3 Things to Look Out for When Buying Your First Piece of Real Estate

Posted On Wednesday, 13 April 2022 05:33

Buying real estate is always daunting, more so when it is your first piece of real estate. Many people make mistakes and end up buying a property for a much higher price. Or, they might end up with a property they do not like. If you are mindful of a few things, you can avoid these mistakes.

In Oregon real estate sales can be very difficult if you are not working with the right real estate company or agent. There has been a high demand for real estate in Oregon over the past few years. More and more people are coming in to settle. Strategic investors, on the other hand, are more concerned about buying real estate in Oregon since they expect the prices to shoot up over the next decade.

No matter what your motivations behind buying real estate are, some of the concerns are pertinent. Today, we will be discussing three of the most important things to look out for when buying your first piece of real estate.

Wait for the right time

You should never rush any major purchase, definitely something as expensive as real estate. If you end up making a decision in haste, you miss out on all the other possible options. As of last year, there were 1,649,352 occupied houses in Oregon. If you buy a property in a hurry, you do not get the chance to weigh in and out different options.

Another main reason you should wait before buying real estate is the price you have to pay. Real estate prices go up and down, despite maintaining an overall upward trajectory. As a home buyer, your best bet is to wait for the slump in the market. If you time the purchase correctly, you end up saving thousands of dollars.

However, there are risks attached to this as well. For example, you might keep waiting in the anticipation of prices falling but that never happens. Instead, you find yourself in a situation where you have to pay more than what you would have if you bought it earlier. Waiting for the real estate market to slump is equivalent to taking a calculated risk. You must be aware of the economy and the real estate market in particular. If you are confident of the knowledge in your arsenal and can take a calculated bet, you may wait for some time before committing to a real estate purchase.

Work with a trusted real estate company

There is no going around the fact that you would need a real estate agent before you buy real estate. You might decide to take it all on your shoulders, but that would be only possible if buying a house is your only task at hand. For most of us, that is not the case. With thousands of things to look after, dedicating months to finding the right property and negotiating prices is not possible for most people. That's where a real estate company comes in.

When it comes to choosing the right real estate company for your needs, you need to do considerable research. Look up on the internet and social media platforms for real estate agents near you. Read what other people think about them and ensure that they have a clean background. It might take some time to find the perfect real estate agent for your needs, but the wait is worth it. Once you find a real estate company or agent that understands your specific needs, buying your first piece of property will become much easier.

Over the last couple of years, there has been a growing number of real estate agents on the market. However, not everyone treats the profession with passion and respect. You would want to work with someone who knows the ins and outs of the real estate market.

When looking for a real estate company, make sure you weigh multiple options. However, do not bother yourself with too many options. If a real estate company knows what it is doing, it will be apparent from how they can interact with their clientele, which would include you.

Take care of finances

We do not want to give you advice on mortgage rates and ways to maintain a good credit score because we are not giving financial advice here. However, what we can give in financial insight. If you talk to anyone who is smart with their money, they will always tell you that proper planning is the key to success.

If you have a few years' time before you buy your first property, there are many things you can do with your money to grow it. The bigger the amount you upfront, the smaller your debt size will be. Banks might want to keep you in the debt trap for a long time, but do not let that happen to you. Save money whenever you can if you wish to buy real estate in Oregon in the future.

Apart from that, there is the obvious factor that you should try to get the lowest interest rate possible. Home loan interests can compound and increase significantly over the long run. At the same time, there are many things that you can do to get a lower interest rate. If you hire a competent real estate agency they will formally and informally help with these things.

Taking care of finances also means being able to quit impulsive purchases. Sometimes, you even need to be frugal to match your proposed house loan fund amount. In the end, all these efforts would be worth it as you would have your first house.


We hope this brief guide will inform you about the three most important things to look for when buying a new piece of real estate. Remember that buying a house in Oregon is a big deal in the present world, and you must not rush it. Get in touch with reputed real estate companies to ease all your woes.

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