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PORTLAND
OREGON
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News About Portland Homes for Sale
Portland-Home of Their Dreams
Ever think you would like to build your own Portland home and have everything just the way you want it? Lots of people do and they often start by looking at land or lots for sale. With many people the idea is to buy a lot today, get it paid off or mostly paid off and then sometime in the future, contract with a custom builder for the Home of their Dreams via Portland.
Shopping for Your Portland Real Estate Loan
Portland Real Estate Loans have become part of a worldwide mortgage market and mortgage lending is impersonal and competitive. When you shop for the best loan don’t pay too much attention to who is originating the loan. Instead focus on interest rate, points, processing costs and whether you want a fixed rate or an adjustable rate loan. The reason for this is that more than likely, your Portland real estate loan will be sold to one of the organizations made up of what is known as The Secondary Market.
Portland HOME BUYING PITFALLS TO AVOID
Buying your Portland home whether you are a first time buyer or an ‘Old Pro’ involves legal, financial and emotional considerations. The more you know about the most common buyer mistakes, the more likely you are to avoid them.
Make sure that when you put in an offer on any Portland home that you have spent time narrowing down just what you are looking for. When the sellers accept your offer, you are involved in a binding contract that could cost you your deposit and other damages should you decide to back out. The opposite scenario, waiting for the 100 % perfect home can be an exercise in futility. With the thousands of variables available in housing, including location, style, size, amenities and condition, perfection is almost always an unreasonable goal.
Building Portland Home Equity
As a Portland homeowner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in Portland home equity, you gain $3,600.00.
The only factor being considered here is Home Equity. In individual cases it may be wiser to invest than to pre-pay your home loan. It also may be wiser to pay off high-interest, non-deductible loans before considering your Portland home equity building options. Your financial advisor is the one to consult for these matters. If you would like up-to-the-minute information about Portland home appreciation values in your area, please call or E-mail me today.
Buying a Portland Fixer-Upper
This, of course, depends on the condition of the Portland home and the estimated cost of the repairs you must make. Portland real estate in a good neighborhood that is priced about 25% lower than others that are in good shape may be a good deal if it simply needs cosmetic or minor structural repairs. If the house is a gut job, that is the entire inside will be torn out and rebuilt the 25% rule may work and may not so estimate your costs as closely as possible.
Shopping by neighborhood makes good sense when considering the purchase of a fixer upper. As a buyer, the more you know about the Portland homes in a particular area the better able you are when it comes time to judge whether or not a home your are considering meets the financial parameters you are looking for.
What Makes Portland Sell?
Books have been written about this topic but to be concise, successful sale depends on six factors: Price; Terms; Location; The Home’s Condition; The Home’s Accessibility and the Marketing exposure the Portland receives.
Price is what a willing seller and a willing buyer agree on. Price is determined by the current market, which fluctuates causing home values and prices to fluctuate. Often Portland that does not sell is over-priced for the current market. Terms can vary as well. Some owners want payment in full, some are willing to carry a second.
Location is a major consideration in pricing and desirability for Portland. Has the neighborhood gone to pot or does it look like a street at Disneyland? Are there open spaces nearby or is the home located in the middle of commercial district?
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