Home Search
Once you have your finances in place, you’ve worked out your borrowing capacity, and secured your pre-approval on your home loan, it’s now time to get to know the market. Start to look at neighborhoods that would suit your needs and your budget. A great place to start is online. There are lots of property comparison sites on the internet which will give you an indication of the average sale price of houses, land and units in an area.
Once you’ve found a location that fits your needs and fits in your price range you can start to look at properties on the market. Begin to compare home features, price and lot size. Also take a look at how a neighborhood has fared over the last five to 5-10 years. Have prices steadily increased? Stabilized? or been in a decline? These figures can help you to determine if the property will be a good investment for you over the long-term.
During this phase we will search for properties using the “Realtor Multiple Listing Service” or RMLS. This computerized database has ALL currently listed properties for sale in the Portland Metropolitan market area excluding “For Sale By Owner” or FSBO. (If you find a FSBO we can research property information on your behalf and/or contact the owner.) We will input search criteria into RMLS based on your needs & wants and the database will match everything that fits this criteria. The system will e-mail both you and us daily of any new properties on the market. This way we can communicate with you about these properties quickly as they become available. Please feel free to use any website you are comfortable with, for example, Redfin, Zillow or Realtor.com, but keep in mind that these websites may not have the most current status of the property. Just send us those property addresses or MLS #’s via email or text and we will look into them for you.
Finding the Right Property
Ideally you will drive by properties of interest to you. If the condition and location are acceptable, we will schedule appointments with the seller/owner so we can look at the property together. This advance notice to the seller is important so they can arrange to be gone from the property during the specified time.
What kind of Sellers are there:
Take advantage of an open home and use the time to perform a thorough visual property inspection. Later, you’ll want to engage the services of a professional to inspect the building’s structure, but it’s a good idea to use your initial tour of the home to perform your own visual inspection.
So what should you really be focusing on when viewing a listing?
The Dwelling’s Structure
When inspecting a property, chances are the current owners are going to present the interior of the property in the best possible manner. They will have cleaned and tidied, perhaps added a new coat of paint, or even had the home staged with beautiful furniture. While these things will help you to appreciate what the home could look like for you, at this stage, it’s more important to focus on the dwelling’s structure.
Some Things to Look for Include
The Neighbors
If you’ve gotten to the stage where you’re inspecting the property, then you probably know a bit about the neighborhood you’re looking in, but what about the neighbors? Take a look at the neighbors on each adjoining border of the property for any clues you may or many not be comfortable long term.
The Location
Location means more than the general neighborhood. You may be attracted to the area, but take a look at the property’s exact location for things that may bother you long-term, hurt resale value, or cause lifestyle issues. Things to consider are:
These are just a few things to look into when considering a home. After inspecting a property, continue to do your due diligence and get answers to any questions you may have regarding the property.
Once you have your finances in place, you’ve worked out your borrowing capacity, and secured your pre-approval on your home loan, it’s now time to get to know the market. Start to look at neighborhoods that would suit your needs and your budget. A great place to start is online. There are lots of property comparison sites on the internet which will give you an indication of the average sale price of houses, land and units in an area.
Once you’ve found a location that fits your needs and fits in your price range you can start to look at properties on the market. Begin to compare home features, price and lot size. Also take a look at how a neighborhood has fared over the last five to 5-10 years. Have prices steadily increased? Stabilized? or been in a decline? These figures can help you to determine if the property will be a good investment for you over the long-term.
During this phase we will search for properties using the “Realtor Multiple Listing Service” or RMLS. This computerized database has ALL currently listed properties for sale in the Portland Metropolitan market area excluding “For Sale By Owner” or FSBO. (If you find a FSBO we can research property information on your behalf and/or contact the owner.) We will input search criteria into RMLS based on your needs & wants and the database will match everything that fits this criteria. The system will e-mail both you and us daily of any new properties on the market. This way we can communicate with you about these properties quickly as they become available. Please feel free to use any website you are comfortable with, for example, Redfin, Zillow or Realtor.com, but keep in mind that these websites may not have the most current status of the property. Just send us those property addresses or MLS #’s via email or text and we will look into them for you.
Finding the Right Property
Ideally you will drive by properties of interest to you. If the condition and location are acceptable, we will schedule appointments with the seller/owner so we can look at the property together. This advance notice to the seller is important so they can arrange to be gone from the property during the specified time.
