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 June, 2023 |
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The metro Portland real estate market ending May 30th, 2023 is on fire again due mostly to not enough homes on the market to accommodate all the buyers we currently have. When compared to May of 2023 new listings are down 16%, at the same time that pending sales (offers accepted but not yet closed) are up 9.9% over April this year. As a result the average days on market for the entire area is 40 days. This should be 180 days for a balanced market. The average sales price is up slightly over the last 12 months to $588,200 As of the end of May there were only 3,331 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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Americans are sitting on Tremendous Equity |
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This graph is interesting. The green shows that 38.7% of all Americans have paid off their homes, while the blue shows 28.9% have more than 50% equity in their homes, resulting in 67.6% of all Americans have either paid off their homes or have over 50% Equity. 32.4% have less than 50% equity. Why is this important? Because you are seeing reports about foreclosures rising, which they have very slightly and was to be expected given the end of the pandemic assistance programs. But, if 68% of homeowners have more than 50% equity they wont be giving their homes to the banks anytime soon, which equals not too many foreclosures on the horizon. |
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Owning a home protects against inflation |
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Unlike rents which tend to rise with inflation, a fixed rate mortgage is just that.... fixed, and often for 30 years. This is a USA unique mortgage as in Canada, UK and most of the western world mortgages are recalculated every five years at the prevailing interest rate. When the cost of most everything else is rising, like the last couple of years, your fixed rate mortgage has not and will not. This chart shows how rents tend to move along with inflation, in fact in a recent national survey 73% of landlords plan on raising their rents this year as their core costs of maintaining those homes have gone up. Having your largest monthly expense remain stable at a time of economic uncertaintly is a major perk of homeownership.
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Featured Property of the Month |
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This month our featured home is a stunning almost 5 acre estate with an 8,000 square foot home we just put on the market in the Stafford area of Wilsonville. This magnificent home was once owned by a Portland trailblazer and features a full size lighted tennis court, a pool with water slide and even an indoor sport court. All this on two levels with soaring ceilings, a large entertainers kitchen, a massive living room, huge bonus room and even 5 car garage. You can see over 40 pictures, a full "dollhouse" virtual tour, as well as a video tour and house plan at THIS LINK.
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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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