Classic storybook charm with super flexible floor plan! Light-filled living room with historic fireplace and leaded pane windows. Formal dining room with beautiful built-in cabinetry and bay windows. Option for master bedroom on main OR second floor, which has large bonus space (nursery, office, craft room, dressing room, etc.). Remodeled bedroom in basement with fireplace is perfect for guests, teenagers or as a media room. Private backyard has a sunny deck, patio and is fully fenced. Plenty of storage in basement laundry room and detached garage. Location can’t be beat – walk to Trader Joe’s, Normandale Park and the Hollywood Farmers Market. Schools = Laurelhurst Elementary and newly remodeled Grant High School, which is reopening this fall!
Qian and her mother Amy ventured into real estate together 5+ years ago by purchasing a lovely NE Portland home on a huge lot. Together they built a fabulous ADU for mom and enjoyed being together for several years. Once Qian had a daughter of her own, she wanted a bit more space and purchased a new home in South Tabor last summer. Mom had planned to stay put in NE but found herself wanting to be close again… but maybe not as close 🙂 We went looking and she has found a beautiful new home within walking distance of Qian’s family … a perfect home at the amount of space away that fit everyone’s needs. Now Amy is home again!
Amazing blend of old and new. Photo courtesy of Chris Bonner
Entertainer’s Delight
Ted and Angela said they like to entertain, so when I stopped by on their first day in their new home to find there had already been a steady flow of visitors and a gathering was in progress, it was clear this was the perfect spot for them.
Sometimes, as a real estate agent, I get that feeling that a place is just right for my clients and it is so rewarding when it all comes together. The moment I opened the door to this classic, yet re-envisioned 1920 Craftsman style home, I knew it was ‘the one’. I called Ted and Angela on the spot and asked how fast they could get to Portland from their home in Seattle. We had looked at enough homes together that were not quite right and I did not want them to miss this one which had everything on their list.
The right kitchen. Really a righteous kitchen! The massive custom designed island and hutch will be the center of parties and of life in this awesome Hollywood neighborhood home.
Old Friends
Thank you to Rachel for referring her childhood friend!
For Angela this is a homecoming. She grew up in Portland and is returning to lots of old friends and family, while for Ted, this is the first time Portland will be home. As for Sammy, the canine of the family, home is wherever his people are; being near Grant Park, with its off leash area, completes the dream.
They say: kind people are the best kind of people to know and and that quote reminds me of Julian. He was referred to me by my fantastic preferred lender and I’m so glad I met him! He was great to work with and I’m thrilled we could get him into the house he had his eye on.
Julians home buying story is a simple one really… Julian saw a house for sale down the street from where he was living and he took a shot at making it his own! First things first, he went out and got pre-approved (everyone should be taking notes here! Ha!) The house was well loved although it had a few quirks. He was a very diligent buyer, kept an open mind through inspections and in the end both sides were able to see eye to eye in order to seal the deal!
The house is super cute, the yard is completely dialed in with lovely landscaping and he will be enjoying blueberries, raspberries and flowers from his garden. I hope Julian and his family have a great summer hanging out in the amazing yard and patio!
The new state Rent Control Bill – Senate Bill 608 – has caused a flurry of confusion for landlords and those property owners considering renting out a house or unit. Add in the fact that the city of Portland already has its own Tenant Relocation Assistance Ordinance and suddenly there are a lot of new hurdles for landlords to navigate.
After taking classes, doing tons of research, wherein we had to find out more about this accident lawyer in Orlando, FL, and hearing what real estate attorneys have to say about Senate Bill 608, we’ve broken down what these new laws might mean for you. Portland landlords need to understand the requirements and restrictions of both state and city regulations, and how they overlap. Fair warning, in our experience even real estate attorneys disagree as to the application and effects of these new regulations on property ownership in our area!
How does Senate Bill 608 Affect Landlords Who Want to Sell?
Oregon Senate Bill 608 is often referred to as the “Rent Control Bill.” The intent of this bill is to prohibit landlords from terminating month-to-month tenancy without cause after 12 months of occupancy, and to put a limit on large increases in rents.
