Unlocking the Dream of Homeownership in Portland: A Comprehensive Guide from Offer to Keys

Embarking on the journey to homeownership in Portland, Oregon, is an exciting endeavor. With its vibrant neighborhoods, lush green spaces, and a dynamic real estate market, Portland offers a unique backdrop for finding your dream home. This guide aims to navigate the complexities of buying a home in the Rose City, from understanding market dynamics to sealing the deal on your dream property.

Understanding Portland’s Real Estate Market:

The Portland housing market is characterized by its competitive nature, influenced by factors like location, community amenities, and the city’s environmental policies. A dive into current trends reveals a fluctuating inventory and a premium on well-located, updated homes. Buyers should approach the market with flexibility and an open mind, ready to explore emerging neighborhoods or consider homes that might need a touch of personalization.

Building Your Dream Team:

  • Choosing the Right Realtor: Selecting a realtor who aligns with your goals and understands Portland’s nuances is critical. Look for professionals experienced in navigating competitive bids and adept at leveraging their network to uncover off-market opportunities.
  • Securing Financial Backing: Early engagement with a lender to understand your mortgage options and get pre-approved is crucial. This step not only clarifies your budget but also positions you as a serious buyer in the eyes of sellers.

Financial Preparation for Home Buying:

Budgeting for a home extends beyond the down payment. Prospective buyers should account for closing costs, inspections, and the ongoing maintenance associated with homeownership. Adequate financial preparation includes exploring various loan products, understanding the implications of interest rates, and setting aside reserves for unexpected expenses.

Home Searching Strategies That Work:

Prioritize your needs versus wants and remain adaptable. Utilizing online platforms for listings and attending open houses can provide a comprehensive view of the market. Engage with your realtor to discuss potential homes critically and schedule viewings promptly to stay ahead in the fast-paced market.

Making Your Offer Stand Out:

In Portland’s competitive market, crafting a compelling offer is an art. Consider flexibility on closing dates, a solid earnest money deposit, and minimal contingencies to appeal to sellers. Personal touches, like a heartfelt letter to the homeowners, can sometimes tilt the balance in your favor.

The Path from Offer to Ownership:

After your offer is accepted, the inspection period offers a critical look at your prospective home’s condition. Negotiate repairs wisely, balancing your budget with the home’s long-term value. The appraisal ensures the home’s price matches its market value, a step that can require negotiation if discrepancies arise.

Closing and Beyond:

Closing day marks the culmination of your home-buying journey but also the beginning of your homeownership adventure. Prepare by reviewing all documents and understanding the financial nuances of your mortgage. Once the keys are in hand, focus shifts to moving in and personalizing your new space.

Conclusion:

Buying a home in Portland is a journey filled with excitement, challenges, and learning opportunities. By understanding the market, preparing financially, and building a team of trusted professionals, you can navigate the process with confidence. Remember, homeownership is not just about finding the right house; it’s about creating a home that reflects your lifestyle and dreams.

For personalized advice or to explore Portland’s real estate market further, don’t hesitate to text me at 503-303-0822. Together, we can unlock the door to your new home in Portland!

Late Summer Harvest

Our gardens and local farms are beginning to wind down from high production, and we’re delighting in juicy tomatoes, plump zucchinis, and sweet corn. Apples and pears are coming in, figs are bursting, and some stone fruits are still perfect for plucking!

Want to know more about when foods are harvested? Take a look at the Oregon Harvest Calendar here.

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.

NOW LISTED AT A NEW PRICE!

NOW LISTED AT A NEW PRICE 

255 SW HARRISON ST. UNIT #11A, $259,900
Chic, light-filled, & bursting with amenities! Newly renovated 1 bed, 1 bath stylish condo! New flooring & paint w/ updated kitchen & bath. Delight in city, mountain, & river views through floor to ceiling windows. Stroll out onto your balcony to relax, garden, or entertain. Swim in your pool, relax in your hot tub. Part of the Halprin Landscape Conservancy – access the Portland Park Sequence via the beautifully landscaped courtyard. This is the BEST of downtown!

Call us today for at tour!

