So you want to sell your existing home andbuy another? Perhaps you just want to rent and invest your profit? Whatever your reason, you may be surprised to discover that the media spin about a 'great recovery' is just that---spin. In the past 6 months Ive spoken to 5 couples who thought they had a large equity because the news papers reported prices increasing. Two of the couples came into my open home, fell in love with it and wanted to make offers contingent on their current homes selling.
The other three had no new home in mind but wanted to 'buy down'. That is, the kids were gone and they didnt want the upkeep of a large home any longer.
After researching the properties I discovered that none of them had enough equity to do what they wanted! This was especially hard on the two who had fallen for my open home listing.
If one is considering any real estate transaction, the FIRST THING to do is have a proper evaluation of any existing real estate. Notice I said 'proper evaluation'. The Portland market, like many large city markets, has pockets of rising, neutral and even some declining housing. We have certain areas where the price difference can be over $100,000 by simply crossing a street! You need a real estate broker who nows how to place a correct selling price on the property. Portland brokers for The Cascade Team are especially good at this for a certain reason---call us for information about this. We have evaluated almost 5,000 homes for lending institutions. They trust us and so should you!