The big news is that property owners who want to sell a tenant occupied property, in which tenants have lived longer than a year, are no longer able to issue No Cause Eviction notices, unless they meet one of these exceptions:
Owner intends to demolish the dwelling unit or convert the dwelling unit to a use other than residential use within a reasonable time;
Owner intends to undertake repairs or renovations to the dwelling unit within a reasonable time, and at least one of these apply:
The premises is unsafe or unfit for occupancy; or
The dwelling unit will be unsafe or unfit for occupancy during the repairs or renovations.
Owner intends for the owner or a member of the owner’s immediate family to occupy the dwelling unit as a primary residence and the owner does not own a comparable unit in the same building that is available for occupancy at the same time that the tenant receives notice to terminate the tenancy; or
Owner has (A) accepted an offer to purchase the dwelling unit separately from any other dwelling unit from a person who intends in good faith to occupy the dwelling unit as the person’s primary residence; and B) Owner has provided this notice and written evidence of the offer to purchase the dwelling unit to Resident not more than 120 days after accepting the offer to purchase.
*Translation: A landlord may no longer give a no cause 90-day notice to tenants (after one year of tenancy), then fix up the property once they vacate, in order to procure a higher sales price. A landlord may list the property for sale with tenants in place. Only after an offer has been accepted may she give the 90 day notice to vacate, and only for a buyer who plans to live in the property as a primary residence.
SB 608 also requires landlords to pay a relocation assistance of one month’s rent to tenants evicted for Qualifying Landlord Reasons (with some exceptions). The city of Portland, however, already has its own Relocation Assistance Ordinance and this is one of the major areas where the two laws overlap.
Portland’s Tenant Relocation Assistance Ordinance
On March 7, 2018 the city of Portland made the Tenant Relocation Assistance Ordinance permanent. This ordinance mandates payments from the landlord to the tenant when either an End of Tenancy notice is served, or an increase notice of 10 percent or higher is served, and the tenant then elects to move.
The Portland City Council met earlier this year to address some of the issues created by SB 608. These fixes were adopted on March 13, 2019, and include:
Reiterating SB 608’s Qualifying Landlord Reason for issuing an End of Tenancy Notice after the first year of occupancy.
Removing a shortened 60-day termination timeline regarding federal mortgage financing for the sale of a property (SB 608 did not make that accommodation).
Clarifying several statements on how certain affordable housing may be exempted.
Limiting the total amount of relocation payment required by state and city laws.
In order to benefit from a reduced relocation payment, the landlord must pay the total relocation payment in full at the time the 90-day End of Tenancy notice is served. The city’s new language allows landlords to deduct the amount of the state relocation from the amount required by the city of Portland.
Portland Relocation Assistance is awarded as follows:
$2,900 – Studio or single room occupancy (SRO)
$3,300 – One bedroom dwelling unit
$4,200 – Two bedroom dwelling unit
$4,500 – Three bedroom or larger dwelling unit
Our take on these new regulations is that once the dust settles, professional landlords whose goal it is to rent out their properties long term, and who understand the benefit of long tenancies, will be less impacted by these regulations.
For those of you who are considering a short term rental period or want to have a large amount of flexibility in terms of when and how you sell or improve your property, our advice is to seek legal counsel before you make any decisions to rent out your property. Renting your primary residence for a few years while you make decisions regarding your next real estate steps has gotten a lot more complicated than it used to be.
We advise you to perform serious due diligence on this issue. Don’t hesitate to call us if you need resources to help you make decisions about renting your property!
How charming! This lovely, classic Cottage is a real gem! Solidly built and well maintained, it offers tall ceilings, big bright double pane windows, beautiful warm wood floors, generous kitchen, formal dining room and plenty of storage. French doors open onto the oversized, covered deck overlooking the treetops and lush landscaping. The outdoor living room is dreamy.
Upper level bestows a full bathroom and two bedrooms with generous closets and ample natural light. Gorgeous custom vertical grain Douglas fir built-in shelving in Master bedroom. View of the West Hills!
The basement has high ceilings, and oversized windows bringing in plentiful natural light. The three rooms include a full bathroom, a great space for family room, media room, home office or future ADU. Lastly there is a large laundry room with work space, ample storage, and a ground level entrance.
The backyard offers beautiful flowering shrubs, established landscaping and fruit trees galore: apple, pear, Japanese pear, fig & persimmon. Patio under the deck is surrounded by greenery and ready for lounging in the shade on hot summer days. The yard is fully fenced for privacy which makes this a delightful space for entertaining or enjoying on your own.
