Tag: Buying in Portland

What You Need to Know About HOAs: A Homebuyer’s Guide

Posted on by Will Sing

What is an HOA?

An HOA, or Homeowners Association, is an organization in a subdivision, planned community, or condominium building that makes and enforces rules for the properties and residents. When you purchase a property within an HOA’s jurisdiction, you automatically become a member and are required to pay dues, commonly known as HOA fees. These fees contribute to the upkeep and maintenance of common areas and sometimes cover utilities like water, sewer, and trash.

The Benefits and Drawbacks of HOAs

Benefits:

  • Reduced Risk Profile: By joining a larger group of homeowners, you’re contributing to the maintenance and exterior updates, which can reduce your individual risk.
  • Community Standards: HOAs help maintain property values by enforcing community standards and ensuring properties are well-maintained.

Drawbacks:

  • Cost: HOA fees can range from as low as $60 to over $500+ per month, depending on the age of the property, size of unit, and the reserve funds available for repairs and maintenance.
  • Control: You may have less control over certain aspects of your property, as the HOA will have rules and regulations that you must follow.

What Do HOAs Cover?

HOAs typically cover the maintenance of common areas, which can include landscaping, pools, and recreational centers. They may also cover certain utilities, though this can vary. For example, in the Mountain Park area, there are separate HOAs for specific building complexes and an overarching HOA for the entire area, providing amenities like a pool and a rec center.

Special Assessments

Special assessments are additional fees that can arise when the HOA’s reserve funds are insufficient to cover major repairs or improvements. These assessments are usually paid on top of your regular HOA fees and can significantly impact your budget. It’s crucial to be aware of potential special assessments, especially if the property is older and may require more extensive maintenance.

HOA Transfer Fees

When purchasing a property with an HOA, be prepared for an HOA transfer fee, typically ranging from $200 to $1,000. This fee can vary widely depending on the specific HOA.

Reviewing HOA Documents

In Oregon, there isn’t a large governing body overseeing HOAs, so it’s essential to thoroughly review all HOA documents. Here are the five key documents you need to examine:

  1. Reserve Study: This document details the HOA’s reserve funds and planned improvements.
  2. Financial Reports: Ensure the HOA is financially stable and can cover future expenses without needing special assessments.
  3. Meeting Minutes: Understand ongoing and upcoming issues, potential rule changes, and financial health.
  4. Governing Documents: These include the rules and regulations, such as pet policies and property use restrictions.
  5. Insurance Certificate: Verify that the HOA has adequate insurance coverage.

Getting Expert Help

While reviewing these documents, consider hiring a company like CID Analytics. They offer a service similar to a home inspection but for HOAs, providing a detailed report on the HOA’s health and potential issues. This service costs around $600 and takes about five business days to complete.

Conclusion

Understanding the role and impact of an HOA is crucial when buying a home. By reviewing the necessary documents and considering both the benefits and drawbacks, you can make an informed decision that suits your needs and lifestyle.

For personalized advice, you can schedule a free strategy session here. Also, check out my Free Buyer’s Guide to help you navigate the home buying process.

Watch the full video on Understanding HOAs: What Every Homebuyer Needs to Know.

Connect with me on YouTube, Instagram, or Facebook!

 

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!

Quiet, with a Pool & Hot Tub

Posted on by Jené DeSpain

As an emergency room nurse, the last few months have catapulted Nee’s daily routine into an entirely new level of chaos. Back in January, we started looking at a variety of options on the market for a house close to her work. She wanted something that felt peaceful, light, airy, perhaps a little like a glamorous mid-century cabin in the woods. Something with privacy and a relaxing backyard. After looking and looking for weeks, we weren’t finding anything that felt right. Then late February hit, and everything came to a halt. She was working triple 18 hour shifts, back to back. The house hunting was going to have to pause. But after a few weeks of chaos at work, she was aching for peace and quiet at home. Nee gave me a call. She really needed a home immediately. I got right to work, going double-time to find her something to bring her some ease.

