PDXRE: What’s Happening in Real Estate?

What’s Happening in Real Estate?

By Marie Nizich

     Most people know about the $8000 stimulus check that is available for first time buyer’s who close on a home prior to November 30, 2009. The promising programs that are available in Portland and the surrounding areas may be even more exciting however and are far less publicized.   This article cannot contain all the details of each counties down payment assistance programs, but is certainly worth the time to read as you may be able to be a home owner and soon! 

     Home ownership is a freedom and responsibility that many take for granted. However, it is one of the ways to begin the road to financial stability for those who become knowledgeable.  When you buy a home, it’s like opening a savings account that makes contributions to your bottom line, not someone else’s.  As a renter, you are giving your hard-earned cash to your landlord’s bottom line.  There are many freedoms that come with renting for example: yard and home maintenance, usually lower costs monthly and more freedom to move residency.  However, it is a much better situation when you become discipline enough to own a home.  First, there are the tax credit deductions. Second, paying down the mortgage principle makes your net worth higher, faster.  Thirdly, there is appreciation.  Oregon and SW Washington are appreciating areas that see general growth in home vales over a given period of time.  What we are experiencing now is a re-setting of home values because of the rapid, double-digit appreciation we saw in 2004-2007.  Here is when the good news comes! Home prices are currently very low.  Interest rates are also very low in comparison to other years. Our federal and local governments are trying to make it affordable to step into the freedom and responsibility of owning real estate TODAY! 

     There are programs available that give up to $50,000 in down-payment assistance to purchase homes.  It is worth noting, that there are stipulations and limits to qualifying, terms and repayment.  You will need to speak with a qualified lender or mortgage consultant to inquire about the programs.  Some programs require as little as $1000 of your own money to purchase.  You do need to get some education to qualify for these programs and funds are limits.  Also, you may not meet the deadline for the stimulus check, but if you are able to become a home owner, you will bring more money to your bottom line versus renting. This is an incredible opportunity for those who choose to move forward to get more information and who do become home owners.  With a full 20% down payment, there is no need for mortgage insurance which makes the scenario much better for the home owner.  It also allows for more home, in better locations and in better conditions to be purchased and gives more possibility for higher appreciation through the years ahead as the market improves.  It is important that you act quickly and decisively as there are limited numbers of homes and funds available. 

     To get a detailed list of properties that are available for purchase that may qualify for down payment assistance, to get more information about the education that is available through these programs, to get a list of qualified lenders capable of assisting you with these loans in your area or if you want to shop for your new home, contact Marie Nizich, ABR, GRI, Licensed Realtor in Oregon and Washington at (503) 780-4191, Marie@MarieNizichRealty.com or www.MarieNizichRealty.com

Marie Nizich
Broker, ABR, GRI, Century 21
Licensed in Oregon and Washington
www.MarieNizichRealty.com
(503) 780-4191