The Oregon real estate market has always been appealing with its mix of metropolitan convenience and rural beauty. During the pandemic, it’s been especially in demand with Portland being one of the 15 cities with the highest home values, according to Kiplinger magazine. In this article, we provide you with the five tips you need to get in at the right time and price.
1. Study Current Market Trends
Buying real estate in your area, whether it’s Portland or some of the less populated areas, should be carefully approached. Study how current market trends are heading by keeping tabs on local media, specifically business journals. They’ll keep you informed regarding home inventory and valuations.
2. Do Not Let Deals Sit
High prices do not mean you should wait to buy real estate. In fact, you should act quickly if you see a good deal in the current environment. That’s because the pricing of homes will never depreciate.
Real estate is an investment that, even in downtimes, continues to trend upward. Part of that is due to the upkeep homes require, and part of it is due to the cost of materials always going up.
Locking yourself into a home will ensure continued growth, though it might not always keep up with the rate of inflation. Acting quickly will help you get in on the trend now rather than later.
3. Make Smart Offers
When you invest in real estate, you want to see what other homes in the same local area are going for. How long are they staying on the market? What is the average sale price for that area?
Check properties that are of similar size and value. Weigh those factors against your personal needs, and make an offer you can live with that doesn’t overvalue the home.
4. Check Both Rural and Metropolitan Areas
The decision to buy property should not be relegated to densely populated areas. Yes, you can command more in asking price or rent should you choose to monetize the property right away.
But you’ll also have to worry about the higher cost of living. Rural and suburban areas can be hidden gems during times when real estate prices are on the rise. Target surrounding areas that are within an hour of metropolitan areas, and you’ll see.
5. Start the Approval Process
When you buy a house, you’ll need to make sure your finances are in order. Before deciding to make an offer, have you paid off high-interest debt? Do you have enough to put 20 percent of the home’s value down as a downpayment?
These are factors that can greatly reduce your monthly mortgage by eliminating higher interest rates and mortgage insurance. Do what you can to boost your credit score and chip away on the principal ahead of time. Then, get the pre-approval process started, and find a local realtor ready to work for you.
Buying Into Oregon Real Estate Is Competitive
Entering the Oregon real estate market can be highly competitive, especially in times like these when sellers are able to command more for their homes than they are potentially worth. But prices aren’t going down any time soon, and it’s a great time to buy if you put in the research. For more real estate investment news and tips, check out some of our additional posts!