Oregon is home to a lush environment where you can explore what nature has to offer for months on end and you still won’t scratch the surface of everything there. It’s also a region of the country with a rich history not seen in other parts of the country, which is why people are coming from all over to live there.
Many of the newcomers are millennials, choosing to be homeowners, which is why the state is becoming a more unique place as time progresses. However, the asking prices for many homes may be higher than what people have saved up. This is why The Lindley Team offers a diverse range of financing options to choose from so you can find your dream home in the beautiful pacific northwest. Contact us if you have any questions or want to discuss the next step in owning a property.
Real Estate Market In Oregon
Nationwide, the real estate market is constantly fluctuating up and down, and Oregon is no exception to this situation. Today, the average price for a home here is about 378,000 USD and most of these properties have about three bedrooms. This can be narrowed down even further to an asking price of 169 USD per square foot.
Although, it’s likely you may need to spend a little over 3 percent above the asking price to obtain your dream home. Applying for a mortgage can help ease these financial burdens and worries, though. For a family with one income, a good ballpark figure for a mortgage payment is 1,100 USD per month, which is quite reasonable for most people as the median income is generally around 76,000 USD.
Additionally, if you choose to split that payment between 2 to 3 people, your monthly payment will be quite easy when divided equally. Plus, a mortgage is usually the only option available to most Americans, at least compared to the full asking price of most homes. And renting an apartment doesn’t allow you to gain equity on your property. The right mortgage will allow you to support your family easily and afford those things you choose in order to add comfort to your life.
Reasons To Buy A House
Because Oregon is a state with property appreciation rates of over 7 percent per year, it makes it one of the best locations to buy a home. Considering this number is higher than the national average of 3 percent, Oregon is an ideal place to put down roots. You are almost guaranteed to see your home increase in value over the coming years, which means your assets will also become more valuable over time. Your credit score will also see a positive boost when you act responsibly on all of your bills, including your mortgage payment, on time.
As a homeowner, you’ll even benefit from tax breaks available to homeowners in the US and first time homeowners have even more programs available to make ownership more affordable. For instance, you can deduct your mortgage interest if you are a married couple with a home loan up to 750,000 USD, as well as gain points after closing on a sale. Although, when you want to sell your home, you will be offered a tax break on capital gains; 250,000 USD for single homeowners and 500,000 USD for those who are married. But, you’ll need to pay tax on all profits over this limit.
The personal perks are also some of the big reasons why people want to purchase a home instead of renting. One of the biggest benefits will be the fact you won’t have to deal with neighbors sharing a wall with you, hearing everything going on. Want to have a weekend party? No one will be complaining there’s limited parking or worrying you are bothering your neighbors. You will also be able to customize your property as you see fit, making it a place you can come back to for full relaxation.
Regardless of all of these benefits, you still need to make sure you choose the right mortgage lender who has experience with your specific situation. The Lindley Team are happy to provide you with some of the best lending options around; conventional financing, government financing, jumbo financing and mortgage refinancing. We have decades of combined experience in all things mortgage related and can help you get into just the right loan for your specific situation. Don’t feel discouraged by the high prices sellers are demanding and obtain your dream home today.
House Hunting Mistakes
Don’t fall for the common house hunting mistakes many people fall for; instead prepare yourself for anything. One of the most crucial things to keep in mind is how desperate you become to find a home as this can lead to a refusal of the home inspection. Feeling frantic to find a place to live will cause you to overlook things you would normally have issues with. Don’t pass on a home inspection as this can reveal massive flaws within the property, such as mold and mildew damage, malfunctioning bathroom appliances, problems with the HVAC, electricity issues or structural damage.
Not seeing these issues will cost you thousands of dollars later on; even as soon as the first week of living there. This is one of the hidden, although critical, fees you will have to deal with after purchasing a house. Other relatively unknown expenses can be the title transfer, HOA fees and legal contracts. Many of these can be included in your loan amount if you choose.
Furthermore, it can be overwhelming to search for homes yourself. Why do all the legwork yourself when there are credible agents who can show you what you are looking for, which is why you need to have a vision of what you want. Without a clear picture in mind, you may choose something you dislike later on. This includes paying attention to the neighborhood, schools, stores and overall convenience.
Also, start below the asking price so you have room to negotiate. However, you also don’t want to offer something below the appraisal because you will just be ignored. This is why a real estate agent is vital; they know the nuances of pricing and how to get you the best price possible. Just be cautious and think of these factors before making any purchasing decisions.
Contact The Lindley Team Today!
Don’t feel you need to go into massive amounts of debt to find your dream home because there are mortgage options to ensure you live comfortably. The Lindley Team is happy to explain to you the various options available and recommend just the right loan for your situation. We even have information on all of the best neighborhoods within the state so you don’t suddenly regret picking a community you don’t vibe well with. Contact us with any questions you may have or to schedule a consultation with one of our team of professionals.
If you’d like to start the process of getting a home, come see us at the Tammi Lindley Team. We are Portland’s premier mortgage lenders, offering hundreds of mortgage products so you can pick the mortgage that matches your needs. Contact us today and start the process of owning your dream home.
