Take a look at one of the latest listings on Big Fir Road, mls 12367581

“Stunning remodel and updates blending into an open floor plan of contemporary elegance. Gourmet kitchen with stainless appliances, granite and heated tile floor, formal dining and family rooms, easily a 5 bedroom home (no closet). Spacious master suite with balcony overlooks 2 professionally designed water features. One of the most affordable homes in Stafford!”

1. Make an all cash offer

This is hard for most people to do, because we’ve become accustomed to going into debt for everything. Nevertheless, average people with average incomes are increasingly paying off their mortgages in full through financial discipline and hard work. You don’t have to be wealthy to aspire to and actually become debt free in a short amount of time and pay cash for a house.

2. Sell your current home before making an offer on another one

This can be an inconvenient experience, because you’ll have to live with relatives or rent a home during the interim, but it is extremely helpful for a number of reasons. First, if you have enough equity, it may enable you to make an all cash offer. Second, you won’t have any contingencies to tie up the new deal. It just makes for a clean offer, so if you can pull it off, do it.

3. Get preapproved with a mortgage broker, not just prequalified

Many buyers don’t know the difference between getting pre-approved and pre-qualified for a home loan. All too happy to have a warm body to show a house to, many agents don’t care enough to advise their clients on this.

Being prequalified for a home loan is sort of like getting those mass mailed postcards telling you you’re “prequalified” for a credit card. It simply means that, on the surface, you’re credit history and unverified income appear to qualify you for the loan, but the bank hasn’t necessarily seen all of your backup docs, tax returns, etc. Pre-approval means the bank has all the documentation and is ready to actually give you the loan. They just need an acceptable property for collateral.

4. If possible, get your loan from the bank that is selling the property

This is not always possible if you’re going to get pre-qualified before you even start looking for a home. But if you know you want to make an offer on a particular property, especially if it’s a short sale, anecdotal evidence suggest that you may have better luck getting the bank who has to sign off on the sale to say “yes” if you are taking out your loan with them. They may be writing down a bad loan the first time around, but if they get the deal with your loan, they are more likely to agree to the deal.

5. Tighten inspection timelines to 3 business days instead of the standard 10

This is an easy place to cut an entire week out of the closing process. Most inspectors have no problem getting their visit scheduled within 24 hours, and they often print their inspection report on the premises.

6. Have mortgage broker order appraisal 2 business days after offer acceptance

Ordering an appraisal can take time, and many mortgage brokers don’t want to do it until the end of the process so they have less money at risk if the deal falls apart. It’s not hard to find a mortgage broker who is willing and able to speed things up for motivated (and qualified) buyers. If you demonstrate your seriousness to close the deal, they will reciprocate and order that appraisal quickly.

7. Have certified funds to escrow prior to signing closing documents

This is something that should happen for all escrows. There is no good reason a loan officer can’t get certified funds into the escrow account before the signing. Waiting to the last minute is just asking for delays.

8. Don’t make any last minute credit purchases

Don’t even think of making any major credit purchase, especially by opening new lines of credit, once you’ve been preapproved. That will just raise questions and potentially impact your loan approval, causing serious delays. If your approval is already tight on the debt to income ratio, it could completely derail your loan.

The bottom line is that fast closings can and do happen, but you have to plan for it. Knowing a few tricks of the trade to can help your Portland real estate deal be one of the fast ones.

Located right on the border of where Beaverton real estate meets NW Portland, commonly known as Bethany, this subdivision was built around 2000.  Homes range in size from about 1400 square feet to over 3000.  Lot sizes run close to 4000′ and most are well manicured making the most of their size.  Planners incorporated a very nice play structures into the local park situated on 174th in the heart of this middle-class neighborhood.

Exterior architecture is broken up with numerous traditional 2 story floor plans.  Front porches are common and neutral finishes receive designer colors to bring out character.  New listing in Beaverton’s Arbor Ridge provides big upgrades for the price.  Buyers in this market can really capitalize on finishes normally available only in higher end homes.

Here’s one of the latest hot listings:

STUNNING FINISHES in this custom home. Upgrades of Brazillian Cherry floors throughout main floor, slab granite, and designer fixtures. Gas convection range, SS appliances. Open family room plan w/fireplace and built-ins. Larger master suite with new tile and lighting. Fenced yard, sprinklers and deck. Truly a move-in ready home! Check out this Arbor Ridge Home For Sale  MLS#11280371

One of the landmark condo buildings in Portland’s downtown area is the Portland Plaza.  With an unconventional triangular design and protruding rounded corners it’s easy to spot this sleek silver building of steel and glass.  The unique condo building sells views and because of each unit’s curved shape a much broader picture can be embraced.  Owners are taking contemporary 1974 construction and converting it to luxury condo living.  Walls of windows are practically a requirement in many high-rise buildings and this is certainly no exception.  Buyers in the market to purchase units during summer months can really capitalize of this type of Portland real estate.  Prices have savvy buyers scooping up deals where sellers have gone to great lengths on high-end remodels.

