How to get what you want with a tight budget and a bit of know-how!

Posted on December 7, 2023 by Living Room Realty

Here are my thoughts on how to get what you want with a tight budget. Let’s get creative and be informed.

Look at Cosmetic Fixers:

Look past the paint and the details. Is the house filled with junk? Are the photos just bad? See everything on the market. You’ll be surprised! And, I love the hunt for a great diamond in the rough.

Fix your credit:

Some lenders are better than others at this. I can help you find a lender who will give you a clear idea of what you need to do to fix your credit and better qualify for a loan.

Talk to multiple lenders:

They are not all the same and it’s important you like the lender you work with. Look into first-time homebuyer programs, FHA or VA or Oregon Bond. I can help guide you to lenders who have the loan packages best for you. And, it’s important you feel comfortable talking with them about money and finances. This can feel very personal so you want to work with a lender who is a good fit for you.

Look into rate buydowns:

Because interest rates have been high this year, rate buydowns have become pretty common. Sometimes you can even negotiate this with the seller so they pay to buy down your rate. You can also buy down the rate on your own and your lender can walk you through that.

Always get an inspection:

This will save money in the long run. No one likes surprises in real estate so I highly recommend every single client has a home inspection done to avoid an expensive surprise after you get the keys. Home inspections cost money but they are worth it! I typically recommend these basic inspections- general home inspection, sewer scope, radon test and an underground storage tank scan.

Look for solid big-ticket items already in place:

This one is easy because most sellers are eager to let you know what has been updated recently. But it’s very important when we are crunching the numbers and deciding if the value is there for you.

Focus on location and layout:

These are two things you can’t easily change about a house so they are very important to focus on when you’re buying.

Be realistic about the renovation lifestyle:

This is a big one because no one wants to spend every single weekend and evening working on their home projects, no matter how much money it saves. I have a lot of clients who begin their house hunt very certain they can easily renovate a house. Then, they learn more and realize it’s not as simple as it seems. Especially on a budget. I will help you get bids for major renovations or big updates during your inspection period. That way you can make an informed decision about what works for you. This is case by case so I’ll advise according to each buyer’s situation.

Research the Market:

I am here to help you understand the local real estate market conditions. Are prices trending up or down? Are there any neighborhoods where prices are more favorable? Knowledge of the market will help you make informed decisions.

Look for Motivated Sellers:

Sellers who are motivated to sell quickly may be more willing to negotiate on price. These motivations can include job relocations, divorces, financial difficulties, or properties that have been on the market for an extended period. A big part of my job is to build rapport with other agents to get as much information as possible and find the win-win for everyone!

Don’t Lowball:

It’s better to look at the data and make informed offers. Sometimes buyers purchase below the list price but throwing a very low offer price out there just to see what happens is not productive. While you want a good deal, making an unrealistically low offer can turn off sellers and waste time. I work with clients to determine a fair and competitive offer based on market comparables.

Be Patient:

This is a big one. The timeline a buyer thinks they need is usually the first thing out the window. Don’t rush into a purchase. Sometimes, waiting for the right opportunity can lead to a better deal. Keep an eye on the market and be prepared to act when the time is right.

Backup Offers:

This dovetails with being patient. If a deal falls through for another buyer, having a backup offer ready can put you in a strong position to negotiate with a motivated seller. You’d be surprised how often this happens.

Flexibility:

Be open to compromise on non-essential features or repairs. Being flexible can help bridge gaps in negotiations. A lot of times these non-essential repairs feel like a big deal in the moment but they don’t need to be deal breakers.

Reach out if you’re interested in talking more about buying or selling a home. I’m here for you! If you’re a first-time home buyer I can set up a new-buyer meeting and go over everything step by step. If you already own a home and you’re ready to sell that one and get the next one, let’s make a plan that works for you.

Bringing authenticity into real estate is my calling- I love to engage with new people and listen carefully to their needs and goals, then throw all my energy into helping to achieve them! I am known for my knowledge of the market and my ability to educate and listen carefully, although my secret superpower is that I remember every house I’ve seen (which is a lot).

