Tom Inglesby, Broker RE/MAX Equity Group.
My initial questions would be:Are you or your spouse a Veteran? How much do you have to put down? What is most important to you where your mortgage is concerned?
Depending on your lifestyle 20 minutes out of town will give you plenty of diversity to chose from. Your week here will help but having been through a few "Relos" myself with my husband's career it doesn't hurt to take a little extra time in deciding.
Also, I believe that hundreds of thousands of bank owned houses will NOT be put on the market for sale. Now the BIG FUNDS want to be mass rental owners and have that return on investment. They want the OWNERSHIP. Ive only come to that recently after studying articles from fund managers and speaking to some large managers of pensions funds. I believe prices will go lower for a time but then with NO INVENTORY because the banks wont be selling---certain single family home price ranges will go up. I would buy cheaper rental houses to hold onto. Its going to be YEARS before the rental market will be soft, if at all. Rents will go up to the maximum Joe Public can afford.
Id really concentrate on where you want to personally end up. Of course the areas can change a lot over the next ten years. With that fixed part of your equation, the rest will be easier.
Right now, a possible retirement date would be 2022 (Barring the end of the world this Dec 22) We would like to buy and rent something until we get there.
Sorry to hear about the sales tax!!
I'm not saying that the construction here is poor, it just looks cheap for what you are paying for the finished product!!
We will probably come up in January or february and have a good look around for 7 days or so and get a feel about the place. i have a work colleague who has already purchased two condos in Beaverton in the past year and is happily renting them out and will move there when he retires.
We both have excellent credit history and would be looking around the $300 -$350k price range. we are both very excited to see that there is a Planet gRanite opening up in portland soon, this is our local gym and where my wife works.
Again, thanks and i will reply to you all personally when i get time to this weekend
Its almost impossible to answer your question about living elsewhere and renting here. We we would have to know the others areas you are considering. Rents in Oregon have been skyrocketing (Though usually much lower than Calif rents) because of increased demand from thousands of owners losing their homes to foreclosure. Cost of living here is less than Calif, unless we finally vote in sales tax and continue to spend billions on useless projects and inferior work that needs to be done over but I wont get on that soapbox.
Especially if you are using cash to buy, now is a very good time to score a home that has been taken back by the banks or is to be SHORT SOLD by the defaulted owner.
Portland is surrounded by many townships, most are contiguous, that are pleasant and interesting. Pretty much all around east, south and west of the city, as the river is the northern border. Tigard, Beaverton, Wilsonville, Gresham, etc. They will have a huge mix of styles, ages, prices. Medical is a great concern for me and the Portland area is known for many incredible hospitals and specialist doctors. Ive been all over Calif and 37 other states and Portland is my second favorite place to be. Im in Tigard, a bit south west of the city limits. Of course Santa Cruz is dear to my heart but SO expensive I couldnt go buy my old house back!
This site is pretty much a fishing pond for thousand of real estate people so Ill put in my shameless self promotion---
I value houses for banks who are taking properties back. It not full, licensed appraisal but we have to adhere to same guidelines and Im appraisal trained by several large banks. I value homes every day and have for the last 3 years, and have a better idea of area values than real estate brokers who dont. (In general---there are always exceptions) Ive valued close to three thousand homes. I know the trends, where we expect growth, etc. I specialize in being a 'buyers broker' to represent your interest only for a purchase and Ive been in the business 33 years. Contact me at stillalender at gmail dot com for more information to help with your decisions. Shameless self promotion over!
Is your goal to rent out the home you purchase here until your retirement in the future? Or are you making your move a little earlier than planned? What year are you retiring? I would suggest engaging a good Realtor that works with out of State buyers and can help you sift through the mass of information out there to identify neighborhoods that would be a good match for you.
Prices continue to rise in the Portland Metro area and I expect that trend to continue in the coming new year as new listings will be based off of sales prices from the last half of 2012, which were higher than those that took place in the first half of the year, so now is a great time to buy. Plus, we are already seeing many Californians headed this way - even multiple families making a group move.
Have you been to Portland before? Do you have any plans to be in the area? I am here to help if you decide to take the next step.
Do you mean is it easy to rent out your house if you buy it and want to rent it out at some point? If that's what you're asking, yes-it is right now, that may change over time, but I think there will always be a rental market in Portland, people come here to see if they love it, they love it and stay;)
Our website has a home search or if you want more particulars, just let me know!
Good Luck, you'll love Portland if you don't already.