 


★ ★ ★ ★ ★ 5 star Google rated – 5 star Yelp rated – 5 star Zillow rated
Willamette Week Best Of Portland Nominee 2016 + Runner Up 2017

About Us:
Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 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.

House Crush! From Portland to Peru

WE ABSOLUTELY LOVE HOUSES!

Take a look at this week’s house crush! And for fun, we’ve decided to add a spotlight on housing from around the globe for inspiration!

PORTLAND HOUSE CRUSH

PERUVIAN HOUSE CRUSH

Love what you see, let us know and we can share more!


★ ★ ★ ★ ★ 5 star Google rated – 5 star Yelp rated – 5 star Zillow rated
Willamette Week Best Of Portland Nominee 2016 + Runner Up 2017

About Us:
Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 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.

Covid-19 and New Mortgage Financing

Covid-19 and New Mortgage Financing • Aaron Nawrocki • Capital M Lending •  Portland, Oregon

Covid-19 is having widespread and unpredictable effects across multiple business sectors. Bars and restaurants are among the hardest hit industries and suppliers such as craft breweries and food purveyors are starting to suffer too. Many industries that are not shut down completely are working shortened hours or laying off a portion of their staff. The mortgage industry is feeling the effect as well. Some of these folks had real estate purchases in process and their layoff stopped them from buying a home. Mortgage lenders are also worried that some new homebuyers will lose their jobs over the coming months and that they may be unable to pay their new mortgages. There’s an additional concern that some of these mortgages may go straight into forbearance. It’s beginning to have an effect on how mortgage loans are approved and closed.

Mortgage lenders make revenue by closing mortgage loans and selling them. They are creating a product for sale, much as Honda makes cars. If they can’t sell the finished product, they don’t want to make it, as holding inventory would put them out of business. To help ensure they don’t get stuck with loans they can’t sell, banks are changing lending criteria and not making certain types of loans. In essence, banks are only building silver Honda Accords – no purple or brown ones – they’re only making the types of loans that are most readily saleable. I like the above analogy because most folks want a silver Honda Accord anyways – so the changes below will only affect a small percentage of potential homebuyers. Nonetheless, it’s important to be aware of how the mortgage world is moving.

Here are some of the changes:

  • Higher risk Government loans (FHA and VA loans) are subject to additional scrutiny. Traditionally, Government loans have had higher rates of default as they are designed to lend to more “at-risk” borrowers. Banks that service these loans are required to pay the investors that hold them, even if the borrowers are not paying. This has led to some banks requiring minimum 680 credit scores and/or lower debt to income ratios.
  • “Jumbo” loans are very difficult to find or much more expensive. In the Portland market, these are loans larger than $510,400 (the “Conforming” limit). Because these loans are sold in the open market or held by the bank that opens them, there are no guaranteed buyers. Additionally, these larger loans tend to create more losses in a downturn as higher cost properties typically suffer disproportionately when home values fall. 
  • Because the mortgage market is so volatile right now, some lenders are not allowing interest rate lock extensions or making them extremely expensive. If you’re buying a home in this environment, it’s important to have extra time on your interest rate lock as all aspects of the home buying process are taking longer.
  • More “overlays” in general – mortgage loan underwriting rules are written to address “most” situations. We are in a unique time and lenders are adding additional approval criteria. This could include:
    • Using two years of tax returns for self-employed income calculation instead of the most recent year
    • Requiring additional funds in reserve – three to six months’ mortgage payments left over after bringing in the money to close
    • Looking at the type of industries the borrowers work in (hospitality, entertainment, etc) to see if they are at higher risk of closing.
    • Reverifying employment multiple times throughout the loan process, including the day of closing and asking very specific questions about how Covid-19 is affecting the employee’s number of hours worked and overall pay.

