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.
In May of 2004, Portland Monthly published an article reviewing 20 areas in and around Portland. The publishers gave us permission to distribute it and it is presented here in its entirety. Portland’s Twenty Hottest Neighborhoods, Where to Live Now (18025.3K) is an 18MB Adobe PDF File. The magazine is published bi-monthly and the subscription cost is very reasonable. Happy reading.
Every real estate transaction is different. There is a process, but no script. We will share experiences as they happen. The Portland real estate market remains hot with historically low levels of inventory. We’ll post market news as it becomes available. You are always welcome to email us with questions.
Our website, www.TurnerRealtors.com allows you to search all of the available Multiple Listing Service (MLS) listings in the Portland and SW Washington area. By signing up for Premium Services, you’ll be able to save your searches and favorite properties.
Visit our website: Turner Realtors at Prudential NW Properties.
There are hundreds of real estate agents in Portland. Charles and Jennifer Turner are the right ones for you. Working as a team, we bring the skills and experience of two people working exclusively for you.
No single Realtor can provide the experience and training of two MBA degrees, the e-PRO Certification and the Accredited Buyer’s Representative designation. The purchase or sale of a home is often the largest monetary transaction of a person’s life. You should demand that professionals guide you through the process.
As Realtors, we do not buy and sell homes. Sellers sell property and buyers buy property. We proved professional SERVICE bringing buyers and sellers together. This is a different approach compared to many other Realtors who believe that they are in sales. We firmly believe that our profession is a service industry.