Congratulations, you have an accepted offer. What happens next? In almost cases, there will be a professional home inspection. The buyer should always have a home inspection and it is at the buyer’s expense. The length of the inspection period is clearly defined in the earnest money agreement (the purchase contract). If the buyer does not act during the defined period, the contingency goes away; non-action is considered acceptance.
Yet another construction fence has popped up on the west side of the river. This time at Riverplace. The 218 unit development will include three 11-13 story glass towers with condos, townhouses and commercial space.
Residential spaces will be between 650-3000 square feet and will be priced between $250,000-$2,000,000. Eighty percent will have views. Read More
Both the Elizabeth and Pinnacle Condos are nearing completion in the Pearl. Latest reports say that the Lexis Aparments will be converting to condos priced from $150,000-$500,000. No further details at this time but drop us a line if you want to be kept informed. Read More
I spent this last week looking at new construction between $300,000 and $380,000 in the Portland Metro area. Most impressive was Sexton Crest… a subdivision by Polygon Homes (www.Polygonhomes.com) in the Murrayhill area of Beaverton. This neighborhood has a combination of townhomes and single family residences. The neighborhood has four single-family floor plans ranging in size from 1,366 to 2,441 square feet. The townhomes come in two- and three-bedroom plans. Polygon also offers Tansborne Place off 185th. These homes are smaller with less lot size but still have the Polygon quality. I also like Riverside Homes (www.Riversidehome.com). They have a lot of projects coming up soon. Currently, Hobbs Farm in Cornelius has three Juniper floor plans available. Around $280,000, these are great value. And the homes are gorgeous! But Cornelius is a ways out there and you have to be willing to drive! 🙂 Read More
is currently in a Sellers Market for homes priced under $400,000.
The average sales price is $246,000 for the
metro area. The median sales price is $204,500. –Unbelievable–these home
prices have more than doubled since 1987!
There are currently 2,017 homes for sale priced between $150,000 and $400,000.
This includes new construction, and homes in lovely, established
neighborhoods. In the past month 906 homes have sold. The homes available for
sale divided by the homes sold means all available inventory
would be “absorbed” or sold in 2.2 months. This is relatively
unchanged from last month. This is great for sellers. Buyers need to get
pre-approved for a loan and have an experienced agent working on their behalf.
In the entire Portland Metro area the median sales price appreciated 9.4% in the
last 12 months to $204,500 and the average sales price is now $246,000.
If you’re a home buyer and need an automated MLS search, go to my site www.TurnerRealtors.com
The Best Homes Sell Fast so go to the property search button to set up your own
search requirements. Every day you’ll receive emails with the newest homes on
the market that meet your search requirements. It’s easy, it’s free and there’s
no obligation. Read More
Question: My wife and I own a house in the city. With the addition of our first child, we needed a larger home and bought one in the suburbs. It is tempting to sell our other house, especially since the market is so robust, and given the favorable capital gains tax treatment currently in existence. However, we have been leaning toward renting it — at least for a few years. Do you have any suggestions?
Answer: You have posed a difficult question, and there are no solid answers. Much will depend on your personal situation — both financial as well as psychological. There are many issues which you — and your family and your financial advisors — should consider before you take the plunge into those murky waters called “rental” or “sale.” Here are some of the various matters which you should investigate:
Should I be the First in Line for New Developments?
Real estate has the oft-used phrase, “everything is negotiable.” That’s not entirely true. During the pre-completion sale phase of new developments, the buyer pays the price the developer is asking. As the project nears completion, there are fewer units available and prices have generally increases.
Example: the July 10, 2004 price sheet for the Elizabeth Lofts lists unit 1001 for $321,265. Today, that same unit is listed the Multiple Listing Service for $359,000. That’s more than a 10% increase in six months. “So what you’re telling me is that this is a no brainer good investment?” No, I am not.
Years ago, every Realtor was working for the seller. The buyer was left to fend for themselves. The system has evolved over the years and now the majority of the real estate transactions we see involve two agents in what is called a co-op transaction. Our Welcome Message has links to the Agency Disclosure Pamphlet and the Buyer’s Advisory Brochure.
Since the Pearl District became the Pearl that we know today, the skyline has been marked by construction cranes. Now we are seeing them pop up at the River Blocks south of town and in downtown. When will it stop? No time soon.