Are you plan to sell your property in Portland, Oregon? you may wonder how long it would take. Like many homeowners, you are probably eager to sell because you are moving on to the next chapter in your life. Maybe you are relocating for a job, or you are going through a divorce or some other change in your life. It may be, you are experiencing the COVID-19 hardship.
Regardless of your need to sell soon or not, you hope that the real estate market will work in your favor.
Of course, you have the right to ask these questions, and at Better Off House Buyers, we want to give you some answers. Let’s talk about how long it would take to sell your home in Portland, Oregon, during this pandemic.
Portland’s Housing Market Tends To Be Temporary.
We’d love to tell you that there are not bad times to sell your Portland home, but that’s not true. Here in Portland, the housing market has seasons. That means when to sell your home depends on the time of year:
In Portland, the spring market turns out to be the fastest. Spring season, in real estate language, is the time between March and May.
Also, there are a good number of houses for sale in June and July. However, this is the time when prices usually go up. August and September tend to be slower. But around November many people start buying again. Finally, December and January are the most difficult months to sell a house. These two months see the longest sales lists of all time.
But in 2020, things were unpredictable. As the real estate market entered its peak season of the year, the coronavirus outbreak appeared. An unexpected pandemic that has radically changed the way we live. The necessary steps taken by the CDC, federal, and local authorities to prevent the spread of the virus have hurt the economy.
We have felt the scourge of unemployment and business closures. Our city has been the permanent scene of political-social demonstrations that on many occasions have seen the action of some irresponsible demonstrators, who damaged the property of others, government offices, and national monuments.
These events have caused the real estate industry to have a rather significant downturn. However, due to the low-interest rates declared by the National Reserve, the market has exploded, remaining at very high levels throughout the year. Increasing property prices by about 20 percent. Definitely, 2020 was an atypical year. Surely, 2021 will continue on the same path, full of surprises.
Do you have a Mortgage Forbearance loan?
To avoid a national economic disaster, Congress unanimously passed the CARES Act in March 2020. This measure prohibits banks and lenders from foreclosing on delinquent debtors, who are federally backed loan holders, for up to one year.
About 4 million federally-backed home loans are in forbearance right now. According to a report from the Mortgage Loan Bankers Association (MBA), home loans with suspended payments are about 20% of the total loans in the country, representing some trillions of dollars that banks have not received during the coronavirus time.
Many people who have struggled to make their mortgage payments before COVID-19 have seen their situation further complicated by the crisis. 2021 begins, setting new records for daily cases and deaths. It will take a while for us to get back to normal.
The most affected industries continue suffering from a lack of income, and the government cannot agree on the best way to help the people. Every day we receive calls and emails from desperate homeowners who cannot make their mortgage payments and have no choice but to sell their properties to avoid foreclosure.
But what is the most viable option for a homeowner or small landlord, who has no income because of losing his job, or because his tenants cannot pay the rent? To answer this question, many have decided to sell their properties to ease the financial burden while the crisis lasts.
Selling Your House With Mortgage Forbearance.
Some clients have said they want to sell their properties because they believe that by doing so. They will have the opportunity to balance their uneven economy and take a second wind to start it over by buying another property.
If a homeowner or Landlord is going through a crisis, selling right away is the right choice. Below we will transcribe the conversation we had with one of our clients, from whom we bought a house at the end of November 2020.
Mr. Peter Cornell is a Portland resident who worked for many years in the entertainment industry, organizing parties and banquets for business, weddings, and family parties. Due to the restrictions ordered by the state of Oregon, Peter’s work schedule was canceled as of March 2020.
For three months, he was able to support his mortgage payments and the family’s expenses. By August, he found it necessary to request a forbearance for his mortgage loan. At the same time, he was trying another way of income. He announced on social media the sale of homemade sandwiches and pizzas with free delivery.
Unfortunately, the business did not work out as he expected, And to top it all, a neighbor called the health department to report the continuous smell of food that invaded the neighborhood at all hours, and they ordered him to terminate the idea.
So he decided to undertake the task of investigating what advantage he would have by selling his house. Searching on many investors and real estate agents, in dealing with Better Off Home Buyers, he found as follows.
Analysis of selling the house to Better Off Home Buyers.
Peter’s property is a two-story, three-bedroom, 2 and a half bath house, located in a quiet neighborhood in Portland. He purchased it in March 2009 for $325,000.
As of December 2019, the property had an equity of 30%. That is a market value of $ 422,500. The amortized value paid in the 10 years was $ 30,000, for which he performed the following analysis.
|Property value as of December 2019||$ 422,500|
|The amount owed to the lender $325,000 – $30,000||($ 295,000)|
|Late payments from August to December 2020||($ 15,900)|
|Capital gained on 2020 10%||$ 42,500|
|Property Taxes 2020||($ 3,250)|
|Total Balance||$ 150,850|
Selling the house, for this client represents a profit of $ 150,850. He told us that by selling the property, he can pay debts, and still, he can count on enough money to buy another house, taking advantage of the low-interest rates that the Federal Reserve office has decreed. The most important Peter said, the new mortgage payment will be much lower than the current one, and he will be able to meet it without any problem.
