PORTLAND REAL ESTATE MARKET - JANUARY 2023

As we look at the Portland area real estate market in January 2023, the latest housing data shows a decrease in new listings and closed sales and a rise in inventory and market time. The shifting market creates new opportunities for buyers and sellers alike to take advantage of new conditions and reach their goals.

Additionally, while average and median sale prices have decreased compared to last year, this presents an opportunity for savvy buyers to find a great deal. The 2.7 months of inventory (more than we've seen in over two years) is giving buyers many more choices, and simplifying things for those who need to sell to buy. Being able to get a contingent offer accepted (waiting for your current home to close before closing on your new home) is huge convenience to sellers that has become an option again. Although interest rates are higher, prices have come down over the last 9 months as rates have increased. Additionally, there are three great options to reduce your interest rate to make your new home more affordable:

Three Ways To Counteract the Rate Increase

It isn’t a secret that rates have climbed over the last few weeks.  Due to inflation concerns and a strong job market, the trend toward higher rates will continue for the time being.  

1. Use Seller Credits to Increase your Buying Power

Negotiating a seller credit to decrease your interest rate permanently can improve your buying power.  

2. Use a 2/1 Seller-Paid Temporary Buydown to Lower Your Monthly Payments

One of the best ways to temporarily lower your monthly payments is to utilize a temporary buydown. Your interest rate is 2% lower in the first year and 1% lower in year two.  

3. Combine a Temporary and Permanent Buydown

You can combine a permanent and temporary buydown for the best of both worlds.

Our team is here to help you navigate these changes and find the best opportunities for your unique situation. Contact us today to learn more.