By Katie Bain
Renting vs. Buying a Portland Oregon Home – which option is better?
If you’ve been studying the local Real Estate for the last 12 months you know that many people have been saying that buying a home in Portland is better than renting but who is telling the truth?
In this post I will break down buying vs. renting so you will know which option is better if you’re debating buying a home in Portland right now.
Why it’s A Great Time to Buy
During the last 12 months we’ve seen some historic conditions in the Real Estate Market across the United States including low mortgage interest rates.
Right now mortgage interest are the lowest they’ve been in the last 40 years, and this means you can get a mortgage for a lot less than you ever imagined, especially if you have great credit.
Combined with low mortgage interest rates, other factors which are benefiting buyers right now are low mortgage insurance premiums and a strong jobs market, which are bringing buyers back to the real estate market after the crash of 2007.
Why it’s Better to Rent
Even though 2015 is shaping up to be a great year for buyers, it’s also becoming a year where more buyers than ever before, especially millennials, are staying away from the Real Estate market.
One of the biggest things which is keeping qualified buyers away is the recent Real Estate market crash where many people saw their friends, family members and co-workers lose equity in their homes.
Before deciding to buyer vs. rent a Portland Oregon Home make sure you are financially ready to commit to the costs of home ownership, including the long term commitment which comes from owning a home.
For more information on buying vs. renting contact me, Katie Bain, Realtor with EquityPoint Real Estate by calling me at (503) 595-8800 or click here to contact me through my website.