In the Pacific Northwest, we may break some records this week… here are some ways to stay cool–
Oregon & Washington Real Estate Update
OREGON (starting to see some relief for buyers in many areas, inventory improving slightly):
The median home value in Oregon is $311,600. Oregon home values have gone up 11.0% over the past year and Zillow predicts they will rise 4.4% within the next year. The median list price per square foot in Oregon is $203. The median price of homes currently listed in Oregon is $350,000. The median rent price in Oregon is $1,750.
Foreclosures will be a factor impacting home values in the next several years. In Oregon 3.2 homes are foreclosed (per 10,000). This is greater than the national value of 1.6
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Oregon is 0.0%, which is lower than the national value of 0.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Oregon homeowners underwater on their mortgage is 0.1%.
WASHINGTON (inventory up, but still very competitive in metro areas favoring sellers):
The median home value in Washington is $337,900. Washington home values have gone up 11.2% over the past year and Zillow predicts they will rise 6.0% within the next year. The median list price per square foot in Washington is $195. The median price of homes currently listed in Washington is $349,900. The median rent price in Washington is $1,995.
Foreclosures will be a factor impacting home values in the next several years. In Washington 2.5 homes are foreclosed (per 10,000). This is greater than the national value of 1.6
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Washington is 0.0%, which is lower than the national value of 0.0%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Washington homeowners underwater on their mortgage is 0.1%.
VMG Mortgage Rate Tracker
Mortgage rates are still low historically and a great time to buy or refinance. Predicting the future of rates, other than Fed actions and market reactions, is difficult today. With the stock market at a historically high level and economic and international issues uncertain… volatility may be in our near future. We expect rates to slowly rise, but these unknown events during a unique time in our history, we certainly watch closely.
You can check or share our pricing engine to run custom scenario:
If you know of anyone buying a home now or in the near future, please share VMG with them.
To keep an eye on our market-leading mortgage rates or pass on to a friend or family member in the market to buy or refinance, visit our blog: https://vantagemortgagegroup.com/blog/
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