With conventional 30 year rates in the low 5%, it seems like the rush is on to refinance. The Mortgage Bankers Associations index reports double digits increases in refinance loan applications over the last couple of weeks.
If you are a homeowner that has an adjustable rate mortgage adjusting in the next three years and you are not planning on moving in the next two years you should be talking to a mortgage broker about your options sooner than later. Fixing your rate now will minimize risk over the long term.
Something to consider... Divide your total closing costs for the refinance by your monthly savings. This will give you the number of months that it will take you to break even (your monthly savings vs. the total cost of the refinance). If you are planning on moving before your break even point then refinancing might not make sense for you. On the other hand if it is a number that is less then how long you plan on staying then you should consider refinancing.
I want to hear from you! Can you take a moment to VOTE?
How would(or did) you begin your search for a home?
( surveys)
Come get your Holiday shopping done and while you're there take a tour of the model homes at the Atwater Place in S.Waterfront. Don't fight the crowds. Free valet parking and refreshements.
When: December 11th, 2008 5pm-9pm
Where: 0841 SW Gaines Stree | Portland OR | 97239
What: Holiday Trunk Show featuring:
Recently the federal government has passed a bill giving first time home buyers up to a $7,500 credit if they purchase their new home between now through June 2009. A first time home buyer is anyone that has not owned a home in the last three years. For more information and frequently asked questions and qualifications - Click Here
If you are a first time home buyer and are thinking about investing in a home this might be a good time to start looking. The tax credit coupled with low interest rates and lots of homes on the market = OPPORTUNITY!
Contact me, Ruth Price - Broker with the Hasson Company Realtors, with any questions regarding the real estate market in the Portland area. I can be reached at 503.802.8845 or at pricer@hasson.com
To learn more about my business visit my website at http://www.RuthPriceProperties.com
October 2008 - Residential Property
|
Portland Neighborhood |
Average Sales Price This Month |
YTD Average Sales Price |
Total Days on Market |
% Change in Value * |
|
North Portland |
$252,700 |
$268,400 |
91 |
2.20% |
|
NE Portland |
$316,600 |
$324,300 |
89 |
2.00% |
|
SE Portland |
$270,000 |
$278,200 |
96 |
-2.20% |
|
West Portland |
$466,000 |
$482,900 |
155 |
5.00% |
|
* % Change is based on a comparison of the rolling average sale price for the last 12 months with 12 months before |
Portland Metro Area total months of inventory 11.1
All Stats Provided by RMLS (Market Action Report - October 2008)
To view the complete report available please click on the link below.
Contact me, Ruth Price - Broker with the Hasson Company Realtors, with any questions regarding the real estate market in the Portland area. I can be reached at 503.802.8845 or at pricer@hasson.com
To learn more about my business visit my website at http://www.RuthPriceProperties.com
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