Portland didn't work out this time... (Halsey: appointed, sales, real estate market)

[Jimbodawg]

My wife and I have been looking for a great home for about 9 months. Long story short, we 'lost' two homes.
We made an offer on a home that we really liked in Laurelhurst. My realtor told me to make a full price offer. We told him we could only offer 94% of asking price. I asked if I should just make the one high, all-in offer, and his thought was to offer 92% as he was certain the sellers would counter. Then we could make our final offer. A few hours later, we learned that the sellers received 2 offers ABOVE asking price. And they accepted the highest offer with no chance to sweeten the deal. So that was a learning process.
We looked for a few more months and were so burned out that we made a cut off date by which we'd either make an offer or try again in a few years.
I found another home which needed a lot of TLC but loved the location. Close to the school and Max. Anyway, we offered above asking price and we were in! Then the house failed inspection. Miserably. Chimney repair, leaking roof, lead based paint issues, asbestos popcorn ceilings, plumbing problems, electrical issues, cracked foundation, you get the idea. Sellers did not want to address any of the issues and did not want to reduce the price!
Well we're tired and disappointed and we still love Portland. We really enjoyed the Laurelhurst neighborhood a lot. We will try again as I said in a few years. I like the neighborhood, the highly rated school, the proximity to the Max line, the great park...

I'd like to ask if there are similar parts of Portland that I should look into. Irvington and Sellwood had been suggested but there is no quick and easy transport to the airport (which I need for work) and we liked Irvington but their school's rating was discouraging.
Any recommendations? Thanks

[Steve Pickering]

Keep Trying. Keep Looking.

[Nell Plotts]

You were shopping in 'high season', when families with school age children want to seal a deal so that their child starts in their school in September. The real estate market may be better for you in the winter.. say Nov-March.. when not so many will be looking to buy.

[JXBC]

I second the notion to buy in the winter months. I bought into a newly constructed development when they first started selling in March (closed in April), and by May/June, it was turning into a bidding war as supplies were constrained and people were all looking to buy.

Winter brings better prices due to the lack of overall interest.

[Yankeemama]

Originally Posted by Jimbodawg

My wife and I have been looking for a great home for about 9 months. Long story short, we 'lost' two homes.
We made an offer on a home that we really liked in Laurelhurst. My realtor told me to make a full price offer. We told him we could only offer 94% of asking price. I asked if I should just make the one high, all-in offer, and his thought was to offer 92% as he was certain the sellers would counter. Then we could make our final offer. A few hours later, we learned that the sellers received 2 offers ABOVE asking price. And they accepted the highest offer with no chance to sweeten the deal. So that was a learning process.
We looked for a few more months and were so burned out that we made a cut off date by which we'd either make an offer or try again in a few years.
I found another home which needed a lot of TLC but loved the location. Close to the school and Max. Anyway, we offered above asking price and we were in! Then the house failed inspection. Miserably. Chimney repair, leaking roof, lead based paint issues, asbestos popcorn ceilings, plumbing problems, electrical issues, cracked foundation, you get the idea. Sellers did not want to address any of the issues and did not want to reduce the price!
Well we're tired and disappointed and we still love Portland. We really enjoyed the Laurelhurst neighborhood a lot. We will try again as I said in a few years. I like the neighborhood, the highly rated school, the proximity to the Max line, the great park...

I'd like to ask if there are similar parts of Portland that I should look into. Irvington and Sellwood had been suggested but there is no quick and easy transport to the airport (which I need for work) and we liked Irvington but their school's rating was discouraging.
Any recommendations? Thanks

Check out the area near Laurelhurst which feeds into Laurelhurst School. The area used to be called Euclid Heights but it is in Rose City Park. It is near Providence and goes up to Halsey but north of Halsey is Beverly Cleary school feed which is a great school but major overcrowding issues.

[oregonwoodsmoke]

It's definitely easier to buy during the winter season, but I have this to add: if the most you can afford is 94% of asking, you are probably looking at houses that are too nice for your budget. Try reducing your expectations a little bit and look several thousand dollars cheaper. They won't be as nice, but you will have a chance of getting an offer accepted.

The real estate market is hot, so sellers don't have to accept low offers.

Many home buyers must buy less house than they want and and then wait for equity to built. Eventually, they can afford to trade up to get closer to their dream home.

[Jimbodawg]

Thanks for all of the great ideas. Now a lot of people are telling me to try in winter. What I find amazing is that buyers are in bidding wars in the summer and suddenly in winter that disappears! It is what it is I guess!

[Nell Plotts]

Here is why that USUALLY happens: Families don't want to move their children during the school year, sellers are either childless, downsizing older adults, or families being transferred by their employer. On the buy side few families are in the market because they don't want to transfer their kids, other families have been moved by their employer, older adults don't enjoy moving their stuff in rainy weather.

There just aren't as many buyers as sellers.

[doggiemama]

Agreed. We got a great price on a great house in February.

[bler144]

The Fed states they're planning to roll back QE in October, which will likely lead to higher mortgage rates.

What no one really knows is how that will impact housing prices. Sellers aren't likely to rush into wanting to take a lower sales price for various reasons, but if buyers are dependent on mortgage to secure the home and can't flex on monthly PITI, over the long term something will have to give.

In any case, if rates do raise this fall, it's quite possible this winter might be a deviation from the norm of finding 'bargains' at least for anyone who is dependent on financing to purchase.

But of course, only time will tell.