Oregon Real Estate
The beautiful western state of Oregon celebrates 150 years in 2009. The state’s sesquicentennial celebration logo, “Sustain the Spirit”, encompasses Oregon stories, Take Care of Oregon, Travel Oregon 150, Youth Legacy Project, Imagine Oregon Blog, and many other exciting and inspiring plans for events and programs. Oregon’s varied and beautiful landscapes sustain just under four million residents in the ninth largest state in the U.S. Rugged natural geography includes a Pacific Ocean coastal area and acres and acres of forests, making this an important state in the logging and timber industries. The Cascade and Klamath Mountains offer majestic scenic beauty and outdoor adventure. With a temperate climate, natural beauty, sense of western independence and adventure, and a pocket of technology development (Intel is one of the major employers), there are many reasons to live and work in Oregon.
For many people, purchasing a home is the biggest investment they’ll ever make. There are many benefits to buying a home, for individuals, families, and communities, such as creating a more stable home environment, building a path to greater financial stability and prosperity, and creating stakeholders with interests in safeguarding their local economies and communities. Owning a home has significant tax benefits, with mortgage and equity loan interest and property taxes being deductible, and the profit from selling a home is excluded from capital gains taxation. Paying down a mortgage builds equity in the home, which is a financial asset on personal balance sheets and increases net worth.
There are home buyer incentives the government offers created by the American Recovery and Reinvestment Act of 2009 and the FHA. The ARRA made some attractive changes to the home buyer credit, doubling the first-time home buyer credit to $15,000 for homes purchased the year after the Act is effective and offering $8,000 credit for home purchases between January and December, 2009, repealing the repayment provision for homes bought in 2009 and owned more than three years. The FHA can help you buy a new home because an FHA insured mortgage has many benefits like easy qualifications, acceptance with credit problems, low 3.5% down payment that can be a gift, low interest rates and terms, and built-in protections. And it's not just for first-time home buyers.
The Colorado Housing & Finance Authority (CHAFA) offers home buyer assistance with several mortgage and education programs. They offer two online courses, CHFA U First Time Home buyer Course and CHFA U Money Management Course, as well as the CHFA Home buyer Education program provided by CHFA-approved agencies. CHFA offers two first mortgage programs, the HomeOpener and the HomeOpener Plus, with no purchase price limits or first-time home buyer requirements. The Second Mortgage Loan is an optional loan to be used with the HomeOpener Plus to assist with down payment and closing costs. The CHFA JumpStart Tax Credit Program lets home buyers gain value with the Federal First-Time Home Buyer Tax Credit Program by using the CHFA JumpStart Tax Program for their down payment and closing costs, building equity by repaying the zero percent second mortgage loan when the tax credit refund is received.
The real estate market in Colorado's major cities holds good opportunities for home buyers. Homes in Portland, the largest city in the state with almost half the state’s whole population, sell for around $250,000 - $260,000. In Eugene, the second largest city and the home of the University of Oregon, homes sell for around $225,000. In Salem, the capital of Oregon and the third largest city in state, homes sell for around $209,000. In Corvallis, the home of Oregon State University, homes sell for around $322,000. In Bend, in middle of state and one of the ten fastest-growing cities in the U.S., homes sell for around $170,000. Time on the market to sell varies from three to eight months
It’s always a good time to invest in a home, and real estate is a great long term investment because, even with market fluctuations, real estate consistently increases in value over time. If you look for great deals, know what you can afford and stay within your means, and take advantage of available assistance, you can become a successful homeowner.