We expanded our search area just slightly and found an absolute dream home for her. Gorgeous corner lot, tons of space for entertaining, and a huge pool made by AguaPools.com surrounded by a wrap around deck, for less than we had been hoping to spend! With its’ herringbone wood floors, multiple fireplaces (including one in the master bedroom) and solar panels, we knew we had found a very special place. We worked quickly to beat out the other offers and happily got into contract with the listing agent and his seller. After successfully negotiating for a full credit towards her closing costs and a great roof certification, she and I couldn’t have been more happy on her closing day. Nee, thank you for all that you do for our beloved City, and thank you for the incredible honor of getting to work with you during such a wild time. Congratulations on your new home! I can’t wait for all the pool parties to come!

 

How to Buy a Home Virtually

Posted on by Living Room Realty

Brice and Crystal moved to DC for 2 years just so that they could up their salaries and finally afford to buy a house in Portland. Our first conversation took place over the phone as they were finishing packing and preparing for their flight home to Portland. They expressed how excited they were to finally get to tour homes in person after spending the last year scouring listings on the internet, and that there was on in particular that really caught their eye that they wanted to look at once they arrived in Portland. That’s when I had to tell them that everything they thought about how their first home buying experience was going to be would be completely different, because with COVID-19 and the brand new Stay at Home orders our working policies had shifted completely and we couldn’t tour homes like it was any old Saturday.

We did successfully win a multiple offer situation, negotiate repairs and close on an amazing home in Overlook that is a 5 minute bike ride from their best friends house, all without ever meeting in person (which to be honest did feel a little strange). We “walked through” the home using a 3-D tour and did a condensed version of a my unofficial Portland Homes 101 talk, and then talked for hours about the house before they eventually decided it was the one and they wanted to write. By then it had turned in to a multiple offer situation and we had to act quickly, and I spent hours talking to the sellers’ agent convincing her this was there house and the sellers just needed to say, “Yes.” There are times when the race is tight and you really have to hustle and sell yourself as an agent to get the deal done to the co-op agent, as well as sell your buyers as the ones destined to inherit the home. And in a time of uncertainty this was the winning component of their offer. So even though buying a home during a pandemic is a complete new experience for all involved, we are all able to evolve and still make the right move at the end of the day.

 

BUYING A HOME VIRTUALLY

Take a 3-D tour with your agent. There is a lot you can learn about the house on a 3-D walkthrough that does not show up on the photos. An experienced agent will be able to walk you through and help you decipher the house.

Talk it out over coffee (but on the phone). This doesn’t change much, you are still going to want to talk through all the pros and cons with your agent, only you get to do it from the comfort of your own home.

Electronic Signatures. Thank goodness for programs like Docusign.  We’ve been using them for years now, no wet signatures needed and everyone gets a copy of all the documents.

More talking. Most REALTORS® these days can build report and do multiple transactions together without ever meeting in person. We negotiate and navigate the transaction all through phone and email.

Solo inspections. All inspectors do their work solo, and either email the results or FaceTime with the buyer to review the findings. It doesn’t allow a buyer to take a second look at the property, but they still get to learn all the flaws of the home.

Notary signing. The lenders require a wet signature for loan docs so in this case a notary can come to you for signing.

Keys while social distancing. Your agent can toss you keys on the front lawn, or set them on the porch (perhaps with some Costco size sanitizing wipes, being the latest trend in house warming gifts). Basically there are options.

 

 

Congratulations Brice and Crystal!

Hollywood has a lot of Heart

Posted on by Jené DeSpain

As it has been said so often it’s become the market’s mantra, “location, location, location” can be the essential pillar of any buyers’ search for a new home. In Portland, this quest for the ideal location can feel like trying to choose your favorite coffee shop, because the truth of the matter is the coffee here tends to be pretty darn delicious almost anywhere you go. The neighborhoods in this beautiful city are pretty spectacular, and while I may be seeing things through my local rose-colored glasses, I think you could chat with most folks who live here and hear a similar take on Bridgetown.

