Tag: first time home buyer

REAL ESTATE NEWS: WHAT BUYERS NEED

Posted on by Aryne + Dulcinea

….RELIEF

It hasn’t been the easiest time to be a buyer. Buyers have been facing high rates, low inventory, new commission structures, and houses that need lots of repairs. In the end, it all adds up to $$$! What buyers need is a bit of relief. And when a brave buyer takes the plunge with a house, the hardest day of the transaction is often the home inspection day. This is often the day when the $$$ needed to move forward on a home seems insurmountable. Having a great buyer’s agent on your side to walk you through negotiating with the Seller is critical. Agents can end up saving you thousands of dollars in the end with great professionalism and negotiation strategies. And really what is it that a Buyer wants? A new place to call home. If you are ready to take the plunge and buy a house, contact us today.

 

Aryne + Dulcinea with Living Room Realty, Portland, Oregon. Aryne Blumklotz, Buyers, Dulcinea Myers-Newcomb, Sellers, aryneanddulcinea.com

Continue reading “REAL ESTATE NEWS: WHAT BUYERS NEED”

REAL ESTATE NEWS: THE PORTLAND ADU TOUR

Posted on by Aryne + Dulcinea

THE PORTLAND ADU TOUR

Aryne + Dulcinea with Living Room Realty, Portland, Oregon. Aryne Blumklotz, Buyers, Dulcinea Myers-Newcomb, Sellers, aryneanddulcinea.comIf you are considering adding a separate living space to our property, The Portland ADU TOUR is for you! Come see several ways to add an ADU to your property whether attached, detached, custom, pre-fab, big, or small. Stop by and say hi to our favorite realtors and ADU specialists from team Aryne + Dulcinea, a.k.a the Property Mavens!

 

Aryne + Dulcinea with Living Room Realty, Portland, Oregon. Aryne Blumklotz, Buyers, Dulcinea Myers-Newcomb, Sellers, aryneanddulcinea.com

And if you can’t make it, reach out to us for more great ADU information. Continue reading “REAL ESTATE NEWS: THE PORTLAND ADU TOUR”

“Is this a good time to buy a house?”

Posted on by Yomari Cruz-DeWeese

“Is it a good time to buy a house?”

People always wonder when is the best time to buy a house. Many considerations go into answering this question – for example: 

  • Are mortgage rates favorable? Are they likely to go up or down? 
  • Are house prices likely to go up or down in the area in the near future?
  • How much inventory is on the market in the area where I want to buy?
  • Is the real estate market cyclical in the area where I want to buy?

All of these questions are important, and you can find many discussions of each of these questions with a quick Google search. I’ve put some thoughts below from my perspective as a real estate agent in Portland. 

Where are mortgage rates likely to go?

Mortgage rates have improved since last year’s high of 7.9% (October 2023), and many people seem to think that they will continue falling slowly. Mortgage rates are generally influenced by the Federal Reserve, but also by rates of economic growth and inflation. Beginning in early 2022, with inflation concerns high, the Fed raised the benchmark federal funds rate (basically, the rate at which banks can borrow from each other), partially in an effort to curb inflation. This has contributed to rising mortgage rates. It’s hard for anyone to say exactly where mortgage rates will go in the future, because it depends both on how the economy in general does, and how the Federal Reserve reacts to concerns about inflation. 

It’s helpful to remember that the extremely low mortgage rates we’ve seen since the Great Recession are somewhat of a historical anomaly. In the mid 1990’s, the federal funds rate was around the same level as it is now. Beginning in mid-2000, and continuing after the 9/11 attacks, the Federal Reserve lowered the federal funds rate drastically, culminating in a low of 1% in March 2004, in an effort to boost the economy. As the economy sped back up after that point, partially due to rampant subprime mortgage lending, the Federal Reserve increased the federal funds rate back up to around where it is now, and then after the subprime mortgage bubble collapsed in late 2007, resulting in the “Great Recession,” the Federal Reserve took the unprecedented step of lowering the federal funds rate almost to zero, where it stayed until it gradually began to increase in 2015. 

When COVID hit, the Federal Reserve lowered the rate back down to zero, where it stayed until the Federal Reserve started increasing it in March 2022 in response to inflation concerns. This increase has leveled off at the current rate of 5.33%, and it is unknown where the Federal Reserve will go from here. All of this is really to say that where mortgage rates are going to go is difficult to predict even for financial geniuses. What’s less difficult to predict is the fact that we all need a roof over our heads. Also helpful in thinking about mortgage rates is that, if you get a mortgage, it’s going to stay the same unless you re-finance. So if mortgage rates go lower, you may have the option of taking advantage of those lower rates and re-financing later, and if they go higher, you are insulated from that increase because you already have a mortgage.

What about home prices? 

Home prices are influenced not only by what mortgage rates are doing, but also by the housing inventory levels in your area. It’s a supply and demand thing. Stated simply, if mortgage rates are high and inventory is high, prices may decrease; but prices trend higher when demand increases and supply decreases. The housing inventory in the Portland metropolitan area has recently increased slightly from historically low levels, but is still low. More inventory can mean less competition for houses resulting in a market is more neutral or buyer-friendly, but because people who already have mortgages locked in at the historically low rates of 2020-21 may not yet be incentivized to make a move unless we see further decreases, the inventory has remained low, and prices haven’t seen much decline. 

Is the Portland area real estate market cyclical? 

The short answer is yes. Like everything else, the real estate market tends to lull during the holidays, then begin to ramp back up heading into February. This is especially true in Portland, because people generally don’t like to move here in the rainy season. The Portland market generally reaches its peak around April to June, and stays at a higher volume until August, when it gradually tapers down over the next few months. In the summer, you’ll potentially have more competition but more options. In the winter, you will likely have less competition but fewer home options. I would like to note here that while having more choice and looking at pretty gardens is fun, inspecting basements during the rainy season in Portland is an advantage not many consider, and they should. 

So when should I buy?

While everything I explained above is important, at the end of the day the most important questions are very personal: why do YOU want to buy a house, and when does it make sense for YOU? If you currently have a great mortgage and would like to have a bigger house, maybe it’s not the best time financially, but maybe you have a growing family and you need the space. In that case, you need to decide how much it’s worth to you to get the right house for your family. If you are a cash buyer, now might be a great time to buy a house, because you won’t have so much competition, and you might get a great price on a very desirable house. If you’re looking to move out of a rental and into home ownership, and are financially flexible, it also might make sense to buy now. Because so much of it depends on each individual’s situation, consulting a buyer’s agent is key. 

A buyer’s agent can help educate you so you can make the best decision for you and your family. After speaking with a great agent, you should feel more empowered, because you will understand all of these factors better. If the first thing an agent tells you when you speak to them is that it’s a great time to buy a house, without knowing anything about you, you might want to ask them why it’s a great time for you to buy a house, or find another agent. 

 

If you are thinking about buying a house sometime in the future and are not sure whether to act now or wait for a little while, you can always take steps so you can make sure you’re ready when you feel the time is right. Check out my post about all the steps you can take now to be ready to put an offer on a house when it’s time! 

 

Beaumont-Wilshire Charmer

Posted on by Martin Cross

You’ll just love this beautiful 1938, 4 bedroom 3 bath home is loaded with charming, vintage details, many of which are newer, but crafted to match the era of the home. On the main level you have a large, light filled living room with gorgeous period fireplace with gas insert, updated kitchen and bath that were both redone to uphold the wonderful vintage styling of the home and two bedrooms, both with access to the backyard deck and delightful backyard. 

The upper level features the fantastic primary suite with hardwood floors, vaulted ceilings, built ins, skylights and bathroom.

The lower level has access from the main floor or outside which lends to the potential for a lower level ADU. Warm and inviting family or media room, 4th bedroom with egress, laundry facilities and lots of storage. 

The home sits on an oversized 75 x 100 lot which may offer room to build. Comes with an enormous three-car garage with attached garden shed, a lovely fenced backyard with both deck and patio, a rose garden and mature trees. 

Recent updates include, new south side Marvin infinity double hung, lowE2 efficient windows with transferable warranty, new electrical service and panels for both the home (200 amp) and garage (100 amp), attic insulation and new backyard fencing.

The sweet neighborhood is quiet and full of lovely neighbors. It’s situated between the Albert Arts district and up and coming 42nd Ave. And just a short distance from Fremont St and all that has to offer. Plus it’s just short walk to the infamous Kennedy School, Common Grounds and New Seasons grocery. 

Step-by-Step Guide to Making an Offer on a House in Portland, Oregon

Posted on by Yomari Cruz-DeWeese

Want to buy a house in Portland, Oregon? Here is your step-by-step guide to making an offer on a house! 

In home buying as in everything else, knowledge is power. The following list of steps is intended as a step-by-step guide to what YOU can do to best prepare yourself for making an offer on a house and making one of the most important purchases for your family and your life.

