Has quarantine made you think about moving to a new home? Before you start searching for your dream home, you’ll need to figure out when you’re going to sell your existing home. Inventory is near record lows in the Portland area which will affect your approach.
Completing Updates/Repairs Before Going on Market
Homes are selling faster and for more money than ever before in Portland and the surrounding area! However there is one caveat. Buyers haven’t been getting into bidding wars as often when homes need renovations and updates. In this environment, the great majority of prospective buyers are looking for a “turn key” property. Homes that are updated typically receive multiple offers and sell for a premium. The obvious updates that provide the best return on investment are fresh paint and flooring. Feel free to reach out to me for a free consultation for any specific recommendations tailored to your home.
Buying Before Selling
Buying your new home before listing your existing home has been made more complicated by the extremely low inventory. You are able to submit an offer on a home with deadlines for when your own home will be listed, when it will have an accepted offer and when it will ultimately sell by. This is known as a “contingent offer.” However, in this market it is very difficult to get contingent offers accepted. Pursuing homes that need updates and have been listed for a few weeks might allow that approach but the fully renovated turn key dream home that five other buyers want will be unattainable. If you are able to qualify for a mortgage without selling your existing property this would allow you to avoid this complication and make competitive offers but there is also another approach.
Selling Before Buying
Selling your home before buying another one? Sounds crazy right! However, with the current market conditions it is an advisable approach in some instances. In this environment if your existing home is updated you are able to ask for 15, 30, or even 60 days of possession after closing from buyers who are just happy they found a house at all. This ability to ask for exceptional terms on your home sale allows you to have much more time to find your new home. Also selling first will allow you to know exactly how much you are going to receive upfront from the sale (minus any repair costs or financial concessions after inspections).
Housing Market Conditions
The reality is the housing market is constantly in flux. I offer a free no commitment Portland Housing Market Update that not only monitors current housing market conditions and mortgage rates and also discusses relevant economic news to keep an eye on what to expect going forward. Feel free to call me or send me an email to be enrolled!