If you are at all like thousands of Portlanders whose rents keep going up, there’s good news and there’s bad news for you. First, let’s start with, you are NOT alone. Rents have gone up by as much as 40% in the recent years in and around Portland, Oregon. And this shift in monthly expenses has wreaked havoc on many of you! We sat down with a couple the other day who told us their rent went up by $300 per month and they had 60 days notice. Either pay up, or move out!
Well the good news (besides not being alone in this rent hike) is that NOW is actually an incredibly affordable time to make the leap from renter to homeowner. You may be thinking, YIKES, how can we even think of buying when the prices of homes has been doing nothing but increasing since 2011? Again, you are in a majority of people who think this and say this to us. But, owning a home is actually more affordable now than it was in our parents (or in some cases, grandparents) time. Here’s why:
1. Home loan rates are SO LOW, that it more than offsets the increased home price. A home price from 1980’s at the high rate of 16% is still MORE expensive in affordability than a home at TODAY’s price at today’s rate of 4%! Affordability is still the #1 reason to buy a home.
2. The tax benefits of homeownership are very good! This allows you to NET more of your monthly earnings, and keep your money working for you, as opposed to going straight to the IRS. Now for the BAD news about rent hikes here in the Portland real estate scene. You are going to be competing with a LOT of other buyers just like you. And I do mean A LOT of them. With only 1.2 months of inventory on the market, you are competing with thousands other potential buyers all trying to buy one of the 3,305 current listings*. (1,400 fewer homes than last January.)
What’s a renter wanting to become an owner to do?
Simple. Work with the RIGHT agent. Here’s why this matters. There are 7,000 Realtors currently licensed in and around the Portland, Oregon market. Of those, the 80/20 rule applies. Approximately 20% of these agents do 80% of the total home sales. Why? Because we know how. We have methods of securing homes for our buyers that not all agents have. Period! Our team numbers are pretty staggering, Jaimy Beltran is in the top 50 Portland realtors, by himself. Add in the members of his team, and, well, the number of homes we sell is even bigger.
Selling hundreds of homes a year simply means our team knows what to do to get you into a home, we know how to keep the deal working towards a win for you, we know when to go for it and when to pass on a property and we know WHY we work all these hours. It’s for YOU, our client. Basically, our track record is proof that we can actually help you GET the home you want. Want to know how we do it? Easy, call us and ask. 503-218-3838.
*RMLS stats as of January 2016.