  1. These first two steps are fun, and you can start doing them and continue as you’re answering the harder questions which follow:
    1. Start perusing online real estate listings as soon as you can, but with the idea that you are not necessarily looking for the house you want to buy, but rather just educating yourself about what’s out there. Look at lots and lots of houses and decide what excites you and what doesn’t. Do you like older houses? New construction? One or two (or more) floors? A finished basement? How important is a yard to you, and what do you want to do in the yard? How many bedrooms and bathrooms? You can also go to open houses. 
    2. Also, start frequenting the neighborhoods you’re interested in. If you want to buy a house in the neighborhood where you already live, you’ll do this naturally, but if, for example, you live on the west side of Portland and are interested in moving to the east, start walking around the eastside and getting to know the various districts, so you can get a feeling for where you might like to put down roots.
  2. Identify the reason you want to buy a house. Is it because you want a place to live and raise a family over the long term? Is it because you want an investment? Do some soul searching, figure out your true objectives in buying a house and let that objective guide you in all the next steps. For example, if you’re looking for a place to raise a family, whether or not a particular house will rapidly appreciate in value (or even appreciate at all) may not be as much of a concern as if you are looking for a house as an investment. 
  3. Identify whether you have any time pressures. Is your lease ending soon? Do you have a good opportunity to sell your current house? What are the current mortgage rates, and how might that affect your ability to get into the house you want? For most people, buying a house is one of the most significant investments of their lives. You should look at tons of houses, all kinds of houses, and really figure out what kind of house you like, so you can make the best of this very important decision.
  4. Identify whether this is the right time to buy a house for you. Answering this question really depends on your particular situation. In a market where interest rates are high, buyers who need to rely on financing for most of their purchase price may want to take a hard look at whether it is really the best time for them. At the same time, since so many people will be thinking the same thing, there may be less competition in a high-rate environment, so it may be easier to compete for the home you really want. And in a high-rate environment, cash buyers sometimes have great opportunities, for the same reason.
  5. Identify whether you need a house that’s in perfect condition and needs no improvements, or whether you have appetite for somewhat of a fixer. If you’re handy, being open to a house that needs some work may open up some possibilities that you might otherwise not have.
  6. Now make a list of wants and needs. Figure out what items are negotiable, and which are not. These may change over time, but it’s helpful to write this stuff down to organize your search. Be sure to share this list with your buyer’s agent!
  7. Now it’s time to talk to a mortgage broker. While some people like to stick with the banking relationship they may have developed over a long period of time and get a mortgage directly from their bank, I generally recommend that people at least talk to a mortgage broker. Banks have the mortgage products they have, and bank employees don’t have much choice but to offer you those products, whatever they may be. In contrast, because mortgage brokers get paid by connecting people with lenders, mortgage brokers have a huge incentive to ferret out the best deals, and the best brokers will really spend some time with you to understand your particular financial situation and real estate objectives and find the best mortgage product for you.
  8. Once you have talked to a mortgage broker, you will understand how much house you can afford, and what your range of purchase prices may be. Keep in mind that the purchase price of a house is only the starting point of how much the house will cost you – there may also be:
    1. Mortgage insurance (usually applicable if you put less than 20% down);
    2. Homeowners insurance;
    3. Property tax; and
    4. Utilities (water, sewer, garbage, gas, electric, etc).
  9. Additional potential expenses: 
    1. Repairs and Maintenance. As you figure out how much house you can afford, keep in mind that you may need to budget for more than just monthly expenses. You should understand how much of a short term budget you have for both routine maintenance and necessary major repairs. What if you end up buying a house that will need a new roof in the next five years? What if the furnace breaks down? Thinking about these potential expenses, and understanding what cash you’ll have available to pay them, will help a lot when you find a house you want to make an offer on.
    2. Other. Some houses have features that are great but cost money. Be aware.
      1. Homeowners Association Fees (can be a major cost);
      2. Pool and hot tub maintenance;
      3. Fireplaces and chimney cleaning;
      4. Etc.
  10. Now it’s time to look at houses FOR YOU, but it’s also time decide whether you want to work with a real estate agent. Buyer’s agents are a dime a dozen on the internet; the trick is to pick the right one. There are many factors to consider, and I will write about this in another post, but, in a nutshell, you should first try to get referrals from friends you respect and who seem to “have it together.” If someone you trust had a great experience with an agent and got a house they love, you probably want to talk to that agent. Remember, this is one of the most significant purchases you may ever make, and you want to find someone who respects that and brings that perspective and sense of importance to helping you. That may not be the person who has spent the most money on making sure they appear first in Google searches. Then you should interview at least three or four agents before deciding. And once you pick one, remember, you’re not locked in to your buyer’s agent. If you hire someone and they’re not working out or you are losing confidence in them, you can almost always terminate the relationship and find someone else. Don’t worry about hurt feelings – we are professionals, and what we want (or should want) is for you to have confidence in the services you’re getting from us. If you don’t have that confidence, you should find someone who you click with better. This is our job, but it’s your life.
  11. Look at houses. Lots of houses! In the beginning, try to cast as wide a net as possible, and look at a ton of different houses in a ton of different neighborhoods. You may think, going into the search, that you know what you want in a house and where you want to live, but you may change your mind after seeing what’s out there. 
  12. DO NOT FALL IN LOVE WITH A HOUSE (it’s easy to do!). This process is going to be full of emotional ups and downs. If you’re in a competitive market (and Portland is very competitive), it’s likely that you will be facing competing offers for the house you decide on. You may lose that competition, and it may happen multiple times. It is so easy to look at a bunch of beautiful house pictures on real estate websites and imagine yourself so happy living in one, and then be so disappointed when it doesn’t happen. But even more importantly, see if you can put some emotional distance between you and your house search process. Now that you’ve done the work of answering questions about what kind of house you want, why you want to buy, why it’s the right time for you to buy, and how much you can afford, you should be somewhat dispassionate about evaluating houses objectively to determine whether they fit your criteria. Honestly, this is a big reason people hire professionals to represent them – the professionals represent YOUR INTERESTS. Lawyers have a saying: “a person who is their own lawyer has a fool for a client” – meaning that it’s extremely helpful to rely on a professional who can bring their expertise to bear for your benefit, without any emotional entanglement or personal interest. The same thing is true for real estate agents.
  13. When you’re looking at houses, remember to find out how much the expenses of that house truly are. What are the monthly taxes and approximate cost of  utilities? Look at the condition of the roof and the basement. Determine whether any major repairs will be due, or if you’re going to have to do some remodeling to have the house you want. A good agent should be able to help you get accurate answers to these types of questions.
  14. When you find a house that you want to buy, figure out what offer you can afford to make that will make the seller choose to accept your offer. Trusting your agent to gauge potential competition, tell you if the home is well priced, and to communicate with the listing agent to help you assess what a strong offer would be, is crucial. Knowing you can listen to your agent’s recommendations to put your best foot forward is how you get the house. Understand that after your offer is accepted, you will have an opportunity to get a professional home inspection done of the house, and if you don’t like what it reveals, you can terminate the transaction and move on, no harm no foul. In fact there are many protections for buyers in the standard Oregon sale agreements I will write about in a future post!
  15. Before you make the offer and do a formal home inspection, there are a few things you can do to “kick the tires,” such as:
    1. Does the house have a basement? Check it out in rainy weather to see if it’s leaking. Also check out the yard to see how it’s draining.
    2. How is the water pressure in the house? How is the water pressure with all of the taps open and the toilet flushing?
    3. Are there trees near the house? I love trees! Trees are great! However! If they are deciduous trees, you could be paying someone each year to clean your gutters. The roots could damage the foundation. And if you currently live in Portland, you’ve seen the damage falling trees can cause in ice storms. Tl/dr: trees = good, but be aware.
    4. Look for squeaky floors; make sure the floors are level.
    5. Look for signs of leaks around water fixtures, sinks, toilets, tubs and showers.
    6. Check out how old and how clean the appliances are. Would you be happy using them for the foreseeable future, or will you want to buy new ones? If so, make sure you understand the cost of what you want to put in.

If you’ve done everything listed above and are satisfied that you would be comfortable assuming ownership of the house, and understand the costs involved, go ahead and make an offer! A great real estate agent can help you get through these steps, will guide you through the transaction once your offer is accepted, and will help you get to the finish line and into your new Living Room. 

Argay Terrace Mid Century Gem: SOLD!!!

Posted on by Veronica Powell

Argay Terrace is a secret little pocket neighborhood with great access to HWY 205 (Airport!) & HWY 84 (The Gorge!).  If Mid Century is what you’re looking for, this is where you want to be!  This established Mid Century neighborhood boasts longtime residents and pride of ownership.

This house was an updated 4BR/3BA with a daylight basement and bonus “sub-basement”  ready for the Buyer’s vision (i.e. Craft Room? Game Room, Media Room? Storage?).  This one is SOLD but if you’d like one like it, I’m happy to help you hunt one down.  If you have a home in the area you’d like to sell, I’d be happy to help with that too.  It’s the perfect time to start prepping those fall listings. Give me a call, I’m happy to help you like I helped these Sellers.

Veronica Powell

503.936.3475

 

More Photos

Portland Oregon Real Estate Market Update for April 2024

Posted on by Lily Ray Wyss

What we discuss:

Multiple offer situations returning to the market.

Seller motivation returning to the Portland Real Estate Market.

New predictions for interest rates.

Listings are UP UP UP!!!

We are finally seeing a huge increase in listings to the market with 2,425 homes hitting the market last month, a 16% bump.

While high rates have maintained, buyer demand has been strong over the last month or so (and seem to only be increasing) and sellers are finally following suit.

Pending sales increased by 22% with 2,138 homes going under contract.

And sold homes saw an increase of 23% with 1,578 homes going to new homeowners.

Inventory went DOWN to 2.3 months which shows that even with the big boost of new listings buyer demand is so intense that the inventory is being quickly absorbed.

While we are finally seeing this new activity show in the data I will say that the new bump in activity has increased even more in the last two weeks.

At certain price points clients are seeing a huge jump in the amount of homes available to them.

BUT we are also seeing a major increase in buyer competition.

I helped one client write an offer on a home last weekend that got 15 offers and went for almost $200k over the asking price.

This was the coolest house in the hottest neighborhood but shows that we are re-entering a true hot seller’s market.

On new homes to the market that are getting a lot of activity, you can expect that they will likely sell for $50k+ over asking at this point.

But as a homebuyer don’t let this worry you too much.

This is where strategy will come into play for us.

If you want the cool home in the hot area we will just want to make sure that we are shopping well below your top budget so we have room to offer up.

And if you don’t want to deal with bidding wars we can view the great homes that are still sitting on the market from the last market and or we can view homes in the areas that are still amazing, but don’t have hoards of buyers circling them.

Also, we can talk about which homes draw a lot of attention and which ones don’t. People tend to be really drawn to homes with extra living spaces, fresh upgrades, character homes, etc. So if you are also attracted to those style of homes be ready to compete. We can also talk about how you can add those things into a home later so you don’t have to deal with that competition and can be the one to gain the equity from those upgrades.

In terms of interest rate predictions, unfortunately I don’t have the best news here. It is no longer predicted that we will see rates lower 2-3 times this year as originally predicted. Now it is said that we should only see 1-2 rate drops and that they won’t happen until late in the year.

For home sellers, this is your market. If you have been on the sidelines waiting to sell your home, now is your best chance to enter the market.

As mentioned above, buyers are out shopping and they are ready to buy.

Not every home is selling for over asking, in the first weekend, but the ones that are priced right, marketed well (things I help you with), and prepped properly, are.

If you want your house to sell with multiple offers, well over asking, with strong terms, and for it to sell quickly, listing your home in the next few months may give you the highest chance of that.

Whether buying or selling, or both, strategy and education are going to be huge in order to be successful in this new market. But luckily I am here to help you with it all.

If you want to talk about your options and your future move I am here for you. You can find my contact information below.

How to Buy Your First Home

Posted on by Lily Ray Wyss

Curious about the home buying process but not sure where to start? We got you!