When Pete and Carley started thinking about where they wanted to live, there were a handful of neighborhoods that met many of their hopes. We saw some really lovely options in North Portland with gorgeous views of Forest Park and the river. Then we peeked at a few places around Alberta and Kenton, and went out to Roseway to visit a noteworthy bungalow. Once we saw the classic English Tudor in Hollywood, they knew they had found their home. Right around the corner from Carley’s work, an easy commute for Pete, and the best dog park in NE where their pup could run free – this plucked at every heart chord. Congratulations to these incredible clients! It’s been SO rewarding to help make this dream come true with you two. 🖤

Emerald Escapes

Posted on by Jené DeSpain

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I have a thing for emeralds. I always have. The color. The gemstone. The cut. There’s something about the deep richness of this shade of green and the geometric elegance of an emerald cut stone that makes my heart purr. An equally satisfying obsession of mine is entering a space and envisioning what it could transform into by seeing an array of colors, textures, forms, and light to completely bring about a new room. This eye to see the potential of an interior has been immensely helpful and fun in my efforts to assist my clients. While we tour homes, I love the trust my buying clients extend to me as they let me share my visions of how they could personalize a home to make it theirs, on our walks through properties together. Exploring how we can affordably and creatively enhance their homes for a modern market, while keeping the original charm, is one of my favorite aspects of working with my sellers, as we prepare for listing.

While I have been spending this season steadily at home, a number of my clients are in the middle of home remodels and have reached out to chat about their adventures of these undertakings during this time of covid 19. Our conversations have sparked my love for emerald and my recent ache for a fresh landscape to blend, leading me to peruse the internet for deep, glossy, green spaces.

If you are equally feeling a desire to find yourself far away in a world other than the location of your current quarantine, may I suggest the refuge to be found in these luxurious, calming, gem colored bathrooms. Each one swoon worthy of a mental getaway. Who knows, this just might be the inspiration you’re needing to jump start your search for a new home. If you are hoping to pair with an agent who can see beyond just the walls immediately around us and knows how to safely voyage into today’s listings, I would adore partnering with you to seek out and successfully close on that dream!

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Design by Soho House

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Bathroom at the Trullo dei Pini House in Puglia, Italy 

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Riad Yasmine Hotel in Marrakesh, Morocco

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Julie de Libran’s home. Paris, France 

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“Arsenic” wallpaper by Divine Savages

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How’s The Market? March 2020 Update

Posted on by Erika George & Kari McGee

This is always our most asked “realtor at a party” question, but boy is there a lot of heat around this question right now. Our high energy spring selling season seems to have started a month early and the buyer audience is clamoring for new listings! Our HouseLovePDX 2020 listings thus far have all had multiple offers resulting in “over asking” sales prices. Colleagues are telling stories of 18, 20 and even 30 offers at a time for that perfect pad. Here’s why:

  • Inventory continues to be low at 2.2% (that means it would take 2.2 months to sell everything that is currently on the market in the greater Portland area, if no new listings were added to the market). In many “close in” Portland area neighborhoods, that number is more like 1.6%.
  • Interest rates are hovering under the 3.5%* mark which means that money is incredibly cheap. (*3-4-2020)
  • Oregon is in a never-before-experienced year 11 of economic growth. We’re going to say that again: 11 straight years of economic growth. Traditionally Oregon has a recession every nine years or so. We are in some seriously uncharted waters, people!

So, what do we think? Well, we think that if you are considering selling in the next few years, you’ll want to seriously consider selling ASAP, or plan to hold for a few years to get through a down turn. Data just can’t help us out here so this is our gut feeling. Heck, data can’t even help us out with appraisals right now because the market data for our sluggish and low energy fourth quarter 2019 in no way reflects the buyer demand (resulting in a large increase in sales prices) for property we are seeing right now.

Our guess is that by late summer the strong seller position that we are experiencing right now will have run out of steam just in time for the election to be taking center stage. Come September 2020, the Portland buyer audience will likely be even more distracted than normal with the election frenzy. Additionally, we think that it’s highly likely that late 2020/early 2021 will bring on some kind of recession or market softening (along with all the economic forecast folks we’ve been following).

The good news? Fourth quarter 2020 could be an awesome time to be a first-time home buyer! The wild card? Interest rates. It’s really hard to pass on a 30-year fixed rate mortgage with interest rates UNDER 3.5% (as of 3-4-2020)! That’s a lot of money saved if interest rates go up, even if prices go down in many cases. (Here’s a good article on buying power and the relationship of interest rates vs sales price.) Unfortunately our gut feeling has opted out of trying to predict 2020 changes in interest rates given the whole never before 11-year economic growth cycle coinciding with the highest ever national debt amount of $23.3 trillion.