These changes are having some effect on new mortgage applications. We’re seeing a general slowdown in preapprovals. First time homebuyer applications are still strong, but buyers with a home to sell or who might be purchasing homes at the higher end of the spectrum are applying in smaller numbers. For those who elect to proceed, good financing is still available at low interest rates. The above changes will not affect most homebuyers. The Fed has been stepping in and buying mortgage loans under $510,400 (“Conforming” mortgages underwritten to Fannie Mae or Freddie Mac guidelines). These types of loans make up the majority of mortgages issued and having a back-up buyer makes banks more willing to fund these types of loans. For buyers looking to borrow more than $510,400, lenders are using a Conforming first mortgage and a second mortgage in conjunction, in lieu of one “Jumbo” loan. The mortgage business is adapting and evolving in this environment, just like other industries. More changes are likely to come as the economy gyrates and it’s never been more important to have an experienced REALTOR® and loan originator to help get you to closing smoothly. 

Contact Aaron Nawrocki HERE if you have any questions, or mortgage needs.

 

About Us:
Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 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.

House plants and home goods galore!

What a night we had partying down at EcoVibe Thursday!!!! Thanks so much to the owners and staff for letting us host a fun night of eating, drinking and shopping. Customers got a great discount on everything from houseplants and pots to cheese boards, serving utensils, jewelry, gardening tools, books and so much more. We love supporting our neighbors on NE Alberta and sharing the love with all of you, our wonderful friends and clients. Be on the lookout for more fun events on Alberta St. later this year!

 

aryne and dulcineaAbout Us:
Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 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.

NOPO STATISTICS: TIME ON MARKET + SALES PRICE

North Portland is an excellent Portland locale!  Close to downtown, Northwest Portland, Vancouver Wa, Sauvie Island, Paul Bunyan, the St. John’s Bridge, Cathedral Park and the river! Teeming with cafes, restaurants, grocery stores, parks, gyms and great bike rides! So what is going on in North Portland right now? Take a look at our latest findings of both time on the market and average sale price. Any questions? Connect with us to learn more.

 

 

About Us:
Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 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.

Aryne + Dulcinea’s Economic Forecast 2020

What’s on the horizon for 2020? Aryne + Dulcinea attended multiple 2020 economic forecasts to see if the trends aligned. Our big take away was that Portland still looks strong and could remain stronger than many other parts of the country. The big highlight? HIPSTURBIA – hipster havens in the suburbs around Portland. Places like Beaverton, Milwaukie and Oregon City. Why? Lots of reasons!!! Properties are less expensive than the inner city, so buyers get more bang for their buck. Suburbs were originally designed for convenience, now they offer even more of the 21st century amenities that everyone wants including coffee shops, brew pubs, locally owned stores, skate parks and dog parks, yoga studios and shared work spaces. All of this attracts talent, creates livability, breeds great culture and fosters opportunity for training and employment.

Check out some of our favorite listings in these great locales:

Oregon City

Milwaukie

Beaverton

About Us: Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 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.

Rock Out Butte

I couldn’t have been luckier than to have helped Davey buy his first home. From the beginning he was informed, inquisitive and knew what he was looking for. My favorite kind of client!

We found him a great little house at the base of Rocky Butte, and he is STOKED! He can’t wait to set up a practice space for his band, Dry Wedding (facebook.com/drywedding), in the garage. In fact, during the repair negotiation process he was in the studio recording their new album!

It was an absolute delight to work with Davey, and I hope he’s happy in his new home for many years to come.

If you or someone you know is looking to buy or sell a home in the Portland area, please contact Amanda Haworth at 503-453-7698 or amanda@livingroomre.com.

We used ALL the signs.

Hello and Happy 2019!

We are thrilled to be launching into the new year with a host of new projects and amazing clients! Last year was full of great client and team success stories. We helped dozens of folks find homes to love or sell homes with higher than average prices and quicker market times. We were named top producers in our company and we took the bronze for best real estate agents in Portland by Willamette Week’s Best of 2018.

This year Dulcinea will be diving deeper into the world of ADUs, while Aryne will be actively working with the Block 14 community and business association. We take pride in educating and guiding our clients successfully with each and every real estate transaction. Service and gratitude remain top of mind and we will continue to provide exceptional service to you + your friends and family. Let’s leap into 2019 and have a wonderful new year!

Aryne + Dulcinea

 

About Us:
Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 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.