Portland Real Estate Update |
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December 2021 Market Update |
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One of Portland's TOP Real Estate Sales Teams Since 1988 |
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Portland Area MLS Update For December '21 |
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The latest numbers are out and the MLS report for the Portland, Oregon metropolitan area (Click on the image on the right to see the entire seven page PDF) is available. The information shows a continued increase in home and condo prices in the Portland area with the "inventory in months" dropping back down even more to a mere .8 months, and the total market time at 27 days. This continues to be caused by in-migration as well as a severe lack of inventory, especially new homes. (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 less than a month). The average sales price for the metro area is now at $566,300, up 15.7% from October of 2020 with the median sales price up 15.4% at $502,000 during the same period.
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What Happens if My House Doesn't appraise? |
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You fall in love with a house listed at $500,000 and find out there are 6 offers on it, so you offer $550,000 and get the house. You are thrilled, you are borrowing money from a bank so the bank orders and independent 3rd party appraiser to look at the inside and outside of the house and formally "appraise" the value at $500,000. What happens then? Its becoming a real problem as house prices outpace sold home sales that the appraisers use as comparable homes. Check out this video to see how this can be resolved. |
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The Cost of Waiting to Buy |
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Real estate prices are continuing to rise. Interest rates are continuing to rise. So what is the real effect of waiting? This chart shows the real cost of waiting when comparing buying a house this December vs. next December, 2022 given the predicted increases in housing costs, as well as the predicted increase in mortgage rates. Note, this chart is for USA average prices, and Portland area prices (per above) are a lot more than this, so the benefit is even stronger in our area. |
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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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