If you are a seller and want to explore the idea of selling sooner rather than later, give us a call and we’ll schedule a walk through of your property and develop a custom listing plan that makes the most sense for you and for your property.

If you are a buyer and want to take advantage of the incredible low interest rates, we’re here for you too. We’ve had success for our buyer clients in all kinds of markets and while it can just take some time and a few offer attempts, we have some tricks up our sleeves to strengthen your chances of getting an accepted offer in a multiple-offer situation.

And having said all of the above, real estate sales happen all the time regardless of what the market is or is not doing. If you need or want to make a change, we can help you make informed decisions in all kinds of markets. We’d be happy to review your situation and help you evaluate your options.

Brooklyn ♥︎ Portland

Posted on by Jené DeSpain

It was raining hard that Saturday, but even under their Pacific Northwest appropriate rain gear, I could see, as the walked up the front steps, Dan and Allison had style. They stepped into the newly revamped mid century ranch I was hosting, careful to shake the drops from their slickers and shoes before crossing into the doorway, and audibly aahhhhed at the beauty of the Alameda home. I greeted them and in just a few minutes, we were connecting like old friends. They had moved to Portland after living some years in Brooklyn, their apartment not far from where I spent my last four years in Red Hook, prior to moving home to our City of Roses.

From their love of food to their eyewear accessories, I knew we were going to have kinship. They were just stopping by the open house, not necessarily home shopping, but curious about the market, content in their current Alberta neighborhood rental. Less than an hour and a half later, I received a call from Dan. They sincerely enjoyed meeting me and would I help them find a house in Portland? It was a match!

I had the delightful joy of helping them over the next few months, taking them to a spectrum of Portland homes, blended in their age and style. Allison wanted something with the charm of Old Portland. Dan needed something very well constructed to ease his nerves about the possible approaching earthquake. We found just what we were hoping for in Beaumont Wilshire, keeping them close in to the amenities of Alberta street which they so love. They’re just the type of people those of us who grew up here, hope for in the folks that move to our beloved city from out of state. They are endlessly kind, attentive to detail, retain a sincere desire to give back and participate in every way possible, care about their impact, and truly adore the chance to involve themselves in their surroundings. Brooklyn is home to many, many magnificent people. I dare to say, I’m delighted Portland has been able to snag these two and give them roots here through the discovery of home ownership and beyond.

Thank you so very much Dan and Allison! May Portland bring you all the discoveries this city has to offer for years to come!

Pets Included

Posted on by Jené DeSpain

Lucca’s family has deep roots in Portland. After going to school and meeting her sweetheart Corey in the MidWest, she knew she would eventually come home to Portland, hoping he would come with her. They currently enjoy living in the Brooklyn neighborhood, in a well located apartment, but happened to find themselves soaking in some late Autumn Saturday sunshine with her parents out at open houses one day this November. We met at an open house I was hosting and everything just clicked together. They weren’t planning on buying for a little while, but the charming 2 bedroom cottage just captured their hearts. Bonus = it came with chickens and their very quaint chicken coop in the expansive front yard. We entered into the transaction with some fantastic Living Room agents on the listing side and bonded right away with the sellers. Come early 2020, Lucca and Corey will experience the classic Portlanders’ joy of raising chickens and bringing all their personal touches to this beloved Eastmoreland home. Congratulations to you both! I’m so happy to have met you and can’t wait to hear about your first collection of fresh eggs right from your garden.

Oasis in the unlikeliest of places.

Posted on by Living Room Realty

Clients: “We want to see this place, it looks amazing.”

Me: “It is right next to airport in a very industrial area, if it looks too good to be true it usually is.”

Clients: “We drove by, airport wasn’t an issue.”

So off we go to take a look inside.  When I turned off the busy road, past the Commercial Ford truck dealership and drove another 500 feet I couldn’t believe it!  They really had found an Oasis in the city.   I drove over a little bridge, the house is basically on a mini island surrounded by wetlands and its serene a beautiful.  Most of the properties are at least a 1/2 acre some are up to 3.  There were farms and chickens crossing the road.   When I pulled up to the newly remodeled house on over 1/2 acre that was listed below 300K, yes that is correct, I wished I was buying it.

