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 March 2024 |
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This image is a snapshot showing what the Portland metro real estate market is like as of the end of February, 2024 when compared to the same month in 2023. You can see that prices are actually up 1.4%. Remember though this price is for all property types, including condos so detached homes are higher. The fed just announced they are expecting to see lower mortgage interest rates this year so that combined with a lack of inventory I think will cause a rush on houses this spring. In fact, we are seeing this starting to happen this past week for several of our buyers and sellers. I have uploaded the entire MLS report for you to see, all seven pages of it that breaks down to local cities and areas, simply click on the image to see the PDF.
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Last month I mentioned "we need your home" and this continues. This chart shows on a national level where inventory sits compared to both last year (up a bit) and the last "normal" year, 2019 where we are super low in comparison. In Metro Portland right now we have an average market time of 2.8 months, and this is trending down. This favours sellers over buyers, so homebuyers - you need to be ready with a pre-approved mortgage, and considering some waivers too. Call us today if you are thinking of buying a home so we can walk you thought it. |
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Home Price Predictions Revised Up for 2024 |
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The chart attached shows various "experts" and their forecast price increases for all US based residential real estate in 2024, with the new revised estimate on the right side. Even the lowest predictions are now markedly higher. Here in Portland, I recently listened to two economists speaking and both are thinking 5-7% increases in our area. So what does that mean in real dollars? The average sales price in Portland Metro is $571,000 (this includes all property types, so is pulled down by condos) but if that same average home increased by 4% that's an increase of almost $23,000. Put another way, that's almost $2,000 a month, probably a fair portion of your mortgage payment! |
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Caity and Rob are Top Agents Again |
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This is tough office to compete in with pushing 300 agents in our office, but Caity and I did it again. This time its for closings which reflect the last many months of work getting the homes to the point of closing. These have been some tough months with many hundreds of agents quitting the business and yet we continue to thrive. This is ALL because of our wonderful clients like you who have been coming back to us and sending us your referrals for decades now and for that we are always eternally grateful. |
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The Palm Springs Market is Rocking! |
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As many of you know for nearly 10 years now I have been selling homes in the Palm Springs, California area part time to my Portland area clients. The season when all the homes come on the market down there is happening now and its a good time to buy. Inventory is up, and there are many opportunities to buy a home and rent it out when you arent there with the goal of having your tenants pay for your vacation home. Ask me about this because not all neighborhoods allow it, and feel free to search all the homes for sale in the Coachella Valley desert cities below. These include Palm Springs, Cathedral City, Rancho Mirage, Palm Desert, Bermuda Dunes, Indio, La Quinta, Sun City and more! You can search Palm Springs area homes by clicking on the image, or below. |
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Search all PALM SPRINGS Area Homes |
Many of you know for about 10 years now I have assisted my Portland clients in buying homes in the Palm Springs area, either to use, to rent or a combination thereof. This updated link below will allow you to search for any home in Palm Springs or any of the valley cities, save your search and get new listings. Check out the link and let me know! |
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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. Click on the photo to search now! |
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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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