Portland’s real estate market is growing rapidly. We’ve seen record-low interest rates and low inventory over the past two years. This has created a highly competitive market for homebuyers. Sometimes properties were sold in hours, and sometimes for much more than the asking price.
How can you stay competitive in such a difficult environment? Don’t lose hope! As you begin your home-buying journey searching through the various Portland neighborhoods, we’re sharing some ways that you can be your best self.
A Trusted Agent is a Good Choice
It is essential to choose a realtor that you can trust to do the job right. Your agent will be your advocate and representative. They will work tirelessly for you to get the best deal. They will also do the legwork necessary to find listings that meet your needs and budget. They will also have the experience and knowledge to help you stand out from the rest when it comes to making an offer.
An experienced real estate broker will be well-versed in the Portland Metro realty market. They will have a deep understanding of the area’s schools and attractions and can help you make the right decision during the home-buying process.
There is much you can do to prepare for your home search. Start to get to know the Portland market by visiting open houses, taking a look at the current inventory, and then start to think about the types of homes that appeal to you. This will help you to identify the right match when it comes up on the market.
Take a moment to familiarize yourself with the home-buying process so that you are aware of what to expect. Doing so now can save you time and headaches later.
Get your finances in order
Understanding your financial situation is even more important than the initial search. Before you fall in love with homes that are way beyond your means, you need to be able to afford the home. To ensure that you have sufficient savings to make a significant down payment, consult a financial advisor. It is a great time to gather any documents that you might need throughout the process. This includes income verification, bank statements, and debt information. Financial preparation can be complex.
You can choose to distinguish between your wants and needs
You may need to make compromises when buying in a highly competitive market. When creating your wish list, it’s important to distinguish between a “want”, and a need. You may require a fenced yard to allow your dog and kids to run around, but you might desire an updated kitchen. This is why you might choose a home that has a large yard but an outdated kitchen. You can also change fixtures and paint colors! You cannot, however, change the lot size or location.
Your financial situation as a buyer is crucial with cash offers dominating this market. Pre-approval was important in the past, but now it is even more so. To begin the process of pre-approval, work with a trusted mortgage broker. This proves to sellers your ability to afford the home.
Recently, Hasson teamed up with CMG financial to create Select Lending Services. This is a mortgage brokerage located in Lake Oswego. Select Lending Services makes it easier than ever to get pre-approved. You can easily get prequalified and view your progress.
You must be ready to sell
The success of a sale depends on whether you can sell your home. You should always be ready to sell your home as soon as possible, just in case someone makes an offer on your property. You should ensure that all paperwork is completed, any minor repairs have been made, and that high-quality photographs have been taken. This will allow you to state that your home has been priced and is available for sale.
Make your mark!
How can you stand out among so many tempting offers? It is easy to make an offer that they won’t refuse. You might offer a higher price than the asking price, make a larger downpayment, or be flexible about closing dates or other conditions. You never know what the outcome might be. These factors could be the key to closing the deal for the seller.
You must be ready to act quickly
There are so many tempting offers out there, speed is the key to success. You need to be ready to move at a moment’s notice. So that you don’t miss this opportunity, make sure you are available to submit an offer immediately. But don’t worry! Your agent will tirelessly search for listings, sometimes even before they are officially put on the market.
You just need to be available to view houses and make quick decisions. Having that pre-approval, as mentioned before, along with having money set aside for the down payment and closing costs will help you be able to move as soon as a property is available.
Keep it Flexible
Similar to the previous point, you must be flexible if your goal is to purchase a house. Your agent can reach out to the seller’s agent and find out what the seller wants, such as a longer closing time or an inspection period. Perhaps they would like to bring their appliances or not repaint the house before closing. You might be able to offer a smoother transaction for the seller if you are open to compromise and can meet them where they are at.
You may not be able to land your dream home the first time you try. This is quite normal these days. It is important to be patient and know that the right home will eventually come your way. Imagine the joy that will follow! Don’t lose heart. Keep looking and keep making offers. All the hard work and searching will eventually pay off.