Portland Real Estate Market Update- January 2022

The 2022 real estate market started off with a January that was much busier than December with an increase of 44.3% more new listings than December, although 10.5% fewer listings than January of 2021.  Overall, closed sales in January nearly identical to January of 2021.  Low inventory remains to be the biggest challenge with only 0.8 months of inventory as the demand remains strong for the additional listing inventory hitting the market.

 Interest rates have been a moving target in recent months and although not as favorable as they were a year ago, the rates around 4% are still historically great!  Even with rising home prices, the affordability index is stronger than it was in 2018 due to interest rates remaining below what they were at that time which offsets the considerable home price appreciation in terms of the buyer’s monthly payment.

 There are many potential sellers who would like to make a change, but fear not being able to find a new home after selling theirs and potentially move twice.  Fortunately, as this problem persists, new options have become available to sellers including a great new program that is similar to a bridge loan allowing you to access the equity in your current home to write a non-contingent offer on a new home, close on that new home before putting your current home on the market, and then move out and sell your current home.  This great option is not expensive with lending fees just slightly over what a traditional lender would cost.  Contact us today at 503-784-9940 or noah@arkrealtygroup.com for more information on this creative solution to getting you to where you want to be!