In this video Lily Wyss of Living Room Realty and Beth Imhoff of Guild Mortgage run you through the entire home buying process from start to finish.

We teach you how to prepare financially, what to look for when shopping for a home, and the basics of a home buying transaction.

Have questions about the video or want to discuss your home buying plans in more detail? We would love to talk. You can find Lily’s contact information below. We look forward to helping make your home buying dreams come true!

What Every First-Time Homebuyer Should Know

Posted on by Kelsey Burkett

Homeownership has gotten more challenging over time. In fact, the average first-time homebuyer is now 36 years old. Without the proper support and guidance, a home purchase can be filled with unfamiliar terms and financial complexities. Understanding which factors are most important to prepare for can help you make informed decisions that are right for you and your unique circumstances. Let’s explore five key components that every first-time homebuyer should be familiar with: credit score, percentage down payment, earnest money, closing costs and loan-to-value (LTV) ratio.

Credit Score:

Your credit score is a numerical representation of your creditworthiness, and it plays a pivotal role in determining your mortgage eligibility and interest rates. Lenders typically use FICO scores, and a higher score often translates to lower interest rates. Your mortgage rate determines the amount of interest you’ll pay over the life of the loan. Before embarking on your homebuying journey, check your credit report for any errors and work on improving your score if needed. Aim for a score above 700 to secure favorable mortgage terms. Business Insider suggests “aiming to get your credit score in the ‘good’ range (670 to 739) would be a great start towards qualifying for a mortgage. But if you’re wanting to qualify for the lowest rates, try to get your score within the ‘very good’ range (740 to 799).”

It’s worth noting that your credit score is one of many factors that mortgage lenders/brokers consider. Along with your credit score, they also assess income, employment history and your debt-to-income ratio.

Percentage Down Payment:

The down payment is a percentage of the home’s purchase price that buyers must pay upfront. While a 20% down payment is often recommended to avoid PMI (private mortgage insurance – an additional fee you pay monthly to “insure” your mortgage), many first-time buyers find it challenging to save such a substantial amount. In fact, there are various loan programs that accept lower down payments, such as FHA loans (requiring as little as 3.5%). Ultimately, the amount you’re able to put down, along with your loan-to-value ratio, help determine your home buying budget. When determining what you can “afford” for your down payment, make sure you’re also accounting for inspection costs (~$1,000 is typical), closing costs (escrow/lender fees), pre-paids (taxes, insurance, etc) and a reasonable savings cushion in case other costs or life changes pop up. 

Earnest Money:

Earnest money is a deposit made by the buyer to show their serious intent to purchase a property. It is typically held in escrow until the transaction is finalized and counts towards your down payment total. While the amount can vary, a good rule of thumb is 1-3% of the home’s purchase price. First-time buyers should be aware of the local market and consider it a factor in making a “strong” offer. Your Realtor will help guide you, taking your unique goals and financial situation into account, as well as the current market and seller motivations. Luckily, buyers are protected at key points throughout a real estate transaction and as long as you’re within your contingency triggers/dates, your earnest money may be refunded if you end up needing to walk away (we don’t see this happen very often with our clients!). That being said, if a deal falls through outside of those key milestones, earnest money may be at risk.

Closing Costs + Pre-paids:

One factor that tends to be elusive when first-time buyers are considering how much money they can afford to put down on a home are closing costs. Closing costs encompass various fees and expenses associated with finalizing the home purchase. They typically include appraisal fees, title insurance, lender fee and escrow fees, etc. Pre-paids are the collection/proration of property taxes, interest and homeowners insurance. These costs differ depending on the time of year you are purchasing, as well the requirements of your lender/loan program.

It’s crucial for first-time buyers to factor in closing costs and pre-paids when budgeting for their home purchase. On average, these costs can range from 2-5% of the home’s purchase price.

Loan-to-Value (LTV) Ratio:

The LTV ratio is a comparison of the loan amount to the appraised value of the home. For instance, if you are putting 20% down ($50,000) on a $250,000 home, your loan amount would be $200,000, resulting in an LTV ratio of 80%. Lenders often prefer lower LTV ratios, as it signifies a lower risk for them. First-time buyers should aim for a lower LTV to secure better mortgage terms and potentially avoid private mortgage insurance (PMI). Qualifying standards vary by lender, but a loan with an LTV ratio of 80% or lower is usually considered the most ideal. Ultimately, the less “skin in the game” the lender has, the less risk or penalty if you aren’t able to pay. That’s not to say that this is a requirement of getting a loan; you can absolutely have a higher LTV and qualify for a number of loan programs. 

As a first-time homebuyer, navigating the complexities of the real estate market can be challenging. By understanding and prioritizing key factors like credit score, down payment, earnest money, closing costs and LTV ratio, you’ll be better equipped to make informed decisions that align with your financial goals. Finding a knowledgeable Realtor and Mortgage Broker/Lender to guide you through each step of the process will help alleviate stress and set you up for success for your first home purchase. 

I’d love to discuss your goals and what you’re looking for in a home. Reach me at  kelsey@livingroomre.com // 971.371.0203 // @kcb_portland. 

REAL ESTATE NEWS: IS NOW A TERRIBLE TIME TO BUY A HOUSE?

Posted on by Aryne + Dulcinea

Then it’s a great time to come to this class!

Serving delicious dinner and a great convo about buying in this market!

CLICK HERE TO RSVP
Continue reading “REAL ESTATE NEWS: IS NOW A TERRIBLE TIME TO BUY A HOUSE?”

Calling all Beaverton First Time Home Buyers!

Posted on by LeAnn Raschke

7044 SW Lorna Terrace

Beaverton, OR 97007

Open House

Saturday 11am-1pm,

Sunday 1pm-3pm

$387,000

3 BEDROOM | 2.5 BATH | 1,428 SQ. FT. 

MLS# 23165746

REAL ESTATE NEWS: ADU ADVENTURES!

Posted on by Aryne + Dulcinea

ADU ADVENTURES

This is your weekly ADU info guide.

 

GARAGE CONVERSIONS TO ADUs

Have a detached garage and want to convert it into a living or guest space? There are many questions to answer before you proceed, but you may have the makings for a second living space on your property.
Come see our NEW LISTING for a great example!

Want to know more? CONTACT US  today – we are your ADU experts!

Continue reading “REAL ESTATE NEWS: ADU ADVENTURES!”

PORTLAND LIFE: FARMERS MARKETS

Posted on by Aryne + Dulcinea

PORTLAND FARMERS MARKETS

Portland teems with farmer’s markets! Surrounded by amazing farm country, the Willamette Valley and beyond grows beautiful food, and just as great as beautiful food is supporting the dedicated folks who tend and grow food. Shopping at farmer’s markets, signing up for CSAs, and supporting local coops are great ways to support local farmers. And summertime is the best time to start shopping!
Here are a few of our favorite farmer’s markets:
PSU farmer’s market
King Farmer’s Market
Kenton Farmer’s Market
SEE ALL FARMER’S MARKETS HERE

 

Continue reading “PORTLAND LIFE: FARMERS MARKETS”

PORTLAND LIFE: KICKING OFF PRIDE!

Posted on by Aryne + Dulcinea

 

KICKING OFF PRIDE!

Pride celebrations are kicking off all over the country. At Living Room, we kicked off Pride with a celebration including rainbow-inspired, plant-based food, a jazz trio, and lots of merriment! And this was all before 9:30 in the morning! We also had an impactful presentation from local lender, Percy Wise about the experiences of LGBTQIA+ buyers, sellers, and homeowners.

PORTLAND PRIDE2023 UPDATE

In case you are wondering when Portland’s big PRIDE festival takes place this year, it’s in JULY! July 15-16 to be exact. Read more about events HERE.

Continue reading “PORTLAND LIFE: KICKING OFF PRIDE!”

PORTLAND LIFE: GARDEN BEDS + BOXES WE LOVE

Posted on by Aryne + Dulcinea

 

GARDEN BEDS + BOXES WE LOVE

We could not be more excited to get back outside in our yards and gardens and plant, dig, beautify and breathe it all in. If you are interested in installing some new beds, but don’t want them to be ground level or just want to design spaces with garden boxes, CLICK THROUGH the images to see some of our favorite beds + boxes for your new project!

                 

Continue reading “PORTLAND LIFE: GARDEN BEDS + BOXES WE LOVE”

Seller Credit vs Price Reduction – Which is right for you?

Posted on by Marissa Sainz

I get a lot of questions when a buyer or seller is negotiating a price reduction vs a credit. These two options look very similar for a seller, but can be very different for a buyer.  Let’s use the example of a $500,000 house for sale.

A price reduction is the seller lowering the price they will accept on their home for a buyer. For example they will accept $490,000 instead of $500,000.  For the seller this reduction takes away from the net proceeds they will receive at closing.

For a buyer this reduction will reduce their monthly mortgage payment.  The amount will vary depending on interest rate.  Buyers that are sensitive to their monthly mortgage payment may choose this route.

A seller credit is the seller offering to pay for a portion of a buyer’s closing costs.  For example they accept the full sale price of $500,000 and will contribute $10,000 towards the buyer’s closing costs.  For the seller this reduction takes away from the net proceeds they will receive at closing.

For a buyer this credit will reduce the amount of cash they have to bring in at closing.  If a buyer’s down payment is $50,000 and their lender/title/pre-paid closing costs are $10,000 they will only need to bring in $50,000 instead of $60,000 at closing. Buyers that would like to keep cash on hand after closing (most of the time for repairs or updates) may choose this route.

Have more questions? Reach out at marissa@livingroomre.com

REAL ESTATE NEWS: HOUSE BILL 3294

Posted on by Aryne + Dulcinea

REAL ESTATE NEWS: OREGON HOUSE BILL 3294

 

You may not know it, but as a homeowner in parts of this city, you may have racist language in your deed and title documents. House Bill 3294 moves to help homeowners remove this language and other restrictions from their titles entirely.

Read more here.

Continue reading “REAL ESTATE NEWS: HOUSE BILL 3294”

STYLE EDIT: INTERIOR DOORS WITH BOLD COLOR

Posted on by Aryne + Dulcinea

                                           

STYLE ALERT:

INTERIOR DOORS WITH BOLD COLOR

We’ve been adding color to our front doors, and painting accent walls in our home, but an interior accent door? We LOVE it! A great way to refresh a room, hallway, entryway, or foyer.

See more ideas here.

