And in partnership with Pat Weiss*
|
|
|
|
|
Portland Real Estate Update |
|
|
|
|
Over 70 Years Combined Experience, Since 1988 |
|
|
|
Portland Market as of February, 2023 |
|
|
|
The latest numbers are out for the MLS report for the Portland, Oregon metropolitan through January, 2023. (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 - but slowing down significantly - with the "inventory in months" now moving up slightly to 2.7 months. Inventory is still very low mostly because many sellers don't want to give up a 3% mortgage for a 6% one, along with homebuilders simply not building enough homes, especially affordable ones. Comparing January 23 with January 22, the average sales price has decreased 9.2% from $586,600 to $532,900.
|
|
|
|
Homeownership by Minorities Still Lagging |
|
|
|
February is Black History Month, and last week I was invited to attend and speak at the CRS convention which stands for Certified Residential Specialist. At the show we had speakers talking about black home ownership in particular. The chart here shows that clearly minority home ownership is not where it needs to be. A recent report from the National Association of Realtors (NAR) says "Not all [households] have the same opportunities to homeownership, with many of them facing more constraints in their effort to achieve the American Dream. . . . Given that homeownership contributes to wealth accumulation and the homeownership rate is lower in minority groups, data shows that the net worth for these groups is also lower". There are special mortgage programs available to help minorities access homeownership, and as mentioned below as we all live longer this will be an important piece for the financial security of any family.
|
|
|
|
Homeownership Boosts Wealth |
|
|
|
As referred to above, there is no question that being a homeowner is a critically important piece to a persons financial security at retirement. Let alone the obvious that the interest rate on renting is 100%, the reality is home wealth in the USA on average have gone up 288.7% over the last 32 years. Note, that's through several recessions! If during that time a home is paid off on a 30 year fixed rate loan, that's a lot of financial security! Rents right now are increasing at historic levels after many landlords did not increase their rents during the Covid pandemic, despite ever increasing landlord expenses and property tax increases. Realtor.com in a recent study noted the following. “Three out of four renters (74.2%) who have moved in the past 12 months reported seeing their rent increase. The strain from recent rent hikes isn’t exclusive to renters who have recently moved. Nearly two-thirds of renters (63.2%) who have lived in their current rental between 12 and 24 months, and likely renewed their lease, have also reported increases in their rent.”
|
|
|
|
Last week I was asked to be on a panel at the above mentioned Certified Residential Specialist convention in Atlanta, Georgia. The panel I was on was titled "Changing Markets" and I was on the panel with long time friends Russell Shaw (far left) who is one of the top few Realtors in Phoenix, and Greg Gorman (middle) also a long time top producing Realtor in Naples, Florida. The emcee was another long time high producing Realtor, Alexis Bolen from Pensacola, Florida. Russell, a former stand up slapstick comedian made it all fun, but we all learned several things. I think the biggest takeaway is don't panic. This wont be like 2008 mainly because back then 20% of people had 50% or more equity in their homes, and now over 50% of Americans have over 50% equity in their homes, so there shouldn't be a flood of foreclosures, at least not in the metro Portland market. |
|
|
|
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/
|
|
|
|
|
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
|
|
|
|
|
Thanks for checking out this newsletter, and for supporting our real estate team for all these years. We are always available for you. ROB LEVY, CAITY ABOUAF and PAT WEISS
*Pat Weiss is licensed with Oregon Referral Partners, LLC. Same address as below.
|
|
|
|
Give Us a Call
(503) 906-1444
|
|
|
|
|
Now More Than Ever, Experience Matters |
|
|
|
The Rob Levy Team, Rob Levy Principal Broker and Caity Abouaf, Broker
Keller Williams Realty Professionals / Main Office (503) 546-9955
|
|
|
|
|
|
