Portland real estate has become a lot more popular of late as people across the country and around the world realize what this unique Pacific Northwest city has to offer. If you’re on the lookout for property, you’ll want to avoid some of the common real estate myths that could set you back. Here are a few debunked.
1. You Should Avoid FSBOs
Smart buyers and sellers understand the value of professional guidance provided by real estate agents. However, some sellers choose to go solo and list their Portland condos and homes as FSBO – for sale by owner.
What does this mean for buyers? Some fear that these sellers aren’t serious, that they’re just trying to get a feel for the market. Others wonder if something is wrong with the property. Many worry that they can’t use their own agents to negotiate the sale. None of these things are necessarily true.
Some sellers may not be serious, but many are. In many cases, sellers are simply trying to avoid agent fees by selling a home themselves (even though it is an ill-advised move). Finally, buyers are always allowed to be represented by an agent in real estate dealings. In short, don’t discount a property just because it is FSBO, but you would be wise to tread carefully.
2. Locals Can’t Compete with Cash Buyers
It’s true that the rapid population growth in Portland has led to an influx of buyers. This has subsequently led to a boost in the housing market and a rise of investors making cash purchases on fix-and-flip real estate or rental properties. This doesn’t necessarily mean that local buyers can’t compete, however.
Although not everyone can afford to deal in cash, serious buyers that are pre-approved can work with agents to find appropriate listings for Portland modern homes, put in competitive offers, and ultimately, find the perfect home.
3. Another Recession is Imminent
Speculation over another housing crisis runs rampant. However, the housing market continues to improve and the passage of the Dodd-Frank Act has increased regulations designed to avoid another housing crisis. With housing prices on the rise and interest rates still low, now is a great time to purchase a home in one of your favorite Portland neighborhoods.
4. Agents Must Disclose Neighborhood Information
Your agent wants to make sure you’re happy with the property you purchase and will endeavor to disclose relevant information to you. However, certain information cannot be disclosed under Fair Housing Laws. Therefore, if you want information about neighborhood schools or crime stats, for example, you may have to do some research on your own.
5. Buyers Don’t Need Agents
Technically, you don’t have to hire an agent to help you find and purchase Portland lofts, condos, or homes. However, having a professional on your side can help you in a number of ways.
Your agent has your best interests in mind. This professional can help you find active listings, run a search on comparable properties, prepare an offer, and negotiate a fair price. Don’t forego the benefits a real estate agent can provide.