 

Continue reading “STYLE EDIT: INTERIOR DOORS WITH BOLD COLOR”

STYLE EDIT: A Fresh Look at Velvet Armchairs

Posted on by Aryne + Dulcinea

A FRESH LOOK AT VELVET ARMCHAIRS

 

We’re loving these fresh styled – but oh so cozy velvet armchairs! They are everything from curling up with a book to a stylish cocktail party!

CLICK PHOTO TO SEE MORE.

Continue reading “STYLE EDIT: A Fresh Look at Velvet Armchairs”

PORTLAND LIFE: Hot Gingery Drinks to Sip While We Wait for Spring Weather

Posted on by Aryne + Dulcinea

HOT GINGERY DRINKS TO SIP WHILE WE WAIT FOR SPRING

HOT GINGER APPLE CIDER, HOT LEMON GINGER TODDY, AND GINGER-SPICE HOT COCOA are three amazing drinks to keep you warm while we wait for Spring. These healthy and simple drinks all start with ginger and water… see the directions below:

HOT LEMON-GINGER TODDY:
Slice up a hunk of ginger and cover and simmer in 2 cups water for 20 minutes, strain, add freshly squeezed lemon juice or lemon slices to taste, and add honey for a bit of sweetness – serves two.
GINGER-SPICE HOT COCOA:
Slice up a hunk of ginger and cover and simmer in 2 cups water for 20 minutes, strain, add one cup of plant-based milk, whisk in cocoa powder, and sweeten with maple syrup and cinnamon – serves two.
HOT GINGER-APPLE CIDER:
Slice up a hunk of ginger and cover and simmer in 1 cup of water for 20 minutes, add one or two cups of apple juice and a cinnamon stick to taste, and simmer for another 10 minutes – serves two.

Continue reading “PORTLAND LIFE: Hot Gingery Drinks to Sip While We Wait for Spring Weather”

PORTLAND LIFE: Domestica’s Top Spring Cleaning Tips!

Posted on by Aryne + Dulcinea

Give Your Home A Refresh With
DOMESTICA’S TOP SPRING CLEANING TIPS!

SPRING IS ALMOST HERE & THERE IS NO
BETTER TIME FOR THESE HELPFUL CLEANING TIPS FROM DOMESTICA, PORTLAND’S BEST GREEN CLEANING COMPANY!

Continue reading “PORTLAND LIFE: Domestica’s Top Spring Cleaning Tips!”

STYLE EDIT: COLORED FAUCETS

Posted on by Aryne + Dulcinea

COLORED FAUCETS

Add a little style and color to your bathroom by adding a colored faucet or showerhead! Take a look at these great options on our BATHROOM OASIS Pinterest board.

Continue reading “STYLE EDIT: COLORED FAUCETS”

REAL ESTATE NEWS: AI-GENERATED IMAGERY

Posted on by Aryne + Dulcinea

AI-GENERATED IMAGERY

 

HHHMMM… it’s hard to fight back the multitude of questions that come up when you think about AI-generated anything, but because we were curious, we thought… let’s give it a whirrrlll. 

We checked out Shutter stock’s AI-generated image program, looking up things like: “retro kitchen,” “baroque living room,” “space-aged bedroom,” and even a simple one – “bathroom,” and here is what we got! 

For some more artful inspired AI-generated imagery, check out @planet_fantastique on Instagram!

Continue reading “REAL ESTATE NEWS: AI-GENERATED IMAGERY”

PORTLAND LIFE: PORTLAND WINTER LIGHT FESTIVAL 2023

Posted on by Aryne + Dulcinea

FEBRUARY 3-11

Check out the amazing light installations in our city from the Willamette Light Brigade. Now through the 11th you can be dazzled by these artistic light installation. Thank you for shining light on our dark winter days-check it out HERE!

 

Continue reading “PORTLAND LIFE: PORTLAND WINTER LIGHT FESTIVAL 2023”

REAL ESTATE NEWS: WE ARE YOUR WISE GUIDES!

Posted on by Aryne + Dulcinea

WE ARE YOUR WISE GUIDES!

 We totally get how scary it can be to make the leap to buy a house, or how much emotional work it takes to be ready to part with your home when you want to sell. We are here to guide you. We don’t just broker deals and research the market daily, we do much more than that, we help you through the biggest transaction of your life. If you or anyone you know is ready to make a move. We are here to help.

 

About Us: Over the course of their professional partnership, Aryne + Dulcinea have helped hundreds of clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.

Where To Buy Your First Property in Portland Oregon

Posted on by Mel Marzahl

Looking to buy your first property in Portland Oregon? You’re in luck! This blog post will outline some great neighborhoods to invest in, as well as give you an idea of what type of lifestyle you can expect. Keep reading for more information!

 

Portland is a great city for first-time home buyers. There are plenty of neighborhoods to choose from, each with its own unique charm. Whether you’re looking for lowkey and quiet streets away from the hustle and bustle, or you want to be smack in the middle of the action, Portland has a place for you to call home. And with the help of a good real estate agent, you’re sure to find the perfect property for you.

If you’re looking for an urban lifestyle, then downtown Portland is the place for you. This neighborhood has everything you could want: shopping, dining, nightlife, and more. Plus, it’s conveniently located near public transportation options like MAX light rail and Portland Streetcar. In this area, you’ll find mostly condos and some historic Portland homes in areas such as Goose Hollow, or Nob Hill.

Looking for something a little more laid-back? Then check out NE Portland. This area is known for its hip cafes and boutiques and is full of beautiful homes, both contemporary and historic. It’s the perfect place to call home if you’re looking for a creative and vibrant community.

In the SE quadrant, you’ll find a lot of the icons that give Portland its “Portlandia” reputation. Vintage shops and food cart pods abound. Head further out of the city center, to areas such as Sellwood, Multnomah Village, or St. Johns for pleasant residential communities with quaint centers where locals go for a night at the theater or out to eat at their favorite spots.

No matter your lifestyle, Portland has a neighborhood that’s perfect for you. Start your search today and find the perfect property to call home! Portland, Oregon is waiting for you.

 

Mel Marzahl

503-443-5382

mel@livingroomre.com

Does the Home Buying Lingo Intimidate You?

Posted on by Living Room Realty

Does the home buying lingo intimidate you? Have no fear, Jamie is here, with a list of home buying lingo to bring you up to speed!

Let’s start with the fixed mortgage rate and adjustable rate. A fixed rate is simply a loan that has an interest rate that will remain the same for the life of the loan. An adjustable-rate can change from year to year. That’s it, pretty simple, right?
Another term you’ll hear is Escrow. Escrow is defined as the holding of funds, by a neutral third party, prior to closing. They hold the money until the deal gets done!

CONTINGENCES!

One of the most important words for negotiations in this market! Sellers are looking for buyers who can purchase the home with the least amount of obstacles. Like buyer home sales, inspections, and mortgage contingent. The easier you can make it the better chance you have to “win” the multiple offer market we’re in.

You’ve made it! It’s closing time.
With closing comes closing costs. Typically, closing costs range from 2% to 5% of the purchase price. Examples of closing costs include fees related to the underwriting of the mortgage, real estate commissions, taxes, insurance, and record keeping.
I hope just knowing these most common phrases will help to make the buying process a little less frightening!

A Jade District Gem

Posted on by Living Room Realty

One of the pleasures of having a referral based business is being able to work with the family, friends, and community of my past clients. I recently met Duc from a wonderful past client who I had the pleasure of working with this past fall. 

As many of you know, the real estate market is often a whirlwind of action. My time helping Duc through his home buying processes was testament to this. Duc reached out to me on a Wednesday, we immediately set up a time for a home buying consultation on Friday and then began identifying properties to view the following day. We were under contract by that Sunday!

In spite of the incredibly limited inventory on the market, Duc was able to identify a house that would work for him. One of the most important criteria for my client was making sure that the community was going to be a good fit for him. He hoped to be within walking distance of Asian markets and restaurants. We found the perfect place for him in the heart of  the Jade district . Here, there are an abundance of asian owned markets, restaurants, businesses and community.

While finding a house in this challenging market felt like a feat in and of itself, we were able to go in under asking thanks to this house having been on the market for two weeks. We knew it checked almost all the boxes but that there would be some repairs that would need to be negotiated. I’m grateful that in addition to the price reduction, we were able to have the seller agree to pay nearly all my client’s closing costs and complete some needed repairs. 

I am truly honored to have helped Duc with his home buying process and cannot wait to see how he will transform this house into his home. Buying in a tight market with such limited inventory can have its challenges but it is certainly possible as evident through Duc’s journey.

 

Where There’s Hope There’s Opportunity

Posted on by Living Room Realty

It’s an incredible feeling to get a call to say that the first position buyer is backing out and that our clients are being moved into first position. It was clear that this home was meant to be Greg and Stephanie’s, and we could not be more stoked for them.

When we first toured the home we came away laughing and some of the quirks. There’s nothing like quite like this bathroom set up for couples counseling session.  A real test of “togetherness.”

You both have been such a joy to work with, and we are so excited that you achieved your goals during this journey.  You knew your walk away price and you stuck to your guns even under the pressure of this intense market we are in.  Because of that, you are coming out champions! We salute you both and are so honored to have been your chosen representation.

Love to you both! You are homeowners!

Just Listed! Lush Life

Posted on by Bonnie Roseman

 5482 SW Alger Ave. #F-6

Beaverton, Oregon, 97005

The primo pocket in the Sequoia Park Condominium complex, overlooking grand trees and gracious green grounds. Easy commute by freeway/transit center from dedicated parking spot or via MAX, WES commuter rail + 3 bus lines. A quick jaunt to parks, Fanno Creek Trail, the farmer’s market, Uwajimaya, TJ’s, Fred’s, the library, Ava Roasteria, Carina’s Bakery, Ex Novo Brewing, Afuri and more on the way! This upper level unit with private balcony offers, tree-filtered dappled light, carpet-free living, a spacious bedroom with large walk-in closet and open living area with giant closet. Enjoy the kitchen with stainless steel appliances and the bright bathroom in this move-in ready condo with on-site laundry and the possibility of in-unit hookups, newer ductless mini-split — heating and AC! This people and pet friendly park-like community has an inviting pool, clubhouse, and bike room. Fire your landlord and invest in yourself. Affordable convenience in such a lovely setting!

OFFERED AT $167,000

1 BEDROOM | 1 BATH | 630 SQFT

MLS# 21653769 | TAXES: $1,461.12

Under the Oak Tree

Posted on by Robin Hakeman

 

“I feel at home under the oak tree,

Centuries old and standing tall.

