Portland fixer-uppers: When there are few homes on the market, anything can sell at the right low price

By Janet Eastman | The Oregonian/OregonLive

The most recent housing data shows that even during the coronavirus pandemic, a world-changing health and economic crisis, people continue to buy residential real estate, motivated by historically low mortgage interest rates in the 2.9% range.

https://tpc.googlesyndication.com/safeframe/1-0-37/html/container.html The median sale price for a Portland metro home has risen 4.5% to $426,500 when comparing 2020 to 2019 through July, and inventory of homes for sale last month decreased to 1.2 months, offering the fewest choices for potential buyers in years, according to a report by the local listing service RMLS.

“Inventory in Portland doesn’t have a chance,” says Dustin Miller of Windermere Realty Trust in Lake Oswego. “Correctly priced homes are selling with multiple offers and even surprising agents like me, who have been around for 15 years. ‘Even on that street?’ or ‘That house?’ slips out of our mouths once in a while.”

Online real estate brokerage Redfin lists 43 Portland area dwellings in need of major repairs that have sold in the last three months.

Bargain hunters love to see homes advertised as a “fixer upper,” “diamond in the rough” or “needs some TLC” (tender loving care) because they believe with brawn, brains and a budget, they can improve them and either score a profit or a nice place to live.

Pay attention when a listing warns that the buyer needs to perform his or her own “due diligence,” which means, it’s up to you to check that everything is legal and to code before you sign the contract.

Contact me and get a list of these “as is” properties.