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 February 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 January, 2024 when compared to the same month in 2023. You can see that prices are actually up 5.9%. Remember though this price is for all property types, including condos so detached homes are higher. We are expecting interest rates to continue their drop this year and already we are seeing rates in the low 6% range, which is a large drop from the low 8% range just three months ago. 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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A confluence of lower interest rates and very low inventory is starting to happen. With inflation calming down, and this being an election year we are expecting rates to drop more. However, homeowners have been resistant to put their homes on the market due to having a low rate loan and the result is very low home inventory. So when the rates drop, we feel savvy seller will have their homes ready to go to the market and will be selling at a time of lots of buyers with nothing to choose from. Are you thinking of selling? Do you know anyone who is? If so, consider this spring, it might just be the best time in the last 2 years to do so. |
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That's what the projected appreciation of a home bought in January, 2024 is for five years later. And this is only for a $400,000 home, which in our market is a unicorn. These numbers are based on an average of home price appreciation studies from several different sources. If you know anyone looking to buy a home, especially someone from the younger generations who want to purchase their first home, you cant serve them wrong by recommending them to us and helping convince them to get into the game. And, if mortgage interest rates lower during that time, they can refinance. The key is getting in now while the price are stable. |
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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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