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PORTLAND
OREGON
REAL ESTATE
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Tips for Selling Portland Homes and CondosPortland Fixed or Adjustable?
The fixed rate mortgages offer Portland real estate buyers peace of mind with predictable monthly payments. Taxes may go up but the principle and interest will remain fixed throughout the life of the loan. When interest rates were rising rapidly in the late 1970s, lenders came up with ARMs or Adjustable Rate Mortgages. With an ARM, the borrower assumes the risk of rising interest rates. Both have their advantages and disadvantages.
Portland Homeownsers Insurance
Portland Home Safety Measures. You can usually obtain insurance discounts for having a smoke detector, burglar alarm or dead-bolt locks. However, take note that some fire systems can be costly and not every system may qualify for an insurance discount, so check with your insurance company first.
Don’t Over-Insure. Homeowner’s insurance is designed to protect you against loss should your Portland home and furnishing be damaged or lost through theft, windstorm, fire, etc. The land under your home is not insured, as it is not at risk. If, in considering value, you include the cost of the land under your house, you may end up paying a higher insurance premium than you should.
Portland Real Estate Cycles
In the business cycle of real estate, there are buyers' markets and sellers' markets...and some markets in between. It is all based on supply and/or demand. Portland is no exception.
There are times when the economy is brisk and everyone feels confident about his or her prospects for the future. As a result, they spend money. People eat out more, buy new cars, and... they buy houses, namely Portland.
Then, for one reason or another, the economy slows down. Companies lay off employees and consumers are more careful about where they spend money, perhaps saving more than usual. As a result, the economy decelerates. When there are fewer people in the market to buy homes. This is true for the Portland real estate market as it is for all markets nationwide.
Buying a Portland Fixer-Upper
Some Portland investors concentrate on buying fixer-uppers, making repairs and upgrades then selling for a profit. Going with a Portland fixer-upper can also be a smart way for those who are handy to buy a home in a neighborhood that they might otherwise be unaffordable. Fixer-uppers are a wonderful opportunity for those who simply love to create their space to their own specifications but for whatever reason do not want to start with a vacant lot.
Best to know the extent of the job and whether or not you are up to it before you buy. Some Portland fixer-uppers simply need cosmetic work such as paint, wallpaper, carpeting and maybe kitchen appliances are fairly easy to estimate the costs for fixing. Portland homes that need minor structural repairs such as roofing are also fairly easy to cost estimate.
Choosing Your Portland Neighborhood
The fact is that much of the value of Portland and real estate in general rests in its surrounding economic and social environment, which means it’s neighborhood. In addition to being located in the right neighborhood, the Portland that you buy must not clash with its surroundings. To picture what we mean here, visualize the most expensive home you can imagine and then place it in the middle of a run down neighborhood. Not so desirable is it?
To sum up, the Portland that you buy gets its value from a combination of the home’s location and its size, style, age and amenities. You can change the home’s size, style and amenities but you are stuck with the location.
Portland APPEAL
A large part of the appeal of the real estate market in any area is the architecture or the style of the homes themselves. The appeal of Portland is its appropriateness to the region in terms of style, history and weather conditions.
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