What to expect when buying a home in Oregon?
Some people look for a place to reside with greater opportunities since they don’t feel at home in their current communities. Others must relocate because they are pursuing education or a career. It’s wise to do some study on the place you intend to call home. Oregon has been ranked among the states that are most popular with immigrants. But what draws people to Beaver State? How does the real estate market appear?
Is it worth it to hire a real estate agent in Oregon? Those are the questions you might ask yourself. Real estate laws and customs might indeed vary from state to state. You need to know the market to avoid running into trouble and make the moving process a lot easier for yourself. Whether you’re looking for real estate agents in Salem, OR, or Portland, OR, there are some customs you should be aware of before buying a house in the Beaver State.
Reasons why Oregon attracts newcomers:
Oregon has plenty of exciting advantages to offer. It is one of the most popular states for relocation. Let’s discover the main reasons Americans choose Oregon as a new home.
1. A naturalist’s paradise
Except for stunning beaches on the Pacific coast, Oregon has a crazy number of great lakes and rivers. If you love water sports or fishing, you will find your happy place here. For hiking or biking lovers, there are many trails, forests, and mountains that you can enjoy in each season.
2. The state’s economy is looking bright.
The financial future of Oregon is bright, attracting more investors and business owners. The employment rate has increased by 46% in the last ten years. The tech and IT sectors are getting bigger, creating a new “Silicon Forest.”
3. There is no sales tax.
Significant relief for people coming from out of state: there is no sales tax, so you pay what you see on the price tag—no more surprises at the check-out.
4. A relaxed way of life
One of the main reasons Oregon attracts new homeowners is the quality of life the state has to offer. Extensive job opportunities combined with fresh air and fantastic nature create a combo for perfect and worry-free living. You can easily find a scene for any of your hobbies and interests, from water sports and hiking to the big art scene in Portland.
5. A diverse political landscape
You can always fit in Oregon, whether you’re liberal or conservative.
6. -Famous vineyards and breweries
The wine and beer industries are what attract lots of tourists. If you’re a fan of good-quality wine and love to explore different kinds of beer, Oregon is the place for you.
The real estate market in Oregon
Moving cross-state could be challenging, but the construction industry is strong and can provide new affordable houses to match demand. The quality of life in Oregon is high, so there is no problem finding a property for different budgets. Finding a property is accessible regardless of whether you’re interested in Portland or the smaller Salem.
What laws and customs do you need to know about buying a house in Oregon?
The real estate market might play by different rules than you used to. In that case, by familiarizing yourself with how Oregon people handle the housing business, you gain some advantages for making a successful purchase. Here’s what you have to be aware of when entering the housing market in the Beaver State:
1. Understand who the real estate agent works for.
Oregon has many dual agencies, meaning the buyer and the seller are represented by one party. Is it beneficial for you as a buyer? Not always. After all, you cannot expect the same agent to protect the interests of both seller and buyer. When you have first contact with the agent, you will receive the Initial Agency Disclosure Pamphlet, which will describe your cooperation with a real estate agency. Remember that having a buyer’s agent won’t cost you extra. Commission money from the sale price would be divided between the sellers’ and buyers’ agents. That way, you can make sure you have a representation of your interests.
2. You might never meet the seller while buying a house in Oregon.
As it’s common in Oregon for both parties to be represented by their agents, the buyer and seller don’t even meet on the closing day. Most communication and signing is done through the agents or even in their office.
3. Should you hire a home inspector?
If you’re in Oregon, you must provide a property disclosure statement. It contains all the information about the state of the house, like the water supply system, repairs on the roof, etc.
4. Procedure for closing and signing
Closing and signing in Oregon is relatively quick and takes around 40 days from the moment you accept the offer. Another thing is that all official business is conducted in the office. Don’t be surprised when you get the keys to your new place from the real estate agency.
5. Oregon laws governing purchase agreements
As a buyer, you construct a Residential Real Estate Agreement with your agent, stating all the terms under which you will proceed to purchase. After that, the agreement is handed to the seller to review and accept the terms. Usually, the procedure is handled by the clerks.
Are you ready to move to Oregon?
Finally, it’s time to answer the main question after knowing more about Oregon’s housing market and quality of life. Would it be the right place for you to move? Soon, Oregon became home to many Americans and foreigners. It’s an excellent venue for your career and educational opportunities and has a variety of scenes. You’ll be able to relocate to Oregon smoothly and worry-free.
