PDC does have a 0 pct rehab loan - but currently only in 2 areas: the Interstate URA and the Lents URA. That could help you attract your Buyer if some work is needed and you want to sell. See if Comps indicate you could compete on price, and still afford a new house that will make you HAPPY.
If you are in the Interstate URA yours *could* really go fast, even if a Fixer. Many people don't know Lents as well yet, but MAX is being built now, there are great buslines, and it's a great area for young families to get a lot of house (with yards) for a good price. Also a good place for owner-occupied rehabbers to buy low and get PDC financing and make a fair profit when they sell. Hopefully that PDC program will be extended to other areas, like Conservation Districts that have faced high crime and unemplyment challenges. Best wishes for your decision. If you ar uncertain and considering waiting, why not explore getting a Home Equity Line of Credit in place, so you can be ready anytime with a nice Down Payment? Your Bank may have it with no extra fees required. Also, it's never too early to find out what errors may lurk in your Credit report. it could take MONTHS to get corrections, so get moving on it even if you think you'll wait a yer or more. (With a qualifying score, the MacQuarrie Mortgage, tied to a checking account to prevent NSF's, and also help with early payoff of the principal - sounds like a GREAT new alternative for stable folks in control of their spending) Check it out! Jules ( nope, not a Broker, but able to suggest referrals)
To add onto what Tom said about interest rates- if you have a low interest rate on your mortgage, or could re-finance, and then have a buyer assume the loan in the future when a 4-6% interest rate is very desirable compared to a 7-12%. That might be worth talking to a mortgage broker about. I recommend Jonelle Knipe of Landover Morgage (http://www.landovermortgage.com/jonelleknipe). Also, construction is tough to live with, and if it's going to be 2 years or so, think about if you want to live with the noise, trucks, debrise, and construction workers near your house. If you have any further questions about selling your house, or where you would move after that, please email me at firstname.lastname@example.org
Tom Inglesby, Broker
RE/MAX Equity Group Inc.
The decision to sell is so multi-faceted that I highly recommend talking with a good realtor that can give you concrete advice based on actually seeing your home and knowing the neighborhood. Then, take that information and, along with your life needs, I think the decision will come to you much easier that it seems :)
You should also investigate possible loans available through PDC for upgrades to your home, if needed. They are fairly easy to obtain if you have any problems or violations that fall under Title 29 code issues. Even my own home qualifies.
I have worked with the PDC on behalf of several clients and find them just wonderful and full of information and advocacy. A wonderful benefit of being a Portlander!
Another fact is that while we are slowing down here in Portland a bit, we are not yet caught up in the extreme slow downs the rest of the nation are experiencing. So your best bet is to get a competitive market analysis from a terrific broker and see how it looks if placed on the market right now. What will the proceeds likely be? And how will that information for into your plan for your future.