Even though the housing market continues to trace an upward path, foreclosures do still occur—and Portland home auctions are sometimes the result. It means that there are still some good distress bargains to be had, particularly if you are interested in buying a home at auction.

Television shows like HGTV’s Flip or Flop portray the “nail-biting” drama and money-making side of buying a home at auction—sometimes inspiring home buyers to try their hand at the enterprise. But what is sometimes underplayed in such TV presentations is a fact well known to seasoned Portland home auction veterans: namely, that home auctions involve significant risk.

If you have never attended a Portland home auction before, the process can be fairly straightforward. Homes set for auction are listed publicly or made attainable through a paid auction service. Once the auction starts, you will have the opportunity to bid on the property, competing with other buyers either online or in person. Auction properties are usually offered on a cash-only basis, which eliminates would-be bidders who would depend on a bank loan or mortgage; but where auctions do […]

With Labor Day behind us, the serious fall Portland home buying season is upon us. If you will be scouring the market for a new residence, you are likely to be in luck: across the nation, more sellers are being coaxed off of the sidelines. According to the Associated Press, “A fourth straight monthly increase of sales in existing homes provided the latest evidence…that the U.S. housing market is rebounding…” The rise comprised “the highest annual rate since September of last year.”

With temptingly low interest rates and batches of homes hitting the market from sellers motivated to complete their sales before the holidays, Portland home buying consumers have ample reason to think their timing is good. Once the right property has been found, success in home buying negotiations determine what happens next:

The Asking Price

When the subject property is one that has just recently come onto the market, the asking price may or may not be negotiable. The odds of encountering more price flexibility increase once a property has lingered on the market for 60 days or more: depending on their own […]

Springtime is correctly known near and far as the peak season for selling your home—in Portland; elsewhere in the U.S.; probably on Mars, too. Everybody knows it. This has created a most unfortunate side effect: namely, the notion that if you missed the spring home sales binge, you’d best cancel all plans and hold your house off the market until next year (even if you’re actually ready to list).

So…should you give up on selling your home in Portland as we move into the cooler months?

Far from it! In fact, many agents with years of experience under their belts have done the math and consider autumn to be the second best season to sell a home. When you think about it, it’s logical. For one thing, there certainly are prospects who won’t wait—buyers who will be happily mowing their new lawns by the time next spring rolls around. Weather is another reason: fall brings many moderate, perfect-for-home-touring days. Then there’s the calendar itself, providing extra motivation to buy (e.g., everyone who wants to be in their new home before the holidays, or […]

You’ve done it: found what’s soon to become your family’s new Portland home! It’s in a great neighborhood…reasonable commute…decent kitchen (size is right; definitely upgradeable). All this and it fits the budget! Congrats! Looks like your housing hunt is over…

YET…before you sign on the dotted line, there should be one last check-off. Factor in all the costs that improving the house to your liking will entail. The cost of home improvements in Portland can be light—but since that’s not always the case, there are areas where the possible impact on your bottom line can be meaningful. For instance:

Anyone who has had the experience of paying for new fencing—even for just a section in need of replacement—has learned to respect the fencing cost factor. Depending on the type and size (and whether you have a neighbor who’s willing to split the cost!), it will be fairly simple to go online to find a generic online calculator that will estimate an all-in price.

Although repairing split or broken concrete can sometimes be as easy pouring new concrete over the old, often the old has […]

According to last month’s National Association of Realtors^® announcement, existing home sales are up across the U.S., at the same time that home inventories are on the rise. In Portland, it may point to a brisk fall market, with more prospective buyers deciding the time is right for buying a house.

It’s true that a few lucky prospects will find the perfect home after just an afternoon or two. But that’s not often the case: for most people, buying a house requires a good deal more shoe leather. Buyers who aren’t really certain of what they want in their future house may have to visit a few…or 40! But if you and/or your Significant Other can’t spend months touring houses, you’ll need to pin down the factors that are most important to you. It’s the most direct way to avoid wasting time on houses that don’t measure up.

So that makes the most important time-saver this—make a list!