And when I’m gone after a lifetime

The oak tree will remember my song. “

–Haley Johnsen

When Haley & Erik set out to buy their first home, they never imagined they would get so lucky. They happened upon an open house in Milwaukie & decided to check it out. Immediately the colorful interior, spacious yard with the 200 year old oak tree and layout of the home felt right to them. With their ducks in a row, we were set to write an offer.

As first time buyers, Haley & Erik needed to make their offer stand out to the seller. I learned from the listing agent that that oak tree was extremely special to the seller & Haley & Erik felt connected to it as well. So what do you do when you are an amazing musician and you really want a house? You write a song about it!! Haley’s song can be heard here – and let’s just say the seller was in tears.

It was so special for me to lead Haley & Erik through this process. Not only are they amazing to work with – they are family. Congratulations Haley, Erik & Gifford!!! You did it!!!

To learn more about Haley’s work as a songwriter & performer, click here!

The Right Project House for First Time Buyers

Posted on by Bobby Curtis

Right now, when it feels like there is 1 house for every 10 buyers out there, many buyers are having to adjust their expectation in a house. And if they see something they think will meet their needs, they are often writing an offer. Interestingly many of these buyers may have started off with a laundry list of what their needs are. As their offers have been rejected, they have boiled that list down to what their true needs are. In doing that, some buyers are considering houses that have the prime elements they are looking for, and then rely on the future renovation projects they will do to get it the rest of the way there.

Best Bang For Your Buck

Here are my thoughts on what projects new buyers should focus on. Buy something you can move right into (or move in within 60 days). Most traditional loans require buyers move in within 2 months, so find something that is livable. When it comes to projects to take on, consider the things that traditionally increase the value of the house. The kitchen and baths are a great start.

If you’re willing to do more updates, consider something that doesn’t need structural changes, or changes that will require an architect. Pulling in an architect increases costs exponentially. It also usually means city building permits are necessary in order to make those improvements. Many cities are back-logged right now, and might not even be able to look at those plans for 3 months. Stick to surface updates like paint, flooring, and lighting. For a handy person, those are even things you can do yourself. Thoughtfully updating these, along with the kitchen and baths, will typically bring back a high return for what you investment.

More Than Cosmetics

While I recommend generally staying away from houses with structural issues, making updates to the electrical can be easy enough, and is one of the most important upgrades to make when it comes to safety. Do yourself a favor though and hire a licensed electrician. If you find a home you love that has 2 prong outlets, no GFCI protection in kitchen or baths, or has an unsafe electric panel, these are prime for upgrading. Not only will it be safer, it adds modern conveniences. You will need these kinds of upgrades later down the road anyway to make further improvements in the house that you really want. While this electric project could average between $7,500 – $10,000 or more, if you’re buying in a market where the average cost of a house is over $500,000, that doesn’t feel like too much.

Looking for more of a project? Here are some tips for something more extensive: Click Here.

 

Just Sold! A New Springtime Start

Posted on by Living Room Realty

Gabrielle and Bobby are recent newlyweds (congrats!) and just closed on their first home together. They met when Gabrielle was visiting a friend for a weekend (she’s from the Chicago area) and it was love at first sight. Fast forward, and these two are now the proud new owners of this beautiful ranch-style home. They love the abundance of natural light throughout, the kitchen, and especially the backyard which is private and spacious. This will be a perfect house to raise a family in, as Gabrielle and Bobby plan to do. Along with their cute 2 year-old pup, they’re so excited to start their life here. Congratulations to you both, and here’s to a bright future in your lovely new place.

Is early Spring 2021 the time to list?

Posted on by Jené DeSpain

For many sellers, a crucial aspect of putting their home on the market is timing. “When is the best time to sell?” is one of the main questions I am asked as a realtor. Understanding demand, market climate, and current lending rates can all be influential factors for when a seller decides to list. While late Spring and Summer historically tend to be the “hot season” for new listings, the early Spring weeks of 2021 might be just the perfect time to put your property up for sale.

As our Living Room Realty community can tell you, we are experiencing record lows of available houses on the market. With interest rates at surprisingly low percentages, new buyers are flooding into the scene hoping to score their first time home. As of this week’s market report, the median price for a home in Portland Oregon is $695,000 with only 535 active listings available. In every Portland neighborhood, prices have increased a significant amount from the start of 2020 to today.

 

So what does all this new data point to? If you are considering making a move this year, these next few weeks might be an exceptional time to bring your home to this hungry buyer community and capitalize on this strong seller’s market. If you are wanting to learn more about your home’s Spring 2021 value, discuss options for listing your house while trying to find the next right place to move into, or want to hear what safety protocols I have developed to prioritize my sellers’ safety during Covid, please reach out to me with an email at jene@livingroomre.com or call me directly at 503-780-6270. I would be delighted to connect and share more details about cultivating a listing strategy that focuses on your best success.

Sweet Piedmont with Potential

Posted on by Bobby Curtis

Charming starter bungalow with with loads of potential, and ready for personal touches. Bright space with hardwood floors and period molding. Practical floorplan with main bedroom in the back, Jack and Jill bath, and front bedroom with French doors- for an ideal home office. Throw a space heater in the partially finished garage/studio, and enjoy a great additional flex space. Dynamic backyard with covered patio, chicken coup, garden with mature perennials, and an outdoor shower/clawfoot tub.




2 bed | 1 bath | 916 sq. ft.
MLS# 21068036 | Taxes: $2209 | Lot Size: .11 Acre
$350,000

Bright Portland Ranch with Best Backyard

Posted on by Bobby Curtis


Cheerful Cedar Hills ranch with big windows and great outdoor living. Solid home ready for personal touches. Bright living spaces with new double pane windows. Open U-shaped kitchen with updated appliances. Walk out to the large multi-layered, fully fenced backyard with patio, newer deck, and brick steps. Newer hot water heater and roof. Just down the road from Cedar Hills Parks and plenty of shops.


12925 SW Douglas Street, Portland, OR 97225
2 bed | 1 bath | 984 sq. ft.
MLS# 21298888 | Taxes: $2315 | Lot Size: .17 Acre
$375,000

Long Search for First Home Comes to an End

Posted on by Mel Marzahl

Anika and Todd have been searching for their first home for over a year. It has been a long journey for them to find their first home. The toughest part was narrowing down what they really wanted and needed and then finding that within their budget. It was made even more challenging because of the increasing home prices, changing needs, and, of course, Covid.

Changing Needs and Wants

We started the search by looking at homes close-in SW Portland that needed some work. Anika and Todd have a great eye for design and what is possible with a home. We talked about the potential of lots of dated and fixer homes we toured. They researched the cost of putting in new kitchens, baths, and flooring, but eventually crossed a fixer home off their list. They decided that living in a project wasn’t for them, especially once Covid came and they and their two girls were all working and learning remotely. Managing and living in a remodel while teaching and working in it too sounded much less feasible.

We also looked at three-bedroom homes to start and decided that the family would need more space. With the greater need for a dedicated office, a four-bedroom, or three-bedroom with bonus room became a necessity. The extra room would serve triple duty as an office, playroom, and guest room for the day when the family can eventually come to visit!

Overcoming Challenges

With the changes in the family’s needs and wants, came changes in price expectations and location. We had to overcome multiple challenges with Anika and Todd’s home search. The first being that they are first time buyers without the huge cash reserves of many others looking in their price range. Because they weren’t buying your typical “starter home” Anika and Todd were up against other buyers who had more cash and were buying their “move-up homes” with equity from previous sales or other sources of cash. This made it tough to compete against the large down payments of other buyers, once we found houses they were interested in.

Their second big challenge was overcoming the reality check of housing prices and location. Over the year we were searching, housing prices increased by almost 8% in the parts of SW Portland we were looking. Also, when we started the search, we were looking at 3 bedroom cosmetic fixers in close-in SW. They were able to find this type of homes to look at fairly frequently. By the time we were making offers a year later, our search had changed to 4 bedroom move-in ready homes. Unfortunately, this type of house was over budget in the areas we were looking in so we had to expand our search further out to include the suburbs, places Anika and Todd originally had ruled out.

Writing the Winning Offer on the Perfect Home

After a year of searching, changing needs, overcoming challenges, Anika and Todd found an amazing home in Beaverton. It has three bedrooms plus a fourth bedroom/bonus room with interesting nooks perfect for a multiple-use space. We had to see it the second it came on the market, and after touring it, they knew it was the right one. They made a very competitive offer with great terms any seller would like to see. I spoke with the agent multiple times and developed a report with her. When we learned another offer was higher and willing to buy the home as-is, Anika and Todd decided to increase their offer to their max budget. They knew they could regret not doing so if they lost it.

The agent called me to discuss because their increased price put us neck and neck with their other offer best offer. We were told the only difference was that the other offer had a slightly larger downpayment and the buyers were willing to buy the home as-is. We chatted about why Anika and Todd weren’t comfortable with as-is, and while they truly didn’t expect to find any major issues, they couldn’t risk taking on a large, unexpected repair since they were putting their savings into the downpayment.

The sellers ended up accepting their offer anyway. I was thrilled to hear that the main reason they went with Anika and Todd’s offer over the other was my communication with the listing agent. Developing a good relationship with the other agent, being communicative, honest, and upfront while protecting Anika and Todd’s interests stood out to her. I don’t know who the other agent was, but I know they also wrote a very strong offer and were tough competition! Being a part of the deciding factor in my client’s offer winning out over another, slightly better offer felt great and I was so happy to relay that news to Anika and Todd.

A Long Search Comes to an End

Anika and Todd are now in the process of moving into their new home as I write this! The escrow process was a bit bumpy toward the end, with a closing delay, but we all got through it and both sides ended up happy. The inspection report was the cleanest I had ever seen, and the home needs just a few minor repairs and is ready for their personal touches. Anika and Todd are thrilled to finally own their first home. They worked really hard to make this happen for their family, and I couldn’t be happier to see them moving in.

Congratulations to Anika, Todd, and their girls! I can’t wait to see how they make their new house their home.

The Portland Market can be Rollercoaster!

Posted on by Living Room Realty

As you may know, the market in Portland right now is absolutely bananas. In fact, The Oregonian just wrote an article titled: Portland is Sold Out of Homes! Needless-to-say when my clients approached me in July about finding them a first time home I knew it would be challenging but their journey was more like a rollercoaster ride!

