PORTLAND REAL ESTATE MARKET UPDATE- MAY 2022

Listing inventory is on the rise!  It’s rising slowly, but reached 1 month of inventory for the first time since last September.  The market is changing!

Portland had more price reductions last week than pended homes!!!

Buyers- rates are up but prices are correcting and it’s a great time to take advantage!  Last week 686 sellers reduced their price and many of them may pay your closing costs and/or contribute to buying down your interest rate!  It’s time to give it a shot!  That also means that contingent offers may get accepted, so you may not need to sell before you can buy. Rates are expected to go to 7% by the end of the year and that has a larger impact on your monthly payment than the price of the home (within reason).  

Sellers- we are still in low inventory (for now), and if you have owned for more than 2.5 years I can make an educated prediction that your home value on average went up over $200k in the last 2.5 years- you may want to sell before rates increase more, which will likely soften the market.