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Beaverton Oregon Real Estate: Why would buying be better than renting? It may not be!

 

Family movingMany first time home buyers contact me when they get the call from their landlord that their lease is up and they are going to increase their rent $50 per month. Out of anger they call me and say, “I’m ready to buy, my landlord is raising my rent again!”

I do love to hear these words from a potential buyer, but there are a lot of things I want a potential buyer to do before I think they are really ready to buy. The first of those is to look at a rent vs buy calculator and see if, at this time, this is really the best option for them.

Right now is one of the best times to buy with homes prices being at lows not seen in over 5 years.Interest rates at record lows and there are even great programs out there for first timehome buyers, including the Oregon Bond Program. (Temporarily out of funds) But, the federal government has the biggest incentive out there. If you are a first time home buyer, then you can get an $8,000 tax credit. (But that is only available until December 1, 2009.)

Unfortunately,the down payment assistance programs that Oregon offered are also out of funds like the Oregon Bond Program, but hopefully, with the Oregon budget, they will be put back in to place. There were also some other down payment assistance programs in the past, such as Ameridream and Nehemiah programs, which were cut by the federal government in late 2008. These programs were good help for downpayments, but you still had to pay them back. They were all included in your loan, but in many cases it made it very hard for the house to appraise.

If you are in the market for your first home and would like to sit down and discuss what it would take to become a home owner and how financially it will change your life, I would love to talk to you about your dream of home ownership and help your family home.

 

Respect Realty LLC (Expect More)

 

At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.

 

Reach out today, we look forward to talking with you!

 

Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)

(503)564-3130

info@RespectRealtyNW.com

www.RespectRealtyNW.com

 

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Comment balloon 4 commentsRespect Realty LLC • June 09 2009 01:17PM

Comments

Todd, I have taken this tack with several clients. I'd rather see them rent than buy a manufactured home in a park.

Posted by Paul S. Henderson, REALTOR®, CRS, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Northwest.) over 10 years ago

Great Post Todd.

Another great calculator is the one on Dave Ramsey's site so they know how much goes to principal and what goes to interest each month, so they can fiddle with it and know how to turn a 30 year into a 15 year mortgage on their own as they can.

Great tips, and good knowledge for buyers on programs out there, or modifications to programs.

Posted by Heather Fitzgerald, REALTOR Greenwood Indiana Real Estate (REALTY WORLD-Harbert Company, Inc.) over 10 years ago

Too bad so many families have had their credit ruined and can't buy right now.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) over 10 years ago

It really is a shame how many people try to over extend themselves just to get in to a home. I think home ownership is great, but to practically bankrupt yourself to do it isn't worth it.

Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) about 10 years ago

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