Smaller Houses are HOT HOT HOT

We close on our house on Friday!  There were some rocky places in the appraisal and underwriting processes, but my rock star mortgage team really came through! I'll write more about that later, but first--I was quoted in the local newspaper...

Last month I was talking to my journalist friend Susan about the possibility of her bringing some things to my place for the annual Lincoln Neighborhood Yard Sale. I mentioned that we had finally found a house after nearly a year of searching and needed to downsize.

Coincidentally, she was working on a story about small houses and asked if she could interview me formally. The resulting story was published the day after our mostly successful yard sale. Only the section that quoted me is below, but you can read the whole article on The Columbian's site.

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Big demand for small homes in Clark County

First-time buyers, those looking to downsize find competition is stiff for smaller, more affordable houses

By Susan Parrish, Columbian Education Reporter
Published: July 31, 2016, 6:02 AM 

Challenging for buyers

Recent empty-nesters Eliza and Harry Lane considered buying the 1940s house they’d rented for several years in the Lincoln neighborhood, but they realized they couldn’t afford to buy in that neighborhood.

Driven by price and aesthetics, the couple focused on homes built between 1940 and 1975. Their wish list included hardwood floors, an attached garage and a yard big enough to plant a garden.

They looked at about 20 houses priced less than $225,000. All needed work. At least one needed a new roof. Many required new flooring, decking or paint.

“Some of them were bank-owned and needed someone with much deeper pockets to buy them and fix them up,” Eliza Lane said. “We didn’t get to the point on any of those to find out what mechanical issues were wrong because we didn’t get beyond the cosmetics. We’re interested in looking after an old house, but we’re not interested in rebuilding it.”

They made offers on three houses. They changed their mind on one and withdrew from a second after the inspection revealed the need for expensive repairs. On another home the Lanes offered more than the asking price, but the house had 20 offers. It sold for 11 percent more than the asking price.

Tired of looking at homes that required extensive repairs, the Lanes increased their budget to $240,000. That made a difference. They walked into the 23rd home and found what they were looking for. Built in 1954, the one-level, 960-square-foot home in Vancouver Heights had good bones, including hardwood floors. It met other points on their wish list too, and it was in better shape than the less expensive homes they’d toured.

The seller accepted their offer, which was 1.5 percent more than the asking price. Now the Lanes are waiting for the appraisal. They should close before the end of August, more than a year after they started looking for a home.

“It’s been challenging,” Eliza Lane said.

She advises buyers looking in that starter home price range to “look into programs that can offer down payment assistance. Find a real estate agent who will be tenacious.”