Tag: home buyers

When Can I Move In? Understanding Possession Dates in Real Estate

Posted on by Will Sing

One of the most common questions buyers ask is, “When can I move in?” The answer depends on the possession date in your real estate contract. This date determines when you officially take ownership of your new home and can start moving in. Let’s explore three main scenarios for possession dates, helping you understand what to expect and how to plan your move.

1. Possession on the Closing Date

The most straightforward scenario is when your possession date matches the closing date. On this day, you sign all necessary documents, and the property becomes yours. Once your name registers with the title, you officially own the home and can start moving in immediately. This scenario is ideal for many buyers because it allows you to move in as soon as the deal closes.

2. Possession After the Closing Date

Sometimes, sellers need extra time in the property after the sale is finalized. In these cases, the possession date will be set for a few days or weeks after the closing date. For example, if your closing date is January 15th, you might agree to give the sellers two more weeks to move out. During this period, you own the property, but the sellers remain in the home, often paying you rent until they leave. This arrangement, known as a “rent-back” agreement, is common when sellers need more time to relocate.

3. Early Occupancy Before Closing

A less common scenario involves moving into the property before the closing date. While convenient, this option comes with risks. If the transaction falls through, you may have to move out before the deal completes, causing major inconvenience. Additionally, you will likely need to pay rent to the seller for the time spent in the home before closing. Early occupancy is typically reserved for special circumstances and requires careful consideration.

Planning Your Move-In Day

If your possession date is on the closing date, planning your move carefully is essential. Typically, you can expect to receive the keys to your new home by 3 PM, but it’s safer to aim for a 5 PM move-in. The exact time depends on when the title records. I will keep in close contact with the title company and update you promptly. If there’s a chance to get in earlier, I’ll notify you as soon as possible.

Have Questions? I’m Here to Help!

Understanding possession dates is crucial for a smooth transition into your new home. 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.

A New Baby and a New Chapter!

Posted on by Living Room Realty

Congratulations to Adam, Emily and Otto. Little did I know the journey we would have when Lisa Avena asked me to cover for her on vacation in November 2021. From a sale fail with Zillow in December to a baby born in January, we had tons of fun looking at some awesome houses until finding the right house for this new family to start a new chapter in. 

Adam and Emily were ready to upgrade by selling their first home with Lisa in North Portland. We looked all over the North/Northeast Portland, Beaverton, even Forest Grove before finding this cute, ready to move-in ranch in Argay Terrace. They will have all the free time to play with Otto and enjoy their lovely new home! Time and patience was all we needed and they were so great to work with!

If you are looking for a new place to call home, I’d love to go house shopping with you!

 

Yay You’re Here!

Posted on by Living Room Realty

Getting keys from afar.

This cheerful doormat greeted me as I retrieved the keys for my buyers on their closing day.

Unfortunately, Claire and Jono are in the process of relocating and weren’t yet in town on Key Day. But we still celebrated!

They asked their dear friends (who are also past clients of mine) to stand in for them on the big day. We did a walk-thru, took lots of pictures, and celebrated long-distance with the new homeowners. But don’t worry, we’ll celebrate all over again when they pull-up in their moving truck. And the door mat will still be there to greet them with “Yay You’re Here” all over again.

Their charming bungalow style home was built in the 1920’s. While it’s not huge, it features the cozy fireplace, hardwood floors, and nicely updated home systems that will make it a wonderful place to settle in and call home.

Congratulations to these new homeowners!

– – – – – – – – – – – – – – – – – – –

Interested in making Portland your home?

Call Cheri Harney, at 503-319-4858.

Glimmer And Gold, A Hollywood Couple’s Story

Posted on by Living Room Realty

Kimmy and Frank are one of those couples you just swoon over because they are so perfect for each other. We remember tearing up on their wedding day seeing how much they loved each other and how they accept each other exactly for who they are. Frank is the steady solid type with an appreciation for spunk and spirit, which Kimmy has in leaps and bounds.

Jason and Kimmy knew each other in college. They both had a mutual love for music and dance. I remember when Jason and I started dating we went dancing with Kimmy, and I had such a fun time watching Kimmy and Jason both taking up the dance floor in their own worlds both dancing individually to the music. The other thing we appreciated about Kimmy was how incredibly intelligent she is. Speaking Spanish, Japanese, Portuguese and is now learning German to speak along with Frank and their two beautiful twin girls. Getting to know Frank has been such a treat and seeing how he co-parents with Kimmy just makes us all the more excited that these two finally found each other.

Kimmy started to help Jason and I with our taxes when we first started in real estate, and we remembered her asking us over lunch, “Will you be my realtors?” We were so honored and began touring homes with Kimmy and had quite an adventure doing that.  We remember one time viewing a home that the occupant hand written sign, “Beware” on one of the walls. It already felt creepy enough without that writing, but it was a sign to high tail it out of there.  To find the right one, it took a number of showing and a few offers until we landed at the right one back in 2016.

