How much home can you afford? Check out the mortgage calculator to the right below. For the financial part of buying a home, you’ll need a great loan officer. I can suggest a few names for you.
For the process of buying a home I have lots of information to share with you. I’ve gathered it in over 25 years of helping Portland buyers achieve their home ownership goal. Below is a start on your home buying education.
Be sure to also check out the interactive map to search the MLS for homes for sale in the Portland metro area. You’ll be able to see what’s for sale in different prices and neighborhoods. Or if you prefer, just use the quick search widget at the right.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005. All rights reserved.
Buying a home in Portland? Are you practicing Bad Mortgage Behavior? When you’re buying a home you apply for a loan, get pre-approved, and make the offer on that dream home. Once you are approved for a mortgage, do you know how to stay approved? Here’s how. For all the talk of how tough it is to be “mortgage approved”, the basics of mortgages haven’t changed. Mortgage approvals are still the 3-legged stool of income, equity, and credit. Sometimes, though, it’s not getting approved that’s hard...read more
Wondering if you should buy some Portland real estate or simply rent a home? Owning your home can save you money every year according to the chart below. Why? — Partly because of the tax advantages of home ownership; partly because rents on local homes seem to be rising faster than prices of Portland real estate. When you buy a home you can lock in your house payment for 30 years. Rents can rise every year. Here are some questions you need to answer in your rent vs buy considerations: How much do Portland homes cost in your area? Check...read more
Portland real estate investors are finding that today’s market creates excellent conditions for buying and owning rental properties. Vacancy rates are low right now. In addition to the normal pool of renters, previous homeowners who have had a foreclosure or short sale of their home need to rent for 2 to 4 years before they can again purchase a home. Then there’s the fact that the prices for Portland homes for sale are at about 2004 price levels. And have I mentioned how low interest rates are right now? This all translates...read more
We’re a green city so it’s fitting that much of Portland real estate is beginning to employ green building technology. We’re seeing it in new construction and also green remodeling projects. The Earth Advantage Institute is working with the Portland real estate builders and remodelers to rate home energy performance, certify green buildings in the Portland real estate market, and inform builders and home owners about the many energy tax credits. Just in case you need encouragement or a rationale for going green,...read more
It’s easier than you might think to buy a home in Portland. There has been so much news about stricter lending requirements over the past few years. Many folks who could be first time home buyers think they are unable to buy right now. Some folks think you need 10% or 20% of the sales price to buy a home now. Some think there are no loans for first time home buyers. Well I’m here to tell you that is just wrong information. You too can take advantage of historic low interest rates and low prices for Portland real estate. 3.75% ...read more
Thinking of buying a home in Portland? These days some of Portland’s best real estate values come from buying properties that have issues. We’re talking buying a home in distressed condition (fixer-uppers) or distressed terms (short sale ). Frequently it’s both (cash only terms due to condition). Here’s more about buying Foreclosures. Here’s more about buying Short Sale Properties. Maybe the home needs a new roof and electrical panel. The owner took the furnace with him when he was forced to leave. And the septic system...read more
Quick before it’s gone.. Attention Portland home buyers. Here’s a great opportunity to make buying a home in Portland affordable. You’ll need to be a first time home buyer and you’ll need to act now to take advantage of the Oregon Bond Loan program. If you qualify and want to search for homes in Portland, use this link to see all the Portland homes for sale in the MLS. Rodd Miller of Pacific Residential Mortgage, LLC sent me the information about this state program. It’s only available for a little while, so call...read more
Portland real estate buyers are choosing bank owned properties over all other types of sales. For January 2011 Bank Owned or foreclosure properties were 11% of homes for sale in Portland yet they were 28% of all transactions in escrow. Why? Buyers may perceive foreclosure properties as the best value without the hassles and uncertainty of buying short sales. Non-distressed sellers need to fight for attention in today’s housing market. They are 70% of the market and 58% of the sales. (See below for definitions of types of...read more
Question: Aren’t there some changes to FHA loan costs that start in October? Do they make it harder for people buying Portland real estate? Answer: from Tim Vanderburg, Northwest Mortgage Group firstname.lastname@example.org Yes, there are new rules. They’ll make your monthly payment very slightly higher. But once you understand the numbers you’ll see that the changes are manageable and allow you to start out with more equity in your home as soon as you purchase. Don’t let the changes in FHA keep you from making the best investment...read more
If you’re looking for Portland real estate and want to be close to all that Portland has to offer, have you considered the Belmont District? My client has her home for sale in Portland at 2518 SE Belmont, Portland 97214. (Scroll down to see the flier.) To download a flier of this great piece of Portland real estate Click Here. This is a beautiful property at an awesome price ($285,000). Here are the highlights: The charm of a 100 year old building. It has leaded glass window, wood burning fireplace, and claw foot bathtub. The formal...read more