It’s no secret to most everyone in the Portland metro area that homes are quickly becoming less affordable for first time home buyers. Oregon lawmakers are trying to help first time homebuyers make it easier to save money to purchase their first home.
How would they do it?
The Oregon First-Time Homebuyers Savings Program (HB2996 and SB849) would allow individuals to take a state tax deduction for saving money towards a down payment on their first home. The savings would be stored in a special bank account. Deposits into the account would be tax deductible, up to a limit, and the interest gained on the account would be tax free.
If the plan is approved, the funds would need to be used for the down payment or other closing costs for a home. You could save up to $50,000 in the account over the span of 10 years to receive the tax credit, and you would need to be a first time homebuyer to qualify for the tax credit.
What this means for you as first time homebuyers?
If the bill passes, it makes it easier for first time home buyers to save up money towards their down payment, and make the jump from renting to buying. Saving money for a down payment is often the hardest part of buying a home. While many people think they need more than they do for a down payment, it’s still not an easy task.
Getting this tax credit and no tax interest goes a long way towards helping ease the burden of saving for a down payment. With home prices in Portland steadily rising, this would make it easier for you to jump in and become a homeowner.
There is no word yet on when the bills will be taken to a vote, you can visit oregonfirsthome.com for more information.
The latest Portland market update is out and the Portland Real Estate Market seems to be picking up, if only slightly.
February saw a drop in closed sales, but an increase in activity as both new and pending listings increased over January. The drop in closed sales is generally linked to activity in earlier months, as most homes take about 30 or more days to close, so the lower closes are to be expected. Read More
We’ve reached the end of one of the most exciting years in Portland real estate in recent memory. This past year was one that saw prices rise to all time highs multiple times, and saw homes go pending with multiple offers the second they went on the market.
Things have leveled out a fair amount in the last few months and the holiday season brought a little more calm to the market. The weather we’ve had in Portland lately surely hasn’t helped either! Read More
As the holiday season wraps up and we start a new year, we get the chance to look back and ponder what took place over the last year. 2016 was quite the year for us, and we just can’t wait to see what 2017 brings to our team.
We couldn’t have done all of this alone though. It takes people willing to put their trust in us to help navigate them through one of the most important moments in their life, buying a home, to make this possible.
When you look for a Realtor, you’re looking for someone who is going to be knowledgeable, trustworthy, and reliable, and we’re so glad so many people had the trust that we could do all of that and more for them.
We’re also grateful that so many people appreciated how we helped them buy or sell a home, that they told their friends or family that they thought we should be the ones to help them buy or sell a home.
We want to thank you all so much for helping us have a great year, and we look forward to helping even more people achieve their home dreams in 2017.
The traditional seasonal cool down of the market seems to be taking shape in Portland. With the latest numbers in the RMLS Market Action, the winter season is typically a slower season in real estate as focus tends to shift from buying a new home to vacations and the holidays. Read More
The latest RMLS market action is out, and we see that the market is continuing to even out after the last year or so that saw the Portland market explode.
Month to month over the last 2-3 months, the market is certainly headed away from being the hot seller’s market it was early this summer. Homes are sitting on the market longer than they were before and prices have dropped compared to last month, but the market is still incredibly strong.
Time on market is the third shortest it’s been in three years, and prices over the last year have risen at one of the fastest rates in the country. If you’re looking to sell in Portland right now, you don’t need to worry. Sure you might not get 5-6 offers over ask the day your home goes on the market like you might have in May, but if your home is priced right, you’re likely to see strong offers rather fast.
If you’re on the buying side, things are looking pretty good for you compared to just a few short months ago. You’re no longer having to write your offer the second you see a house. You do still have to be quick, but you can take just a little more time on your home search.
The winter season is typically slower than the summer for real estate, but with the market in a slight cool down, it may be the perfect time for buyers and sellers to hit the market and get prices they’re happy with.
Have you ever seen a house that looked so beautiful from the outside that you just had to see what it looked like inside? Maybe it’s even been on the market and you’ve been tempted to call your favorite Real Estate agent (hopefully that’s us!) to get a tour and see inside. Thanks to the Matterport camera, we’re getting even closer to being able to feel like you’re inside of a home while being nowhere near the actual home.
Being in real estate, we see all sorts of homes every day. Since we see so many homes, we’re also often relied upon to be a trusted source of information for clients who need things done at their home or related to their homes.
We wanted to share some of our favorite people and companies we know and trust to help clients with whatever they need. These aren’t companies we’ve asked for money to pay to promote them, these are the people we trust with our own homes when we need their help.
First up is Son’s Carpet Cleaning, a company we trust to always do outstanding work when cleaning our carpets or our clients carpets. Click read more to learn more about them, and as a bonus to our readers, they’re offering a promo to our great readers. Read More
To some, the latest edition of the RMLS market action may look like the market might be on a downturn first glance, and it certainly does without context. Zooming out and taking a longer look at what the market has done over the last year paints a much different picture.
Looking at the numbers month to month, average and median prices have dropped and average market time has increased. Under normal market conditions, these numbers might indicate that we’re heading into a buyer’s market. Looking at the year over year numbers it may not be that simple though.
As our team does every year, we went down to Street of Dreams to check out the selection of handpicked luxury homes to see what real estate trends are next, to get some inspiration for our own homes, and just to gaze at some fantastic homes. We then asked our team to pick out something that they enjoyed the most about the homes and had them write about it.
Ray Gardner is up next and is one of our newest buyers agents on the team. He really loved the outdoor spaces at Street of Dreams, and the sheer beauty of all of them. Read More