To sell or not to sell? That’s a question many Portland homeowners have been considering lately. Can you relate?
Given the current housing market, any time is technically a great time to sell your home in Portland. As Portland’s trusted local real estate investor, we’ve pinpointed 4 signs it’s officially time to part ways with your home in search of something better.
What’s the secret to receiving a cash offer?
1. Your home needs repairs and improvements
Did you know: Portland ranks the second highest in the nation for home maintenance costs?
Things like yard upkeep, carpet cleaning, pressure washing, and air conditioning maintenance cost Portland homeowners over $3,500 a year! It’s no wonder many Portlanders let these yearly home care needs fall by the wayside.
The problem is, a lack of regular maintenance can result in bigger issues over time. At a certain point, the cost of making repairs may not be worth it or even be financially possible for you and your family.
Does your home need serious maintenance or updates? Selling it quickly is often a better option than spending a lot of money (that you’ll likely not fully recoup) to improve your home.
Repairing & Renovating a Home before Selling: Is It Worth It?
Traditionally, if your home needs extensive repairs, you have 2 options:
- Invest in repairs and updates
- Lower the listing price
Both of these are not ideal.
First, you never know what type of repairs will be most important to your buyers. For example, recarpeting your entire home will be a waste if a potential buyer wants hardwood floors.
On the other hand, if you reduce the price, a potential buyer might still make a drastically lower offer to account for the time and hassle of the repair (in addition to the cost).
Selling to a real estate investor is a great, modern alternative to both these options. You’ll avoid putting more money into the home and still receive a competitive cash offer.
Read more about the unexpected costs of selling a home that needs a lot of work.
2. You’re ready for a change of scenery
When you woke up this morning, did you feel relaxed and content with your space? Or did shove your head under a pillow as your neighbor’s dog started barking and the noise of the city filled your home?
Portland is growing and neighborhoods around the city are seeing this change. Areas that were once slow and quiet are now bustling. Suburban communities have more to offer. New condos and apartment buildings provide more options closer to town. Perhaps you’re ready to experience something new.
A few reasons you might be interested in moving to a new neighborhood include:
- Amenities – Having nearby schools, shopping, or other neighborhood perks like libraries, restaurants, and parks may be important
- You don’t like your neighbors – Maybe you don’t click with your neighbors, want an area with more families, or are tired of living next to an overgrown home or loud convenience store
- Transportation – Being closer to public transportation or in an area with a great walk score is a great reason to move. Maybe you just want a neighborhood with better parking?
Whether you’re ready to move a little further out of the city or want to get closer to the action, sometimes you just need a change of scenery.
Tour the City and Find the Perfect Neighborhood!
3. Your home doesn’t fit your lifestyle anymore
Lifestyle changes are a great reason to take the plunge and buy a home elsewhere. Changes in your day-to-day life can drastically alter the type and size of space you need to live comfortably and be happy.
The most common types of lifestyle changes that fuel a move include:
A new job
Depending on your position, a home that’s closer to work may be more convenient. Or maybe you now work from home or own a business and need a home office or attached workspace.
A new baby is a big reason to reevaluate your space to make sure it still fits your needs. You may want a home with more bedrooms, a bigger kitchen, outdoor space, or more storage – or maybe all the above! Whether you’re dwelling in the joy of your first baby or adding number 3 to the mix, children can drastically affect the type of space you need.
Don’t forget Fido! Maybe you want to add a cuddly cat to your life, need a bigger yard for your dog, or just purchased a horse or other livestock and are ready to live in the country? Pets are a big lifestyle change that change what you need from your home
4. Selling makes sense, financially
Money is an important issue to consider as you’re thinking about whether or not to sell your home. Though the Portland housing market is in a good place, you also need to think about your personal financial situation.
Can you afford to continue living in your current neighborhood?
The cost of living in Portland isn’t the worst in the nation, but it’s still higher than the national average. If your financial situation would benefit from stretching your monthly mortgage payment, moving to outlying areas of the city or a less expensive neighborhood might be the answer.
Are you at risk of foreclosure?
If you’ve fallen behind on your monthly mortgage payments and are facing foreclosure, now is an excellent time to get ahead of the issue and sell your home immediately.
A foreclosure stays on your credit report for 7 years, affects your credit score, and limits your ability to get a mortgage in the future. Not to mention the stress of being evicted from your home with no place to go.
A great alternative is to sell your house for cash, settle the payments, and find a new living situation. Read more about how to sell a foreclosure home in Portland.
Are you financially ready to transition to a new home?
Ensuring your financially stable and ready to handle the cost of a move is a good idea. Ask yourself:
- Can I handle the hidden costs of selling a home?
- Am I prepared to go through the process and cost of buying a new home?
- Do I have the funds to cover a move?
If you feel confident in your financial ability to cover these costs, then now may be the perfect time to sell your home and move!
Ready to sell your home? Discover the benefits of selling for cash
At Columbia Redevelopment, we have years of trusted experience purchasing Portland homes in any condition for all cash, without any fees or inspections. Whatever your reason for selling, we’re here to help.
If you have questions or are interested in receiving a cash offer for your home, give us a call at (503) 406-9874. We can’t wait to hear from you.