The Housing Market and Portland Mortgages
All around the country, there are major questions about the housing market and just what it’s going to do. Though the problem certainly exists in Oregon just like it does everywhere else, Portland is one of the better markets around the country for finding a home right now. The Pacific Morthwest has seen its fair share of troubles to be certain, but it has come out of the housing crunch a little bit and there are now some opportunities for individuals to get into the act and purchase a home. So what are some of the things that you need to know about the Portland housing and mortgage market right now if you are moving into the area?
For those who are new to the area, it is worth noting that there is speculation out there that the area is still a little bit overvalued in terms of real estate. What this means is that the boom hasn’t quite worn off in lots of areas in Oregon, and that it’s still very much a seller’s market. This is probably due to lots of people moving into the area for different purposes, and the fact that many of the region’s primary job providers have not been hit as hard by the economy as the rest of the country has. What does this mean for someone who might be looking for a house? It could very well mean that prices are falling as we speak, and they are getting ready to fall some more in the coming months. Oregon isn’t about to experience what the rest of the country has, but things are sure to level off as more and more foreclosures happen in the area around Portland.
Another thing that you absolutely have to know about the Portland housing market is that mortgage interest rates are incredibly low right now in all of Oregon. For months, there have been predictions that have said the interest rates are bound to head upward. After all, they had been at record lows through much of the summer. The good thing for home buyers is that those rates still haven’t risen a ton. This is due mainly to the fact that mortgage lenders in Oregon and the pacific northwest haven’t been hit nearly as hard by foreclosures as many places around the nation. That is why rates currently stand at around 5.07% for a 30-year fixed rate mortgage. Those are still near record lows, and it bodes well for people who are wanting to make a purchase. This is also one of the things that has allowed the housing market to remain at its high level for sellers.
In pure layman’s terms, what all of this means for new home buyers is that there are some options. Home prices are not in the type of free fall that will provide huge deals for home buyers, but they are helped out by the fact that relatively affordable mortgage rates make homes more in reach than they have been in a long time. This is especially true for those people who want to purchase a home in the suburbs of Portland. There are some really nice neighborhoods being built there and some really great pre-existing homes already out on the market for folks who need to be close to Portland, but would prefer the quiet comfort of suburban life. With decent credit, folks should have no trouble getting a home that they can afford in the near future. That is, of course, if they are willing to lock into a lengthy mortgage term of 30 years, as the 20 year rate is still quite high.