Dave Sutton
Windermere Cronin & Caplan Realty Group, Inc.
Dave Sutton :: Direct: 503-505-9722 :: Email: davesutton@windermere.com :: www.davesuttonhomes.com
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If Now is Not the Time to Buy, When is?
Posted on August 19, 2011
In 2006, monthly payments to buy the median priced home in Portland (with 20% down) were $1,733
Today, the payment would be just a smidgeon over HALF of that - $879. Why is that? There are two factors: 1) the median price of a Portland home is now $220,000, down from $342.700 in 2006, and 2) mortgage rates have dropped dramatically as well (4.537% APR as I write, down from 6.650% APR in 2006).
My friend Mark Boeck, with Windermere Mortgage, put together a year by year comparison of the cost of buying the median priced Portland home. You can see how it changes year by year here.
I am regularly showing fine homes at that median price in the Portland area - detached or condo. In fact, half that median price will still buy a nice home. Just twice that median will buy a spectacular home. Call, email or text me to see what I mean.
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