Rent to Own Homes in Salem
The city’s prime location and ample infrastructure appeals to a wide variety of businesses, including major employers like Salem Health and NORPAC Foods. It’s not all serious business in Salem though. The Oregon State Fair is Salem’s biggest annual event, and the city is chock-full of year-round activities. From biking across the Union Street Railroad Bridge to West Salem and strolling around historic downtown to quietly browsing the Salem Public Library, there’s plenty to do in Salem.
Buying a Home in Salem?
The number of available homes in Salem’s Willamette Valley dropped 15.5 percent over the past year, but there are still 3,986 homes on the market. The current average sales prices of homes is $230,619, a $9,000 price increase over last year. New homes have a slightly higher price, selling for an average $271,839 in Southeast Salem, $354,727 in South Salem and $266,912 in West Salem. These new homes have a slower selling pace, as well, staying on the market 141 to 159 days.
Popular Neighborhoods in Salem?
Downtown’s Grant neighborhood brims with charm and a mixture of 1920s Craftsman bungalows and new construction homes. Appealing to singles, young families and retirees, Grant homes have a median sale price of $190,000. Across the Willamette, West Salem is perfect for families with young kids and teens with convenient healthcare, fitness and childcare facilities. Homes range from older ranch-style houses to modern, new homes, all with a median sale price of $233. Well-manicured front yards, large homes and excellent access to public transportation lure many families, couples and singles to the Faye Wright neighborhood. Faye Wright has an active neighborhood association, several parks and home median sale prices of $238,000.
Buying vs. Rent to Own Homes?
There are several differences between conventional home purchases and rent to own homes. With traditional purchases, the buyer has a sizable down payment ready, applies for and receives a mortgage and waits 30 to 90 days for escrow to close before moving in. With rent to own homes, financial issues aren’t quite as strict, and the down payment waits until the end of the one-to-three-year contract period. Rent--to-own buyers can move in right away, and they have additional time to improve credit scores, find a mortgage and make a down payment.
Cost of Living in Salem?
Salem’s cost of living is a mixed assortment of necessities that are inexpensive and those that are pricey. Healthcare is the biggest expense Salem residents face, costing 18 percent more than the national average. Transportation is 16 percent more expensive, but groceries, housing and utilities are 2.5 to 4 percent cheaper than in the rest of the country. Mixed together, these expenses translate into a total cost of living that is just 2 percent greater than the national average.
Situated in the beautiful Willamette Valley, Salem has much to offer its residents. Homes are inexpensive but generally spacious and varied; neighborhoods are diverse with loads of conveniences and several active neighborhood associations, and the cost of living is very close to the national average. Recognizing all of Salem’s many benefits, Forbes magazine ranked Salem as No. 6 best city for its low “Cost of Doing Business.”
Summary
Situated in the beautiful Willamette Valley, Salem has much to offer its residents. Homes are inexpensive but generally spacious and varied; neighborhoods are diverse with loads of conveniences and several active neighborhood associations, and the cost of living is very close to the national average. Recognizing all of Salem’s many benefits, Forbes magazine ranked Salem as No. 6 best city for its low “Cost of Doing Business.”
Rent to Own Realtors
Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.
Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.
Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.
About Our Listings
It’s in the bank’s best interest to avoid foreclosed homes because they end up having to sell them cheap to recoup lost money. So, they try to play it safe with mortgage approvals by steering clear of people with bad credit.
That doesn’t help someone who’s working on getting their credit together to buy a condo or a townhouse. Nonetheless, rent to buy programs can help people work toward purchasing houses and apartments with no credit check.
The free listings on our site are usually rent to own by owner, so deals are more reasonable and trustworthy than big company lease to purchase properties are. Whenever you’re ready just look for lease-option or lease-purchase homes near me on the Rent to Own Labs website.
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