Jasmine Deatherage

503-320-0039

Jasminedeatherage@gmail.com

Just Sold near Peninsula Park! Yay for my first-time home buyers!

Posted on September 8, 2023September 8, 2023 by Living Room Realty

Congratulations to my clients!

As you may already know, my business is referral based and I love meeting new people. So you can imagine how happy I was when a past client recommended Jane and their partner to me. It was such a joy getting to know them on their house hunt!

Here’s a little rundown of how it went.

We started with a buyer consultation and spent an hour going over the process in general. That’s the best way to get started, going over the current market and setting expectations for everyone. That’s when I ask the most questions about what my clients are looking for and we set the pace for the house hunt.

We saw multiple houses every week in various neighborhoods for many weeks until we narrowed it down and found the area that felt like home. The house they chose checked a lot of boxes, it was the perfect size in a great location and it had more than one bathroom plus a garage (bonus!). We saw the house 3 times just to be sure and then successfully got the offer accepted! They did a great job of getting financially ready, approved by a reputable lender, and had all their ducks in a row in that arena. (That truly is the first step!)

As we went through the inspection contingency period, I really liked that Jane and her partner asked a lot of questions along the way. One thing that people don’t always lean into when buying a house is making time to dive into research and ask all of the questions, even the dumb ones (and there are no dumb ones). Carving out time for this is so helpful because it’s the meat and potatoes of the whole deal. I’m here to advise and guide you along, but there is a lot to digest and having the time for those conversations and follow-up questions will always feel good.

Here is a general overview of the inspection contingency period. I will advise you while you look over the permit history, have the sewer scoped, the home tested for radon, the property searched for underground storage tanks, plus have a whole property general inspection as well. And that’s not always all, there are more investigations sometimes. It’s a lot and it’s awesome! Because after all of that, clients have a much better understanding of the home with all of its pros and cons.

So in this case, some things did come up in the investigations and we negotiated a credit and a price reduction. A couple of weeks later we had fun at the signing and a few days later we wrapped it all in a bow and I gave them keys.

Please reach out if you’re interested in talking about buying or selling a home. I’m always here for a check-in about the current market, lender recommendations or anything I can do to help advocate for your homeownership.

Sticking With it Pays Off and My Clients are SO Happy!

Posted on February 21, 2023 by Living Room Realty

Congratulations to my sweet clients!

What a dream working with these dear humans (and their cute kitty)!

These two began their search just before the pandemic. Back when the market was vastly different and right before the pandemic and low-interest rates had their big effect on the market. I loved working with them, getting to know them and seeing homes together. We looked at a lot of homes over the years, wrote some offers and took a couple of breaks from searching while the market went nuts. Luckily these two had a strong sense of what they wanted and even though they lost out on a few homes along the way, the one they bought in the end, is definitely the BEST one with the best quality for the price! I’m so happy for them!

If you have questions about neighborhoods, the real estate market, buying or selling a house etc, let’s sit down and talk. My aim is to establish trust and serve you with warmth and attentive communication. I love to engage with new people and listen carefully to their needs and goals, then throw all my energy into helping to achieve them!

What it takes to make the dream come true!

Posted on September 30, 2022September 30, 2022 by Living Room Realty

Hello!

I am pleased to say, I have had the privilege of helping the most amazing clients this year and I love my time with them. One thing folks don’t always consider when they are getting started, when either buying or selling a home, is how many people it takes to make a great experience in real estate. I am here as the dedicated advisor and through the years I have met many great inspectors and contractors.

I am happy to connect my clients with as many contractors and specialists as needed, along the way.

For example, I love working with a steadfast, smart, and grounded home inspector like Uli Sommers with Sommers Home Inspections. And my go-to Escrow officer, Steve Skare my go-to Escrow officer at First American Title.

Now, here is the eye candy; a few of the cute houses I’ve helped my clients buy and sell this year.