We toured over 60 homes in total all the way from deep Overlook to Mt. Scott. After making a couple of offers that were rejected, success! We reached mutual acceptance on a home near Madison High School. Sadly, after the inspection there were some issues with the foundation that were too scary so they backed out. Then it happened again! We were lucky enough to have had an offer accepted again and this time the mold issues were out of control. So sadly, after six rejected offers, two sale fails, 70 toured homes and more than three months we were back at square one.

Back to the drawing board! We revised our search a little with a small increase in our budget and renewed energy in our step and we went back out there. This time, they at least knew what to ask for when it came to the inspection. 10-15 more home tours and we found this little gem in the perfect Woodstock neighborhood that they originally wanted to be in. They were head over heels! The wood burning fireplace to the fresh maple flooring to the wisteria dripping on the pergola… all with three bedrooms AND two bathrooms! It’s difficult to find any home with more than one bathroom in this price range and with the age of homes in the neighborhood. But this one had it! Everything they wanted.

I knew there would be multiple offers and I wanted to make sure this was the home they would be able to call their forever home. I went to work and drafted an offer presentation that guaranteed our offer would go to closing over all the other offers. All-in-all there were eight other offers and because of excellent communication between Jamis and me our offer won out over the others even though it wasn’t the highest offer!

Getting to work with our own Jamis Minnis at Living Room on the other side of this deal was an absolute dream! Jamis was so helpful and prompt with her responses and communication. Knowing how to write an impressive offer presentation also didn’t hurt…wink! Now my clients have a cozy home in which to build their lives together.

Congratulations to my friends Danielle and Tyler!

 

A new part of town, Metzger. Who knew!

Posted on by Living Room Realty

Having become familiar with many areas in Portland through my  love of real estate, it came as a pleasant surprise to learn about part of town I knew very little, Metzger.

With the recent purchase of 8110 SW Spruce St, a 1958 renovated ranch, it was exciting to learn about this residential pocket of homes just South of Metzger Park. With reasonable per square foot prices and easy access to I5 and 217, this area makes for an interesting option for young couples and first time home buyers.

It is always fun to explore and learn about a new part of the town and after doing so with the Metzger area I’m glad I did.

 

 

First Time Buyer gets America’s Home Grant

Posted on by Robin Hakeman

First time buyer gets America’s Home Grant!

It’s not everyday that a first time home buyer can become a home owner thanks to a grant program. However, that is exactly how my client joined the real estate market. She was fortunate to qualify for the America’s Home Grant through Bank of America, which offers closing cost assistance of $7,500. The credit can be used towards non-recurring closing costs, (think title insurance and recording fees), and to buy down the interest rate on the loan. My buyer closed on her home this week with $0.00 in closing costs and a 30 year, fixed-rate mortgage at 2.75%!! The icing on the cake? The funds she received do not need to be repaid to the bank!

One caveat of the program is that the subject property must be in a low to moderate income tract. Each home is run through the bank’s system to check the income tract. Some qualify and some do not, meaning you are limited to certain areas of Portland. The competition for these homes can be fierce. After making an offer on a property that received 10+ offers within 1 day, my client was discouraged.

Thankfully, this summer turned out to be the height of the selling season and homes were coming on the market left and right. A home on the outskirts of Montavilla came on the market and it was perfect for her. It met the Bank’s requirements so we went to see it. The house has 2 bedrooms and 1 bathroom, a lovely living room & updated kitchen. There is a back deck and a small yard. The attached garage is perfect for her car and storage. Thanks to America’s Home Grant, my client was able to beat out the other offers and offer over the asking price. This could not have happened without the closing cost assistance she was given.

As an agent, it is important to know the options for your clients so they are able to get into a home. This is a single woman, on her own becoming a HOME OWNER!!! I am so proud to have helped her through this process. If you or someone you know would like to learn more about how to become a home owner, contact me today! Congratulations to my awesome client – she now owns her own special piece of Portland.

Hi! I’m Julia and this is home

Posted on by Julia Robertson

Hello. I don’t think we’ve met yet.

I’m Julia a local REALTOR®. I help people buy and sell homes in Portland and Vancouver. I enjoy getting homes ready to list and sell. The listing preparation process is an art. Helping people find room to live is exciting! Marketing and negotiation is my jam. I have 20 years of sales, management, and marketing experience.

I’ve been inside 100’s of homes. I help clients imagine a home that they can settle down in. Working with sellers, I create an environment that attracts buyers to write competitive offers. I’ve also spent the last 5 years designing and renovating my own home, a 1930’s tudor.

In this rare intimate moment, I thought I’d share a glimpse into my own home. I thought it was only fair since so many people have opened up their homes to me. Here’s a peek into the Robertson-Bogart home. Meet my husband Austin, son Logan, dog Sir Waffles, and crested gecko Gretch.

Nice to meet you. I hope to hear from you if you need to buy or sell a home. Give me a call, shoot me a text, lets zoom, or even better- let’s meet in real life. I look forward to meet you in person!

Cheers,  Julia

If you’re thinking about making a move, give me a call. I’d love to help you with your real estate plans.

 

Julia Robertson | Licensed Broker in Oregon & Washington

541-505-1111 | julia@rebyjulia.com

Instagram @realestatebyjulia

Beaverton Beauty- SOLD!!!

Posted on by Veronica Powell

 

The market (and the weather) are both HOT, HOT, HOT!  This beauty sold in just 4 days with multiple offers.

If you’ve been considering selling, now is the time!!!  Inventory is low and multiple offers over asking price are the norm.

If you have a house that you would like to sell, or are looking to purchase, I would be happy to help.

Veronica Powell

503.936.3475

Veronica@LivingRoomRE.com

 

 

 

 

 

 

 

Breaking The Cycle

Posted on by Living Room Realty

We met Mike and Heather in the beginning of 2020. They told us exciting news that they would be one of the first in both of their families to own a home. This right away made their journey so exciting for Kristin and I. We have seen how home ownership, when invested in correctly, can set a person on a forward trajectory towards financial success. So, we became their cheerleaders.

Being the kind souls that they are, they had to put a pause to their search to help out a loved one. Soon they were back into it and we were honing in on their wants and needs. The more we honed in on their search the more  we began to see a pattern that Mike & Heather loved split level homes. So when this beauty came on the market we knew that they had to have it.

We heard from the listing agent that the competition was intense and there were 15 offers we would be competing against. This did not dishearten Mike & Heather but fueled them and they had their game faces on determined to win the prize. We were ecstatic for Mike and Heather when we told them that they were the chosen ones. We learned that their offer was the second highest one but the seller chose them because of the clear and professional presentation as well as their stellar seller letter.

Once in contract, we headed on to our inspections. This is always the part of the process where things become real and it’s easy for buyers to fall out of love with their future home. Again, this didn’t disrupt Mike & Heather’s drive and we were able to negotiate some substantial repairs including a new sewer line (120 ft long!), radon mitigation system, and a new electrical panel.

The sellers were definitely team players so that when the appraiser started to hold up the sale to ensure that repairs were completed, the sellers had grace and were able to work with us so that we could extend closing and make sure that all parties were satisfied with the work that was done.

This was a dream home for Mike and Heather, and they were able to find their home and close within their preferred timeframe which was a bonus.  It’s been such a joy to see them officially become home owners and the inspiration they will be to those in their inner circle to one day join them in their success.

Cheers to you both Mike and Heather! Thanks for being such a blast to work with.

Our First Date, REALTOR® Edition: 4 Tips for Making Our First REALTOR®-Client Meeting a Success

Posted on by Sharon Bloudek

You’ve googled me. We’ve texted. Maybe we’ve even spoken by phone. (Full disclosure: I tend to call you more than I text you. I’m old-fashioned that way!) We’ve arranged our first date (er—meeting!). Casual: coffee, maybe lunch. We both want to make a good impression.

But hey! You can relax! We’re going to be hanging out together—a lot—over the coming weeks. And we’re going to have fun. I already like you. And I promise you’re going to like me, too. 

While you don’t have to dress up or go out of your way to impress me, there are a few things you can do to make our initial meeting productive so we can begin making progress toward finding your next home!

  • Know Your Budget. The best way to do this is to get pre-approved for a home loan. Meet with a lender. Meet with several lenders. Get an idea of down payment options, interest rates, and the maximum amount of money for which you’re approved. Note: the maximum amount you’re approved for might not be the same as your actual maximum budget! If you haven’t gone through the pre-approval process yet or if you need a referral to a reputable lender, no problem! I can help to connect you with someone great so that you’re ready when it’s time to make an offer.
  • Know Your Neighborhoods. One of the first questions I’ll ask you is what neighborhoods you’re interested in. If you already live in the area, you may have a good sense of where you want to concentrate your search for your next home. If you’re moving from out-of-town or out-of-state, it might take a little longer to narrow your focus. In this instance, it’s helpful for me to know what’s important to you. Is it walkability? Proximity to transit? Do you love the idea of living near greenspace? You can do some homework ahead of our first meeting by researching local neighborhoods and taking the time to explore and drive the areas you’re drawn to.
  • Make Your List. You might already have a vision of your dream home in your mind. Or, you might think that you’ll “know it when you see it.” Either way, it’s a great idea to make a list of your criteria. In fact, make several lists: a “must-have” list, a “nice-to-have” list, and a “deal-breaker” list. Are you a gourmet chef who insists on having a gas range? List that in your “must-haves.” Would you like to have a powder room for guests, but you can probably live without it? List that in your “nice-to-haves.” Is a split-level a hard no in your book? List that in your “deal-breakers.” Remember: your “dream” home might not exist among the homes currently on the market—so you’ll need to either be prepared to wait for that home to come along, or be aware of where you can and cannot make concessions.
  • Know Your Timeline. A lot of factors influence your timeline for moving. Perhaps you need to sell your current home before you can move. Perhaps you’ve already sold your current home and need to find a new place ASAP. Or perhaps you’ve secured a new job in the area and want to find a new place in advance of your move from out-of-state. Whatever your situation, it’s good for me to understand your urgency (or lack thereof).

As you arrive at our first meeting, know this: you are important to me. Over the years, many of my clients have become dear friends. Whatever your budget, criteria, and timeline, I’m dedicated to helping you to find your next ideal home. I can’t wait to begin this relationship!

