If prospective buyers could spend a week in a house they're thinking about buying, it would give them a good feel for the neighborhood, including how noisy (or quiet). Now there's a tool that can help with that. Enter the address at HowLoud and you'll get a SoundScore – a 50 to 100 rating (higher is quieter) on the ambient noise level. While it won't tell you about the neighbor who leaves for work at 5:00 AM on his Harley, it will give you a look into noise produced by trains, airplanes, traffic, commercial sites and the like. If this "takes off" it will become similar to a WalkScore as one independent tool to evaluate a neighborhood.
Oregon property taxes can by confusing. Especially due dates and how they are prorated when you buy or sell. Click Here for a simple chart from our friends at Ticor Title
At a Windermere meeting last week we heard Windermere's Chief Economist.
Here's the takeaway in plain English: http://www.bizjournals.com/portland/blog/real-estate-daily/2016/02/is-the-economy-going-to-be-better-this-year-brian.html
While the chart shows Oregon as less than 30 days, the reality is that any decent Portland home that's fairly priced will be gone in a week. My last listing went live on MLS at 8:00 PM on a Saturday night. We received 10 offers by Wednesday and accepted $56,000 over the list price.
Besides the fact that the market is hot, this seller had wisely decided to have a home inspection before it went on the market, and fixed everything the inspection report turned up. I recommend the pre-listing home inspection to all my sellers. Even if you don't want to fix everything, you get the time to generate multiple estimates for the work, instead of being presented with the buyer's bid late in the standard 10-day inspection period when you can't realistically get a contractor to show up in time to get any competing estimates. It's almost like agreeing to the highest repair estimate before you even see it. Much better to have the time to get your own and either do the repairs or credit the buyer the amount of the lowest estimate.
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.
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
This chart is the simplest answer to both questions.
The longer you rent, the higher the cost, and while you have paid for a place to live, you have nothing to show for it but rent receipts.
On the other side, buying a property to rent has all the advantages the renting does not. In either case, a fixed rate mortgage would hold your costs level (OK taxes might go up, but that's a minor part of the equation), while your rental income increases.
And in both cases, there are significant tax advantages. For Home Owners, mortgage interest is tax deductible. For Investors, you also get depreciation and other deductions. Don't believe me? I can recommend a good Portland CPA.
The 2013 numbers for short sales and bank owned homes (both new listings and sales) are in the chart below. Total homes for sale continues to be quite low. At year-end 2013 there were 5,159 total listings, down from year-end 2012's 5,632. Year-end 2009 listings total 13,019, so we currently have less than half the "normal" number of listings. A six-month inventory is an even buyer-seller market, and we are currently at half that (3.2). If you're thinking of selling, this is an excellent time. Contact me for a free no-obligation analysis of what your home might sell for today.
Until just a few years ago, 6.0% was a terrific rate. Then we got spoiled with a few months of 30-year fixed rates in the low 3% range.
I get a weekly "rate sheet" from a Portland credit union.
Today's shows a 30-year fixed FHA rate of 3.75% "with limited fees" Because of fees you may be better off with a "conventional" mortgage, quoted there at 4.25% for 30-yr. fixed. Your best home finance information comes from a local mortgage professional. Contact me for a no-obligation referral in Portland. .