Portland Real Estate Update |
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One of Portland's TOP Real Estate Sales Teams Since 1988 |
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Portland Market as of End of March |
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The latest numbers are out and the MLS report for the Portland, Oregon metropolitan area ending March, 2022. (Click on the image on the right to see the entire seven page PDF). The information shows a continued increase in home and condo prices in the Portland area with the "inventory in months" moving down to .7 months, but if you click and read the document when you exclude new construction "to be builts" its really 0.6 months of inventory. This continues to be caused by in-migration as well as a severe lack of inventory, which is a nationwide issues. (Keep in mind a "balanced" market where its equal for buyers and sellers is said to be about 6 months of inventory, and we are less than a month). The average sales price for the metro area is now at $594,200, up 10.4% when compared to the same month in 2021 with the median sales price up 11.1% at $530,00 during the same period.
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Impact of Rising Rates on Home Prices |
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This may not look like you think it should, but its true! Rising interest rates do not automatically mean a decrease in home sales, in fact recent history shows over the last three decades that when rates rose, home prices increased! In this video we explore the 50 years of history looking back at rising rates and how they corelate, as well as we look forward as to what the experts are saying for the next five years and why. |
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How Much Change in Mortgage Payment |
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This graph talks about mortgage payments and how much they have changed since January 2021 and predicting what they will be in October of 2022 assuming 5.5% mortgage rates by then. Note, this is for a $360,000 mortgage, 30 year fixed and principal and interest only. This does not include property taxes, homeowners insurance, or HOA (home owners association) fees if any. |
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Search ALL Portland Area Homes |
Click on the link below, or the image to search the Portland area MLS for all single family, condo, or multi-family homes in the Portland metro area. The site also includes some pre-defined common searches on the right side, and also always shows the most recent 20 listed properties in the metro area. Be sure to SAVE your search, that way you will always be notified of any new matches as they happen. www.allarealistings.com/
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Search Palm Springs Area Homes |
As many of you know, Rob Levy is also licensed in California with Keller Williams Realty and sells investment and vacation homes to many of his Portland area clients. You can check out all the homes and condos in the Coachella valley cities of Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Indian Wells, La Quinta, Bermuda Dunes, Sun City and Indio by clicking on the link below or the picture. www.AllDesertListings.com
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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
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Give Us a Call
(503) 906-1444
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Now More Than Ever, Experience Matters |
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The Rob Levy Team, Rob Levy Principal Broker and Caity Abouaf, Broker
Keller Williams Realty Professionals / Main Office (503) 546-9955
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