Features include: brand new water heater, updated plumbing, newer sewer line, recently finished deck, newer Tuff shed & updated windows.
Located on a quiet tree lined street in an ideal close-in SE location. Just one block from Trader Joe’s and bus line. Close to the heart of Woodstock, Reed College, restaurants, shopping (New Seasons) and easy access to all the city has to offer.
Congratulations to our delightful first time home buyers!
Emmalisa and Zack were great clients- pragmatic, researched, smart cookies and avid cat lovers. I didn’t think anyone loved cats more than I did! Zack even advised Jasmine on the perrrrfect cat for her daughter who has a history of cat allergies. What a dream to work with!
We looked at many houses in the Hillsboro/Beaverton area. There were some great houses that went pending before we could even get in the door and some not so great houses that we walked away from. At last, a 4 bedroom gem-of-a-house pulled at their heartstrings and became ‘the one’. It felt like home right away!
A quick, smooth, and friendly transaction made their dreams come true and I wish them all the best in their new home!
Wow, Jenny and Will are a powerhouse couple and wonderful people! They had their eyes set on moving to Portland. When an opportunity to relocate became available in Jenny’s company they jumped and immediately reached out to a Portland friend for a REALTOR® recommendation … We got the call!
After our conference call we hit the ground running! As we awaited Jenny’s arrival to tour homes we utilized the time to virtually hunt! Discussing properties in depth, reviewing video walk throughs, and learning more about the neighborhoods of interest, more than prepared all of us for the Tour-Palooza. Jenny landed at 9, we toured 15 homes, and she hopped back on an airplane at 6pm. They were in contract to buy a home just a couple days later… WOW!
Their decisiveness & commitment to the process was displayed in every step of the transaction and they were on top of everything. When I called to say the house had closed, we chatted about how great this has been and in that moment I realized I’d forgotten that EVERY other REALTOR® experience Jenny and Will had experienced was underwhelming. Consequently, their words expressing how wonderful buying in Portland was for them mean that much more. We are so grateful for your trust and are honored to have exceeded your expectations because you deserve only the best!
Open House Sun 5/5 1pm-3pm & Broker Open Tue 5/7 11:30-1:30pm
A rare find! Beautiful Old PDX style modern home, built both for efficiency and classic beauty. Perched up off the street this home offers light filled open spaces, gourmet kitchen, custom details and so much more.
Open plan living room, dining room and kitchen features soaring ceilings, wide-plank hardwood floors, big bright windows and a lovely gourmet kitchen with stainless steel appliances, gas range and island.
Main level bonus office with timeless built-ins.
Second level features hard to find hardwood floors and 3 bedrooms with treetop views, including a lovely master ensuite with generous bathroom and walk-in closet.
Spacious 3rd floor walk-up with spectacular city views is great for family or media room.
Lower level offers private bedroom and full bathroom. Plenty of storage and extra deep garage with more opportunity for storage and/or shop.
Gorgeous, landscaped yard perfect for gatherings and dinner on the deck. Plus huge, inviting front porch overlooking a quiet street. Walk to Clinton shops, restaurants and parks! This is perfection!
After growing up in St. Helens with an amazing family consisting of 6 boys, Josh set his eyes on a career as a firefighter. He worked hard to put himself through school and volunteer at Columbia River Fire & Rescue. Josh set his goal for his ultimate dream job: to work at Portland Fire and Rescue. He received the call of a lifetime, an offer to begin his career as a Firefighter Paramedic in the city he had come to know and love, Portland. Now it was time to achieve his second goal … home ownership! Just as he did with his career, he started this process with complete commitment and found an amazing first home where his 5 brothers will help him put on a new roof. It’s fabulous to achieve goals & it is awesome to have a great family!
Great vibes at this wonderful home in the heart of Roseway. Balance of beautifully restored original charm and high-end modern updates. Great living spaces on the light-filled main with open layout and modern farmhouse kitchen.
Special master suite with large new bath and walk-in dressing room. Private and fenced backyard with patio. New and refinished oak floors throughout. New and refurbished windows, new furnace and water heater, updated plumbing and electrical.
