Real Estate Market Report

February by the Numbers

  • Portland Area Months of Inventory: 1.7
  • Portland Area Avg. Sales Price: $409,900
  • YTD Average Sales Price increased: 12%
  • Portland Area Closings decreased: 29.5%
  • Portland Area New listings decreased: 55.79%
  • Average market time: 58 days

Oregon lawmakers look to rein in massive mortgage interest tax break

 

SALEM — Lawmakers are looking to trim the popular mortgage interest deduction that gives more than a half-million Oregon households a break on their state income taxes.

Faced with a $1.6 billion budget shortfall, they may deny the deduction to all high-income households and divert the resulting revenue — likely totaling hundreds of millions of dollars a year — to affordable housing.

Oregon’s mortgage interest deduction is the state’s largest housing subsidy, according to state economists, accounting for nearly $500 million in tax breaks each year. Sixty-one percent of the savings goes to earners in the highest income tax bracket: those with gross incomes above $84,000 a year.

House Bill 2006, which had its initial hearing Thursday, would cap the state mortgage interest deduction at $15,000 and eliminate it altogether for homeowners earning over $100,000 a year or $200,000 if filing jointly. Mortgages for second homes and vacation rentals would be ineligible for the deduction. Rules for the federal mortgage interest deduction would not change.

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Source: oregonlive.com

Rental Market Report

Rental News

Testimony on Bill to Eliminate Oregon Ban on Rent Control

Testimony began last week at the Oregon State Legislature on a bill, backed by the City of Portland, that would remove the state-wide ban on rental control and end no-cause evictions, according to several reports.

House Bill 2004 as proposed would prohibit a landlord from terminating month-to-month tenancy without cause except under certain circumstances with 90 days’ written notice and payment of relocation expenses. The bill would also repeal the statewide prohibition on city and county ordinances controlling rents, effectively allow cities to put rent control in place.

Portland passed a similar measure as a city ordinance earlier this year and landlords have filed suit to try and get it overturned.

Portland Mayor Ted Wheeler spoke in favor of the rent control bill at the legislature saying, “It returns the tools to the local government to allow us to be able to make our own decisions about what policies to implement,” according to koin.com.

Speaking out against the bill was Rental Housing Alliance of Oregon President Ron Garcia who said no cause evictions are a tool landlords use to create safe housing for other tenants and he especially takes issue with the bill forcing landlords to pay moving costs for people who are evicted.

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Source: City of Portland

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March Homework

Check Exhaust Fans

You should find exhaust fans in your bathrooms, maybe laundry room, and the kitchen. It is a good idea to check all the fans and make sure they are clean and operating as designed. They are designed to remove moisture from the house which helps to reduce the growth of mold and mildew. Often times fans in the bathrooms get clogged with dust and lint. When hairspray is used in the bathroom, it can cause dust and lint to stick to the fan and make it work less efficiently. Keeping the exhaust fans clean and operational will help maintain the health of your home.

In the kitchen, check the range hood or microwave hood above the stove or cook top. If you have an island, there may be a downdraft fan that has filters that will need to be cleaned. Remove the filters and clean as necessary. Keeping these clean will help the ventilation in the kitchen, reduce the risk of fire, and make cooking a pleasure.

If you have no idea what I am talking about please give me a call, I can help!

Tulip Fest March 24th - April 30th Click the picture to find out more!

Getting Involved with our Community

 

The mission of DONATION HOUSE is to create revenue and support for non-profit organizations that serve our communities and make a positive impact on people around the world. When a non-profit organization refers real estate business to a DONATION HOUSE business partner, they agree to return 10% of the proceeds back to the non-profit organization.

Recent contributions have been made to the following:

For more information please visit: Sell a Home, Save a Child and Forward Edge International.