 

LOVELY STARTER HOME

Posted on by Living Room Realty
6646 N Bank St., Portland OR 97203
3 bed | 2 bath | 1196 sq. ft. | 1 Car Attached Garage | 0.11 Acres
MLS# 20459690
Tasteful, starter ranch in East St. Johns! Move in ready home with beautiful touches throughout. Spacious 3 bedrooms and coveted 2 full bathrooms. Kitchen features new dishwasher, new butcher block countertops, walk in pantry for extra storage, new hood vent and more. Enter the privacy of the lush backyard with a freshly done cedar fence and doug fir deck with plenty of space to garden and gather with friends and family. Have the peace of mind to enjoy this beautiful home, knowing that it comes with a newer roof, updated guest bathroom, fresh interior paint, refinished hardwoods, new vinyl kitchen and dining room flooring, high efficiency furnace for the chilly days and crisp central air for the warm summers around the bend. Come and fall in love!

The Hunt for Buried Treasure

Posted on by Living Room Realty

Sam & Alex are such a classy pair. Very down to earth and know what they want, which makes working together such a joy.

We had been working with Sam & Alex in their home search for a few months when we received an exciting call from them one weekend. They had been to an open house and while they were walking around the neighborhood they met one of the neighbors that gave them the inside scoop that the next door neighbor was planning on selling their home in the next couple of weeks. They quickly called Jason and told them about the buried treasure they had found and told him to work his magic to make it theirs.

Jason acted quickly and found out that even though the home wasn’t even on the market that there was another interested party that we would be competing against. Talk about a competitive market. But Jason didn’t allow this to be a deterrent and as a team we all worked together to craft an offer that the seller couldn’t refuse and to capture their attention before getting into a bidding war with the other party that had submitted their offer.

After a number of great conversations with the seller, Jason was able to deliver the fantastic news that Sam & Alex were officially in contract! We all celebrated and got to work on inspections while Alex & Sam dreamed up how they would make this home theirs.

It warmed our hearts the way their families championed them and gathered around them while they made paint decisions and planned out how each room would be configured. Soon, we were soaring through the inspection and appraisal process and back at the home with Alex’s parents doing jump shots in the front yard.

And thanks to the amazing team work of everyone involved we were able to close 4 days ahead of schedule.

Alex & Sam, we are sooooo happy for you both and are so excited to see the sparkle you both bring to your new home. Cheers to you both and to an amazing start to 2020!

 

Your Newest Woodlawn Neighbor

Posted on by Living Room Realty

Congratulations to Lizzi! She bought her first home and in a hoppin’ location where she is sure to make a buck over the years- in Woodlawn.

She handled business and landed in one of the sweetest pockets in Portland where neighborhood gems are a’ plenty. We’re talking Ranch Pizza (my personal favorite), The Oregon Public House (bites and drinks with a cause- philanthropub, which basically makes this a need based stop), Tamale Boy, Hi-Wheel Fizzy Wine Co, Woodlawn Coffee, Good Neighbor Pizzeria, Firehouse (yum), and Breakside Brewery (happy hour magic + brews, heyo).

She’s got a low maintenance 1981 built ranch with 3 bedrooms, 1 bath, a double car garage, and a hard to find, big ole’ .13 acre lot where her beloved Penne pup can run about.

Perks of an 80’s ranch, you ask? A good foundation with accessible plumbing, a single level layout that will be approved by generations for years to come (especially while Portland is short on space and building UP instead of out- see many single story new builds out there? Didn’t think so) and likely some recently updated systems (think about the lifecycle of a 30 year roof, a 15 year water heater, and a 20 year furnace). The list continues! No underground storage tank to worry about (because of no oil heat), and a non-recalled electric panel that one might find in the 50’s-70’s houses. Sometimes those Federal pacific panels show through the end of the 70’s but come 1980 you’re likely in the clear. Besides all of that, it’s a real cutie. Play with paint and light fixtures in a house like this and you can really shake up some new age vibes.

I got a friend out of the deal, and she got a home that she will fill with love. A real win/win. Here’s a photo of her house, her beautiful baby dog, and us because clearly we are excited.

 

 

Little Gem’s in the $300K’s

Posted on by Veronica Powell

 

There aren’t many, but this little cutie goes to show you that some diligence, realistic expectations and a good amount of elbow grease can truly make your dreams of homeownership come true.

If you’d like some help finding your little gem, I’d be happy to guide you through this adventure.

Veronica Powell
Veronica@LivingRoomRE.com
503.936.3475

NE Portland’s North End

Posted on by Bonnie Roseman

A first time home buyer’s dream come true

Push past the hubbub of NE Alberta and you will find an array of treasures! Little pockets of town with sweet parks, cozy neighborhoods and homes more in reach when you are getting started. Genevieve found just such a sweet spot to lay down roots in her first home at the north end of Piedmont. A gorgeous 2 bedroom, 1 bath with lots of charisma ~ the perfect fit for a warm-hearted, first time home buyer, also with lots of charisma! It was a treat to be Genevieve’s REALTOR®.

A Gem for Genevieve

Located near Farragut Park, this gem of a home is within easy reach of the Dekum Triangle, the glorious rose gardens of Peninsula Park and the old downtown district in the Kenton neighborhood.

So many great parks!

More bang for the buck

Choosing a home outside of the buzz means not just a quieter location, but also a better value. This super stylish, solid home was a match made in heaven.

 

 

 

 

 

Listing photos courtesy of Ronda Joseph

 

Fight Like A Furumasu

Posted on by Living Room Realty

We met Beth & Chelsea (the dynamic Furumasu sisters), a few years back at a community group and shared our lives together. A few years past and we got a Facebook Message from Beth saying that she thought it was about time to start looking for a home and she would like to interview Jason and myself. We were honored that she reached out.

A few weeks later we met at our office to try to dazzle Beth with our professionalism.  : ) Since we were already friends, we knew that we needed to show Beth that we would take this role very seriously and could put on our REALTOR® hats and represent her with fervor.

We were honored to hear that we were the chosen ones and we quickly hit the pavement looking at homes.  Jason showed her a few and Beth and Chelsea went to look at a few open houses a week later. After their open house visit Beth messaged us to say that they thought they found the one.

Since Beth already had her pre-approval in place with her fantastic lender, Dan Barton w/ Caliber Home Loans, we went to work on the offer and Beth and Chelsea wrote a beautiful letter to the sellers so that the transaction felt more personal.  Soon we found ourselves in contract on this beautiful home beating out the competition!

Beth was wise and decided to do multiple inspections on her soon to be home. We were all surprised with the amount of repairs that were needed after all the inspections were completed. So, we came together as a team and got her the information she needed on the costs of the repairs to figure out what her bottom line was to present to the sellers.

Jason and I soon learned that the fighter spirit in our friends was Samurai like.  Our theme soon became ‘Fight Like A Furumasu.’ Beth stuck to her guns and ended up with the terms she needed to make this home the perfect investment for her and her sister to make shine with their vision.

We are so happy for you both Beth and Chelsea! And we can’t wait to see the sparkle you will bring to your new home!

What are you nuts? You want to buy a house the same month you get married?

Posted on by Martin Cross

Nicky and Nigel have been saving for years to buy a house in the spring following their wedding. With their wedding date set for late September, the last thing on their mind was buying a house in mid-August, especially following some challenging life transitions. But life has a funny way of rearranging our priorities, and never being one to shy away from a challenge, they decided they really wanted to buy a house right before they got married so they could have all the stressful things put to bed and roll through the holiday seasons in their new home as newlyweds.

When Nicky called me up and told me they wanted to go home shopping now instead of spring, I told her she was a lunatic! Doesn’t she know that buying a house is the second most stressful thing a person can do… second only to GETTING MARRIED! But they were determined so, armed with the knowledge and education they had been gleaning over the past two years, a list of expectations and a flow chart of the home buying process, off they went that very weekend!

The first day they went to four open houses on their own and together the next day we toured three, two of which they had seen the day before.  But even before we left on our tour that day, I told them I thought the house for them was the last house we would see, a wonderful, modestly sized contemporary craftsman. Something told me, that this style of house, and maybe even this particular house was the one for them. I jokingly said we should just start there and be done with it!  But, because I believe that seeing a variety of homes can provide the contrast needed to make an educated decision and Nigel & Nicky really really liked another house they had seen the day before, we stuck to the logical plan and set off to see all three. 

The first was a non starter but the second stop was a lovely home with large open spaces and an yard full of incredible, Japanese style landscaping. They were ecstatic! They loved it and really wanted me to see how it was a good fit and they seemed like they were ready to write an offer.  But always being the voice of reason, I had concerns. While I loved the yard, it seemed like a minimum of ten hours of work a week to maintain as it was, the home had some odd spaces and the flow wasn’t great. Plus it didn’t feel like it was well built, it sat on the corner of a busy street which can seriously affect the possibility for resale, and the owners had recently raised the price for no apparent reason other than they “decided it was worth more” after previously having lowered the price twice. This can sometimes be a sign that owners aren’t really committed to the process of selling and may be difficult to negotiate with. 

I really wanted Nicky and Nigel to think twice before writing an offer on this one but their excitement was palpable as we headed off to see our last stop, the modestly sized, contemporary craftsman. It didn’t take long for both of them see the difference in the quality of construction, the more sensible layout, and to see and appreciate the possible benefits of a smaller, lower maintainance yard. Even so, I was surprised when they said… This is the one!

In just over four weeks later, with one of my smoothest transactions of the year, Nicky and Nigel were new home owners with 10 days to spare before getting married. Armed with determination, the proper information, a strong lender behind them and of course the help and guidance of a great Real Estate agent, I guess they weren’t that nuts to want to buy a house the same month the get married. Congratulations on both you two!!

Home Town Proud

Posted on by Living Room Realty

Small town kids grow up together, and stick together like family; we trust each other and have a bond that lasts a lifetime. David and his family had decided to move back to the Portland/Vancouver area for his his wife’s job and be closer to David’s mother. I am always honored to be chosen as someone’s REALTOR®, it’s an additional bonus when we’ve grown up together. We went back and forth about the difference of Oregon and Washington, the schools each area had to offer their three beautiful boys and the congested commutes to avoid. We looked at many homes, and I do mean many! Soon they had their mind set on Camas, though they knew how competitive the homes were because of location and highly ranked schools. It wasn’t long before I could see them starting to compromise with other areas in Washington. After viewing 6 homes outside of town, I eagerly pushed them back into Camas for our last showing of the day. I knew they were tired, and this home was out of the way.. after all, we had seen this house before so why was I pushing them so hard to go back? The first time we viewed the home, we had already fallen in love with another one that just wasn’t meant to be (thanks a lot bidding war). I had a feeling in my gut to view it again when I was out touring on my own, and decided to put it back on our list. As we all walked in, the feeling of “home” rushed over us. The layout is what David wanted, the master bath and closet were what Sam wanted, and the fenced backyard that peeked over to the friendly neighbors was perfect for the kids. As I handed over the keys on closing day, I glanced over with a nostalgic smile realizing some things never change.. Class clown, David was still at it! Congrats my fellow Pirate! I have no doubt you’ve chosen the perfect home.

