Summary: Are you thinking about making your first home purchase in Oregon in 2020? If so, keep reading. Here’s a look at home prices, real estate market trends, and other information related to buying a home in Oregon in 2020.
Buying a home is a big deal, and as such, you want to make sure you’re making the right decision when it comes to the type of home you buy and the mortgage you take out. If you’re looking to buy a home in Oregon in 2020, you’ll want to do what you can to increase your odds of experiencing a successful transaction.
First-Time Buyers Encountering Higher Prices
According to the latest data from Zillow, the median home value across the state of Oregon rose to around $364,300 as of January 2020. That was an increase of nearly 2.9% over the same month a year earlier. In Portland, the median home value is roughly $90,000 higher than the statewide median.
That’s the first thing to know when buying your first home in Oregon in 2020. Buyers are encountering higher house prices, compared to those who purchased over the last couple of years.
As a result, it’s important to enter the real estate market with a realistic sense of what you can get for the money. First-time buyers in Oregon can benefit from doing some price research, while paying particular attention to recent sales prices.
Housing Inventory Still Limited Across Oregon
The entire Pacific Northwest has suffered from a lack of housing inventory over the last couple of years. This is particularly noticeable in major cities like Seattle and Portland. It’s another important trend that all home buyers should know about.
If you are buying your first home in Oregon in 2020, you could experience a high level of competition due to limited supply. First-time buyers should be well prepared, with pre-arranged financing and awareness of local market conditions.
Mortgage Rates Are Expected to Rise Gradually
When this article was published, toward the end of January 2020, the average rate for a 30-year fixed home loan was 3.51%. That’s based on the weekly industry survey conducted by Freddie Mac.
Rates have been hovering far below 4%, on average, for many weeks. This is good news for first-time home buyers in Oregon, because it represents an opportunity to save money.
Related: Frequently asked mortgage questions
But there’s no telling how long rates will remain at their current low level. While rates are expected to remain low throughout 2020, anything can happen. Considering how low rates are right now, buying in Oregon today might be a good idea.
Granted, these are just predictions. But if they turn out to be accurate, those who end up buying a home in Oregon later in 2020 could entire higher house prices and interest rates. It makes a pretty good case for buying sooner rather than later.
Is It Getting Easier to Get a Home Loan in Oregon?
Back in 2017, we wrote about a mortgage lender survey conducted by Fannie Mae, which indicated that mortgage loan requirements in Oregon and across the country have eased in recent months. This information is still relevant, and it’s something you should know about when buying your first home in Oregon in 2020.
The bottom line here is that you don’t need perfect credit and a down payment of 20% to buy a house in Oregon. Nor do you have to be debt-free to qualify for a home loan.
In fact, mortgage requirements have eased a bit over the last couple of years. Most of the financing programs available today have some degree of flexibility. For some first-time buyers in Oregon, this could simplify the path to homeownership.
Let’s Explore Your Loan Options!
If you have questions about mortgages or are ready to apply, Sammamish Mortgage is ready to step in and help. We’ve been helping home buyers across the Pacific Northwest for more than 28 years and offer many mortgage programs to choose from. Please contact us if you have mortgage-related questions about buying a home in Oregon.