Home Buyers FAQ

Frequently Asked Questions for Home Buyers

-Whether you're a first-time homebuyer or a seasoned investor, navigating the real estate market can be an exciting yet challenging experience. We understand that you may have a myriad of questions, and our FAQ page is here to provide you with the information you need. If you can't find the answer you're looking for, feel free to reach out to us directly.

What is the average home price in Portland?

The median home price in Portland is around $514,900 as of early 2023, though prices can vary significantly by neighborhood.

How much do I need for a down payment in Portland?

A typical down payment is 20% of the home's purchase price, but there are loan programs available that allow for lower down payments, some as low as 3-5%.

What are the steps to buying a home in Portland?

The key steps include getting pre-approved for a mortgage, finding a real estate agent, searching for homes, making an offer, getting a home inspection, securing financing, and closing on the purchase.

How important is getting pre-approved for a mortgage?

Getting pre-approved is crucial as it shows sellers you are a qualified, serious buyer. It also allows you to know your true budget and negotiate confidently.

Should I use a buyer's agent when purchasing in Portland?

Using an experienced local buyer's agent is highly recommended, as they can guide you through the entire process and negotiate on your behalf.

What assistance programs are available for first-time buyers?

Oregon offers programs like down payment assistance and first-time homebuyer initiatives to help make purchasing more affordable.

How do I search for homes in Portland?

Your agent can set up custom searches, also click here to directly connect to the local MLS for the most up-to-date listings.

What should I look for when choosing a Portland neighborhood?

Consider factors like commute, school districts, amenities, walkability, and whether you prefer an urban or suburban feel.

How do property taxes work in Portland?

Property tax rates are set by the county, with Multnomah County (where Portland is located) having relatively high rates around $22 per $1,000 of assessed value.

What are typical closing costs in Portland?

Closing costs in Oregon average around 0.9% of the sale price, but can vary. Budget for costs like lender fees, title insurance, and prepaid costs.

Is it legal for one agent to represent both buyer and seller?

Yes, dual agency where one agent represents both parties is legal in Oregon as long as it is properly disclosed.

How do I make a competitive offer in a seller's market?

In a seller's market, it's essential to be prepared. Get pre-approved for a mortgage, act quickly when you find a suitable property, and consider offering a competitive price. Your real estate agent can provide strategic advice to make your offer stand out.

Remember, the homebuying process can be complex, but having the right information and professional guidance can make it a smoother journey. If you have any additional questions or need further clarification, don't hesitate to contact me.