 

A busy family achieves their dream of home ownership!

Posted on by Living Room Realty

They’ll enjoy more family time with a shorter weekday commute and have the ability to walk to the nearby soccer/football fields. The kids will continue to attend Sauvie Island Academy, enjoy their new outdoor living space and make new fiends in their new Scappoose neighborhood.
They’ve sacrificed during the last three years to be in a position to make an offer on their first home and take advantage of the current favorable interest rates. I am so proud and happy for them!

Buying in Beavercreek

Posted on by Julia Robertson

It doesn’t get happier than this! Paul, Emma, and Orla are ALL smiles. They just got keys to their new home in Beavercreek. We’ve been house hunting for a few months and written offers on 4 other homes closer to Portland, near Milwaukie. The market was very competitive and our over asking price offers with excellent terms just wasn’t enough up against all cash and waiving appraisals/inspections. You just cant give those things up sometimes! Inspecting your home is important. They decided to look a little further out into a great area of Oregon City- Beavercreek. This area is known for larger property, lower taxes, and beautiful countryside scenery. This couple not only got the home for the price they wanted, but we negotiated another price reduction and a large seller credit towards their closing costs! Score! Orla has a large backyard to garden with mom and a shared community green space to play on. Something you just can’t find closer in for under $400k. At closing, I gave Orla this fairy garden set for her new backyard. She is such a sweetheart! I’ll miss working with this couple- I have the best clients 🙂

If you’re looking to buy or sell in Clackamas County- contact me!

Julia Robertson | Broker Licensed in OR & WA | Living Room Realty

541-505-1111 | julia@rebyjulia.com

Buyer in Back-up Wins Bridlemile Beauty

Posted on by Mel Marzahl

The day I walked into this beautiful Bridlemile home, I knew it was meant for Jewelia. It checked all her boxes. The location is close to work, to family, and things to do. The home has all the features she was looking for too! It has a fireplace, sunken living room, three beds, two baths, and nice sized yard. I knew it wouldn’t be on the market long, so I texted her immediately to schedule a tour.

My instincts were right, Jewelia loved the home too. We made an offer right away and while it was a strong offer, we were outbid. The seller’s accepted the other one, but I explained to Jewelia what a Back-Up Offer is and we asked if we could be put in back-up position.

Jewelia asked me how often back-up offers move to first position and become accepted offers. Even though she loved the house, she didn’t want to get her hopes up in case the first sale went through. I can’t say for certain how many times this happens because the home never goes off the market and then back on, it’s hard to track that data. All I could do was share my personal experience.

What is a Back-Up Offer?

A back-up offer is when the seller has accepted an offer already, but is willing to put your offer in “back-up”. This means that if the first deal falls apart, then the seller will notify you, and your offer is immediately accepted, or put into “first position”. You can continue to look for homes in the meantime, and just request to be taken out of back-up if they find something else. 

This is also beneficial to the seller because the house never goes back on the market and they don’t have to worry about losing interested buyers who are now wondering if there was something wrong with the house. Houses that go pending, then go back on the market often don’t sell for as much as if the first sale had gone through.

Buying My Own Home

When I bought my first home, we made an offer that was rejected. Later, we saw the house come back on the market and made an offer again. This time we were put in back-up position. We thought there was no way we’d get it, but about a week later we learned ours was in first position! The house needed lots of work which is why it’s previous deals failed. But, our agent was a skilled negotiator and we bought it with some credits to put towards repairs. 

I hoped sharing my experience would help, and Jewelia was put in back-up. A week or so later, she learned that she was put in first position! She was thrilled, as was I, and we moved forward with the purchase. The home had been very well maintained and there was little to negotiate. The transaction moved forward smoothly, and Jewelia closed on her first home last week! She went from back-up to getting the keys in just over a month!

It all started when Jewelia walked into our Multnomah Village office one day. She was curious about buying her first home. She and I were connected and I am so grateful we were. Getting to know her and help her through this important purchase was a joy. I can’t wait to see how she makes this house her home. Congrats Jewelia!!!!

Jewelia gets the keys to her first home!

First time home buyer in a competitive price range

Posted on by Julia Robertson

These happy campers relocated from New York less than a year ago. They just closed on the most perfect 1940’s cape cod style home in North Portland. We’ve been on a search for a home under $450k, with character, room to improve, in an up-n-coming neighborhood and close enough commute to Nike. I’d like to say it was an easy search, but this is a popular search for North Portland! We wrote multiple over asking price offers, giving desirable concessions to seller… but lucking out, as runner up or back up offer on these homes. One home in particular, they had their eye on was removed from the market for a month. Although we really wanted to write an offer on that property, the seller had to find a suitable 1031 exchange property on the east coast, while living in the Netherlands. Sound complicated? Yup! We continued to look at other homes and write a few offers in some crazy competitive situations. Sure enough this cute little cape cod came on the market and we had our opportunity again! In a split decision with multiple offers the seller chose an all cash offer, higher than ours, the seller couldn’t refuse the terms. Ugggghhh! We asked to be a back up position and seller chose not to have a back up. All the while I encouraged these two. In real estate, everything happens the way it’s supposed to. Don’t get discouraged.

Two weeks later, I received a call from the cape cod home that the buyer in first position was backing out. Before listing it back on the market, they wanted to know if this buyer was still interested… YES!!! These two were so excited to get into the home they originally wanted. May not have been the way they thought it would happen, but almost always everything happens the way it’s supposed to in real estate. Timing is everything and so is having a professional on your side.

If you’re a first time home buyer and you’re trying to navigate the home buying process- I’d love to be your guide. Call or email me anytime!

Julia Robertson | Living Room Realty

Licensed Broker in Oregon & Washington

541-505-1111 | julia@rebyjulia.com

Japheth and Nicole said yes to their first home!

Posted on by Living Room Realty

Japheth and Nicole said yes to their first home!

The search for the perfect home is over- at least for one pair of awesome clients!

Japheth and Nicole have discovered their first home – and they are excited to make the newly-renovated 1970s ranch-style house their own after move-in.

The couple has lived in Oregon for a few years, and have been working toward owning their own home for quite some time.

Japheth spent most of his childhood in African villages –

there, features like refrigeration and efficient home heating and cooling systems were practically non-existent. That’s part of why the couple worked to save for and find a first home that suits their needs.

Knowing that their long work hours during the week didn’t leave much time to learn how to remodel a home, and that it just didn’t interest them, both Japheth and Nicole agreed on what they were looking for: a home that they wouldn’t have to spend a lot of time and energy repairing and upgrading.

That’s part of why this recently-renovated home is so perfect for them. The fully-fenced backyard was another plus – because it allows their mini Aussie a place to run, play and get rid of some of his energy.

Lender Tom Hestmark, of Mortgage Express, connected Japheth, Nicole and I during the couple’s search. We quickly hit it off and spent Sundays touring homes for a couple months in the Salem/Keizer area.

They initially went into backup position behind another offer that was accepted one day prior. When the first buyers failed their financing contingencies less than two weeks later, my clients moved into contract on this gorgeous place.

The sellers completed 100% of the requested repairs, and partial closing costs were also provided.  Talk about savings!

Everyone involved is thrilled at the outcome!

A great REALTOR® can help you find the perfect home, negotiate the important details, and help you keep track of all the moving pieces in the home buying process.

503-840-2842

If you’d like help buying, selling, or small space planning, I’d love to be a part of your team too!

First Time Home Buyer, Future Investor

Posted on by Mel Marzahl

When I think about the story of this purchase, I realize the center of this story is not the charming Montavilla ranch. This story is about my client, Russell. He is a first time home buyer, arborist, future Portland real estate mogul, and all around cool guy to know.

Me and Russell at the signing for his first home!

I met Russell when my neighbor recommended his tree company and was immediately impressed with his knowledge and passion for his work. I hired him for a job at my own home, and for every tree need I’ve had since. He is now my go-to person for all things tree and shrub related and I recommend him to everyone in my area.

I learned about his interest in real estate after he did a few projects at my house. Russell had a very focused idea of what he wanted. He wanted to buy a house he could live in comfortably for a few years. However, his end goal was to eventually turn this house into a rental. He is interested in building wealth through real estate and was ready to start building his portfolio! Russell has an investor’s mindset and an eye for what will make a good rental.

I’m happy to say that after touring lots of homes in southeast Portland, we found one that was perfect! After less than 10 hours on the market, we had toured and submitted an offer on this property. The 2 bedroom, 800 sqft home in Montavilla fits his criteria perfectly. A well maintained, move-in ready home, with easy access to freeways for commuting, within walking distance to shops and restaurants on Stark, an attached garage Russell can convert to a woodworking studio. (One of his talents is making, and teaching others to make, beautiful wooden spoons, butter knives, and serving ware.) The house is also on a spacious lot with room for a garden and, of course, some trees!

Russell in front of his first home!

The sellers accepted Russell’s offer after waiting a few days to review all others that had come in. When writing his offer, he put his best foot forward because he knew this was the home he wanted. He didn’t want to miss out on such a great investment so he offered above asking, knowing the home was worth it. The sellers agreed to a small repair that needed doing, but the rest of the transaction was a breeze. We signed the closing docs on five years to the day he moved to Portland, and I couldn’t be more happy for him!

Congrats on your first home Russell!!!

Sweet success

Posted on by Sean Patrick O'Feery
I met Jed and Jackie at an open house for one of my listings and we made a good connection. Although that was a great house, it was not the right time for them.  When they called and asked if I represent buyers, I was thrilled because they had stood out as a really fun and thoughtful couple on the hunt for a home.
We got the basics squared away with a great lender and started the looking at homes in earnest. We made a couple of offers on homes that could have been a good fit before we found the one!
It is a great home with lots of space, really more than they had considered in the past, but the price was right and we jumped on it. There were more than a dozen other offers made on the home, but with the combination of thoughtful buyers like Jed and Jackie and my skillful negotiation and good reputation working on their behalf we got it ‘into contract’.
I could not be happier for these two!
 
Thank you to Jed and Jackie for being rad, and inviting me to be your trusted advisor in the purchase of your first home!
If you would like genuine, focused and sincere representation in the sale or purchase of your home please call or email. Providing excellent service has been a long-standing source of pride.