Liz Warren Merit Properties, Inc. Direct: 503-705-3090 Box 131 WelchesOR97067
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BEST TIME TO BUY!
If there ever was a great time to purchase a home, it’s now. Historically low interest rates and an expansive inventory of homes to choose from makes this a perfect storm of a purchasing opportunity! Yes, there is a bit of a credit crunch but with good credit scores this is the prime time to get in. Inventories are locally high so the pickings are great for buyers.
This chart shows current inventory and sales over the past twelve months. The most sales occur in the $240,000 and under range. You can see by this chart there is plenty to choose from in all price ranges.
To find that perfect property in Government Camp, Rhododendron, Welches or Brightwood, give me a call or send an email and I can go over today’s incredible choices with you!
National Market Update
Existing home sales increased 2 percent during the month of May, according to a published report from The National Association of REALTORS® (NAR). This increase has lead NAR to revise its 2008 existing home sales prediction, which now stands at 4.99 million units, up from 4.89 million units published in May.
The national median home price was reported at $208,600 in May. According to NAR President Richard Gaylord, "Home buyers are starting to get off the fence and into the market, drawn by drops in home prices in many areas and armed with greater access to affordable mortgages," he said. "Today’s buyer plans to stay in a home for 10 years, which is a good strategy for building long-term wealth."
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Average (Mean) Sales Price of Existing Homes by Region
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Date
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U.S.
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Northeast
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Midwest
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South
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West
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2006
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268,200
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299,700
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205,300
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230,000
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371,300
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2007
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266,000
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307,100
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200,500
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225,600
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365,900
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01/08
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245,500
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298,400
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178,800
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206,500
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335,600
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02/08
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242,000
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292,700
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175,100
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204,600
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333,100
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03/08
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247,100
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310,800
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183,200
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209,600
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325,200
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04/08
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247,200
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294,400
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188,500
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212,900
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327,000
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05/08
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253,100
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309,300
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192,900
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219,000
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327,200
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Statistics from the National Association of REALTORS®
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Freddie Mac reported the national average 30-year, conventional, fixed-rate mortgage rose to 6.04 percent in May, up from 5.92 percent in April. Despite the recent increase, overall mortgage rates are down from 6.27 percent, available May 2007.
Existing home inventory is reported at 4.49 million units. According to Lawrence Yun, chief NAR economist, "The large supply of homes on the market clearly favors buyers, and it should take several months to draw the inventory down. Stabilization in home prices can only occur with buyers returning to the market, so we are encouraged by rising home sales, particularly in distressed markets."
A number of areas nationally are experiencing increased activity over May 2007, including Sacramento, the San Fernando Valley and Monterey County in California; Sarasota, Florida, and Battle Creek, Michigan.
UPCOMING LOCAL EVENTS
Blacksmith Week at The Arts Cabins. You are invited to join some of the nation's best blacksmiths for a week of demonstrations and sales of original work. Watch the craftsmen at work! Ask the artist about their work while purchasing a unique metal heirloom direct from the blacksmith. Pack a picnic, and head for Mount Hood for a laid back day of fun and educational art! T-shirts available for purchase, to benefit the Arts Cabins Project. 503-272-3301 or email vb53@earthlink.net
2008 Timberline Mountain Music Series at the historic outdoor amphitheater at Timberline Lodge. This family-friendly concert series will continue to feature folk, blues, country and Americana music. Performers include Mary Flower, Larry Wilder Trio, and a special tribute to Mt Hood and Timberline Lodge in songs and poems by local artists Julie McCarl, Will Frank, Paul Keller and Jon Tullis. 2:30pm
HIWAY WORK IN AREA-EXPECT SLOW DOWNS IN AUGUST!
Locals and travelers passing through the Brightwood, Welches and Rhododendron area in August will be slowed down a little bit by an Oregon Department of Transportation project. A long awaited turn lande will be added between Wildwood to Wemme. There will also be paving from the Hiway 26 Salmon River Bridge all the way to LoLo Pass Road.
Expect single lanes at times but the traffic will always be moving. If you would like more details on the project check out this link:
http://www.oregon.gov/ODOT/HWY/REGION1/MtHood/project_wildwood.shtml
Monday Morning Coffee for Inspiration!
Join me for Monday Morning Coffee! I'll give a brief update on the local market and a little weekly inspiration!
This week's
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Merit Properties, Inc., Box 131, Welches, OR, 97067
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