Tigard Oregon Real Estate >> Wayne B. Pruner, GRI

I Wish I Bought Back Then!

These are uncertain times for the housing industry. The negative news is overwhelming and can shake anyone's confidence in making a decision to buy a home. Oregon has weathered this housing crisis better than most of the nation. Don't let fear and negative thinking block you from buying a home now.

This could be the best time in years to buy a house. Interest rates are currently right around 5% for people with decent credit and banks are making loans. You can buy more house now, with the same payment, than you could 6 months ago.

When will you know that prices will hit rock bottom? Usually after prices start to go up. Maybe we are not at the absolute rock bottom, in our area, but we have to be very, very close to it. The government is taking all kinds of measures to support the housing industry and these generally have some lag time. Get on the wave now.

If you are buying a home in which to raise your family, do not concern yourself with short-term profits. Take the long-term approach and concern yourself with all the things you want in the livability of your new home: good schools and neighborhood, desirable floor plan, attractive landscaping, easy commute to work and shopping, pride of ownership, and getting out of the rent-paying-black-hole.

If you are a buyer, with financing, there are bargains to be had. You are in the driver's seat! There is no shortage of homes for sale. Negotiate on price. If sellers won't budge from their price, walk away. Another home, at a better price, may show up. Ask for closing costs or a rate buy down, a home warranty, and all the appliances. Sellers are much more willing to take care of all the repairs identified by the repair inspection, than they have been in the past. If the house needs some updating, it may be possible to get the seller to complete this work before closing.

Buying a house is a major decision in anyone's life and needs careful consideration. Think back on the times you regretted not taking action. If you have ever contemplated buying a home, this is one of those times you need to drop everything else that is occupying your mind, and give serious thought on making a home purchase.

Wayne B. Pruner is a Realtor® at Oregon First, who works in the Portland and Tigard, Oregon area. He is ready to help you with all your real estate needs. His phone number is 503-891-0795. Here are links to his real estate website and his real estate blog.

Portland Oregon: 5 things to do in February

Oregon Seafood and Wine Festival - Oregon Seafood and Wine Festival
This winter event held February 1 & 2, 2008 is a typical Oregon celebration. Showcasing Oregon seafood and wine, with the central theme being the very tasty local Dungeness Crab, and featuring other Oregon products. Location: Oregon Convention Center

OMSI - The largest collection of Chinese fossils is on display, featuring over 20 complete skeletons. After that, enjoy the planetarium, OmniMax Theater, and the science exhibits. All February.

2008 Portland Jazz Festival - Portland Jazz Festival
The Shape of Jazz to Come 1959/2008 will be this year's Portland Jazz Festival Signature Series of events. The world renowned Portland Jazz Festival will include over 150 separate events, free performances showcasing regional talent, and the opportunity to visit Portland's jazz clubs. Feb. 15 - 24, 2008

2008 Portland Golf Show - Portland Golf Show I have decided to take up golf, so this is of interest to me. The 15th Annual Portland Golf Show is a three day event! Test your skills at the interactive areas, get free lessons from Pros and Experts, and demo the latest clubs from top manufacturers! Feb. 8 - 10, 2008 at the Oregon Convention Center

Go to a Blazer game. Rose Quarter - They are on a hot streak. Let's hope it lasts. It's been a long time since we have seen Blazermania!

Wayne B. Pruner is a Realtor® at Oregon First, who works in the Portland and Tigard, Oregon area. He is ready to help you with all your real estate needs. His phone number is 503-891-0795. Here are links to his real estate website and his real estate blog.

Coping with Buyer's Remorse

The decision to buy a home involves making the largest financial purchase most people will ever make. This is not an entirely rational process, but also involves making emotional decisions, especially for first-time home buyers. Buyer's remorse is the pain, anxiety and fear of making a mistake, which usually occurs after your offer is accepted. You have looked at many houses, found the one you like, signed all the paperwork, obtained a mortgage, had the house properly inspected, and now you're scared. You are not the first to feel this way. This reaction is normal and has been shared by many buyers.

