Rent vs Buy in Portland>Question Details

Mv, Renter in Portland, OR

Rent vs. buy in Portland, OR?

Asked by Mv, Portland, OR Mon Oct 11, 2010

Help the community by answering this question:

Answers

12
BEST ANSWER
Check out this wonderful tool that First American Title provides at: http://www.bit.ly/now-later. This will help you make an informed decision.
1 vote Thank Flag Link Mon Oct 11, 2010
MV -

While that decision is a very personal one, I would love to help you make the decision! I have a great tool that we can use to sit down and take a look at the advantages of each. If you would like to run the numbers let me know, its free and it can really help with your decision making process.

As for the current market, I really cannot think of a better time to jump into home ownership. Purchase prices are low and that combine with incredible rates is something that has never been available to the first time homebuyer before.

Good luck and let me know if I can help!
Stacie Hartman
Licensed Mortgage Planner
503-445-9525
stacie@capitalmlending.com
1 vote Thank Flag Link Mon Oct 11, 2010
I have a great calculator that looks at the price of the home you are wanting to purchase and then calculates what happens if home prices drop in the future and also how this relates to rising interest rates that will likely occur. You can project many versions of prices going up and down and various interest rate points.

It almost always comes out in favor of the purchase, especially if you study the Case Shiller Index of 20 cities.This along with other data points will generally provide confidence that the worst is over and while Portland is late in the curve, meaning we peaked later then the other cities and we are leveling off and rising later, you can see the trend lines in your favor.

Of course due diligence related to your individual situation is always warranted. Let me know if you need any help:)
1 vote Thank Flag Link Mon Oct 11, 2010
I'll make this simple.

You can now own a home for less than it would cost to rent the same home (statistically).

The only reason you wouldn't buy now is if you weren't playing on staying in the area for long.
0 votes Thank Flag Link Sat Dec 11, 2010
Mv, you are sure getting piled on with solicitations, LOL. Listen... We cant even come close to answering that abbreviated question. Here are a few factors

1. How long do you plan on living in the area?
2. Why would you want to buy? That is, Lifestyle? Future appreciation? Tax benefits? Other? All of the above?
3. Whats you tax situation? Though many throw 'hey you can write off the interest' at you as a great reason, sometimes its not. Sometimes its just flushing moola down the toilet.

Oregon is going through a unique event. More and more homes are being foreclosed on by lenders. More will be . Values are terribly spotty with some areas actually up while others are neutral and MOST others are still dropping like flies. Whats this do to RENTALS? It RAISES RENTS because all those misplaced homeowners now need to rent something or live under the bridges downtown. A big part of your equation will be the cost of a rental you find. If you could squeak into a inexpensive rental then save/invest your money, it may be the best thing to do. Do I make any clams telling you this? Nope---but it has to be said. Sit down and have a professional go over all this with you.
0 votes Thank Flag Link Sat Oct 16, 2010
The answer of rent vs. buy has to come from within. I recommend taking an overall look at your lifestyle, job, and future. If you feel confident that your paycheck is steady, ready to take on new responsibilities and you are ready to plant your roots in Portland, then I recommend purchasing a home.
I was in the same exact spot you were in a bit ago, rent vs. buy. I decided to buy and it was the best decision I ever made for I am now the owner of an amazing beautiful home, "my home" my future nest egg, I enjoyed being a renter for many of the reasons you are probably enjoying too, but after a while I felt unhappy just paying off my landlords mortgage. Making improvements on his home. Lucky him.

Today's interest rates are great and home prices are much lower now too. So that is an added bonus if you're thinking about purchasing and having a lower monthly home payment. If you feel you are ready then take that next step and give me a call. 503-267-7535
Here is a link to some of your favorite Portland neighborhoods and general info about them including the homes for sale within them and places of interest: http://relocationtoportland.com/portland-neighborhoods/

I love showing the homes with large backyards to grow organic gardens, large open kitchens to enjoy cooking that much more, and finished off basements to bring in other renters to help subsidize your mortgage. Tell me what your favorite criteria is in a home, I am a licensed professional Portland Realtor and ready to help.
Check out this great website: http://relocationtoportland.com/ It has perfect elements needed to purchase your next home.
Thanks,
Kevin Levy
503-267-7535
M Realty
0 votes Thank Flag Link Mon Oct 11, 2010
Mv,

An excellent 6 word question. Rather than giving you a simple answer, I would like to extend an offer. I have several programs that will allow us to take a more indepth look at your situation and see which is best. There are strong reasons for buying and renting. It really depends on your situation, bith now and in the future. Feel free to give me a call for a no obligation review.

Larry Morris,
Certified Mortgage Planning Specialist
Sterling Savings Bank, Home Loan Division
503-421-0096
Web Reference: http://www.pdx-mortgage.com
0 votes Thank Flag Link Mon Oct 11, 2010
Your decision to rent or buy is personal but if you look at the interest rates today as probably the lowest in 50 years this is a great time to buy. The starter price range and that depends on where you are looking to buy but it is very active in Portland under $250,000 which means that your loan payment would be about $1,000 a month. The most active price for rentals is under $1200 a month. In Beaverton the homes priced at under $235,000 have less than 60 days on average to sell. It really depends more on price. The inter city close in areas like Westmoreland, Powell, Clinton, Hollywood, Irvington, these areas are very active and some times there are multiple offers on homes under $400,000. When you read in the paper about the market is slow it is always local to a specific area and the upper price range is slow everywhere. In happy Valley there are many $400,000 - $500,000 homes that were listed for up to $800,000 it is really impossible to build a new 4,000 sq ft house for $425,000. My web site has a rent verses calculator if you want to fill in the information to see what is best for you? Good luck,

Tom Inglesby, Broker
ABR, CRS, Earth Advantage Broker, CDPE
RE/MAX Equity Group inc
503-319-9035
0 votes Thank Flag Link Mon Oct 11, 2010
Mv,
That's a great question to consider in the current market and Anna is right, its a very individual decision. You should use a rent vs buy calculator to show you some calculations to consider. Checkout our web reference below for a "Rent vs Buy" calculator and two lessons, one on the "Top 9 Benefits of Homeownership" and one on the "Benefits of Renting vs Buying a Home". Hope the info helps with your decision!
0 votes Thank Flag Link Mon Oct 11, 2010
My suggestion is to try looking for what you want in a price range that makes sense. See what your monthly payments will be including taxes and insurance. Then look at the same place for rent. If rent is close or more than a monthly payment - it makes no sense to throw your money away on a rental does it? That would be one way to look at it. I hope you find what you are looking for!
0 votes Thank Flag Link Mon Oct 11, 2010
A decision only you can make based on your finances, wants, needs, lifestyle, etc.; It’s all about costs and lifestyle. Costs—financing v. moving-in, mortgage v. rent, repairs v. upkeep. Lifestyle—stability v. mobility, predictability v. flexibility, equity v. freedom from debt. It used to be all about equity. Now, there are other variables to consider in the balancing of the buy/rent equation. Buy when you are ready and need to buy--visit with any qualified loan officer(s), when you are ready to buy regarding mortgage qualification.
0 votes Thank Flag Link Mon Oct 11, 2010
BUY!

Good Luck!

If you like the answer - please consider making it a "Best Answer" !

Gerard Dunn
Associate Broker
Licensed in Maryland, Virginia and Washington, D.C.

Assisting Homebuyer's and Seller's for 28 years
703-216-9100
0 votes Thank Flag Link Mon Oct 11, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer