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PORTLAND
OREGON
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News About Portland Homes and Condos
Portland Real Estate Cycles
One problem with attempting to time your purchase to the business cycle is that even experts have problems accurately predicting the future economy. Even when they can, the Portland market does not necessarily move in tandem with the stock market or the economy as a whole. Portland is a unique situation.
When the economy is doing well, interest rates are generally higher. The result is that fewer people can afford houses, and Portland is no exception. When the economy slows down, interest rates fall, the "affordability index" moves up and more people can afford houses. The Portland market will take the lead.
Guidelines for Buying Portland
The Internet is great but nothing really substitutes for your personal inspection of homes that are for sale in the Portland. When you have visited plenty of homes online and in person when the right property comes along you will know it.
It is perfectly normal for buyers to have a general idea of what they want in a home without a great deal of specificity. Research, both online and in person will help you define your Portland needs but you can and should know your financial needs before you even start looking. I recommend that buyers go through the process of prequalifying with a lender or at least with a real estate agent in order to narrow the search among homes that are a possibility. Many agents refuse to show homes to prospective buyers who have not been pre-qualified.
Before You Buy Your Portland Home
Whether you are a first time buyer or someone who is moving up to a more expensive home it’s a good idea to start by cleaning up your credit report. Let’s say you apply for a loan to purchase an Portland condo, town home, single-family home or any type of Portland. The lender will check out your monthly income and outgo to determine if you can afford to repay the loan. Therefore, it is to your advantage to pay off as many high-interest consumer loans as possible. If you are planning on buying a car, a boat or other major purchase, put it off until after you have bought your selected Portland real estate. Lenders look for certain patterns they consider red flags. These are: late payments, overextension, liens, garnishments and, of course, bankruptcy. Remember, debts reduce the amount of cash you can spend on the Portland you want to buy, so clear the decks as much as possible before applying for a loan
Bitten by the Portland Home Improvement Bug?
Money isn’t everything however so that if the most important consideration for remaining in your Portland home happens to be the school where your children attend or the proximity to your work or to a particularly attractive recreational opportunity then remodeling may be the best option. On the other hand, if the idea of having your Portland house torn up for weeks at a time makes your blood run cold, it really doesn’t matter how much money you might make turning a fixer-upper into a model home. You will be far better off selling the home you have and moving to a home that better fits your needs.
Buying a Portland Fixer-Upper
Finding the right Portland fixer upper often involves finding a seller who is in financial difficulty and wants to sell in order to protect their credit or to avoid foreclosure. Various government agencies such as VA, HUD, IRS and others offer homes in foreclosure for sale and these homes can make excellent fixer-uppers. Bank owned properties known as REOs, real estate owned, offer good opportunities since financial institutions want to eliminate their real estate holdings by selling foreclosures quickly.
Join my network of Portland buyers looking for specific types of properties. Call or Email me today.
Portland SAVINGS
Everyone wants to buy the home of their dreams at the lowest possible price. Here is a tip for making the best Portland buying decision. Make sure you know the actual real estate values in the area or areas where you plan to buy so that when you come across a home priced below market, you will know it.
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