Kimmy told us that she dreamed of buying the home next door as well.  She formed a great relationship with her neighbors and one day her neighbor called her and organically the conversation happened where her neighbor told Kimmy that she was thinking of selling her home. It happened sooner than Kimmy expected, but she and Frank jumped on the opportunity and connected us with the listing agent to put the deal together.  It was an amazing opportunity for Kimmy, Frank and the girls and they were able to seal it up at an incredible purchase price.

Once in contract, we dug in and had their inspections and gathered bids.  From there we all pow-wowed and negotiated with the sellers for a number of needed repairs to be taken care of so that the sale ended on a great note.  In the midst of all the craziness the world is enduring this was a great light at the end of a tunnel for the Kimmy, Frank and the girls!

We are so impressed with you all and are so proud that our families get to do life together.

Cheers to you and your beautiful family!

 

 

 

Superheroes to the rescue …

Posted on by Jessica LeDoux

Meredith and Gene are no joke!  The moment they heard their son’s preschool was going to close they went into solution mode; put on their capes, found a way to save the school, and the teachers jobs.  As they handled the details of rebranding, and the opening of the preschool they decided to call on their mighty REALTORS®!  Together we navigated the purchase of the building.  Amazing people make amazing things happen … Hats off to your vision and gumption to take this new chapter of your lives on!

Jessica + Karim, REALTORS® and sometimes “superhero sidekicks”

 

Is 2019 the Right Time to Buy a House?

Posted on by Erika George & Kari McGee

We’ve broken down buyer trends for 2019 to help you decide whether or not it’s a good time to for you to buy a house. From questions about interest rates to concerns about another recession, we cut through the noise and outline a practical approach to decide whether or not it’s the right time for you to buy a home.

2019: An Equal Market for Buyers and Sellers

In Portland we saw a 2.4 increase in home prices from 2017 to 2018. While to many, this felt like a big slowdown in the market after five years of astronomical growth, these rates still show an increase in value on top of the huge growth experienced in previous years. What this means for 2019 is a balanced leverage market for buyers and sellers. As realtors, we’re happy to have a balanced market for the first time in years.

 

How Do Interest Rates Affect Mortgages?

At the end of December the Federal Reserve raised interest rates for the fourth time in 2018. The Feds are currently in a “wait and see” stance on interest rates, and as of January 10, 2019 say they plan to hold off on interest rate hikes until at least May. Today’s mortgage interest rate for a 30 year fixed mortgage is 4.75%. This is good news for buyers this year because although interest rates have increased from the historical lows of 2016, they are still very low and are likely to stay that way through April.

It’s important to know that Fed hikes in interest rates do not always cause mortgage rates to increase at the same rate. The fed hike at the end of December caused the ten year treasury yield to tumble, which is what mortgage rates follow. One of our amazing loan officers, Jen Bell, reported that this actually caused an improvement in loan rates. She locked a jumbo loan at 4.5% with no points.

 

What About a Recession?

Some buyers are scared to get into the market right now. They wonder if it’s a risky market where property prices could go down because of a recession. Oregon historically has had a recession about every nine years, which means we are overdue at this point. Having said that, there are many analysts who think that Portland’s population growth will continue on an upward trend and as a result, real estate values will also continue to follow that trend.

The 2008 financial crisis can provide a blueprint for decision making in 2019. For people who bought at the height of the market in 2007 or early 2008, it took five years to recover the value of their homes and start seeing an increase in the value of their property by early 2013.

We understand buyers’ desires to plan for a worst case scenario, so here’s why it still can make sense to purchase a primary residence now.

 

Is 2019 a Good Time to Jump Into the Market?

In 2019 we recommend buyers plan to remain in their new homes for at least four years. Ask yourself these questions to help determine if 2019 is the right time for you to buy a home:

  • Financially, will I be able to afford to pay a mortgage for four years?
  • Is my income stable enough to pay the mortgage for four years in a worst-case scenario recession where my property losses value?
  • Are there any changes on the horizon in the next four years – retirement, a new job or a reason I will need to move?
  • Am I going to be both a buyer and seller – selling my current home and buying a new, better home for myself and my family?

If you can afford to pay your mortgage and you are not planning on moving for four years, then there’s absolutely no reason to delay in buying a house in the current market.

A delay in purchasing is just a delay in building equity in your house. Although there are many emotional and lifestyle reasons to buy a new home, financially the end goal is building equity in your home. Eventually you can leverage that equity to build an accessory dwelling unit (ADU), finance college education or even purchase an additional investment property. If you are currently renting, then you are paying money for a roof over your head without building equity in your own property.

If you are considering both buying and selling in 2019, again there’s no reason to delay. When you are buying and selling in the same market, you may have more leverage as a buyer and less leverage as a seller, or vice versa, depending on the market. Either way, your leverage will balance out (remember 2019 is shaping up to be an equal market for buyers and sellers). If your goal is to secure a home that is going to be better for you and your family for the next four years, then now is the time to make that move.

On the other hand, if there is uncertainty on your horizon – a job opportunity elsewhere or other life changes that could impact your income – then it’s probably not a good time for you to purchase a new home.

If you have questions about buying or selling your home, please reach out to us! We are happy to discuss your financial situation and goals in depth. Reach us at 503-349-5449 or karianderika@livingroomre.com.