Dave Sutton
Windermere Cronin & Caplan Realty Group, Inc.
Dave Sutton :: Direct: 503-505-9722 :: Email: davesutton@windermere.com :: www.davesuttonhomes.com
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When Is the Best Time to Buy A House?
Posted on October 27, 2011
The "Right Time" to Buy a House
There are so many factors that are part of deciding the "right time" to buy a house that there is no "one size fits all" answer. Let's take a look at some of the most important.
1) House prices
House prices are a supply and demand function. Lots of buyers and not very many houses for sale = high house prices. Lots of houses for sale and not very many buyers = lower house prices. Right now in Portland, the number of homes for sale has been trending down for the last six months, which is holding home prices down.2) Mortgage rates
In 2006 the mortgage payments for a median priced home in Portland would have been about $1600/month. Today, it's about half that - $800. Today's mortgage rates are the lowest in my lifetime and I bought my first house in 1964.
3) Stop Lighting a Match to Rent Money
Today in Portland, most people can buy a home for the same as they're paying in rent.
When you rent, the landlord can raise the price at the end of your lease, and Portland rents have been on the rise for the last 2-3 years. A fixed-rate mortgage payment will never go up. Mortgage interest is tax deductible.
4) It's YOUR house
You can paint the living room the color you want, put in a better dishwasher, change the floor covering, upgrade the kitchen...the list can go on, but the joy of having YOUR house is impossible to quantify.
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