Buyer's remorse is often triggered when you start to talk to others about your new home. Family and friends, who mean well, start to question your housing selection and what you paid for it. They may compare their home purchase to yours and wonder why you did not do it the way they did. Or they may question why you picked out this home so fast and did not check out more homes in the area that may be right for you. Ignore the advice to continue looking at houses after you have committed to purchase a particular one.

You have to consider how well these people know the current market. It may have been years since they last bought. They may even be from a different area and do not know local prices and neighborhoods. An experienced real estate agent, who knows the community well, can help you make the right decision.

Another source of panic is the financial commitment that buyers make. "How can I afford these payments?" is a question that causes much anxiety. A mortgage payment is a big chunk of your income and moves you out of your comfort zone. Reducing spending, budgeting, home maintenance, and job security are issues that suddenly become overwhelming. These fears are normal. If you are in control of your spending, you know which expenses can be directed towards paying the costs of home ownership.

Your best defense against buyer's remorse is to trust the preparation you undertook prior to selecting this home. The better prepared you are, the better decisions you will make. You have educated yourself on the many issues of home ownership. You understand what you can live with and without and that compromises will have to be made. You have made a list of the pros and cons of home ownership and buying this home is an obvious good decision.

Included in this preparation was the selection of a Realtor® to help guide you through this process. If they are truly doing their job, then you should be happy with your purchase decision. A good Realtor® takes the time to learn what you really want in your first house and helps you to understand every step in the buying process. You don't want a Realtor® who will push you into making a decision before you are ready, but one that will tell you all the facts and help you compare the differences between properties. By understanding your needs, they can help you know that you are making the right decisions for the right reasons.

Wayne B. Pruner is a Realtor® at Oregon First, who works in the Portland and Tigard, Oregon area. He is ready to help you with all your real estate needs. His phone number is 503-891-0795. Here are links to his real estate website and his real estate blog.

What Method do you use to Select a Realtor®?

When I took Economics back in college, we all learned that there are many approaches to making a decision. The two methods that I think most apply to how people choose a Realtor are: Satisficing and Optimizing.

You have done your groundwork and put together your list of questions to ask Realtors and now you need to decide how to utilize this list.

Satisficing is the approach most people take. This is basically considering one option at a time until a satisfactory option is found and then accepting that option. They interview one Realtor at a time and stop when they think they have found the right one. The last Realtor they talk to gets the job. Unless you are very experienced in dealing with real estate, you may not know what you are missing.

Most economists consider Optimizing a better approach. This approach considers all the options available and then selecting the best of the options. Interviewing all the Realtors available is impractical because there are so many Realtors to choose from. What does work is to interview five or six Realtors and then make a decision. The interviewing process may uncover information that you never considered and help you make a better decision. This approach may take more time, but buying or selling a home is probably the biggest financial you will ever make. Take your time and do it right.

Wayne B. Pruner is a Realtor® at Oregon First, who works in the Portland and Tigard, Oregon area. He is ready to help you with all your real estate needs. His phone number is 503-891-0795. Here are links to his real estate website and his real estate blog.

Contingencies are Safeguards for the Buyer

A contingency is a stated event that must occur before a contract is binding. There can be many contingencies in a contract (sales agreement) to buy a house, but the two most common are the Financing and Inspection Contingencies.

The Financing Contingency allows you cancel the contract if you cannot obtain a mortgage. You generally need to be somewhat specific about the mortgage you will obtain and agree to apply for the mortgage within a certain time frame. This contingency is meant to protect the buyer in-case financing can't be found. This also allows the buyer some protection if, for whatever reason, the loan fails to fund at the last minute at escrow.

The Inspection Contingency gives you the right to have the home inspected, within a certain time period, after your offer is accepted by the seller. You can withdraw from the contract if the inspection reveals problems with the house and you and seller cannot come to agreement on how to take care of these problems.

Both these contingencies are standard provisions of the sales agreement commonly used by Realtors® in the Portland Metropolitan area and are for the benefit of the buyer.

Wayne B. Pruner is a Realtor® at Oregon First, who works in the Portland and Tigard, Oregon area. He is ready to help you with all your real estate needs. His phone number is 503-891-0795. Here are links to his real estate website and his real estate blog.