Tag: first-time homebuyer tips

Buying vs. Renting in 2025: What Portlanders Need to Know.

Posted on by Kelsey Burkett

With home values shifting, mortgage rates holding steady, and rental prices fluctuating, buyers and renters alike are asking the same question: Is now the right time to buy, or is renting the better move? The decision to buy or rent isn’t just about numbers—it’s about lifestyle, stability, and long-term goals. So, let’s break it down; What does the data say, and what should you consider beyond the numbers?

📊 Portland Market Snapshot

📍 Median Home Price: $531,463 (up 1.2% year-over-year and expected to increase 3-4% in 2025, which most experts are calling conservative)
📍 Average Days on Market: 48 days (dialed-in homes are getting multiple offers with short time on-market with some less desirable homes sitting for longer)
📍 Average Monthly Rent: $1,699 (still below the national average)
📍 Mortgage Rates: Holding in the 6.5–7% range

(source: RMLS & Altos Research)

Portland’s market is in a steady but competitive phase, with home prices rising gradually and homes sitting longer on the market compared to peak pandemic years. Mortgage rates remain higher than many buyers would like, but the expectation is that they’ll start to trend downward in late 2025 or early 2026.

Why Buying in 2025 Makes Sense

✔️ Building Wealth Instead of Paying Rent – Every mortgage payment builds equity, unlike rent, which only benefits your landlord. Historically, Portland real estate has been a strong long-term investment.

✔️ Stability & Predictability – Locking in a fixed-rate mortgage means your monthly payment stays the same, unlike rent, which can rise unpredictably.

✔️ Personalization & Freedom – No landlord restrictions. You can renovate, paint, garden, and have pets without limitations. Your home is truly yours.

✔️ Refinancing Potential – While rates are hovering around 6.5–7% now, many economists predict cuts ahead, meaning buyers could refinance to a lower rate in the next few years.

✔️ Community & Roots – Homeownership fosters deeper neighborhood connections. You’re more likely to engage with your community, whether through school districts, neighbors, local businesses or long-term friendships.

Why Renting Might Be the Right Choice

🔹 Flexibility & Freedom – If you’re not sure you’ll stay in Portland for the next 3–5 years, renting might be the smarter option. Selling a home takes time and effort, and from a financial perspective, it’s ideal to hold onto it for at least 7 years before selling.

🔹 Lower Upfront Costs – Buying requires a down payment, closing costs, and maintenance expenses. Renting, on the other hand, usually only requires a security deposit and first month’s rent.

🔹 Minimal Responsibilities – No property taxes, no roof repairs, no surprise plumbing disasters—your landlord handles it all. It really is a big advantage if you’re not wanting to have to worry about the financial headache.

So, should you buy or rent in 2025?

It comes down to what matters most to you:

If you’re looking to plant roots, build equity, and lock in stable housing costs, buying could be the right move—especially before home prices rise further.

If you value flexibility and want to avoid the upfront costs of homeownership, renting might be your best option for now.

If you want to explore making a move, let’s talk! We’ll help you weigh the numbers, the lifestyle factors, and your long-term goals to make the best decision for you.

What Does Contingent Mean in Real Estate? A Complete Breakdown for Buyers and Sellers

Posted on by Will Sing

In the world of real estate, the term “contingent” can sometimes leave buyers and sellers scratching their heads. Whether you’re navigating the buying process or preparing to list your home, understanding contingent offers is crucial. In this post, we’ll break down what it means to be “contingent” in real estate, how it affects you as a buyer or seller, and what potential scenarios you could face.

What Is a Contingent Offer?

A contingent offer on a house means the buyer has included a protective clause in their contract. This contingency gives the buyer an option to back out of the purchase if certain conditions are not met. Typically, a contingent offer involves the buyer needing to sell their current home before they can finalize the purchase of a new one. Think of it as a step in between “active” and “pending”—the property is not quite under contract yet, and there’s still an opportunity for other buyers to step in.

If you’ve heard the term “bumpable buyer,” it means that the current buyer’s offer is contingent on selling their home, and another buyer could potentially “bump” them out of the contract. Essentially, it’s a state of uncertainty, and another buyer might have a chance to swoop in.

What Does Being Contingent Mean for Buyers?

For buyers, there are two key scenarios involving contingent offers:

  1. You Are the Contingent Buyer: You want to buy a home, but you need to sell your current property first. This makes your offer contingent on that sale, which can sometimes be a hurdle. If another buyer who is not contingent decides to make an offer, you will usually have 48 to 72 hours to either remove your contingency or lose the property.
  2. You Are a Competing Buyer: You want to buy a property that already has a contingent offer. In this case, you can put in an offer, which then triggers the “bump clause.” The original buyer (who is contingent) will have a set amount of time to remove their contingency—if they can, they go from “contingent” to “pending,” solidifying their contract. If they cannot, the seller is free to accept your offer, and the contingent buyer is out.

