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Everyone is RAVING about the following inner-city PDX coffee spots.  Find one in your neighborhood and enjoy some java, nibble, and WIFI. While relaxing check out some of our new LISTINGS and put a Dwell EVENT in calendar.  Come have a glass of wine and enjoy some of the Artist’s Receptions we have coming up this Fall.  The next Reception is October 19th at 5:30pm

But then again, everyone nation-wide know that the food in PDX is epic.  This Fall enjoy the adventure and true the vast variety of options and tell us ALL about it.  Check out theses restaurants that define Portland, Oregon dining…
And then a bowl of soup can always come to you at Soup Cycle – http://soupcycle.com/
Here are some of the many reasons why moving to Portland is divine.  Give us a call and let one of our Dwell agents answer your questions and step out for coffee or lunch with you this Fall.

Gourmet at your doorstep!

It’s hard to believe but it’s true, Portland’s vast array of cuisines,  from a wide range of Portland’s best restaurants can be delivered at your doorstep from Caviarwww.trycaviar.com/portland

Oh sure.  If you’re a vegetarian or vegan Grub Hub is the delivery group for you, as they alliance with all of Portland’s finest. www.grubhub.com

Postmates has a special calling to all hipsters, artists, tech geniuses and otherwise quirky people. If it’s small bites, donuts, fast-snacks and some other deliciousness plates are the culinary desire Postmates is here to help.  www.postmates.com/portland

 

How to Buy a Home in Your 20s

       


If you’ve been wondering if you should get a head start the answer is YES! Long-term investments pay off.  In fact, Millennials, defined by the National Association of Realtors (NAR) are  homebuyers in their 20s up to age 34, with the average age of 29, made up the largest group of recent homebuyers at 32 percent, according to a recent NAR survey.  With some savings, fairly good credit, and a job –  home ownership is VERY doable.

Here are some strategies to make it a reality

Ask mom and dad for cash

Nearly all, 97 percent, of the millennial buyers in the NAR survey financed their home purchase, relying most often on their own savings or a gift, typically from a parent, for their down payment. The median down payment for millennials was 7 percent. A down payment gift can be used with a conventional or FHA loan.

One of the biggest challenges first time buyers face is the up front cash needed to get into a home.  By being able to negotiate for the sellers to pay closing costs, it can lower the threshold for buyers by several thousand dollars.

Consider an FHA loan

In addition to having lower mortgage rates than conventional loans, FHA loans allow a co-signer’s income to be considered. That can help young adults whose own salary or wages might not be high enough for them to qualify on their own.

FHA loans ignore student loan payments if they’re deferred for at least 12 months. With a conventional loan, both current and future student loan payments are considered.

Low-down-payment options

While Fannie Mae and Freddie Mac guarantee 3-percent-down loans, an  FHA loan, or a 5-percent conventional loan, is usually a better option because the payment and mortgage insurance will be cheaper.

Another fantastic option for those who are eligible is a VA loan.

Get Pre-Approved for Your Home Loan

There’s a big difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage. Anybody can get pre-qualified for a loan. Getting pre-approved means a lender has looked at all of your financial information and they’ve let you know how much you can afford and how much they will lend you. Being pre-approved will save you a lot of time and energy so you are not running around looking at houses you can’t afford. It also gives you the opportunity to shop around for the best deal and the best interest rates.

Purchase a starter home or condo

Many young people naturally start out by purchasing starter homes, which can be smaller, older, or located in a less desirable neighborhood compared with other homes.  However, you do get to add your own bells and whistles and often find gems in a really nice neighborhood, and sometimes in up and coming areas.  We’re here to help you discover these areas so you’re making the best strategic decisions as well.

A condominium can also be a good starter home for a young buyer and we’re continuing to see strong gains in the Portland-Metro area real estate market this year.  And the inventory levels have INCREASED in our stable market.

Don’t let age be more than a number

It’s a common misperception is that a borrower must have a two-year work history in the same job to qualify for a mortgage. Borrowers must show a two-year history, but being a student can count toward this requirement.

Remember to talk to Dwell

Buying a home in your 20s is certainly feasible and there are plenty of affordable options that will allow you to do so.  Even if your lifestyle changes and you become more mobil, your home can become an investment property, and/or a location home for your transitions. Having a home isn’t a limit but an important asset.

Mortgage Calculator

A free online mortgage calculator is a quick and easy way to quickly estimate what a new home will cost. It includes taxes, insurance, PMI, choice of different loan terms, down-payment amounts, and the ability to review the latest mortgage rates.  Click HERE to check out a calculator.

Here’s some  other tips to keep in mind when creating your budgets.

Don’t forgo a home inspection.

After your offer has been accepted, splurge for a home inspection. Spending even $500 can educate you about the house and help you decide if you really want to pay for necessary repairs. You can also leverage your offer depending on the results of the inspection report and make the seller financially responsible for all or some of the repairs. For more on what to look for, see 10 Reasons You Shouldn’t Skip A Home Inspection.

Don’t forget to have some fun.

Start a folder and begin adding paint sample cards, tears from various magazines, and new papers.  Go ahead and start thinking about painting techniques, the yard/deck and the new mailbox – it’s kinda FUN!

You’re Buying a House – Not Dating It
If you fall in love with something make sure to use your logical, so you’re getting a great house for a good value.  It’s an investment, so stay calm and be wise. Dwell will be your sounding board.

Stalk the Neighborhood
Before you buy, get the lay of the land – Drive by the house at all hours of the day to see what’s happening in the neighborhood. Do your regular commute from the house to make sure it is something you can deal with on a daily basis. Find out how far it is to the nearest grocery store and other services.

 

Maybe Kids

Even if you don’t have kids, research the schools because it affects the value of your home in a very big way. If you buy a house in a good school district versus bad school district even in the same town, the value can be affected as much as 20 percent.

And maybe you want to have kids or already have littles, if so, check out this Portland Public School Interactive Map so you can see what district your neighborhood’s in and see Portland Public School’s Area of  Residence Forecast for the next 10+ years.

 

 

Making Improvements Without Checking the ROI

Start thinking about this in advance so when you do move in the dream home the future budgets you make for repairs, landscape, cosmetic, and structural changes are considered with want, need, and what their possible ROI (Return On Investment) might be…

Don’t Forget to ASK Your Dwell Agent

There’s a reason your agent has preferred – Interior/Exterior Painters, Electricians, Contractors, Plumbers, Handypersons, and Designer, so save yourself time and quality questions and don’t forget to ask your Dwell Agent who to speak too.

When Should I Plan For a Rental?

Aha!  If you’re a Go-Getter and want to know how you should best plan for your next property, you’ll want to have that conversation with your agent after purchasing the first one, so you can get a general idea of the timelines, steps, and planning it entails.  Choosing the right property, maintaining it, and dealing with tenants—all that takes work but can be the 2nd BEST investment you make.  Ask your Dwell agent.  We look forward to working with YOU!

 

Dwell Realty Portland