PORTLAND REAL ESTATE MARKET - SEPTEMBER 2022

September brought more options for home buyers than they’ve had in over two years with 32% more active listings on the market compared to the same time last year in the Portland Metro area. 

With this balancing of the housing market comes other things we’ve missed since pre-COVID sales, like opportunities to negotiate on the list price as well as negotiating to get repairs from the seller. Contingent offers are more often accepted now. With fewer options, sellers are more open to accepting USDA zero down loans (available in certain rural areas) as well as VA loans.

While the days on the market for listings has increased by 10 days compared to the same time last year, homes are still selling faster compared to the pre-pandemic market’s 40-day average. 

Interest rates are also returning to more historical averages.  After the last recession, the government took steps to keep interest rates down, and when the pandemic hit, they continued pushing rates down further. However, when inflation took off, the government shifted its focus, using higher rates to slow down the economy. 

Rates around 7% are historically normal, but they went up so rapidly that they’re giving everyone sticker shock as they continue to climb. We don’t anticipate rates coming back down anytime soon and yet, lower home prices and other improved terms are creating wins for buyers despite the higher rates. 

It’s time to consider all the benefits of homeownership and the cost of waiting. If you’d like to speak with one of our licensed agents about how to navigate this changing market and how we can help you achieve your dream of homeownership, please reach out and we’d love to chat!