Should
you rent or buy a Portland Oregon home?
This
is one of the biggest questions that Portland residents have in 2015 as rents
have risen dramatically and are predicted to continue rising.
Recent
statistics from Rent Jungle show us that the average median rent for an
apartment in Portland Oregon is $1,442 per month compared to a mortgage payment
of $1,029 per month if you were to purchase a 3 bedroom, 2 bathroom home for
$265,000 with 20% down.
How to Get Started With Buying a
Portland Home
Financially,
it can make more sense for you to buy a home in Portland compared to continuing
to rent.
If
you’re ready get started with buying a home here are the steps you need to
follow to start the process to becoming a homeowner.
Step
1 – Check your credit reports and score.
Step
2 – Get pre-approved for a mortgage loan.
Step
3 – Define the home you are searching for including: bedrooms, bathrooms,
square footage, location, yard space and amenities.
Step
4 – Contact a Real Estate agent to start searching for homes in Portland.
Step
5 – Be ready to take action and view homes when they come to market because
properties are going fast.
Median Home Price in Portland
Oregon
Right
now the median home price in Portland Oregon is currently $319,000 and home
prices here have increased by close to 7% in the last year alone.
Many
industry experts including Zillow predict that home prices in Portland Oregon
will increase by another 5.6% in the coming year so when you combine
that with rising mortgage interest rates and a high demand for homes now is the
perfect time for you to buy a home in Portland.
Learn More
To
get started with buying a Portland Oregon Home contact EquityPoint Real Estate
today by CLICKING HERE to connect with us online or by calling (503) 595-8800.