Thanks to Tanya Elder, our Windermere Mortage Branch Manager/Mortgage Consultant for the chart below. The point is that even though rates have crept a little this year, comparing the last 30 years, it's almost never been a better time to buy a home. Portland home prices have remained fairly stable over the last two quarters. We still see multiple offers on nice homes that are priced right, but it's a great time to be a buyer – especially a first time buyer.
Nevermind all the pure joy of living in your own home, where you can decide what color to paint the kids' rooms and what to plant in the yard and hang on the walls in the kitchen and on and on… Harvard researchers point out five purely FINANCIAL REASONS to own a home.
Who cares about another golf tournament, you say? This one has raised over $100,000 for the Windermere Foundation, all of which supports local charities Read More
The data comes from the FHFA (Federal Housing Finance Administration) and is for the 1st Quarter 2014 compared to 1st Quarter 2013.
The Windermere Foundation raises money two ways: 1) a percentage of the sales commission from every Windermere Real Estate transaction, and 2) individual contributions by agents (yup, me too), staff and friends, including fundraising events (like our upcoming golf tournament in Portland – want to go?).
Here's a look at where $276,547 went in the first quarter of 2014
According to HSH.com it takes $60,307 income to qualify to buy a median price ($271,900) home in Portland.
If you don't make that much, don't give up on home ownership. First that's a broad brush using national figures for interest rates and other things. Working with a good local mortgage broker (ask me for a recommendation) can probably improve on that. Second, there are a lot of nice homes for less than the median price (Median is just the number for which half the home sales are more, half are less).
As I write this (May 28) there are 26 3-bedroom Portland homes for sale priced between $190,000 and $200,000. What income is required to buy one of those? Did I say I could recommend a top notch mortgage broker?
To see what's available in Portland in any price range just let me know your price range and I'll send you the listings right away. Want to know how much home you can buy on your present income? Did I say I could recommend a top notch mortgage broker?
Want to know how Portland compares to 26 other metropolitan areas? Click here
Courtesy of our friends at Chicago Title, here are Portland's 25 Hottest Neighborhoods: Number of Homes Sold, Days on Market, and Most Expensive.
In the "Property Search" tab on my web site you can search homes by Portland Neighborhod and now you can also search by drive time. Enter your work address and desired drive time along with other requirements (price range, # of BR, BA, etc) and you'll see all the homes for sale that meet your criteria within that drive time range. Or if you'd rather, let me know and I'll be happy to do the search for you.
How about a bathroom mirror that turns into an LCD TV when you want? Even the "news junkie" that I am wonders about that, but all seven are interesting
It's from Worth magazine. Click here for the full story.
In proverbial "round numbers", mortgage payments on the average home in Portland next year will be about $200/month more than today if this forecast increase in mortgage rates is correct. (To check the forecasting accuracy of these sources, I looked up their January 2012 forecast for January 2013 – they were within 0.2 of today's average rates.
That's to buy at the same price. If home prices go up 5-6% as predicted, it's even more.
To go beyond "round numbers" and see what it would cost you to buy that real Portland-area house you want today, I can introduce you to a good mortgage broker. Between the two of us, you can see real numbers and real homes for you. Call or text me at 503-505-9722 or @DaveSuttonHomes
If that sounds strange coming from someone whose favorite activity is working with people who want to buy or sell a home, let me explain.
What I will do is help you find the right home for you. When you see it, you'll know it's the one. No "strong arm" needed from me. I write it because
If this seems like a strange post from a Realtor, it's because I think some people hesitate to ask a Realtor a question or talk about their dreams and desires for a home because they fear being pushed into buying something that's actually not the right home for them, or at the right time.
My clients will tell you what they most appreciate is my patience and my professionalism. I love to answer real estate questions, even if you're not ready to buy or sell right now…or ever ! What's your question? Call or text me at 503-505-9722, or Tweet @DaveSuttonHomes