Oregon residents: The 2022 the rental cap increase was 9.9%, in 2023 it goes up to 14.6%
September 15, 2022
For Oregon residents: The 2022 the rental cap increase was 9.9%, in 2023 it goes up to 14.6%. This means someone paying $2000 a month for rent could see an increase of almost $300 per month.
Many homeowners are sitting pretty this year having refinanced last year and not feeling the need to sell in this market. Although inventory has gone up some, most homeowners don’t feel stressed to sell unless they want to take advantage of their equity. Many homeowners are overambitious and overpricing their homes; over 50% are selling for reduced prices in our current market.
Most renters are stuck between a rock and a hard place with rental prices rising and also the high interest rates, closing costs and monthly payments while trying to purchase a home.
If you’re sick of renting and are curious about the option of buying a home, here are some suggestions:
-Talk with a Mortgage Lender about options. Some lenders have the availability to help with down payment assistance and buying down your interest rate.
-Work with a credible Real Estate Broker who can negotiate asking the sellers to accept a lower price and/or pay towards the buyer’s closing costs.
My trusted Mortgage Advisor:
Pacific Residential Mortgage
Work 3550 Liberty Road S | Suite 210Salem OR 97302
Cell Phone: 503-905-4929
Work Phone: 503-391-2334
Work Email: nicole.Klingerman@pacresmortgage.com
Categories: Residential Mortgage