What kind of Sellers are there:
- Owners - The homeowner has equity in the home. Average offer response time 1-3 days.
- New Construction - Most builders are more than willing to work with a Realtor who accompanies the buyer to the property or development for the initial visit. By working with us, you get all the services we offer, in addition to those offered by the builder. You’ll get more, but won’t pay more for it.
- Zillow, Rex, Opendoor - Non-Traditional Real Estate Platform
- Banks - Foreclosed Homes. Typically sold “as–is” and often times offer response can take 5-7+ days.
- For Sale by Owner - Homeowner is selling without representation from Realtor. (response times vary)
- Short Sale - Seller owes more than the property is worth and has to get approval from the bank to accept less money than what is owed to them. This is typically a 60+ day process. Often times, these properties are sold “as-is” and seller and bank will do no repairs. See Short Sale Addendum provided.
- Lease Option - Rent to Own. Owner will carry to the contract, terms vary.
Take advantage of an open home and use the time to perform a thorough visual property inspection. Later, you’ll want to engage the services of a professional to inspect the building’s structure, but it’s a good idea to use your initial tour of the home to perform your own visual inspection.
So what should you really be focusing on when viewing a listing?
The Dwelling’s Structure
When inspecting a property, chances are the current owners are going to present the interior of the property in the best possible manner. They will have cleaned and tidied, perhaps added a new coat of paint, or even had the home staged with beautiful furniture. While these things will help you to appreciate what the home could look like for you, at this stage, it’s more important to focus on the dwelling’s structure.
Some Things to Look for Include
- Damage from pests. Look for bores through wooden frames, or dirt tubes in the foundation or exterior walls that hint to termite infestation.
- Poor construction. Windows and doors that jar or large cracks in the walls around doors and windows are both signs of possible poor construction.
- Wet spots on walls or ceilings. Condensation within the home can lead to mold build-up, wood decay, leaks, corrosion and even loss of structural integrity.
- Cracks in the foundation. Some small cracks in a home’s foundation can be harmless, but large cracks either running down the foundation or across could mean a home is shifting, which can cause significant structural damage over time.
- If you’re not entirely sure if what you’re seeing is cause for concern, and you are interested in the property, the best course of action is to request the services of a qualified home inspector.
The Neighbors
If you’ve gotten to the stage where you’re inspecting the property, then you probably know a bit about the neighborhood you’re looking in, but what about the neighbors? Take a look at the neighbors on each adjoining border of the property for any clues you may or many not be comfortable long term.
- Are the neighbors' yards neat and tidy? It might not directly impact the property you’re considering, but what about when it comes time to sell the property? Would untidy yards next to yours reflect poorly on the area?
- Do they have pets? It might not be an issue, particularly if you have pets of your own. But look for problem pets. Is a neighbor's dog barking non-stop during the inspection? Are animals loose or roaming? Is there evidence of pet damage to shared fences or common areas?
- Do you have a comfortable level of privacy? Take a look at different angles around the home. Are you too close to neighbors? Can you easily hear them through the walls? Are certain windows placed directly opposite a neighbor's window? Is the property fenced off from neighbors?
The Location
Location means more than the general neighborhood. You may be attracted to the area, but take a look at the property’s exact location for things that may bother you long-term, hurt resale value, or cause lifestyle issues. Things to consider are:
- The property is on a busy main road: Houses on main roads can attract lower prices than those on quieter, private and less congested roads. You’ll also have to get used to the noise of heavy traffic.
- The property is next to a retail or commercial space. This can cause issues with local business traffic, and depending on the type of business, and business hours, there could be additional noise. Also be mindful of properties that are next to land that may be zoned as retail or commercial.
- The property’s proximity to a train line. A home close to public transport is always convenient, but a home that shares a border with a train line, for example can cause a lot of excess noise, potentially hurt resale value and cause safety issues for young family members/pets depending on fencing around the property.
- Power lines over the land/property. Sometimes found on larger parcels of land, power lines have been known to drop property prices due to being unsightly, sometimes noisy and due to claims that living close to them long-term can cause health issues.
- The property is in a flood plain. Depending on the city, the climate and the proximity to dams, lakes and watercourses, the potential of flooding on the property will be different. Be aware though, during major floods, houses within the same street, let alone the same neighborhood, can be affected differently depending on their position, the house design and hills/slopes.
These are just a few things to look into when considering a home. After inspecting a property, continue to do your due diligence and get answers to any questions you may have regarding the property.
