Tag: Mel realtor

Old Home Gets Love it Deserves with New Owners

Posted on by Mel Marzahl

Annabelle and Fabiana contacted me to help them sell their 70s, updated ranch in Hillsboro, and also to buy their next home. I knew selling their home would be a breeze with a few cosmetic updates. (See their listing here) My only concern was finding them their next home with such low inventory! As sellers, they got to reap all the benefits of the strong seller’s market we have right now. Especially in the suburbs! They got multiple over asking offers and closed at 9% over their asking price! As buyers though, they were in the tough spot of having to compete for the few great homes on the market.

Selling and Buying

We navigated this sell-buy process by asking anyone making an offer on their home to please include a free 30-day rent back. This means that all the potential buyers would allow Annabelle and Fabiana to stay in their home an extra 30 days after closing so that they would have more time to find and close on their next home. Every offer we received included a rent-back of some kind. Annabelle and Fabiana were happy to have the flexibility, and the extra cash from the great offer, to make their move.

We toured a few homes, but with so few on the market that matched what they needed, our search was actually relatively short. They lucked out by finding a home that had just come back on the market and making an offer right away. It was in an unusual location on an unimproved street, so that limited their competition as well. The home has more space than they originally thought they needed, and the location works great for getting to work and school. Their offer was accepted right away and we moved forward with the purchase!

Old Home Getting the Love it Deserves

The home that Annabelle and Fabiana chose is over a hundred years old and perched up off the street on a little hill. It had gotten some updates done here and there but it is in need of some bigger updates. During the inspections, they found a number of items that needed repair immediately. Luckily, the sellers were willing to work with them on those things. The sellers had a new roof put on the home and garage before they closed, and they also provided a credit for the cost of a new sewer line. Since I was able to sell Annabelle and Fabiana’s home for so much more than they were expecting, they were left with some extra cash to make additional repairs!

Annabelle and Fabiana have big plans to rebuild the supports for a sagging, enclosed, back sunporch and to repair a beautiful, covered front porch. They also plan to install new windows on the main level replacing cracked and dry rotted single-pane windows. They will also update some electrical items for safety, and update the bathrooms and appliances to modern standards. The house has a certified front yard habitat, and they are looking forward to maintaining the garden and growing their own fruits and vegetables, something they did at their previous home as well.

This 100 year old home is in great hands with its new owners. I saw how beautifully they cared for and maintained their previous home, so I’m sure this one will be just as well-loved. I am so happy for Annabelle and Fabiana and can’t wait to see how they give this home a new life!

Congrats Annabelle and Fabiana!

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.