3809 NE 73rd Ave. Portland, OR
3 bed | 2 bath | 1908 sq. ft.
MLS# 19163240 | Taxes: $4188 | Lot Size: 5000 sq. ft
Bobby Curtis Principle Broker Licensed in Oregon Licensed Contractor CCB# 215071 503-502-3066
Classic Mississippi bungalow sits up above the street with timeless architectural features, formal dining room, open plan and light filled rooms. While retaining it’s original character this home features many upgrades including: 90+ furnace, AC, gas fireplace, upgraded foundation & seismic, upgraded electrical panel, pex plumbing, clawfoot tub, skylights and recently added half bath on the first floor.
Living room features elegantly updated mantle and a gas fireplace. Original wood floors and unpainted classic woodwork warm the home.
Chef’s kitchen, recently remodeled, features quartz countertops, stainless steel appliances, gas range with hood, original fir floors & beautiful tile to the ceiling.
Formal dining room with built-ins is perfect for entertaining, flowing into the open concept kitchen.
There are 2 light filled bedrooms upstairs with full closets. Stylishly updated, full bathroom upstairs with refinished clawfoot tub and skylights.
Large unfinished basement with exterior entrance ready for storage and projects.
Step outside into your garden deck oasis! Petite and powerful garden which requires limited maintenance is brimming with beauty. Exterior storage with access at the rear of the house.
Situated on a quiet street with light traffic flow and street parking. Walk score 87 & Bike score 90!
This beautiful 4 bedroom, 3.1 bath home is chock-full of modern amenities. The main floor features gorgeous Acacia hardwood floors, formal entry, open living room, gourmet kitchen with island, light-filled formal dining room, powder room, and den with french doors and custom built-ins. The upstairs master suite is a peaceful retreat with tall coved ceilings, gas fireplace, large walk-in closet and deluxe bathroom. You’ll find two additional bedrooms upstairs next to an ample bathroom with two sinks for easy sharing, and a cheerful laundry room just where you need it! The finished basement boasts a guest suite and great room, which is plumbed for a second kitchen for great ADU potential. This bonus space has uncommonly high ceilings and will accommodate a wide variety of rumpus room needs! The inviting back deck is perfect for outdoor dining, with steps down to the fully fenced and beautifully landscaped yard and pool for outdoor living at its best. Mere blocks to Beaumont Village, Wilshire Park and Alberta Arts District. High home energy score of 7.
OPEN SATURDAY, May 11, from 1 – 4 p.m.
OFFERED AT: $959,900
4 bed | 3.1 bath | 3,434 sf
MLS# 19381740 | 5,280 SF Lot | Garage: 1 attached, oversized | Taxes: $8,111
This is the unit you’ve been waiting for – at an improved price! Two real bedrooms and two full baths in an elevator building. Lovely, partial river view and peaceful grounds with water features and verdant gardens. Living-dining great room flows to spacious balcony for all weather river views. One deeded parking spot. Walk to south waterfront and catch the street car downtown or stay in the neighborhood for fun cafes and Willamette Park. Railroad is used on summer weekends for charming Lake Oswego Trolley. List agent is related to seller.
The perfect easy fixer in a prime east side location! Real entry way with closet, large public rooms with wood burning fireplace, classic bungalow porch and good sized kitchen just waiting for your chic updates! Rejuvenation light fixtures throughout, one-year-old sewer, and quality home energy improvements performed in 2013. Rare, high Home Energy score of 7 for an older home. Two pear trees grace the lot. Walkscore of 92, Bikescore is 99.
Offered at: $425,000 | 2 bed | 1 bath | 1,920 sf | taxes: $4,107 | 1624 SE 44th Ave., Portland, OR 97215 MLS#19485659
Open House: Saturday and Sunday, April 6 and 7, from 2 – 4 p.m.
Paloma and Mike are amazing clients and together we achieved something almost beyond belief!
I think everyone can relate to falling in love with a house above your price range. We all have felt that. Here’s the difference: Paloma and Mike were able to hold out, watch and wait until the house was within reach!
This is their dream house, it was on the market for 249 days and now it is their home sweet home!
Check out this sweet, professionally remodeled light and bright farmhouse. It’s a just down the road from the all of the new development in Lents Town Center.