Condos For Sale -

Take, for example, this description of a unit listing on the 22nd floor of the Portland Plaza:  “BREATHTAKING PANARAMIC VIEWS of West hills and city with amazing sunsets and nighttime views that will make you the envy of your friends.  Total privacy and views from every room!  No expense was spared in this HIGH-END top-to-bottom exquisitely remodeled 22nd floor, 2bed/2 bath condo.  Upgraded W/finest Italian Travertine floors, custom built Bar, Gourmet custom designed kitchen w/ soft close drawers and pull out pantry shelves w/ Grand Island slab-granite, Thermador Induction cooktop, convection oven, Franke non-scratch stainless steel sink w/ filtered tap & instant hot water and other premium integrated appliances. Luxurious master bedroom with sound poof walls, large Master bath w/ stunning granite counters, floors, and luxurious steam shower. Toto soft closing toilets, Programmable Lutron lighting system and dimmer control throughout w/ custom designer lighting fixtures.  All new plumbing, water heater, furnace & electrical wiring all w/permits. $200K Remodel! Built-in 42 inch flat screen cabinet and washer/dryer located in the unit.  This amazing unit comes with 2 premium parking spaces and extra storage. ” See RMLS listing #11132538 for more details and pictures.

Amenities include 24/hr on site Security/Concierge, fully equipped workout room with dry sauna, swimming pool, meeting room/library and large entertainment/party room with piano, full kitchen and bathroom facilities.  Private and beautifully maintained grounds w/ several built in BBQ areas.

Portland Plaza Location -

This is city living and at affordable luxury condo pricing.  Nestled between the South Waterfront and the Pearl District, owners are utlimately positioned in the center of downtown Portland .  Residents enjoy maximum convenience of Portland’s Streetcar as well as the transit mall.  Cars are optional here.  Check out walkscore.com’s rating for the Portland Plaza, 98 of 100.  Very walkable!   Great location, short walking distance to great restaurants, Saturday Market, River place Marina, Keller Auditorium, Portland Museum of Arts, Arlene Schnitzer Hall, everything.  It’s all here.  Contact us for your personal condo showing!

What’s the overall feeling of Portland real estate?  It’s stabilizing but has some distance to go before appreciation happens overall.  Buyers confident with their jobs are making moves that’ll pay off over time.  Big question is what’s going to happen as inflation kicks in and interest rates are no longer in the 4’s.  Hard to say for certain.  What drives home sales in Beaverton, Portland, Lake Oswego, Tigard and Hillsboro is mainly consumer confidence.  I doubt we’ll see much drastic change in prices or interest rates through the summer. 

Banks are still holding onto inventory and foreclosures are incredibly common so we’ll continue to see them in the MLS.  Houses for sale in Portland are led in price by foreclosures and short sales, nothing new here.  What is new is the amount of Realtors that are short sale certified and working with banks that are getting progressively better at dealing with offers, albeit, they’ve got a heck of a long way to go (banks).  80% of offers I write on short sales end up never closing.  Not saying to buyers that chasing them is not worth the effort but, rather, don’t get too emotionally attached to the property…

It’s a great time to purchase right now.  Prices are back to 2003 or earlier levels and interest rates are phenomenally low.  Investors should be paying close attention as cash flow numbers have never been better, at least in the 15 years I’ve been watching Portland real estate activity.  Rents are rising. 

Bottom line is that buyers can probably dilly dally through the spring but sellers are not gaining by holding off on the sale.  Hit the market with strong (not high) prices and you’ll net more overall than chasing prices downward.

Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers. Find YOUR HOME WORTH now.

To search for your home in anywhere in the Metro Portland area, use our FREE Exclusive Home Search tool. For more information about living in Portland and finding your dream home, call Dave at (503) 789-7633, Toll Free (877) 629-5825 or email.

Learn about our Exclusive VIP Buyer Services. Contact Dave now. Make informed decisions; make smart choices. Call Dave now at (503) 789-7633 or Toll Free (877) 629-5825 ext. 7.

Relocating to Portland, Oregon? We can help. Click here.

Math is a bit more important now than in 2005 when a buyer could be a complete flunky with a paint brush and resell for 20% more than the purchase price.  However, I’d venture a guess that a lot of these self proclaimed real estate investors actually didn’t do as well as they say they did.  Fuzzy math seems more common sometimes than regular.  Selective understanding of overall costs in the flip process elude more investors than you’d think.  Purchase, holding, and sale costs being the biggest factor left out of their version of how awesome a flip turned out to be.  Makes for a better sounding story when embellished a bit.  It’s not free to buy, hold or sell real estate.  Hmmm

 Let’s take a look a client’s latest Beaverton house purchase:

• Advertised in RMLS at $125k for a 1290 sq ft. 3 bedroom, 2 bath, vaulted living areas, light and bright, deck, fenced yard, 1992 built home on a .17 acre corner lot in a decent area.  Short sale. 

