Aimee Virnig

Hi Nicole -- you are smart to start early! I would recommend having someone start to send you emails of active listings so you can get an idea of the prices/areas for condos. If you can visit for a few days, have a Realtor take you on a tour of some of the different condo units and neighborhoods. This will help you narrow your choices. If you want to be completely moved-in and settled by the end of July, it would probably be wise to begin seriously looking (with the idea of buying) in May. If the condo is new/vacant, you should be able to close in less than a month. You couldn't pick a better time to buy a condo in Portland -- the inventory is high, the prices are down and sellers tend to be willing to negotiate. Welcome to Portland... - Thu Apr 3 2008, 09:14

Hi --
I'm not a mortgage broker, but I can give you a rough idea of your costs. If you were to purchase a home for $275,000 (lets assume nothing down) and you were buying in Multnomah County, with a close date in June, you would be looking at close to $10,000 in closing costs -- not all of these are fees, though. The Title Insurance would cost you about $370 and the escrow fees would be about $375. You would have $300 or so inspection and then you have your lender fees (probably $2750 origination and then lots of recording/doc prep/etc. fees). A big part of that amount is taxes and hazard insurance. The bank will want to establish reserves. Portland's property tax year runs from 7/1 to 6/30, so if you close in June, you will basically be starting from scratch and will need a year of reserves). If you paid for a house with cash, you would eliminate all of the lender fees, but you would still have the escrow/title insurance fees and the tax prorates. Escrow fees are based on the purchase price of the house. Hope that helps. - Thu Mar 13 2008, 08:49

Hi Kayt --
Unfortunately, I think you will be greeted by rain if your visit is this weekend -- but I hope you will not be discouraged -- Portland is a beautiful place to live. I know you are looking for a single family home, but based on your comments, you might want to take a look at the Pearl. The condo market is actually pretty soft here, and the Pearl offers everything you mentioned. Another suggestion might be the Hollywood area or Laurelhurst. Ladds Addition is close to a New Seasons, and Sellwood is a great neighborhood with close grocery stores and librarys. Good luck! - Thu Mar 13 2008, 08:39

I'm biased, but I think your best bests will be N/NE/SE inner city Portland. There are a lot of options in the under $300k range and plenty of opportunities for appreciation. - Mon Mar 3 2008, 10:32

I think it's a great time -- particularly if you are buying up a bit. The interest rates are incredibly low and you will definitely save on the purchase (probably more than you will lose on the sale if you are buying up). Inner NE and SE are still extremely hot. Well-priced properties are moving quickly. - Mon Mar 3 2008, 10:29