How is the Portland Real Estate market? Here's the Fall 2022 update. Hint: it's still a seller's market.
Just like the temperatures of the Fall, the housing market is cooling off a bit. Interest briefly broke the 7% barrier in September, the highest in nearly 15 years. With these interest rate hikes, we have seen price reductions and more time on market. Homes priced under peak-market values are capturing the attention of buyers and, at times, are still receiving multiple offers. We are returning to a more normal real estate market. Inventory has increased to levels not seen for two years in the Portland real estate market.
Portland’s Market Pulse:
Buyers are still active, but in smaller quantities and moving slower – mostly from interest rate uncertainities
Price reductions in all price ranges
Home values are still higher than they were this time last year
Buyers, if you’ve been on the fence, conditions are looking favorable. There’s more time to consider options and sellers may be open to below asking offers or credits. Interest rates are projected to hike further, so making the leap now can help you save from a higher monthly mortgage. You can always refinance your interest rates in a couple years when rates go down. Like the old saying: Marry the home, date the rate.
Sellers, markets like these require the expertise of Realtors® to help you properly prepare, price, and market your property. Although the economic forecasts give uncertainty, homes are still selling and we are currently moving toward a “balanced market”. Listings are selling at list price, not below. Our listings at ELEETE sold on average within 17 days last month compared to the market average of 28 days. That’s 39% faster because of professional preparation.
Reach out to me if you have questions about the current market, or would like to schedule a showing of any properties: (503) 805-3600 or email: email@example.com