 Well, sounded real interesting up until the short sale part anyway.  9 out of 10 offers I write are pulled by buyers prior to getting seller’s bank acceptance.  Told my buyer that he’d get impatient like everyone else and pull his proposal in order to close on some other closable property, even bet him lunch on it.  But what the heck, we threw out an offer.  Did that and came to find that several other buyers had done likewise.  

 About 30 days go by and the listing agent makes contact with me saying we’re in first position and a short sale negotiator has been assigned on the seller’s side.  Woo hoo!  That means a little bit more than nothing.  Then the funny thing was that this short sale negotiator says “Hey, if you guys don’t close in 10 days we’re going to foreclose.”  Holy cow.  That’s not much time to get funds together.  We went back with a counter addendum stating that closing in 10 days was going to net them $10k less than our original offer.  They accepted $115k!  Wow.  That IS exciting!

 Buyer ended up with a bargain compared to other homes in the same neighborhood.  Our subject house needed paint, flooring, landscape maintenance plus a few odds and ends, the sum total being under $7,000.  Quick resale on this Beaverton house will be around $170k.  Recall those little-remembered costs of buying, holding and selling?  Even with these factored into the equation flipping will add up to a decent profit.  Unfortunately though I owe my buyer lunch…

 Watch Beaverton houses for sale, Portland houses for sale, or whatever area you’re after.  Short sale and foreclosure profits are possible, even in a down market.  Do your homework and factor all costs with a cushion.  Evaluate realistic resale price and make the offer accordingly.   Write up a handful of short sale offers and see what sticks.  Potential reward is out there!

Dave’s Commentary on the Portland Real Estate Market:

• Portland homes close to market bottom (again)
• South Waterfront condos for sale priced better than ever
• Investment properties in Portland ripe for the picking

Went to hear the experts predict the future last week.  Great seminar and softened concerns for a continued rocky slide in home prices.  Bottom of the market is here but housing prices haven’t necessarily realized such just yet.  Banks are holding more inventory to minimize investor loss.  We know inventory is out there but banks aren’t dumping homes all at once.  Makes for a less dynamic price change… probably a good thing for sellers anyway.

Interest rates jumped up a bit this week to around 4.375% for a 30 yr fixed.  Still awesome.  Foreclosures in Portland, Beaverton, and Hillsboro are now priced incredibly well, offsetting costs of repair often required.  Sellers are having a tough time swallowing the fact that these sales are occurring down at points near 2000 levels.  We’ll be slogging along the bottom here until employment picks up.

Portland condos for sale have seen some of the harshest hits to prices.  The Portland South Waterfront location still has inventory available even after amazing auction prices and publicity.  Brokers produce a frenzy of interest with loss leader inventory pricing advertised.  Home buyers can snatch these up significantly under what the existing owners paid, even those who purchased earlier this year.

Investment properties in Portland have presented opportunities far beyond anything this writer has seen in his professional career.  Rents are up, vacancy down, prices down.  What could be better?!  Loan criteria, that’s what.  Try purchasing investment homes and having mortgages on 4 or more places.  25 – 30% down payments will be required.  This limits the competition a bit.  Investors often compete for the super well-priced homes.  Numbers are looking great for the long term purchaser, primary or investment!  Go buy a house and you won’t regret this 5 years from now!

Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers. Find YOUR HOME WORTH now.

To search for your home in anywhere in the Metro Portland area, use our FREE Exclusive Home Search tool. For more information about living in Portland and finding your dream home, call Dave at (503) 789-7633, Toll Free (877) 629-5825 or email.

Learn about our Exclusive VIP Buyer Services. Contact Dave now. Make informed decisions; make smart choices. Call Dave now at (503) 789-7633 or Toll Free (877) 629-5825 ext. 7.

Relocating to Portland, Oregon? We can help. Click here.

Dave’s Commentary on the Portland Real Estate Market:

• Listed home inventory took a slight bump up to 11 month’s supply, balanced market is 6
• Sale volume decreased over Augest by 25%, slight increase in listings
• Foreclosures are easy to find and continue to be heavy competition for sellers

Portland real estate continues to experience sliding prices.  Fantastic news for home buyers looking to score with 2004 prices in 2010.  Couple that with pheonominal financing rates and you’ve got a recipe for success long term.  FHA rates are still incredible at 4% and give first-time buyers their best option for low down payment.

Beaverton and Hillsboro real estate have seen slower sales rates now that school has started.  Projections are for prices to edge down slightly further by end of 2010, possibly another percent or two.  At the moment we’re looking at a 11 month supply of homes for sale.

