At the heart of the Pacific Northwest, Oregon, Portland offers an incredible mix of urban living and natural beauty. Here, you get to view the spectacular natural landscape of the area while also enjoying the vibrant, charming art scene. If you are contemplating buying a home in this scenic city, Portland OR real estate agent Peter Cutile is the key to unlocking the doors of your dream home. Here is a guide on everything you need to know about home-buying.

Explore Your Ideal Portland Neighborhood

Before you embark on your journey of buying a home in Portland, explore the diverse neighbourhoods in this city. The home prices in and around Portland significantly vary from one area to another. According to statistics, the most affordable parts are in the northeast and southeast regions of the city, where the median prices range around $500,000. West Portland offers a relative jump to $646,500, while the Lake Oswego/West Linn suburbs are the most expensive area. From the family-friendly Laurelhurst vibes to the trendy Pearl District, you will find a home that matches your preferences.

Save For Down Payment

Portland home prices are higher than the national median, so you will need to save money for a higher down payment. A twenty per cent down payment on a median house price of $514,850 in Portland would be around $100,000, a large sum. Fortunately, you may not need to pay down that much. Based on the type of mortgage you need, you can have a minimum down payment of as low as 3% to 1%.

Get A Mortgage Preapproval

Before you start searching for a home, it is essential to get a mortgage pre-approval. Portland has many mortgage lenders. Choose a lender with the best terms and conditions and submit information about your finances, such as tax returns, stubs and bank statements. Preapproval is essential as it helps you to understand how much money you qualify for your home loan. It also shows home sellers that you are a serious and authentic buyer.

Get Home Inspection

Before making an offer, it is essential to schedule a home inspection. Hire a professional inspector to conduct a comprehensive home review, noting any current issues that could come up in the future. If the home requires any significant repairs, you can ask the seller to cover the repair costs, or if you have an inspection contingency in your contract, you may opt out of the deal.

Make an Offer

After finding a home you want to purchase, the next step is making an appealing offer. Your offer includes a preapproval letter, offer price and proof of down payment funds. Also include terms of purchase and other terms. If the home seller makes a counteroffer, you can accept, reject or negotiate the counteroffer. Once the seller accepts your offer, both parties will sign an agreement and then open an escrow account to deposit the agreed down payment.

Find The Best Local Real Estate Agent in Portland

You don’t necessarily need a real estate agent to purchase a home. However, having an experienced local realtor will make the process seamless. Peter Cutile comprehends everything about the Portland real estate market and can help you find homes that meet your needs and preferences. He will also help you through the negotiation process until you get the best deals. Get in touch today to get started!