It’s no secret that the real estate market is booming in Portland. Over the past two years, we’ve experienced record-low interest rates, low inventory, and high demand, which has created an incredibly competitive market for home buyers. In some cases, properties have been sold within hours — and for well over asking price.
So how do you remain competitive amidst such a challenging landscape? Don’t lose hope! We’re sharing a handful of ways you can put your best foot forward as you embark on your home buying journey in Portland.
Work With a Trusted Agent
The very first and most important step is to ensure you are working with an agent whom you trust to get the job done. Your agent will act as your advocate and representative, working tirelessly on your behalf to make sure you get the very best deal. Not to mention, they will do a lot of the legwork to find listings that fit within your preferences and budget. And when it comes time to make an offer, they will have the knowledge and experience to help you stand out amongst the rest.
The Hasson Company has a roster of trusted brokers who know the Portland Metro real estate market inside and out. They are knowledgeable about the city’s neighborhoods, school districts and attractions, and can help you make the best decision throughout the home buying process. Contact us to be connected to one of our brokers!
Believe it or not, there is a lot of “homework” you can do before you officially begin your home search. Get familiar with the Portland market by going to open houses, looking at the current inventory, and start thinking about what kinds of homes you are attracted to. That way, when a potential match hits the market, you’ll know it’s the one!
Plus, take a moment to get familiar with the home buying process, so you know what to expect throughout the journey. We’ve mapped out the typical order of events, from choosing an agent to signing the papers on closing day!
Get Your Finances in Order
Perhaps even more important than doing that initial search is understanding your financial situation. You’ll want to know just how much home you can afford before you start falling in love with homes well above your budget. Consider meeting with a financial advisor to ensure you have enough in savings to put down a substantial down payment. This is also a good time to pull out any documents you will most likely need during the process, including income verification, bank statements, debt information, and more. There is so much involved with financial preparation, so check out the Select Lending Services blog for information about what you’ll need to know to prepare your finances for buying a home.
Differentiate Between Your Wants + Needs
Unfortunately, when you are buying in a competitive market, you may have to make a couple of compromises in order to land the deal. That’s why it is important to differentiate between what is a “want” and a “need” as you create your wish list. For example, you may need a fenced yard for your kids and dog to play in, while you may want an updated kitchen. So when you find a home with a slightly outdated kitchen but a massive yard, this might be the one. Plus, things like fixtures and paint colors can easily be changed! But the home’s location and lot size? Not so much.
With cash offers dominating the market, your financial status as a buyer plays a vital role. It was always important to get pre-approved, but it is more important now than ever before. Work with a trusted mortgage broker to begin the pre-approval process, which proves to sellers that you are able to afford the home.
Hasson recently teamed up with CMG Financial to launch Select Lending Services, a mortgage brokerage based in Lake Oswego. With Select Lending Services, the pre-approval process is easier than ever before. With the click of a few buttons, you can get prequalified, view your progress, and message your loan officer with any questions as you go. Click here to learn more about this partnership!
Be Ready to Sell
Often, the success of a sale is contingent on whether or not you are able to sell your current home. That’s why you should be prepared to list your home at the drop of a hat, in case you were to make an offer on another property tomorrow. Make sure the paperwork is done, minor repairs are made, and high-quality photos have been taken. That way, you can mention that your home is ready to be priced and listed!
Make Yourself Stand Out
With so many compelling offers, how can you make sure you stand out? The best way is simple: make a competitive offer they cannot refuse. This might include offering above asking price, making a larger down payment, or being flexible with the closing date or other conditions. Who knows? These factors may just be what seals the deal for the seller.
Be Ready to Act Quickly
With so many enticing offers coming in, the name of the game is speed. That’s why you need to be ready to act at a moment’s notice. Make sure you are ready to put in an offer as soon as possible, so you don’t miss the narrow window of opportunity. But don’t worry! Your agent will work tirelessly to find listings — sometimes even before they officially hit the market. All you need to do is be ready to view homes and make decisions quickly!
On a similar note, you’ll have to remain flexible if you want to get the house. Consider having your agent reach out to the seller’s agent to find out if there is anything the seller is hoping for, like a longer closing or inspection period. Or perhaps they want to take their appliances with them or avoid repainting the home before closing! If you’re willing to compromise and meet them where they’re at, you might be able to stand out by providing an easier transaction for the seller.
This Home is For Sale Here
At the end of the day, you may not be able to land your dream home on your very first try — and believe us, that is quite common these days. So it is important to remain patient throughout the process, and understand that the right home will come along exactly when it is supposed to. And just think about the celebration that will ensue! So don’t give up. Keep searching and putting in offers. Eventually, all the hard work will pay off!
The Hasson Company has been a trusted real estate company in the Portland Metro since its inception in 1983, so we know a thing or two about the local market! Contact us to be connected with one of our brokers, who can help you through every step of the home buying process.