Good news for landlords as rental prices are definitely on the rise.  It’s possible to purchase investment property in Portland and have it cash flow right out of the gate.  Unheard of in recent years.  Renters are having to scramble a bit to get the good homes.  Investors that keep rates slightly below competition will experience significantly less than a default 5% vacancy.

A recent investment property in Hillsboro turned over with a 9.2% cap rate.  Cash on cash return was over 10%, calculated with zero appreciation.  Wow!  Now is the time to get into investment housing around Portland, Beaverton, Hillsboro, Lake Oswego and other surrounding areas.

Sellers will continue to be frustrated with market performance and are best advised to incorporate staging and décor enhancing options to make that listing jump from the competition.  Realtors represent the market, not seller’s relationship with their equity.  Tough pill to swallow for sellers but the market will improve over time. 

Houses for sale in Portland are selling under the cost of construction.  This market will recover eventually and those whose purchase in 2010 will see a good appreciation over average home ownership time period.  Home ownership pans out on average when people stay in the house more than 4 years.

Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers. Find YOUR HOME WORTH now.

To search for your home in anywhere in the Metro Portland area, use our FREE Exclusive Home Search tool. For more information about living in Portland and finding your dream home, call Dave at (503) 789-7633, Toll Free (877) 629-5825 or email.

Learn about our Exclusive VIP Buyer Services. Contact Dave now. Make informed decisions; make smart choices. Call Dave now at (503) 789-7633 or Toll Free (877) 629-5825 ext. 7.

Relocating to Portland, Oregon? We can help. Click here.

Is a property priced competitively?  Pretty simple to answer by gauging response after being listed in the Multiple Listing Service (RMLS in Portland).  A reasonable amount of traffic is having a showing 2+ times per week.  If houses are not receiving that then buyers are buying something else.   Quite frankly, they aren’t even seeing enough value online to warrant a tour.

Improving value can be lucrative and as simple or complex as sellers would like.  Simple means consulting a staging professional to give decorating tips or completely stage a home.  Vacant homes benefit significantly from this.

Let’s take a look at a current listing example in Hillsboro at 1234 Oleander Ln.  MLS #10066603

This particular home was done originally in white, interior and exterior.  Owners made several improvements to both color and finishes after consulting with Maureen Bray at Room Solutions, 503 246-1800

Warm neutral tones were used in the living room and family rooms.  An old fireplace insert was removed and the mantel repainted white.  New windows were installed, eliminating the single pane with storm aluminum frames.  Laminate flooring was replaced in the dining and family room.  Deck was refinished and home staged.

While sellers of this home were gung ho on remodeling and upgrading the home it’s probably fair to say that most homeowners are not that ambitious.  Look at the staging improvements alone.  Color and warmth were added to an otherwise blank canvas.  Buyers can see themselves living there and that’s the difference.  Sellers will recapture their improvement investment here and sell quicker.

Buyers are very superficial.  Change perception of value and you’ll get an offer!

Dave’s Commentary on the Portland Real Estate Market:

• Listed home inventory took a jump up to 10.8 month’s supply, balanced market is 6
• Sale volume decreased over June by 29%, slight increase in listings
• Foreclosures are easy to find and continue to be heavy competition for sellers

Overall home sales around Portland this summer are not as hot as you’d expect.  Typically we’d see steady volumes throughout the summer but this year May was the big seller and it’s been tapering off ever since.  Short sales are popular as ever with sellers but buyers and Realtors would certainly prefer not to deal with them at all.  Price has to be very aggressive in order to entice buyers to stick it out. 

Can tell you from experience that 90+% of short sale offers I write up do not make it to closing.  Buyers get frustrated with lack of seller’s bank response, seller files bankruptcy, seller’s bank forecloses in the middle of the deal, list goes on…

On a positive note, first-time buyer market is absolutely amazing at the moment!  Have you looked at FHA rates these days?  4.25%  Couple that with a foreclosure and you’ve got a recipe for long-term success.  It’s very close to the point where renters should wonder why they’re renting.  Mortgage payments are close to rent and long term owners will prosper.

Overall projection is for a continuation of a good buyer market.  Sellers, price aggressively.  It’ll save money in the long run!

Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers. Find YOUR HOME WORTH now.

To search for your home in anywhere in the Metro Portland area, use our FREE Exclusive Home Search tool. For more information about living in Portland and finding your dream home, call Dave at (503) 789-7633, Toll Free (877) 629-5825 or email.

Learn about our Exclusive VIP Buyer Services. Contact Dave now. Make informed decisions; make smart choices. Call Dave now at (503) 789-7633 or Toll Free (877) 629-5825 ext. 7.

Relocating to Portland, Oregon? We can help. Click here.