Real Estate Market Report
July by the Numbers
- Portland Area Months of Inventory: 1.2
- Portland Area Avg. Sales Price: $475,400
- YTD Average Sales Price increased: 3.7%
- Portland Area Closings increased: 25.2%
- Portland Area New listings increased: 15.8%
- Average market time: 42 days
Mortgage Refinancing will be more expensive as Fannie Mae and Freddie Mac raise fees
Consumers will have to pay more to refinance their mortgages after Fannie Mae and Freddie Mac announced that they are raising fees for lenders on the loans.
The change is designed to shield the two entities from the additional risk brought on by the coronavirus pandemic. In a letter to lenders, Fannie Mae specifically cited “market and economic uncertainty resulting in higher risk and costs.”
Click the link below for more detailed information:
Source: cnbc.com
Rental Market Report
Rental News
Fair Access in Renting (FAIR) Ordinance: New Interim Administrative Rules
On July 29, 2020 the City of Portland released new interim Administrative Rules effective immediately upon release. The purpose of the interim Administrative Rules is to provide additional guidance and clarity as to the intent of the code and rule language. The guidance below impacts how Landlords manage applications and screening and security deposits under the FAIR Ordinance, and are to be read in addition to the linked FAIR Ordinance Code Changes enacted by City Council on July 22, 2020. The Forms Committee has already directed the necessary changes to the Multi family NW Forms Collection. Multifamily NW has scheduled additional training opportunities covering the recent code and admin rule changes to Portland’s FAIR Ordinances.
Click the link below for more detailed information:
Source: multifamilynw.org
Thinking of Buying or Selling in 2020? Let us help!
August Homework
Clean & Defrost Refrigerators and Freezers
Pull out your refrigerator and check behind it. Over time dust and dirt accumulates on the back of the refrigerator and can clog filters and vents that help the appliance run smoothly and efficiently. Use a shop vac or vacuum to clean the back and sides of the refrigerator, clean the floor and around the appliance as well.Be careful not to kink, break, or damage any water lines that go to the unit for the water or ice maker. Also take care not to damage your floor when pulling it out or pushing it back in, you can lay a thin piece of hardboard on the floor to protect it if you are worried about damaging the floor. It is also a good idea to clean the inside of the refrigerator and/or freezer. Get rid of all outdated items and the bottle of mustard or salad dressing that has been sitting in there half used for the last year. Clean the shelving and drawers. If you have a freezer that has built up ice on the shelves or walls it is a great idea to defrost and clean it. A little cleaning each year will help the efficiency and the life span of your refrigerator and freezer. If you have no idea what I am talking about give me a call, I can help.
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:
