November 2008 Portland Home Appreciation Report
Metro Portland Area |
Yr to date
Avg Price |
Avg Mkt Days | Avg Appreciation |
| North Portland | $266100 | 120 | 0.1% |
| NE Portland | $322000 | 98 | 0.5% |
| SE Portland | $276800 | 109 | -3.1% |
| Gresham / Troutdale | $260700 | 128 | -6.4% |
| Milwaukie / Clackamas | $322200 | 155 | -4.6% |
| Oregon City / Canby | $316300 | 172 | -5.6% |
| Lake Oswego / West Linn | $543300 | 182 | 0.4% |
| West Portland | $480700 | 145 | 4.2% |
| NW Portland / Washington County | $404900 | 152 | -1.7% |
| Beaverton / Aloha | $274900 | 155 | -4.8% |
| Tigard / Wilsonville | $354200 | 144 | -4.8% |
| Hillsboro / Forest Grove | $280300 | 124 | -5.9% |
Data: December 18, 2008
Source: RMLS Area Report Metro Portland & Adjacent Regions
Dave’s Commentary on the Portland Real Estate Market:
Portland’s real estate has seen a dramatic change over the last few months. RMLS numbers now reflect a 15 month supply of available homes for sale throughout the metro area. Sellers are averaging 135 days to get their homes sold. Buyers are loving this!
Sellers who are not upside down in their house have a tough battle, competing against neighboring short sales and a relatively small percentage of foreclosures. Entry priced homes are commonly selling short of what’s owed and this affect trickles uphill into higher end properties. Luxury homes in areas like Lake Oswego are deeply discounted and not immune to similar circumstances. Bank owned properties can be picked up cheap!
What does this mean for the average homeowner in Portland? Don’t sell unless it’s absolutely necessary. If you do have to sell price it 5% lower than the competition and it’ll move. Currently homes are selling at a rate of about 40 per day. Sellers must be aggressive!
Buyers are able to reap benefits of today’s incredibly low interest rates. FHA borrowers can get a historical low of 4.5%. Conventional mortgage rates are the same as of this writing. If loan-to-value (LTV) is 60% or less it’s possible to lock in 4.375%. Wow!!
Interestingly enough guidelines have changed for investors. Fannie and Freddie underwriting requirements only allow a total of 4 mortgages, 3 investments. Makes it tougher for those who would love to take advantage of the buyer’s market and already own several properties. Good news is that there’s no shortage of Portland investment property with upside potential and cash flow is better than ever.
Call us and find out more about the Portland real estate market. We have specific strategies to guide both buyers and sellers. Find YOUR HOME WORTH now.
To search for your home in anywhere in the Metro Portland area, use our FREE Portland Home Search tool. For more information about living in Portland and finding your dream home, call Dave at (503) 789-7633, Toll Free (877) 629-5825 or email.
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Call us at 503-789-7633 (cell) or email us to see how we can help you with your home buying and selling needs.