What Does Being Contingent Mean for Sellers?

If you’re selling your home and receive a contingent offer, it’s important to understand the potential risks. If the buyer needs to sell their current home, this could delay your closing timeline. For instance, if their home takes longer to sell than expected, you might need to extend the closing date, which can be problematic depending on your plans.

It’s also essential to assess the buyer’s preparedness to sell their current property. Are they already on the market? Are they prepped and ready, or are they just starting? The more ready they are, the less risk you’ll face. Given the additional uncertainty, contingent buyers often need to make a stronger offer to compensate for the risk you are taking.

Key Takeaways

  • Contingent Offers: Buyers need to meet specific conditions, often involving selling their current home.
  • Bump Clauses: If you are the contingent buyer, be prepared to act quickly if a competing offer comes in.
  • For Sellers: Contingent offers can mean more risk and longer timelines, but they might come with a higher price to compensate for that risk.

Watch the Full Video: The REAL Difference Between Contingent and Pending

If you have any questions about buying a home or need more personalized advice, feel free to reach out to me. Connect with me on YouTube, Instagram, or Facebook.

For a more detailed consultation or to get started on your home buying journey, schedule a free strategy session here. You can also access my Free Buyer’s Guide to help you through every step of the process here.

The Top 5 Mistakes to Avoid When House Hunting in Portland

Posted on by Will Sing

Embarking on a house-hunting journey can be as daunting as it is exciting. With the Portland housing market’s unique dynamics, knowing what to look for in a home can save you from potential headaches and financial pitfalls. In this blog, we dive into the top five aspects you need to scrutinize to make an informed decision and secure a home that’s both a sanctuary and a wise investment. Watch the full video here for a detailed guide.

1. Inspect the Roof

The roof of a house does more than just top the structure; it protects everything underneath from water intrusion and other environmental elements. A well-maintained roof is crucial for the longevity of the home. Most roofs, such as those made from asphalt shingles, have a lifespan of 20 to 30 years, while metal roofs can last up to 100 years. Ensure the roof is in good condition to avoid costly repairs down the line.

2. Evaluate the HVAC System

Heating, Ventilation, and Air Conditioning (HVAC) systems are pivotal, especially in Portland where air conditioning isn’t standard due to historical building codes. Replacing an HVAC system can cost anywhere from $10,000 to $20,000. Before making an offer, verify the age and condition of the system to gauge any upcoming expenses.

3. Check the Water Heater

Who doesn’t love a hot shower at the end of the day? The water heater in your prospective home should be up to the task. Typically lasting 5 to 15 years, replacing a water heater can cost between $1,500 and $2,000. It’s important to check its current state and prepare for its replacement if it’s nearing the end of its lifecycle.

4. Assess Electrical Systems

Electrical systems are the lifeline of your home’s functionality. Older homes might have outdated systems like knob and tube wiring, which poses a fire hazard. Check the electrical panel brand; for instance, Federal Pacific panels are known to fail and could cost $4,000 to $8,000 to replace. Ensuring the electrical system is up to date will save you from potential dangers and expensive upgrades.

5. Plumbing and Pipes

From copper to PEX, the type of plumbing in a home can significantly impact its maintenance needs. Copper and PEX are preferred for their longevity and reliability. However, CPVC can become brittle, and galvanized pipes may corrode internally, leading to rusty water. Understanding what type of pipes are installed will help you anticipate maintenance or a complete replacement, which is crucial for long-term planning.

Bonus Tip: Structural Integrity

Lastly, don’t overlook the structure itself, including the foundation and walls. Signs of excessive sagging or diagonal cracks around doors and windows indicate undue stress. Horizontal cracks in the foundation are particularly serious, signaling potential structural failures.

Conclusion

House hunting is more than just finding a visually appealing space; it’s about ensuring the home you choose can stand the test of time without burdening you with unforeseen repairs. If these tips were helpful, consider subscribing to my instagram or youtube channel for more insights into navigating the real estate market effectively. For a deeper dive into what to watch out for when buying a home, check out our full video here.

If you are wanting a more in-depth chat, schedule a time to meet or contact me at hello@agentlivinginpdx.com

Your feedback is invaluable—drop us a comment below with your thoughts or additional tips you’d recommend. Happy house hunting!