portland short sales
Many homebuyers and property investors have been deterred from buying real estate in Portland, OR by the stereotypical perception of the region as a place with heavy rainfall and persistent cloudiness. Moreover, local homebuyers have struggled with the ever-rising housing prices, which substantially eroded housing affordability in recent years. However, while the weather has not changed much, the recent declines in home prices and attractive mortgage rates have created the right incentive for homebuyers 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.
Housing affordability in the Portland, OR real estate market has improved notably in the recent years. Traditionally, Portland, OR has been one of the local U.S. real estate markets with lower housing affordability than that for the nation as a whole. However, bolstered by affordable mortgage rates and declining housing prices, housing affordability in Portland, OR has improved significantly. As of the second quarter 2009, a family making on average $70,000 per year, can afford to buy about 60% of homes listed for sale in the region.This is the highest percentage since the first quarter 2005. Housing affordability will continue to improve in the year ahead, allowing an increasing number of Portland, OR families to purchase their dream home.
Buying property in the Portland, OR real estate market has also become more attractive because of large corrections in local housing prices in recent years. Historically low mortgage rates, which are hovering near their record lows, also support buying a home in Portland, OR today. An average interest rate on conventional 30-year fixed-rate mortgages is currently 5.52% p.a. This is the lowest rate in a year, or about 1.5 percentage points below the rate recorded in August 2008. Given that mortgage rates are expected to rise from the currently low levels, buying a home in Portland, OR in the current market, with highly affordable mortgage-financing terms, could help prospective buyers save money. Â Â
In addition, Portland, OR first-time homebuyers may have a special incentive to buy a home. The recently extended first-time homebuyer tax credit of $8,000 would significantly reduce the cost of buying a house. When this tax incentive is combined with substantially discounted prices of homes in Portland, OR and historically low mortgage rates, buying a home today could prove to be not only a financially sound decision but also an investment choice that promises to produce high returns over the long-term period.
The real estate market in Portland, OR has become more attractive for prospective homebuyers and investors. Lower housing prices, favorable mortgage rates, and first-time homebuyer credit have improved housing affordability, luring many homebuyers by the once-in-a-lifetime 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
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