Home Buyers Archives - SkyBlue Portland

62% of Buyers Are Wrong About Down Payment Needs

If you're a first-time buyer saving for a downpayment, you may be closer to homeownership than you think. According to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, “More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.” Unfortunately, this lack of accurate information about the home-buying process keeps many buyers on the sidelines. Today there are multiple programs available that enable home buyers to purchase a home with far less than 20% down. “The truth: 32% of current U.S. homeowners put 5% or less down on … Continue reading...

What You Need to Know About the Mortgage Process

Many buyers are purchasing homes with down payments as little as 3%. You may already qualify for a loan, even if you don’t have perfect credit. Your local professionals are here to help you determine how much you can afford, so take advantage of the opportunity to learn more. … Continue reading...

What to Expect from Your Home Inspection

Congratulations! Your offer was accepted. Now what? The next step is to conduct a professional home inspection. In Oregon, you have a 10 business day contingency period to complete the inspection and come to terms with the seller if any repairs are required. The inspection process gives you an opportunity to closely look at the house and make sure you're making a sound buying decision. If issues are discovered during the inspection, the contingency allows you to ask the sellers to make repairs, renegotiate the price you offered for the home, or in some cases, you may decide … Continue reading...

A Recession Does Not Equal a Housing Crisis

Recently, there's been a lot of news surrounding an impending recession. However, the same experts predicting an economic slowdown also believe it will not be caused by the housing market. If you're thinking of buying or selling a home, there's no need to panic- let's get together to address your concerns and talk about what's really happening. … Continue reading...

What’s the Latest on Interest Rates?

More good news for home buyers! Mortgage rates have fallen by over a full percentage point since Q4 of 2018, and are currently at near-historic lows. Lower interest rates means you can buy more house for the same monthly payment or have a lower money payment. According to Freddie Mac’s Primary Mortgage Market Survey, “the 30-year fixed-rate mortgage (FRM) rate averaged 3.60 percent, the lowest it has been since November 2016.” Sam Khater, the Chief Economist at Freddie Mac, notes how this is great news for home buyers. He states, “…consumer sentiment remains buoyed … Continue reading...

One More Time… You Do Not Need 20% Down to Buy a Home

So, you think you need a 20% down payment to buy a home in 2019? Not true. Not true. Not true. The biggest roadblock renters face when deciding to buy a home is saving for the down payment. Which is a challenge with rising rent prices eating into the savings plan each month. Along with the challenge of rising rent prices, surveys show that non-homeowners believe they need 20% or more for a down payment. Double whammy! According to the “Barriers to Accessing Homeownership” study commissioned in partnership between the Urban Institute, Down Payment Resource, and … Continue reading...

Does Buying or Selling a Home Have To Be Stressful?

At SkyBlue Portland, we understand that buying or selling a home can be stressful. But it doesn't have to be! Here are six actionable steps you can take to help make the process a whole lot easier. Six Easy Steps to Buying or Selling a Home Know your agent! Shopping for a home is the biggest purchase you may ever make. To avoid the common pitfalls, it makes sense to establish a relationship with a knowledgeable realtor before making an offer. Understand all the costs involved. Talk to your realtor and lender and make sure you understand all costs upfront. … Continue reading...

Excited About Buying A Home This Year? Here’s What to Watch

As we kick off the new year, you may be considering buying a home in 2019. Here's what you need to know. Whether you are thinking of finally ditching your landlord and buying your first home or selling your starter home to move into your forever home, there are two pieces of the real estate puzzle you need to watch carefully: interest rates & inventory. Interest Rates Mortgage interest rates were on the rise for much of 2018, but they made a welcome reversal at the end of the year. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates climbed … Continue reading...

Will Waiting to Buy a Home Cost Me?

Thinking about buying a home? But uncertain about market timing? You're not alone ... first-time buyers, step-up buyers, and downsizing buyers all face the same dilemma. Move now or wait a year? It's a challenge not to be paralyzed by the constant barrage of contradictory headlines about the real estate market. But remember -- headlines are written to capture readers attention and the easiest way to capture attention is to generate fear. If you take the time to read beyond the headlines, you'll find that real estate market conditions today are positive and the … Continue reading...

Are You Concerned About Housing Affordability?

As home prices continue to rise due to lack of inventory, home buyers are concerned about housing affordability. Just a few years ago, foreclosed properties sold at significantly reduced prices and the deluge of distressed homes for sale pulled all home values down. It was difficult to sell at any price. It was also difficult to buy -- lending guidelines were strict and buyer confidence was low. After the market absorbed the distressed properties, home values accelerated rapidly, and the market experienced multiple years of double-digit appreciation. Today, … Continue reading...