July 2024 RMLS Sales & Mortgage Data

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Please note, the arrows in the trends table only showcase numbers going up or down - NOT whether or not the trend is beneficial as this is determined based on perspective.

In summary, the number of listings are up, prices are up, time on the market is up, and the 12-month rolling average appreciation of prices are flat or going down.

SW Washington Report (Clark & Cowlitz) (read report here)

Cowlitz County

Portland Metro, OR Sales Report (read the report here)

Polk and Marion Counties Sales Report (read the report here)

Some market snapshots:

Homes priced BELOW $400,000 in SW Washington. Click here to see that info.

Homes priced BELOW $400,000 south of the Columbia River. Click here to see that info.

FAIRVIEW VILLAGE, WA is an anomaly in the area, holding prices higher. This is a 55+ community. Click here to see the info.

LONGVIEW / KELSO area is still attractive for families looking for starter homes. Click here to see that info.

PORTLAND-METRO & SW WASHINGTON single-family homes with at least 3 bedrooms, 1.5 baths, at least 0.75 acres, and a maximum of $850,000. Click here to see that info.

To get your home value and a market report sent to your email each month or of your neighbor's house, instantly, then click here.

Mortgage Update: 

Same ole saga, everyone is hoping for rates to come down. I see that happening right before the election at the soonest. Maybe it will happen at the Fed meeting in September, and maybe not. In any event, I am learning that there are so many different ways of putting together a loan.

My niche is focusing on peeling away the curtain, cutting away the fluff, and just provide good honest service at a fair price. Explaining the vague, and showing people what I see. Then, everyone wins - same as I do with real estate.

So for the learning topic of the day....representative credit score.

Do you know what yours it? What does that really even mean?

The lowest of the middle credit scores of the borrower(s) is the "file representative score."

An example. If borrower 1 has credit scores of 580, 585, and 596; and borrower 2 has credit scores of 750, 770, 789. Borrower 1's middle score is 585, and borrower 2's middle score is 770. And the lowest of the two is 585. Then that 585 becomes the file representative score. 

I offer options, including refinances, hard money, HELOC, DSCR, bank statement loans, commercial loans, and other options too!

Have a scenario you want to discuss? Give me a call, let's sort it out.

If I can provide any clarity, or if you just need a 2nd opinion, let me know.

Speaking of credit rating, just for fun, I went down shopping lane to see what I could see...

I saw this news headline, "Mortgage Bankers Association (MBA): Rates will average 6.8% in Q3". When entities quote this, it is usually based on 780 credit score and 20% down payment. So I spun up my pricing engine, and based on that criteria, yep I can beat that. 

Then I went to Google, it said that an average FHA mortgage rate, for $400,000, 3% down, credit score of 780+, is 6.692%. Yep, my pricing engine told me I can beat that too lol. 

Now let's choose something more fun from Bankrate.com, $400,000, 3.5% down payment, 683 credit score, it doesn't list a rate - it just wants borrowers to "put in their info". Lol. My base rate on this scenario came out to be 5.32% + closing costs. 

The humorous caveat is, there are so few buyers simiar to the "perfect" scenario that it is just a hook to get people to respond. Every scenario is case-by-case. If I can help you I will let you know. If I can't and someone beats me, I will tell you that too. Not a big deal. 

Have a scenario you want to discuss, or need clarity? Give me a call, let's sort it out. Have a stellar day!