Throughout the last year, the real estate industry underwent a housing boom. While some employees settled into a rhythm of working from home, others transitioned completely to remote work, moving away from city centers in droves in search of space, affordability and for some, the opportunity to own their very first home.
In June 2021, the Portland Metro area saw a 46.3% year-over-year increase in the number of homes sold according to Redfin.com. Homes currently for sale are typically staying on the market for an average of 6 days and selling for 5% above listing price.
With high levels of activity and interest in the idyllic Pacific Northwest lifestyle, homebuilders and realtors have their work cut out for them. Earlier this year, the nation’s most trusted homebuilder, Taylor Morrison, broke ground at Eastridge at River Terrace on their first middle income housing type called Innovate. Designed with the look, livability and location of a single-family home with the accessible price point of attached living, this first-of-its-kind housing type for Taylor Morrison was created to meet excitement around Oregon’s Housing Options Mandate.
Innovate at Eastridge offers a selection of four spacious, unique duplexes and triplexes scattered throughout the River Terrace community. Buyers can choose from floorplans of 1,228 to 3,041-square-feet as well as luxurious finishes and efficiency features. Taylor Morrison’s signature suite of healthy home products and technology, TM LiveWell™, are a standard in the home’s design.
But whether it’s a condo, duplex, triplex, townhome or single-family home, buying a new house for the first time can be daunting, especially in today’s competitive real estate market. To help ease the stress and anxiety of first-time homebuying, Taylor Morrison’s local leadership team have created a list of tips for first-time homebuyers to consider before signing on the dotted line.
1. Create a wish list
What do you want? Is it new appliances or a big backyard? Before house shopping, it’s a good idea to decide what features and functionalities are desired in a new home. For example, Taylor Morrison offers a variety of different floorplans and communities throughout the Portland Metro area to satisfy every type of homebuyer (modern architecture, energy efficient features, close-knit communities, etc.).
2. Explore your options
Covering expenses for a home looks different for each person. When it comes to loans, there are many different options available. Be sure to explore your options and find the program that fits your lifestyle and future goals best.
3. Build your credit
When purchasing a home, it is important to have built a strong credit history through on-time payments, reasonable debt load and various types of credit (student loans, auto mortgage, credit cards). These factors all contribute to what you will be able to afford overall and have a direct impact on your interest rate. Taylor Morrison Home Funding’s ARO (Able Ready Own) is a complimentary service to help potential homebuyers improve their financial health. The program provides personalized strategies to enhance credit and educate customers in their financial decisions.
4. Pay down debt and build a reserve
Debt directly affects your credit score, which in turn determines mortgage qualifications and interest rates. Take appropriate steps to help pay down debt and then begin saving to build a reserve for a down payment and closings costs.
5. Research the area
Location is critical when purchasing a home since it’s the one thing you can’t change about a house after purchase. Take the time to visit the neighborhoods in person that you’re considering and conduct thorough online research.
Purchasing your first home can be overwhelming at first but in the end, a momentous milestone. Be assured that there are plenty of programs and organizations out there that are focused on making this process as seamless as possible.
Pre-sales for Taylor Morrison’s Wembley and Waverly stacked duplexes have begun! For more information about Innovate at Eastridge or Taylor Morrison’s Portland communities visit www.taylormorrison.com/or/portland. And if you have any questions or are interested in building your very first home, check out www.taylormorrison.com to speak with an expert today.
Good luck on your homebuying journey!