RMLS, the multiple listing service covering Metro Portland has just released their market action report for June, 2021 which has the market information through the end of May, 2021. First off, comparing 2021 to 2020 through the end of May, the Portland area average sale price has increased a WHOPPING 18.9% from $465,600 to $553,500! In the same comparison, the median sale price has increased 17% from $419,000 to $490,200, and the average market time in the entire metro area for all properties combined is 0.7 of a month, or 22 days. As a comparator, most experts say a balanced market (equal buyers and sellers) is 5.5-6.5 months inventory.

This seems to be driven by low interest rates (still around or below 3%), along with lack of new homes being built, and many people moving to Portland with the whole working from home phenomenon. Caity and I have found ways to help your offer stand out from the others and have beaten out some cash offers on properties, so yes you can still find a home. We also are getting top dollar for all our sellers with their homes, So if you are thinking of buying or selling a home or know someone who is, remember... Experience matters and we have been at this game since 1988 - 32+ years, so reach out! You can view the entire 7 page report here.

If i told you its more affordable to buy a house now than it was in 2015 you might say I'm nuts! But its true and due to interest rates. Let me explain this by watching this video. I share in the video many charts, graphs and the affordably index which clearly shows this is the case. This might not last long as interest rates are expected to rise in the not to distant future. I'd love for you to check out the video, share it (and/or this entire newsletter) with a friend and please also subscribe to the videos when watching it.

So this is for the average house in America, not higher priced areas such as here in Portland. The fact of the matter is homeowners have better financial futures than renters. When you own your home and pay it off down the road and are retired you can sell the house, or better yet tap the equity if needed with a home equity loan or a reverse mortgage. They key being you have options... It gets even better if you can buy a rental property and get that paid down prior to retirement.

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