And in partnership with Pat Weiss*
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Portland Real Estate Update |
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Over 70 Years Combined Experience, Since 1988 |
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Portland Market as of July, 2023 |
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The metro Portland real estate market ending July 31st, 2023 has slowed down again. When compared to July of 2022 new listings are down 23%, at the same time closed sales are down 12%. Although the average days on market for the entire area has stayed the same at 33 days. This should be 180 days for a balanced market. The average sales price is down slightly over the last 12 months has dropped down to $596,000 from $600,800. (Note, this is for ALL property types, including condos). As of the end of July there were only 3,987 homes available for sale in the entire metro area, this for a population of 2,200,000 (not including the Washington side). CLICK ON THE IMAGE ABOVE TO DOWNLOAD THE ENTIRE 7 PAGE PDF FILE
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Is NOW a Good Time To Buy a House? |
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Yes! And here is why. Right now our inventory is up a little, and interest rates are running right at about 7%, so the buyer market has dried up. In fact 49% of Portland home sellers have reduced their prices in the last week. So make an offer, ask for the seller to pay down your loan interest rate, and lock up that house. Then, when rates drop which they are predicted to next year (I mean people want to get elected next year - right?) refinance. What many experts see happening is our inventory is super low still (see above article) and when the rates drop, and they will, the floodgates will open. At that time you wont be able to get any seller concessions. Oh, and my wife and I just did this, bought a new home knowing we can and will refinance soon. Image above is from Altos Research and shows the market for the Portland metro area. |
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The relationship between inflation and mortgage rates |
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A few people have asked me where we are headed with mortgage rates now that inflation is being tamed. I'm not an expert but I know many who are, and I have access to specialists. The chart here shows the historical relationship between inflation and what happens to rates shortly afterwards. As you can see, its all good and if history repeats itself, we should be in for a rate drop soon. |
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Featured Home of the Month |
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This month's featured home is a custom built house off Dosch Road in SW Portland. Built for it's current owner this contemporary home is full of windows and built on three levels to face the treed lot. Its light and bright with tall ceilings, a wrap around deck, three bedrooms, an oversized garage, stellar schools and so much more. Its so tough to find a newer home in a mature desirable neighborhood and even harder to find one under $800,000 which this is. You can check out the full listing here!
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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 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.
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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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