Character abounds with high bead-board ceilings and five-panel doors. The new kitchen cabinets, butcher block counters, double farm sink and beveled tile backsplash create a clean, inviting farmhouse kitchen. And the master bedroom with double closets and slider to new deck give you more than you’d expect for a master at this price point. Double pane windows, high efficient furnace and laundry on main are nice added bonuses.
Plus, there’s an unfinished 300 SF attic ready for expansion when you are. Near the Springwater Corridor Trail, Max Green Line, and freeway checks all of the boxes for your commuting needs.
Are remodeled farmhouses your thing? I can’t take credit for the great work my clients did on this one in Lents, but family and I remodeled one in the Portland neighborhood of Montavilla in 2018. You can check out some before and after shots here
Bobby Curtis Principle Broker Licensed in Oregon Licensed Contractor CCB# 215071 503-502-3066
Portland Monthly has named Kari McGee, principal broker of the HouseLovePDX Team, a Five Star REALTOR®! Kari has received this award annually for seven years, making her a seven-time winner. Less than five percent of Portland REALTORS® receive this award.
Portland Monthly compiles a list of top REALTORS® each year to help consumers find the best local professionals. Criteria includes client feedback, and surveys of industry peers and professionals. This process helps ensure only the best REALTORS® make the list.
Kari has helped clients successfully navigate the evolving Portland real estate market since 2005. Kari originally hails from Salem, Oregon. After a globetrotting career focused on music and acting, she returned to Oregon in 2004. Her personal experience with relocating galvanized her belief that wherever you go, it’s crucial to connect in meaningful ways to a new home and new community. In 2005 she started her own business as a realtor, with the goal of helping people transition successfully to new neighborhoods and start their next chapter on solid ground.
In 2011 Kari joined the brokerage Living Room Realty and further developed her role as a relocation specialist who helps families get connected to Portland’s community and culture. As Kari’s business grew, she looked to her cousin and attorney, Erika George, to help meet the needs of her clients. Together, Kari and Erika formed HouseLovePDX, a REALTOR® team that draws on Erika’s 20 years of experience as a lawyer and Kari’s expertise in real estate.
To learn more about how Kari and Erika can help your goals become a reality, reach them for a free consultation and market analysis at karianderika@livingroomre.com or 971-322-6612.
Non-RMLS | 2 Beds, 1 Bath, 1586 SF Units | Fenced Yards
Fantastic side-by-side duplex on a unique oversized lot. Room for growth in the tall, unfinished basements (additional beds/baths/family rooms.) Charming vintage features include hardwoods, millwork & mouldings, sweet 50’s curb appeal. Recent updates to systems; furnaces, electric panels, water heaters, etc. Fully fenced yards, set within an island lot of approx 7500 SF. Blocks to transit, shopping/amenities, fantastic Columbia Park w/trails, pool, community events. Bike Score: 92.
Adorable one-level living bungalow with charming and spacious garden lot. Large, cheerful kitchen, basement laundry area, and tons of outdoor living space. Walk to Berrydale Park and Montavilla shops, restaurants and Farmer’s Market. Easy freeway access gets you out and about in a snap.
1,255 sq. ft. Lot is 3,970 sq. ft.
Offered at: $240,000.
Address: 8524 SE Morrison St, Portland, OR 97216
Open House: Saturday, March 2, 12:30 – 2:30 p.m. and Sunday, March 3, 1 – 3 p.m.
Located on one of Laurelhurst’s prettiest streets, this light-filled, historic home has been meticulously updated. Owner improvements include new kitchen, bathrooms, windows, roof, paint, plumbing, tankless water heater, furnace, AC, panel, water & electric service, refinished hardwoods, and more! Excellent floor plan boasts three bedrooms upstairs and a legal ADU in the basement for additional living space or rental income. Lovely private back yard. Easy walk to schools, parks, coffee shops and Portland’s Restaurant Row.
4 bed, 3 bath.
2,384 sq ft. Lot is 4,792 sq ft.
Offered at: $850,000.
Address: 4200 NE Flanders St, Portland, OR 97213
Open House: Saturday March 2 and Sunday March 3, 2 – 4 p.m.
