How Steve helped Bob buy and sell a home in less than a week

“We sold our house in 3 or 4 days, so it worked out pretty well. We’ve worked with him before and [he’s] very knowledgeable and keeps us up to date so we’re happy with the way things worked out. We bought a house after it was on the market for just a couple days and then we sold ours after it was on the market for 3 or 4 days.”

Does Buying and Selling at the Same Time Work?

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Trying to buy a new home while selling your old home isn’t as impossible or difficult as you may have heard. Today we are going to dispel some common myths about accomplishing this feat, so you get an accurate picture of what this process is actually like.

We are in a very high-paced and active market here in Portland, but we also have low inventory. This low inventory is contributing to an uptick in home values, and what we are finding is that many sellers don’t realize they can sell in this market, get that equity out of their current home, and use it to buy that new home they want. Listing a home now will help the market out by bringing in fresh inventory, which is desperately needed.

According to the most recent numbers from the National Association of Realtors, 67% of home sellers are move-up sellers. Out of those move-up sellers, 47% are looking for a more expensive home, and 53% are looking for a brand-new home. Many sellers think they won’t be able to move up because they need more than 20% down to make things happen, but that’s not the case. 

A growing number of borrowers, according to data from Freddie Mac, are only putting 5-10% down on their homes, and some are putting down as little as 3%. Mortgage credit availability has been improving monthly over the last two years; gone are the days where it was impossible to get a mortgage.

The average down payment for home buyers is right around 10%. The average for repeat buyers is a little higher (13%), while the average for first-time buyers is a little lower (4%).

Finally, a lot of people are hesitant to buy because their credit score is not where they’d like it to be. A lot of people think they need a score of 800 or higher, but that’s not the case any more. Required credit scores are actually on the decline, and you can still get a great rate if your score is in the low 700’s.

If you are interested at all in making a move, but aren’t sure if it’s possible for you, please give us a call or send us an email. I would love to have a deeper conversation with you about it. If you have any questions, give us a call or send us an email. We look forward to speaking with you!

Three Reasons to Buy in Portland

Selling your Portland home? Check out our free home value report
Buying a Portland home? Search all homes for sale

The National Association of Realtors published a national study on what motivates buyers to purchase a home in today’s economy. Their conclusions included three specific reasons.

1. People want the opportunity to build equity. They’re using a home to augment or enhance their net worth, in addition to any other investments they have. Data reveals the average family wealth among homeowners has gradually increased since 2010. Conversely, renters continue to maintain the same amount of wealth with a slight drop. Indefinitely, owning a home has a dramatic impact on your family’s net worth in the economy. 
2. People want a safe and stable environment to live in. This year’s Rent.com market report orients around property managers. The study results show 88% of property managers increased rent over the past twelve months without intention of stopping; 68% predict rents will continue to rise next year by an average of 8%; and 53% were more likely to bring in a new tenant at a higher rate rather than negotiate and renew a lease with a current tenant.
3. People want to choose the environment they live in. We conduct business with clients we admire. Likewise, we want to foster a neighborhood community with people who share similar values. We often run into clients who are focused on school districts, who else lives in the neighborhood, what other kids are living in the area, etc. That’s why it’s important to us.

If you have any questions at all about buying or selling a home, feel free to reach out today. Give me a call or email!