National news may not be painting the best portrait of the real estate market. But in Portland Metro it’s sunny skies for prospective home buyers RIGHT NOW and here’s why:
Less competition
Higher interest rates have slowed the market and this has given supply a chance to catch up a little bit with demand. Long term we still have a supply and demand problem but right now we are seeing a sweet spot in the market. Higher interest rates do affect affordability, which is precluding some buyers from even attempting to enter the market, but what many might not know is there are often ways to work around interest rates. Stay tuned for our mortgage hacks video coming soon!
More inventory = more choices!
There are TWICE as many homes on the market as there were this time last year. That means more selection and less competition for buyers. This is great news in many ways. Firstly, less competition provides more options for negotiations. It’s much easier to come to a mutually satisfying agreement when there is not a line of people waiting to swoop in if you come across as too demanding. Secondly, more homes on the market is usually followed by homes staying on the market for longer. This means no more mad dash to see homes within hours of them being listed. And thirdly, more homes on the market means buyers get to be choosey about picking a home that really fits their needs and wants.
Homes are still appreciating
Even though the market has slowed and we are seeing great deals for our buyers, waiting might still cost you. While appreciation decelerated this past year from the year prior the average price of a home in Portland still increased by 6.8% and most experts are still predicting 3-6% appreciation for this year. Finding a home now and refinancing to a lower rate later might save you thousands in the long run. Not to mention this means buying a home is still a good investment in your future!
Want to find out if homeownership could be on your list of 2023 goals? Click here to check out our upcoming real estate education opportunities or email us at jen@soldbyjen.net.
PNW Real Estate Blog 
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