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 January 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 December, 2023 when compared to the same month in 2022. You can see that prices are actually up slightly, although year over year the average sales price is actually down 2% from $610,400 to $598,000, 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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That's right! A $400,000 mortgage today at 6% is $537 a month less than it was just three months ago! This also increases the amount a buyer can borrow with the same monthly payment significantly. If you are thinking of buying a home, or know anyone who is, then right now with homes selling for less than they were back in June of 2022 AND compelling interest rates, then now is a time to consider doing so. My wife and I just did, and are very happy for it. |
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Homeowner Wealth Increases Again! |
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I always find this one super interesting and goes for everything I believe in.... Owning a home all but ensures your future wealth, which is particuarly exciting upon retirement. This chart put together by First American Title and the fed shows the growth as of the end of 2023.
We just sold a $650k duplex to a 23 year old and a $700k home to a 34 year old. Smart young folks are seeing the opportunity to purchase right now - at 2022 prices, especially the duplex buyer who plans to live in one side and rent out the other which will cover 2/3 of his mortgage! Please show your kids, your cousins kids, your kids friends this chart and get them started while there is still a good opportunity to do so. They will thank you down the road as this chart proves the case.
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Its "The Season" in Palm Springs |
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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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