By Mel Dorman, August 13, 2020
In March of 2019 I helped this amazing 24-year-old couple buy a home. They had 0% down, using a VA loan. Even all their closing costs were rolled into the financing. This year, less than 18 months later, with no major renovations, they just sold the same home and made a $22,000 (5%) profit… That’s after 7% in closing costs and cost of sale!
That’s 12% appreciation in 18 months folks!
$22,000 might seem like a small number when you are selling a home, sure. But when you think about the fact that the average income of a Portland Resident is $32,438, that’s almost a whole year’s wages! And again, since this couple used a VA loan, that was no money out of pocket to start. Look at it this way… the money they would have spent on rent came right back to them.
Every day I hear people say, “I’m waiting to buy when the housing market goes down.” Can I tell you, that is no time soon? This is the second couple I’ve helped do an 18-month sale during COVID and made a 5% profit. Portland’s market is so hot, in 18 months you can sell and make a profit. Feel free to sit on the sidelines…. I’m gonna keep buying!
Mel Dorman
Broker | OR & WA
She/They
Ten years ago, Melissa was living in a slum in Kolkata, India, helping over 200 women escape sex trafficking by providing alternative work at a social business...
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- T: 503-567-4697
- melissa@livingroomre.com
