Wednesday, October 11, 2017 / by David Mcduffee
If you are anything like most buyers, once you decide to buy a home you will likely rush out to open houses and get an agent to start showing you lots of homes. I don’t blame you.. Seeing homes is the best part of buying real estate. I want to warn you, however, that this could lead to some major missteps in the home buying process and make the experience far less smooth and enjoyable than it could be. In order to have the best home buying experience and get the home of your dreams, I urge you to talk to a lender and get pre-approved for a home loan before seeing even one home. Here’s why:
Knowing exactly what you can afford helps to manage expectations
Knowing exactly what you can afford before shopping for a home allows you to manage your expectation of what type of home you will be buying. If you are shopping for homes in the $400k price range and find out you can only get pre-approved for $300k, you are going to be highly disappointed when you have to shop at a much l ...
Wednesday, September 27, 2017 / by David Mcduffee
It’s that time of year again when you’re about to get your annual property tax statement. They can be confusing, but they have information on them that’s important to understand. This is also the statement you provide your tax professional if you are eligible to deduct the property tax from your federal income taxes. One of the many benefits of home ownership.
Your tax statement is mailed out in October, and they are due by 11/15/2017. You may choose to pay in full by that date and receive a 3% discount, or 2/3 of the amount and receive a 2% discount, or 1/3 of the full amount with the other two installments due 2/15 and 5/15. This statement covers the tax period from 7/1/2017 to 6/30/2018, so some of the tax covers months already past and some covers months yet to come.
You will get a yellow tax statement if you set up a tax impound account when you purchased your home. This means you don’t have to pay the tax assessor directly. It will be paid out of your im ...
Wednesday, September 20, 2017 / by David Mcduffee
One question we are often asked by potential buyers is, “If I buy when the real estate prices are high, won’t I lose money when I sell my home?” We have no way to tell the future, and we can’t be certain what the market will look like in one year, five years or even six months for that matter.
What we do know is this; the real estate market has NEVER had a permanent decline. For example, before our most recent recession (beginning in 2008), home prices were the highest they had ever been. During the recession home prices dropped dramatically, and almost everyone who bought just before the recession paid more than their home was worth when the market declined. This was considered one of the worst recessions in history, largely due to home loan fraud and sub-standard mortgages.
Fast forward to today.. The average home price in many parts of the country, Portland included, has exceeded the previous market high point, and we have personally helped nu ...
Thursday, September 14, 2017 / by David Mcduffee
While the market has seen some slowing in recent months, our team has found that the best homes in the best neighborhoods are still very competitive. We have personally been in several situations in which our buyer is competing with multiple offers for a home lately. Sometimes we lose and sometimes we win, but we have found the tips below to be the most effective in getting our buyer the home.
1. Increase the earnest money deposit
This one is a personal favorite because the risk that our buyer will lose their earnest money is very low. We watch timelines like a hawk and ensure that our buyer never steps outside the agreed upon terms of the contract. This does, however, show the seller that you are very serious about the home.
2. Increase offer price
This seems intuitive, but the number one thing sellers care about is MONEY. Don't be afraid to offer above list, but be sure your realtor looks at comparable sales in the area to be sure it is justified. If you offer too much ...