Buying a house in the PNW is getting tougher. Here’s what you need to know to find the right deal in the right neighborhood. We’re breaking down neighborhoods, realtors, and mortgages -- plus, what kinds of options home buyers have for getting the financing they need to afford their home.
Portland’s housing market has been heating up for years. While it was commonplace to snag a cheaper house in PDX back in the early 2000s, things have gotten significantly more expensive in the past five years.
As prices rise, knowing when to buy is crucial. If housing prices start to drop, as is predicted, 2019 may be a great time to purchase a condo or smaller home. If you’re a young person hoping to stay in Oregon for the foreseeable future, buying a home this year can help you set yourself up for success in the future. Learn more about what you need to know about buying a home in Portland, Oregon below.
For any prospective home buyer, keeping in mind the cost that comes with home buying as well as homeownership is crucial. When calculating what you can afford, make sure you’re taking into account closing costs, realtor fees, and any other miscellaneous costs that may come up.
While the buying process is expensive, doing it right is crucial. The right appraiser can save you thousands down the line. Keeping in mind big expenses that may come up is also important for keeping the costs in the ballpark of what you are expecting. For instance, ensuring your roof is in good condition may seem obvious, but checking water heaters, windows, and appliances may not be the first things that come to mind. Make sure you’re checking on the little things that carry a big price tag. For your monthly costs, be sure to check out our mortgage calculator to ensure you don’t end up house poor.
Knowing where your priorities will help you both with finding the right location and home. For instance, if you’re set on not needing to do renovations, you’ll be paying more upfront but can move in without the hassle of construction or potential money pits.
However, if you have specific layout or upgrades in mind, finding a location that has the right bones for your upcoming changes will help you avoid not being able to achieve the things you’re looking for. Have a will, won’t, and want list. This can help you determine what things you’re willing to give up, along with the things you would like and your hard line won’ts.
If you know people who have recently bought homes in Portland, asking them about their experience, recommendations, and red flags can also help. You should also speak with your financial institution and see if they have a specialist or person who can help you get the best deal with the best rate.
We’re excited you’re taking the first steps toward home ownership in Portland, and want to make sure you have all the resources you need. Be sure to reach out with additional questions and CCCU is happy to work with you on home loans, realtor selection, and more. Happy home hunting!
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