REAL ESTATE
Before we dive into talking about real estate my team & I want to wish you all a spectacular 2024 full of joy, love, good health, lots of laughter, and awesome new memories. It is so great to be back with you and I hope your Holiday Season was wonderful. What a year 2023 was in real estate with interest rates increasing multiple times to help fight the inflation issue. I was talking to a good friend and local lender of mine this last fall and at one point interest rates went above 8%. These high-interest rates caused a lot of people to hold off on making a move. Especially when 80% of homeowners who have a mortgage have an interest rate below 4%. What I was very surprised by is that with the interest rates more than doubling in the last 18 months the average home price in Portland Metro only decreased by 2.1% from $610,900 to $598,000. In the same comparison, the median sale price over the last 12 months has only decreased 3% from $548,400 to $532,000. The reason I am surprised is you would think we would see a larger
decrease in the average and median sale price with interest rates increasing as much as they have in such a short period. I think one of the reasons we did not see a larger number in decrease of home values is because of the lack of inventory we have and the Urban Growth Boundary that developers deal with here in Portland Metro impacts the amount of supply of residential development that can take place. I am excited to share some great news as the FED has shared that they do plan for multiple interest rate cuts in 2024 and my local lender is now helping clients lock in 30-year conventional loans in the mid 6% range.
We also have many ways to help get this lower with negotiations on the purchase. If you have any questions or want more details, please reach out as we are here to help you the best we can.
Growth: We want to say “Thank You” for all your support over the years as it was so exciting this last year to celebrate a decade of being in business! It was so much fun seeing so many of you at the Fall Harvest Party and we so look forward to hosting more events in the future as being together and building relationships is what brings so much joy. Gerritz Realty Group is so excited for the next decade of serving and helping you and your loved ones. We are so humbled and grateful to be highlighted in “Portland Real Producers Magazine” and recognized by the “Regional Multiple Listing Service” as a top-producing real estate team in Oregon.
GROWTH
A Decade in the Business:
We want to say “Thank You” for all your support over the years as it was so exciting this last year to celebrate a decade of being in business! It was so much fun seeing so many of you at the Fall Harvest Party and we so look forward to hosting more events in the future as being together and building relationships is what brings so much joy. Gerritz Realty Group is so excited for the next decade of serving and helping you and your loved ones. We are so humbled and grateful to be highlighted in “Portland Real Producers Magazine” and recognized by the “Regional Multiple Listing Service” as a top producing real estate team in Oregon.
NEWS
Austin Hunt to EXP Realty:
A dream came true for my best friend and I four years ago. Austin Hunt decided to join me in real estate and it has been so much fun working together for multiple years and awesome seeing him thrive in helping so many families and providing excellent customer service while building lifelong relationships. He is now building his own business with EXP Realty and we wish him continued massive success in this new and exciting chapter. Thank you, Austin, for taking the leap of faith four years ago to bring this dream alive and for doing such an excellent job in helping so many families!
INSPIRATION
Off to a Snowy/ICY start in January
The New Year is a time when so many reflect on the previous year and make goals for what they want to accomplish in the year ahead. The winter storm might have had an impact on you and your family and impacted some of your goals/plans. Your mindset also might be having some doubt if you will be able to achieve the goals you set out for. I am here to encourage you to stay focused and believe in yourself that you can reach your goals and if you have had a setback to not let it get you down and refocus your mind. We are all going to have a wonderful year and it starts with the right mindset.
