Why now is the best time to buy

While Portland’s market isn’t as hot as it has been in the past, the city and surrounding suburbs are some of the best markets in the country. According to a new study done by real estate group, Redfin, 14.5% of Portland homes listed in March 2014 were under a sale contract within 3 days. Why is now such a great time to buy a home in Portland?

Competitive Interest Rates

Interest rates aren’t as competitively low as they were in previous years, but they are still competitive considering historical trends, which is a huge added incentive to purchasing a home. While we have several loan packages, as of today you would be looking at an interest rate in the 3’s and 4’s, which would have been unheard of 10 years ago.

Home Affordability 

The median home price in Portland is only $309,000 (April 2014). In 2007, the median home price in Portland was $354,000. Affordability, combined with competitive interest rates and a solid inventory, allows owning a home for people in most income brackets. However, the median price has jumped 12.4%, which shows us that if you are considering buying in the near future that the longer you wait, the less affordable your home will be.

Rental Rates Have Increased

Expect rents to rise faster than home prices. Rents are expected to rise 4.2 percent, this year, versus 2.7 percent for home prices. This is especially important in Portland where the average rent is over $100 more/month than the national average at $1488 versus $1310. There’s a very good chance that an individual could spend less on a mortgage than on renting their home.

There are many reasons to purchase a new home. More importantly you want to know that your financing aligns with your long term goals. Options Financial removes the confusion and gives you the information you need so that you have the power of knowing. If you are considering purchasing a home this year, please contact us today so that we can get you the best financing possible.

  • The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.
  • © 2022 Options Financial Residential Mortgage is a division of American Pacific Mortgage Corporation. All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply. Equal Housing Opportunity.

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