Analysis Selling The House Through A Real Estate Agent.
We have analyzed the difference that can be if the same house, with the same data, is sold through a real estate agent. This is the result.
|Property value as of December 2019||$ 422,500|
|The amount owed to the lender $325,000 – $30,000||($ 295,000)|
|Late Payments from August to December 2020||($ 15,900)|
|Capital gained 2020, 10%||$ 42,500|
|Property Tax 2020||($ 3,250)|
|60 Days in Current Market – 2 Mortgage payments||($ 5,300)|
|Estimate Property Tax 2 Months||($ 542)|
|Estimate maintenance expenses & Utilities 2 months||($ 800)|
|Real estate Agent commission 6%||($ 25,350)|
|Other closing costs 3% approximately||($ 12,675)|
|Total Balance with a real estate agent||$ 106,583|
In this example, selling his house to us, Peter Cornell receives $150,850 in capital gains
But if he sells his home through a real estate agent, he receives capital gain of $106,583.
A difference of $44,267 Peter would not receive if he sells his house through a real estate agent. Just, those $44,267 can be used to pay the down payment of another property, and since he had lived for more than two years in the old property, he can take advantage of the income tax law.
Can Realtors Sell Faster?
That depends on each agent, some are aggressive when it comes to selling houses. They can spend a lot of money on promoting the property, which could result in a faster sale. But this is not always the case. Most of them find that they are at the mercy of the Portland sales season too. From which it is not easy to escape.
Of course, 2020 was a different year and we cannot take it as an example to determine in which season it is best to sell a house. But in the example above, the data used and the calculations are real from when we bought the house from Mr. Peter Cornell. It was a transaction that lasted just 10 days. The average purchasing house time in our company is seven days.
If you hire a real estate agent, eventually, you will find that the selling costs will come out of your pocket. Also, you will pay for the sale commission. In addition, value the time you must be available to show your property to strangers. Time is money. If you have economic problems, and cannot wait 60 to 120 days for a real estate agent to sell your property, then take a look at the above analysis. compare.
What’s The Fastest Way To Sell A Home In Portland?
There are many things you can do to help to sell your home fast. If you plan to hire a real estate agent, here’s what you should do:
- Make the necessary repairs before listing your home for sale. This includes major or minor repairs, painting the house inside and out, roofing work, checking the power to keep it lit, and replacing outlets that don’t work.
- Take the time to do deep cleaning. A dirty house scares away potential buyers.
- Sort everything. You want potential buyers to feel at home.
- Check the curb appeal. Buyers like to get a good opinion of your home from the moment they park their cars in front of it. Make sure it looks spectacular.
- To take the risk of infecting yourself and your family from contact with strangers.
Preparing a house for sale takes a lot of work, especially when you hire an agent. For this reason, most homeowners and small landlords prefer to work with an investor like us. Because it is faster, safer, and they receive more money. Compare.
What To Expect When You Sell To Better Off Home Buyers In Portland?
When you decide to sell your home to us. The experience is different. The sale-purchase transaction is fast, transparent, and hassle-free. Compare and consider the advantages. In fact:
- You don’t have to worry about whether your home is in good or bad condition. Better Off Home Buyers buy houses AS-IS
- You don’t have to clean your house before we see it. We don’t care how clean or not the property is. Fitting the property after purchasing is our job.
- Sorting everything out will be completely unnecessary for the same reasons.
- You don’t need to trim bushes, plant grass, or repair driveways, we don’t care what the exterior of your house looks like.
Best of all, if you want to sell your home as quickly as possible. Especially when the pandemic and the economy are hitting hard, Better Off Home Buyers is the answer. We have the cash, and we can close as soon as seven days.
Better Off House Buyers Buy Your Home Quickly
Some homeowners have all the time in the world to sell their homes, but some need to sell quickly in these times of health and economic hardship. 2021 was a difficult year for everyone, and if you need to sell your house Better Off House Buyers, will buy it!.
Our process is very easy. You contact us by filling out the form on this page, or you can dial directly (503) 212-9641)
Within the next 24 hours, we will return your call, setting a physical or virtual appointment to see your property in detail.
Then, we will present you with a written offer. As soon as you accept our proposal, we start with the necessary paperwork to close the purchase of your property.
It is that simple. contact us. We have worked hard to simplify our home buying process, doing our best to make it easy for you. At this time in history, when a terrible epidemic is forcing us to reinvent ourselves, we are working with the same spirit, the same enthusiasm, but more careful to protect your health and ours too.Do you want to sell your house soon? We can help you. Please contact us