• First, narrow down the features you absolutely must have in a new home. You might decide you need a minimum of four bedrooms, a family room, […]
  

If cost weren’t a factor, most everyone would agree with that advice. But is staging really worth the price? Can staging in Portland actually help you sell your home? Of course, without being able to predict the future, a definitive answer isn’t possible. But there are at least three convincing reasons why a Portland home seller should at least consider making the investment:

·         Money

A recent study by a leading national real estate company found that staged homes sold for over 6% more than did unstaged homes. We’re used to seeing this kind of statistic offered by staging professionals themselves, but this time it’s confirmed by a less-interested source. One reason could be that a staged home feels like more than an empty box. A Portland area staged home can help buyers to imagine themselves living in the home. The result is higher perceived value—the key to more motivated offers.

·         Time

The same study showed that staged homes sold twice as quickly as their non-staged counterparts. Well-executed staging can subtly communicate the kind of professionalism that instills trust: these people know what they’re […]

It seems just yesterday that the beach towels were coming out of the closet—alas! With back-to-school specials ending and Labor Day Weekend upon us, it’s time to admit that summer is just about done for. Whether you’ve just purchased a new property, are sprucing up your Portland home with thoughts of putting it on the market this fall, or are just getting ready for the change of seasons, now is time to take a critical look at your abode as you prepare for cooler temperatures.

Fireplace If you are lucky enough to have a fireplace, it’s unlikely to have gotten much use for quite a while. Now is the time to make sure your fireplace and chimney are clean and free of debris or other buildup (think ‘abandoned bird nest’). If it’s been a few years, calling in a pro to do a clean sweep is probably the best idea.

Carpet or Paint Whether or not you are planning to sell your town home, if it’s likely you will be tackling any interior painting, carpet replacement, or major deep-cleaning, handling these projects while […]

A newly-updated NAR survey confirms that 51% of agents with smartphones use iPhones. This fact is hardly startling, since these phones have been such a boon to the real estate business. Today’s agent can use apps to quickly scan and electronically sign documents, instantly get property details for clients, access key boxes—it’s almost hard to remember how we got along before!

But what about the 9% of homeowners who choose to go the FSBO (For Sale by Owner) route? As many a do-it-yourself home seller has learned, just planting a sign in the front yard does not constitute much of a marketing campaign. For those who will be selling a Portland home this fall, creating a virtual tour is an all-but-indispensable way to take advantage of all an iPhone has to offer. For anyone who would like to shoot a virtual tour as a market aid, here’s the lay of the land:

• A Portland virtual tour doesn’t need to be an all-out professional Hollywood production. You can keep matters as simple as possible using nothing more than your iPhone’s camera.
• More ambitious self-producers can […]
  

With summer drawing to a close (say it isn’t so!), it’s time to cast an eye towards the prospects for this year’s fall home sales market. Fall can be a great time to list a home, but it can be especially opportune for luxury home sales in Portland. It’s a season that traditionally brings out serious buyers—those looking to find a home and complete the move before the holidays. If you are selling a property that falls into the luxury home category, before you roll up your sleeves and get to work in earnest, here are some broad-brush pointers real estate writers cite most often:

Make Sure You Work With the Right Agent

Before you even begin other preparations, you can make the most efficient use of your time by first being sure you have recruited the right agent. Aim for a professional who has earned a reputation for successful luxury home sales in Portland. A solid portfolio is the best demonstration that you’ve identified someone with the know-how (and the right contacts) that so often make the difference in luxury home sales.

Details […]

For any Portland resident who has ever been stymied by seemingly arbitrary (or, put another way, nutty) lowering of his or her all-important credit score, next month’s beginning rollout of Fair Isaac’s new credit score model should be welcome news. It will be known as “FICO 9”—and promises to correct a few of the previous model’s inadequacies.

Why now? It’s been six years since San Jose’s Fair Isaac Co. last tinkered with their credit score methodology. Hmmmm…it’s been six years, too since the financial crisis of 2007-08, which Wikipedia correctly describes as “a major global recession characterized by various systemic imbalances…including high levels of household debt…”

You might expect that the accuracy of many a Portland credit score could have been thrown off-kilter during the crisis—if not throughout the painfully slow recovery that’s followed. If, for example, someone is laid off, then suffers a sudden medical emergency, a formerly spotless credit history would be seriously distorted. Add in regulatory pressure on the banks, and many truly responsible individuals could suffer unfairly. As The Wall Street Journal summarized in a recent article: “Since the […]