RMLS, the multiple listing service covering Metro Portland has just released their market action report for July, 2021 which covers activity through the end of June, 2021. The fist six months of 2021 compared to the same period of 2020 shows new listings increasing 11.1% to 21,226 and pending sales increasing 18.8% to 18,291 and closed sales by 25.6% with 16,272 closed sales so far this year. As for average and median sales prices comparing 2021 to 2020 through June, the average sales price in Portland Metro area has increased by 20.1% from $462,500 to $562,700 and the median price has increased by 18.2% from $423,000 to $500,000.

This is all driven by lack of new construction and a general lack of inventory, as well as low interest rates (again below 3%). Caity and I have found ways to help your offer stand out from the others and have beaten out some cash offers on properties, so yes you can still find a home. We also are getting top dollar for all our sellers with their homes, So if you are thinking of buying or selling a home or know someone who is, remember... Experience matters and we have been at this game since 1988 - 32+ years, so reach out! You can view the entire 7 page report here.

So a house is listed for $550,000 and you offer $600,000 and get it. You are borrowing 80% of the money from the bank, so they order and appraisal. But, the appraiser is looking at past data, not current and the home appraises for $530,000. Who has to pay for the $20,000 difference? In this video Rob explains how the banks loan money based on the appraised value and what your short but informative options are.

The educated guesses are in from the major players as to how much homes will be going up in 2021 (on a national level, note above that homes in Portland area are already up over 20%) and the values are 10.6% down to 6.6% with an average of 8.3%. This means if an average Portland metro area home valued at $550,000 goes up 8.3% then its worth $595,650. That's almost $50,000 in equity earned easily covering the mortgage payments.

Thanks for checking out this newsletter, and thanks for supporting our real estate team for all these years. Many of you have reached out to me to talk about your real estate concerns. I love catching up with my clients and welcome your calls. Stay safe , ROB LEVY and CAITY ABOUAF