So how's the real estate market doing? (Portland: sale, apartments)

[t03033]

Originally Posted by Nell Plotts

Oregon realtor's assn successfully convinced the legislature to prohibit fee rebates (unlike WA and CA) so you don't gain much unless the property isn't listed on MLS. I think RedFin donates part of their fee to a charity of your choosing in an effort to keep their discount business model. RedFin also has a home buyers class.

I don't need a discount/rebate buyer agent to make a reduction in commission a win/win for everyone. The seller's agent takes a haircut off of full commission, which helps out the homeowner as well as me, the buyer, or I just go and hire some random buyer agent for no reason other than to cost him/her the 1/2 of the commission that he/she didn't want to negotiate over.

Incidentally, what are the customary commissions in Portland? 6%?

[Bluesmama]

Condos were mentioned here. I've known a few people who moved into brand new condos and complained of their units starting to fall apart within months. Of course, it all has to do with the contractors. Unfortunately, there are some out there whose concerns are merely to glue them together with a nail and call it good. Building codes are stricter but that doesn't mean that the materials and craftsmanship are. Same with single-family residences.

Like Nell, I wouldn't buy a newer home, either.

[davemess10]

Originally Posted by t03033

but I find the assertion that people shouldn't buy a house soon after relocating to be kind of funny - it's not like I'm following an unconventional path.

Have you read the hundreds of posts on this site about how Portland is a city of unique and diverse neighborhoods, and for many people it takes well over 6 months to get a grasp of where they want to live? I've been in Portland one year and still feel like I"m just beginning to grasp some of the nuances of the city and it's layout.

But if you're just looking for the 'burbs with not a lot of "neighborhood" requirements I could understand how you could speed up that process.

[Minervah]

Originally Posted by davemess10

Have you read the hundreds of posts on this site about how Portland is a city of unique and diverse neighborhoods, and for many people it takes well over 6 months to get a grasp of where they want to live? I've been in Portland one year and still feel like I"m just beginning to grasp some of the nuances of the city and it's layout.

But if you're just looking for the 'burbs with not a lot of "neighborhood" requirements I could understand how you could speed up that process.

Dave you are so right! I have lived in Portland for a little over 30 years and for about the first ten, I moved around a lot before I found the neighborhood in which I was the most happy.

Part of that was because Portland neighborhoods changed to rapidly during the first ten years I lived in here. As a renter, I was more flexible with moving than a homeowner would be. That's why I think it's a good idea to rent first and then determine where one wants to buy.

Unless, as you say, someone is looking to live in the burbs but even then I think I would not buy right away. But that's just me.

[Mt-7]

Originally Posted by Bluesmama

Condos were mentioned here. I've known a few people who moved into brand new condos and complained of their units starting to fall apart within months. Of course, it all has to do with the contractors. Unfortunately, there are some out there whose concerns are merely to glue them together with a nail and call it good. Building codes are stricter but that doesn't mean that the materials and craftsmanship are. Same with single-family residences.

Like Nell, I wouldn't buy a newer home, either.

[Daisy32673]

The trick to getting a short sale is getting a realtor who is tough and will work at it for you - someone who has knowledge of the ins and outs of a short sale. Someone who is willing to be on the banks constantly about the loan, the status of the offer, etc. etc. You also have to dig to find the people to talk to and call them, everyday if you have to. It can be quite an arduos process but if you really want the house it may be worth it to stick it out. And short sales take longer than a typical sale but not too long - if you are on top of things

[imphouse]

Originally Posted by davemess10

... If you can't trust your agent (to where you have to get an inspector before an agent), then you have not found the right agent. Get someone with a low amount of clients who actually takes the time to understand you, and doesn't wear a nametag!...

