PORTLAND REAL ESTATE MARKET UPDATE- JUNE 2022

For many, higher interest rates have tempered the market in a positive way that is providing an opportunity for buyers and sellers who didn’t want to make a move in the hot market we’ve had the last two years.  Inventory is starting to rise, giving buyers more options and less competition.  Recently, interest rates have trended downwards a bit and hopefully will last the summer.  Another interest rate hike is predicted later this year.  Prices have stabilized over the last month or two, giving people a window of time to make a move.  Overall, it’s really a sweet spot in the market that has opportunities for both buyers and sellers.  Sellers are still getting great prices for their homes with the ease of being on the market just a few days. Interest rates can be bought down to a lower rate through a seller’s closing cost credit or by increasing a buyer’s closing cost payment. This provides buyers a better rate for the life of their loan and when a lower rate is combined with paying the asking price, instead of $30,000 over, it makes it easier for buyers now than any time in the last two years.