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 May |
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The latest numbers are out and the MLS report for the Portland, Oregon metropolitan area ending end of April , 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 up from 0.8 to 1.0 months which reflects more inventory hitting the market at the same time higher interest rates are cooling things a bit. (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 at only a month). The average sales price for the metro area is now at $615,600, up 11.2% when compared to the same month in 2021 with the median sales price up 12% at $549,000 during the same period.
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Will Foreclosures Become an Issue? |
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Many are worried about this, especially with so many homeowners taking mortgage deferments during the Covid pandemic. But according to the experts, probably not, and here is why. The main reason is equity. In 2011 only 20% of Americans had over 50% equity in their homes, and now 58% of Americans have over 50% equity in their homes. This means if they get into trouble, they will sell the home long before it goes back to the bank. You can see on the chart that foreclosure activity has dwindled down to practically nothing. |
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How Do Rates Affect My Payment? |
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You can see rates do affect it, and quite a bit if we go all the way back to the super low rates we briefly saw in January 2021 - which was a low of 2.74% - and now we are facing rates in the low 5's. However, it's important to remember since 1971 the average mortgage rate has been 5.09% so we are right there with the average. You can see the Freddie Mac chart by clicking HERE. Right now, with inventory picking up sellers are more open to non-overbid offers, so now might be a good time to buy a home. |
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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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