If you’re looking to buy a property in Oregon, there are some important things to keep in mind. These include creating a budget, researching home types, and getting preapproved for a mortgage. It’s also wise to learn about local housing laws and find out if there are any programs that help with buying or closing costs. Finally, it’s a good idea to have an attorney review the final contract before it’s signed.
A real estate professional can advise you on all of these matters and more. They can even refer you to a lender or loan officer who can help you determine your maximum purchase price and find out about available mortgage programs. They can also answer any questions you might have about real estate taxes in the state of Oregon.
Buyer Closing Costs
Oregon’s average buyer Oregon Property Buyers closing costs are about 2% to 5% of the sales price, depending on the type of mortgage and home value. These fees include one-time expenses such as appraisal, title insurance, and recording fees as well as recurring expenses like homeowner’s insurance. Buyers may reduce these costs by asking for seller concessions, shopping for lenders, and applying for closing cost assistance programs.
It’s a good idea to have an independent inspector assess the condition of the property before you close on it. This will protect you from unwelcome surprises later on, such as finding mold or radon problems. Additionally, you should get a title report that includes a survey of the property and a title insurance policy. These will reveal whether the property is free of liens and other restrictions, such as easements or rights-of-way that might affect the property’s use or ownership.
In recent months, Oregon’s inventory of homes for sale has been low. This is due to a combination of factors, including the coronavirus pandemic and higher interest rates. Many buyers have been hesitant to enter the market, afraid that they’ll lose money on a down payment or that mortgage rates will go up and make properties unaffordable.
However, it’s still a great time to buy a home in Oregon, as prices are starting to stabilize or drop and the state has affordable homebuyer assistance programs. These can help first-time buyers afford the down payment and closing costs on a property. You can also apply for a Rural Development loan to help with these costs, but you’ll need to meet income and purchase price limits and complete a homebuyer education course. In addition, you should consider whether you’re eligible for the VA or USDA loans that don’t require a down payment at all.