Is it cheaper to own a condo in Portland OR than to rent one?

Rents here in Portland are rising faster than condo prices and, as mortgage rates have dropped since the start of 2014, condo buyers can afford 10% more condo as compared to last year.

The median list price for a Portland condo close in from 300 to 800 square feet is around $233,400. The median rent price for a condo in Portland city center is around $1,500.

If you maximum purchase price was $300,000 last year, this year it’s $330,000.

Also, it is getting easier to get approved for that Portland OR Condo. According to Ellie Mae, more than two-thirds of purchase mortgage applications were approved in January, which is the highest approval rate since records have been kept.

Bidding wars especially for “right-priced” condos have emerged and condo buyers are completing for Portland condos on both price and terms. One of the terms you can make into your favor when you offer on a condo in Portland is to be pre-approved and able to close quickly. To be able to close quickly can give you a little extra advantage when dealing with multiple offers when offering on a condo in Portland. For a complete search of Portland OR condos for sale click here.

Need to get pre-approved? Here is a link to a great lending team that has helped us closed several condos here in Portland.
Becky Scharf

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