Soulful, sunny bungalow with loads of updates, only blocks from cafes, taquerias & other amenities in the Foster Powell hub. Energy conscious upgrades include vinyl windows, whole home insulation, ductless heat pump system. South-facing dining & living rooms flooded with light. Modern hardwood flooring & era appropriate lighting finish the home beautifully. Fully fenced yard w/covered front & back porches, established beds & garden shed. Vintage style – modern updates – home.
For a Slideshow of all the home’s photos click HERE
After four long years, the Portland real estate market is now right for those homeowners who want to buy a house, but need to sell their current home as well. In real estate lingo, they’re called “contingent buyers.” If you’re considering how to sell and buy a house, we’ve outlined four options to help you make the move. We’ve helped many Portlanders sell their current home and move into their dream house.
Why is 2019 a great time for contingent buyers? The Portland real estate market has changed, and we’ve entered a balanced market for the first time in four years. That means buyers have more leverage, including contingent buyers. (We do a deep dive into 2019 buyer trends in our post Is 2019 The Right Time to Buy a House?)
Before we outline your four options, remember that the HouseLovePDX Team provides free consultations and market analysis. Don’t hesitate to give us a call and arrange a time to go over your options in person or over the phone!
Option 1: Shop – Buy – Sell
This is a classic contingent offer:
Shop for your new dream home
Make a “contingent offer” to the seller – the offer is contingent on the sale of your current house
Seller accepts the offer
Sell your current house
Move into your new home
Sellers may be wary of contingent offers because there is more risk compared to a traditional offer. (If for whatever reason you don’t sell your current house, then the deal is off.) Some sellers won’t accept a contingent offer. In the past, sellers had more leverage than buyers in the Portland real estate market, and they tended to reject contingent offers. Happily that’s not the case in the current market.
When you’ve made a contingent offer, it’s crucial to sell your house as soon as possible. You don’t want to be sitting on the market for two or three months. Preparing ahead to sell your house will make your contingent offer as appealing as possible to sellers.
How to Prepare Ahead for a Contingent Offer
Preparing ahead for a contingent offer is similar to preparing to sell your house in general.
Free Consultation and Market Analysis
We provide a free consultation, including a professional marketing analysis of your current property. We’ll establish your house’s price point, and how much you can expect to get in terms of your net proceeds. This will give you a price range when you’re house hunting for a new home.
Recommended home improvement projects
We’ll provide a list of prioritized home improvement projects to help increase the value of your home. Not everyone can – or wants to – invest in home improvement projects. That’s not a problem! What’s important is pricing your house right to sell it after you make a contingent offer on a new home.
Create Marketing Plan and Stage Photography
We will create a marketing plan and stage photography that will show your house in the best light.
When you find your new dream home and make a contingent offer, we show the seller your marketing strategy, pricing strategy and beautiful photos. This assures the seller we’re ready to sell you house, and can provide the confidence needed for a seller to accept your contingent offer.
As soon as the seller accepts your offer, we’re ready to get your house on the market within 24 to 48 hours!
Option 2: Sell – Shop – Buy (Or Plan B)
We call this the “Plan B Option” because you must have a plan B arranged in case you don’t sell your house in time:
Sell your house
Shop for your new home
Either buy your new home or move temporarily into your plan B option
Plan B can be an apartment, or living with your parents or in-laws.
You’re already under contract to sell your current house, so you’re in a great position when shopping for your dream home. However, it’s important to do some research and make sure there is enough real estate inventory to choose from, i.e. other houses for sale within your price range and with the characteristics you’re looking for. You will need to shop for a new home relatively quickly.
The risk in this situation is that if you haven’t closed on your new house in time, you have to move into your plan B temporary housing.
Although it’s crucial to have a doable plan B arranged, so far we’ve always managed to get our clients into new homes before they’ve had to move to their plan B. (Moving back in with your parents seems to be a very motivating factor!)
Option 3: Bridge Loan
A bridge loan provides financing for a downpayment on a new house. That means you don’t need to sell your current home in order to purchase a new one. Like all loans, bridge loans are based on several factors, including your income and credit, and loan-to-value ratio. We can put you in touch with excellent loan officers who can provide detailed information on your unique circumstances. (Erika used a bridge loan to buy her last house, so she can speak from personal experience as well.)
