There are 24 neighborhoods in Portland offering various types of properties. The value of smaller properties has recently fallen due to low demand, while the opposite has occurred for larger properties. If you’re looking to invest in Portland’s real estate market, it’s important to know what causes property prices to rise and fall.
Curious to know what you should consider before investing in a property in Portland? Here are the top things to be wary of.
Each Neighborhood is Different
Property prices often depend on two types of factors. Tangible factors are the physical characteristics of properties like their size, and the materials used to construct them. Intangible factors on the other hand include things like the quality of life in a neighborhood.
Some neighborhoods in Portland, such as Hazelwood, offer cheaper properties because it’s riskier to invest there due to factors like high crime rates. Other neighborhoods like the Pearl District are more expensive to invest in because crime rates are lower and there are facilities like bus and light-rail lines.
Therefore, if you’re looking to invest in a property in Portland, you should consider the amount of risk you’re willing to take.
Realtors Favor Pre-Approved Home Loans
If you’re looking to buy a property, then it pays to have a pre-approved home loan. Getting a mortgage pre-approval will signal to Portland’s realtors that you’re not likely to default on your home loan payments. This will give you more power to negotiate the price of your desired property in Portland.
Mortgage pre-approvals depend on your existing credit rating. If you have a history of borrowing money and paying it back on time, then you’re more likely to get pre-approved for a home loan. However, if your credit score is low, then you might want to clear your existing debt to raise your score before investing in a property in Portland.
Winters Are Harsh
Did you know that temperatures go as low as 36 degrees Fahrenheit in Portland? That’s almost cold enough to instantly freeze a glass of water!
Portland’s government requires all properties to maintain a minimum temperature of 68 degrees Fahrenheit between certain hours of the day depending on the number of occupants inside. Therefore, it’s important to look for property features such as double-glazed windows and an effective heating system to keep everyone warm.
If you have a home for sale and are looking for a buyer agent, then look no further than Chris & Julie Hoem . They’ve built a reputation as the best realtors in West Linn, having helped countless residents through their real estate dealings.
Get in touch with them today for all your real estate needs in Portland.