Buying a Home in this Changing Real Estate Market
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will you have your own dream library/dining room this year?
So, you want to buy a house. What next?
Start with an incredible mortgage lender (after you chat with me, of course). I have a great list of lenders who have worked in the industry for years.
Once you know your purchase price range, select your neighborhoods and other criteria to narrow down the search.
In the Portland Metro Area sellers are still in the powerful position with a very limited inventory. That’s great news if you have a home to sell! As a buyer, you will still need to be ready to take on smaller repairs and pay your own closing costs.
Money isn’t cheap anymore. Be ready to have 5-7% interest rates quoted to you. There are strategies to work with these normal, usual, and sustainable rates! Buy down your rate with your own funds, look out for free future refinance deals, and be ready to refinance your loan in the near future. You can use equity in the future to buy down the rate as well.
See a home purchase as a long term mission, not a quick investment that will earn you money. 10% gains year after year are proving to be unsustainable. We are heading back into a more sustainable market where it will take a decade or more to build up a huge amount of equity based on home values growing.
Every home purchase is a unique situation. Let’s start planning for your real estate goals sooner rather than later!