When you are preparing to by a home, the first decision should be to select a Realtor®.  Choosing to work with a Realtor® will help you navigate the waters during the entire course of the transaction.  The beginning steps will include Disclosed Limited Agency, which establishes the statutory relationship between you, the brokerage and the broker.  Item #1 on the Disclosure Pamphlet reads, “To deal honestly and in good faith.”  Once this relationship is established, your Realtor® can help you get pre-qualified with a mortgage lender or bank.  At this juncture, the main ingredient can be determined: how much house can you afford? After you and your lender have conveyed to your broker a price range, the Realtor® can be off to the races to find you your dream home.  In today’s market, there are many opportunities to find a home to meet your needs.

The home selection process begins with a consultation with your Realtor®.  Outline your priorities and share them with your broker so you are both on the same page. This will help your broker meet your expectations.  A wish list for your new home may include such things as: location to schools, number of bedrooms and number of bathrooms (including half or partial baths), and what type of floor plan is best for your lifestyle.  Would you like a traditional home in a traditional style, or would you opt for the “great room concept” or a “master on the main?”  Do you want a new home, or are you a project person who is willing to expend your time and effort on “sweat equity” to help continue appreciation for your home?  Do you like yard work and barbequing? Or, would you rather live in a residence such as a condo where the maintenance and common areas are taken care of within the homeowners association?

The most important part of the entire transaction is for you the buyer to recognize that now, today, is a great time to get your foot on the equity escalator by purchasing a home in the area.  Do not be afraid of articles you may see in the national news and the current light that is being shed on the industry on a large scale.  While the Portland market is seeing an adjustment in appreciation rates and the time it takes to sell a home, we still have one of the best livability ratings for lifestyle in the nation.  Your local Realtor® can consult with you and show you local statistics that will validate this fact.  So, in conclusion, call your Realtor® and get the home purchase process rolling…I can guarantee you will be happy you got started today.

By David J. Tangvald, Prudential Northwest Properties.  David J. Tangvald is a managing principal broker with Prudential Northwest Properties, and the 2007 President of the PMAR Million Dollar Club.

For additional real estate resources, visit www.pmar.org.