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Kristie McDonald |
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The McDonald Group Realtors(503) 577-9395
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Portland, Oregon: Deal or Steal
Portland’s market hasn’t been as effected like so many across the country, our vast & varying outdoor recreation, weather, culture and personality continues to draw the relocating numbers and our urban growth boundaries have been a saving grace in assuring we limit sprawl and over development. There are many ways to find “steals and deals” however the deals are more common in the Portland area, steals a bit more difficult to come by. A few tips I find work:
Invest into the homes priced over $900k. There are fewer buyers for homes in this range and in many cases a seller owning such a home will have more negotiating room than a home seller in the $300k range. The more expensive the home the better deals you will find. Take special note of the foreclosures. It will take some time for the market to recover and for the value to find itself with a home carrying this large of a price tag but the equity potential is huge. This home should be in a neighborhood of like homes and average in with or less than the other surrounding homes.
Make standing offers: Find several homes that you like, that have been on the market a while, and are overpriced and make a standing offer on all of them. When the seller finds that they are chasing the market and have fallen behind, they may just give in knowing that you are prepped and ready to move forward. Your standing offer should be an “as is” offer, have a short inspection period, and be simple and clean (no contingencies) suggesting a pain free and quick sale to the seller.
Hit the unfortunate homes in the fortunate spots: Look for the Portland bungalow in the trendy area that the first time home buyers relying on FHA can’t purchase because the condition is so poor; the prices on these homes are favorable to the investor or home owner looking for equity. You have to be willing to put the work in and obviously cash is prime but targeting the home that has all the Portland charm, is in one of the top walkable areas, and would be the perfect home once brought up to first time home buyer standards… (which we know these days is high), well you can’t go wrong. By the way, these homes are easy to find if you can confirm they are within a 3 minute drive of one of the popular McMenamins within the Portland area, the McMenamins seem to know Portland’s favorite neighborhoods before Portland does!
New constructions builds a world of opportunity for the home buyer: Lots are no different than homes; they go into foreclosure too and the smart builders out there are buying them at amazing prices and building and selling homes significantly less than the resale homes in the area. I have two subdivisions working on this very principal; resale & bank owned homes just can’t compete.
There are areas in Oregon to consider besides Portland that have some amazing deals right now, Bend and Sunriver for instance. However, Portland is an incredible place to live and invest. Where else will you find the ocean, mountains, rainforest, desert, rivers & lakes within a short drive! -Kristie McDonald, McDonald Group Realtors
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