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!
Licensed Mortgage Planner
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:)
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.
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.
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.
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.
Certified Mortgage Planning Specialist
Sterling Savings Bank, Home Loan Division
Tom Inglesby, Broker
ABR, CRS, Earth Advantage Broker, CDPE
RE/MAX Equity Group inc
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!
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Licensed in Maryland, Virginia and Washington, D.C.
Assisting Homebuyer's and Seller's for 28 years