If you qualify for a bridge loan you can:
Shop for your new dream home
Make an offer on a new house, financed with the bridge loan
Move into your new house
Prepare your old house for sale
Sell your old house
The major benefit of this option is you can wait to sell your house until after you’ve moved out. You don’t need to worry about moving into temporary housing and then moving again. If moving twice is something you want to avoid (think: children, pets, home businesses, lots and lots of packing) then a bridge loan may be a great option for you.
However, from a financial point of view, you will need to be able to pay two mortgages until your sell your old house. Not everyone has to make double mortgage payments, but you need to be able to afford it for the time it takes to sell your old house. Additionally, the selling price of your old house isn’t set in stone, so there’s some financial uncertainty.
In a best case scenario, you sell your current house quickly and avoid paying double mortgage. On the other hand, you may not be able to sell your house for six months, ten months or more, depending on the market. In our free consultation and market analysis, we talk to prospective clients about what they can realistically expect. If you are considering a bridge loan, you want to be confident that your property will sell quickly.
We understand that no one wants to pay two mortgages, so we will work with you to get your house sold quickly.
Option 4: Sell – Rent – Buy
This is a great option for people who want total financial security and don’t mind moving twice. If you want to make sure you have the money in the bank from your house sale, and you want plenty of time to shop around for your dream home, then this is a great option for you.
This option is straightforward:
Sell your current house
Move into temporary housing
Shop for your new dream home
Buy your new house
Kari went this route when she made her last move. This option gave her time to shop for the right house. There was no rush to buy a new house quickly.
There are pros and cons to each of these options. We’re happy to discuss your specific circumstances in detail. There’s no reason to wait – it’s time to move into the right house for you and your family! Call us for a free consultation at 971-322-6612 or email us at karianderika@livingroomre.com.
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.
That IS the question. It’s always a pleasure to join Tra’Renee on Afternoon Live to chat about real estate.
I have been flipping houses, both large and small, since 2010 and have extensive first-hand experience with house restoration. You can find more of my interviews and tips on buying, selling, and flipping a house here.
This week I answered common questions about flipping houses. You’ve seen the TV shows that make flipping seem easy but there’s a lot to consider. If you’re thinking this may be for you, check out my tips and then watch this clip to arm yourself with all the facts before you dive into your next home restoration project.
Before you quit your job and start flipping houses, here are my Top Four tips:
1. Know your strengths and weaknesses.
2. Lower your risks by becoming or hiring a professional.
3. Have a budget and stick to it.
4. Be flexible because you never know what might come up once you’re in contract to sell that house.
Check out Afternoon Live, where I’m on once a month for more advice and guidance on Portland real estate. And click here to learn about 5 mistakes to avoid before flipping your first house.
Bobby Curtis
Principle Broker
Licensed in Oregon
Licensed Contractor
CCB# 215071
503-502-3066[/caption]
If you’re getting ready to remodel your house, or take on a small house project, here are some of my top tips.
Save money and time without compromising quality.
Some lighting and bath stores have deeply discounted prices at certain times like Rejuvenation which specializes in new , high quality made to look original lighting. Once/quarter: new stuff sometimes 75% off from returned orders, or overstocked stuff. You can also visit online coupon websites and get a home depot promo code to use on your purchase.
Tile stores like Pratt and Larson, Daltile and others have a formal clearance section. Great quality at deeply discounted prices for returned tile, or leftover boxes from a large order. Deeply discounted and high quality.
There are places around town like The Rebuilding Center in North Portland that have great deals on original kitchen and bath fixtures, windows, and doors that came right out of houses in Portland, often times when houses are getting a make-over. Clawfoot tubs aren’t for everyone, so if someone takes it out, and you’re looking to put one it, you can get it for a great price.
Contractor/Designer Discounts. Places like Lowes, HD, the lighting and tile stores I mentioned earlier, almost all of them offer contractor or designer discounts. If you let them know you restore houses, they will give you a contractor rate. Be sure to ask for it before you make purchases.
Worksite/House Stuff: Bring Donuts and Coffee (especially when there are many contractors in a house at once). Most of these guys like to work alone, and you’re a savvy house renovator, so you have a timeline to keep and have several of them working at once. Bring donuts, and start the day off with a smile. It goes such a long way.
Work clean- at the end of everyday, make sure the people you are working with pick up after themselves, remove debris, and take their tools and supplies with them. It allows you to see true progress on the house, and not feel like its constantly a wreck.
For more, check out my interview with Kara from KATU here
Bobby Curtis Principal Broker Licensed in Oregon Living Room Realty & Licensed Contractor CCB: 215071 503-502-3066
My client, Khan, found me on the inter webs. We were a good agent-client fit because he was looking for a house that had been renovated, and well…I do that. Renovating a few houses a year, my eye tends to catch details. I know contractors, and have a good sense of how much different renovations cost if clients still want a little more work done.
That said, the first time we went to look at houses for sale, we came across this one together. And there was no turning back. This one of a kind house in Southwest Portland, leaves you feeling like you’re living in the trees, yet so close to downtown Portland. We closed on 3157 SW Fairmount today, and this first time homebuyer couldn’t be happier.
Bobby Curtis Principle Broker Licensed in Oregon Licensed Contractor CCB# 215071 503-502-3066
There’s no house I’d rather renovate than one that’s been in the same family for years. When a house is turned over from one family to the next, with each family comes new ideas, styles, and a new set of renovations. Over time there is often little of the original character left, and what is there is masked by designs from each decade and each new owner.
So when we discovered this 1945 ranch had been owned by the same family since about 1950 and they did not do updates every ten years, we jumped on it. Added bonus- it was a solid house and the family maintained it well over all of those years. Here it is: 8603 NE Dyer St, Portland, OR 97220
And here is what we did. Starting from the outside, we knew the roof needed to be replaced, but weren’t anticipating having to remove three layers first. We replaced the roof, and removed the large drop arm awnings and dated barred glass door. Any time I see bars over window and door and large awnings, I always remove them. This is a safe neighborhood, and there was a great solid wood door behind those bars which you really couldn’t see. The awnings, while they kept out some of the heat, they also kept out light which now comes shining through these great midcentury windows.
The living room had rare wooden vaulted ceilings for this era of house. We freshened up the space, replaced the carpet, got rid of the wood paneling from the walls, and added a large, new modern light fixture. This room now feels completely inviting, and one you want to hang out in.
The dining room was centered in what I would consider the walkway from the front door. We removed the chandelier, added a flush mount modern light fixture, and moved the dining area in front of the window which overlooks Rocky Butte. Under this carpet we discovered white oak hardwood floors. With some sanding and a few coats of polyurethane, they turned out better than new. What you see here is the natural color of the wood. No stain needed.
Oh this kitchen…while cute (and who can resist that horse rocker), it lacked functional space. The refrigerator was in front of the sliding glass door, and kitchen overall needed more storage. We swapped the fridge location and the coffee bar (and built a smaller one), and made room for a new large pantry. We kept and restored the solid wood cabinets and added butcher block counter tops to warm it up. With new appliances and the benefit of a dishwasher, this kitchen functions much better.
The master bedrooms, and all the bedrooms for that matter, are gleaming with the new refinished floors and a fresh coat of paint. These light fixtures were original and in good shape, so of course we kept them. You may notice wall cadet heaters were in all of the rooms. That’s how the house was heated. We opted for a major upgrade with all new ducting and a high efficient furnace. No more electric heat.
The bathroom layout worked, but it felt small and was dark. We brightened it up with white walls and wall tile, added a large mirror and some stylish, bold blue floor tile.
The exterior is one of the highlights of the house. It sits on almost a double lot, with a spacious front, side and back yard. There’s even RV parking for the adventurous spirits. The patio is inviting, and neighborhood is pretty quiet for how busy Portland has become these past several years. This house is solid and beautiful, and ready for the next family. No renovations needed.
Love this spacious Roseway English with 3 bedrooms, 2 and a half baths. Master on the main, with 2 beds and quaint multi-use bonus room up! Well cared for original English features including leaded glass and wooden windows, traditional wood fireplace, picture rails, and glass knobs. Partially finished retro basement with ADU potential and charming, low maintenance backyard you will love to have barbecues in.
A rare find! Beautiful Old PDX style modern home, built both for efficiency and classic beauty. Perched up off the street this home offers light filled open spaces, gourmet kitchen, custom details and so much more.
Paloma and Mike are amazing clients and together we achieved something almost beyond belief!
Portland Monthly
