Chris Mack’s Real Estate Insider – September 2023
Buying Smart in the Current Market
A fun part of buying real estate is weighing the different factors when you’re deciding what to buy and recognizing value that other buyers might miss.
I like to use real-world examples when I can, so today I’ll profile my friend, Amanda’s listing in North Portland and tell you what makes it a good buy.
What I like about 6856 North Concord (click here to view the listing):
- Potential to negotiate on price. The house has been on the market for 18 days. In this market, I like to focus on houses that have been on the market between 2 and 3 weeks because there’s often an opportunity to get a deal before someone else does.
- Very well maintained. The house is owned by an engineer/architect who has meticulously cared for it. There’s an opportunity for a buyer who can recognize a well-maintained house from one that’s not.
- Remodeled. A lot of Portland’s houses in the mid-$500k range will need major updating. With 6856 the living room, dining room, kitchen, bathroom, upstairs, and basement have each already been updated which keeps future ownership costs low.
- Has a garage. This is a big asset that often doesn’t get enough consideration. The extra storage space for all of the gear Portlanders tend to have (bikes, paddle boards, etc.) is valuable.
- Potential to add a second bathroom. The basement is laid out well for adding a second bathroom. This is key because without the right basement layout, it will be much more difficult and costly to add a second bathroom.
- Multiple higher-price sales on this street. Several houses on this street have sold between $600k and $800k, which means there is a strong, established market there.
I work with downsizers, helping people sell their large house and buy a condo (here’s a link to my downsizing website), and with first-time homebuyers, work relocations, and multi-family investors. If you or your friends/family have real estate questions, I’m easy to reach and always happy to chat.
My cell is 503-951-5476 and email works well, too. I’m at [email protected].
As always, thank you, and let’s talk soon,
On a personal note, we SURVIVED Burning (Mud?) Man 2023! While the rain did come and turn the famous playa dust into mud, we still had an amazing time. I thought Neal Katyal, who was there and subsequently made his rounds on the talk shows, did a nice job explaining how the week went. Here is a picture of the Temple, a place people go to leave things they’d like to honor or let go of. The temple is burned on the last day of the festival.