The remodel was done really well, lots of space and did I mention the friendly  hens and roosters that come and greet you when you arrive?  It has been such a treat to go out there and hang out and water the newly planted vegetation while we went through inspections.   The neighbors are also just as friendly as their livestock, everyone  was happy to welcome the newest member to their oasis.

 

Multiple Offers: Arbor Lodge Bungalow

Posted on by Living Room Realty

6926 N Villard Avenue, Portland, OR 97217

OFFERED AT $375,000

SOLD FOR $408,000

2 BEDS | 2 BATHS | 1345 SF | 0.11 ACRE LOT

ML: #18684103 | TAXES:  $2,987

This sweet bungalow perfectly situated in the heart of Arbor Lodge went fast! 6 offers in two days, fast.

Over seventy-five people visited the open house and no wonder, the house is darling.

Original wood floors, newer roof and furnace, large backyard with room for a deck or raised beds. The home also has a wood burning fireplace and gas appliances.

The separate entrance basement with bathroom and egress window are perfect for an ADU or media room. Two bedrooms, one bath on main level. Quiet street, but walkable/bikeable neighborhood.

Reach out to see before and after photos!

4 Reasons to Buy A Home This Winter!

Posted on by Living Room Realty

Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise
CoreLogic’s latest Home Price Insight report revealed that home prices have appreciated by 5.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.7% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase
Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4.8%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of REALTORS® are in unison, projecting that rates will increase in 2019.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You are Paying a Mortgage
There are some renters who have not yet purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person building that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on With Your Life
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

NICE AND SLOW WITH ROOM TO GROW

Posted on by Living Room Realty

Expecting their fourth boy. J&B were feeling the constraints of their first home. They had found a listing for the perfect little slice of rural life just outside the city and gave me a call. The property was a rural farm house in Canby, OR. With over 3,000 square feet and just over an acre of land. The photos online featured a river running through the backyard, one of the biggest Oak trees I have ever seen, and the cutest little pump house covered with ivy.

It was a chilly January afternoon when we decided to check it out. As we pulled up, the sun broke through the clouds. It didn’t take long to realize that this home was perfect for them. Soon after, I went to work developing a game plan
to rush their current house to market. Then we wrote an offer! This gem of a property had been listed for sale by owner for over a year. Imagine our surprise when another offer came in the same day as ours… and it was accepted!

 

First time viewing the home!

We were all a bit devastated. It had been so easy envisioning them making that property their home. I knew how much they wanted that house. We had laid down all of their cards with the offer. The offer was well below asking and at the top of their budget. The house had sat for so long though. So back to the drawing board we went. It was pretty clear from the get go though, that they just weren’t ready to move on.  J&B were not going to just get over “the one that got away”. So, with the impending birth of a new baby, J&B decided that moving just wasn’t meant to be. They decided to stay put for the time being.

Fast forward two months later and two weeks from baby 4’s arrival…. I got a call from the owner of their dream property. Rising interest rates had caused the accepted offer to fall out of contract. The house was going back on the market. The owner wanted to know if my clients were still interested? I immediately called J&B and told them I needed to talk to them in person. They had no idea what I was about to tell them (see the reaction photo above). They were beyond excited and we resubmitted!

 

The house is back on market!

 

Being a rural property. The inspections are a little more nuanced than they tend to be in city limits. We asked for one month to list and sell their old home. We then asked for a 20 business day inspection period rather than the usual 10. The rural property was located on a flood zone. It also had a well and septic tank that we needed to understand.

 

Pump house for well

With baby T due in just two weeks, we went to work preparing their house for sale. Walls and cabinets were painted. Staging was brought in and some landscaping was done to ensure that the house would sell promptly. All the efforts paid off! The house went pending! We then wrapped up the purchase of their dream home!

 

 

Fast forward 5 months. This family is now settled into the rural life! They have spent the summer swimming, catching snakes, making new friends, and enjoying river view sunsets. This purchase certainly wasn’t a short one, but it was well worth it to see this family living their dream! Just as they had envisioned on that cold January afternoon.