Many homebuyers and property investors have been discouraged from buying real estate in Portland, OR by the stereotypical perception of the region as a place with torrential rains and persistent cloudiness. Furthermore, local buyers have struggled with ever-rising housing prices, which eroded substantially the availability housing in recent years. However, although the weather has not changed much, the recent decline in housing prices and mortgage rates have created attractive incentives suitable for home buyers to consider purchasing a home or investment property in the region. In fact, now may be the best time to buy a piece of real estate in Portland, OR.
Affordability of housing in Portland, OR real estate market has improved markedly in recent years. Traditionally, Portland, OR has been a U.S. local markets real estate, housing affordability lower than the nation as a whole. However, encouraged by the rates affordable housing mortgages and declining prices, the availability of housing in Portland, OR has significantly improved. From the second quarter of 2009, a family takes on average $ 70,000 a year can afford to buy about 60% of homes listed for sale in region.This is the highest percentage since the first quarter 2005. Housing affordability will improve in the next year, allowing a growing number of Portland, Or the families buy their dream home.
Buying a property in Portland, OR real estate market has become more attractive because of large corrections in local house prices in recent years. Historically low mortgage rates, which are hovering near record lows, also support the purchase of a home in Portland, OR today. A average interest rate 30 year fixed-rate conventional mortgages is currently 5.52% pa This is the lowest rate in a year, or about 1.5 percentage points below the rate recorded in August 2008. Since mortgage rates are expected to increase current low levels, buying a home in Portland, Oregon in the current market with a very affordable mortgage financing terms could help potential buyers to save money. Â Â
In addition, Portland, OR purchase First time home may have a special incentive to buy a house. The newly expanded first home time tax credit of $ 8,000 would significantly reduce the cost of homeownership. When this tax incentive is combined with substantially discounted prices of homes in Portland and historically low mortgage rates, buying a house today could be not only economically sound decision, but also an investment option that promises to produce a high yield during long-term period.
The housing market in Portland, OR has become more attractive to home buyers and investors. The lower housing prices, favorable mortgage rates, credit and first home buyer affordability has improved housing, attracting many homebuyers time-in-a-year of life opportunity to buy a piece of the American dream in Portland, OR.
Phil Anderson, the owner of New Portland Home, Portland’s largest RMLS site. he specializes in listing and selling single family homes, condominiums and multi-family properties (1031 and 1033 Tax Exchange Specialist) in Portland metro.
Phil is involved at the city hall level, serving on various committees usually created to review and enhance livability of neighborhoods. He also provides consultation services to prominent engineering firms in Portland, as well as various public and private entities in the metropolitan area, assisting all with the real estate contingent of major projects, e.g., airport development, transportation expansion and communications facilities. If you would like more information about Phil and his services, you may contact him at http://www.newportlandhome.com or phil@newportlandhome.com
