are crazy and that is not what you want when you are trying to convince someone to let you buy their home.  Of course you can go to open houses, but not everyone hosts them, and some houses sell before they have had a chance to be open on the weekend.  Hiring me means we can go see that house anytime that suits your schedule so you can e one of the first people in the door. 

#3- Pocket Listings

Not all houses get listed on the market.  We see houses all the time that are offered as office exclusives that sell before they hit the market.  If I know what you are looking for I am going to be searching within my network to see what they have coming up.  This can give you the upper edge if we are able to get into these homes before the reset of the public sees them. Zillow can’t offer you that. 

#4- Paperwork and Contracts

I can help you understand and write a way stronger contract.  Real Estate contracts are no joke, it’s a 13 page document that outlines all the important timelines, who pays for what, who gets to keep what, and when you get to move into the house.  There are also over 30 addendums that could apply to your transaction.  We know the paperwork and how to write things so you are getting as much as you possibly can, even in a seller’s market.  

#5 – Gifts!

Lastly, you’ll get a cool present. I love giving gifts, so you’ll get something nice when you close on the house, plus a home-anniversary gift, plus a holiday gift or party, plus some random thing  at some point during the year.  We love our clients and believe in taking care of them before, during, and after the transaction.  We won’t pick up a paycheck and then disappear on you, we like you too much! 

Now you might be thinking, this all sounds great, but I don’t want to buy a house right now. Even if you aren’t quite ready, we can start narrowing down neighborhoods and keeping our eyes on good deals for you, you never know when they will come up or when you will be ready to jump in.  The more we know about you, the better we can help you!  If you want to set up a zoom call to just going over basic questions and criteria, we would love to chat, just send a message over! 

I appreciate your time today, be sure to follow us on facebook and Instagram to stay up to date with what we are doing!  You can also search for homes with the button below, or fill out the contact form and we will get in touch with you!

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November Market Update

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It’s time for the November market update and 2020 continues to surprise us with the stats. Largely due to the lack of sales we experienced in the early spring, our market is still stronger than ever. In short, homes are selling quickly, inventory is at it’s lowest in history, and prices are rising every month. Here is a snapshot of the numbers from the past month and if you want a more detailed description, read on below!

November Portland Market Update

The most important things to mention is that this month we saw the inventory drop from 1.1 months to 1 month, which is the lowest it has been in the entire history of the RMLS. This is caused by the decrease in new listings from 3,500 in October down to 2,238 in November. Historically less people list their homes with the holidays coming up, but with the number of buyers currently in the market, the lack of listings is really driving demand and with it, increasing prices.

Secondly, the average sales price has risen 12.7% since November of last year. With December being as busy as it has been I’m sure we will see an increase through the end of the year. This is great news if you are a seller. We didn’t expect to continue seeing appreciation with double digits this year, but there it is. Because of the tight inventory, we do expect 2021 to look much the same as this past year. If you aren’t quite ready to sell, you likely have a bit of time to still get in on this hot market.

The most surprising statistic is that the number of days a listing is on the market actually increased this month. Our best guess is that many sellers are seeing what homes are selling for and listing too high. When a home is priced too high, it forces price reductions and longer days on market. But as always, a well-priced home is selling in a matter of days, usually with stiff competition.

If you have questions about how this affects you as a buyer or a seller, please reach out to us! We are happy to make a personalized plan for you. You can also see what your home is worth by clicking HERE

Happy Holidays!