2008: A new market, new rules, new interest rates!

by | Jan 25, 2008 | How to Guides, Uncategorized

Hello Everybody!

I just got back from some R&R in Jamaica and NYC and let me tell you, it’s great to be home in Portland! I am going to share some awesome news for everyone here in PDX and anyone thinking about moving to the greatest little city on the West Coast.

NEW MARKET:

The Oregonian finally referenced some local data and it looks great! Oregonian Article We’re in the top 5 markets in the country and were recently named the #1 place to invest in Multi-Family investment property. Why? We still have appreciation and a low rate of foreclosure Nationally speaking. We win on multi-family because of 3 things. 1. Alot of apartments have been turned into condos. 2. We haven’t built enough new apartments. 3. People love Portland and are still moving here.

Nationally there are good numbers too – we’re still selling alot of homes:
2002-2004 – 4.7 million sold on average per year
2005 – 7.1 [boom year]
2006 – 6.5 [boom year]
2007 – 5.7 [bad year ?????]
2008 – 5.7 [projected]

This shows pretty well that we’re doing fine and people are still buying and selling homes.

I have had 4 listings go pending in the last week – 2 with multiple offers!!!

Here is some great info on remodeling costs vs. returns.

NEW RULES:

You love Oregon and Oregon loves your money. Just to prove this they’ve added a new tax witholding law for out of state sellers. Basically the state is trying to make sure that out of state people and corporations pay their fair share of state capital gains. There are exemptions so I am attaching the law and the new forms for you here: Non-resident withholding law

NEW INTEREST RATES:

This is great news for everyone! Mortgage interest rates have fallen dramatically in the last few months. Last week they dipped down to 5.25% for a 30 year fixed. The new lower rates allow people to borrow more and keep the same monthly payment. It’s a great time to refi and a great time to buy. Another tidbit that just hit the news today is the rumor the the Jumbo loan limit might soon be $730,000 almost double the current $417,000. This means that you can borrow more and not pay a rate penalty for going over the conforming limit thereby saving you lots of $$. This will have more of an effect on higher priced markets but is great news for anyone thinking of moving up.

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