I second this motion! I had a GREAT buyer's agent who I can very highly recommend - Joe Spanish with Remax. His website is Joe Spanish | Real Estate Broker | Portland, OR - he sells all sorts of houses, from under 100s into the millions, all over the TriMet area. He is unlike any real estate agent I have ever met. He's super honest, brings in an EXCELLENT inspector (who nitpicks to death and finds things most wouldn't so that Joe can negotiate a lower price for you after inspection), he's lived in Portland his entire life and his mother is also an agent (so he REALLY knows the market and fair values & neighborhoods), he can take one look at a house and tell you why you shouldn't buy it (once he knows what you want), etc. We just closed on a house in the Mississippi neighborhood after working with Joe on-and-off for over a year - he took us through over 80 houses with absolutely no "hard close" pitches, until we found the one that suited us perfectly - I can't even tell you how perfect this home is for us! HIGHLY recommend him - big family man and goes above and beyond - if he doesn't know an answer, he'll tell you, "I don't know" and go find out the answer, instead of giving you some BS. And all for not a dime out of our pocket. And I swear he's not paying me to say these things

[imphouse]

Originally Posted by t03033

A buyer's agent who doesn't have clients is actually worse from a principal-agent problem, imo. If they're hungry, they will push you into a house without much regard for anything. I don't need them for any of the negotiating and/or paperwork, and I can find listings on my own. Their knowledge of the market is about the only thing that I value - however, their goals out of an agency relationship are markedly different than mine, as I've mentioned, so it's not entirely trustworthy analysis. Hence my thread.

I'm not above renting a while (and I'm not hell bent on buying the first two weeks I'm here), but I find the assertion that people shouldn't buy a house soon after relocating to be kind of funny - it's not like I'm following an unconventional path. As to specifically why in my case, I'd prefer to live in my own house without a roomate/landlord and not build up someone else's equity in their piece of real estate. However, if prices have the potential to fall again, of course I'll stick to renting longer Again, hence the thread.

Please consider a buyer's agent (see my referral above) - I can't tell you how helpful and amazing it was for our piece of mind in this climate and in a brand new locale. And Joe has an abundance of current clients - he was in the middle of 9 deals while he was closing with us (so having customers is not an issue for him - he gets so many referrals) - but that didn't stop him from giving us awesome attention to our needs (and I'm fairly high maintenance with that stuff - ha!). I knew ZERO about real estate before this all started back in May of 2010, and now I feel like I could start my own agency :lol Oh, and I think the commissions are 3% for seller agent, 3% for buyer agent. Joe earned his $10K and then some.

Also on that note... does anyone know what the etiquette is for after closing? I was thinking of buying him a gift certificate to a favorite place of his, but is that considered uncouth? I offered to buy him dinner, and he laughed and said he would buy *us* dinner. But he really did so much for us...hours and hours and hours spent, and it feels weird that I didn't have to pay for any of it!

[t03033]

Originally Posted by imphouse

But he really did so much for us...hours and hours and hours spent, and it feels weird that I didn't have to pay for any of it!

you did pay for it though

depending on what route we go* we may in fact wind up getting a buyer's agent since the savings on it is relatively trivial.

*we're basically trying to decide if we want to go with a larger house that we can grow into or stick to a smaller house and save some money. no, we won't be overextended either way, but the direction the market is going has some guiding light on what we want to do (hence the thread)

so, yeah, if we get something cheap, saving 4-5k by not having a buyer's agent isn't worth it. saving 10k is

[Nell Plotts]

Ah, the small house - large house dilemma. Buy a house that will work for you for at least 10 years (I assume you aren't planning to have quadruplets). There were a lot of over sized homes with a unnecessarily large portions devoted to circulation (grand staircases are a prime example). You will need to heat and clean that worthless space, and pay more for the privilege.

During a recession many (from your frame of reference) years ago I had the ability to purchase one of Portland's grander homes near Ainsworth for a very reasonable price. Oh was I tempted, but then I was single without a potential husband in sight and considered to cost of living there so passed on the opportunity. I still pine for that house when I pass it but I am richer for that decision.