What Portland Homebuyers Can Expect In 2020
Stonebridge Mortgage Group is dedicated to helping home buyers in Portland! First time home buyers in the Portland area may find themselves at a loss when looking into purchasing a home. It can be a complex process, especially if you’re not familiar with it. Stonebridge Mortgage Group is here to help. We are ready to offer Portland locals the information and advice they need in order to make the home buying process easier. Don’t wait to learn what you need to know about home buying in Portland – contact Stonebridge Mortgage Group today! Whether you’re looking for loan officer services, mortgage broker services, help with reverse mortgages, or if you’re in need of a real estate loan, Stonebridge Mortgage Group can help you.
If you’re looking to buy a home in the new year, here are some real estate trends to be aware of:
Home Prices Are Rising Slowly
Overall, home prices grew slower in 2019 (3.3%) than in 2018 (5%). It will be no different in 2020. Real estate gurus predict that home prices will only rise by 2.8% in 2020. Portland locals will likely see home prices continue to creep up, but not nearly as rapidly as they’ve grown in past years.
For buyers, this means you need to be careful and decisive about how much home you want to buy. Commit to staying within that budget amount. Don’t rush into a home purchase that doesn’t make financial sense for you no matter how much pressure you feel watching competitors pluck good homes off the market. You could screw up your finances! If you can’t put down at least 10% on a 15-year fixed-rate conventional loan, then you probably can’t afford a house in this market. A down payment that’s less than 10% will strangle your budget with massive monthly mortgage payments. But if you want to get prepared to buy and you’re committed to your budget, here are some options to consider:
Mortgage Interest Rates Are Declining For Now
Mortgage interest rates have been going down in 2019—steadily dropping below 4% for common types of loans. In 2020, professionals predict that interest rates will stay around 3.7% for a 30-year mortgage and 3.2% for a 15-year mortgage. However, low rates are never guaranteed and they could rise again at any moment. Carefully consider this as you look into buying homes, and if the interest rates are good when you’re about to close consider locking in your interest rate!
Millennials Remain The Majority Home Buyer Group
Millennials took the lead as the largest group (37%) of homebuyers last year. Millennials out there still looking for homes should follow these tips:
- Know what you want. Decide what you absolutely need in a home. If you’re married and house hunting, you and your spouse need to agree on must-haves. Compare your individual lists and combine them for your real estate agent to use as the foundation of your home search.
- Hire an experienced pro. Last year, nearly 90% of millennial homebuyers used real estate agents to purchase their homes. Think they’re onto something? You bet! Save yourself the stress of trying to buy on your own. Get the help of a real estate pro so the home-buying process is smooth for everyone involved.
Get Help From Stonebridge Mortgage Group In 2020
If you’re looking to buy a home in Portland in 2020, rely on Stonebridge Mortgage Group for help! We’re eager to help Portland home buyers navigate the home buying process.
Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters
For professional assistance with mortgages and related services, look no further than Stonebridge Mortgage Group. You can rely on Stonebridge Mortgage Group to help guide you through the home buying process. We help get you pre-approved for a mortgage and help with your real estate loans and other mortgage solutions, both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and is located in Gresham, Oregon. Don’t wait to get quality assistance with buying your home! Call Stonebridge Mortgage Group today at 503-661-5580.